Detailed financial statements for National Presto Industries, Inc. (NPK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
National Presto Industries, Inc. (NPK), a company established in 1905 and headquartered in Eau Claire, Wisconsin, primarily serves the North American market through its diverse operations. The company is structured into three main divisions: Housewares/Small Appliances, Defense, and Safety. The Housewares/Small Appliance segment is dedicated to the design, marketing, and distribution of a wide array of kitchenware and small electric devices.
Analysis Summary
National Presto Industries, Inc. reported revenue of $503.5M in the most recent fiscal year, growing at a 5-year CAGR of 7.4%. Net income reached $33.1M, with a -6.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 16.5%, operating margin 9.6%, net margin 7.9%.
At the current price of $152.84, NPK trades at a P/E of 26.05 and an ROE of 10.83%. Market capitalisation stands at $1.1B.
Balance sheet quality for NPK: current ratio of 4.2, net debt of $29.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$36.2M represents -109% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $341.9M | $333.6M | $323.3M | $308.5M | $352.6M | $355.8M | $321.6M | $340.9M | $388.2M | $503.5M |
| Cost of Revenue | $256.2M | $246.4M | $247.4M | $236.6M | $267.7M | $291.4M | $266.5M | $273.5M | $309.7M | $423.2M |
| Gross Profit | $85.7M | $87.2M | $75.9M | $71.9M | $84.9M | $64.4M | $55.1M | $67.5M | $78.6M | $80.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M | 0 | 0 | 0 |
| Selling, General & Admin | $22.4M | $22.9M | $23.3M | $25.5M | $28.5M | $34.2M | $27.6M | $30.8M | $31.8M | $35.9M |
| Operating Expenses | $23.1M | $25.5M | $25.5M | $25.5M | $28.7M | $34.4M | $33.0M | $32.4M | $33.4M | $37.4M |
| Operating Income | $62.5M | $61.7M | $47.9M | $46.4M | $56.2M | $30.0M | $22.1M | $35.0M | $45.2M | $42.9M |
| EBITDA | $77.2M | $71.6M | $56.6M | $56.0M | $59.2M | $35.4M | $30.3M | $48.4M | $55.7M | $47.3M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $8.2M | 0 | 0 | 0 |
| Pre-tax Income | $63.3M | $65.3M | $52.3M | $52.3M | $60.0M | $32.5M | $25.9M | $42.4M | $50.7M | $42.1M |
| Income Tax | $21.4M | $22.0M | $12.4M | $11.8M | $13.0M | $6.8M | $5.2M | $7.9M | $9.2M | $9.0M |
| Net Income | $44.6M | $53.0M | $39.9M | $42.2M | $47.0M | $25.7M | $20.7M | $34.6M | $41.5M | $33.1M |
| EPS | $6.39 | $7.58 | $5.70 | $6.02 | $6.67 | $3.63 | $2.92 | $4.86 | $5.82 | $4.63 |
| EPS (Diluted) | $6.39 | $7.58 | $5.70 | $6.02 | $6.67 | $3.63 | $2.92 | $4.86 | $5.82 | $4.63 |
| Shares Outstanding (Diluted) | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.1M | $7.1M | $7.1M | $7.1M | $7.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $115.5M | $164.0M | $118.6M | $146.6M |
| Gross Profit | $16.0M | $27.7M | $17.5M | $28.5M |
| Operating Income | $6.4M | $18.7M | $8.0M | $19.4M |
| EBITDA | $8.1M | $20.2M | $9.9M | $21.1M |
| Net Income | $5.3M | $15.0M | $6.6M | $15.9M |
| EPS | $0.74 | $2.11 | $0.93 | $2.21 |
| EPS (Diluted) | $0.74 | $2.11 | $0.93 | $2.21 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.0M | $11.2M | $56.8M | $79.6M | $86.0M | $109.8M | $70.7M | $87.7M | $17.7M | $3.3M |
| Short-term Investments | $84.5M | $144.3M | $134.6M | $78.7M | $69.0M | $34.2M | $24.9M | $26.5M | $5.0M | $503000 |
| Receivables | $67.3M | $65.2M | $59.6M | $44.3M | $56.5M | $55.7M | $73.2M | $50.4M | $62.9M | $89.2M |
| Inventory | $95.4M | $104.4M | $94.0M | $128.5M | $135.5M | $143.9M | $152.1M | $190.4M | $278.0M | $307.0M |
| Total Current Assets | $340.5M | $338.5M | $352.3M | $337.8M | $357.2M | $348.1M | $326.6M | $360.1M | $366.7M | $403.1M |
| Property, Plant & Equipment | $49.5M | $45.2M | $39.1M | $40.8M | $40.5M | $46.9M | $52.5M | $49.9M | $53.2M | $73.4M |
| Goodwill | $11.5M | $11.5M | $11.5M | $15.3M | $15.3M | $15.3M | $18.6M | $19.4M | $19.4M | $19.4M |
| Intangible Assets | $5.0M | $3.3M | $1.0M | $3.1M | $2.8M | $2.6M | $6.9M | $5.3M | $3.8M | $2.3M |
| Total Assets | $417.6M | $411.9M | $413.6M | $411.8M | $434.8M | $422.4M | $414.5M | $440.5M | $453.4M | $504.7M |
| Accounts Payable | $39.6M | $28.4M | $24.3M | $19.5M | $25.7M | $30.3M | $29.7M | $32.6M | $44.5M | $46.0M |
| Short-term Debt | 0 | 0 | 0 | $520000 | $573000 | $546000 | $577000 | 0 | 0 | $23.6M |
| Total Current Liabilities | $64.4M | $45.5M | $47.5M | $39.3M | $55.1M | $53.2M | $53.6M | $72.0M | $74.4M | $95.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $67.4M | $45.5M | $47.5M | $43.9M | $60.4M | $64.8M | $66.5M | $84.3M | $85.8M | $109.5M |
| Retained Earnings | $350.2M | $364.8M | $362.7M | $362.8M | $367.6M | $349.2M | $338.1M | $344.2M | $353.7M | $379.6M |
| Total Equity | $350.2M | $366.4M | $366.1M | $368.0M | $374.3M | $357.6M | $348.1M | $356.3M | $367.6M | $395.1M |
| Total Debt | 0 | 0 | 0 | $3.5M | $3.4M | $10.2M | $10.7M | $10.7M | $10.0M | $33.1M |
| Net Debt | -$111.5M | -$155.5M | -$191.4M | -$154.8M | -$151.7M | -$133.8M | -$84.8M | -$103.4M | -$12.7M | $29.3M |
| Working Capital | $276.1M | $293.0M | $304.8M | $298.5M | $302.1M | $294.9M | $273.0M | $288.1M | $292.2M | $308.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.1M | $3.3M | $6.5M | $15.8M |
| Total Assets | $503.8M | $504.7M | $469.3M | $498.6M |
| Total Liabilities | $124.1M | $109.5M | $74.1M | $87.3M |
| Total Equity | $379.8M | $395.1M | $395.2M | $411.3M |
| Total Debt | $46.5M | $33.1M | $9.3M | $9.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $44.6M | $53.0M | $39.9M | $42.2M | $47.0M | $25.7M | $20.7M | $34.6M | $41.5M | $33.1M |
| Depreciation & Amortization | $14.7M | $9.9M | $6.2M | $3.7M | $3.0M | $3.0M | $3.3M | $6.0M | $5.0M | $5.1M |
| Stock-based Compensation | $391000 | $545000 | $469000 | $830000 | $366000 | 0 | $476000 | 0 | 0 | 0 |
| Change in Working Capital | $303000 | -$21.7M | $26.1M | -$36.6M | -$8.1M | -$2.2M | -$19.7M | $4.6M | -$96.9M | -$58.9M |
| Operating Cash Flow | $66.4M | $24.3M | $76.2M | $9.6M | $41.0M | $34.7M | $8.8M | $45.4M | -$53.4M | -$9.1M |
| Capital Expenditure | -$7.2M | -$8.4M | -$8.7M | -$3.1M | -$2.6M | -$2.9M | -$1.0M | -$1.8M | -$7.5M | -$27.0M |
| Acquisitions | -$208000 | $64.0M | $9.4M | -$3.7M | -$9.8M | 0 | -$24.7M | $2.0M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$35.2M | -$38.4M | -$42.0M | -$42.1M | -$42.2M | -$44.1M | -$31.8M | -$28.4M | -$32.0M | -$7.1M |
| Free Cash Flow | $59.2M | $15.9M | $67.6M | $6.4M | $38.4M | $31.8M | $7.7M | $43.5M | -$61.0M | -$36.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$24.6M | $13.9M | $31.3M | $12.8M |
| Capital Expenditure | -$106000 | -$1.5M | -$1.9M | -$3.5M |
| Free Cash Flow | -$24.7M | $12.4M | $29.4M | $9.3M |
| Dividends Paid | 0 | 0 | -$7.2M | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.4% | -3.1% | -4.6% | +14.3% | +0.9% | -9.6% | +6.0% | +13.9% | +29.7% | |
| Net Income Growth (YoY) | +18.8% | -24.6% | +5.7% | +11.2% | -45.4% | -19.3% | +67.0% | +20.0% | -20.2% | |
| EPS Growth (YoY) | +18.6% | -24.8% | +5.6% | +10.8% | -45.6% | -19.6% | +66.4% | +19.8% | -20.4% | |
| Shares Change (YoY) | +0.3% | +0.2% | +0.2% | +0.3% | +0.3% | +0.3% | +0.4% | +0.3% | +0.3% | |
| FCF Growth (YoY) | -73.2% | +325.4% | -90.5% | +495.1% | -17.0% | -75.7% | +462.8% | -240.0% | +40.7% | |
| Gross Margin | 25.1% | 26.1% | 23.5% | 23.3% | 24.1% | 18.1% | 17.1% | 19.8% | 20.2% | 16.0% |
| Operating Margin | 18.3% | 18.5% | 14.8% | 15.0% | 15.9% | 8.4% | 6.9% | 10.3% | 11.6% | 8.5% |
| EBITDA Margin | 22.6% | 21.5% | 17.5% | 18.2% | 16.8% | 10.0% | 9.4% | 14.2% | 14.4% | 9.4% |
| Net Margin | 13.0% | 15.9% | 12.4% | 13.7% | 13.3% | 7.2% | 6.4% | 10.1% | 10.7% | 6.6% |
| FCF Margin | 17.3% | 4.8% | 20.9% | 2.1% | 10.9% | 8.9% | 2.4% | 12.8% | -15.7% | -7.2% |
| Effective Tax Rate | 33.8% | 33.7% | 23.8% | 22.5% | 21.7% | 21.0% | 20.2% | 18.6% | 18.2% | 21.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.50 | $2.27 | $9.64 | $0.92 | $5.45 | $4.51 | $1.09 | $6.13 | $-8.55 | $-5.06 |
| Dividends Per Share | $5.04 | $5.50 | $5.99 | $6.00 | $5.99 | $6.24 | $4.49 | $3.99 | $4.49 | $1.00 |
| Shares Outstanding (Basic) | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.1M | $7.1M | $7.1M | $7.1M | $7.1M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 10.83% |
| Return on Invested Capital | 9.77% |
| Return on Assets | 8.59% |
| Gross Margin | 16.47% |
| Operating Margin | 9.64% |
| Net Margin | 7.86% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 5.22 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.65 | 13.12 | 20.51 | 14.68 | 13.26 | 22.60 | 23.45 | 16.52 | 16.91 | 23.06 |
| P/B | 2.12 | 1.90 | 2.24 | 1.69 | 1.66 | 1.62 | 1.39 | 1.60 | 1.91 | 1.93 |
| P/S | 2.17 | 2.08 | 2.53 | 2.01 | 1.76 | 1.63 | 1.51 | 1.67 | 1.81 | 1.52 |
| Gross Margin | 25.1% | 26.1% | 23.5% | 23.3% | 24.1% | 18.1% | 17.1% | 19.8% | 20.2% | 16.0% |
| Operating Margin | 18.3% | 18.5% | 14.8% | 15.0% | 15.9% | 8.4% | 6.9% | 10.3% | 11.6% | 8.5% |
| Net Margin | 13.0% | 15.9% | 12.4% | 13.7% | 13.3% | 7.2% | 6.4% | 10.1% | 10.7% | 6.6% |
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Explore sector: Industrials · Aerospace & Defense
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