NPK International Guides 2026 Revenue To $300-$305 Million, Plans A 50% Mat-Plant Expansion
The matting company puts 2026 adjusted EBITDA at $90-$93 million and says a dry Texas summer held back U.S. rental revenue.
NPK International, which makes, sells and rents composite worksite access mats, guided to $300-$305 million of 2026 revenue and $90-$93 million of adjusted EBITDA in an investor presentation furnished Friday. The company said the outlook was adjusted for an unusually heavy weather impact and for product sales.
What the new outlook implies
The midpoint of the guidance reflects 9% revenue growth and 21% adjusted EBITDA growth from 2025, the company said. Net capital spending is pegged at $70-$75 million, mostly $40-$45 million to expand the rental fleet and about $20 million to lift manufacturing capacity by roughly 50%.
The presentation says the added manufacturing capacity comes on line in mid-2027. Production volume rose 15% in 2025, and the company expects a further increase of more than 10% in 2026.
Dry Texas weather meets a U.K. buy
Third-quarter revenue rose 11% and adjusted EBITDA rose 30% from a year earlier. Rental and related services brought in $50 million, up 12%, driven mainly by the U.K. acquisition. U.S. rental and services were roughly flat as an exceptionally dry weather pattern in Texas offset gains in targeted expansion areas.
Product sales grew 9% in the quarter, with utilities driving demand. Adjusted EBITDA margin was 26.2% for the quarter, up 390 basis points (3.9 percentage points).
NPK, based in The Woodlands, Texas, earned 66% of its 2025 revenue from rentals and related services and 34% from selling manufactured mats, according to its annual report. The company says a rental mat earns an internal rate of return of about 35%, with a 12-year depreciable life and a two-to-three-year payback.
Buyback, thin debt and a CFO exit
NPK spent $13 million in the third quarter to buy back 1.0 million shares. It ended September with $22 million of net debt, $4 million of cash and $132 million of available credit liquidity.
The deck also notes that Chief Financial Officer Gregg Piontek announced on September 2, 2026 that he intends to retire on or before August 31, 2027. JJ Barton joined in September 2026 as Executive Vice President, Commercial Growth & Operations.
Piontek's retirement deadline is August 31, 2027, and the new manufacturing capacity is slated for mid-2027.
Sources
- 8-K Filing — NPK International Inc. (NPKI) — SEC EDGAR
- Exhibit npkq32026investorpresent.htm — NPK International Inc. 8-K exhibit — SEC EDGAR
