EnPro Industries (NPO) Stock Analysis & Winston Score

EnPro Industries makes specialized parts that help industrial equipment run safely and without leaking. Its main products include seals, gaskets, and engineered components used in industries like semiconductors, aerospace, pharmaceuticals, and energy. The company sells to manufacturers and industrial customers who need highly precise, reliable parts that meet strict safety and performance standards.

EnPro earns money by selling these engineered components directly to industrial customers, with a growing focus on the semiconductor market through its Advanced Surface Technologies segment. The company operates primarily in North America and Europe and generates roughly $1.6 billion in annual revenue. Its competitive edge comes from technical expertise and long-standing customer relationships in industries where switching suppliers is costly and risky. The key growth driver is rising demand for semiconductor manufacturing equipment, but the business faces risk from cyclical downturns in industrial spending and potential slowdowns in chip industry capital investment.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+12.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$79M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

EnPro Industries is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 20.8M (2021) → 21.0M (2025)

Score breakdown

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Quality

Gross Margin

42.9%

Healthy — 42.9% gross margin

Operating Margin

15.1%

Healthy — 15.1% operating margin

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.2%

Steady sales growth (10.2% YoY)

EPS YoY

-48.9%

Earnings shrinking (-48.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

506%

Turns 506% of profit into real cash

FCF Margin

14.7%

Converts sales into free cash efficiently (14.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.39

Conservative — low debt load (0.39)

Interest Cover

4.84x

Adequate interest coverage (4.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

156.6x

Expensive — P/E 156.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+120.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (156.6 → 36.4)

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Dividends

Dividend Yield

0.38%

Small dividend — 0.38% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+3.3%

Dividend growing modestly (3.3% YoY)

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