Northwest Pipe Company (NWPX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Northwest Pipe Company stock $67.35, price $87.31, that is 22.9% below the price, quality 69 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Northwest Pipe Company
NWPX · USOur calculation puts a fair price 23% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $23.28 – $149.94 · fair‑value band $46.21 – $87.55 · the $87.31 price screens above the $67.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
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Company profile
NWPX Infrastructure, Inc., together with its subsidiaries, manufactures and sells water-related infrastructure products in the United States and Canada. It operates through two segments, Water Transmission Systems (WTS); and Precast Infrastructure and Engineered Systems (Precast).
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The WTS segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems.
Its products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. Its products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications.
The Precast segment offers stormwater and wastewater technology products, precast, and reinforced concrete products, including reinforced concrete pipe, manholes, box culverts, vaults and catch basins, pump lift stations, oil water separators, biofiltration units, and other environmental and engineered solutions.
It provides its products under the NWPX Geneva and NWPX Park brand names; and manufactures engineered water transmission systems and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings under the Northwest Pipe Company brand.
In addition, the company provides solution-based products for various markets, including reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products.
Further, it sells water infrastructure products to installation contractors. The company was formerly known as Northwest Pipe Company and changed its name to NWPX Infrastructure, Inc. in June 2025. NWPX Infrastructure, Inc. was incorporated in 1966 and is headquartered in Vancouver, Washington.
Stock analysis
Northwest Pipe Company (NWPX) currently trades at $87.31, while our model-based Fair Value estimate is $67.35, 23% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $69.81 per share, and 1 of the 24 models we run sit above the $87.31 price.
Bear case: the Asset-Based group reads lowest at $6.91, and 23 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $46.21 (bear) to $87.55 (bull), the price of $87.31 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Northwest Pipe Company reported revenue of $526M in FY2025 versus $333M in FY2021, a compound +12.1%/yr. Reported net income was $35.4M in FY2025, compounding +32.4%/yr from FY2021.
Key figures
Market cap $843M Small · P/E ratio 18.0 · P/S ratio 1.47 · EPS (TTM) $4.86 · Net margin 8.5% · Return on equity 12.2% · Return on assets (EBIT) 6.6% (5-year average) · Operating margin 13.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 62% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −34% fair-value upside, at −23%, NWPX screens cheaper than that median.
Fair Value models
All 24 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, 7 officers or directors sold shares worth $6.9M and none bought.
- SaleRichard A RomanDirector2× since Sep 8, 2026: 8,000 shares, avg. $101.28$810,234Oct 15, 202610b5-1 plan
- SaleKeith R LarsonDirector10× since Aug 17, 2026: 8,000 shares, avg. $107.30$858,415Oct 5, 202610b5-1 plan
- SaleEric StokesSVP and Group President of WTS2× since Oct 1, 2026: 24,984 shares, avg. $104.64$2.6MOct 2, 202610b5-1 plan
- SaleAaron WilkinsCFO6× since Dec 8, 2025: 10,183 shares, avg. $77.22$786,350Sep 21, 202610b5-1 plan
- SaleMichael C FransonDirector2× since Dec 9, 2025: 9,006 shares, avg. $77.71$699,846Sep 9, 2026
- SaleScott J MontrossPresident & CEO10× since Nov 11, 2025: 28,993 shares, avg. $85.68$2.5MAug 31, 202610b5-1 plan
- SaleMichael WrayExecutive Vice President4,500 shares at $110.94$499,230Aug 26, 202610b5-1 plan
- SaleMiles BrittainExecutive Vice President4× since Nov 14, 2025: 15,300 shares, avg. $63.44$970,657Mar 20, 202610b5-1 plan
- SaleAmanda JulianDirector3,473 shares at $71.98$249,987Mar 16, 202610b5-1 plan
- SaleMegan A. KendrickSr. VP of Human Resources4,500 shares at $80.59$362,655Mar 4, 202610b5-1 plan
Plus 9 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗
Revenue & earnings trend
Growth Forecast
NWPX screens overvalued: fair value 23% below the price. Compare with Nucor Corporation →
Earlier news
- Northwest Pipe (NASDAQ:NWPX) delivers strong Q3 2026 numbers
- NWPX Infrastructure (NWPX) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates
- Northwest Pipe earnings: what to look for from NWPX
Compare Northwest Pipe Company with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 410 stocks
Valuation Multiplesvs Steel median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- EBIT margin by industry
- P/S ratio by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: Industrials
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Steel stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Baoshan Iron & Steel Co 600019 | ¥6.11 | ¥8.07 | +32% | vs NWPX |
| POSCO Holdings 005490 | 265,000 KRW | 240,001 KRW | −9% | vs NWPX |
| Tata Steel Limited TATASTEEL | ₹186.30 | ₹148.06 | −21% | vs NWPX |
| JSW Steel Limited JSWSTEEL | ₹1,357 | ₹1,029 | −24% | vs NWPX |
| ArcelorMittal S.A MT | €54.82 | €36.18 | −34% | vs NWPX |
| Reliance, Inc RS | $417.00 | $211.54 | −49% | vs NWPX |
| Nucor Corporation NUE | $244.97 | $116.49 | −52% | vs NWPX |
| Jindal Steel Limited JINDALSTEL | ₹1,165 | ₹516.03 | −56% | vs NWPX |
| Steel Dynamics, Inc STLD | $222.90 | $89.54 | −60% | vs NWPX |
| Inner Mongolia Baotou Steel Union Co 600010 | ¥1.99 | ¥0.5400 | −73% | vs NWPX |
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Frequently asked questions
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Key figures of Northwest Pipe Company
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