NPK
NATIONAL PRESTO INDUSTRIES INC
Next earnings Jul 23, 2026
Last earnings +6.1% on 2026-05-05
$123.21
▼ -0.75%$123.21▲ +26.75%
over 1Y
L $90.92H $146.54
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.7%
1W-0.4%
1M-4.0%
3M-13.0%
YTD+16.0%
1Y+26.7%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Defense backlog drives 30% revenue growth, but margin compression, negative OCF, and a 34x P/E leave little room for error.
Revenue $504M · FY2025
The read
Middling fundamentals and a rich price (~54% above fair value) leave little margin of safety — a wait-and-see.
NPK's FY2025 revealed a tale of two businesses. The Defense segment — now ~80% of revenue — surged 43% to $406M on backlog shipments, lifting consolidated revenue 29.7% to $504M. But Housewares/Small Appliance gross margin collapsed from 25% to 8% of sales, hit directly by the Trump administration's tariffs on goods shipped from the Orient after January 31, 2025 (treated as period costs under LIFO) plus ~$1.26M of one-time relocation costs from the Canton-to-Nettleton distribution move. The result: revenue +30% but net income -20% to $33.1M, gross margin 16.0%, operating margin 8.0%, ROE just 8.4%. A $2.7M vendor-deposit impairment (vendor filed Chapter 7 in N.D. Texas on May 29, 2025) added insult to injury.
The balance sheet remains a fortress on the surface — liabilities/equity 0.27x, $395M equity, $380M retained earnings — but cash collapsed 81.6% YoY to just $3.25M while capex jumped 259% to $27M and operating cash flow turned negative at -$9.14M. NPK is simultaneously absorbing a major real-estate transition (Nettleton purchase Jan 2025, Canton sold/leased back Feb 2026, Jackson to be divested) and funding a Defense ramp without producing cash. Dividends paid fell 77.7% to $7.14M — consistent with management preserving liquidity, though the board still declared the $1.00 regular dividend on Feb 27, 2026.
Is NPK a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~123.21
- Short call 129 @ ~6.29 est
debit $11,692max +$1,208max −$11,691BE 116.92
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $356M | $322M | $341M | $388M | $504M |
| Gross profit | $64.4M | $55.1M | $67.5M | $78.6M | $80.3M |
| Operating income | $30.0M | $22.1M | $35.0M | $45.2M | $40.2M |
| Net income | $25.7M | $20.7M | $34.6M | $41.5M | $33.1M |
| Diluted EPS | $3.63 | — | — | — | — |
| Net margin | 7.2% | 6.4% | 10.1% | 10.7% | 6.6% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$880M
EV / EBITDA19.0
EV / Sales1.7
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield3.7%
FCF yield-4.1%
Quality & risk
ROIC (est.)8.0%
Free cash flow-$36.2M
Total debt—
Net cash$3.25M
Altman Z-Score8.09 safe
Piotroski F-Score2/8
Capital returns
Buyback yield—
Dividend yield (est.)0.8%
Shareholder yield0.8%
Shares Δ YoY+0.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Other event2026-06-16
Other event disclosure; no material financial impact telegraphed for shareholders
- 8-K Charter / bylaws change2026-05-21
Annual meeting vote results and bylaw amendment; routine governance update
- 10-Q Quarterly report2026-05-15
Q1 2026 results post-tariff hit; Defense backlog ramp continues, Housewares pressured
- 8-K Earnings results2026-05-05
Q1 2026 earnings release furnished; results detail follows in 10-Q filed days later
- DEF 14A Proxy statement2026-04-14
2026 proxy filed for May annual meeting; routine governance, no compensation surprise
- 8-K Other event2026-03-27
Other event disclosure with exhibits; no material change signaled
- 10-K Annual report2026-03-13
FY25 sales +30% on Defense, but net income -20% on tariffs and dividend slashed ~78%
- 8-K Officer / director change2026-03-04
FY2025 earnings released alongside officer/director change announcement
- 8-K Other event2026-02-05
Regular $1.00 dividend declared; sharply lower than prior special dividend cadence
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-152026-06-16open ↗SCHEDULE 13D/AFiling2026-06-15open ↗144Filing2026-06-10open ↗SDFiling2026-05-28open ↗3Period ending 2026-05-192026-05-27open ↗8-KPeriod ending 2026-05-192026-05-21open ↗10-QPeriod ending 2026-04-052026-05-15open ↗SCHEDULE 13GFiling2026-05-12open ↗8-KPeriod ending 2026-05-012026-05-05open ↗4Period ending 2026-04-302026-05-04open ↗ARSPeriod ending 2025-12-312026-04-14open ↗DEF 14APeriod ending 2026-05-192026-04-14open ↗
Frequently asked
- Is NATIONAL PRESTO INDUSTRIES INC (NPK) a buy?
- NPK currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Defense backlog drives 30% revenue growth, but margin compression, negative OCF, and a 34x P/E leave little room for error.
- What is NPK's fair value?
- A Modified-Graham model based on NPK's SEC fundamentals estimates a fair value of about $56.71. It is an estimate from reported earnings, not a price target.
- Is NPK overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, NPK currently appears overvalued relative to its SEC-grounded earnings power.
- What is NATIONAL PRESTO INDUSTRIES INC's quality score?
- NPK scores 64.56638238688622/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000080172, latest 10-Q filed 2026-05-15) · EODHD · Proprietary analysis · as of 6/25/2026, 2:41:46 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:41 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.