NWPX Infrastructure, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NWPX Infrastructure, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	149	133	172	279	286	333	458	444	493	526
Cost of revenue	150	127	160	232	235	289	372	367	397	422
Gross profit	0.06	5.82	12.1	47.2	50.5	44.3	85.9	77.6	95.4	104
Selling, general and administrative	16.9	14.1	16.7	18.5	25	28.2	41	43.8	47.2	52.8
Operating income	-9.99	-9.21	-2.97	28.7	25.6	16	44.8	33.9	48.2	50.9
Interest expense	0.51	0.49	0.58	0.47	0.93	1.2	3.57	4.86	5.66	2.61
Interest income			0.27	0.04	0.05	0
Other non-operating income	-0.36	0.2	0.27	4.38	1	0.33	0.1	0.28	-0.21	-1.78
Pre-tax income	-10.8	-9.49	17.1	32.6	25.6	15.2	41.4	29.3	42.4	46.5
Income tax	-4.1	-1.1	-3.25	4.74	6.58	3.64	10.2	8.21	8.17	11.1
Income from continuing operations	-6.74	-8.39	20.3	27.9
Net income	-9.26	-10.2	20.3	27.9	19.1	11.5	31.1	21.1	34.2	35.4
EBITDA	-0.02	-3.15	5.8	41.4	40.1	29.7	61.9	49.7
EPS, basic	-0.97	-1.06	2.09	2.86	1.95	1.17	3.14	2.11	3.45	3.62
EPS, diluted	-0.97	-1.06	2.09	2.85	1.93	1.16	3.11	2.09	3.40	3.56
Shares, basic (weighted)	9.59	9.61	9.73	9.74	9.79	9.85	9.91	9.99	9.92	9.77
Shares, diluted (weighted)	9.59	9.61	9.73	9.78	9.87	9.93	10	10.1	10.1	9.94

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.8	43.6	6.68	31	37.9	3	3.68	4.07	5.01	2.27
Receivables	25.6	29	34.4	38	42.7	52.7	71.6	47.6	66.9	78.2
Inventory	18.6	17.1	39.4	30.7	29.2	59.7	71	91.2	79.8	74.3
Other current assets	2.1	6.56	4.8	4.16	5.19	5.74	10.7	9.03	7.34	5.67
Total current assets	149	141	160	195	192	228	279	272	262	251
Property, plant and equipment	81.7	78.8	103	99.6	110	121	133	144	150	158
Lease right-of-use assets				7.68	30.8	98.5	93.1	88.2	87.7	86.9
Goodwill				0	23	53.7	55.5	55.5	55.5	55.5
Intangible assets	2.4	1.9	1.55	1.23	10.5	39.4	35.3	31.1	27	23
Other non-current assets	11.3	10.8	8.39	6.66	6.55	6.62	5.54	6.71	6.42	5.28
Total assets	242	230	271	310	373	548	601	598	590	580
Accounts payable	5.27	7.52	19.8	15.5	13	32.3	27	31.1	27.8	22.2
Accrued liabilities	10.9	6.56	7.96	12.2	16.8	24.5	31	27.9	28.2	27.7
Deferred revenue		2.6	3.75	12.3	6.19	2.62	17.5	21.5	11.2	8.79
Short-term debt				0	7.7	0	10.8	0	2.99	2.99
Total current liabilities	18.6	17	31.5	41.6	45.9	64.1	90.8	96.2	75.1	66.6
Long-term debt				0	5.89			0	11.5	8.48
Lease liabilities				6.25	27.9	93.7	89.5	85.3	85.7	86.2
Other non-current liabilities	11.9	11.4	9.74	10	11.2	8.73	7.66	10.6	10.3	10.8
Total liabilities	32.3	30.1	52.8	62.1	103	264	283	258	216	185
Total debt				0	13.6	0	10.8	0	14.5	11.5
Paid-in capital	119	120	119	121	123	125	128	129	128	113
Retained earnings	91.9	81.8	101	129	148	160	191	212	246	282
Other comprehensive income	-1.48	-1.45	-1.54	-1.81	-1.87	-1.68	-0.79	-0.96	-0.83	-0.14
Shareholders' equity	209	200	219	248	270	283	318	340	374	395
Total equity	209	200	219	248	270	283	318	340	374	395
Total liabilities and equity	242	230	271	310	373	548	601	598	590	580
Shares outstanding	9.6	9.62	9.74	9.75	9.81	9.87	9.93	9.99	9.92	9.59

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-9.26	-10.2	20.3	27.9	19.1	11.5	31.1	21.1	34.2	35.4
Depreciation and amortization	9.97	6.06	8.77	12.7	14.6	13.6	17.1	15.8
Stock-based compensation	1.81	1.2	0.28	1.71	3.09	3.22	3.7	3.67	5.06	5.56
Deferred income tax	-4.75	0.34	-3.85	4.17	2.91	0.18	0.51	-0.42	-2.53	4.08
Change in inventory	5.73	1.54	-13.6	8.65	7.15	-17.7	-11.4	-20.2	11.5	5.48
Change in payables	1.05	2.13	6.59	-4.68	-3.5	16.8	-5.83	4.7	-3.45	-6.04
Cash from operations	1.52	-7.52	-18.4	42.9	56.1	-5.81	17.5	53.5	55.1	67.3
Capital expenditures	-2.29	-2.85	-3.8	-8.59	-14	-13.3	-22.8	-18.3	-20.8	-20.2
Acquisitions			-37.2	0	-48.7	-87.2	0	0
Cash from investing	11.7	29.8	-27.9	-6.42	-61.4	-100	-23.1	-20.4	-20.7	-20.1
Debt issued			0	0	15.9	0	10.8	0	4.24	0
Debt repaid			0	0	-2.12	-13.8	0	0	-0.5	-3
Share buybacks						0	0	-0.71	-4.43	-18.4
Cash from financing	-1.65	-0.46	9.33	-12.1	12.3	71	6.19	-32.7	-33.4	-49.9
Net change in cash	11.5	21.8	-37	24.3	6.91	-34.9	0.68	0.39	0.94	-2.73
Free cash flow	-0.77	-10.4	-22.2	34.3	42.1	-19.1	-5.29	35.2	34.3	47.1
Interest paid	0.28	0.26	0.33	0.37	0.6	0.34	3.17	4.66	5.88	2.47
Income taxes paid	-3.32	-0.15	0.17	-0.06	1.4	2.48	13.8	5.91	9.02

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $102.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.9%	Gross profit / revenue.
Operating margin	11.5%	Operating income / revenue.
Pre-tax margin	11.0%	Pre-tax income / revenue.
Net margin	8.5%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.5%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.5%	Net income / average total assets.
Return on invested capital (ROIC)	12.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	3.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	56.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	37.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	2.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.71x	Current assets / current liabilities.
Quick ratio	1.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.5%	Total debt / total assets.
Liabilities / assets	35.8%	Total liabilities / total assets.
Net debt	-$9.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	35.1x	Operating income / interest expense.
Working capital	$200.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$340.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.88x	Revenue / average total assets.
Fixed asset turnover	3.49x	Revenue / average property, plant and equipment.
Inventory turnover	4.99x	Cost of revenue / average inventory.
Days inventory	73 days	365 x average inventory / cost of revenue.
Receivables turnover	5.84x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	100 days	Days inventory + days sales outstanding - days payables.
FCF conversion	163.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$58.67	Revenue / diluted weighted shares.
FCF per share	$8.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.25	Cash from operations / diluted weighted shares.
Book value per share	$43.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$35.34	Tangible book value / shares outstanding.
Cash per share	$2.00	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	17.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$991.0M	Share price x shares outstanding.
Enterprise value	$981.7M	Market cap + total debt - cash - short-term investments.
P/E	20.3x	Market cap / net income. Only when net income is positive.
P/S	1.73x	Market cap / revenue.
P/B	2.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.91x	Market cap / tangible book value, when positive.
P/FCF	12.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.88x	Market cap / cash from operations, when positive.
EV/Sales	1.71x	Enterprise value / revenue.
EV/EBIT	14.9x	Enterprise value / operating income, when both are positive.
EV/FCF	12.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.0%	Free cash flow / market cap.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.
PEG	4.41x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NWPX Infrastructure, Inc.'s revenue in fiscal 2025?

NWPX Infrastructure, Inc. reported revenue of $526.0M for fiscal 2025, 6.8% higher than the year before.

Was NWPX Infrastructure, Inc. profitable in fiscal 2025?

Yes. Net income was $35.4M, a net margin of 6.7%.

How much free cash flow did NWPX Infrastructure, Inc. generate in fiscal 2025?

Cash from operations of $67.3M minus capital expenditures of $20.2M left free cash flow of $47.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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