olivLaw · US equity research
National Presto Industries, Inc. NPK
Ordnance & Accessories, (No Vehicles/Guided Missiles) · SIC 3480 · Vertical: Fabricated metal products (SIC 34xx)
National Presto Industries is a US conglomerate with three segments: housewares and small appliances, defense (medium caliber ammunition, 40mm and energetic components for the US Department of Defense), and safety (smoke and carbon monoxide alarms). The defense segment has become the main revenue driver: in fiscal 2025 it generated net sales of 405.9 million USD, and in the second quarter of 2026 total sales grew 22%, making dependence on government contracts the central theme of this profile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, National Presto Industries, Inc. (NPK) stock was 149.60 USD (−1.38% on the day), with market capitalisation 1.1 bn USD, P/E 25.0 on diluted EPS of 5.98 USD over the last 12 months, dividend yield 5.51%, beta 0.69, 52-week range 91.59–156.80 USD. Latest reported quarter (Q2 2026): revenue of 146.6 m USD (+21.7% YoY), net income of 15.9 m USD (+207.9% YoY), diluted EPS 2.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- 145.92 – 153.30
- in the lower half of the band · %B 0.50 · band width 4.9%
- SMA 50 / 200
- 149.45 / 137.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.58 / 0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.5% | −1.1% | −0.4 pp | — |
| 3 months | +7.2% | −0.5% | +7.6 pp | — |
| 6 months | +7.5% | +4.4% | +3.1 pp | — |
| Year to date | +40.1% | +12.3% | +27.8 pp | — |
| 1 year | +37.3% | +13.5% | +23.8 pp | +17.0% |
| 3 years | +92.6% | +76.4% | +16.2 pp | +49.4% |
| 5 years | +69.4% | +63.7% | +5.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 05 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 91.8 m | 134.7 m | 103.6 m | 120.4 m | 115.5 m | 164.0 m | 118.6 m | 146.6 m |
| Cost of revenue | 74.6 m | 101.9 m | 85.5 m | 101.9 m | 99.5 m | 136.3 m | 101.2 m | 118.0 m |
| Gross profit | 17.2 m | 32.8 m | 18.1 m | 18.5 m | 16.0 m | 27.7 m | 17.5 m | 28.5 m |
| SG&A | 7.6 m | 9.1 m | 8.7 m | 9.4 m | 9.2 m | 8.6 m | 10.7 m | 8.7 m |
| Operating income | 9.2 m | 23.4 m | 9.1 m | 6.1 m | 6.4 m | 18.7 m | 8.0 m | 19.4 m |
| Depreciation & amortisation | 1.2 m | — | — | — | — | — | — | — |
| Pre-tax income | 10.4 m | 24.1 m | 9.8 m | 6.6 m | 6.9 m | 18.8 m | 8.6 m | 20.2 m |
| Income tax | 2.3 m | 3.4 m | 2.2 m | 1.5 m | 1.5 m | 3.8 m | 2.0 m | 4.4 m |
| Net income | 8.1 m | 20.7 m | 7.6 m | 5.2 m | 5.3 m | 15.0 m | 6.6 m | 15.9 m |
| Diluted EPS | 1.13 | 2.92 | 1.07 | 0.72 | 0.74 | 2.10 | 0.93 | 2.21 |
| Operating cash flow | -17.5 m ≈ | -7.6 m | 12.5 m | -10.9 m ≈ | -24.6 m ≈ | 13.9 m | 31.3 m | 12.8 m ≈ |
| Capex | 2.8 m | 3.7 m | 23.0 m | 2.5 m ≈ | 106.0 k ≈ | 1.5 m | 2.0 m | 3.5 m ≈ |
| Dividends paid | 0 ≈ | 0 | 7.1 m | 0 ≈ | 0 ≈ | 0 | 7.2 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 84 percentile of its own 19-quarter history (min 14.7, median 20.6, max 31.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 323.3 m | 308.5 m | 352.6 m | 355.8 m | 321.6 m | 340.9 m | 388.2 m | 503.5 m |
| Revenue YoY | −3.1% | −4.6% | +14.3% | +0.9% | −9.6% | +6.0% | +13.9% | +29.7% |
| Net income | 39.9 m | 42.2 m | 47.0 m | 25.7 m | 20.7 m | 34.6 m | 41.5 m | 33.1 m |
| Net income YoY | −24.6% | +5.7% | +11.2% | −45.4% | −19.3% | +67.0% | +20.0% | −20.2% |
| Diluted EPS | unavailable | unavailable | 6.67 | 3.63 | 2.92 | 4.86 | 5.82 | 4.63 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −45.6% | −19.6% | +66.4% | +19.8% | −20.4% |
| net % | 12.4% | 13.7% | 13.3% | 7.2% | 6.4% | 10.1% | 10.7% | 6.6% |
| Free cash flow | 67.6 m | 6.4 m | 38.4 m | 31.8 m | 7.7 m | 43.5 m | -61.0 m | -36.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 395.1 m USD
- Total assets
- 500.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.24x
- ROE
- 8.7%
- ROA
- 6.9%
- FCF margin
- -7.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 352.6 m | 355.8 m | 321.6 m | 340.9 m | 388.2 m | 503.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 267.7 m | 291.4 m | 266.5 m | 273.5 m | 309.7 m | 423.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 84.9 m | 64.4 m | 55.1 m | 67.5 m | 78.6 m | 80.3 m | SEC (XBRL)· 13 Mar 2026verified |
| SG&A | 28.5 m | 34.2 m | 27.1 m | 30.8 m | 31.8 m | 35.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | 56.2 m | 30.0 m | 22.1 m | 35.0 m | 45.2 m | 40.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 3.0 m | 3.0 m | 3.0 m | 6.0 m | — | — | SEC (XBRL)· 15 Mar 2024verified |
| EBITDA | 59.2 m ≈ | 33.0 m ≈ | 25.1 m ≈ | 41.0 m ≈ | — | — | SEC (XBRL)· 15 Mar 2024derived |
| Pre-tax income | 60.0 m | 32.5 m | 25.9 m | 42.4 m | 50.7 m | 42.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 13.0 m | 6.8 m | 5.2 m | 7.9 m | 9.2 m | 9.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 47.0 m | 25.7 m | 20.7 m | 34.6 m | 41.5 m | 33.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | 6.67 | 3.63 | 2.92 | 4.86 | 5.82 | 4.63 | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 86.0 m | 109.8 m | 70.7 m | 87.7 m | 17.7 m | 3.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 53.7 m | 53.4 m | 71.0 m | 48.7 m | 62.3 m | 85.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 135.5 m | 143.9 m | 152.1 m | 190.4 m | 278.0 m | 307.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 357.2 m | 348.1 m | 326.6 m | 360.1 m | 366.7 m | 403.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 37.1 m | 36.7 m | 41.8 m | 39.2 m | 43.2 m | 63.9 m | SEC (XBRL)· 15 May 2026verified |
| Goodwill | 15.3 m | 15.3 m | 18.6 m | 19.4 m | 19.4 m | 19.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.8 m | 2.6 m | 6.9 m | 5.3 m | 3.8 m | 2.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 433.2 m | 420.4 m | 411.8 m | 440.5 m | 453.4 m | 500.7 m | SEC (XBRL)· 15 May 2026verified |
| Accounts payable | 33.5 m | 32.8 m | 28.9 m | 32.6 m | 44.6 m | 46.0 m | SEC (XBRL)· 15 May 2026verified |
| Current liabilities | 55.1 m | 53.2 m | 53.6 m | 72.0 m | 74.4 m | 95.0 m | SEC (XBRL)· 15 May 2026verified |
| Total liabilities | 58.8 m | 62.8 m | 63.8 m | 84.3 m | 85.8 m | 105.6 m | SEC (XBRL)· 15 May 2026verified |
| Equity | 374.3 m † | 357.6 m † | 348.1 m † | 356.3 m † | 367.6 m † | 395.1 m † | SEC (XBRL)· 13 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 41.0 m | 34.7 m | 8.8 m | 45.4 m | -53.4 m | -9.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 2.6 m | 2.9 m | 1.0 m | 1.8 m | 7.5 m | 27.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 38.4 m ≈ | 31.8 m ≈ | 7.7 m ≈ | 43.5 m ≈ | -61.0 m ≈ | -36.2 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | 7.2 m | 32.5 m | -16.4 m | -447.0 k | 15.0 m | -21.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -41.7 m | -43.5 m | -31.4 m | -28.0 m | -31.5 m | 16.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | 42.2 m | 44.1 m | 31.8 m | 28.4 m | 32.0 m | 7.1 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth100
- Quality54
- Returns46
- Valuation41
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 108.41 – 187.73 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E110.31 – 187.73 (Mid 140.37)28 companies used · median multiple 23.5x · quartiles 18.4x – 31.4xACA, ACU, AZZ, BALL, CCK, CIX, CR, CXT, EML, GFF, HLIO, MAS, MTRN, MWA, OFLX, PH, PKOH, PRLB, RECT, RGR, SLGN, SNA, SSD, SWBI, SWK, TRS, VMI, WTS
- Dividend discount (DDM)108.41 – 145.80 (Mid 124.36)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.9% | 63 (vs peers) | 10% |
| FCF conversion · Quality | 61.7% | 45 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 16.1% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 16.6% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.2x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 25.0x | 48 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.5% | 31 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.7% | 10 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 27.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality54/100 · 2/3 factors with a value
- Returns46/100 · 2/2 factors with a value
- Valuation41/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NATIONAL PRESTO INDUSTRIES INC (NPK). Latest full fiscal year: 2025; data up to 2026-07-05.
Figures computed from the financial statements: revenue 503.5 m USD in 2025; YoY growth 29.7%; net margin 7.9%; ROE 10.9%.
The estimated value range is 109.36–166.76 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 132.36 USD, the price of 149.60 USD leaves a potential of -11.5% (value / price − 1) and a margin of safety of -13.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 16.1%
- EPS CAGR 3Y: 16.6%
- Current ratio: 5.2x
- Payout ratio (FCF): 27.1%
What contradicts it
- Shareholder yield (distributions): 0.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Fabricated metal products (SIC 34xx) · same major group (2-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 114.7 bn | 32.0 | 25.1% | 17.0% | +8.3% | +6% / +110% |
| AXONAxon Enterprise, Inc. | 34.5 bn | 175.8 | 6.2% | 6.2% | +33.5% | −21% / +85% |
| SNASnap-on Inc | 19.0 bn | 19.2 | 17.0% | 19.2% | unavailable | +8% / +34% |
| SWKStanley Black & Decker, Inc. | 17.6 bn | 21.2 | 9.4% | 5.5% | unavailable | +65% / +30% |
| BALLBall Corporation | 17.5 bn | 33.9 | 9.6% | 3.5% | +11.6% | +36% / +22% |
| MASMasco Corporation | 16.7 bn | 18.8 | — | 12.1% | −3.4% | +34% / +43% |
| CCKCrown Holdings, Inc. | 13.5 bn | 17.4 | 26.7% | 5.8% | +4.8% | +29% / +45% |
| CRCrane Company | 11.9 bn | 35.4 | 16.2% | 12.4% | +8.2% | +13% / +95% |
| SSDSimpson Manufacturing Co., Inc. | 8.4 bn | 22.4 | 18.7% | 15.6% | +4.5% | +23% / +23% |
| VMIValmont Industries, Inc. | 8.1 bn | 15.9 | 30.8% | 12.1% | +0.7% | +2% / +92% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.9 bn | 27.4 | 185.4% | 6.5% | −3.9% | +43% / +131% |
| SLGNSilgan Holdings Inc | 4.5 bn | 16.7 | 11.7% | 4.0% | +10.7% | +8% / +2% |
| AZZAZZ Inc. | 4.0 bn | 23.8 | 12.3% | 9.6% | +4.6% | +25% / +169% |
| MTRNMaterion Corporation | 3.9 bn | 38.3 | 10.5% | 4.6% | +6.0% | +53% / +66% |
| MWAMueller Water Products, Inc. | 3.8 bn | 17.0 | 21.7% | 15.0% | +8.7% | −1% / +81% |
| CXTCrane Nxt, Co. | 3.5 bn | 27.3 | 10.5% | 7.1% | +11.4% | +9% / +20% |
| AMBPArdagh Metal Packaging S.A. | 2.8 bn | — | — | 0.2% | +12.0% | +27% / +18% |
| HLIOHelios Technologies, Inc. | 2.2 bn | 31.2 | 7.7% | 8.0% | unavailable | +24% / +74% |
| PRLBProto Labs, Inc. | 1.6 bn | 46.6 | 5.1% | 6.0% | +6.4% | +31% / +84% |
| TRSTrimas Corporation | 1.4 bn | 1.6 | 83.9% | 136.2% | +2.4% | +16% / +54% |
| NPKNational Presto Industries Inc | 1.1 bn | 25.0 | 10.9% | 7.9% | +29.7% | +37% / +93% |
| RGRSturm, Ruger & Company, Inc. | 797.5 m | 49.4 | 5.7% | 2.7% | +1.9% | +66% / +14% |
| SWBISmith & Wesson Brands, Inc. | 649.7 m | 26.5 | 6.6% | 4.4% | +10.4% | +66% / +5% |
| PKOHPark-Ohio Holdings Corp | 630.3 m | 23.1 | 7.0% | 1.6% | −3.4% | +103% / +91% |
1- and 3-year price returns: for NPK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 98.07 Total return -34% · Per year -34% | 172.59 Total return 15% · Per year 15% | 258.88 Total return 73% · Per year 73% |
| 3 years | 116.33 Total return -22% · Per year -8% | 228.25 Total return 53% · Per year 15% | 372.79 Total return 149% · Per year 36% |
| 5 years | 137.98 Total return -8% · Per year -2% | 301.86 Total return 102% · Per year 15% | 536.82 Total return 259% · Per year 29% |
- Exit P/E± 57.06
- Net margin± 39.94
- Annual revenue growth± 29.79
- Annual dilution± 3.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
In brief
National Presto Industries is a US conglomerate with three segments: housewares and small appliances, defense (medium caliber ammunition, 40mm and energetic components for the US Department of Defense), and safety (smoke and carbon monoxide alarms). The defense segment has become the main revenue driver: in fiscal 2025 it generated net sales of 405.9 million USD 1, and in the second quarter of 2026 total sales grew 22% 2, making dependence on government contracts the central theme of this profile.
SWOT
Strengths
- Long-term defense contracts with the US Army and a significant position in the 40mm program.
- The PRESTO brand, recognized for product innovation in appliances.
- Solid liquidity and the ability to fund investment and dividends from cash flow.
Weaknesses
- Heavy dependence on government contracts, which makes revenue sensitive to budget decisions.
- Appliances depend on suppliers in Asia and are exposed to tariffs and pricing pressure.
- The safety segment still has limited revenue and negative margins.
Opportunities
- Continued ammunition programs and expanded capacity for new defense contracts.
- A tariff refund could improve appliance margins in coming periods.
- Growth in alarm sales if products obtain the required certifications.
Threats
- Defense budget cuts or reallocation of funds could hit defense segment revenue.
- Trade tariffs and supply chain instability for goods sourced from Asia.
- Competitive pressure in appliances and rising retailer demands.
Risks
- Dependence on the Department of Defensehigh
Defense sales depend on government contracts and funding; loss of a major program could affect results.
- Fixed-price contractshigh
Higher material or energy costs cannot be passed on automatically, which could reduce profit or cause losses on some contracts.
- Tariffs and Asian sourcingmedium
Appliances depend on a handful of suppliers in China, and tariffs or interruptions could affect deliveries and margins.
- Dependence on retail customersmedium
Without long-term contracts with major customers, order volumes could fall suddenly.
- Safety segment riskslow
The business is startup in nature and success is not assured; certification and development costs could delay launches.
Investment thesis
What would need to be true (bull case)
- If the defense backlog continues to convert into shipments, segment revenue and profit could keep rising.
- A tariff refund and price stabilization could restore appliance margins to better levels.
- The solid balance sheet provides flexibility for capacity investment or acquisitions in existing fields.
What would break the thesis
- If the defense budget shrinks or funds are redirected, main revenue could decline quickly.
- Appliance demand could stay weak if higher prices continue to discourage consumers.
- The safety segment might never become profitable, which would limit long-term growth.
What to watch
- Sales and margin trends in the defense segment and deliveries from the backlogQ3 2026
- Final effect of the tariff refund on the appliance segmentnext 10-K
- Execution of the new 40mm contracts and the TP-DNT IDIQ2027
- Progress of safety launches and UL/ETL certifications2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
The business
The company has three business segments. The Housewares/Small Appliance segment designs and distributes small electrical appliances and pressure cookers under the PRESTO brand, sold mainly in the United States and Canada through retailers and independent distributors, with most products sourced from Asia 1. The Defense segment produces 40mm ammunition, mechanical and electro-mechanical assemblies, cartridge cases and energetic devices, almost entirely for the US Department of Defense and its prime contractors, largely under fixed-price contracts 1. The Safety segment, still startup in nature, sells smoke and carbon monoxide alarms through its subsidiary Rely Innovations, with sales still limited 1.
Revenue mix has shifted sharply toward defense. In its annual report for 2025, defense segment sales rose 43% from 2024, reflecting shipments from backlog, while housewares sales fell 7% on fewer units shipped 1. The company also disclosed a dependence on one major customer, Amazon, which accounted for 10% of consolidated net sales in 2024 1.
Management states that liquidity is sufficient to cover capital requirements, dividends and acquisitions, and the company has expanded investment in defense production capacity, which led to greater use of its revolving credit line in 2025 1.
Segments
Defense
The largest segment by sales in 2025 and in the first half of 2026. First-half 2026 sales grew 25%, reflecting shipments from backlog 2. The 40mm contracts with the US Army make up most of the activity, and a five-year IDIQ contract for the TP-DNT training cartridge was awarded in 2024 1.
Housewares/Small Appliance
Appliance sales are declining in 2026 because of tariff effects on retailer order timing and higher consumer prices, according to the company's release 3. In the second quarter, profit was helped by a refund of part of the tariffs the Supreme Court declared unauthorized 23.
Safety
The safety segment still has negligible revenue and negative gross margins, and consists of the Rely Innovations business after the 2025 sale of part of the OneEvent business 1.
Market context
The US defense market is the company's main market, and the defense budget and congressional appropriations determine the volume of 40mm and energetic product contracts 1. The US and Canadian housewares market is competitive and price sensitive, with a strong seasonal peak in the holiday season 1.
The home safety market is at an early stage for the company, with UL or ETL certification requirements that raise costs and lengthen launch times 1.
Trends
- US defense spendingmixed
Higher defense support and the Ukraine assistance program supported recent sales, but future budgets depend on government deficits and administration priorities, which could reduce volumes if allocations fall 1.
- Tariffs on Asian importsheadwind
Tariffs raised appliance costs in 2025 and slowed demand in 2026. A partial refund of tariffs declared unauthorized could help short-term profitability, but trade uncertainty remains 12.
- Consolidation in appliancesheadwind
The housewares industry has consolidated into a limited number of larger companies, which could make it harder to secure shelf space at major retailers 1.
- Demand for training ammunitiontailwind
US Army programs for training ammunition and night-visible cartridges offer multi-year revenue visibility if funding continues 1.
Competitive position
In appliances the company competes with larger and smaller manufacturers, with retailer private labels, and with products imported directly from Asia, on price, quality and product innovation 1. In defense, competition comes from other organizations of varying size, and the main criteria are technical competence, quality and price 1.
In home safety the company is a new entrant facing established alarm and extinguisher makers, and its advantages lie in design and innovation rather than scale 1.
- Larger housewares manufacturers (not named in the source)
The source mentions larger competitors in appliances without naming them.
- Smaller housewares competitors (not named in the source)
The source also mentions smaller competitors, without identification.
- Retailer private-label brands
Retailers sometimes produce their own brands, which reduces shelf space for PRESTO products.
- Other defense industry organizations (not named in the source)
The source mentions larger and smaller competitors in defense, without names.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Nim-Presto – REST API Framework for Nim LanguageHacker News · 17 May 2026 · EN
The latest news item in our archive is from 17 May 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report14 Aug 2026Other events · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report16 Jun 2026Other events · Financial statements and exhibits
- Current report21 May 2026Amendments to articles or bylaws · Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement14 Apr 2026
- Current report27 Mar 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / National Presto Industries, Inc. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-05 · SEC / National Presto Industries, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / National Presto Industries, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.