Quality Investor

NWPX Infrastructure, Inc.

Rank #383Capital ReturnWatchlistCompare with other stocks

NWPX · Nasdaq · Basic Materials

NWPX Infrastructure, Inc. (NWPX) — Rank #383 by gross profitability (GP/assets 0.16) · ROE 8.5% · Piotroski F-Score 9 / 9.

As-of 2026-10-30 · 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

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,318

Industry

Steel

Exchange

Nasdaq

11/12

Flags passed

NWPX fails 1 critical flag

Passes 11 of 12 quality flags

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths RPO outpacing revenue · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.16
Return on equity
8.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.56
Current ratio
2.71×
Net cash
$9.34M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.1%

Growth

2/2 pass
Revenue growth
6.8%
Piotroski F-Score
9 / 9
Share dilution
-1.3%

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Does it make money well?

Warning: Operating margin declining · GP/assets 0.16

Gross profitability (GP / assets)

0.16

Primary signal (Novy-Marx).

5th of 6 SIC 33 peers

Return on equity

8.5%

Gross margin

19.7%

4th of 6 SIC 33 peers

Revenue growth (YoY)

6.8%

RPO growth (YoY)

9.9%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

4.7%

Revenue CAGR (5Y)

13.0%

Earnings CAGR (3Y)

4.4%

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 33% above net income

Free cash flow

$47.11M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

33.0%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.1%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $9.34M, F-Score 9/9

Balance-sheet safety

Composite anti-fragile check.

PASS

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.

Piotroski F-Score

9 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.0 / 5

Good
Share count trend(net buybacks)
-1.3%3/5 Good
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
0.0%3/5 Good

Lifecycle Phase History

20202025
Value
Op. Leverage
Hypergrowth
Capital Return

Price History

NWPX+301.9% · +32.0% CAGRSPY+82.9% · +12.8% CAGR