NWPX Infrastructure (NWPX)
Market Price (10/29/2026): $100.19 | Market Cap: $965.6 MilSector: Materials | Industry: Steel
NWPX Infrastructure (NWPX)
Market Price (10/29/2026): $100.19Market Cap: $965.6 MilSector: MaterialsIndustry: Steel
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 8.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Water Infrastructure, and Sustainable Infrastructure. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Key risksNWPX key risks include [1] margin pressure from volatile raw material costs on projects that are bid in advance and [2] revenue concentration tied to the unpredictable timing and funding of large municipal water projects. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 8.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Sustainable Infrastructure. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Key risksNWPX key risks include [1] margin pressure from volatile raw material costs on projects that are bid in advance and [2] revenue concentration tied to the unpredictable timing and funding of large municipal water projects. |
Qualitative Assessment
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NWPX Infrastructure (NWPX) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Market Correction from Prior Overvaluation.
NWPX Infrastructure's stock likely experienced a significant correction from a high valuation. While the company reported robust financial results, including record net sales of $159.5 million (up 19.7% year-over-year) for fiscal Q2 2026 (ended June 30, 2026) and even stronger performance in fiscal Q3 2026 (net sales of $179.4 million, up 18.7% year-over-year, and GAAP EPS of $1.86, beating estimates by 12.73-12.9%), the stock declined. This suggests the stock was trading near its 52-week high of $152.03 around June 30, 2026, and its subsequent drop to approximately $99.67 by late October 2026 indicates a market re-evaluation rather than a fundamental performance issue during the period.
2. Significant Insider Selling.
Over the three-month period from July through September 2026, NWPX Infrastructure experienced substantial insider selling, with approximately 58,335 shares sold, valued at about $6.26 million. This activity surpassed the $5 million threshold for consideration as a core reason. Notably, total insider sales across 39 filings amounted to $10.3 million in the 12 months leading up to October 26, 2026, with no open-market purchases reported. Such significant divestment by company insiders, including the sale of $2.6 million by Eric Stokes (SVP and Group President of WTS) in early October 2026, could have signaled caution to investors.
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NWPX Infrastructure (NWPX) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Market Correction from Prior Overvaluation.
NWPX Infrastructure's stock likely experienced a significant correction from a high valuation. While the company reported robust financial results, including record net sales of $159.5 million (up 19.7% year-over-year) for fiscal Q2 2026 (ended June 30, 2026) and even stronger performance in fiscal Q3 2026 (net sales of $179.4 million, up 18.7% year-over-year, and GAAP EPS of $1.86, beating estimates by 12.73-12.9%), the stock declined. This suggests the stock was trading near its 52-week high of $152.03 around June 30, 2026, and its subsequent drop to approximately $99.67 by late October 2026 indicates a market re-evaluation rather than a fundamental performance issue during the period.
2. Significant Insider Selling.
Over the three-month period from July through September 2026, NWPX Infrastructure experienced substantial insider selling, with approximately 58,335 shares sold, valued at about $6.26 million. This activity surpassed the $5 million threshold for consideration as a core reason. Notably, total insider sales across 39 filings amounted to $10.3 million in the 12 months leading up to October 26, 2026, with no open-market purchases reported. Such significant divestment by company insiders, including the sale of $2.6 million by Eric Stokes (SVP and Group President of WTS) in early October 2026, could have signaled caution to investors.
3. Decline in Water Transmission Systems (WTS) Segment Backlog.
Despite a record total backlog, including confirmed orders reaching $435 million by September 30, 2026, the specific backlog for the Water Transmission Systems (WTS) segment, which is a primary revenue driver, experienced a notable decrease. The WTS backlog, representing signed contracts, fell to $264 million as of September 30, 2026, from $305 million as of June 30, 2026. This $41 million reduction in the signed WTS backlog could have raised investor concerns about future revenue certainty in the company's core business, even as overall financial results remained strong.
4. Macroeconomic Headwinds and Cost Pressures.
Broader macroeconomic factors and industry-specific challenges in the construction and infrastructure sectors contributed to investor apprehension. Key concerns included rising material costs and labor shortages, with construction materials in the U.S. seeing increases of 2.3% to 2.9% in May and June 2026, and forecasts suggesting overall construction inflation could exceed 10% by year-end. Furthermore, geopolitical uncertainty, ongoing supply chain disruptions, and tightening margins continued to pressure contractors, potentially impacting future project profitability despite strong demand in certain infrastructure areas like digital infrastructure.
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Stock Movement Drivers
Fundamental Drivers
The -33.5% change in NWPX stock from 6/30/2026 to 10/28/2026 was primarily driven by a -42.4% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 149.94 | 99.67 | -33.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 548 | 574 | 4.8% |
| Net Income Margin (%) | 7.7% | 8.5% | 10.8% |
| P/E Multiple | 34.2 | 19.7 | -42.4% |
| Shares Outstanding (Mil) | 10 | 10 | -0.6% |
| Cumulative Contribution | -33.5% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| NWPX | -33.5% | |
| Market (SPY) | 3.4% | 46.2% |
| Sector (XLB) | 2.0% | 17.2% |
Fundamental Drivers
The 28.0% change in NWPX stock from 3/31/2026 to 10/28/2026 was primarily driven by a 26.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.86 | 99.67 | 28.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 526 | 574 | 9.2% |
| Net Income Margin (%) | 6.7% | 8.5% | 26.1% |
| P/E Multiple | 21.1 | 19.7 | -6.7% |
| Shares Outstanding (Mil) | 10 | 10 | -0.3% |
| Cumulative Contribution | 28.0% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| NWPX | 28.0% | |
| Market (SPY) | 19.1% | 39.8% |
| Sector (XLB) | 4.2% | 30.3% |
Fundamental Drivers
The 88.3% change in NWPX stock from 9/30/2025 to 10/28/2026 was primarily driven by a 26.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.93 | 99.67 | 88.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 499 | 574 | 15.1% |
| Net Income Margin (%) | 6.7% | 8.5% | 26.9% |
| P/E Multiple | 15.7 | 19.7 | 25.7% |
| Shares Outstanding (Mil) | 10 | 10 | 2.5% |
| Cumulative Contribution | 88.3% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| NWPX | 88.3% | |
| Market (SPY) | 16.9% | 40.9% |
| Sector (XLB) | 17.3% | 32.1% |
Fundamental Drivers
The 230.4% change in NWPX stock from 9/30/2023 to 10/28/2026 was primarily driven by a 81.1% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.17 | 99.67 | 230.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 445 | 574 | 29.0% |
| Net Income Margin (%) | 6.2% | 8.5% | 36.3% |
| P/E Multiple | 10.9 | 19.7 | 81.1% |
| Shares Outstanding (Mil) | 10 | 10 | 3.8% |
| Cumulative Contribution | 230.4% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| NWPX | 230.4% | |
| Market (SPY) | 86.9% | 41.2% |
| Sector (XLB) | 39.2% | 41.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NWPX Return | 12% | 6% | -10% | 59% | 29% | 60% | 253% |
| Peers Return | 8% | -19% | 45% | 24% | 16% | -2% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| NWPX Win Rate | 50% | 58% | 50% | 58% | 58% | 60% | |
| Peers Win Rate | 57% | 45% | 55% | 50% | 60% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NWPX Max Drawdown | -36% | -23% | -36% | -16% | -30% | -36% | |
| Peers Max Drawdown | -32% | -40% | -31% | -28% | -29% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MWA, WTS, LNN, ORN, MTRX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)
How Low Can It Go
| Event | NWPX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.6% | -18.8% |
| % Gain to Breakeven | 36.3% | 23.1% |
| Time to Breakeven | 97 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.0% | -9.5% |
| % Gain to Breakeven | 23.4% | 10.5% |
| Time to Breakeven | 118 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.2% | -6.7% |
| % Gain to Breakeven | 49.6% | 7.1% |
| Time to Breakeven | 449 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 54 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.6% | 50.9% |
| Time to Breakeven | 345 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.8% | -19.2% |
| % Gain to Breakeven | 17.4% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
In The Past
NWPX Infrastructure's stock fell -26.6% during the 2025 US Tariff Shock. Such a loss loss requires a 36.3% gain to breakeven.
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Asset Allocation
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| Event | NWPX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.6% | -18.8% |
| % Gain to Breakeven | 36.3% | 23.1% |
| Time to Breakeven | 97 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.2% | -6.7% |
| % Gain to Breakeven | 49.6% | 7.1% |
| Time to Breakeven | 449 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 54 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.6% | 50.9% |
| Time to Breakeven | 345 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -55.2% | -12.2% |
| % Gain to Breakeven | 123.4% | 13.9% |
| Time to Breakeven | 285 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -79.1% | -6.8% |
| % Gain to Breakeven | 377.5% | 7.3% |
| Time to Breakeven | 2479 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.0% | -17.9% |
| % Gain to Breakeven | 53.9% | 21.8% |
| Time to Breakeven | 641 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -29.1% | -15.4% |
| % Gain to Breakeven | 41.1% | 18.2% |
| Time to Breakeven | 316 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.9% | -53.4% |
| % Gain to Breakeven | 84.7% | 114.4% |
| Time to Breakeven | 63 days | 1085 days |
In The Past
NWPX Infrastructure's stock fell -26.6% during the 2025 US Tariff Shock. Such a loss loss requires a 36.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NWPX Infrastructure (NWPX)
NWPX Infrastructure, trading as Northwest Pipe Company, is a North American manufacturer and supplier of essential products for water and general infrastructure. The company operates through two distinct segments: Engineered Steel Pressure Pipe (SPP) and Precast Infrastructure and Engineered Systems. Together, these segments provide foundational components necessary for modern utility and environmental systems.
The SPP segment specializes in manufacturing large-diameter, high-pressure steel pipeline systems. These robust pipeline solutions are primarily utilized in critical drinking water infrastructure. Beyond potable water, their products are also deployed in hydroelectric power systems, wastewater management, industrial plant piping, and various structural applications, ensuring the efficient transport and management of vital water resources.
Complementing its steel pipe offerings, NWPX's Precast segment produces a comprehensive range of precast and reinforced concrete products. This includes items such as manholes, box culverts, vaults, catch basins, oil water separators, pump lift stations, and biofiltration systems, which are integral for environmental and general infrastructure projects. The company's diverse water infrastructure products are predominantly sold to installation contractors throughout North America.
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1. Think of it like **Vulcan Materials** (a major construction materials company), but specializing in the engineered steel pipes and precast concrete structures that form the backbone of a city's water infrastructure.
2. It's similar to **Xylem** (a global water technology company), but instead of pumps and treatment systems, NWPX manufactures the physical, large-diameter steel pipes and precast concrete structures that actually carry and contain a city's water.
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- Engineered Steel Pressure Pipe Systems: These are large-diameter, high-pressure steel pipeline systems primarily used for water infrastructure applications like drinking water, hydroelectric power, and wastewater.
- Precast Concrete Infrastructure Products: These include reinforced concrete products such as manholes, box culverts, vaults, and catch basins, designed for various infrastructure and environmental solutions.
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Major Customers of NWPX Infrastructure (NWPX)
NWPX Infrastructure (Northwest Pipe Company) primarily sells its water infrastructure products to other companies. Its major customers are:
- Installation Contractors: Northwest Pipe Company sells its engineered steel pressure pipe and precast infrastructure products primarily to installation contractors. These contractors are responsible for the construction and installation of water infrastructure systems, hydroelectric power systems, wastewater systems, and other related applications.
Specific names of these installation contractor companies are not provided in the background information, and they are typically private entities.
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Scott Montross, President & Chief Executive Officer
Scott Montross has served as President and Chief Executive Officer of Northwest Pipe Company since January 2013, having joined the company in May 2011 as Chief Operating Officer. He brings over 23 years of experience in the steel industry, holding various senior positions prior to NWPX. His previous roles include Executive Vice President of the Flat Products Group for Evraz Inc. North America, and leadership positions at Oregon Steel Mills and National Steel Corporation. Under his leadership, NWPX achieved record performance in 2024.
Aaron Wilkins, Chief Financial Officer
Aaron Wilkins became Chief Financial Officer of NWPX in 2020, after joining the company in 2014 as Corporate Controller. Prior to his tenure at NWPX, Mr. Wilkins served for two years as the Chief Financial Officer of Omega Morgan, an industrial services company. His experience also includes seven years with Evraz Inc. North America, where he held roles such as Corporate Controller and Director of Finance. Mr. Wilkins began his career in public accounting with KPMG LLP.
Michael Wray, Executive Vice President
Michael Wray was promoted to Executive Vice President, with operating and commercial oversight for both the Water Transmission Systems (WTS) and Precast Infrastructure and Engineered Systems (Precast) segments. He joined NWPX in 2007 and has held roles of increasing responsibility, most recently as Senior Vice President and General Manager of Precast. Mr. Wray has been instrumental in the growth of the company's Precast segment and supported the acquisitions of NWPX Geneva and NWPX Park. His prior experience includes working for Continental Pipe Company and Smith Megadiamond.
Eric Stokes, Senior Vice President and Water Transmission Systems Group President
Eric Stokes serves as Senior Vice President and WTS Group President, with commercial and operating responsibility for the Water Transmission Systems segment. He joined NWPX in 2008 and has been crucial in strengthening the performance of the WTS segment. His responsibilities encompass sales, engineering, quality, and production for the company's WTS plants in North America, as well as corporate and WTS purchasing. Before joining NWPX, Mr. Stokes started a construction company with his family in 1992.
Jesus Tanguis, Senior Vice President/General Manager of Precast
Jesus Tanguis was promoted to Senior Vice President/General Manager of Precast in January 2026, having joined NWPX in January 2024 as Vice President/General Manager of NWPX Geneva. He is responsible for operating and commercial oversight for both NWPX Geneva and NWPX Park. Mr. Tanguis has a strong background in civil construction and infrastructure, and a proven track record of optimizing multicultural teams and organizational processes for sustainable business growth.
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Fluctuations in Demand, Market Prices, and Bidding Activity: The company's sales volumes and profitability are significantly affected by changes in demand, market prices for its products, the mix of products sold, bidding activity, order cancellations, and the timing of customer orders and deliveries. The project-based nature of water infrastructure can lead to significant variations in backlog and production levels, which in turn impacts sales volumes and financial results.
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Volatility in Raw Material Prices and Availability: As a manufacturer of steel pipe and concrete products, NWPX Infrastructure is exposed to risks associated with the price and availability of key raw materials, most notably steel. Significant fluctuations in these input costs can directly impact the company's cost of goods sold and overall profitability.
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Economic Uncertainty and Inflationary Pressures: Broader economic conditions, including U.S. and global economic policy, potential risks of a recession, and disruptions in financial markets, can adversely affect the company's business. Specifically, inflationary pressures can increase operating costs, while changes in international trade policies, tariffs, and duties can impact costs and dampen construction activity.
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- Increased U.S. Water Infrastructure Spending and Federal Funding: The substantial need to upgrade aging U.S. water systems, combined with federal funding such as the Infrastructure Investment and Jobs Act (IIJA), is a significant tailwind for NWPX. This legislation allocated $43.5 billion for water infrastructure from federal fiscal years 2022-2026, with a portion already obligated and moving towards actual construction, which is expected to drive long-term demand for the company's products.
- Robust Backlog and Bidding Activity in the Engineered Steel Pressure Pipe (SPP) Segment: The SPP segment has demonstrated strong performance and a healthy pipeline of bidding opportunities. The company's backlog, including confirmed orders, for its SPP segment has been consistently strong and has shown growth, indicating future revenue recognition from secured projects.
- Continued Growth and Improved Performance in the Precast Infrastructure and Engineered Systems Segment: While facing some fluctuating conditions, particularly in non-residential construction, the Precast segment, especially its residential component, is expected to see stronger performance. Management anticipates solid demand, higher production levels, improved absorption, and a strengthening order book to drive revenue growth and margin improvement in this segment.
- Strategic Acquisitions and Market Expansion: NWPX's growth strategy includes both organic expansion and disciplined strategic acquisitions. The recent acquisition of Boughton Precast in Colorado, aimed at establishing a strong presence in a market with significant long-term growth potential and an objective to double its size in 2-3 years, directly contributes to expanding the company's addressable market and revenue base.
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Share Repurchases
- Northwest Pipe Company authorized a share repurchase program of up to $30 million of its outstanding common stock in November 2023.
- In December 2025, a new share repurchase program of up to $10 million was authorized, in addition to the existing $30 million program.
- The company repurchased approximately $18.4 million of stock, likely in 2025.
Outbound Investments
- In October 2021, NWPX acquired ParkUSA for $90.2 million.
- NWPX acquired Boughton's Precast for approximately $9.0 million in February 2026.
Capital Expenditures
- Capital expenditures were $22.8 million in 2022, $18.3 million in 2023, $20.8 million in 2024, and $20.2 million in 2025.
- Significant capital investments included a $6.9 million investment in a reinforced concrete pipe mill in Q4 2022, and further investments of $2.0 million and $1.1 million for the mill in 2024 and 2025, respectively.
- Expected capital expenditures for 2026 are approximately $20 million, primarily for standard capital replacement, supporting the precast product spread, and growing revenues at the Park and Geneva businesses.
Peer Outperformance in Steel
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel ← | 14 | 24.0% | 44.9% | 140.8% | STLD 311% · HCC 278% · RS 228% |
| Copper | 7 | 46.5% | 118.8% | 134.2% | SCCO 287% · TGB 276% · HBM 237% |
| Gold | 36 | 7.6% | 171.3% | 105.8% | IAG 490% · OGC 373% · AGI 322% |
| Silver | 6 | 31.0% | 260.7% | 82.9% | AYA 235% · HL 150% · EXK 53% |
| Aluminum | 3 | 19.6% | 146.5% | 44.9% | CENX 144% · AA -9% |
| Construction Materials | 6 | -16.9% | 30.0% | 39.8% | USLM 354% · CRH 91% · VMC 46% |
| Diversified Metals & Mining | 23 | -53.7% | -3.1% | 2.3% | USAR 35068% · MTRN 245% · MP 18% |
| Metal, Glass & Plastic Containers | 11 | -6.5% | 10.9% | 1.5% | GEF 49% · ATR 7% · SLGN 2% |
| Paper & Plastic Packaging Products & Materials | 7 | 9.6% | 18.8% | -3.5% | PKG 107% · CCK 17% · SON 1% |
| Diversified Chemicals | 3 | 6.4% | 3.8% | -16.0% | CBT 53% · ASH -16% · CC -44% |
| Specialty Chemicals | 41 | 10.2% | 11.1% | -19.2% | NEU 201% · ESI 69% · SXT 55% |
| Commodity Chemicals | 13 | 3.7% | -15.7% | -33.6% | HWKN 354% · MEOH 54% · DOW -21% |
| Precious Metals & Minerals | 8 | -5.7% | 143.3% | -47.3% | PPTA 279% |
| Fertilizers & Agricultural Chemicals | 10 | -47.2% | -54.5% | -61.5% | CF 131% · NTR 17% · MOS -50% |
| Paper Products | 4 | -41.4% | -61.4% | -83.0% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| NWPX Infrastructure Earnings Notes | 12/16/2025 | |
| Can NWPX Infrastructure Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 61.16 |
| Mkt Cap | 1.0 |
| Rev LTM | 885 |
| Op Inc LTM | 66 |
| FCF LTM | 57 |
| FCF 3Y Avg | 61 |
| CFO LTM | 88 |
| CFO 3Y Avg | 83 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.3% |
| Rev Chg 3Y Avg | 6.1% |
| Rev Chg Q | 10.5% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 23.9% |
| Op Inc Chg 3Y Avg | 27.3% |
| Op Mgn LTM | 11.0% |
| Op Mgn 3Y Avg | 10.8% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 13.3% |
| CFO/Rev 3Y Avg | 13.6% |
| FCF/Rev LTM | 8.8% |
| FCF/Rev 3Y Avg | 9.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Water Transmission Systems | 351 | 338 | 296 | 308 | 260 |
| Precast Infrastructure and Engineered Systems | 175 | 155 | 148 | 150 | 73 |
| Total | 526 | 493 | 444 | 458 | 333 |
| $ Mil | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|
| Water Infrastructure | 1 | -12 | 31 | 40 | 36 |
| Tubular Products | -3 | -16 | -17 | -25 | 8 |
| Corporate | -11 | -13 | -15 | -15 | -17 |
| Total | -14 | -40 | 0 | 1 | 28 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2016 |
|---|---|---|---|---|---|
| Water Transmission Systems | 308 | 308 | 309 | 250 | |
| Precast Infrastructure and Engineered Systems | 256 | 257 | 229 | 78 | |
| Corporate | 34 | 37 | 10 | 46 | 31 |
| Tubular Products | 40 | ||||
| Water Infrastructure | 170 | ||||
| Total | 598 | 601 | 548 | 373 | 242 |
Price Behavior
| Market Price | $99.67 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 11/30/1995 | |
| Distance from 52W High | -33.5% | |
| 50 Days | 200 Days | |
| DMA Price | $103.84 | $101.43 |
| DMA Trend | down | up |
| Distance from DMA | -4.0% | -1.7% |
| 3M | 1YR | |
| Volatility | 28.2% | 40.3% |
| Downside Capture | 273.05 | 108.29 |
| Upside Capture | 86.06 | 164.80 |
| Correlation (S&P 500) | 48.2% | 40.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.12 | 1.33 | 1.33 | 1.33 | 1.25 | 0.98 |
| Up Beta | -0.10 | 0.35 | 1.24 | 1.46 | 1.32 | 0.91 |
| Down Beta | 0.49 | -0.72 | -0.69 | 0.58 | 0.74 | 0.72 |
| Up Capture | 97% | 121% | 84% | 174% | 242% | 219% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 23 | 29 | 68 | 136 | 384 |
| Down Capture | 207% | 292% | 275% | 133% | 106% | 102% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 19 | 35 | 58 | 114 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWPX | |
|---|---|---|---|---|
| NWPX | 82.1% | 40.3% | 1.57 | - |
| Sector ETF (XLB) | 18.2% | 17.7% | 0.78 | 30.8% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | 40.6% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | 13.9% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -20.9% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 18.6% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWPX | |
|---|---|---|---|---|
| NWPX | 33.3% | 36.3% | 0.87 | - |
| Sector ETF (XLB) | 6.0% | 19.1% | 0.20 | 41.2% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 38.2% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | 7.8% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 4.7% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 32.2% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWPX | |
|---|---|---|---|---|
| NWPX | 23.4% | 41.1% | 0.65 | - |
| Sector ETF (XLB) | 10.4% | 20.7% | 0.44 | 47.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 44.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 6.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 13.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 39.4% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 3.0% | 0.8% | -7.2% |
| 4/29/2026 | 14.3% | 29.3% | 37.1% |
| 2/25/2026 | 10.3% | 10.6% | 3.7% |
| 10/29/2025 | 1.4% | 9.3% | 4.0% |
| 8/7/2025 | 13.3% | 22.5% | 22.0% |
| 4/30/2025 | -6.2% | -12.1% | -8.8% |
| 2/26/2025 | -10.7% | -13.0% | -11.7% |
| 10/30/2024 | 0.1% | 19.5% | 25.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 16 |
| # Negative | 10 | 10 | 9 |
| Median Positive | 2.1% | 10.6% | 12.2% |
| Median Negative | -3.9% | -7.0% | -7.2% |
| Max Positive | 14.3% | 29.3% | 37.1% |
| Max Negative | -14.9% | -16.7% | -20.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 3.0% | 0.8% | -7.2% |
| 4/29/2026 | 14.3% | 29.3% | 37.1% |
| 2/25/2026 | 10.3% | 10.6% | 3.7% |
| 10/29/2025 | 1.4% | 9.3% | 4.0% |
| 8/7/2025 | 13.3% | 22.5% | 22.0% |
| 4/30/2025 | -6.2% | -12.1% | -8.8% |
| 2/26/2025 | -10.7% | -13.0% | -11.7% |
| 10/30/2024 | 0.1% | 19.5% | 25.1% |
| 7/31/2024 | -0.5% | 1.4% | 16.1% |
| 5/1/2024 | 2.1% | 12.6% | 12.2% |
| 3/4/2024 | 1.9% | 15.2% | 19.8% |
| 11/2/2023 | 0.8% | -8.6% | -1.6% |
| 8/2/2023 | -1.6% | -3.4% | 1.3% |
| 5/3/2023 | -3.7% | -4.4% | 1.0% |
| 3/15/2023 | -14.9% | -16.7% | -20.2% |
| 11/8/2022 | -6.2% | 1.0% | 3.5% |
| 8/8/2022 | 6.8% | 11.1% | 12.2% |
| 5/4/2022 | 1.6% | 8.0% | 27.0% |
| 3/15/2022 | -0.3% | -7.9% | -11.2% |
| 11/8/2021 | 9.6% | 9.5% | 13.9% |
| 8/4/2021 | 1.5% | -0.8% | -6.9% |
| 5/3/2021 | -3.3% | -6.2% | -6.5% |
| 3/3/2021 | -4.1% | -0.7% | -2.5% |
| 11/4/2020 | 1.6% | 4.8% | 9.0% |
| 8/4/2020 | 5.7% | 14.4% | 12.2% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 16 |
| # Negative | 10 | 10 | 9 |
| Median Positive | 2.1% | 10.6% | 12.2% |
| Median Negative | -3.9% | -7.0% | -7.2% |
| Max Positive | 14.3% | 29.3% | 37.1% |
| Max Negative | -14.9% | -16.7% | -20.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/03/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Insider Activity
Updated 10/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Roman, Richard A | Direct | Sell | 10162026 | 96.84 | 4,000 | 387,354 | 2,453,888 | Form | |
| 2 | Larson, Keith R | Direct | Sell | 10062026 | 106.48 | 250 | 26,620 | 1,531,519 | Form | |
| 3 | Stokes, Eric | SVP and Group President of WTS | Direct | Sell | 10062026 | 105.86 | 12,631 | 1,337,176 | 1,338,446 | Form |
| 4 | Stokes, Eric | SVP and Group President of WTS | Direct | Sell | 10022026 | 103.38 | 12,353 | 1,277,047 | 2,612,813 | Form |
| 5 | Larson, Keith R | Direct | Sell | 9292026 | 102.20 | 1,000 | 102,195 | 1,495,424 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Roman, Richard A | Direct | Sell | 10162026 | 96.84 | 4,000 | 387,354 | 2,453,888 | Form | |
| 2 | Larson, Keith R | Direct | Sell | 10062026 | 106.48 | 250 | 26,620 | 1,531,519 | Form | |
| 3 | Stokes, Eric | SVP and Group President of WTS | Direct | Sell | 10062026 | 105.86 | 12,631 | 1,337,176 | 1,338,446 | Form |
| 4 | Stokes, Eric | SVP and Group President of WTS | Direct | Sell | 10022026 | 103.38 | 12,353 | 1,277,047 | 2,612,813 | Form |
| 5 | Larson, Keith R | Direct | Sell | 9292026 | 102.20 | 1,000 | 102,195 | 1,495,424 | Form | |
| 6 | Wilkins, Aaron | CFO | Direct | Sell | 9222026 | 101.93 | 20 | 2,039 | 2,286,086 | Form |
| 7 | Larson, Keith R | Direct | Sell | 9222026 | 102.31 | 1,000 | 102,310 | 1,599,412 | Form | |
| 8 | Wilkins, Aaron | CFO | Direct | Sell | 9162026 | 100.68 | 1,950 | 196,329 | 2,260,094 | Form |
| 9 | Larson, Keith R | Direct | Sell | 9162026 | 101.12 | 1,000 | 101,119 | 1,681,919 | Form | |
| 10 | Franson, Michael C | Direct | Sell | 9112026 | 105.30 | 3,500 | 368,563 | 1,676,855 | Form | |
| 11 | Wilkins, Aaron | CFO | Direct | Sell | 9102026 | 106.52 | 1,500 | 159,780 | 2,598,875 | Form |
| 12 | Larson, Keith R | Direct | Sell | 9102026 | 105.87 | 1,000 | 105,869 | 1,866,785 | Form | |
| 13 | Roman, Richard A | Direct | Sell | 9102026 | 105.72 | 4,000 | 422,877 | 3,207,521 | Form | |
| 14 | Larson, Keith R | Direct | Sell | 9032026 | 110.78 | 4 | 443 | 2,064,257 | Form | |
| 15 | Larson, Keith R | Direct | Sell | 9032026 | 110.26 | 74 | 8,159 | 2,054,910 | Form | |
| 16 | Larson, Keith R | Direct | Sell | 9012026 | 110.04 | 1,172 | 128,967 | 2,058,955 | Form | |
| 17 | Montross, Scott J | President & CEO | Direct | Sell | 9012026 | 110.58 | 1,227 | 135,683 | 7,729,833 | Form |
| 18 | Wray, Michael | Executive Vice President | Direct | Sell | 8272026 | 110.94 | 4,500 | 499,236 | 2,649,944 | Form |
| 19 | Larson, Keith R | Direct | Sell | 8252026 | 110.32 | 1,250 | 137,894 | 2,193,405 | Form | |
| 20 | Montross, Scott J | President & CEO | Direct | Sell | 8252026 | 109.37 | 2,500 | 273,418 | 7,779,194 | Form |
| 21 | Montross, Scott J | President & CEO | Direct | Sell | 8182026 | 115.13 | 2,500 | 287,818 | 8,476,715 | Form |
| 22 | Larson, Keith R | Direct | Sell | 8182026 | 115.86 | 1,250 | 144,829 | 2,448,535 | Form | |
| 23 | Montross, Scott J | President & CEO | Direct | Sell | 8112026 | 118.74 | 2,500 | 296,848 | 9,039,481 | Form |
| 24 | Wilkins, Aaron | CFO | Direct | Sell | 8112026 | 120.00 | 428 | 51,360 | 3,107,760 | Form |
| 25 | Montross, Scott J | President & CEO | Direct | Sell | 8052026 | 128.62 | 2,500 | 321,546 | 10,113,152 | Form |
| 26 | Montross, Scott J | President & CEO | Direct | Sell | 3312026 | 76.85 | 2,056 | 158,004 | 4,912,329 | Form |
| 27 | Brittain, Miles | Executive Vice President | Trust | Sell | 3232026 | 70.89 | 3,300 | 233,941 | 1,418,249 | Form |
| 28 | Montross, Scott J | President & CEO | Direct | Sell | 3232026 | 72.48 | 2,500 | 181,200 | 4,782,013 | Form |
| 29 | Julian, Amanda | Direct | Sell | 3172026 | 71.98 | 3,473 | 249,999 | 749,853 | Form | |
| 30 | Montross, Scott J | President & CEO | Direct | Sell | 3172026 | 71.44 | 2,500 | 178,600 | 4,891,997 | Form |
| 31 | Brittain, Miles | Executive Vice President | Trust | Sell | 3162026 | 71.01 | 4,000 | 284,040 | 1,654,959 | Form |
| 32 | Montross, Scott J | President & CEO | Direct | Sell | 3102026 | 72.32 | 2,500 | 180,789 | 5,132,737 | Form |
| 33 | Kendrick, Megan A | Sr. VP of Human Resources | Direct | Sell | 3052026 | 80.59 | 4,500 | 362,655 | 563,808 | Form |
| 34 | Wilkins, Aaron | CFO | Direct | Sell | 12162025 | 63.50 | 35 | 2,222 | 1,173,290 | Form |
| 35 | Franson, Michael C | Direct | Sell | 12102025 | 60.17 | 5,506 | 331,286 | 1,114,616 | Form | |
| 36 | Wilkins, Aaron | CFO | Direct | Sell | 12102025 | 60.10 | 1,241 | 74,588 | 1,112,629 | Form |
| 37 | Wilkins, Aaron | CFO | Direct | Sell | 12102025 | 59.90 | 5,009 | 300,032 | 1,183,177 | Form |
| 38 | Brittain, Miles | Executive Vice President | Trust | Sell | 11252025 | 56.41 | 4,000 | 225,640 | 1,451,147 | Form |
| 39 | Brittain, Miles | Executive Vice President | Trust | Sell | 11182025 | 56.76 | 4,000 | 227,024 | 1,687,072 | Form |
| 40 | Montross, Scott J | President & CEO | Direct | Sell | 11132025 | 57.27 | 8,210 | 470,153 | 3,938,807 | Form |
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Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Steel Resources |
| SteelOrbis |
| World Steel Association |
| Kallanish Commodities |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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