NWPX Infrastructure, Inc.

nwpx.com

What Do They Do?

Manufactures engineered steel water-transmission systems and precast stormwater and wastewater products for installation contractors serving public agencies, water companies, and developers.

How Do They Make Money?

Customers pay for engineered steel pipe projects as manufacturing progresses; they pay for precast concrete products when the products ship.

revenue

Segment	Share	Revenue	How money arrives
Water Transmission Systems Recurring	67%		Recurring
Precast Infrastructure and Engineered Systems Sold outright	33% FY2022: 33%		Sold outright

Who Are Their Customers?

Installation contractors are the main customers for both product groups. Steel-pipe contractors bid the products into public water-agency projects; precast contractors buy for commercial, government, residential, and industrial projects.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

10% of revenue

▲ +5% vs FY2024 ($48.2M, 10%)

Net income, FY2025

7% of revenue

▲ +4% vs FY2024 ($34.2M, 7%)

Free cash flow, FY2025

9% of revenue

▲ +38% vs FY2024 ($34.3M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +20%; vs $133.2M in Q2 FY2025
Net income: ▲ +75%; vs $9.1M in Q2 FY2025

Water Transmission Systems share of revenue vs 63.5% in Q2 FY2025

Growing. Revenue grew 58% in 4 years, from $333.3M in FY2021 to $526M in FY2025, about 12% a year.

Revenue over time

Water Transmission Systems Precast Infrastructure and Engineered Systems Engineered Steel Pressure Pipe

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with West Coast Pipe, Thompson Pipe Group, American SpiralWeld Pipe, Mid America Pipe Fabricating & Supply, Oldcastle Infrastructure, Harper Precast Concrete, and AmeriTex Pipe & Products

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