Foreign exchangemixed · 5 filings
“As a result of this note, due to the changes in the foreign exchange rate, we recorded a loss of $ 0.4 million in the first quarter of 2025.”10-Q · Aug 4, 2026 ↗
Enpro Inc.
NPO
Market read
Enpro Inc.'s move is spreading beyond its market group.
NPO accounts for 19.7% of the group's measured movement across 7.0 effective names. all 12 measured members are rising in raw terms, but 8 of 12 SPY-adjusted paths align to the upside. Capital-flow agreement is 66%. No verified headline preceded the measured group move.
MOVE ANATOMY
SPY-adjusted 5m pathsIs this move genuinely shared?
Role in the moveAligned contributor#2 of 12 by movement share
Group movement share19.7%Absolute path energy—not portfolio weight
Relative path+2.40%aligned
Effective breadth7.0 / 12broad
Relative alignment8/12upside path · 3 counter-moving
Capital-flow agreement66%cleaner confirmation
SEQUENCE READ
NPO was the first measured mover. NPO crossed its material path threshold at 11:35 ET. ESI, ASX, ROG followed.
What changed
- Revenue increased 17.6% versus the comparable filing period.
- Net margin fell 1.2 percentage points.
EVIDENCE COVERAGE
5 of 16 members in Semiconductor Manufacturing are active. 0 of 4 disclosed connections are confirming.
What would change this read
Watch this read- At least 11 of 16 durable members become active together.
- Q remains aligned with the group in the next market snapshot.
- Quarterly sales and year-over-year growth in the Advanced Surface Technologies segment (precision cleaning, semiconductor capital equipment demand, optical coatings).
Invalidation: The live read weakens if participation falls to 5 of 16 members or fewer.
Research brief
The story so far
NPO accounts for 19.7% of the group's measured movement across 7.0 effective names. all 12 measured members are rising in raw terms, but 8 of 12 SPY-adjusted paths align to the upside. Capital-flow agreement is 66%. No verified headline preceded the measured group move.
Evidence that supports
- Revenue increased 17.6% versus the comparable filing period.
- Operating margin improved 1.2 percentage points.
Evidence that challenges
- Net margin fell 1.2 percentage points.
What would clarify the read
- At least 11 of 16 durable members become active together.
- Q remains aligned with the group in the next market snapshot.
- Quarterly sales and year-over-year growth in the Advanced Surface Technologies segment (precision cleaning, semiconductor capital equipment demand, optical coatings).
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations343
Usable filing statements82
Verified relationships4
Evidence supporting the case
- Latest annual revenue changed +9.0% year over year.
Evidence challenging the case
- Net margin changed -3.4 percentage points in the latest annual period.
- Foreign exchange has repeated adverse evidence across 5 filings.
- Credit and interest rates has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 400% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 22% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 2, 2026
332.576m+31.9%12m+45.3%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$840.4M+5.0%$8.57+1.5%
2022-12-31$1.1B+30.8%$9.83+0.5%
2023-12-31$1.1B-3.6%$1.05+0.5%
2024-12-31$1.0B-1.0%$3.45+0.5%
2025-12-31$1.1B+9.0%$1.91+0.5%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 4 filings
“Expenses not directly attributable to the segments, corporate expenses, net interest expense, and income taxes are not included in the computation of Adjusted Segment EBITDA.”10-Q · Aug 4, 2026 ↗
Restructuring and cost reductionsmixed · 3 filings
“Corporate expenses for the first six months of 2026 of $29.4 million increased $6.0 million compared to last year primarily due to $2.6 million of higher restructuring costs and increased incentive compensation accruals ($3.4 million).”10-Q · Aug 4, 2026 ↗
Demand and volumepositive · 2 filings
“Advanced Surface Technologies: Sales of $227.1 million in the first six months of 2026 increased 16.6%, or $32.4 million, compared to $194.7 million last year, reflecting strong precision cleaning solutions demand, increased demand for semiconductor tools and…”10-Q · Aug 4, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.2× · EV/sales 6.6×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
332.57+5.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 2 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for NPO. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationpremium
Capital and cash conversion
Investment load increased
Capital spending consumed more revenue while free-cash-flow margin declined.
- Capital spending YoY
- +55.3%
- Capital spending / revenue
- +4.3%
- Free-cash-flow margin
- +9.8%
- FCF margin change
- -0.0 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 17.6% versus the comparable filing period.
- Operating margin improved 1.2 percentage points.
What weakened
- Net margin fell 1.2 percentage points.
Filing receipts
“Interest expense, net in the first six months of 2026 increased by $1.6 million compared to the first six months of 2025 primarily driven by a higher average outstanding debt balance in 2026.”
“Interest expense, net in the second quarter of 2026 increased by $0.8 million from the second quarter of 2025 primarily driven by a higher average outstanding debt balance in 2026.”
“The year-over-year increase was primarily driven by higher adjusted net income and lower cash tax payments in 2026 than in the prior year.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind NPO
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMATApplied Materials, Inc.customerFeb 19, 2026 ▾
“Representative customers include leading global manufacturers of semiconductor manufacturing equipment, such as Applied Materials and ASML, as well as manufacturers of equipment used in the life sciences and industrial technology industries and government def…”
ASMLASML Holding N.V.customerFeb 19, 2026 ▾
“Representative customers include leading global manufacturers of semiconductor manufacturing equipment, such as Applied Materials and ASML, as well as manufacturers of equipment used in the life sciences and industrial technology industries and government def…”
Depended on by
UCTTUltra Clean Holdings, Inc.competitorFeb 23, 2026 ▾
“For our services, cleaning and coating offerings, our main competitors are KoMiCo, SHT, EnPro and Pentagon.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
NPO is currently a Early Follower in the organic co-movement group Semiconductor Manufacturing. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.