NWPXNWPX Infrastructure, Inc.
Steel Pipe & Tubes
- Revenue
- $526M
- 6.8% YoY
- Operating margin
- 9.7%
- 1.3% YoY
- EBITDA
- $51M
- 5.4% YoY
- Market cap
- $942M
- Employees
- 1,318
- $399K revenue each
- Net debt / EBITDA
- -0.0×
- −$2M net debt
- AI in 10-K
- 1.9
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo190% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo27% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentYes71% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$399K · 29th pctBottom quartile of its SIC industry
- Quiet on AINo1.9 per 10K words · 54th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.0× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$942M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $333M | $458M | $444M | $493M | $526M | 6.8% |
| Operating income | $16M | $45M | $34M | $48M | $51M | 5.4% |
| Net income | $12M | $31M | $21M | $34M | $35M | 3.5% |
| Operating cash flow | −$6M | $18M | $53M | $55M | $67M | 22% |
| Capex | $13M | $23M | $18M | $21M | $20M | 3.0% |
| Stock-based comp | $3M | $4M | $4M | $5M | $6M | 9.9% |
| Buybacks | $0 | $0 | $707K | $4M | $18M | 314% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $10M · 43
- Net
- −$10M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $5M | 221 | 148 |
| FY2024 | $3M | $5M | 171 | 154 |
| FY2023 | $2M | $2M | 107 | 122 |
| FY2022 | $3M | $3M | 119 | 97 |
| FY2021 | $2M | $2M | 112 | 118 |