NPK International Inc. (NYSE: NPKI)

NPK International Inc. operates as a temporary worksite access solutions company, specializing in the manufacture, sale, and rental of recyclable composite matting products. The company also offers a comprehensive suite of services, including planning, logistics, and site restoration, catering to various industries such as power transmission, oil and natural gas exploration and production, pipeline, renewable energy, petrochemical, and construction within the United States and United Kingdom. NPK International Inc. generates revenue primarily through two channels: the rental of its recyclable composite matting systems, which accounted for 66% of its 2025 revenues, and the sale of its manufactured recyclable composite mats, contributing the remaining 34%. The company's customer base is diverse, encompassing utility companies and service companies supporting the power transmission market, among others.

• Rental Business: This segment focuses on the rental of recyclable composite matting systems, along with related site construction and services. The primary product in this segment is the DURA-BASE® matting system, which is designed to provide superior work surface and environmental benefits compared to traditional wood mat products. This segment serves various industries, with a significant portion of its revenue derived from the power transmission sector.

• Product Sales: This segment involves the sale of manufactured recyclable composite mats. The primary product in this segment is also the DURA-BASE® composite mat, which is sold to utility companies and service companies supporting the power transmission market. The product sales segment caters to the global market, with the power transmission sector being the primary end market.

NPK International Inc. holds a strong position within the temporary worksite access industry. The company faces competition from various players, including United Rentals, which is the largest competitor in the rental market, primarily using wood mats. In the composite mat sales market, key competitors include Signature Systems (Myers Industries) and Spartan Mat (Exchange Income Corporation). NPK International Inc. differentiates itself through its proprietary technology, scale of rental and manufacturing operations, and experience. The company's recyclable composite mats offer environmental benefits, such as avoiding deforestation and reducing CO2 emissions associated with product transportation, which provides a competitive edge in the market.

The company's customer base is diverse and includes utility companies and service companies supporting the power transmission market. In 2025, approximately 74% of NPK International Inc.'s revenues were derived from its 20 largest customers, with the top three customers representing 19%, 15%, and 10% of its revenues, respectively. The largest customer's revenue was attributable to the rental of recyclable composite matting systems and related services, while the second and third largest customers' revenues were primarily driven by product sales.