Free cash flow remains highly unstable, with margins swinging from a peak of 58.3% in 2023Q4 to a negative 30.8% in 2024Q4, driven by capital expenditures that averaged 19.5% of revenue over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 85.27M | 72.99M | 38.17M | 100M | -25.02M | -3.01M | 55.79M | 72.29M | 63.4M | 38.38M | 11.1M | 121.52M | 89.17M | 151.9M | 110.25M | -13.56M | 31.48M | 88.82M | 28.69M | 68.19M | 26.8M | 29.55M | 18.43M | 5.98M | 11.14M | 40.92M | 3.24M | 2.23M | 29.2M | 31.7M | 25.4M |
| Operating CF Margin % | - | 26.35% | 17.55% | 48.16% | -12.96% | -0.49% | 11.33% | 8.81% | 6.7% | 5.13% | 2.35% | 17.95% | 7.97% | 14.57% | 11.2% | -1.49% | 4.4% | 18.12% | 3.34% | 11.13% | 4.61% | 6.2% | 4.25% | 1.6% | 3.47% | 10.01% | 1.22% | 1.13% | 11.9% | 13.95% | 16.53% |
| Operating CF Growth % | 1463.26% | 91.22% | -61.83% | 499.67% | -730.43% | -105.4% | -22.82% | 14.01% | 65.19% | 245.93% | -90.87% | 36.27% | -41.3% | 37.79% | 913.14% | -143.07% | -64.56% | 209.61% | -57.93% | 154.4% | -9.28% | 60.27% | 208.31% | -46.33% | -72.78% | 1162.93% | 44.97% | -92.35% | -7.89% | 24.8% | 257.75% |
| Net Income | 35.51M | 35.95M | -150.26M | 14.52M | -20.83M | -25.53M | -80.7M | -12.95M | 32.28M | -6.15M | -40.71M | -90.83M | 102.28M | 65.32M | 60.03M | 80.02M | 41.63M | -20.57M | 38.46M | 26.66M | -32.28M | 22.78M | 4.96M | 2.08M | 4.62M | 31.91M | 11.15M | -70.13M | -62.29M | 37.74M | 19M |
| Depreciation & Amortization | 2.37M | 0 | 27.53M | 31.37M | 38.61M | 42.23M | 45.31M | 47.14M | 45.9M | 39.76M | 37.95M | 43.92M | 42.03M | 44.2M | 32.82M | 28.97M | 27.01M | 28.14M | 27.34M | 19.29M | 20.61M | 19.54M | 20.8M | 21.33M | 21.84M | 27.43M | 23.57M | 26.88M | 37.9M | 26.39M | 17.6M |
| Stock-Based Compensation | 535K | 0 | 5.25M | 6.64M | 6.86M | 7.93M | 6.58M | 11.64M | 10.36M | 10.84M | 12.06M | 14.2M | 12.3M | 9.7M | 7.1M | 4.54M | 3.88M | 3.44M | 5.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 290K | 0 | -20.3M | -482K | -3.38M | -1.21M | -18.85M | -4.25M | 236K | -10.35M | 3.35M | -503K | -2.33M | -7.83M | 1.36M | 26.62M | 18.03M | -6.92M | 12.77M | 7.98M | 6.12M | 8.55M | 3.41M | 526K | 3.84M | 15.35M | 5.66M | -29.3M | -26M | 15.9M | 6.2M |
| Other Non-Cash Items | 37.76M | 39.45M | 192.24M | 5.2M | 32.83M | -2.66M | 24.7M | 8.6M | 5.93M | 23.33M | 12.12M | 77.67M | -35.37M | -4.73M | 2.88M | 3.03M | 446K | 3.7M | 7.65M | 20.81M | 69.4M | 6.68M | 4.12M | 1.6M | -43K | -178K | -259K | 71M | 83.49M | 166K | 800K |
| Working Capital Changes | 7.93M | -2.4M | -16.28M | 42.76M | -79.1M | -23.77M | 78.74M | 22.1M | -31.31M | -19.05M | -13.68M | 77.06M | -29.74M | 45.25M | 6.05M | -156.73M | -59.51M | 81.03M | -62.66M | -6.55M | -37.05M | -28M | -14.85M | -19.55M | -19.12M | -33.58M | -36.87M | 3.77M | -3.9M | -48.5M | -18.2M |
| Change in Receivables | 10.02M | -3.92M | -28.01M | 64.81M | -42.45M | -61.28M | 70.99M | 40.18M | -7.39M | -73.72M | -1.7M | 122.4M | -53.49M | 32.17M | 23.57M | -135.3M | -75.83M | 89.34M | -67.74M | 4.04M | -13.25M | -42.73M | -7.79M | -3.47M | -3.99M | -12.64M | -19.07M | 3.06M | 11.4M | -21.2M | -11.1M |
| Change in Inventory | -2.93M | 3.38M | 9.75M | 2.26M | -46.91M | -10.34M | 39.89M | 699K | -30.35M | -15.1M | 16.04M | 21.31M | -14.14M | 16.43M | -28.76M | -48.13M | -8.09M | 35.18M | -37M | -12.76M | -21.02M | -5.7M | -11.89M | -21.12M | -8.29M | -19.15M | -7.47M | -7.26M | 3.6M | -12.2M | 100K |
| Change in Payables | 4.24M | -2.58M | 12.49M | -25.07M | 10.78M | 36.34M | -29.46M | -8.32M | 2.45M | 14.15M | -5.21M | -31.97M | 23.61M | -17.73M | 13.7M | 30.43M | 2.81M | -28.71M | 21.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -81.45M | -65.32M | 8.26M | -5.69M | 46.23M | -17.48M | -3.4M | -49.76M | -55.75M | -68.37M | -38.32M | -66.88M | -14M | -60.06M | -96.17M | -63.15M | -10.55M | -17.14M | -23.17M | -40.29M | -30.3M | -33.83M | -11.87M | -20.47M | -17.25M | -27.05M | -30.62M | -20.93M | -119.4M | -94.9M | -126.2M |
| Capital Expenditures | -53.34M | -46.67M | -43.53M | -29.23M | -28.27M | -21.79M | -15.79M | -44.81M | -45.14M | -31.37M | -38.44M | -69.4M | -106.97M | -67.93M | -43.95M | -36.9M | -12.13M | -18.54M | -22.49M | -17.04M | -36.39M | -35.78M | -23.47M | -22.73M | -15.19M | -29.67M | -35.43M | -40.5M | -120.5M | -87.2M | -118M |
| CapEx % of Revenue | 18.57% | 16.85% | 20.02% | 14.08% | 14.65% | 3.54% | 3.21% | 5.46% | 4.77% | 4.2% | 8.15% | 10.25% | 9.56% | 6.52% | 4.47% | 4.06% | 1.69% | 3.78% | 2.62% | 2.78% | 6.25% | 7.51% | 5.41% | 6.09% | 4.73% | 7.26% | 13.29% | 20.43% | 49.09% | 38.38% | 76.77% |
| Acquisitions | -32.4M | -21.73M | 48.5M | 19.83M | 71.29M | -13.43M | 0 | -18.69M | -14.22M | -44.75M | -4.42M | 0 | 89.77M | 6.55M | -53.08M | -26.77M | 0 | 0 | -1.18M | -23.2M | 0 | -881K | 0 | 0 | -4.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.3M | 3.09M | 3.29M | 3.71M | 3.22M | 17.75M | 12.4M | 13.73M | 3.61M | 7.75M | 4.54M | 2.52M | 3.21M | 1.31M | 863K | 522K | 1.58M | 1.4M | 510K | -53K | 6.09M | 2.84M | 395K | 2.26M | 2.71M | 2.63M | 4.81M | 19.57M | 1.1M | -7.7M | -8.2M |
| Cash from Financing | -18.19M | -20.95M | -66.88M | -81.05M | -24.93M | 21.41M | -77.94M | -29.53M | -4.51M | -2.29M | -650K | -6.73M | -49.16M | -72.53M | 5.85M | 18.34M | 50.62M | -66.27M | -2.06M | -35.65M | 8.57M | 5.64M | -4.5M | 15.63M | 1.1M | -37.61M | 54.11M | 16.59M | 75M | 82.5M | 101.4M |
| Debt Issued (Net) | 4.06M | 4.06M | -46.75M | -35.72M | 144K | 27.14M | -77.11M | -7.63M | -4.97M | -685K | 4.9M | -1.51M | -281K | -73.7M | 67.44M | 17.45M | 47.18M | -66.14M | 11.34M | -37.66M | 2.31M | 391K | -4.93M | 15.33M | -2.43M | -39.19M | -6.98M | 1.3M | 71.4M | 78.3M | -1.7M |
| Equity Issued (Net) | -10.37M | -21.18M | -4.5M | -34.27M | -20.25M | -1.45M | -333K | -21.74M | -3.87M | -3.24M | -1.23M | -2.28M | -53.13M | -9.28M | -50.76M | -644K | -153K | -125K | -13.34M | 2.24M | 5.62M | 5.2M | 1.11M | 303K | 3.53M | 2.25M | 61.09M | 15.29M | 3.7M | 4.1M | 103M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -375K | -675K | 0 | 0 | -675K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14.57M | -22.7M | -4.5M | -34.27M | -20.25M | -1.45M | -333K | -21.74M | -3.87M | -3.24M | -1.23M | -2.28M | -53.13M | -9.28M | -50.76M | -644K | -153K | -268K | -15.25M | 0 | 0 | 0 | 0 | 0 | -15.11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11.88M | -3.83M | -15.63M | -11.06M | -4.83M | -4.28M | -497K | -159K | 4.33M | 1.63M | -4.32M | -2.94M | 4.25M | 10.45M | -10.83M | 1.53M | 3.59M | 0 | -63K | -235K | 644K | 427K | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K | 100K |
| Net Change in Cash | -14.3M | -12.62M | -20.66M | 13.84M | -4.43M | -859K | -26.52M | -7.4M | -1.19M | -29.84M | -29.32M | 39.57M | 19.21M | 18.99M | 21.6M | -57.76M | 71.48M | 3.28M | 2.51M | -7M | 5.39M | 987K | 2.33M | 1.97M | -4.78M | -23.74M | 26.73M | -2.1M | -15.1M | 19.3M | -1.9M |
| Free Cash Flow | 31.93M | 26.32M | -5.36M | 70.77M | -53.29M | -24.81M | 40M | 27.48M | 18.26M | 7.01M | -27.34M | 52.11M | -17.8M | 83.97M | 66.29M | -50.45M | 19.34M | 70.28M | 6.19M | 51.15M | -9.59M | -6.24M | -5.03M | -16.75M | -4.05M | 11.25M | -32.19M | -38.26M | -91.3M | -55.5M | -92.6M |
| FCF Margin % | 11.11% | 9.5% | -2.47% | 34.08% | -27.61% | -4.03% | 8.12% | 3.35% | 1.93% | 0.94% | -5.8% | 7.7% | -1.59% | 8.06% | 6.74% | -5.55% | 2.7% | 14.33% | 0.72% | 8.35% | -1.65% | -1.31% | -1.16% | -4.49% | -1.26% | 2.75% | -12.08% | -19.3% | -37.2% | -24.43% | -60.25% |
| FCF Growth % | 792.11% | 590.81% | -107.58% | 232.79% | -114.84% | -162.02% | 45.55% | 50.48% | 160.51% | 125.64% | -152.47% | 392.77% | -121.2% | 26.68% | 231.38% | -360.86% | -72.48% | 1034.75% | -87.89% | 633.5% | -53.68% | -23.94% | 69.94% | -313.81% | -135.99% | 134.93% | 15.86% | 58.09% | -64.5% | 40.06% | -447.93% |
| FCF per Share | 0.37 | 0.31 | -0.06 | 0.80 | -0.57 | -0.27 | 0.44 | 0.31 | 0.20 | 0.08 | -0.33 | 0.63 | -0.18 | 0.82 | 0.64 | -0.47 | 0.21 | 0.79 | 0.07 | 0.57 | -0.11 | -0.07 | -0.06 | -0.19 | -0.06 | 0.14 | -0.46 | -0.55 | -1.36 | -0.84 | -1.59 |
| FCF Conversion (FCF/Net Income) | 0.90x | 2.03x | -0.25x | 6.89x | 1.20x | 0.12x | -0.69x | -5.58x | 1.96x | -6.24x | -0.27x | -1.34x | 0.87x | 2.33x | 1.84x | -0.17x | 0.76x | -4.32x | 0.75x | 2.56x | -0.83x | 1.30x | 3.72x | 2.88x | 2.41x | 1.28x | 0.29x | -0.03x | -0.46x | 0.84x | 1.34x |
| Interest Paid | 0 | 0 | 4.52M | 7.77M | 5.95M | 5.34M | 6.05M | 8.72M | 8.74M | 8.72M | 8.8M | 8.46M | 9.87M | 10.19M | 8.36M | 7.79M | 7.96M | 7.56M | 10.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 9.8M | 8.94M | 9.06M | 6.91M | 6.35M | 12.16M | 15.63M | 0 | -20.71M | 10.87M | 0 | 0 | 0 | 29.68M | 7.39M | 5.18M | 6.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Utility CAPEX cycle dependency
According to recent SEC filings, NPKI's operating cash flow to net income ratio has fluctuated wildly, ranging from a negative 75.96 in 2023Q4 to a positive 4.37 in 2025Q3, suggesting that reported net income is an unreliable proxy for the company's actual cash-generating capabilities.
The extreme variance in the OCF/NI ratio indicates that non-cash charges and significant working capital swings frequently decouple accounting profits from realized cash. Investors should monitor whether the ongoing divestiture of legacy fluids assets will eventually stabilize this conversion ratio as the business model simplifies.
As reported in financial statements, NPKI's free cash flow margins have exhibited extreme volatility, swinging from a high of 58.3% in 2023Q4 to a low of negative 30.8% in 2024Q4, reflecting the lumpy nature of infrastructure project cycles and the ongoing transition of the business.
The inability to maintain consistent positive FCF margins suggests that the company's current capital intensity remains high relative to its revenue base. This trajectory warrants further investigation into whether the new infrastructure-focused model can achieve the scale necessary to generate reliable, recurring free cash flow.
Based on NPKI's reported figures, the company's capital expenditure as a percentage of revenue has averaged approximately 19.5% over the last ten quarters, indicating a high level of reinvestment required to maintain and expand the composite matting fleet in a competitive infrastructure market.
This elevated capital intensity suggests that the business is not yet a 'capital-light' operation, despite the pivot toward rental solutions. Analysts should scrutinize whether these expenditures are primarily for maintenance or growth, as the latter is essential to justify the current valuation.
Data from recent quarterly reports shows that working capital changes have been a primary driver of cash flow variance, with a peak inflow of $23.2 million in 2023Q4 followed by a $19.6 million outflow in 2024Q4, highlighting the sensitivity of cash to operational timing.
The significant fluctuations in working capital appear to be tied to the timing of large-scale utility projects and the liquidation of legacy inventory. This volatility suggests that short-term cash flow metrics may be misleading without adjusting for these cyclical, project-based timing differences.
Quick answers to the most common questions about buying NPKI stock.
NPK International Inc. (NPKI) generated $73.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NPK International Inc. (NPKI) generated $26.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
NPK International Inc. (NPKI) spent $46.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NPK International Inc. (NPKI) spent $22.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.