Risk Sleuth
NWPX · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

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.

Read the filing on SEC.gov ↗

Customers

Public water agencies

earns fromnamed as a risk
Our 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 from
The 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 on
Our 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 on
Our 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 on
Our 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 on
Our 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 on
Our 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 on
Our 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 risk
On 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 risk
Our primary competitor in the western United States and southwestern Canada is West Coast Pipe.Business (Item 1)

Thompson Pipe Group

competes withnamed as a risk
East 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 risk
East 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 risk
East 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 risk
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.Risk factors (Item 1A)

Oldcastle Infrastructure

competes with
Our 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 with
Our 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 with
Our 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 risk
We 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 risk
We 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 CRC, CRGY, MTRN, SLM, STRL

Mexico

operates innamed as a risk
Our facility in San Luis Río Colorado, Mexico primarily exports products to the United States.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Canada

earns fromnamed as a risk
We also sell some of our products internationally, most often into Canada.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Commodities and inputs

Steel

exposed to its price · approximately 29% of our WTS projects’ cost of salesnamed as a risk
Purchased 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 risk
Our 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

Cement

depends on
The main raw components in our precast and reinforced concrete products are cement, steel, and aggregate, which are widely available commodities.Business (Item 1)

Also named by DHI, GVA, MLM, VMC

Laws and programs

Infrastructure Investment and Jobs Act (IIJA)

earns from · $55 billion
The 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 2023
The 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 2024
Separately, 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 billion
As 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 annually
In 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 billion
The 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 risk
There 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 risk
For 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)