# Enpro Industries (NPO.US)

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

Analysis as of: 2026-10-16T07:30:39.533Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $283.93 per share; close as of 2026-10-15.

Estimated value: low $87.02 per share, central $98.68 per share, high $114.20 per share. Buy at or below the central value $98.68 per share. Valuation as of 2026-10-16T07:30:39.533Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.14×

- FY2025: 0.14×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.9%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: -5.3 pp

- Typical gross margin (annual median): 37.1%

- Recent gross margin (lower of latest and 3-year median): 42.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.5%

- FY2017: 9.4%

- FY2018: 8.8%

- FY2019: 6.1%

- FY2020: 3.1%

- FY2021: 5.1%

- FY2022: 4.7%

- FY2023: 5.6%

- FY2024: 11.1%

- FY2025: 11.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.59×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $826M

- Net income, five-year total: $519M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.5 pp

- Working capital / revenue, final three-year average: 18.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.25×

- FY2022: 1.36×

- FY2023: 3.73×

- FY2024: 1.92×

- FY2025: 2.50×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs 11.0%

- Per-share earnings: -0.93 to 1.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: $3.1B

- Cumulative retained earnings: $1.1B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.84

- Per-share value, starting three-year median: -$0.93

- Per-share value, ending three-year median: $1.91

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 1.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $2.0B

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 11.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.86

- FY2017: $24.76

- FY2018: $1.18

- FY2019: $1.84

- FY2020: $8.66

- FY2021: $8.55

- FY2022: $9.81

- FY2023: $1.06

- FY2024: $3.45

- FY2025: $1.91

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 6.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.97×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.8%

- FY2017: 26.1%

- FY2018: -11.7%

- FY2019: -8.3%

- FY2020: 6.1%

- FY2021: 1.2%

- FY2022: 2.9%

- FY2023: -7.4%

- FY2024: -3.6%

- FY2025: -6.0%

## Holders

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

## Price story

Down 25% since Jun 2026 · "Enpro (NPO) Is Up 7.5% After Raising 2026 Revenue Guidance on Semiconductor Strength" (finance.yahoo.com, Aug 2026) · sales +7%

Story as of 2026-10-16T09:59:16.227Z; price observation 2026-10-15.

Price needs cash profits to grow 14.5% a year for ten years

- 2025-05-19: NPO Q1 Earnings Call: Margin Expansion and End Market Diversification Support 2025 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/npo-q1-earnings-call-margin-123241109.html))

- 2025-08-05: Enpro’s (NYSE:NPO) Q2: Beats On Revenue But Full-Year Sales Guidance Misses Expectations Significantly ([finance.yahoo.com](https://finance.yahoo.com/news/enpro-nyse-npo-q2-beats-110634201.html))

- 2026-05-17: Will Enpro’s (NPO) Strong Q1 and Higher 2026 Outlook Reframe Its Advanced Surfaces Narrative ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/enpro-npo-strong-q1-higher-161155121.html))

### Sales · FY2025–2026

sales +7%; source https://www.sec.gov/Archives/edgar/data/1164863/000162828026009798/npo-20251231.htm; observed 2026-02-19.

- FY2017: $1.3B 

- FY2018: $1.5B 

- FY2019: $1.2B 

- FY2020: $800M 

- FY2021: $840M 

- FY2022: $1.1B 

- FY2023: $1.1B 

- FY2024: $1.0B 

- FY2025: $1.1B 

- FY2026: $1.2B 

### Gross margin · FY2025

gross margin 42.6%; source https://www.sec.gov/Archives/edgar/data/1164863/000162828026009798/npo-20251231.htm; observed 2026-02-19.

- FY2016: 33.2% 

- FY2017: 33.9% 

- FY2018: 31.3% 

- FY2019: 33.5% 

- FY2020: 35.7% 

- FY2021: 39.0% 

- FY2022: 38.5% 

- FY2023: 40.3% 

- FY2024: 42.4% 

- FY2025: 42.6% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 1.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1164863/000162828026009798/npo-20251231.htm (filed 2026-02-19); FY2025: revenue 1143300000; grossProfit 487500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NPO.US: Enpro Inc., an industrial technology company, design, develops, manufactures, and markets proprietary, value-added products and solutions to safeguard critical environments in the United States, Europe, Asia Pacific, and internationally. It operates in two segments, Sealing Technologies and Advanced Surface Technologies. The Sealing Technologies segment offers single-use hygienic seals, tubing, components and assemblies for food and pharma markets; metallic, non-metallic and composite material gaskets; dynamic seals; compression packing; elastomeric components; custom-engineered mechanical seals; hydraulic components; expansion joints; and wall penetration products for chemical and petrochemical processing, nuclear energy, hydrogen, natural gas, food and biopharmaceutical processing, primary metal manufacturing, mining, water and waste treatment, commercial vehicle, aerospace, medical, filtration, and semiconductor fabrication industries. It offers its products under the Garlock, Gylon, Blue-Gard, ONE-UP, Bio-Pro, Tuf-Steel, Detectomer, and LINK-SEAL brand name. The Advanced Surface Technologies segment offers engineering, manufacturing and precision machining of complex front-end wafer processing sub-systems; cleaning, coating, testing, refurbishment, and verification services for critical components and assemblies used in semiconductor manufacturing equipment; optical filters and proprietary thin-film coatings for applications in the industrial technology, life sciences, and semiconductor markets; optical filters and thin-film coatings for applications in the industrial technology, life sciences, and semiconductor markets; and edge-welded metal bellows for the semiconductor equipment industry and applications in the space, aerospace, and defense markets. The company was formerly known as EnPro Industries, Inc. and changed its name to Enpro Inc. in December 2023. Enpro Inc. was incorporated in 2002 and is headquartered in Charlotte, North Carolina.

### Why customers stay

Margins ranged from 40.3% to 42.6% during 2023–25; it earns 5.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 40.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 42.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1164863/000162828026009798/npo-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 42.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,-0.004684582387080495],[2017,0.0938520922805078],[2018,0.08754736479503962],[2019,0.06094540755895338],[2020,0.030725741780272653],[2021,0.05071372892916301],[2022,0.047080658105939005],[2023,0.05619723066531577],[2024,0.11091095279965514],[2025,0.11005908562572646]]; median 0.058571319112134576. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 39% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1164863/000162828026009798/npo-20251231.htm (filed 2026-02-19); Gross margin observations: [[2021,0.39040932889100427],[2022,0.38509825327510916],[2023,0.40290758047767394]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 44700000; cash acquisitions 44600000; owner earnings 558900000. Growth capex plus acquisitions / owner earnings = 0.07979960636965468.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 66000000; cash acquisitions 0; owner earnings 24700000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 21600000; cash acquisitions 310500000; owner earnings 84600000. Growth capex plus acquisitions / owner earnings = 3.6702127659574466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 18300000; cash acquisitions 238300000; owner earnings 215900000. Growth capex plus acquisitions / owner earnings = 1.1037517369152385.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 18800000; cash acquisitions 856800000; owner earnings 222900000. Growth capex plus acquisitions / owner earnings = 3.8438761776581427.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 29400000; cash acquisitions 2900000; owner earnings 278800000. Growth capex plus acquisitions / owner earnings = 0.010401721664275465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 33900000; cash acquisitions 0; owner earnings 82800000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 32900000; cash acquisitions 209400000; owner earnings 140300000. Growth capex plus acquisitions / owner earnings = 1.4925160370634354.

- Source: https://www.sec.gov/Archives/edgar/data/1164863/000162828026009798/npo-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 42000000; cash acquisitions 273900000; owner earnings 101300000. Growth capex plus acquisitions / owner earnings = 2.7038499506416582.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,18100000],[2017,19000000],[2018,20300000],[2019,20900000],[2020,21700000],[2021,22400000],[2022,23400000],[2023,24300000],[2024,25300000],[2025,26200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NPO.US SharesStats.PercentInsiders = 0.675 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.19623776928660086. Price 283.93; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.18666666666666668 → FY2025 4.778301886792453. Closing-price date 2026-10-15.

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

- 2016-10: $54.12 per share

- 2016-11: $60.80 per share

- 2016-12: $67.36 per share

- 2017-01: $67.91 per share

- 2017-02: $65.28 per share

- 2017-03: $71.16 per share

- 2017-04: $70.65 per share

- 2017-05: $66.81 per share

- 2017-06: $71.37 per share

- 2017-07: $77.02 per share

- 2017-08: $70.47 per share

- 2017-09: $80.53 per share

- 2017-10: $83.74 per share

- 2017-11: $86.37 per share

- 2017-12: $93.51 per share

- 2018-01: $87.99 per share

- 2018-02: $72.46 per share

- 2018-03: $77.38 per share

- 2018-04: $75.15 per share

- 2018-05: $73.66 per share

- 2018-06: $69.95 per share

- 2018-07: $76.39 per share

- 2018-08: $75.07 per share

- 2018-09: $72.93 per share

- 2018-10: $62.20 per share

- 2018-11: $70.38 per share

- 2018-12: $60.10 per share

- 2019-01: $66.05 per share

- 2019-02: $68.59 per share

- 2019-03: $64.45 per share

- 2019-04: $74.32 per share

- 2019-05: $55.49 per share

- 2019-06: $63.84 per share

- 2019-07: $71.04 per share

- 2019-08: $62.28 per share

- 2019-09: $68.65 per share

- 2019-10: $69.55 per share

- 2019-11: $66.39 per share

- 2019-12: $66.88 per share

- 2020-01: $58.44 per share

- 2020-02: $53.95 per share

- 2020-03: $39.58 per share

- 2020-04: $45.35 per share

- 2020-05: $45.08 per share

- 2020-06: $49.29 per share

- 2020-07: $47.73 per share

- 2020-08: $58.52 per share

- 2020-09: $56.41 per share

- 2020-10: $59.02 per share

- 2020-11: $70.81 per share

- 2020-12: $75.52 per share

- 2021-01: $72.19 per share

- 2021-02: $80.34 per share

- 2021-03: $85.27 per share

- 2021-04: $85.65 per share

- 2021-05: $91.99 per share

- 2021-06: $97.15 per share

- 2021-07: $93.12 per share

- 2021-08: $85.51 per share

- 2021-09: $87.12 per share

- 2021-10: $89.66 per share

- 2021-11: $102.00 per share

- 2021-12: $110.07 per share

- 2022-01: $105.02 per share

- 2022-02: $110.44 per share

- 2022-03: $97.73 per share

- 2022-04: $93.21 per share

- 2022-05: $95.76 per share

- 2022-06: $81.93 per share

- 2022-07: $93.48 per share

- 2022-08: $90.56 per share

- 2022-09: $84.98 per share

- 2022-10: $106.50 per share

- 2022-11: $118.80 per share

- 2022-12: $108.69 per share

- 2023-01: $121.07 per share

- 2023-02: $107.50 per share

- 2023-03: $103.89 per share

- 2023-04: $94.27 per share

- 2023-05: $101.08 per share

- 2023-06: $133.53 per share

- 2023-07: $138.78 per share

- 2023-08: $136.39 per share

- 2023-09: $121.19 per share

- 2023-10: $111.06 per share

- 2023-11: $128.43 per share

- 2023-12: $156.74 per share

- 2024-01: $149.38 per share

- 2024-02: $155.82 per share

- 2024-03: $168.77 per share

- 2024-04: $150.13 per share

- 2024-05: $153.26 per share

- 2024-06: $145.57 per share

- 2024-07: $170.94 per share

- 2024-08: $160.83 per share

- 2024-09: $162.18 per share

- 2024-10: $145.61 per share

- 2024-11: $189.10 per share

- 2024-12: $172.45 per share

- 2025-01: $185.70 per share

- 2025-02: $182.08 per share

- 2025-03: $161.79 per share

- 2025-04: $149.40 per share

- 2025-05: $185.14 per share

- 2025-06: $191.55 per share

- 2025-07: $212.41 per share

- 2025-08: $218.77 per share

- 2025-09: $226.00 per share

- 2025-10: $232.01 per share

- 2025-11: $222.85 per share

- 2025-12: $214.13 per share

- 2026-01: $238.78 per share

- 2026-02: $258.65 per share

- 2026-03: $250.65 per share

- 2026-04: $291.55 per share

- 2026-05: $306.99 per share

- 2026-06: $376.93 per share

- 2026-07: $313.92 per share

- 2026-08: $296.22 per share

- 2026-09: $306.26 per share

- 2026-10: $283.93 per share

## Annual estimated value (USD per share)

- FY2016: low $17.47 per share, central $19.32 per share, high $21.78 per share

- FY2017: low $22.38 per share, central $24.75 per share, high $27.56 per share

- FY2018: low $17.65 per share, central $19.43 per share, high $21.80 per share

- FY2019: low $14.88 per share, central $16.29 per share, high $18.17 per share

- FY2020: low $40.34 per share, central $44.47 per share, high $49.96 per share

- FY2021: low $132.58 per share, central $148.73 per share, high $170.23 per share

- FY2022: low $160.75 per share, central $180.86 per share, high $207.62 per share

- FY2023: low $156.45 per share, central $175.73 per share, high $201.39 per share

- FY2024: low $147.99 per share, central $166.99 per share, high $192.28 per share

- FY2025: low $83.19 per share, central $94.07 per share, high $108.54 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/1164863/000162828026009798/npo-20251231.htm); period 2025-12-31, filed 2026-02-19.

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.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 90,130 NPO shares; USD 33,972,000 reported position value; 0.06% of portfolio; add; quarter 2026 Q2.

# NPO — EnPro Industries

Held by 1 investor · USD 33,972,000 total · 2026 Q2 · reported price USD 376.92 (split-adjusted).
Page: https://gigainvestors.com/s/NPO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 33,972,000 | 0.1% | add +29.02% |

## Total held by quarter

- 2021 Q2: USD 70,001 · 1 holder · USD 97.63
- 2021 Q3: USD 463,004 · 1 holder · USD 87.08
- 2021 Q4: USD 497,006 · 1 holder · USD 110.03
- 2022 Q1: USD 1,052,034 · 1 holder · USD 97.70
- 2022 Q2: USD 2,126,029 · 1 holder · USD 81.95
- 2022 Q3: USD 2,715,155 · 1 holder · USD 85.00
- 2022 Q4: USD 3,448,860 · 1 holder · USD 108.67
- 2023 Q1: USD 5,645,071 · 1 holder · USD 103.89
- 2023 Q2: USD 9,551,000 · 1 holder · USD 133.53
- 2023 Q3: USD 8,504,240 · 1 holder · USD 121.20
- 2023 Q4: USD 9,516,939 · 1 holder · USD 156.74
- 2024 Q1: USD 11,053,254 · 1 holder · USD 168.77
- 2024 Q2: USD 9,621,158 · 1 holder · USD 145.57
- 2024 Q3: USD 10,443,257 · 1 holder · USD 162.18
- 2024 Q4: USD 11,328,758 · 1 holder · USD 172.45
- 2025 Q1: USD 8,815,878 · 1 holder · USD 161.78
- 2025 Q2: USD 10,932,138 · 1 holder · USD 191.56
- 2025 Q3: USD 13,517,206 · 1 holder · USD 226.01
- 2025 Q4: USD 13,770,700 · 1 holder · USD 214.12
- 2026 Q1: USD 17,509,156 · 1 holder · USD 250.65
- 2026 Q2: USD 33,972,000 · 1 holder · USD 376.92