NPK International Inc. (NPKI)
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symbol.quality_heading
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
After the materiality gate, the documented substance carries here: the rebuild is real (continuing revenue +27 percent to $277.0 million, operating margin 16.9 percent, pre-tax income +65 percent), the balance sheet is strong (equity ratio around 80 percent, barely any net debt). There is no existential find: the largest single customer accounts for 19 percent of revenue — in the worst case a dent, not an existential question — and the power-grid end market is growing. What remains are price finds: an ambitious valuation after a roughly 73 percent price gain (P/E roughly 34, EV/EBITDA roughly 16) and a real but not existential concentration (three customers 44 percent, roughly 60 percent of rental revenues on the grid). That justifies no caution verdict — it only holds back a fresh purchase at the high: a strong business to hold, whose price and customer lump everyone weighs against their own entry decision. The decision is yours.
symbol.quality_note
Out of oilfield-services provider Newpark Resources came NPK International: a lessor of recyclable composite mats that build temporary roads where excavators and transmission towers need to go. The continuing core grows briskly — 2025 revenue up 27 percent, operating margin almost 17 percent — and the stock fires in 13 of our scanners, from "Best of All" to "Stan Weinstein: Stage 2". We read the annual and quarterly reports including the fine print: three customers carry 44 percent of revenue, roughly 60 percent of rental revenues hang on the grid build-out, indemnifications remain from the sold oilfield business — and after the rally the stock costs 34 times its earnings. Not investment advice — just the reminder that a strong business and a strong stock are not the same thing: the difference is the price.
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Stock Watch
This analysis is as of July 18, 2026. Stock Watch will tell you what's changed at NPKI since then.
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Appears in These Scanners
This stock currently matches 16 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 12.50 $ — 49% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft am 10.07.2026 gegen den Geschäftsbericht (10-K) 2025 (eingereicht 27.02.2026), den Geschäftsbericht (10-K) 2024 sowie die vier jüngsten Quartalsberichte (10-Q). NPK International (vormals Newpark Resources) vermietet und verkauft wiederverwendbare Kunststoff-Zuwegungsmatten für temporäre Baustellen — kein KI-Produkt und kein operativer KI-Einsatz wird in den Filings beschrieben. Eine Volltextsuche nach „artificial intelligence“/„machine learning“ ergibt im 10-K 2025 genau zwei Treffer, beide generische Cybersecurity-Floskeln im Risikoteil („cyber-based attacks that may leverage artificial intelligence technologies to increase speed, scale, or effectiveness“); im jüngsten 10-Q kein einziger Treffer. NPK profitiert zwar als Ausrüster vom Ausbau der Stromnetze — der Geschäftsbericht nennt „increasing energy demand and required investments in grid reliance initiatives, due to the aging grid infrastructure“ als Nachfragetreiber, ein Narrativ, das teils mit dem KI-/Rechenzentrums-Strombedarf begründet wird. Das ist jedoch ein KI-nahes Endmarkt-Narrativ (Strombedarf), kein Verkauf eigener KI-Produkte; nach dem Kriterienkatalog (Endmarkt-Exponierung allein begründet kein „verkauft“) bleibt es damit bei „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-01 · 10-Q 2025-10-31 · 10-Q 2025-08-06 · 10-Q 2025-05-02 · 10-K 2026-02-27 · 10-K 2025-02-28
Rated on July 10, 2026 · How the Rating Is Built
What the Earnings Calls Reveal
Red flags Delivers, deadlines slipBetween 2023-Q4 and 2026-Q1, NPK International rebuilt itself from an oilfield services provider into a pure-play renter of composite matting for worksite access. Since the 2024-Q4 call, the running business has been forecast with remarkable reliability: the 2025 full-year outlook was raised every quarter and beaten in the end. The record on dated commitments from the transformation phase is weaker. The Fluids divestiture closed a quarter later than first indicated, 2024 guidance was twice reaffirmed and then cut, the cost target had not been reached by its own deadline quarter, and two side topics vanished from the calls after 2025-Q1 without any report of the outcome. The buyback, by contrast, was delivered well beyond the announcement after a one-quarter delay.
10 calls reviewed, 2023-Q4 through 2026-Q1 · As of August 2, 2026
Fluids sale: one quarter late
On the 2023-Q4 call, management said the sale of the Fluids segment would be concluded 'around mid-2024'. The date was reaffirmed in 2024-Q1 and moved once in 2024-Q2: the complexity of the international business was said to extend the timeline 'beyond our target date', with the third quarter named as the new goal. That revised goal was met - the sale had closed within the third quarter of 2024, and on the 2024-Q3 call Fluids already appears as a discontinued operation with the purchase price settlement under way. Net of everything, the deal landed about one quarter later than first announced, with exactly one postponement, which management raised itself and in advance. Asked about the state of the process in 2023-Q4 and 2024-Q1, management stayed terse and openly pointed back to its prepared script; that reticence is standard practice while a sale process is live.
2024 target twice reaffirmed, then cut
On the 2023-Q4 call, 2024 guidance was set at 230 to 240 million dollars of segment revenue and 80 to 85 million dollars of segment adjusted EBITDA. It was described as unchanged in both 2024-Q1 and 2024-Q2. In 2024-Q3 it was cut to 217 to 223 million and 77 to 81 million, blamed on customers shifting priorities toward solar projects, unusually dry weather in the southern United States and a six-week outage of a production line in Louisiana. The quarterly outlook given only in August missed badly as well: modest year-over-year growth had been promised for rental and service revenue in 2024-Q3, and the result was a 15 percent decline. The year closed at roughly 218 million dollars, at the bottom of the reduced range. This finding survives a full check against the transcripts and is the hardest point of the review.
Guidance metric switched, no numeric bridge
Through 2024-Q3, management guided at the Industrial Solutions segment level, that is before corporate overhead. From the 2024-Q4 call onward, guidance is given at group level. The switch follows inevitably from the Fluids divestiture: afterwards the segment was effectively the entire company, which left a separate segment forecast meaningless. What is missing is an explicit numeric bridge between the old and the new measure, so the bare comparison can mislead - 80 to 85 million dollars (segment, 2024) against 60 to 70 million dollars (group, 2025). The step was not left entirely unexplained: on the same call management cited 12 percent adjusted EBITDA growth for 2024 on the new basis, and asked about the high-20s margin the CFO pointed to the corporate overhead now included and to the new enterprise software. Based on growth rates cited later, group adjusted EBITDA for 2024 was around 55 million dollars, so the new guidance sat clearly above it. The definition has been stable since.
Cost target not yet reached at deadline
On the 2024-Q3 call, management set its first dated cost target: 5 million dollars of savings and an overhead ratio in the mid-teens percentage of revenue by early 2026. It was reaffirmed in 2024-Q4 (18.6 percent), 2025-Q1 (18.1 percent), 2025-Q2, 2025-Q3 and 2025-Q4, and from 2025-Q3 explicitly tied to completing the new enterprise software. That software went live in early 2026 as announced. On the 2026-Q1 call, overhead ran at 13.2 million dollars on 75 million dollars of revenue, or 17.6 percent - still above target, but far below the 24.9 percent of 2024-Q3. The phrase 'early 2026' no longer appears there; guidance is for overhead to stay near 13 million dollars per quarter while revenue grows, which arithmetically lands inside the target range during 2026. The target is therefore late rather than disproven. The absolute rise from 11.0 to 13.2 million dollars since 2024-Q3 sits against quarterly revenue up roughly 70 percent and is attributed to incentive accruals and the British acquisition.
Two side topics left unreported
On the 2024-Q3 call, management raised two side topics: an industry reclassification it was 'hopeful' to conclude in the fourth quarter of 2024, and a review of options for the Katy administration building carried at 23 million dollars - the latter explicitly framed as optionality with no date. On the 2024-Q4 call management openly reported that the classification body was waiting for the 2024 annual report, and named the period before the 2025-Q1 call as its new expectation; the building went unmentioned. Across the six calls from 2025-Q1 to 2026-Q1 neither topic reappears, and no analyst asked. Neither item was ever a firm commitment and both were only partly within the company's control; what is missing is not delivery but a closing report.
Counterweight: guidance beaten since 2024-Q4
Since the 2024-Q4 call, forecasting accuracy has been notably good. Full-year 2025 guidance was raised every quarter: from 230 to 250 million dollars, to 240 to 252, then 250 to 260 and finally 268 to 272 million dollars. The company delivered 277 million dollars, above the top of every single one of those steps, with 27 percent revenue growth and 38 percent adjusted EBITDA growth. Short-term calls landed as well: the record rental quarter flagged for 2025-Q4 arrived, as did the promised return of gross margin to the mid-30s (37.7 percent), and the roughly 20 percent rental and service growth signalled for 2026-Q1 was hit exactly. On the 2026-Q1 call, full-year guidance was raised again, to 310 to 325 million dollars of revenue.
Management promises
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2023-Q4 broken
The sale of the Fluids segment will be concluded around mid-2024.
Reaffirmed in 2024-Q1, moved once in 2024-Q2 to the third quarter and then met there - closed within the third quarter of 2024. About one quarter late against the original date, with the postponement flagged in advance by management itself.
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2023-Q4 broken
For 2024 the company will deliver 230 to 240 million dollars of segment revenue and 80 to 85 million dollars of segment adjusted EBITDA.
Described as unchanged in 2024-Q1 and 2024-Q2, cut in 2024-Q3 to 217 to 223 and 77 to 81 million dollars; the year finished at roughly 218 million.
-
2024-Q2 broken
Rental and service revenue will show modest year-over-year growth in the third quarter of 2024.
The actual result was down 15 percent year-over-year - the statement was only three months old when it was missed.
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2024-Q3 kept
The share repurchase programme is to resume following completion of the Fluids sale; 50 million dollars of authorisation is available.
Announced without a date ('looking to resume'). Nothing was bought back in the fourth quarter of 2024 because of the timing of the sale process; from 2025-Q1 it was then delivered consistently: 20 million dollars and roughly 4 percent of shares in 2025.
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2024-Q3 open
Overhead will fall to a mid-teens percentage of revenue by early 2026, together with 5 million dollars of cost savings.
On the 2026-Q1 call the ratio stood at 17.6 percent, down from 24.9 percent in 2024-Q3 - late, but not abandoned: the enterprise software named as the precondition only went live in early 2026, and with overhead near 13 million dollars per quarter against growing revenue the target range is reachable during 2026. The deadline itself is no longer named.
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2024-Q3 open
Management expects the reclassification into a different industry group to be completed in the fourth quarter of 2024.
Explicitly phrased as a hope and dependent on an outside body. Pushed in 2024-Q4, with a stated reason - the body was awaiting the 2024 annual report - to before the 2025-Q1 call, and not mentioned again through 2026-Q1; the outcome cannot be verified from outside.
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2025-Q3 kept
2025 will deliver more than 20 percent revenue growth and more than 30 percent adjusted EBITDA growth.
Delivered 27 percent revenue growth and 38 percent adjusted EBITDA growth - clearly above its own statement.
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2026-Q1 open
Production capacity will be increased by roughly 50 percent for 40 to 45 million dollars and be online by mid-2027.
Approved by the board, execution spread over five quarters; not yet verifiable. Given the track record on deadlines, this is the key test in the coming calls.
Based on public earnings call transcripts. Reviewed: 10 transcripts 2023-Q4 through 2026-Q1.
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 62.6% above the current price.
- Consensus
- Strong Buy
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Next Reporting Date
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.10 | – | 58 | 23.80 | 15.10 | -4 | -18 |
| 2025: Q1 | 0.11 | 37.60 | 65 | 32.30 | 15.40 | 9 | -1 |
| 2025: Q2 | 0.10 | 10.70 | 68 | 2.20 | 12.70 | 21 | 9 |
| 2025: Q3 | 0.07 | – | 69 | 55.70 | 8.20 | 25 | 12 |
| 2025: Q4 | 0.17 | 70.00 | 75 | 30.70 | 14.30 | 19 | 7 |
| 2026: Q1 | 0.12 | 5.90 | 75 | 15.90 | 13.90 | 21 | 4 |
| 2026: Q2 | 0.14 | 40.00 | 82 | 19.60 | 14.70 | 22 | 5 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The transformation from oilfield-services provider to mat lessor has worked: continuing-operations revenue +27 percent to $277.0 million, operating margin from 3.4 (2022) to 16.9 percent (2025), EBITDA margin around 26 percent. Pre-tax, continuing income rose 65 percent in 2025; Q1 2026 confirmed the momentum with +16 percent revenue.
Rock-solid: net debt of only $31.5 million, an equity ratio around 80 percent, positive free cash flow, share buybacks of $22.7 million in 2025. The substance filter "Free cash flow to market cap" fires — unusual for a chart at the high.
The central risk: three customers carry 44 percent, the 20 largest 74 percent of revenue, and most contracts are cancellable on short notice. Roughly 60 percent of rental/service revenues hang on the power-grid sector; the recent growth was primarily driven by a single large utility. A loss or a budget cut would hit the heart directly.
The rental model is capital-hungry: the mat fleet ($163.8 million book value) demands 2026 investments of $45 to $55 million. The Grassform acquisition ($46.0 million) lifted goodwill to $76.3 million (impairment risk). Indemnifications toward the buyer remain from the sold oilfield business — manageable, but an estimate.
Ambitiously valued after a roughly 73 percent price gain: P/E roughly 34 (forward roughly 26), EV/EBITDA roughly 16, price-to-sales roughly 4.2. The four analysts still see a little room with a price target around $20, but coverage is thin and the price leaves little space for disappointments. The stock stands 39 percent below the all-time high of the old oilfield era — not a return target, but a different company.
NPK International is a genuine strength stock: out of oilfield-services provider Newpark Resources came a profitable lessor of access mats for the grid build-out (revenue +27 percent to $277.0 million, operating margin 16.9 percent, a strong balance sheet) that rightly fires in 13 scanners. The honest flip side is the price of that strength — and its dependencies: three customers carry 44 percent of revenue, roughly 60 percent of rental revenues hang on the power grid, indemnifications remain from the sold oilfield business, the mat fleet is capital-hungry — and after the rally the stock is ambitiously valued at a P/E of roughly 34 and EV/EBITDA of roughly 16. A very good business; the question is the entry price and the concentration. Not investment advice.
- Materiality gate (find typing): valuation of P/E roughly 34 / EV/EBITDA roughly 16 after a roughly 73 percent price gain = price find (weighs on the verdict, no operating damage). Customer concentration top 3 = 44 percent, largest single customer 19 percent (= the utility that carried the 2025 growth), contracts cancellable on short notice = a real but not existential risk: 19 percent sits below the dent threshold (~21 percent), and the company (equity ratio around 80 percent, barely any debt) survives losing a customer. End market power grid roughly 60 percent of rental revenues = cyclicality/price find in a growing sector. Capital intensity (fleet $163.8 million, capex $45–55 million), goodwill $76.3 million (roughly 22 percent of equity), oilfield indemnifications (roughly $3.7 million net, roughly 1 percent of equity) and the tax-driven flat net income (pre-tax +65 percent) = blemishes without a vote on the verdict. No existential find → no caution/sell; since the documented strengths carry the substance and only price and concentration damp a fresh purchase, the classification is hold instead of the reflexive watch.
- Price and valuation figures dated mid-2026; analyses are evergreen, daily prices are not a buy argument. The market value of roughly $1.2 billion refers to roughly 84.4 million shares outstanding.
- An important distinction: all operating figures (revenue, margin, income) refer to continuing operations (mats/access). The oilfield fluids business sold to SCF Partners in 2024 is reported as a discontinued operation; the 2024 loss (roughly $150 million net) stems almost entirely from the book loss on that sale and is not an operating loss.
- Net income from continuing operations was almost flat in 2024 and 2025 at roughly $35.6 million and $35.9 million because a tax benefit helped in 2024; pre-tax income rose 65 percent.
- Special-situations screening (EDGAR full index, CIK 71829): no ongoing takeover, no strategic review, no rights plan, no activist campaign. Institutional holders file exclusively passive SC 13G/A; one historical SC 13D lies in the past. Institutions hold roughly 94 percent.
About the Company
NPK International Inc., ein Anbieter von Zugangslösungen für temporäre Arbeitsstellen, stellt recycelbare Verbundmatten her, verkauft und vermietet sie in den USA und Großbritannien.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 510 |
| Headquarters | The Woodlands, TX |
| Website | npki.com |
| IPO Date | 26. Sep 1991 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Matthew S. Lanigan | President, CEO & Director | 1971 |
| Gregg S. Piontek CPA | Senior VP, CFO & Principal Accounting Officer | 1971 |
| Lori A. Briggs | Executive Vice President of Business Operations | 1973 |
| M. Celeste Fruge | VP, General Counsel, Chief Compliance Officer & Corporate Secretary | 1973 |
| David A. Paterson | Corporate VP & President of Fluids Systems | 1971 |
| Nathan Snoke | Senior Vice President of Western Hemisphere | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 28. Jul 2026 | Pederson Kristen J. | Director | Other | 6,614 | 0.00 | – |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.