Northwest Pipe Co
NASDAQ:NWPX
Northwest Pipe Co
Northwest Pipe Co. operates as a manufacturer of engineered steel pipe water systems in North America. The company is headquartered in Vancouver Washington, Washington and currently employs 1,256 full-time employees. The firm operates through two segments: Engineered Steel Pressure Pipe (SPP), and Precast Infrastructure and Engineered Systems (Precast). Its SPP segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, and other applications. In addition, SPP makes products for industrial plant piping systems and certain structural applications. SPP has manufacturing facilities located in Portland, Adelanto, Saginaw, Tracy, Parkersburg, St. Louis, and San Luis Rio Colorado. Its Precast segment manufactures precast and reinforced concrete products, including manholes, box culverts, vaults, catch basins, oil water separators, pump lift stations, biofiltration, and other environmental and engineered solutions.
Northwest Pipe Co. operates as a manufacturer of engineered steel pipe water systems in North America. The company is headquartered in Vancouver Washington, Washington and currently employs 1,256 full-time employees. The firm operates through two segments: Engineered Steel Pressure Pipe (SPP), and Precast Infrastructure and Engineered Systems (Precast). Its SPP segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, and other applications. In addition, SPP makes products for industrial plant piping systems and certain structural applications. SPP has manufacturing facilities located in Portland, Adelanto, Saginaw, Tracy, Parkersburg, St. Louis, and San Luis Rio Colorado. Its Precast segment manufactures precast and reinforced concrete products, including manholes, box culverts, vaults, catch basins, oil water separators, pump lift stations, biofiltration, and other environmental and engineered solutions.
Record Year: NWPX delivered record annual net sales of $526 million, up 6.8% from 2024, with new highs in gross profit and earnings per share.
Strong Margins: Margins expanded in both the Water Transmission Systems (WTS) and Precast segments in Q4, with further improvement expected in 2026.
Operational Momentum: The company ended 2025 with robust backlogs in both segments and sees healthy demand and bidding activity carrying into 2026.
Boughton Acquisition: NWPX acquired Boughton Precast in Colorado, aiming to double its size in 2–3 years with modest capital investment.
Cash Generation: Free cash flow reached $47.1 million in 2025, exceeding expectations, and the company is guiding for $40–46 million in 2026.
Capital Allocation: NWPX repaid $27.4 million in debt, repurchased $18.4 million of stock, and plans to prioritize organic growth and opportunistic M&A.
Positive Outlook: Management projects a “very strong” 2026, with higher Q1 sales and margins in both segments anticipated despite typical weather headwinds.
