National Presto Industries, Inc. (NPK): Business Model Canvas [Dec-2025 Updated]

You're looking at a company with a fascinating split personality, and honestly, that's where the real story is. National Presto Industries, Inc. is balancing a massive, nearly $1.129B defense contract backlog-which is driving about 73% of their 2024 sales-against a legacy small appliance business facing real tariff headwinds. With Trailing Twelve Month revenue hitting $474.24M, understanding how this defense contractor/housewares maker structures its value is key to seeing where the next dollar comes from. It's a tale of two businesses under one roof, defintely worth unpacking below.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Key Partnerships

National Presto Industries, Inc. structures its Key Partnerships around its two primary revenue-generating divisions: Defense and Housewares/Small Appliance.

The defense partnership structure is heavily weighted toward the U.S. Government, specifically the U.S. Army.

• U.S. Government and allied defense agencies (primary customer/partner)

The relationship with the U.S. Army involves multi-year, high-value contracts for ammunition systems and components.

Defense Partnership Metric	Value/Amount	Date/Period Reference
FY 2025 Option Award (AMTEC)	$168.1 million	September 29, 2025
Total 5-Year 40mm Systems Contract Ceiling	$965 million	As of September 29, 2025
Spectra Technologies Small Diameter Bombs Contract	$126.4 million	Awarded January 23, 2025
Defense Segment Backlog	$1,085,612,000	As of December 31, 2024
Defense Segment Net Sales (Latest Reported Period)	$284,025,000	Reported March 14, 2025
Q3 2025 Defense Revenue Increase (YoY)	$25.8 million or 38.6%	Q3 2025

Major defense prime contractors are implicitly involved through the supply chain for these government-awarded systems, though specific direct contract values with primes like Northrop Grumman or L3 Fuzing are not publicly itemized in the same manner as the direct Army awards.

The Housewares/Small Appliance segment relies on a network of consumer distribution channels.

• National discount chain stores and large retailers (Housewares distribution)
• Independent distributors for housewares and safety products

Retailer dynamics directly impact the segment's financial performance, as seen in recent tariff-related pricing pressures.

Housewares Partnership Metric	Value/Amount	Date/Period Reference
Housewares/Small Appliance Net Sales	$102,799,000	Reported March 14, 2025
Q3 2025 Housewares Revenue Decrease (YoY)	$2.3 million or 9.2%	Q3 2025
Tariff Rate Impacting Costs	145%	Q2/Q3 2025

Supply chain dependencies are critical for both segments, particularly for consumer goods sourcing.

• Raw material and component suppliers for munitions and appliances

The Housewares/Small Appliance segment specifically highlights its reliance on external sourcing.

Supply Chain Dependency	Detail	Segment Impact
Housewares Sourcing Location	Significant portion of products sourced from Asia	Housewares/Small Appliance
Defense Cost Factor	Performance impacted by material costs	Defense

If onboarding takes 14+ days, churn risk rises, which is a general business risk, but for National Presto Industries, Inc., supply chain continuity is key to fulfilling the $965 million defense backlog.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Key Activities

You're looking at the core engine of National Presto Industries, Inc. (NPK) right now, which is heavily weighted toward defense production, but still maintaining its consumer appliance heritage. The key activities are clearly split between the two main revenue drivers.

Manufacturing of 40mm ammunition, fuzes, and ordnance components

This activity centers on the Defense segment, which is the primary profit driver. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, and metal parts. National Presto Industries, Inc. qualified for a new 40mm training round in 2024. In Fiscal Year 2024, this segment accounted for $284m of the total $388m revenue, representing 73% of the total revenue base. The manufacturing output is critical to supporting the U.S. Government and its allies.

The products manufactured include:

• Medium caliber training and tactical ammunition.
• Energetic ordnance items.
• Fuzes and cartridge cases.
• Precision mechanical and electro-mechanical assemblies.

Design, marketing, and distribution of Presto® small appliances

The Housewares/Small Appliance segment designs, markets, and distributes small electrical appliances under the PRESTO® brand name. This activity involves innovation in kitchen electrics and comfort appliances. However, this segment is currently facing headwinds; for instance, in the third quarter of 2025, Housewares/Small Appliance revenues decreased by $2.3 million or 9.2% compared to the prior year's quarter. This segment is recognized as an innovator of new products, with key offerings centering on:

• Pressure Cookers and Canners.
• Fryers and Griddles.
• Coffee Makers and Kettles.

Execution and fulfillment of the $1.129B Defense contract backlog

This is arguably the most important current activity, as it translates secured orders into revenue. The Defense segment backlog accelerated from $564m in Q4-23 to $1,129m in Q3-24. More recently, the backlog reached $1.37 billion in the second quarter of 2025. A recent award in September 2025 for year four of the 40mm systems contract totaled $168.1 million, bringing the total value of that five-year contract to $965 million. The base case scenario projects that the execution of the FY25 defense backlog will translate into steady revenue of approximately $405 million for FY25. The fulfillment process is what drives the segment's revenue acceleration, which saw Defense revenues increase by 38.6% in Q3 2025.

Research and development for new consumer appliances and defense products

National Presto Industries, Inc. maintains an investment in R&D to support both segments. For consumer appliances, this involves developing energy-efficient appliances and smart kitchen devices. For the defense side, R&D activity secured qualification for a new 40mm training round in 2024. While specific R&D dollar amounts aren't always broken out separately in the latest reports, the segment descriptions confirm this ongoing effort to innovate within their core product lines.

Managing complex government contracting and regulatory compliance

This activity is inherent to the Defense segment's operations, which involves securing and managing contracts with the U.S. Department of Defense. This requires adherence to strict government contracting standards and regulatory compliance, especially given the nature of ordnance production. The company is described as being extremely well postured for future growth due to being an American producer with an American supply chain serving the US Government. The Housewares segment also faces regulatory impacts, such as the tariffs implemented in April 2025, which are treated as period costs under the LIFO inventory method.

Here's a quick look at some key trailing twelve-month financial metrics as of late 2025:

Metric	Amount
Revenue (ttm)	$474.24M
Diluted EPS (ttm)	$5.43
Gross Margin (ttm)	18.02%
Operating Margin (ttm)	10.04%
Total Debt	$46.46M
Current Ratio	3.53

Finance: draft 13-week cash view by Friday.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Key Resources

You're looking at the core assets National Presto Industries, Inc. (NPK) relies on to execute its business strategy. These aren't just things they own; they are the foundation for generating revenue across their distinct segments.

The defense side is heavily reliant on its subsidiary, AMTEC Corporation. This unit brings specialized defense manufacturing expertise, focusing on the assembly of mechanical devices and providing services to defense contractors. AMTEC is a prime contractor to the U.S. Army and international allies for 40mm ammunition and fusing. They produce items like medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, and metal parts, often operating out of their Wisconsin facility.

The sheer volume of committed work in the Defense segment is a massive resource. While the requested figure was $1.129B as of Q3-24, the backlog has continued to grow. As of the second quarter of fiscal year 2025, the Defense segment backlog stood at $1.37 billion, indicating significant near-term revenue visibility for this unit.

Here's a quick look at how the backlog has trended, showing the increasing reliance on this resource:

Metric	Amount	Date/Period
Defense Segment Contract Backlog (Requested Benchmark)	$1.129B	Q3-24
Defense Segment Contract Backlog (Latest Reported)	$1.37 billion	Q2 2025
Defense Segment Net Sales (Q3 2025)	Up $25.8 million or 38.6%	Three Months Ended Sept. 28, 2025
Total Consolidated Net Sales (Q3 2025)	$115,463,000	Three Months Ended Sept. 28, 2025

For the consumer-facing business, the Presto® brand name is a legacy asset, representing quality in the housewares and small appliance market. This segment designs, markets, and distributes products like pressure cookers, skillets, air fryers, and waffle makers. The segment's performance reflects its market standing, with net sales for the three months ended September 28, 2025, reaching $115,463,000.

National Presto Industries, Inc. maintains specialized manufacturing facilities that support both its defense and appliance operations. The Defense segment facilities are set up for ordnance components, while the Housewares/Small Appliance segment relies on its distribution network. The company has also been recognized as an innovator of new products in the housewares space.

The company's intellectual property is a critical, though less tangible, resource. This includes proprietary knowledge related to appliance design, such as the Presto Control Master line. Furthermore, the Safety segment leverages modern technology, specifically patented machine learning, digital sensors, and cloud-based technology for monitoring equipment.

You can see the segment performance impacting the overall asset base:

• Housewares/Small Appliance Segment Q3 2025 Net Sales: $115,463,000.
• Housewares/Small Appliance Segment Q3 2025 Revenue Change vs. Prior Year: Down $2.3 million or 9.2%.
• Safety Segment Revenue (Q3 2025): Reported as nominal sales and a loss.
• Total Cash and Cash Equivalents (as of Dec. 31, 2024): $17,663,000.

Finance: draft 13-week cash view by Friday.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Value Propositions

You're looking at National Presto Industries, Inc.'s value proposition structure as of late 2025. It's clear the company is running on two very different engines right now: one is a high-growth, government-backed defense operation, and the other is a struggling consumer appliance business fighting tariff headwinds.

Defense: Reliable, high-quality, specialized ordnance and ammunition for national security

This is where the real momentum is. The value here is delivering on massive, multi-year government commitments. You see this commitment reflected in the order book, which is the leading indicator for future revenue conversion.

• Defense segment backlog reached $\mathbf{\$1.37}$ billion in Q2 2025.
• This backlog represents a significant increase from $\mathbf{\$935.2}$ million reported in Q2 2024.
• In Q3 2025, Defense segment revenues grew $\mathbf{38.6\%}$ year-over-year, adding $\mathbf{\$25.8}$ million to the top line.
• For context, in FY2024, the Defense segment accounted for $\mathbf{73\%}$ of total revenue, generating $\mathbf{\$284}$ million.

The company is actively converting this backlog, with specific subcontracts like a $\mathbf{\$126.4}$ million award to Spectra for deliveries through Q4 2026, and a $\mathbf{\$71.2}$ million award to AMTEC for 2025 and 2026 deliveries.

Housewares: Affordable, durable, and innovative small electric kitchen appliances (e.g., pressure cookers)

The value proposition here centers on established brand recognition for quality and innovation in the kitchen, like pressure cookers and canners. However, the current financial reality shows significant strain, meaning the value is being delivered at a cost to the segment's profitability.

• Housewares/Small Appliance revenues actually decreased by $\mathbf{\$2.3}$ million, or $\mathbf{9.2\%}$, in Q3 2025.
• This decline was attributed to retailers being slow to accept price increases needed to offset tariffs.
• The segment reported a sizable operating loss in Q3 2025, similar to Q2 2025, largely due to the $\mathbf{145\%}$ 'Trump tariffs' treated as period costs under LIFO.
• For comparison, in FY2024, this segment's revenue was $\mathbf{\$102.8}$ million, up from $\mathbf{\$97.6}$ million in 2023.

Safety: Self-service/self-reloadable fire extinguishers (Rusoh® Eliminator®)

This is positioned as a startup segment focused on safety technology. The value is in providing protection for organizations and individuals. The data suggests this is still in an investment phase.

• The Safety segment reported nominal sales in Q3 2025.
• This segment also recorded an operating loss in the third quarter of 2025.

Absorbent Products: Discreet adult incontinence products for comfort and reliability

While this is listed as a value proposition, the public financial reporting for National Presto Industries, Inc. as of late 2025 only details the Housewares/Small Appliance, Defense, and Safety segments. No specific revenue or operational data is available for a dedicated Absorbent Products line.

Here's a quick look at how the segments are contributing to the overall $\mathbf{\$474.24}$ million TTM revenue as of late 2025, keeping in mind the Defense segment is the primary driver of profitability.

Metric	Defense Segment Value	Housewares/Small Appliance Segment Value	Total Company (TTM as of Dec 2025)
Q3 2025 Revenue Change (YoY)	$\mathbf{+38.6\%}$ (Revenue up $\mathbf{\$25.8}$ million)	$\mathbf{-9.2\%}$ (Revenue down $\mathbf{\$2.3}$ million)	$\mathbf{+25.7\%}$ (Net Sales up $\mathbf{\$23.6}$ million)
Operating Result (Q3 2025)	Improved Operating Earnings of $\mathbf{\$1.7}$ million	Sizable Operating Loss	TTM EBITDA $\mathbf{\$52.55}$ million
FY2024 Revenue Contribution	$\mathbf{\$284}$ million ($\mathbf{73\%}$ of total)	$\mathbf{\$102.8}$ million	$\mathbf{\$388.23}$ million

The company's overall financial health supports these operations, with a TTM EBITDA of $\mathbf{\$52.55}$ million and a market capitalization around $\mathbf{\$681.29}$ million as of early December 2025. The annual dividend payout remains $\mathbf{\$1.00}$ per share.

Finance: draft 13-week cash view by Friday.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Customer Relationships

You're looking at how National Presto Industries, Inc. (NPK) manages its distinct customer bases across its two primary revenue-generating segments. The relationship structure is fundamentally different depending on whether you are dealing with the U.S. Department of Defense or the mass-market consumer.

Highly formalized, long-term contractual relationships (Defense segment)

For the Defense segment, the relationship is deeply embedded and governed by formal government contracts. This isn't a simple purchase order; it's a multi-year commitment. As of December 31, 2024, the Defense segment had a substantial backlog of approximately $1,085,612,000, with anticipated fulfillment stretching out over the next 18 to 42 months. This indicates a high degree of customer commitment from the U.S. Department of Defense (DOD) and a reliance on long-term production schedules. The segment's net sales for the fiscal year ending around March 2025 were $284,025,000, showing strong conversion of that backlog, with revenues in Q3 2025 up 38.6% year-over-year. This structure demands rigorous compliance and quality control, which solidifies the relationship through proven performance.

Here's a quick look at how the segments stacked up in the most recent reported fiscal period:

Segment	Net Sales (Approx. FY2025)	Gross Profit (Approx. FY2025)
Defense	$284,025,000	$58,173,000
Housewares/Small Appliance	$102,799,000	Not explicitly stated for the period
Consolidated Total	$388,228,000	$78,566,000

Transactional sales model with mass-market retailers (Housewares segment)

The Housewares/Small Appliance segment, which brought in net sales of about $102,799,000 in the same period, operates on a much more fluid, transactional basis. National Presto Industries, Inc. deals with mass-market retailers and independent distributors. This means customer relationships are driven by shelf space, promotional activity, and immediate inventory needs. The segment's performance is sensitive to retailer decisions, as evidenced by management noting retailers' initial reluctance to accept tariff-induced price increases. The company's market capitalization as of late 2025 was around $681.29M. This consumer side definitely requires a different touch.

Direct sales and technical support for government defense programs

The Defense segment's customer engagement is direct, primarily serving the DOD and DOD prime contractors. This involves a direct sales and technical support pipeline, which is critical for complex products like 40mm ammunition systems. For instance, a sole source contract awarded in September 2022 for 40mm Grenade Ammunition Systems had an initial award value of $69.8 million and a maximum ceiling of $826.8 million, covering requirements through Fiscal Year 2026. This level of integration requires continuous technical liaison, not just order fulfillment. You're defintely selling a capability, not just a product.

• Customer is primarily the U.S. Department of Defense (DOD).
• Relationships are sustained by multi-year, sole-source contract awards.
• Technical support is integral to maintaining readiness and contract compliance.
• Backlog conversion is a key metric for relationship health.

Standardized warranty and customer service for consumer products

For the Presto brand housewares, the relationship is standardized to support a broad consumer base through the retail channel. The company designs, markets, and distributes small household appliances. Customer service and warranty support are necessary to maintain brand equity, but the initial sales transaction flows through the retailer or distributor. The company maintains a regular dividend of $1.00 per share, which speaks to the expected stability of the overall cash flow supporting these consumer operations, even with headwinds like the 145% tariffs impacting the segment's operating earnings.

• Warranty is standardized across the Presto brand product line.
• Customer service interactions are typically managed post-sale, often via a centralized support structure.
• Sales are channeled through mass-market retailers and independent distributors.
• The segment relies on unit shipment volume for revenue growth.

Finance: draft 13-week cash view by Friday.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Channels

You're looking at how National Presto Industries, Inc. (NPK) gets its products-from grenades to skillets-to the end-user. It's a tale of two very different customer bases, one government and one consumer.

Direct contracts with the U.S. Department of Defense and defense agencies represent the most significant channel for National Presto Industries, Inc. This channel is fueled by massive, multi-year commitments. As of the third quarter of 2024, the defense segment backlog hit $1,129 million, a surge of 100.2% year-over-year from the Q4-2023 backlog of $564 million. This backlog is being converted into revenue through direct fulfillment channels. For instance, in the first half of 2025, the Defense segment generated $180.8 million in revenue, which was a 49.2% jump compared to the prior year's first half. Furthermore, a key channel driver is a 5-year, IDIQ (Indefinite Delivery/Indefinite Quantity) contract with a ceiling value of $818.9 million for a new 40mm training round. This contract directly feeds the fulfillment pipeline with the U.S. Department of Defense as the sole customer for these orders. Honestly, this government channel is where the operating earnings are generated.

Here's a quick look at how the revenue streams, driven by these channels, stacked up in the first half of 2025 compared to the prior full year:

Segment	H1 2025 Revenue (Millions USD)	FY 2024 Revenue (Millions USD)	Primary Channel Type
Defense	$180.8	$284	Direct Government Contracts
Housewares/Small Appliance	$42.3	$102.8	Retail & Distributor
Safety	$1.1	$1.4	Specialty/Direct

Mass-market retail channels (e.g., Walmart, Target) for Housewares form the backbone of the consumer-facing side of National Presto Industries, Inc. The Housewares/Small Appliance segment sells products like PRESTO® pressure cookers and electric skillets directly to these major retailers. However, this channel is sensitive to pricing adjustments. In the third quarter of 2025, Housewares/Small Appliance revenues actually decreased by $2.3 million or 9.2% year-over-year, which management attributed to retailers' initial reluctance to accept tariff-induced price increases. This shows the direct leverage large retailers have on the segment's top line. The segment's H1 2025 revenue was $42.3 million, up from $39.9 million the previous year, showing underlying unit growth despite Q3 friction.

For direct-to-consumer interaction, National Presto Industries, Inc. uses e-commerce platforms and the company's own website for direct-to-consumer sales. While the search results confirm the company's general reach includes direct sales, specific revenue attribution for the PRESTO® brand through its own digital storefront isn't explicitly broken out in the latest public filings. The Housewares segment generally designs, markets, and distributes its products, which implies a digital presence supports the retail channel.

The use of independent distributors and sales representatives for all three segments provides necessary market penetration, especially where direct sales aren't feasible. For the Housewares/Small Appliance segment, the model explicitly includes sales through independent distributors alongside direct sales to retailers. This network helps move products across the North American market, which is the primary geographic focus for National Presto Industries, Inc. Even the Defense segment may utilize representatives for specific contract navigation or smaller component sales, though the largest ammunition contracts are direct.

• Defense segment revenue represented approximately 73% of total revenue in FY2024 ($284 million out of $388 million).
• Housewares/Small Appliance revenue saw a Q3 2025 decline of 9.2% due to retailer pushback on pricing.
• H1 2025 cumulative net sales reached $224.1 million, a 38.6% increase year-over-year.
• The Defense segment's Q1 2025 revenue was $80.94 million, up from $55.04 million in Q1 2024.

Finance: draft the Q4 2025 cash flow projection by Friday.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Customer Segments

You're looking at the core customer groups for National Presto Industries, Inc. (NPK) as of late 2025, which clearly splits between government contracting and the consumer market. The business model relies heavily on one primary customer set, but the others provide necessary diversification.

The U.S. Department of Defense and its allies represent the anchor of the revenue base. This segment is the largest revenue driver, accounting for approximately 73.16% of the full-year 2024 consolidated net sales of $388.228 million. Shipments from the sizable Defense segment backlog, which stood at about $1,085,612,000 as of December 31, 2024, continued to fuel growth into 2025; third quarter 2025 revenues for this segment were up 38.6% year-over-year.

Here's a quick look at the 2024 segment revenue contribution:

Customer Group/Segment	FY 2024 Net Sales (USD)	Percentage of FY 2024 Total Sales
U.S. Department of Defense and allies (Defense)	$284,025,000	~73.16%
Mass-market consumers & Retail (Housewares/Small Appliance)	$102,799,000	~26.48%
Healthcare/Institutional Buyers (Safety)	$1,404,000	~0.36%

Mass-market consumers are the focus for the Housewares/Small Appliance segment, which sells products under the PRESTO® brand name. These are folks looking for affordable, functional small kitchen appliances like pressure cookers, electric skillets, and air fryers. While this segment saw a 5.3% revenue increase in 2024, the trend reversed in the third quarter of 2025, with revenues decreasing by 9.2% year-over-year, partly due to retailers being slow to accept tariff-induced price increases.

The B2B side of the Housewares/Small Appliance business involves retail chains and wholesale distributors. These partners move the PRESTO® branded goods through their channels to reach the end consumer. The company noted better product distribution as a factor in its 2024 growth.

Finally, Healthcare/institutional buyers are targeted by the Safety segment, which offers items like commercial water and fluorine-free foam fire extinguishers, along with smoke and carbon monoxide alarms. This segment reported minimal revenues of only $1,404,000 in 2024 and continued to report nominal sales and a loss through the third quarter of 2025 as it works through product development and certification milestones.

The customer base can be summarized by their primary interaction type:

• Direct U.S. Government Contracts (Defense)
• Large Retail Chains (Housewares/Small Appliance)
• Wholesale Distributors (Housewares/Small Appliance)
• Institutional Purchasers (Safety segment)

Finance: draft 13-week cash view by Friday.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Cost Structure

You're looking at the core expenses National Presto Industries, Inc. (NPK) must cover to keep both its defense contracts and its consumer appliance lines running. This cost structure is heavily influenced by the split between high-volume, low-margin defense work and the import-sensitive Housewares business.

High cost of goods sold due to specialized defense manufacturing and raw materials

The sheer cost of revenue, driven by defense production requirements and raw material volatility, forms the largest cost component. For the trailing twelve months ending in 2024, the Operating Cost of Revenue was reported at $310 million, against total revenue of approximately $474.24 million for the same period. This translates to a Gross Margin of about 18.02%, showing that the cost to produce the goods eats up the vast majority of the top line. The defense segment, which accounted for about 73% of FY2024 revenue at $284 million, requires specialized inputs and processes that keep this cost base high.

The key cost components for the latest full fiscal year are laid out here:

Cost Component (FY 2024 Proxy)	Amount (USD Millions)	Context
Operating Cost of Revenue (COGS)	310.00	Largest single cost driver, reflecting specialized manufacturing.
Selling, General & Admin (SG&A)	32.00	Includes overhead, distribution, and advertising for both segments.
Research & Development (R&D)	1.50	Investment across defense product qualification and consumer innovation.

Significant tariff costs impacting profitability

The Housewares segment faces direct, material cost shocks from trade policy. You saw this play out clearly in the third quarter of 2025, where the segment incurred a substantial operating loss. This was directly linked to retailer pushback against price increases necessitated by import duties. For many goods sourced from China, the combined tariff rate is reported to be as high as 145%. These tariffs are expensed as incurred, meaning they hit the income statement immediately, directly eroding the segment's profitability, even when overall company sales are up due to defense shipments.

Research and development (R&D) investment across defense and consumer segments

While the defense segment often involves qualification costs tied to specific contracts, the consumer side requires ongoing R&D for new small appliances. For the fiscal year 2024, R&D expenses were reported near $1.5 million. This relatively small figure, compared to the $310 million in COGS, suggests that R&D is a tightly managed cost, likely focused on incremental product improvements and defense contract compliance rather than massive, speculative development.

Distribution and advertising expenses for the Housewares segment

The costs to move and market Presto-branded goods fall under Selling, General & Administrative (SG&A) expenses. The total SG&A for fiscal year 2024 was $32 million. This figure bundles the costs of advertising campaigns for consumer products, sales force compensation, and the logistics required to get housewares onto retail shelves. It's a necessary expense to maintain brand visibility against competitors in the consumer space.

Fixed costs associated with maintaining specialized manufacturing plants

National Presto Industries, Inc. maintains specialized facilities for defense manufacturing, which carry significant fixed overhead regardless of short-term sales fluctuations. These costs include depreciation on specialized equipment, property taxes, and the necessary base level of skilled labor and site maintenance. While not itemized separately from the $310 million Cost of Revenue, these fixed plant costs represent a structural commitment that requires consistent volume, especially from the defense segment, to absorb efficiently. If defense shipments slow, these fixed costs become a much heavier burden on the remaining revenue streams.

National Presto Industries, Inc. (NPK) - Canvas Business Model: Revenue Streams

You're looking at the top line for National Presto Industries, Inc. (NPK) as of late 2025, and the picture is showing solid growth driven by a few distinct areas. Honestly, the structure of how National Presto Industries, Inc. brings in money is pretty clear, split between government contracts and consumer goods.

The main revenue streams you need to track are:

• Sales of Defense products (ammunition, fuzes) to government agencies (primary stream).
• Sales of Presto® brand small electric appliances and housewares.
• Revenue from Absorbent Products (Safety segment).

The total Trailing Twelve Month (TTM) Revenue as of late 2025 stands at $474.24M. That's a significant jump, showing a 34.75% year-over-year revenue growth based on the quarter ending September 28, 2025.

Here's a quick look at the top-line context and the dividend component we see in the public data:

Revenue Component / Metric	Value (as of late 2025)
Total Trailing Twelve Month (TTM) Revenue	$474.24M
Revenue Growth (Y/o/Y TTM)	+34.75%
Last Annual Dividend Per Share Paid	$1.00
Last Dividend Payment Date	Mar 17, 2025
Reported Dividend Yield (TTM)	Approximately 1.07%

Dividend income from investment portfolio is historically a component that National Presto Industries, Inc. reports, though the specific dollar amount contributing to the $474.24M TTM revenue isn't broken out in the latest public snapshots. You do see the company is committed to its shareholder return, with the last recorded annual dividend payment being $1.00 per share, paid out in March 2025. That payment represented a dividend yield of about 1.07% based on the stock price around that time.

The Defense segment is definitely the engine right now, often cited as driving strong revenue and backlog growth, positioning National Presto Industries, Inc. for more future expansion. Still, the consumer side-the Presto® brand-remains a core part of the business model, offering a balance to the government-focused defense contracts.