NPK International

NPKI

Construction Materials · Basic Materials

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

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Winston Score History

The full picture

NPK International makes equipment used in oil and gas drilling. Its core products include drilling jars, shock tools, and other downhole tools — devices that go deep inside oil wells to help drill more efficiently and solve problems underground. The company sells to oilfield service companies and drilling contractors around the world.

NPK earns revenue by selling and renting this specialized equipment to customers who need it for active drilling projects. It operates globally, with exposure to both North American and international drilling markets. The company's moat comes from its technical expertise and the high cost of switching to a different tool supplier mid-project. The main risk is that NPK's revenue is closely tied to drilling activity levels, which rise and fall with oil prices — when energy companies cut budgets, demand for drilling tools drops quickly.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+40.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

5.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$8M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

NPK International is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.0%

Modest — 37.0% gross margin

Profit after running costs

Operating Margin

19.6%

Healthy — 19.6% operating margin

Return on the money invested

ROCE

13.6%

Good — 13.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+28.1%

Fast-growing sales (+28.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

223%

Turns 223% of profit into real cash

Spare cash per sale

FCF Margin

9.4%

Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

67.43x

Comfortably covers interest (67.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

29.9x

no trend

Growth-priced — P/E 29.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+7.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.9 → 22.6)

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Dividends

Not applicable for this business.

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