Quality Investor

NWPX Infrastructure, Inc.

Rank #402Hypergrowth

NWPX · 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.

Show more

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

NWPX+306.5% · +32.4% CAGRSPY+80.5% · +12.5% CAGR

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

2 green1 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

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

1/2 pass
Revenue growth
252.1%
Piotroski F-Score
N/A
Share dilution
3.6%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

What Growth Is Priced In

Implied revenue growth (10Y)

8.5%

incredible deal

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%

Base FCF: $47.1M3Y mean FCF: $11.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

1.4xExpensive
0.0xmed 0.5x1.4x

P / B

Price / book value per share

0.9xExpensive
0.0xmed 0.8x1.3x

P / GP

Price / gross profit per share

32.7xExpensive
0.0xmed 4.7x32.7x

P / FCF

Price / free cash flow per share

N/A
0.0xmed 5.6x10.4x

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.

PASS

Operating Leverage

2014201520162017
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.

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.

Cash-flow health

Free cash flow

$47.11M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.33

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.1%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20122017
Value
Decline
Startup