olivLaw · US equity research
NWPX Infrastructure, Inc. NWPX
Steel Pipe & Tubes · SIC 3317 · Vertical: Primary metal industries (SIC 331x)
NWPX Infrastructure makes steel pipe and concrete products for water and sewer infrastructure in North America, through two segments: Water Transmission Systems and Precast. It matters now because demand is supported by the need to renew aging water infrastructure, and in the second quarter of 2026 the company reported net sales of $159.5 million.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, NWPX Infrastructure, Inc. (NWPX) stock was 82.83 USD (−9.90% on the day), with market capitalisation 797.7 m USD, P/E 15.2 on diluted EPS of 5.46 USD over the last 12 months, beta 1.05, 52-week range 53.85–149.94 USD. Latest reported quarter (Q3 2026): revenue of 179.4 m USD (+18.7% YoY), net income of 18.2 m USD (+35.0% YoY), diluted EPS 1.86 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)
- 21.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 89.59 – 104.72
- below the lower band · %B -0.45 · band width 15.6%
- SMA 50 / 200
- 101.86 / 102.21
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.03 / -2.15
- MACD below 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 | −21.5% | −1.1% | −20.4 pp | — |
| 3 months | −30.1% | −0.5% | −29.6 pp | — |
| 6 months | −24.3% | +4.4% | −28.7 pp | — |
| Year to date | +32.5% | +12.3% | +20.2 pp | — |
| 1 year | +36.1% | +13.5% | +22.6 pp | +6.4% |
| 3 years | +212.2% | +76.4% | +135.8 pp | +20.6% |
| 5 years | +226.2% | +63.7% | +162.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 119.6 m | 116.1 m | 133.2 m | 151.1 m | 125.6 m | 138.3 m | 159.5 m | 179.4 m |
| Cost of revenue | 97.2 m | 96.8 m | 107.8 m | 118.9 m | 98.9 m | 111.6 m | 125.1 m | 141.2 m |
| Gross profit | 22.4 m | 19.4 m | 25.4 m | 32.2 m | 26.8 m | 26.7 m | 34.4 m | 38.2 m |
| SG&A | 11.9 m | 13.8 m | 12.1 m | 13.1 m | 13.7 m | 14.0 m | 13.2 m | 13.9 m |
| Operating income | 10.5 m | 5.6 m | 13.2 m | 19.0 m | 13.0 m | 12.7 m | 21.2 m | 24.3 m |
| Interest expense | 911.0 k | 635.0 k | 763.0 k | 788.0 k | 423.0 k | 348.0 k | 320.0 k | 372.0 k |
| Pre-tax income | 9.7 m | 4.9 m | 12.5 m | 18.2 m | 10.8 m | 12.5 m | 21.5 m | 24.0 m |
| Income tax | -436.0 k | 977.0 k | 3.4 m | 4.7 m | 1.9 m | 2.0 m | 5.6 m | 5.7 m |
| Net income | 10.1 m | 4.0 m | 9.1 m | 13.5 m | 8.9 m | 10.5 m | 15.8 m | 18.2 m |
| Diluted EPS | 1.00 ≈ | 0.39 | 0.91 | 1.38 | 0.90 ≈ | 1.08 | 1.62 | 1.86 |
| Operating cash flow | 36.1 m | 4.8 m | 5.4 m ≈ | 21.0 m ≈ | 36.0 m | 29.3 m | 14.1 m ≈ | 27.4 m ≈ |
| Capex | 4.2 m | 3.7 m | 3.5 m ≈ | 7.8 m ≈ | 5.2 m | 3.5 m | 4.2 m ≈ | 7.0 m ≈ |
| Share repurchases | 0 | 0 | 7.5 m ≈ | 8.2 m ≈ | 2.7 m | 2.4 m | 306.0 k ≈ | 1.2 m ≈ |
≈ 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 65 percentile of its own 34-quarter history (min 7.6, median 14.3, max 262.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 172.1 m | 279.3 m | 285.9 m | 333.3 m | 457.7 m | 444.4 m | 492.5 m | 526.0 m |
| Revenue YoY | +29.6% | +62.3% | +2.4% | +16.6% | +37.3% | −2.9% | +10.8% | +6.8% |
| Net income | 20.3 m | 27.9 m | 19.1 m | 11.5 m | 31.1 m | 21.1 m | 34.2 m | 35.4 m |
| Net income YoY | unavailable | +37.4% | −31.7% | −39.5% | +170.3% | −32.4% | +62.3% | +3.5% |
| Diluted EPS | 2.09 | 2.85 | 1.93 | 1.16 | 3.11 | 2.09 | 3.40 | 3.56 |
| Diluted EPS YoY | unavailable | +36.4% | −32.3% | −39.9% | +168.1% | −32.8% | +62.7% | +4.7% |
| net % | 11.8% | 10.0% | 6.7% | 3.5% | 6.8% | 4.7% | 6.9% | 6.7% |
| Free cash flow | -22.2 m | 34.3 m | 42.1 m | -19.1 m | -5.3 m | 35.2 m | 34.3 m | 47.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 m USD
- Financial debt
- 11.5 m USD
- Net debt
- 9.2 m USD
- Equity
- 394.8 m USD
- Total assets
- 579.6 m USD
- Debt / equity
- 0.03x
- Current ratio
- 3.78x
- ROE
- 9.2%
- ROA
- 6.1%
- FCF margin
- 9.0%
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 | 285.9 m | 333.3 m | 457.7 m | 444.4 m | 492.5 m | 526.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 235.4 m | 289.1 m | 371.8 m | 366.7 m | 397.1 m | 422.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 50.5 m | 44.3 m | 85.9 m | 77.6 m | 95.4 m | 103.6 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 25.0 m | 28.2 m | 41.0 m | 43.8 m | 47.2 m | 52.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 25.6 m | 16.0 m | 44.8 m | 33.9 m | 48.2 m | 50.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 14.6 m | 13.6 m | 17.1 m | 15.8 m | — | — | SEC (XBRL)· 05 Mar 2024verified |
| EBITDA | 40.1 m ≈ | 29.7 m ≈ | 61.9 m ≈ | 49.7 m ≈ | — | — | SEC (XBRL)· 05 Mar 2024derived |
| Interest expense | 933.0 k | 1.2 m | 3.6 m | 4.9 m | 5.7 m | 2.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 25.6 m | 15.2 m | 41.4 m | 29.3 m | 42.4 m | 46.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 6.6 m | 3.6 m | 10.2 m | 8.2 m | 8.2 m | 11.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 19.1 m | 11.5 m | 31.1 m | 21.1 m | 34.2 m | 35.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.93 | 1.16 | 3.11 | 2.09 | 3.40 | 3.56 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 9.9 m | 9.9 m | 10.0 m | 10.1 m | 10.1 m | 9.9 m | SEC (XBRL)· 26 Feb 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 | 37.9 m | 3.0 m | 3.7 m | 4.1 m | 5.0 m | 2.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 29.2 m | 59.7 m | 71.0 m | 91.2 m | 79.8 m | 74.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 192.0 m | 228.2 m | 278.7 m | 272.5 m | 262.5 m | 251.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 110.2 m | 121.3 m | 133.2 m | 144.0 m | 150.5 m | 157.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 23.0 m | 53.7 m | 55.5 m | 55.5 m | 55.5 m | 55.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 10.5 m | 39.4 m | 35.3 m | 31.1 m | 27.0 m | 23.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 373.0 m | 547.7 m | 601.3 m | 597.9 m | 589.7 m | 579.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 13.0 m | 32.3 m | 27.0 m | 31.1 m | 27.8 m | 22.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 7.7 m | 0 | 10.8 m | 10.8 m | 0 | 3.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 5.9 m | — | — | 0 | 11.5 m | 8.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 45.9 m | 64.1 m | 90.8 m | 96.2 m | 75.1 m | 66.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 103.4 m | 264.3 m | 283.1 m | 257.5 m | 215.7 m | 184.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 269.6 m † | 283.4 m † | 318.3 m † | 340.4 m † | 374.0 m † | 394.8 m † | SEC (XBRL)· 26 Feb 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 | 56.1 m | -5.8 m | 17.5 m | 53.5 m | 55.1 m | 67.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 14.0 m | 13.3 m | 22.8 m | 18.3 m | 20.8 m | 20.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 42.1 m ≈ | -19.1 m ≈ | -5.3 m ≈ | 35.2 m ≈ | 34.3 m ≈ | 47.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -61.4 m | -100.2 m | -23.1 m | -20.4 m | -20.7 m | -20.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 12.3 m | 71.0 m | 6.2 m | -32.7 m | -33.4 m | -49.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 707.0 k | 4.4 m | 18.4 m | SEC (XBRL)· 26 Feb 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: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 797.7 m USD
Key indicators
Coverage and freshness
Score by group
- Growth35
- Returns12
- Balance sheet100
- Valuation91
- Quality85
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: 93.05 – 184.40 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)121.04 – 184.40 (Mid 145.73)WACC 9.2% · starting FCFF 88.0 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -18.2%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E93.05 – 169.81 (Mid 100.87)11 companies used · median multiple 18.5x · quartiles 17.0x – 31.1xATI, CMC, CRS, FRD, IIIN, MT, MTUS, NUE, STLD, TS, WOR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
Attractive profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.2% | 80 (vs peers) | 14% |
| Net margin · Quality | 8.9% | 78 (vs peers) | 8% |
| FCF conversion · Quality | 162.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 4.7% | 40 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 4.6% | 31 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 48.6x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 15.2x | 85 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.9% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.8% | 12 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth35/100 · 2/2 factors with a value
- Quality85/100 · 3/3 factors with a value
- Returns· partial12/100 · 1/2 factors with a value
- Valuation91/100 · 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
NWPX Infrastructure, Inc. (NWPX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 526.0 m USD in 2025; YoY growth 6.8%; net margin 8.9%; ROE 13.0%.
The estimated value range is 107.05–177.10 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 123.30 USD, the price of 82.83 USD leaves a potential of 48.9% (value / price − 1) and a margin of safety of 32.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.2%
- Net margin: 8.9%
- FCF conversion: 162.4%
- Interest coverage: 48.6x
- Current ratio: 2.6x
- P/E (TTM): 15.2x
- FCF yield: 10.9%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.8%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Primary metal industries (SIC 331x) · same industry group (3-digit SIC) · compared with 23 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 | |
|---|---|---|---|---|---|---|
| TXTernium S.A. | 97.5 bn | 221.1 | 3.6% | 2.7% | −11.6% | +32% / +23% |
| NUENucor Corp | 60.8 bn | 35.6 | 8.2% | 5.4% | +5.7% | +68% / +58% |
| TSTenaris SA | 60.6 bn | 31.4 | 11.6% | 16.1% | −4.3% | +41% / +63% |
| MTArcelorMittal | 46.0 bn | 14.7 | 6.1% | 5.1% | −1.7% | +40% / +140% |
| STLDSteel Dynamics, Inc. | 34.1 bn | 17.7 | 20.8% | 8.8% | +3.6% | +43% / +102% |
| ATIATI Inc. | 24.3 bn | 44.7 | 29.9% | 11.1% | +5.2% | +78% / +307% |
| CRSCarpenter Technology Corporation | 13.8 bn | 24.6 | 27.8% | 17.9% | +8.6% | −12% / +294% |
| CMCCommercial Metals Company | 6.8 bn | 10.6 | 14.8% | 7.0% | +20.5% | −2% / +37% |
| WORWorthington Enterprises, Inc | 3.0 bn | 18.5 | 16.3% | 11.5% | +19.7% | +12% / +38% |
| WSWorthington Steel, Inc. | 1.8 bn | — | -3.6% | -0.7% | +11.3% | +6% / +31% |
| ROCKGibraltar Industries, Inc. | 940.7 m | — | -15.6% | -10.4% | +11.0% | −37% / −53% |
| SXCSuncoke Energy, Inc. | 823.3 m | — | -8.5% | -2.9% | −5.1% | +49% / +4% |
| NWPXNWPX Infrastructure, Inc. | 797.7 m | 15.2 | 13.0% | 8.9% | +6.8% | +36% / +212% |
| MTUSMetallus Inc. | 650.2 m | 30.8 | 3.4% | 1.9% | +6.9% | −7% / −22% |
| IIINInsteel Industries Inc. | 521.4 m | 17.8 | 7.9% | 4.0% | +14.2% | −12% / −21% |
| TWITitan International, Inc. | 303.7 m | — | -22.9% | -5.7% | −0.9% | −42% / −64% |
| FRDFriedman Industries Inc | 256.1 m | 16.4 | 10.4% | 2.7% | −13.9% | +75% / +196% |
| LUDLuda Technology Group Limited | 86.4 m | 127.0 | 3.2% | 1.7% | −25.3% | −58% / unavailable |
| HUDIHuadi International Group Co., Ltd. | 7.3 m | — | -1.8% | -2.2% | −15.3% | −62% / −84% |
| ASTLAlgoma Steel Group Inc. | — | — | -98.5% | -47.2% | −25.4% | +17% / −41% |
| SIMGRUPO SIMEC, S.A.B. de C.V. | — | — | 19.2% | 31.2% | −18.2% | −8% / −15% |
| GGBGerdau S.A. | — | — | 2.5% | 2.0% | +4.2% | +22% / +18% |
| SIDNational Steel Co | — | — | -17.4% | -5.9% | −3.9% | −51% / −76% |
| PKXPosco Holdings Inc. | — | — | 2.1% | 1.5% | −4.7% | −8% / −48% |
1- and 3-year price returns: for NWPX 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 | 49.91 Total return -40% · Per year -40% | 88.22 Total return 7% · Per year 7% | 132.87 Total return 60% · Per year 60% |
| 3 years | 48.68 Total return -41% · Per year -16% | 96.80 Total return 17% · Per year 5% | 160.04 Total return 93% · Per year 25% |
| 5 years | 47.48 Total return -43% · Per year -11% | 106.21 Total return 28% · Per year 5% | 192.77 Total return 133% · Per year 18% |
- Exit P/E± 24.20
- Net margin± 16.94
- Annual revenue growth± 13.87
- Annual dilution± 1.42
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 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
NWPX Infrastructure makes steel pipe and concrete products for water and sewer infrastructure in North America, through two segments: Water Transmission Systems and Precast. It matters now because demand is supported by the need to renew aging water infrastructure, and in the second quarter of 2026 the company reported net sales of $159.5 million 3.
SWOT
Strengths
Weaknesses
- The WTS segment relies largely on government spending on public water projects, which can be delayed 1.
- The Precast segment is geographically concentrated in Texas and Utah, which raises regional risk 1.
- The company has reported internal control weaknesses in prior years, raising questions about processes 1.
Opportunities
Risks
- Delays in public projectshigh
Water projects can be postponed for budget or regulatory reasons, which could reduce plant utilisation 1.
- Dependence on government fundinghigh
Cuts to federal funding or delays in state money could affect WTS orders 12.
- Overcapacity and competitionmedium
Competitors could add capacity, and substitute materials could lower prices 1.
- Steel price volatilitymedium
Fixed-price contracts could expose the company to rising steel costs if prices do not pass through 1.
- Environmental regulationlow
Compliance costs and possible contamination liabilities could reduce profitability 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- If public project delays continue, plant utilisation could fall quickly, given that the WTS backlog declined from the prior quarter 3.
- Precast could stay weak if residential construction does not recover, and its sales fell in the second quarter of 2026 3.
- WTS margins could suffer if market overcapacity forces price competition 1.
What to watch
- Development of WTS backlog and confirmed ordersQ3 2026
- Recovery pace of the Precast segment after delays in Texas and UtahQ3 2026
- Flow of IIJA funding into water projects2027
- Effect of the Boughton acquisition on Precast salesnext 10-K
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 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
NWPX Infrastructure, Inc., formerly Northwest Pipe Company, is a major maker of water-related infrastructure products, headquartered in Vancouver, Washington 1. It mainly supplies large-diameter steel pipe for water transmission, along with precast concrete products for sewer and stormwater systems, generally sold through installation contractors who bid on public projects 1. After the February 2026 acquisition of Boughton’s Precast, the company operates 14 manufacturing facilities in North America 2.
Segments
Water Transmission Systems (WTS)
The WTS segment makes large-diameter, high-pressure welded steel pipe, used mainly for drinking water but also for hydroelectric, industrial and other uses 1. It accounted for 66.7% of net sales in fiscal 2025, and in the second quarter of 2026 its sales rose 33.8% to $113.2 million 13.
Precast Infrastructure and Engineered Systems (Precast)
The Precast segment makes reinforced concrete pipe, manholes and stormwater and wastewater systems, with plants in Texas and Utah 1. It depends on residential and commercial construction, and in the second quarter of 2026 its sales fell slightly to $46.3 million 3.
Market context
The market is shaped by the age of US water infrastructure and by federal and state funding programmes such as the IIJA, which commits $55 billion to clean drinking water 1. Over the longer term demand depends on population growth and drought, while in the short term government budgets and project delays matter most 12.
The Precast market is more sensitive to the housing cycle, with privately-owned housing starts at 1.4 million in December 2025 1. The company also notes extra demand from data centre development for stormwater management solutions, which could support the segment 1.
Trends
- Investment in water infrastructuremixed
Water and sewer investment needs are large, and federal and state programmes could support demand over several years 1. Delays in federal funding could, however, push back orders.
- Replacement of ageing pipestailwind
Many pipes have passed their useful lives and await replacement, which could generate sustained long-term demand 1.
- Residential construction cycleheadwind
A slowdown in housing construction and high interest rates could reduce demand for Precast products, especially in residential markets 12.
- Steel pricesmixed
Steel price swings affect WTS margins, since contracts are often fixed-price, and the average purchased steel price ranged from $914 to $994 per ton over 2023-2025 1.
Competitive position
The WTS market is competitive, with overcapacity, and most projects are bid with vigorous price competition 1. Concrete pressure pipe, ductile iron, PVC and HDPE compete as substitute materials for the same projects 1.
In Precast, competition depends on region and local production capacity, and competitors expanding their plants could affect prices and margins 1.
- Concrete pressure pipe manufacturers
Offer a substitute material for water transmission pipelines, competing with steel pipe 1.
- Ductile iron pipe producers
Compete for water pipe projects, though limited in diameter 1.
- PVC pipe manufacturers
Provide an alternative material for certain water and sewer projects 1.
- HDPE pipe manufacturers
Compete with polymer materials in water transmission applications 1.
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
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report10 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Current report17 Mar 2026Departure or appointment of officers · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NWPX Infrastructure, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NWPX Infrastructure, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NWPX Infrastructure, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.