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NPKI

NPK International Inc.

NPKI

NPK International Inc. • NYSE
$12.31 ▲ 1.32% (+0.16)
Market Cap $1.04 B
52w High $14.00
52w Low $4.76
Dividend Yield 0%
P/E 32.39
Volume 282.17K
Outstanding Shares 84.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $68.838M ▲ $13.279M ▼ $5.654M ▼ 8.213% ▼ $0.067 ▼ $15.334M ▼
Q2-2025 $68.233M ▲ $13.657M ▲ $8.678M ▼ 12.718% ▼ $0.1 ▼ $18.428M ▼
Q1-2025 $64.777M ▲ $11.722M ▲ $10.003M ▲ 15.442% ▲ $0.12 ▲ $19.33M ▲
Q4-2024 $57.524M ▲ $10.879M ▼ $8.703M ▲ 15.129% ▲ $0.1 ▲ $16.671M ▲
Q3-2024 $44.207M $10.906M $-174.298M -394.277% $-2.02 $8.765M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $35.636M ▲ $404.459M ▲ $70.536M ▲ $333.923M ▲
Q2-2025 $26.012M ▲ $393.682M ▲ $64.847M ▲ $328.835M ▲
Q1-2025 $20.832M ▲ $390.01M ▼ $63.124M ▼ $326.886M ▲
Q4-2024 $17.756M ▼ $393.682M ▲ $67.187M ▼ $326.495M ▲
Q3-2024 $42.907M $389.606M $73.152M $316.454M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.063M ▼ $24.702M ▲ $-12.215M ▼ $-2.842M ▲ $9.624M ▲ $11.988M ▲
Q2-2025 $8.784M ▼ $20.643M ▲ $-6.229M ▼ $-9.32M ▲ $5.178M ▲ $8.949M ▲
Q1-2025 $10.003M ▲ $8.828M ▲ $5.418M ▲ $-11.675M ▼ $2.597M ▲ $-1.183M ▲
Q4-2024 $8.703M ▲ $-4.127M ▼ $-14.871M ▼ $-6.056M ▲ $-25.147M ▼ $-17.718M ▼
Q3-2024 $-174.298M $2.765M $40.173M $-35.838M $7.942M $-6.707M

Five-Year Company Overview

Income Statement

Income Statement NPKI’s income statement shows a business that has largely fixed its core operations but still struggles to translate that into consistent bottom-line profits. Revenue has reset to a smaller base after strategic divestments, but it is now edging higher rather than shrinking. Profitability at the gross and operating levels has improved steadily, indicating the underlying site access business is healthier and more efficient than a few years ago. However, net results remain volatile, with a recent swing back into a noticeable loss despite better operating performance, suggesting impacts from items below operating income, such as interest, taxes, or one-time charges. Overall, the direction of the core business looks better than the headline earnings suggest, but earnings quality and stability are still a key watch point.

Balance Sheet

Balance Sheet The balance sheet reflects a smaller, more focused company with moderate leverage and limited financial cushion. Total assets and equity have drifted down over the past few years, consistent with portfolio simplification and the shift to a pure-play access solutions model. Debt levels have been reduced meaningfully, which lowers financial risk, but cash balances are thin, increasing the importance of steady cash generation and access to credit. The capital structure leans more on equity than debt, which is conservative, but the smaller scale of the asset base means there is less room for large missteps. In short, the balance sheet is not stretched, but it is also not overly robust, and it depends heavily on the business continuing to produce cash.

Cash Flow

Cash Flow Cash flow tells a more encouraging story than accounting earnings alone. The company has generally been able to generate cash from operations in most recent years, showing that customers are paying and working capital is reasonably controlled, though there has been some year-to-year volatility. Free cash flow has bounced between positive and slightly negative, largely driven by investment in the asset base rather than a breakdown in operations. Recent negative free cash flow appears tied more to capital spending than to a collapse in operating cash, which can be acceptable if those investments support future growth in the rental fleet and service capacity. The key question going forward is whether NPKI can turn this pattern of “good but choppy” cash generation into consistently strong free cash that supports growth and balance sheet strength at the same time.

Competitive Edge

Competitive Edge NPKI occupies a specialized niche: providing engineered access solutions for demanding worksites, especially in energy and infrastructure. Its proprietary DURA-BASE matting systems, control over manufacturing, and integrated services (from planning to remediation) create meaningful barriers to entry and make it more of a solutions provider than a simple equipment vendor. The brand has a long track record in harsh environments, and the focus on sustainability versus traditional timber adds an attractive angle as customers face rising ESG expectations. At the same time, the company is still relatively small and concentrated in a single solutions area, which leaves it sensitive to swings in large project activity and competition from alternative technologies or lower-cost providers. Overall, NPKI’s competitive position is solid within its niche but comes with concentration risk and strong dependence on continued execution and customer service quality.

Innovation and R&D

Innovation and R&D Innovation is central to NPKI’s strategy and is one of its clearest strengths. The company has continuously evolved its DURA-BASE platform—making mats lighter, safer, and more durable—while adding specialized offerings like the EPZ grounding system for high-voltage work, which directly addresses critical safety needs. Its R&D is focused less on flashy new categories and more on incremental improvements in materials, design, and application-specific solutions, which can deepen customer relationships and support pricing power. The recent international expansion, such as the acquisition in the UK, also has an innovation angle: it gives NPKI more field insight into different regulations, soil conditions, and project types, which can guide future product development. The main risk is that competitors could narrow the gap if NPKI slows its pace of material science and systems innovation, so sustained investment in R&D and product differentiation remains essential.

Summary

NPKI has transformed itself into a focused provider of high-value, engineered access solutions with a defensible niche built on proprietary products, integrated services, and sustainability. The underlying operations look healthier than they were several years ago, with improving margins and generally positive operating cash flow, but earnings are still volatile and the latest year’s net loss underscores that the turnaround is not yet fully de-risked. The balance sheet is lean and moderately leveraged, leaving some room for growth but not a large safety buffer, which puts a premium on continued cash discipline. Strategically, the company is well aligned with long-term themes like grid modernization, renewable energy build-out, and infrastructure resilience, and its technology and service model provide real differentiation. Going forward, the key things to watch are: stability of earnings, consistency of free cash flow, utilization and profitability of the rental fleet, and NPKI’s ability to keep its innovation edge while scaling in North America and Europe without overstretching its financial resources.

NEWS

November 24, 2025 · 8:35 AM UTC

NPK Announces Acquisition of Grassform Plant Hire Limited

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October 30, 2025 · 4:15 PM UTC

NPK Reports Third Quarter 2025 Results

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October 20, 2025 · 7:00 AM UTC

NPK International Announces Third Quarter 2025 Results Conference Call and Webcast Date

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