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Forensic Analysis · Primary Metals & Steel · as of Nov 9, 2026

Nwpx Infrastructure, Inc. (NWPX)

A forensic read on Nwpx Infrastructure, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
6.5
Distress distance
Clean
Earnings quality
1
Forensic signals
9.2%
ROE
6.8%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Nwpx Infrastructure, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 6.5, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.6%
FY2025
Return on invested capital. Return on invested capital is 7.6% in the latest fiscal year and rising across FY2023–FY2025 from 4.9%. After-tax operating profit was $24M in FY2023 and $39M in FY2025, with operating income at 7.6% of revenue in FY2023, 9.8% in FY2024 and 9.7% in FY2025. The capital base behind it went from $498M in FY2023 to $513M in FY2025 (+3%), while the revenue it carried went from $444M to $526M.

Key fundamentals

Latest Revenue$526.0M
Revenue Growth YoY+6.8%
Revenue CAGR (2yr)+8.8%
Net Margin6.7%
Free Cash Flow$47.1M
Return on Equity9.2%
Debt / Equity0.03x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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