NPK International Inc. (NPKI)
🔔 Watch stock
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 14 of our scanners, from "Best of All" to "Power Trend". 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.
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
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
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.
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 | 0.13 | 26.10 | 75 | 30.70 | 14.30 | 19 | 7 |
| 2026: Q1 | 0.12 | 5.90 | 75 | 15.90 | 13.90 | 21 | 4 |
- 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 14 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 |
| Next Earnings | 4. Aug 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 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.