We project a strong start for NWPX in 2026, as we forecast 1Q:26 earnings rose 44% year over year, led by the Water Transmission Systems (WTS) segment. Beyond the quarter, we continue to foresee NWPX becoming more resilient with less variability, while benefiting from industry consolidation and improved demand across its portfolio. In February 2026, NWPX acquired Boughton's, a Colorado-based Precast manufacturer, establishing a “strategic beachhead” regionally. Our model embeds $8 million of acquired revenue from this deal in 2026. The acquisition of Boughton's is in line with NWPX's long-held strategy of pursuing growth and diversification through an industry rollup strategy of select U.S. precast concrete manufacturers. NWPX enters 2026 with a notably underleveraged balance sheet, which, along with its strong free cash flow generation, supports our moderate risk rating. Our $88 price target continues to be based on 18x our 2027 EPS estimate of $4.90.