NWPX on Nasdaq

NWPX Infrastructure, Inc.

American steel pipe and tubes company based in Vancouver, active since 19662

In its 2026 annual report the company says: “NWPX Infrastructure, Inc., formerly known as Northwest Pipe Company, is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems, operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems, which includes the brands NWPX Geneva and NWPX Park.”5

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Last updated Oct 21, 2026.

Overview

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  • TickerNWPX on Nasdaq2
  • IndustrySteel Pipe & Tubes2
  • HeadquartersVancouver, United States2
  • Incorporated inOR3
  • Business address201 Ne Park Plaza Drive, Suite 100, Vancouver, Wa 986843
  • Filer categoryAccelerated filer3
  • Legal formBusiness Corporation2
  • LEI54930056VW2CRCZ9RE542
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O Corporation Service Company, 97301 Salem, United States2
  • Registered withCorporation Division (Oregon Secretary of State), 077936-152

NWPX Infrastructure, Inc., formerly known as Northwest Pipe Company, is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems (“WTS”), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems (“Precast”), which includes the brands NWPX Geneva and NWPX Park. Under the Northwest Pipe Company brand, we are the largest manufacturer of engineered water transmission systems in North America and produce steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. We also provide solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quali…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

19.7%Gross margin6
9.7%Operating margin6
6.7%Net margin6
6.8%Revenue growth, 20256
9.0%Return on equity6
0.02×Debt to equity6
$47.1MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Water Transmission Systems brought in 67% of the revenue NWPX Infrastructure, Inc. broke down this way in fiscal 2025.

  1. Water Transmission Systems$350.9M667%up 4% from 2024
  2. Precast Infrastructure and Engineered Systems$175.1M633%up 13% from 2024
Business segments by year
Business segments202320242025
Water Transmission Systems$296.4M$337.9M$350.9M
Precast Infrastructure and Engineered Systems$148.0M$154.6M$175.1M

Regions

United States brought in 93% of the revenue NWPX Infrastructure, Inc. broke down this way in fiscal 2025.

  1. United States$487.6M693%up 3% from 2024
  2. Canada$38.4M67%up 120% from 2024
Regions by year
Regions202320242025
United States$420.9M$475.1M$487.6M
Canada$23.4M$17.4M$38.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue81¢$422.4M
  • Selling, general and admin10¢$52.8M
  • Interest0¢$2.6M
  • Income tax2¢$11.1M
  • Profit7¢$35.4M

Out of $526.0M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending30¢$20.2M
  • Share buybacks27¢$18.4M
  • Kept or used elsewhere43¢$28.8M

Out of $67.3M of cash from operations.6

Financial statements

Revenue789106$526.0M in 2025+88% since 2019
0$200.0M$400.0M$600.0M2019: $279.3M$279.3M20192020: $285.9M$285.9M2020+2%2021: $333.3M$333.3M2021+17%2022: $457.7M$457.7M2022+37%2023: $444.4M$444.4M2023−3%2024: $492.5M$492.5M2024+11%2025: $526.0M$526.0M2025+7%
Gross profit789106$103.6M in 2025+120% since 2019
0$50.0M$100.0M$150.0M2019: $47.2M$47.2M20192020: $50.5M$50.5M2020+7%2021: $44.3M$44.3M2021−12%2022: $85.9M$85.9M2022+94%2023: $77.6M$77.6M2023−10%2024: $95.4M$95.4M2024+23%2025: $103.6M$103.6M2025+9%
Operating income789106$50.9M in 2025+77% since 2019
0$20.0M$40.0M$60.0M2019: $28.7M$28.7M20192020: $25.6M$25.6M2020−11%2021: $16.0M$16.0M2021−37%2022: $44.8M$44.8M2022+180%2023: $33.9M$33.9M2023−24%2024: $48.2M$48.2M2024+42%2025: $50.9M$50.9M2025+5%
Net income789106$35.4M in 2025+27% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $27.9M$27.9M20192020: $19.1M$19.1M2020−32%2021: $11.5M$11.5M2021−40%2022: $31.1M$31.1M2022+170%2023: $21.1M$21.1M2023−32%2024: $34.2M$34.2M2024+62%2025: $35.4M$35.4M2025+4%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Net sales$526.0M$492.5M$444.4M
Cost of sales$422.4M$397.1M$366.7M
Gross profit$103.6M$95.4M$77.6M
Selling, general, and administrative expense$52.8M$47.2M$43.8M
Operating income$50.9M$48.2M$33.9M
Other income (loss)-$1.8M-$213.0K$276.0K
Interest expense-$2.6M-$5.7M-$4.9M
Income before income taxes$46.5M$42.4M$29.3M
Income tax expense$11.1M$8.2M$8.2M
Net income$35.4M$34.2M$21.1M
Basic (in dollars per share)$3.62$3.45$2.11
Diluted (in dollars per share)$3.56$3.40$2.09
Basic (in shares)9.8M shares9.9M shares10.0M shares
Diluted (in shares)9.9M shares10.1M shares10.1M shares

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Corporate structure

NWPX Infrastructure, Inc. sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NWPX Infrastructure, Inc.

  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on NWPX Infrastructure, Inc., latest Oct 8, 2026 (4 filings since Feb 8, 2022)
  • BlackRock Filed SCHEDULE 13G/A on NWPX Infrastructure, Inc., latest Jul 29, 2026 (8 filings since Feb 1, 2022)
  • ROYCE & ASSOCIATES LP Filed SCHEDULE 13G/A on NWPX Infrastructure, Inc., latest Apr 27, 2026 (8 filings since Jan 25, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on NWPX Infrastructure, Inc., latest Mar 27, 2026 (3 filings since Nov 4, 2024)
  • Global X Management CO LLC Filed SCHEDULE 13G/A on NWPX Infrastructure, Inc., latest May 15, 2025 (2 filings since Nov 14, 2024)
  • NWPX Infrastructure, Inc. Vancouver, Washington, United States
    • Bolenco Corporation, Subsidiary · California, United States
    • Geneva Pipe and Precast Company, Subsidiary · Utah, United States
    • NWPC, LLC, Subsidiary · Delaware, United States
    • Park Environmental Equipment, LLC, Subsidiary · Texas, United States
    • Permalok Corporation, Subsidiary · Missouri, United States
    • Thompson Tank Holdings, Inc., Subsidiary · Oregon, United States
    • WTG Holding U.S., Inc., Subsidiary · California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NWPX Infrastructure, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$257.0M10 Dec 31, 2024$246.1M10 Dec 31, 2023+4.4%
Accumulated depreciation$153.4M6 Dec 31, 2025$139.2M6 Dec 31, 2024+10.2%
Property and equipment, net$157.5M6 Dec 31, 2025$150.5M6 Dec 31, 2024+4.7%
Finance-lease assets$7.4M6 Dec 31, 2025$6.5M6 Dec 31, 2024+13.4%
Operating-lease assets (leased space)$86.9M6 Dec 31, 2025$87.7M6 Dec 31, 2024−1.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.3M6 Dec 31, 2025$5.0M6 Dec 31, 2024−54.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$55.5M6 Dec 31, 2025$55.5M6 Dec 31, 20240%
Finite-lived intangibles, gross$42.3M6 Dec 31, 2025$42.3M6 Dec 31, 20240%
Accumulated amortization$19.3M6 Dec 31, 2025$15.2M6 Dec 31, 2024+26.5%
Finite-lived intangibles, net$23.0M6 Dec 31, 2025$27.0M6 Dec 31, 2024−14.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$74.3M6 Dec 31, 2025$79.8M6 Dec 31, 2024−6.9%
Raw materials$46.7M6 Dec 31, 2025$54.0M6 Dec 31, 2024−13.5%
Work in process$892.0K6 Dec 31, 2025$1.0M6 Dec 31, 2024−11.5%
Finished goods$23.7M6 Dec 31, 2025$22.2M6 Dec 31, 2024+6.9%
Supplies$2.9M6 Dec 31, 2025$2.5M6 Dec 31, 2024+15.1%

Properties, in its own words

Our facilities serve regional markets, which vary in the number and sizes of projects year-over-year. Consequently, we have excess manufacturing capacity from time to time at each of our facilities. We believe the quality and productive capacity of our facilities are sufficient to maintain our competitive position for the foreseeable future.

The following tables provide certain information about our operating facilities as of December 31, 2025:

The rest of Item 2

Water Transmission Systems

Manufacturing Space · Property Size

Location · (approx. sq. ft.) · (approx. acres) · Ownership

Portland, Oregon · 300,000 · 25 · Owned

San Luis Río Colorado, Mexico · 285,000 · 105 · Owned

Adelanto, California · 200,000 · 100 · Owned

Parkersburg, West Virginia · 170,000 · 90 · Owned

Saginaw, Texas (2 facilities) · 170,000 · 50 · 1 Owned, 1 Leased

Tracy, California · 165,000 · 87 · Owned

St. Louis, Missouri · 100,000 · 20 · Leased

Additionally, land adjacent to our Portland, Oregon, Saginaw, Texas, and St. Louis, Missouri facilities used for parking and/or pipe storage is leased.

Precast Infrastructure and Engineered Systems

Manufacturing Space · Property Size

Location · (approx. sq. ft.) · (approx. acres) · Ownership

Houston, Texas · 239,000 · 25 · Leased

Orem, Utah · 150,000 · 20 · Leased

Salt Lake City, Utah · 94,000 · 20 · Leased

Dallas, Texas · 62,000 · 11 · Leased

San Antonio, Texas · 34,000 · 7 · Leased

St. George, Utah · 6,000 · 8 · Leased

Item 2 of the 10-K filed Feb 26, 2026.5

Leadership

Who has led NWPX Infrastructure, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (29)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Bolenco Corporation, California4
  • Geneva Pipe and Precast Company, Utah4
  • NWPC, LLC, Delaware4
  • Park Environmental Equipment, LLC, Texas4
  • Permalok Corporation, Missouri4
  • Thompson Tank Holdings, Inc., Oregon4
  • WTG Holding U.S., Inc., California4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • NORTHWEST PIPE CONov 12, 1996 to Jun 12, 20253

Timeline

  1. Jul 29, 20268-K Results of operations53
  2. Jun 11, 20268-K Shareholder vote54
  3. Jun 10, 20268-K Regulation FD disclosure55
  4. Apr 29, 20268-K Results of operations56
  5. Mar 17, 20268-K Executive or director change; Other events57
  6. Feb 25, 20268-K Results of operations58
  7. Jan 22, 20268-K Executive or director change59
  8. Dec 16, 20258-K Executive or director change; Other events60
  9. Oct 29, 20258-K Results of operations61
  10. Aug 19, 20258-K Entered a material agreement; New debt or obligation62
  11. Aug 7, 20258-K Results of operations63
  12. Jun 13, 20258-K Bylaws or fiscal year changed; Shareholder vote64
  13. Jan 11, 2013New chief executive Scott J. Montross becomes CEO14
  14. Apr 2, 2010New chief executive Richard A. Roman becomes CEO15
  15. Dec 6, 2006New chief executive Brian W. Dunham becomes CEO16
  16. Mar 31, 1966Founded NWPX Infrastructure, Inc. is founded2

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.38 a share, on Oct 29, 2025.65

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results53
  2. Apr 29, 2026Reported quarterly or annual results56
  3. Feb 25, 2026Reported quarterly or annual results58
  4. Oct 29, 2025Reported quarterly or annual results61
  5. Aug 7, 2025Reported quarterly or annual results63
  6. Apr 30, 2025Reported quarterly or annual results66
  7. Feb 26, 2025Reported quarterly or annual results67
  8. Oct 30, 2024Reported quarterly or annual results68

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

353 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 54 major events, 205 insider forms, 25 large holders, 49 other. The latest 20:

  1. Oct 8, 2026SCHEDULE 13G/A EDGAR
  2. Oct 6, 20264 EDGAR
  3. Oct 6, 20264 EDGAR
  4. Oct 5, 2026144 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 1, 2026144 EDGAR
  7. Sep 30, 20264 EDGAR
  8. Sep 28, 2026144 EDGAR
  9. Sep 23, 20264 EDGAR
  10. Sep 23, 20264 EDGAR
  11. Sep 21, 2026144 EDGAR
  12. Sep 16, 20264 EDGAR
  13. Sep 16, 20264 EDGAR
  14. Sep 16, 20264 EDGAR
  15. Sep 14, 2026144 EDGAR
  16. Sep 11, 20264 EDGAR
  17. Sep 10, 20264 EDGAR
  18. Sep 10, 20264 EDGAR
  19. Sep 10, 20264 EDGAR
  20. Sep 9, 2026144 EDGAR

The 353 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

95 open-market trades by officers, directors and large owners since October 2021: 0 buys and 95 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026LARSON KEITH RDirectorSale1,000$102.20$102.2KForm 4
Sep 21, 2026Wilkins AaronCFOSale20$101.93$2.0KForm 4
Sep 21, 2026LARSON KEITH RDirectorSale1,000$102.31$102.3KForm 4
Sep 14, 2026Wilkins AaronCFOSale1,950$100.68$196.3KForm 4
Sep 14, 2026LARSON KEITH RDirectorSale1,000$101.12$101.1KForm 4
Sep 9, 2026FRANSON MICHAEL CDirectorSale3,500$105.30$368.6KForm 4
Sep 8, 2026Wilkins AaronCFOSale1,500$106.52$159.8KForm 4
Sep 8, 2026LARSON KEITH RDirectorSale1,000$105.87$105.9KForm 4
Sep 8, 2026ROMAN RICHARD ADirectorSale4,000$105.72$422.9KForm 4
Sep 3, 2026LARSON KEITH RDirectorSale4$110.79$443Form 4
Sep 2, 2026LARSON KEITH RDirectorSale74$110.26$8.2KForm 4
Aug 31, 2026LARSON KEITH RDirectorSale1,172$110.04$129.0KForm 4
Aug 31, 2026MONTROSS SCOTT JPresident & CEOSale1,227$110.58$135.7KForm 4
Aug 26, 2026Wray MichaelExecutive Vice PresidentSale4,500$110.94$499.2KForm 4
Aug 24, 2026LARSON KEITH RDirectorSale1,250$110.32$137.9KForm 4
Aug 24, 2026MONTROSS SCOTT JPresident & CEOSale2,500$109.37$273.4KForm 4
Aug 17, 2026MONTROSS SCOTT JPresident & CEOSale2,500$115.13$287.8KForm 4
Aug 17, 2026LARSON KEITH RDirectorSale1,250$115.86$144.8KForm 4
Aug 10, 2026MONTROSS SCOTT JPresident & CEOSale2,500$118.74$296.9KForm 4
Aug 10, 2026Wilkins AaronCFOSale428$120.00$51.4KForm 4

All 95 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Scott Montross$732.2K$3.5M74
2025Aaron Wilkins$440.5K$1.4M74
2025Miles Brittain$434.2K$1.4M74
2025Michael Wray$356.3K$1.1M74
2025Eric Stokes$356.3K$1.1M74
2024DirectorPresident, and CEO$727.8K$3.2M74
2024Executive VicePresident$430.0K$1.3M74
2024SVPCFO, and Corporate Secretary$430.0K$1.3M74
2024SVP and GM of Precast$357.6K$1.1M74
2024SVP and GM of WTS$357.6K$1.1M74
2023DirectorPresident, and CEO$700.8K$2.4M74
2023Executive VicePresident$391.2K$1.0M74
2023SVPCFO, and Corporate Secretary$391.2K$1.0M74
2023SVP and GM of WTS$342.3K$859.9K74
2023SVP and GM of Precast$338.6K$840.4K74

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.902,793$135.4M0.0%+162,770
Dimensional Fund Advisors LP635,262$95.3M0.0%−52,857
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.588,097$88.2M0.1%+45,530
Vanguard Capital Management LLC411,242$61.7M0.0%+3,379
American Century Companies Inc396,231$59.4M0.0%+151,340
Geode Capital Management, LLC298,048$44.7M0.0%+13,369
Royce & Associates LP289,727$43.4M0.3%−114,961
Legal & General Group Plc285,122$42.8M0.0%+21,923
DDD Partners, LLC249,520$37.4M2.3%−175,160
State Street Corp224,777$33.7M0.0%+3,610
Morgan Stanley173,949$26.1M0.0%+10,766
Invesco Ltd.153,412$23.0M0.0%+85,569
Jane Street Group, LLC152,714$22.9M0.0%−12,131
First Wilshire Securities Management Inc151,077$22.7M4.7%−26,168
Heartland Advisors Inc140,000$21.0M0.9%−60,000
Vanguard Portfolio Management LLC132,243$19.8M0.0%+56,805
Barrow Hanley Mewhinney & Strauss LLC111,107$16.7M0.1%New
Two Sigma Investments, LP109,006$16.3M0.0%+46,603
Hillsdale Investment Management Inc.99,290$14.9M0.3%+40,090
Qube Research & Technologies Ltd94,104$14.1M0.0%+6,307
Northern Trust Corp93,630$14.0M0.0%+5,861
Panagora Asset Management Inc93,391$14.0M0.0%+34,329
Lazard Asset Management LLC86,325$12.9M0.0%+1,751
Bridgeway Capital Management, LLC86,167$12.9M0.2%−3,626
Norges Bank80,700$12.1M0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NWPX Infrastructure, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNWPX Infrastructure, Inc.1
  • CIK0001001385
  • Employer ID (EIN)93-05579885
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inOregon5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3317 Steel Pipe & Tubes1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address201 Ne Park Plaza Drive, Suite 100, Vancouver, WA 986841
  • Phone36039762501
  • Shares outstanding9,637,202 as of Jul 21, 202612
  • Public float$345.3M as of Jun 30, 20255
  • AuditorBaker Tilly US, LLP, Portland, Oregon PCAOB ID 23; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceFeb 8, 19961
  • Filings1,415 in all: 4 (620), 8-K (257), SC 13G/A (146), 10-Q (91), SC 13G (45), 144 (30), DEF 14A (30), 10-K (25)1
    All 39 form types

    3 (25), UPLOAD (23), CORRESP (16), SD (13), 8-K/A (10), 4/A (8), S-8 (8), SCHEDULE 13G/A (8), ARS (7), NT 10-Q (7), 5 (6), 10-K405 (5), S-3 (5), EFFECT (4), NT 10-K (4), 10-Q/A (3), 10-K/A (2), 8-A12G/A (2), S-1/A (2), S-3/A (2), 15-12G (1), 25 (1), 3/A (1), 424B1 (1), 424B4 (1), 424B5 (1), 8-A12G (1), FWP (1), RW (1), S-1 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Jul 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareNWPXNasdaq

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks NWPX Infrastructure, Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 29 risks under these headings, as written.5

  • Risks Related to Our Industry and End Markets
  • Risks Related to Our Business
  • Risks Related to Our Supply Chain and Production Process
  • Risks Related to Our Financial Condition
  • Risks Related to Our Internal Control Over Financial Reporting
  • Risks Related to Our Common Stock
  • Project delays in public water transmission projects could adversely affect our business.
  • A downturn in government spending related to public water transmission projects could adversely affect our business.
  • Our Water Transmission Systems segment faces an overcapacity situation as well as the potential for increased competition from substitute products from manufacturers of concrete pressure pipe, ductile iron, PVC, and HDPE.
  • The success of our business is affected by general and local economic conditions, and our business may be adversely affected by an economic slowdown or recession, or an inability of our pricing to keep pace with inflation of input costs.
  • We are subject to stringent environmental, health, and safety laws, which may require us to incur substantial compliance and remediation costs, thereby reducing our profits.
  • We face risks in connection with the integration of recent or future potential acquisitions and the implementation of future potential divestitures.
The other 23 risks
  • Our quarterly results of operations are subject to significant fluctuation.
  • Operating problems in our business could adversely affect our business, financial position, results of operations, or cash flows.
  • We may be unable to develop or successfully market new products or our products might not obtain necessary approvals or achieve market acceptance, which could adversely affect our growth.
  • Our over time revenue recognition in our Water Transmission Systems segment relies on estimates.
  • We have a foreign operation which exposes us to the risks of doing business abroad.
  • Our Water Transmission Systems backlog is subject to reduction and cancelation.
  • Future outbreaks of infectious diseases or other public health emergencies may have an adverse impact on our business.
  • Changes in U.S. and foreign government administrative policy, including the imposition of or increases in tariffs and changes to existing trade agreements, could have an adverse impact on our business.
  • Conflicts around the world may have an adverse impact on our business.
  • The use of artificial intelligence presents new risks and challenges to our business.
  • Our business may be adversely impacted by staffing shortages, other labor matters, and work stoppages.
  • Fluctuations in steel prices and availability may affect our future results of operations.
  • We may be subject to claims for damages for defective products.
  • We may not be able to recover costs and damages from vendors that supply defective materials.
  • Our information technology systems are subject to cybersecurity threats.
  • We will need to increase working capital if market conditions and customer order levels grow.
  • Our failure to comply with covenants in our debt agreements could result in our indebtedness being immediately due and payable, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows.
  • Disruptions in the financial markets, including the banking industry, and a general economic slowdown could cause us to be unable to obtain financing, be impacted by declines in customer creditworthiness, and expose us to risks related to the overall macro-economic environment, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows.
  • We have identified material weaknesses in internal control in prior years.
  • The relatively low trading volume of our common stock may limit your ability to sell your shares.
  • The market price of our common stock could be subject to significant fluctuations.
  • We cannot guarantee that our share repurchase program of our common stock will be fully consummated or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our common stock.
  • Certain provisions of our governing documents and Oregon law could discourage potential acquisition proposals.

Legal proceedings

We are party to a variety of legal actions arising out of the ordinary course of business. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material impact on our consolidated financial results. We are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines, penalties, and other costs in substantial amounts. See Note 14, “Commitments and Contingencies” of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

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