Northwest Pipe Company (NWPX) AI Stock Analysis

• Market Cap: $616.36M
• Dividend Yield: N/A
• Average Volume (3M): 57.43K
• Price to Earnings (P/E): 17.4
• Beta (1Y): 1.14
• 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): 1.38
• Shares Outstanding: 9,609,651
• 10 Day Avg. Volume: 71,485
• 30 Day Avg. Volume: 57,427
• PEG Ratio: 0.22
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 0.97
• P/FCF Ratio: 13.97
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 1.26
• Enterprise Value/Gross Profit: 6.58
• Enterprise Value/Ebitda: 10.66
• 1Y Price Target: $60.00
• Price Target Upside: -6.45% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.27
• Revenue Forecast (FY): $515.99M

• Rating: 78 Outperform
• Price Target: $72.00 ▲(12.25% Upside)

Northwest Pipe Company receives a strong overall score due to its solid financial performance, positive technical indicators, and strategic corporate actions. The record-setting earnings and robust backlog further enhance its growth prospects, despite some operational challenges.

Positive Factors

Revenue Growth

The significant year-over-year revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Strong Backlog

A robust backlog suggests sustained demand and future revenue visibility, positioning the company well for continued growth.

Cash Flow Generation

Strong cash flow generation enhances financial flexibility, enabling strategic investments and shareholder returns.

Negative Factors

Margin Compression

Margin compression in the Precast segment could impact profitability, necessitating operational adjustments to maintain competitiveness.

Operational Challenges

Operational challenges at the Geneva facility may affect efficiency and require management focus to stabilize production and costs.

Sequential Backlog Decline

A sequential decline in backlog could signal potential future revenue pressure if not offset by new orders or improved sales efforts.

Northwest Pipe Company Business Overview & Revenue Model

Company Description

Northwest Pipe Company (NWPX) is a leading manufacturer of engineered steel pipe products and a provider of water transmission solutions. The company primarily operates in two sectors: water transmission and industrial applications. NWPX specializes in producing a variety of steel pipe products, including welded steel pipe, ductile iron pipe, and related fittings, catering to markets such as water utilities, mining, and energy. With a commitment to quality and innovation, NWPX plays a critical role in infrastructure projects across the United States.

How the Company Makes Money

Northwest Pipe Company generates revenue through the sale of its engineered steel pipe products and related services. The primary revenue streams include the manufacturing and distribution of welded steel pipe and ductile iron pipe, which are essential for water transmission systems. The company also engages in the supply of custom-engineered solutions for industrial applications, enhancing its product offering. Significant partnerships with utility companies and government agencies for infrastructure projects contribute to steady demand for its products. Additionally, the company's focus on innovation and sustainability positions it favorably within the market, allowing it to capitalize on emerging opportunities in water management and environmental compliance.

Northwest Pipe Company Financial Statement Overview

Summary

Northwest Pipe Company demonstrates a strong financial position with consistent revenue growth and effective leverage management. While operational margins have faced some pressure, the company maintains a solid capital structure and cash flow generation capabilities. Continued focus on operational efficiency could further enhance profitability.

Income Statement

Northwest Pipe Company shows a solid financial performance with a consistent revenue growth trend, evidenced by a 4.18% increase in TTM revenue. The gross profit margin is healthy at 19.10%, and the net profit margin has improved slightly to 7.04%. However, the EBIT and EBITDA margins have decreased compared to the previous year, indicating some pressure on operational efficiency.

Balance Sheet

The company's balance sheet is stable, with a manageable debt-to-equity ratio of 0.34, showing a decrease from previous years, which indicates improved leverage management. The return on equity is reasonable at 9.65%, reflecting effective use of shareholder funds. The equity ratio remains strong, suggesting a solid capital structure.

Cash Flow

Cash flow analysis reveals a slight decline in free cash flow growth, but the company maintains a robust operating cash flow to net income ratio of 0.88. The free cash flow to net income ratio is healthy at 0.72, indicating good cash generation relative to net income, despite the recent decrease in free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	519.99M	492.55M	444.36M	457.67M	333.31M	285.91M
Gross Profit	99.32M	95.41M	77.64M	85.86M	44.25M	50.52M
EBITDA	61.27M	67.42M	49.94M	62.15M	29.98M	41.12M
Net Income	36.63M	34.21M	21.07M	31.15M	11.52M	19.05M
Balance Sheet
Total Assets	605.23M	589.65M	597.88M	601.34M	547.68M	373.01M
Cash, Cash Equivalents and Short-Term Investments	2.67M	5.01M	4.07M	3.68M	3.00M	37.93M
Total Debt	132.03M	136.70M	162.94M	188.63M	192.06M	45.43M
Total Liabilities	218.88M	215.65M	257.52M	283.07M	264.30M	103.39M
Stockholders Equity	386.35M	374.00M	340.36M	318.27M	283.38M	269.63M
Cash Flow
Free Cash Flow	48.22M	34.25M	35.16M	-5.62M	-19.07M	41.74M
Operating Cash Flow	67.37M	55.05M	53.45M	17.54M	-5.81M	56.09M
Investing Cash Flow	-19.12M	-20.74M	-20.37M	-23.05M	-100.15M	-61.43M
Financing Cash Flow	-51.30M	-33.38M	-32.70M	6.19M	71.03M	12.26M

Northwest Pipe Company Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 64.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 64.14 is above the 20-day moving average (MA) of 59.77, above the 50-day MA of 57.40, and above the 200-day MA of 47.43, indicating a bullish trend. The MACD of 1.70 indicates Negative momentum. The RSI at 68.03 is Neutral, neither overbought nor oversold. The STOCH value of 79.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NWPX.

Northwest Pipe Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NWPX	78 Outperform	$616.36M	17.44	9.78%	―	7.61%	25.35%
IIIN	73 Outperform	$615.70M	15.12	11.36%	3.40%	22.39%	112.75%
GIFI	66 Neutral	$190.70M	21.77	9.95%	―	0.26%	-48.11%
MEC	63 Neutral	$352.12M	30.17	5.06%	―	-12.38%	-0.71%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TG	54 Neutral	$262.88M	22.85	1.26%	―	-3.42%	―
RYI	49 Neutral	$822.63M	-35.88	-2.81%	2.97%	-4.89%	-214.50%

Northwest Pipe Company Corporate Events

Northwest Pipe Announces New Share Repurchase Program

On December 10, 2025, NWPX Infrastructure, Inc. approved a performance-based cash incentive program for the 2026 fiscal year, focusing on income before taxes, free cash flow, and safety performance. Executive bonuses are tied to achieving these goals, with varying percentages of base salary as potential bonuses. On December 11, 2025, the company’s Board authorized a new share repurchase program of up to $10 million, complementing a previous $30 million program. This initiative allows for flexible stock buybacks based on market conditions and company liquidity.