NWPX Infrastructure, Inc.
Rank #402HypergrowthNWPX · Nasdaq · Basic Materials
NWPX Infrastructure, Inc. (NWPX) — Rank #402 by gross profitability (GP/assets 0.16) · ROE 8.5% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0001001385 · all metrics point-in-time as of the filing date.
About
NWPX Infrastructure, Inc., together with its subsidiaries, manufactures and sells water-related infrastructure products in the United States and Canada.
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It operates through two segments, Water Transmission Systems (WTS); and Precast Infrastructure and Engineered Systems (Precast). The WTS segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. Its products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. Its products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. The Precast segment offers stormwater and wastewater technology products, precast, and reinforced concrete products, including reinforced concrete pipe, manholes, box culverts, vaults and catch basins, pump lift stations, oil water separators, biofiltration units, and other environmental and engineered solutions. It provides its products under the NWPX Geneva and NWPX Park brand names; and manufactures engineered water transmission systems and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings under the Northwest Pipe Company brand. In addition, the company provides solution-based products for various markets, including reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. Further, it sells water infrastructure products to installation contractors. The company was formerly known as Northwest Pipe Company and changed its name to NWPX Infrastructure, Inc. in June 2025. NWPX Infrastructure, Inc.
was incorporated in 1966 and is headquartered in Vancouver, Washington.
- Industry
- Steel
- Sector
- Basic Materials
- State
- OR
- Filer Category
- Accelerated filer
- Fiscal Year End
- December 31
- Website
- nwpx.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$971.43M
P/E (annual)
28.3
P/S (annual)
1.8
P/B
2.3
P/OCF (annual)
14.4
Shareholder Yield
-3.6%
Employees
1,318
Industry
Steel
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholdsWhat Growth Is Priced In
Implied revenue growth (10Y)
8.5%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 3.6% — per-share value needs a total required return of 12.2% once share-count change is priced in.
vs. own 6-year median revenue growth: -10.2%
Cost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
4.2%
r = 10% (base)
8.5%
r = 12%
12.3%
Net debt / market cap: -0.9%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.16
Primary signal (Novy-Marx).
4th of 6 SIC 33 peers
Return on equity
8.5%
Gross margin
19.7%
4th of 6 SIC 33 peers
Revenue growth (YoY)
252.1%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
—
Revenue CAGR (5Y)
—
Earnings CAGR (3Y)
4.4%
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.56
1st of 6 SIC 33 peers (best = lowest)
Current ratio
2.71×
3rd of 6 SIC 33 peers
Quick ratio
1.00×
Net cash
$9.34M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$47.11M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.33
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.1%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified decline for 2 consecutive fiscal years (2016-12-31, 2017-12-31) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.