NPK International Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
NPK International's operational turnaround remains intact — FY2025 revenue grew 27.4% to $277M with operating margin expanding to 16.9%, Q2 2026 revenue of $81.6M rose 19.6% YoY at a 19.7% operating margin, and the company has beaten EPS estimates four quarters running including a 15.4% surprise in the latest quarter.
However, the stock at $11.79 trades well below both its 50-day MA ($13.05) and 200-day MA ($13.99) with a bearish MACD histogram of -0.038 and RSI at 34.6, while insiders have net sold $10.5M over 24 months including the CEO's $2.4M sale in June 2026, and upcoming leadership transitions (CFO retirement, EVP departure) add near-term uncertainty. The fundamental improvement is real but unreflected in price action; patience is warranted until technicals stabilize and insider selling abates.
What could go wrong
- E&P spending downturn. NPK's revenue is tied to oil and gas exploration and production activity; a decline in North American drilling or completion spending could reverse the revenue growth trajectory that has driven the turnaround.
- Leadership transition disruption. The CFO announced retirement by August 2027 and the EVP of Business Operations departed in September 2026, replaced by a new EVP; simultaneous executive changes could disrupt execution during a growth phase.
- Persistent insider selling. Over 24 months insiders net sold 852,673 shares for $10.5M, with 71 dispositions versus 47 acquisitions; continued selling at these levels signals muted internal confidence despite improving results.
- Technical deterioration. The stock at $11.79 is below both the 50-day MA ($13.05) and 200-day MA ($13.99) with RSI at 34.6 and a negative MACD histogram; further weakness could trigger institutional selling and extend the drawdown.
What would change my mind
Where this comes from: FY25 fundamentals · Q2 2026 results and news · earnings vs estimates, 29 Jul · technicals, 2 Oct. Orin's read on NPKI; not advice.
How has the share price moved?
Down 12.8% over twelve months, from $12.92 on 27 Oct 2025 to $11.27 at the Tue 27 Oct 2026 close. Its highest close in that time was $16.35 on 30 Apr 2026; the last close is 31.1% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 4.1M, on 26 Jun 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All NPKI filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $126.3M | 0.0% |
| Ameriprise Financial | $71.4M | 0.0% |
| Vanguard Capital Management | $57.4M | 0.0% |
| Geode Capital Management | $37.7M | 0.0% |
| State Street | $32.1M | 0.0% |
| Massachusetts Financial Services | $23.1M | 0.0% |
| Morgan Stanley | $20.0M | 0.0% |
| Electron Capital Partners | $18.6M | 0.7% |
| Millennium Management | $16.7M | 0.0% |
| Charles Schwab Investment Management | $16.4M | 0.0% |
57 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 118 Form 4 filings; open-market trades net −$6.5M. Of the 50 on hand, 0 were open-market purchases and 12 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about NPKI
Orin answers questions about NPKI from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 24.7× its last 12 months of profit (Tue 27 Oct close); the typical Industrials company on the NYSE is at 33.7×. It has too few years of its own for a usual level.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 24.7× | — | 33.7× |
| P/S | 3.18× | — | — |
| EV/EBITDA | 11.8× | — | — |
| P/B | 2.6× | — | — |
- Until September 2024 this company was Newpark Resources; it then sold its drilling-fluids business. Earlier figures include it, so they are not shown.
- So it has no full fiscal year of its own on file yet — no usual level.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
Is it priced high or low compared with its own past?
Priced at 24.7× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now24.7×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Industrials companies on the NYSE were priced at a typical 33.7× their yearly profit (Tue 27 Oct close).
- Now33.7×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $1 a share — 95% below the $11.23 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $1 | 95% below $11.23 |
| Levered | $0 | 99% below $11.23 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.