NWPXNasdaqSteel Pipe & TubesUS GAAP · USD

NWPX Infrastructure, Inc.

NWPX Infrastructure, Inc. is a U.S.-based manufacturer of water-related infrastructure products with operations organized into Water Transmission Systems and Precast Infrastructure and Engineered Systems. Through brands including Northwest Pipe Company, NWPX Geneva, and NWPX Park, it supplies steel pipe, precast concrete, and water management components from a network of manufacturing facilities across North America.

Revenue526m USD
+6.8 %y/y
Operating profit (EBIT)50.9m USD
+5.4 %y/y
EBIT margin9.7%
−0.1 ppy/y
Net income35.4m USD
+3.5 %y/y
Free cash flow47.1m USD
+37.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0200400600m USD2020: 286 m USD2020: EBIT 26 m USD20202021: 333 m USD2021: EBIT 16 m USD20212022: 458 m USD2022: EBIT 45 m USD20222023: 444 m USD2023: EBIT 34 m USD20232024: 493 m USD2024: EBIT 48 m USD20242025: 526 m USD2025: EBIT 51 m USD202552651
RevenueOperating profit (EBIT)

Business

Share of revenue
Water Transmission Systems68 %

Engineered steel pipe, casing pipe, joints, and fittings for large water conveyance projects.

Precast Infrastructure22 %

Reinforced precast concrete and sanitary sewer components for municipal infrastructure.

Engineered Systems and Water Management Equipment10 %

Pump lift stations, wastewater pretreatment, and stormwater quality products.

Customers

The company sells primarily into public infrastructure markets, especially water utilities, municipalities, and public works agencies that need long-life transmission and treatment assets. It also serves engineering firms, contractors, and project developers involved in large water and wastewater capital projects, where product specification and project execution matter. Demand is tied to multi-year utility planning, bid activity, and the timing of funded infrastructure programs.

Municipal water utilities

Buy engineered water transmission pipe and fittings for potable water delivery and system expansion.

Wastewater and sewer agencies

Buy precast sanitary sewer components, pump stations, and pretreatment products for collection and treatment systems.

Engineering and construction contractors

Specify and install the company's products on public infrastructure projects.

Public infrastructure owners

Use the company's products in long-term water and wastewater capital programs.

Strategy

The company focuses on water and wastewater infrastructure markets that are planned over long time horizons and often funded through multi-year capital programs. Its strategy centers on serving large transmission and precast projects with specialized products, broad manufacturing coverage, and a portfolio of brands that address different parts of the water infrastructure value chain.

Win long-cycle water infrastructure projectsMedium term

Large utility projects are planned years ahead and support recurring bid opportunities.

Broaden the precast and engineered systems mixMedium term

Adds exposure to wastewater, stormwater, and treatment infrastructure beyond pipe.

Leverage North American manufacturing footprintLong term

Regional plants improve delivery economics for heavy, project-specific products.

Geography

2025

NWPX is headquartered in Vancouver, Washington and operates 13 manufacturing facilities across North America. Its business is concentrated in the United States, where water infrastructure demand and public utility spending drive most project activity, while its manufacturing footprint supports regional delivery and project logistics. The North American footprint matters because these products are bulky, project-specific, and costly to ship long distances.

United States93 %
Canada7.3 %

Share of the revenue the company reports by geography.

Risks

The business depends on public infrastructure spending, project bidding, and the timing of utility capital programs, so demand can vary with funding cycles and procurement schedules. It also faces commodity, interest-rate, and foreign-currency exposure, along with execution risk in manufacturing and project delivery for large engineered products.

Sorted by severity
Public infrastructure demand cyclicalityHigh

Orders depend on municipal and utility capital programs, which are planned and funded over long cycles.

Exposure: Water transmission and precast project bidding

Commodity price volatilityHigh

Steel and related inputs influence cost of sales and project margins.

Exposure: Engineered steel pipe and casing pipe

Project execution and manufacturing disruptionMedium

Custom, heavy products require precise production scheduling and delivery coordination.

Exposure: North American manufacturing network

Interest rate and foreign currency exposureMedium

The company discloses market risk from interest rates and foreign currency and uses hedging instruments.

Exposure: Derivatives and financing activities

Accounting

Judgemental items
Revenue recognition

Project and product timing can affect when sales are recorded and how quarterly results compare.

Impact: Timing of shipment, installation, or contract milestones

Goodwill

Acquired brands and reporting units may require impairment testing if expectations change.

Impact: Carrying value of reporting units

Derivatives and hedging

Foreign currency forward contracts and interest rate swaps flow through OCI and earnings over time.

Impact: Other comprehensive income and volatility

Lease accounting

Operating and finance leases create balance sheet assets and liabilities for manufacturing sites.

Impact: Leverage and fixed asset-related obligations

Contingencies and litigation

Management must estimate uncertain claims and exposures that may not be resolved immediately.

Impact: Accruals and expense recognition

Publicly listed companies with a comparable business focus.

Last updated: 29/04/2026

NWPX Infrastructure, Inc. (NWPX) Revenue, Earnings & Financials 2025 – Clarifo