NPK International Inc. NPKI
NPK International's fundamental recovery is genuine—FY2025 revenue of $277M grew 27.4% YoY 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 in four consecutive quarters including a 15.4% surprise in the latest quarter. However, the stock has slipped below both its 50-day MA ($14.02) and 200-day MA ($13.98) to $13.24 with a bearish MACD histogram (-0.029) and RSI at 43.1, while insiders have net sold $10.5M over 24 months including the CEO's $2.4M sale in June 2026.
With a trailing P/E of approximately 29x and no available peer benchmark, the improving fundamentals are not yet reflected in price action, warranting patience until technicals stabilize.
What could go wrong
- Insider selling acceleration. Insiders net sold 862,532 shares worth $10.5M over 24 months with 70 dispositions versus 46 acquisitions; the CEO alone sold 167,375 shares for $2.4M in June 2026, and additional sales continued through August 2026.
- Technical breakdown. Stock at $13.24 trades below both the 50-day MA ($14.02) and 200-day MA ($13.98) with a negative MACD histogram (-0.029) and RSI of 43.1, suggesting weakening momentum despite improving fundamentals.
- Valuation with no peer context. Trailing P/E of 28.97 and P/S of 3.74 are rich for a construction materials supplier serving oil & gas E&P, and no peer median benchmarks are available to assess relative value.
- Cyclicality of E&P exposure. FY2022 revenue collapsed 68.6% YoY to $193M from FY2021's $615M with a $20.8M net loss, demonstrating the company's vulnerability to oil & gas spending cycles.
What would change my mind
Where this comes from: FMP annual fundamentals FY2025 + derived_metrics · quarterly_results Q2 2026 + Business Wire press release 2026-07-29 · earnings_surprises (periods ending 2026-07-29 through 2025-08-05) · technicals as of 2026-09-01. Orin's read on NPKI; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All NPKI filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Ameriprise Financial | $71.4M | 0.0% of fund |
| Vanguard Capital Management | $57.4M | 0.0% of fund |
| Geode Capital Management | $37.7M | 0.0% of fund |
| State Street | $32.1M | 0.0% of fund |
| Massachusetts Financial Services /Ma/ | $23.1M | 0.0% of fund |
| Morgan Stanley | $20.0M | 0.0% of fund |
56 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 117 Form 4 filings, net −$10.5M. Of the 50 on hand, 0 were open-market purchases and 13 sales— the rest are grants, option exercises and tax withholding.
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Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 25.6× | — | 44.5× |
| EV/EBITDA | 12.2× | — | — |
| P/S | 3.31× | — | — |
| P/B | 2.7× | — | — |
16.4%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.0B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.