Northwest Pipe Company (NWPX) AI Stock Analysis

• Market Cap: $574.85M
• Dividend Yield: N/A
• Average Volume (3M): 67.66K
• Price to Earnings (P/E): 16.2
• Beta (1Y): 1.17
• 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: 44,572
• 30 Day Avg. Volume: 67,659
• 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: 1.14
• Enterprise Value/Revenue: 1.26
• Enterprise Value/Gross Profit: 6.58
• Enterprise Value/Ebitda: 10.66
• 1Y Price Target: $60.00
• Price Target Upside: -0.89% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: $60.00 ▼(-0.89% Downside)

Northwest Pipe Company scores well due to its strong financial performance and positive earnings call, which highlighted record-setting results and strategic growth positioning. While technical indicators suggest some short-term bearish trends, the company's valuation remains reasonable. The absence of a dividend yield and some operational challenges slightly temper the overall score.

Positive Factors

Revenue Growth

The company achieved its strongest quarter in history with a 13.4% increase in revenue compared to the previous quarter, indicating robust demand and effective execution.

Strong Precast Segment Performance

The Precast segment's significant growth reflects strong market demand and operational efficiency, contributing positively to the company's overall performance.

Cash Flow Improvement

The improvement in free cash flow enhances financial flexibility, supporting future investments and reducing financial risk.

Negative Factors

Decline in WTS Segment Revenue

The decline in the WTS segment revenue suggests challenges in production volumes, potentially impacting future growth and profitability.

Nonresidential Precast Challenges

Macroeconomic challenges in nonresidential construction could limit growth opportunities and pressure margins in this segment.

Gross Margin Decline

The decline in gross margin indicates potential issues with cost management and product mix, which could affect profitability if not addressed.

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

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: 60.54
• 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 60.54 is above the 20-day moving average (MA) of 57.83, above the 50-day MA of 56.03, and above the 200-day MA of 46.84, indicating a bullish trend. The MACD of 1.03 indicates Negative momentum. The RSI at 63.09 is Neutral, neither overbought nor oversold. The STOCH value of 75.32 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
IIIN	73 Outperform	$609.87M	14.98	11.36%	3.49%	22.39%	112.75%
NWPX	71 Outperform	$574.85M	16.21	9.78%	―	7.61%	25.35%
GIFI	66 Neutral	$189.74M	21.66	9.95%	―	0.26%	-48.11%
MEC	63 Neutral	$347.85M	31.00	5.06%	―	-12.38%	-0.71%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TG	54 Neutral	$265.67M	23.30	1.26%	―	-3.42%	―
RYI	49 Neutral	$732.76M	―	-2.81%	3.21%	-4.89%	-214.50%

Northwest Pipe Company Corporate Events

Northwest Pipe Reports Record-Setting Earnings Call

Northwest Pipe Company recently held its earnings call, revealing a generally positive sentiment despite some challenges. The company reported record-setting results, particularly in its Water Transmission Systems segment, and improved cash flow generation. However, it faced a sequential decline in backlog and margin compression in the Precast segment. Overall, the positive aspects of the performance outweighed the challenges, indicating strong execution and strategic growth positioning.

NWPX Infrastructure Reports Record Q3 2025 Results

NWPX Infrastructure, Inc., a leading manufacturer of water-related infrastructure products in North America, specializes in engineered water transmission systems and precast infrastructure solutions.