| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 54 | 21.1x | 17.8x | Around median | |
Growth | 82 | 15.1% | 7.1% | Top tier | |
Quality | 64 | 10.3% | 4.5% | Around median | |
Safety | 86 | 1.1x | 2.6x | Top tier | |
Capital Return | 51 | — | 2.12% | Around median | |
Momentum | 79 | 124.2% | 2.9% | Top tier | |
Sentiment | 22 | 2 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
NWPX Infrastructure operates through two interconnected segments serving infrastructure and construction markets. The Water Transmission Systems segment generates revenue from manufacturing water transmission products and executing related projects, while the Precast segment sells precast concrete products to residential and nonresidential markets, including data center projects and commercial construction. In Q2 fiscal 2026, Water Transmission Systems represented approximately 71% of consolidated sales, with revenue of $113.2 million, while Precast contributed approximately 29%, with revenue of $46.3 million.
In Q2 fiscal 2026, the company reported record revenue of $159.5 million, up 19.7% year over year, and record gross profit of $34.4 million, up 35.5%. Gross margin expanded 250 basis points to 21.5%, net income rose to a record $15.8 million from $9.1 million, and diluted earnings per share increased to $1.62 from $0.91. Free cash flow reached $9.9 million, compared with $1.9 million in Q2 fiscal 2025.
The strength of the results was primarily driven by Water Transmission Systems, whose revenue increased 33.8%, with tons produced rising 26% and selling price per ton improving 6%. Its gross profit reached $24.2 million, with a 21.4% margin. In contrast, Precast revenue declined 4.8%, with shipment volumes down 11% due to heavy rainfall in Texas, customer project delays in Utah, and weak residential construction, but a 7% increase in selling prices helped improve the segment margin by 70 basis points to 21.9%.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on the stock is neutral, with an average price target of $60 and a target range of $50 to $70. The average target is approximately 61% below the 52-week range high of $152.03, while the highest target is approximately 54% below that high, a divergence that reflects analyst caution despite record Q2 fiscal 2026 figures and the annual free cash flow forecast of $56–65 million. The absence of an earnings multiple in the provided data makes the target range and neutral consensus the primary valuation references, while requiring the strength of earnings and cash flows to be weighed against normalization of the NDA project backlog, weakness in residential Precast, and steel-related risks.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Revenue reached $159.5 million, up 19.7%, and gross profit increased 35.5% to $34.4 million. Water Transmission Systems led the performance with record revenue of $113.2 million, supported by a 26% increase in production and a 6% increase in selling price per ton. An improved project mix and greater absorption of fixed costs helped expand consolidated gross margin by 250 basis points to 21.5% and raise net income to $15.8 million.
The backlog, including confirmed orders, was $423 million as of June 30, 2026, compared with $430 million as of March 31, 2026, and $348 million as of June 30, 2025. The quarterly decline remained limited despite production of approximately 15% of the large NDA project, reflecting strong bookings and bidding activity during Q2 fiscal 2026. However, management expects the backlog to return to the low-to-mid $300 million range after most of that project is completed during Q3 and the beginning of Q4 fiscal 2026.
Precast revenue declined 4.8% in Q2 fiscal 2026 to $46.3 million, with shipment volumes down 11% due to rainfall in Texas, project delays in Utah, and weak residential construction. Activity improved in June 2026, and Geneva recorded a record month for revenue, while the segment's backlog increased to $61 million as of June 30, 2026. Management expected higher revenue in Q3 fiscal 2026 compared with both the previous quarter and the comparable period, with stable margins and support from nonresidential demand and data center projects.
Steel accounted for approximately 34%–35% of cost of sales in Q2 fiscal 2026, and management stated that the cost of steel consumed increased approximately 24%. In contrast, Water Transmission Systems' selling price per ton increased 6%, and the dollar increase in price exceeded the impact of the increase in steel costs, while the 26% rise in production contributed significantly to fixed-cost absorption. Management believes that higher steel prices increase project prices and total gross profit dollars, but the continuation of this positive effect depends on its ability to secure supplies.
The company raised its fiscal 2026 free cash flow forecast to $56–65 million from $50–56 million, supported by stronger earnings and better billing schedules for Water Transmission Systems orders. In Q2 fiscal 2026, operating cash flow was $14.1 million and free cash flow was $9.9 million, compared with $5.4 million and $1.9 million, respectively, a year earlier. As of June 30, 2026, cash was $19.3 million and debt was $10 million, with approximately $124 million of additional borrowing capacity and expected annual capital expenditures of between $20 and $24 million.
The average price target is $60, with targets ranging from $50 to $70, while the analyst consensus is neutral. All of these targets are below the 52-week range high of $152.03, indicating caution about the sustainability of the revaluation that accompanied improved results. Sources of caution include normalization of the Water Transmission Systems backlog after the large NDA project ends, the 4.8% decline in Precast revenue, weather volatility, and the approximately 24% increase in the cost of steel consumed in Q2 fiscal 2026.
