Northwest Pipe Company (NWPX)
NASDAQ:NWPX
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Northwest Pipe Company
(NASDAQ:NWPX)
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Rating:77Outperform
Price Target:
$121.00
▲(48.19% Upside)
Action:ReiteratedDate:05/02/26
Overall score is driven primarily by improving financial fundamentals (better margins, lower leverage, strong recent free cash flow) and a bullish earnings outlook with upgraded free-cash-flow guidance and record backlog. Technicals support an uptrend but are near overbought levels, while valuation is only moderate based on the provided P/E and no dividend yield data.
Positive Factors
Backlog Strength
A record $430M Water Transmission backlog provides multi-quarter revenue visibility for engineered steel projects. This backlog supports production planning, steadier utilization and margin realization, reducing near-term demand uncertainty and helping sustain cash generation as projects are executed.
Negative Factors
Modest Revenue Growth
Top-line growth has been modest and uneven, meaning long-term earnings gains depend heavily on margin gains and backlog conversion. Limited organic revenue momentum increases exposure to regional capex cycles and makes financial performance more sensitive to single large-project timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Strength
A record $430M Water Transmission backlog provides multi-quarter revenue visibility for engineered steel projects. This backlog supports production planning, steadier utilization and margin realization, reducing near-term demand uncertainty and helping sustain cash generation as projects are executed.
Read all positive factors
Northwest Pipe Company (NWPX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend YieldN/A
Average Volume (3M)128.21K
Price to Earnings (P/E)17.7
Beta (1Y)1.06
Revenue Growth10.67%
EPS Growth30.61%
CountryUS
Employees1,358
SectorBasic Materials
Sector Strength58
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)4.34
Shares Outstanding9,637,008
10 Day Avg. Volume137,544
30 Day Avg. Volume128,213
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 Cap1.13
Enterprise Value/Revenue2.12
Enterprise Value/Gross Profit10.45
Enterprise Value/Ebitda14.92
Forecast
1Y Price Target
$90.00Price Target Upside10.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)4.24
Revenue Forecast (FY)$551.70M
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a clearly positive operational and financial story: record revenues, gross profit, EPS, strong free cash flow, expanding margins, record WTS backlog, and upgraded cash flow guidance. Challenges noted—weather-related downtime, modest Precast order book decline, supply/timing risk on a large NDA project, and receivables/cash timing—are meaningful but appear manageable relative to the breadth and size of the reported improvements and backlog visibility.Positive Updates
Consolidated Revenue Growth
Net sales rose 19.1% year-over-year to $138.3 million (from $116.1M), reflecting broad-based strength across Water Transmission Systems (WTS) and Precast.
Negative Updates
Weather-Related Downtime
Adverse weather caused unscheduled downtime across three WTS facilities early in the quarter, creating operational disruptions despite overall growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Net sales rose 19.1% year-over-year to $138.3 million (from $116.1M), reflecting broad-based strength across Water Transmission Systems (WTS) and Precast.
Read all positive updates
Company Guidance
Management guided to a strong 2026, expecting WTS revenue and margins to be higher than 2025 and the prior quarter with backlog remaining elevated (WTS backlog ended Q1 at a record $430.0M, up from $346.0M at year-end and $289.0M a year ago) and a bidding environment stronger than 2025; Precast demand is expected to strengthen with a stable order book of $55.0M (down modestly from $57.0M at year-end and $64.0M a year ago) and Q2 Precast revenue guided to be higher than both Q2 2025 and Q1 2026 with stable/improving margins. On the financial side they provided full-year targets of SG&A $53–55M, depreciation & amortization ~$20–22M, capital expenditures $20–24M (including roughly $6M for Precast growth initiatives), an effective tax rate of ~24–26%, and raised full‑year free cash flow guidance to $50–56M (up from $40–46M), noting Q1 free cash flow of $25.7M and cash of $14.3M (debt $10.7M, net cash $3.5M); they also disclosed a significant previously unplanned government WTS project ~ $50M that is expected to be produced late Q2–Q4 (with potential spill into 2027) and said upside to free cash flow (even toward or above ~$60M) is possible depending on timing.Northwest Pipe Company Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
80
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 548.14M | 526.17M | 492.55M | 444.36M | 457.67M | 333.31M |
| Gross Profit | 110.94M | 103.81M | 95.41M | 77.64M | 85.86M | 44.25M |
| EBITDA | 77.75M | 70.48M | 67.42M | 49.94M | 62.15M | 29.98M |
| Net Income | 41.98M | 35.41M | 34.21M | 21.07M | 31.15M | 11.52M |
Balance Sheet | ||||||
| Total Assets | 634.14M | 579.63M | 589.65M | 597.88M | 601.34M | 547.68M |
| Cash, Cash Equivalents and Short-Term Investments | 14.26M | 2.27M | 5.01M | 4.07M | 3.68M | 3.00M |
| Total Debt | 102.43M | 102.80M | 136.70M | 162.94M | 188.63M | 192.06M |
| Total Liabilities | 230.41M | 184.85M | 215.65M | 257.52M | 283.07M | 264.30M |
| Stockholders Equity | 403.73M | 394.78M | 374.00M | 340.36M | 318.27M | 283.38M |
Cash Flow | ||||||
| Free Cash Flow | 71.72M | 47.11M | 34.25M | 35.16M | -5.62M | -19.07M |
| Operating Cash Flow | 91.70M | 67.28M | 55.05M | 53.45M | 17.54M | -5.81M |
| Investing Cash Flow | -28.78M | -20.15M | -20.74M | -20.37M | -23.05M | -100.15M |
| Financing Cash Flow | -53.94M | -49.87M | -33.38M | -32.70M | 6.19M | 71.03M |
Northwest Pipe Company Technical Analysis
Positive
81.65
Price Trends
77.01
Positive
70.42
Positive
60.48
Positive
Market Momentum
2.28
Negative
54.35
Neutral
38.27
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 81.65 is above the 20-day moving average (MA) of 79.97, above the 50-day MA of 77.01, and above the 200-day MA of 60.48, indicating a bullish trend. The MACD of 2.28 indicates Negative momentum. The RSI at 54.35 is Neutral, neither overbought nor oversold. The STOCH value of 38.27 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.03B | 17.70 | 10.73% | ― | 10.67% | 30.61% | |
72 Outperform | $500.02M | 30.80 | 11.72% | 3.49% | 20.94% | 88.74% | |
64 Neutral | $330.54M | 4.28 | 16.65% | ― | 2.96% | 128.11% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $450.05M | -21.94 | -3.30% | ― | -6.04% | -131.51% |
* Basic Materials Sector Average
NWPX
Northwest Pipe Company
111.20
73.97
198.68%
IIIN
Insteel Industries
26.71
-6.81
-20.32%
TG
Tredegar
10.09
1.94
23.80%
MEC
Mayville Engineering Company
23.35
10.50
81.71%
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...
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.