# NPK International (NPKI.US)

Canonical: https://gigainvestors.com/s/NPKI

Analysis as of: 2026-10-16T07:30:39.211Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $10.67 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 7

- Operating margin variation: 3.51×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.12×

- FY2017: 0.04×

- FY2018: 0.07×

- FY2019: 0.01×

- FY2020: -0.16×

- FY2021: -0.01×

- FY2022: 0.03×

- FY2023: 0.11×

- FY2024: 0.15×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.4%

- ROIC, second-lowest year: -8.2%

- Typical minus recent gross margin: -16.6 pp

- Typical gross margin (annual median): 18.8%

- Recent gross margin (lower of latest and 3-year median): 35.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: -1.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -8.2%

- FY2017: 3.6%

- FY2018: 6.9%

- FY2019: 1.3%

- FY2020: -11.6%

- FY2021: -1.3%

- FY2022: 0.9%

- FY2023: 3.7%

- FY2024: 11.5%

- FY2025: 11.5%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$121M

- Net income, five-year total: -$146M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -24.8 pp

- Working capital / revenue, final three-year average: 23.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$5.1M

- FY2022: -$10M

- FY2023: $17M

- FY2024: -$158M

- FY2025: $36M

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 11.5%

- Per-share earnings: -0.49 to 0.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: $326M

- Cumulative retained earnings: -$230M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.65

- Per-share value, starting three-year median: -$0.49

- Per-share value, ending three-year median: $0.16

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 1.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $124M

- Cumulative net income, 10 years: -$254M

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 11.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.49

- FY2017: -$0.07

- FY2018: $0.35

- FY2019: -$0.14

- FY2020: -$0.89

- FY2021: -$0.28

- FY2022: -$0.22

- FY2023: $0.16

- FY2024: -$1.72

- FY2025: $0.42

### accounting: pass

- Sloan accruals: -8.4%

- Receivables to sales index (DSRI): 0.63×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -4.9%

- FY2018: -3.4%

- FY2019: -9.5%

- FY2020: -19.2%

- FY2021: -3.0%

- FY2022: 0.6%

- FY2023: -13.3%

- FY2024: -47.9%

- FY2025: -8.4%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 35% since Apr 2026 · sales +27.4%

Story as of 2026-10-16T09:59:16.161Z; price observation 2026-10-15.

- 2025-08-07: NPK International raises 2025 revenue guidance to $250M–$260M as rental growth accelerates ([seekingalpha.com](https://seekingalpha.com/news/4480921-npk-international-raises-2025-revenue-guidance-to-250m-260m-as-rental-growth-accelerates?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +27.4%; source https://www.sec.gov/Archives/edgar/data/71829/000007182926000009/nr-20251231.htm; observed 2026-02-27.

- FY2016: $471M 

- FY2017: $748M 

- FY2018: $947M 

- FY2019: $820M 

- FY2020: $493M 

- FY2021: $615M 

- FY2022: $193M 

- FY2023: $208M 

- FY2024: $217M 

- FY2025: $277M 

### Gross margin · FY2025

gross margin 35.6%; source https://www.sec.gov/Archives/edgar/data/71829/000007182926000009/nr-20251231.htm; observed 2026-02-27.

- FY2016: 7.1% 

- FY2017: 18.7% 

- FY2018: 19.0% 

- FY2019: 16.5% 

- FY2020: 3.9% 

- FY2021: 13.9% 

- FY2022: 31.1% 

- FY2023: 34.9% 

- FY2024: 35.5% 

- FY2025: 35.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building products & equipment; annual sales are USD 277 million.

- Source: https://www.sec.gov/Archives/edgar/data/71829/000007182926000009/nr-20251231.htm (filed 2026-02-27); FY2025: revenue 277043000; grossProfit 98748000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NPKI.US: NPK International Inc., a temporary worksite access solutions company, manufactures, sells, and rents recyclable composite matting products in the United States and the United Kingdom. The company engages in the installation and rental of matting systems, and related site construction and services to customers in various markets, including power transmission, oil and natural gas exploration and production, pipeline, renewable energy, petrochemical, construction, and other industries. It also offers recyclable composite mats to customers worldwide; and access road construction, site planning and preparation, environmental protection, erosion control, and site restoration services. The company was formerly known as Newpark Resources, Inc. and changed its name to NPK International Inc. in December 2024. The company was founded in 1932 and is headquartered in The Woodlands, Texas.

### Why customers stay

Margins ranged from 34.9% to 35.6% during 2023–25; it earns 2.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 35.5%.

- Source: https://www.sec.gov/Archives/edgar/data/71829/000007182926000009/nr-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,-0.08233765926206603],[2017,0.036003153236522395],[2018,0.06872264738525612],[2019,0.012742528628619309],[2020,-0.11625326092245274],[2021,-0.013199822026998882],[2022,0.008724240599835205],[2023,0.03740089296978235],[2024,0.11548154494181481],[2025,0.1150800261366298]]; median 0.024372840932570854. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 22.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 31371000; cash acquisitions 44750000; owner earnings 2238000. Growth capex plus acquisitions / owner earnings = 19.995531724754244.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 45141000; cash acquisitions 249000; owner earnings 33039000. Growth capex plus acquisitions / owner earnings = 0.0075365477163352405.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 29232000; cash acquisitions 0; owner earnings 16656000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/71829/000007182926000009/nr-20251231.htm (filed 2026-02-27); FY2025: growth capex 21134000; upkeep 25537000; cash acquisitions 42352000; owner earnings 35945000. Growth capex plus acquisitions / owner earnings = 1.766198358603422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/71829/000007182926000009/nr-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 22695000 USD.

### Are managers owners

Insiders own 4.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NPKI.US SharesStats.PercentInsiders = 4.601 percentage points; cache date 2026-10-15.

### What the price says

The price is 3.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 10.67 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.2319905738517716; price multiple 3.3013710146078403. FY2025 cash earnings/share 0.4193352698934892. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $6.30 per share

- 2016-11: $7.35 per share

- 2016-12: $7.50 per share

- 2017-01: $7.55 per share

- 2017-02: $7.70 per share

- 2017-03: $8.10 per share

- 2017-04: $7.65 per share

- 2017-05: $7.40 per share

- 2017-06: $7.35 per share

- 2017-07: $8.35 per share

- 2017-08: $8.05 per share

- 2017-09: $10.00 per share

- 2017-10: $8.75 per share

- 2017-11: $8.85 per share

- 2017-12: $8.60 per share

- 2018-01: $9.10 per share

- 2018-02: $8.25 per share

- 2018-03: $8.10 per share

- 2018-04: $10.50 per share

- 2018-05: $10.85 per share

- 2018-06: $10.85 per share

- 2018-07: $11.05 per share

- 2018-08: $10.50 per share

- 2018-09: $10.35 per share

- 2018-10: $8.21 per share

- 2018-11: $7.69 per share

- 2018-12: $6.87 per share

- 2019-01: $8.31 per share

- 2019-02: $8.84 per share

- 2019-03: $9.16 per share

- 2019-04: $7.30 per share

- 2019-05: $6.99 per share

- 2019-06: $7.42 per share

- 2019-07: $7.63 per share

- 2019-08: $6.61 per share

- 2019-09: $7.62 per share

- 2019-10: $6.00 per share

- 2019-11: $5.86 per share

- 2019-12: $6.27 per share

- 2020-01: $5.00 per share

- 2020-02: $3.51 per share

- 2020-03: $0.90 per share

- 2020-04: $1.53 per share

- 2020-05: $2.02 per share

- 2020-06: $2.23 per share

- 2020-07: $1.89 per share

- 2020-08: $1.95 per share

- 2020-09: $1.05 per share

- 2020-10: $0.72 per share

- 2020-11: $1.50 per share

- 2020-12: $1.92 per share

- 2021-01: $2.39 per share

- 2021-02: $3.46 per share

- 2021-03: $3.14 per share

- 2021-04: $2.84 per share

- 2021-05: $3.34 per share

- 2021-06: $3.46 per share

- 2021-07: $3.23 per share

- 2021-08: $2.62 per share

- 2021-09: $3.30 per share

- 2021-10: $3.40 per share

- 2021-11: $2.73 per share

- 2021-12: $2.94 per share

- 2022-01: $3.55 per share

- 2022-02: $3.77 per share

- 2022-03: $3.66 per share

- 2022-04: $3.49 per share

- 2022-05: $4.30 per share

- 2022-06: $3.09 per share

- 2022-07: $3.52 per share

- 2022-08: $2.88 per share

- 2022-09: $2.52 per share

- 2022-10: $3.66 per share

- 2022-11: $4.01 per share

- 2022-12: $4.15 per share

- 2023-01: $4.54 per share

- 2023-02: $4.43 per share

- 2023-03: $3.85 per share

- 2023-04: $4.00 per share

- 2023-05: $3.46 per share

- 2023-06: $5.23 per share

- 2023-07: $5.52 per share

- 2023-08: $5.98 per share

- 2023-09: $6.91 per share

- 2023-10: $6.92 per share

- 2023-11: $6.95 per share

- 2023-12: $6.64 per share

- 2024-01: $6.49 per share

- 2024-02: $6.43 per share

- 2024-03: $7.22 per share

- 2024-04: $6.94 per share

- 2024-05: $8.48 per share

- 2024-06: $8.31 per share

- 2024-07: $8.26 per share

- 2024-08: $8.23 per share

- 2024-09: $6.93 per share

- 2024-10: $6.66 per share

- 2024-11: $8.36 per share

- 2024-12: $7.67 per share

- 2025-01: $6.92 per share

- 2025-02: $6.10 per share

- 2025-03: $5.81 per share

- 2025-04: $5.78 per share

- 2025-05: $8.09 per share

- 2025-06: $8.51 per share

- 2025-07: $9.02 per share

- 2025-08: $10.40 per share

- 2025-09: $11.31 per share

- 2025-10: $12.30 per share

- 2025-11: $12.31 per share

- 2025-12: $11.92 per share

- 2026-01: $13.81 per share

- 2026-02: $14.43 per share

- 2026-03: $14.49 per share

- 2026-04: $16.35 per share

- 2026-05: $14.52 per share

- 2026-06: $15.91 per share

- 2026-07: $12.49 per share

- 2026-08: $13.28 per share

- 2026-09: $11.42 per share

- 2026-10: $10.67 per share

## Annual estimated value (USD per share)

- FY2016: low $4.00 per share, central $4.43 per share, high $4.99 per share

- FY2017: low $0.75 per share, central $0.79 per share, high $0.84 per share

- FY2018: low $0.73 per share, central $0.78 per share, high $0.84 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/71829/000007182926000009/nr-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.