NWPX is an under-the-radar free cash flow improvement and earnings consistency story, as we see it. In June, the company officially rebranded to NWPX Infrastructure (from Northwest Pipe Company), reflecting its transformation into a solutions-driven infrastructure provider (particularly water infrastructure) with a national footprint. In line with this change, NWPX also renamed the Geneva and ParkUSA product lines (together comprising the Precast segment) to NWPX Geneva and NWPX ParkUSA, respectively. For 2Q:25, we model EPS of $0.61 (down 29% year over year) on a projected 8% sales decline to $119 million. The company's conservative financial profile (1Q:25 net debt of $34 million, or 0.5x leverage) supports our moderate risk rating. We maintain our $55 price target, based on 15x our 2026 EPS estimate of $3.68.