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NL

NL Industries, Inc.

NL

NL Industries, Inc. • NYSE
$5.65 ▼ -1.57% (-0.09)
Market Cap $276.07 M
52w High $9.42
52w Low $5.04
Dividend Yield 0.36%
P/E 28.25
Volume 6.70K
Outstanding Shares 48.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $39.95M ▼ $9.178M ▼ $-7.871M ▼ -19.702% ▼ $-0.16 ▼ $-7.236M ▼
Q2-2025 $40.366M ▲ $10.089M ▲ $355K ▼ 0.879% ▼ $0.007 ▼ $2.024M ▼
Q1-2025 $40.272M ▲ $9.015M ▲ $667K ▼ 1.656% ▼ $0.01 ▼ $2.819M ▼
Q4-2024 $38.416M ▲ $-22.63M ▼ $16.544M ▼ 43.065% ▼ $0.34 ▼ $21.396M ▼
Q3-2024 $33.667M $7.432M $36.01M 106.959% $0.74 $45.946M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $101.923M ▼ $500.202M ▼ $106.93M ▲ $375.377M ▼
Q2-2025 $111.469M ▲ $523.704M ▲ $106.693M ▲ $397.582M ▼
Q1-2025 $109.999M ▼ $520.025M ▼ $103.195M ▼ $397.644M ▲
Q4-2024 $163.154M ▲ $578.258M ▼ $162.355M ▼ $396.904M ▲
Q3-2024 $145.96M $585.65M $180.72M $386.037M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.871M ▼ $7.935M ▲ $-183K ▲ $-16.696M ▼ $-8.944M ▼ $6.952M ▲
Q2-2025 $355K ▼ $7.287M ▲ $-943K ▼ $-4.869M ▼ $1.596M ▲ $5.944M ▲
Q1-2025 $667K ▼ $-47.475M ▼ $-812K ▼ $-4.864M ▼ $-53.153M ▼ $-48.297M ▼
Q4-2024 $17.119M ▼ $8.981M ▲ $3.362M ▼ $-4.377M ▲ $7.966M ▲ $8.743M ▲
Q3-2024 $36.01M $-5.685M $12.836M $-28.507M $-21.356M $-6.149M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Marine Components
Marine Components
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Security Products
Security Products
 $60.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement NL’s revenue base is fairly small but has been generally edging higher over the last few years. Profitability has been positive in most years, with a noticeable dip in 2023 and a strong rebound in 2024, suggesting some exposure to cyclical swings. Margins look relatively healthy for its size, indicating good cost control and decent pricing power in its niches. Overall, the income statement points to a business that can be profitable, but with earnings that can move around from year to year.

Balance Sheet

Balance Sheet The balance sheet is conservative and clean, with no financial debt reported over the last several years. Cash levels are solid relative to the size of the business, providing a cushion against downturns and flexibility for investment or shareholder returns. Shareholders’ equity has gradually increased, which signals retained value creation over time. Taken together, the balance sheet looks like a key strength, supporting stability even if operating results fluctuate.

Cash Flow

Cash Flow Operating cash flow has been steadily positive, which means reported earnings are largely backed by real cash generation. Free cash flow has also remained positive and relatively stable, helped by very low capital spending needs. This low capital intensity makes the business less demanding to fund and leaves more cash available for other uses. Cash flow overall appears dependable rather than spectacular, but it fits well with the company’s conservative financial posture.

Competitive Edge

Competitive Edge NL’s competitive position comes mainly from its subsidiaries. CompX operates in specialized security and marine component niches where customized, high-quality products and long customer relationships create switching costs and a defensible position. Kronos competes as an established global player in titanium dioxide pigments, benefiting from scale, technical know-how, and a broad product range tailored to many applications. Together, these holdings give NL exposure to markets where expertise, product performance, and customer integration matter more than pure price competition.

Innovation and R&D

Innovation and R&D Innovation is largely driven at the subsidiary level rather than at NL itself. CompX focuses on advanced mechanical and electronic locks, including keyless and smart access solutions, often co-designed with customers for specific uses. Kronos invests in improving pigment technologies, specialty grades, and more sustainable production processes, responding to regulatory and customer demands. The R&D approach is targeted and application-driven, aimed at maintaining differentiation in narrow, performance-sensitive markets rather than chasing broad, speculative projects.

Summary

NL is essentially a conservative industrial holding company with a clean balance sheet, steady cash generation, and exposure to specialized niches through CompX and Kronos. Financial performance has been mostly profitable but somewhat uneven, reflecting end-market cycles and subsidiary-level dynamics. Its main strengths are a debt-free position, recurring free cash flow, and businesses that compete on engineering, customization, and long-term customer ties. Key watch points are the stability of demand in its underlying markets, the ability of CompX to stay ahead in smart security solutions, and Kronos’s success in navigating environmental pressures and innovation in specialty pigments.

NEWS

November 6, 2025 · 4:20 PM UTC

NL REPORTS THIRD QUARTER 2025 RESULTS

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October 30, 2025 · 4:15 PM UTC

NL INDUSTRIES ANNOUNCES QUARTERLY DIVIDEND FOR THE FOURTH QUARTER OF 2025 AT $.09 PER SHARE

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October 14, 2025 · 4:15 PM UTC

NL INDUSTRIES ANNOUNCES EXPECTED THIRD QUARTER 2025 EARNINGS RELEASE DATE

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