Northwest Pipe Company (NWPX)
NASDAQ:NWPX
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Northwest Pipe Company
(NASDAQ:NWPX)
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Rating:74Outperform
Price Target:
$87.00
▼(-0.97% Downside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by improved financial performance (higher profitability, better leverage, and stronger recent cash flow) and supportive technical trend signals. Earnings-call guidance and backlog add confidence, while the valuation is only moderate and historical cash-flow/revenue volatility remains a key risk.
Positive Factors
Improved leverage / balance sheet
Material deleveraging through 2025 meaningfully lowers financial risk and interest burden, improving flexibility for capex, share repurchases, and M&A. A stronger balance sheet also increases resilience to project-timing volatility and supports multi-year infrastructure contract execution.
Negative Factors
Volume and project-timing volatility
Revenue and margin sensitivity to large, lumpy projects creates persistent quarter-to-quarter volatility. Project timing can sharply reduce tonnage and dilute fixed-cost absorption, making near-term results and cash generation uneven despite healthy backlog and pricing over longer horizons.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage / balance sheet
Material deleveraging through 2025 meaningfully lowers financial risk and interest burden, improving flexibility for capex, share repurchases, and M&A. A stronger balance sheet also increases resilience to project-timing volatility and supports multi-year infrastructure contract execution.
Read all positive factors
Northwest Pipe Company (NWPX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$841.10M
Dividend YieldN/A
Average Volume (3M)110.37K
Price to Earnings (P/E)16.9
Beta (1Y)1.11
Revenue Growth7.61%
EPS Growth25.35%
CountryUS
Employees1,358
SectorBasic Materials
Sector Strength58
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)0.91
Shares Outstanding9,574,225
10 Day Avg. Volume71,585
30 Day Avg. Volume110,374
Financial Highlights & Ratios
PEG Ratio3.50
Price to Book (P/B)1.55
Price to Sales (P/S)1.16
P/FCF Ratio12.97
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue1.79
Enterprise Value/Gross Profit9.09
Enterprise Value/Ebitda13.69
Forecast
1Y Price Target
$85.00Price Target Upside-3.24% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)4.25
Revenue Forecast (FY)$545.47M
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...
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 contra...
Northwest Pipe Company Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based operational and financial progress: record revenue, gross profit, EPS and free cash flow, improved WTS pricing and backlog, Precast volume recovery, strategic M&A, debt reduction and share repurchases. Offsetting items included lower WTS production volumes due to project timing, modest Precast margin pressure early in the year, higher SG&A, a one-time pension settlement that reduced GAAP Q4 net income, and weather-related downtime early in 2026. Management provided constructive guidance and expects 2026 to be a strong year, indicating confidence in continued momentum.Positive Updates
Record Annual Revenue and Sales Growth
Net sales for 2025 reached $526.0 million, up 6.8% year-over-year — the highest in company history — driven by strength across WTS and Precast segments.
Negative Updates
Decline in WTS Production Volumes
WTS production volume declined ~9% for the year and tons produced fell 19% in Q4 due to project timing shifts, partially offsetting price improvements and constraining revenue growth from volume.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Sales Growth
Net sales for 2025 reached $526.0 million, up 6.8% year-over-year — the highest in company history — driven by strength across WTS and Precast segments.
Read all positive updates
Company Guidance
Management guided that Q1 2026 should deliver higher WTS revenue and higher margins versus Q1 2025 (despite some weather-related downtime) and higher Precast revenue with improving margins, with consolidated Q1 expected to be stronger than recent years; they enter 2026 with a WTS backlog of $346M and a Precast order book of $57M. For full-year 2026 they expect SG&A of $52–54M, depreciation & amortization of $20–22M, interest expense of $1–2M, an effective tax rate of 26–27%, capital expenditures of $20–24M (including ~ $6M for Product Spread and related Precast investments), and free cash flow of $40–46M; bidding levels are expected to be relatively consistent with 2025, WTS tonnage is now expected to be ~150k tons (vs. an earlier ~140k estimate), and the Product Spread booking goal for 2026 is $11.7M.Northwest Pipe Company Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| 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
Positive
87.85
Price Trends
75.84
Positive
69.30
Positive
59.64
Positive
Market Momentum
2.65
Negative
71.65
Negative
94.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NWPX, the sentiment is Positive. The current price of 87.85 is above the 20-day moving average (MA) of 77.78, above the 50-day MA of 75.84, and above the 200-day MA of 59.64, indicating a bullish trend. The MACD of 2.65 indicates Negative momentum. The RSI at 71.65 is Negative, neither overbought nor oversold. The STOCH value of 94.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NWPX.
Northwest Pipe Company Risk Analysis
Northwest Pipe Company disclosed 27 risk factors in its most recent earnings report. Northwest Pipe Company reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Northwest Pipe Company Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $841.10M | 16.91 | 9.20% | ― | 7.61% | 25.35% | |
68 Neutral | $721.93M | 20.81 | 13.31% | 3.49% | 22.39% | 112.75% | |
64 Neutral | $307.95M | 10.47 | 16.65% | ― | -3.42% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | $424.65M | -47.25 | -3.30% | ― | -12.38% | -0.71% |
* Basic Materials Sector Average
NWPX
Northwest Pipe Company
87.61
46.18
111.47%
IIIN
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37.59
11.67
45.03%
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8.82
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20.66%
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Northwest Pipe Company Corporate Events
Executive/Board ChangesShareholder Meetings
Northwest Pipe Updates Executive Compensation and Leadership Structure
Neutral
Mar 17, 2026
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 dat...
Business Operations and StrategyExecutive/Board Changes
Northwest Pipe Announces Executive Leadership Transition and Compensation Changes
Neutral
Jan 22, 2026
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 con...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.