Northwest Pipe Company (NWPX) AI Stock Analysis

• Market Cap: $742.96M
• Dividend Yield: N/A
• Average Volume (3M): 61.16K
• Price to Earnings (P/E): 21.7
• Beta (1Y): 1.11
• 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: 1.20
• Enterprise Value/Revenue: 1.69
• Enterprise Value/Gross Profit: 8.58
• Enterprise Value/Ebitda: 12.92
• 1Y Price Target: $70.00
• Price Target Upside: -9.79% 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: $83.00 ▲(6.96% 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 improvement

The company has meaningfully scaled sales and profits over several years, lifting gross margins and delivering mid-single-digit net margins. Sustained revenue expansion and improved operating leverage support durable ability to invest, deleverage and absorb cost variability.

Robust WTS backlog and demand

A multi-hundred-million-dollar Water Transmission Systems backlog provides multi-quarter revenue visibility and underpins plant utilization. Strong WTS tons produced and record segment sales indicate structural demand that supports pricing leverage and predictable near-term cash conversion.

Improving cash generation

Recent positive operating cash flow and substantial free cash flow signal enhanced cash conversion and financial flexibility versus prior years. That recurring cash can fund capex, strategic M&A, and shareholder returns without relying on external financing.

Negative Factors

Historical cash-flow volatility

Past swings into negative operating and free cash flow demonstrate that working-capital cycles and timing of progress payments materially affect liquidity. If project timing shifts or bidding weakens, cash generation can reverse quickly and constrain reinvestment or buybacks.

Precast margin pressure

Margin compression in the Precast business, driven by product-mix shifts and higher depreciation from new equipment, weakens a key segment's profitability. If mix and asset utilization don't normalize, structural margin erosion could limit consolidated margin improvement.

Prior high leverage risk in weak cycles

Although leverage has improved recently, the company previously ran materially higher debt levels. In a downturn or if working capital swings recur, balance-sheet flexibility could tighten quickly, raising refinancing or covenant risks and limiting strategic optionality.

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

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

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: Positive
• Last Price: 77.60
• 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 77.6 is above the 20-day moving average (MA) of 73.41, above the 50-day MA of 68.66, and above the 200-day MA of 53.98, indicating a bullish trend. The MACD of 2.43 indicates Negative momentum. The RSI at 61.76 is Neutral, neither overbought nor oversold. The STOCH value of 64.17 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	74 Outperform	$742.96M	21.65	9.78%	―	7.61%	25.35%
IIIN	68 Neutral	$723.10M	15.34	13.77%	3.49%	22.39%	112.75%
MEC	63 Neutral	$426.69M	36.55	5.06%	―	-12.38%	-0.71%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TG	54 Neutral	$320.48M	27.85	1.26%	―	-3.42%	―

Northwest Pipe Company Corporate Events

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.

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.

The most recent analyst rating on (NWPX) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on Northwest Pipe Company stock, see the NWPX Stock Forecast page.