National Presto Industries (NYSE: NPK) is a diversified manufacturing company that operates across three segments: Housewares/Small Appliances, Defense, and Safety. Revenue comes from transactional product sales in the housewares segment and fixed-price government contracts in the defense segment. The Defense segment, operated through subsidiary AMTEC, manufactures 40mm ammunition for the U.S. Army under prime contracts, with past contracts delivering over $671 million and $566 million respectively through 2013 and 2018 (per the 10-K filed 2026-03-13). The Housewares/Small Appliance segment sells consumer kitchen and cooking products sourced largely from third-party suppliers in China and Mexico. The Safety segment, operated through Rely Innovations Inc., was formed in 2019 and remains a smaller part of the business. The company pays a regular annual dividend of $1.00 per share, with discretionary extra dividends declared in some years, including $3.50 per share in FY2024 but none in FY2025. Working capital stood at $308,112,000 as of December 31, 2025, with a current ratio of 4.2 to 1.0.

Revenue model

Transactional product sales in housewares; fixed-price government contracts for 40mm ammunition in defense. Defense contracts are primarily awarded on a competitive or negotiated basis with limited cost-escalation clauses covering steel, aluminum, and zinc.

Products and services

Housewares and small kitchen appliances; 40mm practice and tactical ammunition (Defense segment, via AMTEC); safety products including fire detection technology (Safety segment, via Rely Innovations Inc.).

Customers and end markets

U.S. Army and Department of Defense (Defense segment, primary customer for 40mm ammunition); retail consumers via major retail customers (Housewares segment). Continuity of relationships with major customers is cited as a material risk factor.

Value-chain role

Brand owner and prime contractor. Housewares products are sourced from a small number of third-party suppliers in China and Mexico and sold on a purchase-order basis. Defense segment manufactures ammunition directly as a prime contractor to the U.S. Army.

Geographic exposure

Primarily United States. Housewares segment relies on third-party suppliers in Asia (primarily China) and Mexico. Defense segment serves the U.S. Army domestically.

Source: SEC 10-K, filed 2026-03-13

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