Is Northwest Pipe Co. overvalued or undervalued?

As of 8 August 2025, the valuation grade for Northwest Pipe Co. has moved from attractive to fair. The company appears to be fairly valued based on its current metrics. Notable valuation ratios include a P/E ratio of 12, an EV to EBITDA of 6.71, and a PEG ratio of 0.31, which suggests that the stock may be reasonably priced relative to its growth potential.
In comparison to its peers, Northwest Pipe Co. has a lower P/E ratio than Smith-Midland Corp., which stands at 18.65, indicating that it is trading at a discount relative to this competitor. Additionally, Smart Sand, Inc. shows a significantly higher P/E of 87.38, further emphasizing Northwest Pipe's relative valuation. Over the past year, Northwest Pipe Co. has returned 24.68%, outperforming the S&P 500's return of 17.14%, which supports the notion that the stock is maintaining a solid performance despite its fair valuation status.