Northwest Pipe Company (NWPX) AI Stock Analysis

• Market Cap: $677.28M
• Dividend Yield: N/A
• Average Volume (3M): 61.16K
• Price to Earnings (P/E): 16.9
• Beta (1Y): 1.15
• Revenue Growth: 7.61%
• EPS Growth: 25.35%
• Country: US
• Employees: 1,358
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): 0.91
• Shares Outstanding: 9,574,225
• 10 Day Avg. Volume: 81,173
• 30 Day Avg. Volume: 61,165
• PEG Ratio: 3.50
• Price to Book (P/B): 1.55
• Price to Sales (P/S): 1.16
• P/FCF Ratio: 12.97
• Enterprise Value/Market Cap: 1.15
• Enterprise Value/Revenue: 1.48
• Enterprise Value/Gross Profit: 7.50
• Enterprise Value/Ebitda: 11.30
• 1Y Price Target: $70.00
• Price Target Upside: -1.05% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 4.25
• Revenue Forecast (FY): $528.27M

• Rating: 74 Outperform
• Price Target: $80.00 ▲(13.09% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is driven primarily by improving financial performance (higher earnings and reduced leverage) and solid technical momentum (price above major moving averages with positive MACD). The latest earnings call adds support via record results and strong backlog, while valuation is more neutral with a ~20x P/E and no dividend yield provided.

Positive Factors

Scale & Profitability Expansion

Sustained revenue and net income growth over several years indicates durable improvement in market execution and project win rates. Larger scale supports fixed-cost absorption, steadier gross margins and better negotiating leverage with suppliers, strengthening long-term margin sustainability.

Improved Leverage / Balance Sheet

Marked deleveraging enhances financial flexibility to fund capital projects, make strategic acquisitions, and withstand project timing variability. Lower leverage reduces interest burden and default risk, supporting steadier investment capacity and resilience across infrastructure cycles.

Strong WTS Demand & Backlog

A sizable, multi-quarter WTS backlog and rising production volumes reflect sustained municipal and utility demand. Backlog provides revenue visibility, supports factory utilization, and underpins cash generation over coming quarters, reinforcing durable top-line and operating leverage.

Negative Factors

Cash-Flow Volatility

Historic swings in operating and free cash flow signal exposure to large project timing, progress payments and working-capital swings. Even with recent improvement, uneven cash conversion raises funding and reinvestment risk during slower tender cycles or delayed payments.

Precast Margin Pressure

Compression in the Precast segment from mix shifts and higher depreciation suggests margin sensitivity to capital investments and product mix. Persistent pressure here could limit consolidated margin expansion and requires sustained execution to realize returns on new equipment.

Project Timing & End‑Market Cyclicality

Heavy reliance on public projects and civil construction exposes revenue and margins to multi-quarter funding cycles and award timing. Backlog clearing and regional capital budgets can create lumpy results, making sustained growth contingent on broader infrastructure spending trends.

Northwest Pipe Company Business Overview & Revenue Model

Company Description

NWPX Infrastructure, Inc., together with its subsidiaries, engages in the manufacture and sale of water-related infrastructure products in North America and Canada. It operates through two segments, Engineered Steel Pressure Pipe (SPP) and Precast Infrastructure and Engineered Systems (Precast). The SPP segment provides large-diameter and high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. Its products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. In addition, this segment makes products for industrial plant piping systems and certain structural applications. The Precast segment offers stormwater and wastewater technology products, precast, and reinforced concrete products, including reinforced concrete pipe, manholes, box culverts, vaults and catch basins, pump lift stations, oil water separators, biofiltration units, steel casing pipes, and bar-wrapped concrete cylinder pipes, as well as pipeline system joints, fittings, specialized components, and other environmental and engineered solutions. The company sells its water infrastructure products under the ParkUSA, Geneva Pipe and Precast, Permalok, and Northwest Pipe Company brands primarily to installation contractors. The company was formerly known as Northwest Pipe Company and changed its name to NWPX Infrastructure, Inc. in June 2025. NWPX Infrastructure, Inc. was incorporated in 1966 and is headquartered in Vancouver, Washington.

How the Company Makes Money

NWPX makes money primarily by manufacturing and selling infrastructure components used in water transmission and water-management projects, with revenue largely generated on a project/order basis from public agencies, utilities, engineering contractors, and other infrastructure owners/builders. Key revenue streams: 1) Water Transmission (steel pressure pipe systems) - Product sales: The company generates revenue by producing and delivering large-diameter, custom-engineered steel pressure pipe and associated components (e.g., fittings, linings/coatings and other appurtenances depending on project requirements). Projects are typically specified by engineers and awarded through bid/negotiation to contractors and suppliers, and NWPX earns revenue as it fulfills awarded orders. - Value-added manufacturing/services: Earnings are driven by fabrication complexity, coatings/linings requirements, and logistical execution for large, heavy products shipped to job sites. Profitability can be influenced by how efficiently NWPX procures steel and executes fabrication and coating/lining operations. 2) Precast Infrastructure and Engineered Systems (precast concrete infrastructure products) - Product sales: The company earns revenue from manufacturing and selling precast concrete products for stormwater and wastewater infrastructure (e.g., manholes, vaults, and other drainage-related structures). These are sold to contractors and municipalities for installation in civil construction projects. - Project/market mix: Sales depend on regional construction activity, municipal capital spending, and private development that requires drainage and utility infrastructure. Economic/operational factors that contribute to earnings: - End-market demand: Revenue is tied to water infrastructure capital spending (municipal replacement/expansion, irrigation districts, and other water-management projects) and to civil construction activity for precast products. - Backlog and project timing: Because large-diameter pipe orders can be sizable and delivered over time, revenue and margin performance can be affected by the timing of award wins, production schedules, and customer project timelines. - Input costs and pricing: Steel and cement/aggregate costs, freight, and labor availability can affect margins; NWPX’s ability to price projects appropriately and execute efficiently is a key determinant of earnings. Significant partnerships or specific customer contracts: null

Northwest Pipe Company Financial Statement Overview

Summary

Strong improvement in scale and profitability (revenue up to $526M in 2025; net income $35.4M) with healthier leverage (debt-to-equity down to ~0.26 in 2025). Offsetting this is variability in revenue growth and historically uneven cash conversion, including negative free cash flow in 2021–2022.

Income Statement

Profitability and scale have improved meaningfully over the last several years, with annual revenue rising from $286M (2020) to $526M (2025) and net income increasing to $35.4M (2025). Gross margin has trended higher versus 2021–2023, and net margin remains solid in the ~5–7% range. The main weakness is volatility in growth (a decline in 2023 followed by strong acceleration in 2025) and some margin inconsistency year-to-year.

Balance Sheet

Leverage looks manageable and has improved, with debt-to-equity declining from ~0.68 (2021) to ~0.26 (2025) as equity expanded. Returns on equity are steady around ~9% in 2024–2025, indicating decent profitability on the capital base. The key drawback is that the business has carried higher leverage in prior years (2021–2023), suggesting balance-sheet risk can rise in weaker cycles, even though current positioning is healthier.

Cash Flow

Cash generation is positive and improving recently, with operating cash flow up to $67.3M (2025) and free cash flow at $47.1M (2025). Cash flow generally tracks earnings reasonably well (free cash flow at ~62–70% of net income in 2023–2025). The weakness is historical volatility: 2021 and 2022 showed negative free cash flow (and negative operating cash flow in 2021), and free cash flow growth is uneven, indicating working-capital and reinvestment swings can materially impact cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	526.00M	492.55M	444.36M	457.67M	333.31M
Gross Profit	103.64M	95.41M	77.64M	85.86M	44.25M
EBITDA	68.53M	67.42M	49.94M	62.15M	29.98M
Net Income	35.41M	34.21M	21.07M	31.15M	11.52M
Balance Sheet
Total Assets	579.63M	589.65M	597.88M	601.34M	547.68M
Cash, Cash Equivalents and Short-Term Investments	2.27M	5.01M	4.07M	3.68M	3.00M
Total Debt	102.80M	136.70M	162.94M	188.63M	192.06M
Total Liabilities	184.85M	215.65M	257.52M	283.07M	264.30M
Stockholders Equity	394.78M	374.00M	340.36M	318.27M	283.38M
Cash Flow
Free Cash Flow	47.11M	34.25M	35.16M	-5.62M	-19.07M
Operating Cash Flow	67.28M	55.05M	53.45M	17.54M	-5.81M
Investing Cash Flow	-20.15M	-20.74M	-20.37M	-23.05M	-100.15M
Financing Cash Flow	-49.87M	-33.38M	-32.70M	6.19M	71.03M

Northwest Pipe Company Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 70.74
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NWPX, the sentiment is Neutral. The current price of 70.74 is below the 20-day moving average (MA) of 75.34, below the 50-day MA of 72.15, and above the 200-day MA of 56.62, indicating a neutral trend. The MACD of -0.34 indicates Positive momentum. The RSI at 42.96 is Neutral, neither overbought nor oversold. The STOCH value of 19.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NWPX.

Northwest Pipe Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NWPX	74 Outperform	$677.28M	16.91	9.20%	―	7.61%	25.35%
IIIN	68 Neutral	$593.72M	20.81	13.31%	3.49%	22.39%	112.75%
TG	64 Neutral	$253.03M	4.28	16.65%	―	-3.42%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MEC	58 Neutral	$338.10M	-47.25	-3.30%	―	-12.38%	-0.71%

Northwest Pipe Company Corporate Events

Northwest Pipe Updates Executive Compensation and Leadership Structure

On March 12, 2026, NWPX Infrastructure’s board approved new long-term incentive grants of performance share units and restricted stock units for key executives, tying 75% of award value to EBITDA margin performance and staggering vesting dates through early 2029 to encourage retention and performance alignment. The company simultaneously set new base salaries and updated employment agreements for its named executive officers, replacing prior change-in-control arrangements and clarifying severance, retirement, and equity treatment across various termination scenarios.

The release also detailed a January 15, 2026 retirement notice from Executive Vice President Miles Brittain, whose formal retirement will occur on April 3, 2026 and be followed by a three-year part-time consulting role that preserves scheduled RSU vesting but forfeits unvested PSUs. In a related leadership move on March 12, 2026, the company elevated Senior Vice President Jesus Tanguis to corporate officer status and confirmed he will receive executive-level compensation and an employment agreement similar to other top executives, while also setting June 10, 2026 as the date for its annual shareholders’ meeting with an April 9, 2026 record date.

The most recent analyst rating on (NWPX) stock is a Buy with a $80.00 price target. To see the full list of analyst forecasts on Northwest Pipe Company stock, see the NWPX Stock Forecast page.

Northwest Pipe Announces Executive Leadership Transition and Compensation Changes

On January 15, 2026, NWPX Infrastructure, Inc. announced that Executive Vice President Miles Brittain will retire on April 3, 2026, and that Mike Wray has been appointed Executive Vice President effective January 19, 2026, ensuring operational continuity through a planned leadership transition. The board simultaneously raised Wray’s annual base salary to $450,000 and approved a revised change-in-control agreement extending to July 31, 2026 and doubling his payout multiple, underscoring the company’s intention to solidify executive leadership and retention as it navigates potential strategic or ownership changes.
On January 15, 2026, NWPX Infrastructure, Inc. announced that Executive Vice President Miles Brittain will retire on April 3, 2026, and that Mike Wray has been appointed Executive Vice President effective January 19, 2026, ensuring operational continuity through a planned leadership transition. The board simultaneously raised Wray’s annual base salary to $450,000 and approved a revised change-in-control agreement extending to July 31, 2026 and doubling his payout multiple, underscoring the company’s intention to solidify executive leadership and retention as it navigates potential strategic or ownership changes.

The most recent analyst rating on (NWPX) stock is a Hold with a $50.00 price target. To see the full list of analyst forecasts on Northwest Pipe Company stock, see the NWPX Stock Forecast page.