At a glance
National Presto Industries Inc is worth $1.08B. Revenue grew 29.7% to $503.5M in fiscal 2025, with 6.6% kept as profit; over 5 years it has grown 7.4% a year. It pays no dividend. The stock returned +38.1% over the past year with dividends reinvested and +17.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 20.4% in the 2020 crash (S&P 500: 33.7%) and 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 12 months after the lows.
The business in plain English
National Presto Industries markets Presto kitchen appliances, but most of its sales come from military ammunition. In the year ended December 31, 2025, the Defense segment brought in $405.9 million of $503.5 million in total sales, or 80.6%. Its plants in Wisconsin, Arkansas, South Dakota and Texas make 40mm ammunition, fuzes, cartridge cases, metal parts and detonators, mainly for the US Department of Defense and its prime contractors (the firms holding the main contracts). Subsidiary AMTEC is the sole prime contractor on the Army's 40mm ammunition system contract.
The Housewares/Small Appliance segment, 19% of sales, offers pressure cookers and canners, griddles, skillets, deep fryers, waffle makers, pizza ovens, heaters and corn poppers. Most are made by outside suppliers in Asia, mainly China, and reach retailers directly or through distributors, primarily in the US and Canada. Sales peak in the fourth quarter, before the holidays. Amazon.com was 10% of total company sales in 2024, though no customer reached 10% in 2025.
The tiny Safety segment, 0.4% of sales, centers on startup Rely Innovations, which offers smoke and carbon monoxide alarms that speak warnings in English and Spanish. The segment also markets a commercial fire extinguisher with PFAS-free foam, avoiding so-called forever chemicals. Separately, the company earns investment income on cash not needed in the business.
Price history
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NPK +38.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Defense | $405.9M | 80.6% |
| Housewares/Small Appliances | $95.6M | 19% |
| Safety | $2.0M | 0.4% |
Latest results
- In Q2 FY2026 (ended Jul 5, 2026), revenue was $146.6M, up 21.7% from a year earlier, and net income was $15.9M (+207.9%).
- For fiscal 2025, revenue was $503.5M (+29.7% year over year; +7.4% a year from FY2020 to FY2025) with a 6.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.4% good |
|---|---|
| Operating margin | 8% watch |
| Free cash flow margin | -7.2% weak |
| Return on equity (FY2025) | 8.4% watch |
| Return on assets (FY2025) | 6.6% watch |
| Cash and investments | $16.3M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $352.6M | $47.0M | $38.4M |
| FY2021 | $355.8M | $25.7M | $31.8M |
| FY2022 | $321.6M | $20.7M | $7.7M |
| FY2023 | $340.9M | $34.6M | $43.5M |
| FY2024 | $388.2M | $41.5M | $-61.0M |
| FY2025 | $503.5M | $33.1M | $-36.2M |
Valuation snapshot
| Market value | $1.08B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.66% |
Rank among 1514 US companies
Market value at each year end
National Presto Industries’s market value went from $739.3M at the end of 2016 to $1.08B on Oct 28, 2026, up 46%; since the end of 2025 it is up 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.08B | +40.9% |
| 2025 | $763.5M | +9.3% |
| 2024 | $698.8M | +22.9% |
| 2023 | $568.6M | +17.6% |
| 2022 | $483.3M | -16.3% |
| 2021 | $577.5M | -7.0% |
| 2020 | $621.1M | +0.3% |
| 2019 | $619.0M | -24.2% |
| 2018 | $816.1M | +17.8% |
| 2017 | $692.8M | -6.3% |
| 2016 | $739.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NPK price data to Oct 28, 2026 | +42.2% | +38.1% | +30.3% | +17.0% | +10.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +42.2% |
| 2025 | +9.6% |
| 2024 | +29.7% |
| 2023 | +24.1% |
| 2022 | -11.8% |
| 2021 | -1.6% |
| 2020 | +1.3% |
| 2019 | -21.0% |
| 2018 | +25.3% |
| 2017 | -2.4% |
| 2016 | +36.4% |
| 2015 | +52.1% |
| 2014 | -23.2% |
| 2013 | +16.5% |
| 2012 | -13.9% |
| 2011 | -22.9% |
| 2010 | +27.0% |
| 2009 | +54.9% |
| 2008 | +58.7% |
| 2007 | -6.4% |
| 2006 | +41.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 7.3% over that stretch · deepest drop along the way 38.1%, back to its old high 2.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.5% over that stretch · deepest drop along the way 20.4%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16% over that stretch · deepest drop along the way 26%, back to its old high 11.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (14 read): 0 open-market purchases and 2 sales ($418K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 11, 2026 | Randy F Lieble Director | sell (plan) | $348K |
| Mar 17, 2026 | David J Peuse CFO & TREASURER | sell | $70K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.6% | Mar 31, 2025 |
| STATE STREET CORPORATION | 5.5% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.8% | Mar 31, 2025 |
ETFs with the most weight in NPK
| BSMC Brandes U.S. Small-Mid Cap Value ETF | 2.4% |
| WCEO Hypatia Women CEO ETF | 0.57% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.41% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.4% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.2% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.17% |
| IWC iShares Micro-Cap ETF | 0.14% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.12% |
What could go wrong
- Heavy dependence on US government contracts. Defense was 80.6% of fiscal 2025 sales, mostly to the US government and its prime contractors. Losing or failing to win a major contract, such as the Army's 40mm program, could hurt results badly.
- Tariffs and reliance on Chinese suppliers. Most Presto appliances are made by a handful of outside suppliers in Asia, mainly China, on individual purchase orders. The company says higher tariffs on Chinese imports would seriously hurt its business.
- Defense budgets can shrink or shift. A cut or redirection of US defense spending could reduce orders. Contract ceilings, such as $1.413 billion on the 40mm contract awarded in 2022, are maximums; actual volume depends on Army needs and funding.
- Contracts can end early and limit pricing. The government can terminate the company's contracts. The company also says the nature of those contracts may keep it from responding to rising costs, which could squeeze profits. Subcontractor failures could hurt contract performance.
- Few big retail customers, no contracts. Housewares sales depend on major retailers with no long-term supply deals or minimum orders. Amazon.com alone was 10% of total company sales in 2024, and retailer consolidation could cost the company shelf space.
- Safety segment is an unproven startup. The Safety business, mainly startup Rely Innovations, was only 0.4% of fiscal 2025 sales. Regulatory hurdles have already slowed sales of some products, and new products may not win buyers.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results; Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released; Executive or board change
- Other company announcement
- Other company announcement
For income and retirement investors
National Presto pays cash dividends, but the amounts are uneven, with no streak of increases. Dividends paid fell from $44.1 million in fiscal 2021 to $32.0 million in 2024 and $7.1 million in 2025. The 2025 amount equaled 21.6% of earnings, but free cash flow (cash from operations minus capital spending) was negative in 2024 and 2025, so it did not cover the payments. The yield was 0.66% as of October 28, 2026, so income seekers would get little cash and depend mostly on the share price for returns. The company repurchased no shares in fiscal 2021–2025.
During the market's 2007–2009 slide the stock still gained 7.3%, though it dropped 38.1% in late 2008 before recovering in about three months. It fell 20.4% in the 2020 COVID crash and recovered in 1.4 months, but lost 26% in the 2022 bear market and needed 11.7 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does National Presto make money?
Mostly by making ammunition for the US military. In fiscal 2025, which ended December 31, 2025, the Defense segment produced 80.6% of the company's $503.5 million in sales. Its products include 40mm ammunition, cartridge cases and detonators, made mainly for the Department of Defense and its prime contractors. Presto kitchen appliances such as pressure cookers, griddles and deep fryers made up 19%. A startup safety business offering smoke and carbon monoxide alarms made up 0.4%.
Does National Presto pay a dividend?
Yes, but it is small and has not grown steadily. The dividend yield was 0.66% as of October 28, 2026. Cash dividends paid totaled $7.1 million in fiscal 2025, down from $32.0 million in 2024 and $44.1 million in 2021, so the company has no streak of increases. The 2025 payments equaled 21.6% of earnings. The company did not repurchase any shares from fiscal 2021 through 2025.
Does National Presto have debt?
Little or none, based on its filings, which report no borrowings as of July 5, 2026. At that date, shareholders' equity was $411.3 million out of $498.6 million in total assets, and cash and investments were $16.3 million. The bigger watch point is cash flow: free cash flow was negative $61.0 million in fiscal 2024 and negative $36.2 million in fiscal 2025, meaning cash from operations fell short of capital spending.
What is National Presto's 40mm ammunition contract with the Army?
It is a five-year contract that makes subsidiary AMTEC the Army's sole prime contractor for its 40mm ammunition system. It was awarded September 23, 2022, and covers the Army's fiscal 2022–2026 needs. As of the annual report filed March 13, 2026, awards for fiscal 2022 through 2025 totaled about $965 million. Deliveries are scheduled from 2024 to 2030, and the contract has a maximum value of $1.413 billion. A separate 2024 contract for a 40mm training cartridge had awards of about $256 million. Actual volumes depend on Army needs and funding.
How has National Presto stock performed?
Gains have been strong but bumpy. As of October 28, 2026, the share price was up 38.1% over one year. It had risen an average of 17% a year over five years and 10% a year over 10 years. By calendar year, it fell 11.8% in 2022, then gained 24.1% in 2023, 29.7% in 2024 and 9.6% in 2025. Its deepest drop from a peak in its 21-year price history was 49.1%. Past returns don't predict future ones.