NWPX Infrastructure
33 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.
Customers
Public water agencies
earns fromnamed as a riskOur WTS business is primarily dependent upon spending on public water transmission projects, including water infrastructure upgrades, repairs, and replacement and new water infrastructure spending, which in turn depends on, among other things:Risk factors (Item 1A)
Installation contractors
earns fromThe primary customers for our water infrastructure steel pipe products are installation contractors for projects funded by public water agencies.Business (Item 1)
Suppliers
Steel Dynamics, Inc.
depends onOur suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA.Business (Item 1)
Nucor Corporation
depends onOur suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA.Business (Item 1)
SSAB
depends onOur suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA.Business (Item 1)
North Star BlueScope Steel
depends onOur suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA.Business (Item 1)
United States Steel Corporation
depends onOur suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA.Business (Item 1)
JSW Steel USA
depends onOur suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA.Business (Item 1)
Other companies
Boughton's Precast, Inc.
approximately $9.0 millionnamed as a riskOn February 23, 2026, we completed the acquisition of 100% of the shares of Boughton’s Precast, Inc. (“Boughton”), a single precast facility located in Pueblo, Colorado, for a purchase price of approximately $9.0 million.Business (Item 1)
Competitors
West Coast Pipe
competes withnamed as a riskOur primary competitor in the western United States and southwestern Canada is West Coast Pipe.Business (Item 1)
Thompson Pipe Group
competes withnamed as a riskEast of the Rocky Mountains, our primary competitors are Thompson Pipe Group, American SpiralWeld Pipe, and Mid America Pipe Fabricating & Supply, LLC.Business (Item 1)
American SpiralWeld Pipe
competes withnamed as a riskEast of the Rocky Mountains, our primary competitors are Thompson Pipe Group, American SpiralWeld Pipe, and Mid America Pipe Fabricating & Supply, LLC.Business (Item 1)
Mid America Pipe Fabricating & Supply, LLC
competes withnamed as a riskEast of the Rocky Mountains, our primary competitors are Thompson Pipe Group, American SpiralWeld Pipe, and Mid America Pipe Fabricating & Supply, LLC.Business (Item 1)
Substitute pipe materials (concrete pressure pipe, ductile iron, PVC, HDPE)
competes withnamed as a riskOur 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.Risk factors (Item 1A)
Oldcastle Infrastructure
competes withOur primary competitors are Oldcastle Infrastructure and Harper Precast Concrete Company in Utah and Oldcastle Infrastructure and AmeriTex Pipe & Products LLC in Texas.Business (Item 1)
Harper Precast Concrete Company
competes withOur primary competitors are Oldcastle Infrastructure and Harper Precast Concrete Company in Utah and Oldcastle Infrastructure and AmeriTex Pipe & Products LLC in Texas.Business (Item 1)
AmeriTex Pipe & Products LLC
competes withOur primary competitors are Oldcastle Infrastructure and Harper Precast Concrete Company in Utah and Oldcastle Infrastructure and AmeriTex Pipe & Products LLC in Texas.Business (Item 1)
Places
Texas
concentrated in · approximately 42% of Precast net salesnamed as a riskWe currently conduct a significant portion of our precast and reinforced concrete products business in Texas and Utah, which we estimate represented approximately 42% and 52%, respectively, of Precast net sales for the year ended December 31, 2025.Risk factors (Item 1A)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Utah
concentrated in · approximately 52% of Precast net salesnamed as a riskWe currently conduct a significant portion of our precast and reinforced concrete products business in Texas and Utah, which we estimate represented approximately 42% and 52%, respectively, of Precast net sales for the year ended December 31, 2025.Risk factors (Item 1A)
Commodities and inputs
Steel
exposed to its price · approximately 29% of our WTS projects’ cost of salesnamed as a riskPurchased steel typically represents approximately 29% of our WTS projects’ cost of sales.Market risk (Item 7A)
Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more
Steel
exposed to its price · approximately $967 per ton in 2025named as a riskOur average cost for a ton of steel was approximately $967 per ton in 2025, $914 per ton in 2024, and $994 per ton in 2023.Risk factors (Item 1A)
Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more
Canadian Dollar
exposed to its price · $18.3 million (CAD$25.1 million)As of December 31, 2025, the total notional amount of the foreign currency forward contracts was $18.3 million (CAD$25.1 million), and all foreign currency forward contracts were designated as cash flow hedges.Market risk (Item 7A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
Laws and programs
Infrastructure Investment and Jobs Act (IIJA)
earns from · $55 billionThe Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act (“IIJA”)), signed into law in November 2021, will invest $55 billion to expand access to clean drinking water for households, businesses, schools, and childcare centers all across the country.Business (Item 1)
Also named by APG, AWK, CTOS, HASI, J, MLM, MTZ, OGE and 3 more
Drinking Water State Revolving Loan Fund (DWSRF)
earns from · $4.4 billion in assistance in fiscal 2023The DWSRF, a federal-state partnership and financial assistance program to help water systems and states achieve the health protection objectives of the Safe Drinking Water Act, provided $4.4 billion in assistance in fiscal 2023 and $57.3 billion in assistance since 1997, according to the 2023 DWSRF Annual Report.Business (Item 1)
Water Infrastructure Finance and Innovation Act (WIFIA)
earns from · 18 loans totaling $2 billion in 2024Separately, according to its latest report, 2024 Annual Report, the EPA’s Water Infrastructure Finance and Innovation Act program, a federal credit program for eligible water and wastewater infrastructure projects, closed 18 loans totaling $2 billion in 2024.Business (Item 1)
State Water Implementation Fund for Texas (SWIFT)
earns from · $17.0 billionAs of December 31, 2025, SWIFT has committed $17.0 billion in assistance toward state water plan projects according to its Fiscal Year 2025 SWIFT Project Status Report.Business (Item 1)
Texas Water Fund
earns from · up to $1 billion annuallyIn November 2025, the State of Texas also approved the allocation up to $1 billion annually of sales tax revenues to the Texas Water Fund from 2027 to 2047.Business (Item 1)
California Safe Drinking Water, Wildfire Prevention, Drought Preparedness and Clean Air Bond Act
earns from · approximately $4 billionThe new funding is expected to provide approximately $4 billion for water infrastructure-related projects.Business (Item 1)
U.S. tariffs on imports from Mexico
subject tonamed as a riskThere is uncertainty surrounding U.S. and foreign government administrative policy, and there may be changes to existing trade agreements, greater restrictions on free trade generally, the imposition of or significant increases in tariffs on goods imported into the U.S., particularly those from Mexico, and adverse responses by foreign governments, particularly retaliatory tariffs on finished products we ship into Canada, among other possible outcomes.Risk factors (Item 1A)
Also named by DCI
Portland Harbor Superfund Site
subject tonamed as a riskFor example, we have been identified as a potentially responsible party at the Portland Harbor Superfund Site discussed in 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.Business (Item 1)