NWPX Infrastructure (NWPX) Stock Analysis & Winston Score

NWPX Infrastructure, Inc., together with its subsidiaries, engages in the manufacture and sale of water-related infrastructure products in North America and Canada. It operates through two segments, Engineered Steel Pressure Pipe (SPP) and Precast Infrastructure and Engineered Systems (Precast). The SPP segment provides large-diameter and high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. Its products are also

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

+19.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+175.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

3.3%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

NWPX Infrastructure is a rare growth stock that's already generating positive cash flow while growing at 19%. 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

+0.1% over 4y

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

Diluted shares outstanding: 9.9M (2021) → 9.9M (2025)

Score breakdown

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Quality

Gross Margin

19.3%

Thin — 19.3% gross margin

Operating Margin

9.2%

Modest — 9.2% operating margin

ROCE

3.0%

Weak — 3.0% 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

+10.6%

Steady sales growth (10.6% YoY)

EPS YoY

+30.7%

Earnings growing fast (30.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

218%

Turns 218% of profit into real cash

FCF Margin

13.1%

Converts sales into free cash efficiently (13.1%)

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

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

24.96x

Comfortably covers interest (25.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.8x

Pricey — P/E 31.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+4.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.8 → 27.4)

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Dividends

Not applicable for this business.

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