NL Industries, Inc. (NL) 10-Year Financial Performance & Capital Metrics

NL • • Industrial / General

IndustrialsSecurity ServicesPhysical Security ProductsSecurity Components

AboutNL Industries, Inc., through its subsidiary, CompX International Inc., operates in the component products industry in the United States and internationally. The company manufactures and sells mechanical and electronic cabinet locks, and other locking mechanisms, including disc tumbler locks, pin tumbler locking mechanisms, and CompX eLock and StealthLock electronic locks for use in various applications, such as ignition systems, mailboxes, file cabinets, desk drawers, tool storage cabinets, integrated inventory and access control secured narcotics boxes, vending and cash containment machines, medical cabinetry, electronic circuit panels, storage compartments, and gas station security. It also offers original equipment and aftermarket stainless steel exhaust headers, exhaust pipes, mufflers, and other exhaust components; gauges, such as GPS speedometers and tachometers; mechanical and electronic controls and throttles; wake enhancement devices, trim tabs, steering wheels, and other billet aluminum accessories; grab handles, pin cleats, and other accessories; and dash panels, LED indicators, wire harnesses, and other accessories primarily for performance and ski/wakeboard boats. In addition, the company offers insurance brokerage and risk management services. It sells its component products directly to original equipment manufacturers, as well as through distributors. NL Industries, Inc. was founded in 1891 and is based in Dallas, Texas. NL Industries, Inc. is a subsidiary of Valhi, Inc.Show more

Revenue $146M -9.5%
EBITDA $62M +241.8%
Net Income $67M +3012.8%
EPS (Diluted) 1.38 +3017.5%
Gross Margin 28.34% -7.1%
EBITDA Margin 42.39% +277.7%
Operating Margin 25.95% +196.3%
Net Margin 46.07% +3319.1%
ROE 16.65% +2965.3%
ROIC 10.64% +208.8%
Debt/Equity 0.00 -5.8%
Interest Coverage 71.46 +277.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 21.1%
✓FCF machine: 16.5% free cash flow margin
✓Healthy 5Y average net margin of 22.8%
✓Trading at only 0.7x book value

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.47%

5Y3.27%

3Y1.2%

TTM5.52%

Profit (Net Income) CAGR

10Y8.96%

5Y21.07%

3Y9.51%

TTM-83.36%

EPS CAGR

10Y8.87%

5Y21.09%

3Y9.54%

TTM-83.56%

ROCE

10Y Avg0.21%

5Y Avg2.93%

3Y Avg4.08%

Latest7.33%

Peer Comparison

Security Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CIXCompX International Inc.	298.96M	24.26	17.97	-9.51%	12.15%	14.03%	7.19%
NLNL Industries, Inc.	305.88M	6.26	4.54	-9.51%	6.1%	2.47%	7.89%	0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	109M	108.9M	112M	118.2M	124.24M	114.54M	140.81M	166.56M	161.29M	145.94M
Revenue Growth %	0.05%	-0%	0.03%	0.06%	0.05%	-0.08%	0.23%	0.18%	-0.03%	-0.1%
Cost of Goods Sold+	75.6M	73.7M	77.2M	79.9M	85.28M	81.69M	98.07M	117.76M	112.07M	104.58M
COGS % of Revenue	0.69%	0.68%	0.69%	0.68%	0.69%	0.71%	0.7%	0.71%	0.69%	0.72%
Gross Profit+	33.4M	35.2M	34.8M	38.3M	38.96M	32.85M	42.75M	48.8M	49.22M	41.36M
Gross Margin %	0.31%	0.32%	0.31%	0.32%	0.31%	0.29%	0.3%	0.29%	0.31%	0.28%
Gross Profit Growth %	0.04%	0.05%	-0.01%	0.1%	0.02%	-0.16%	0.3%	0.14%	0.01%	-0.16%
Operating Expenses+	36.8M	36.6M	34.3M	38.3M	40.57M	30.49M	32.26M	35.07M	35.09M	3.49M
OpEx % of Revenue	0.34%	0.34%	0.31%	0.32%	0.33%	0.27%	0.23%	0.21%	0.22%	0.02%
Selling, General & Admin	36.9M	36.6M	34.5M	38.9M	35.26M	31.27M	22.89M	24.5M	25.15M	25.55M
SG&A % of Revenue	0.34%	0.34%	0.31%	0.33%	0.28%	0.27%	0.16%	0.15%	0.16%	0.18%
Research & Development	16M	13M	17M	18M	0	0	0	0	0	0
R&D % of Revenue	0.15%	0.12%	0.15%	0.15%	-	-	-	-	-	-
Other Operating Expenses	120K	9K	170K	-100K	5.31M	-784K	9.37M	10.57M	9.94M	-22.06M
Operating Income+	300K	-1M	900K	-60.7M	-1.61M	2.36M	10.49M	13.73M	14.13M	37.88M
Operating Margin %	0%	-0.01%	0.01%	-0.51%	-0.01%	0.02%	0.07%	0.08%	0.09%	0.26%
Operating Income Growth %	-0.89%	-4.33%	1.9%	-68.44%	0.97%	2.46%	3.45%	0.31%	0.03%	1.68%
EBITDA+	3.91M	2.77M	4.63M	-57.22M	2.08M	6.18M	14.33M	17.71M	18.1M	61.87M
EBITDA Margin %	0.04%	0.03%	0.04%	-0.48%	0.02%	0.05%	0.1%	0.11%	0.11%	0.42%
EBITDA Growth %	-0.39%	-0.29%	0.67%	-13.35%	1.04%	1.98%	1.32%	0.24%	0.02%	2.42%
D&A (Non-Cash Add-back)	3.61M	3.77M	3.73M	3.48M	3.69M	3.83M	3.84M	3.98M	3.97M	23.99M
EBIT	-51.33M	13.92M	4.29M	-54.34M	29.3M	14.94M	61.98M	40.18M	-5.67M	83.85M
Net Interest Income+	1.17M	1.73M	3.54M	5.03M	5.99M	1.25M	461K	2.86M	8.89M	10.45M
Interest Income	1.17M	1.73M	3.57M	5.07M	6.7M	2.6M	1.6M	3.8M	9.64M	10.98M
Interest Expense	0	4K	30K	37K	700K	1.35M	1.14M	941K	746K	530K
Other Income/Expense	-51.59M	14.63M	110.49M	6.29M	30.22M	11.23M	50.35M	25.51M	-20.55M	45.44M
Pretax Income+	-51.3M	13.9M	112.2M	-54.4M	28.61M	13.59M	60.84M	39.24M	-6.42M	83.32M
Pretax Margin %	-0.47%	0.13%	1%	-0.46%	0.23%	0.12%	0.43%	0.24%	-0.04%	0.57%
Income Tax+	-28.6M	-2.8M	-5.6M	-15.4M	579K	-2.52M	7.48M	2.79M	-7M	14.06M
Effective Tax Rate %	0.47%	1.1%	1.03%	0.75%	0.9%	1.08%	0.84%	0.86%	0.36%	0.81%
Net Income+	-23.9M	15.3M	116.1M	-41M	25.84M	14.68M	51.19M	33.84M	-2.31M	67.23M
Net Margin %	-0.22%	0.14%	1.04%	-0.35%	0.21%	0.13%	0.36%	0.2%	-0.01%	0.46%
Net Income Growth %	-1.84%	1.64%	6.59%	-1.35%	1.63%	-0.43%	2.49%	-0.34%	-1.07%	30.13%
Net Income (Continuing)	-22.72M	16.69M	117.83M	-39.01M	28.04M	16.1M	53.36M	36.46M	582K	69.26M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	15.3M	16.35M	17.76M	19.44M	22.71M	23.47M	22.5M	20.6M	21.95M	19M
EPS (Diluted)+	-0.49	0.31	2.38	-0.84	0.53	0.30	1.05	0.69	-0.05	1.38
EPS Growth %	-1.83%	1.63%	6.68%	-1.35%	1.63%	-0.43%	2.5%	-0.34%	-1.07%	30.18%
EPS (Basic)	-0.49	0.31	2.38	-0.84	0.53	0.30	1.05	0.69	-0.05	1.38
Diluted Shares Outstanding	48.69M	48.7M	48.71M	48.73M	48.74M	48.78M	48.8M	48.81M	48.83M	48.84M
Basic Shares Outstanding	48.69M	48.7M	48.71M	48.73M	48.74M	48.78M	48.8M	48.81M	48.83M	48.84M
Dividend Payout Ratio	-	-	-	-	-	0.53%	0.23%	0.91%	-	0.54%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	124.76M	123.5M	130.67M	166.64M	164.68M	171.16M	193.65M	193.97M	218.26M	237.96M
Cash & Short-Term Investments	96.46M	93.16M	98.32M	116.26M	129.73M	137.04M	147M	139.03M	164.67M	163.15M
Cash Only	96.46M	93.16M	98.32M	116.26M	129.73M	137.04M	147M	68.87M	111.52M	163.15M
Short-Term Investments	0	0	0	0	0	0	0	70.16M	53.15M	0
Accounts Receivable	8.98M	10.59M	12.44M	27.51M	12.51M	11.46M	15.61M	18.51M	17.73M	23.74M
Days Sales Outstanding	30.06	35.48	40.53	84.95	36.75	36.5	40.46	40.55	40.12	59.37
Inventory	15.1M	14.97M	15.38M	17.1M	18.35M	18.34M	25.64M	31.29M	30.71M	28.37M
Days Inventory Outstanding	72.89	74.16	72.73	78.13	78.53	81.93	95.44	96.98	100.03	99
Other Current Assets	3.25M	3.79M	3.37M	19.28M	2.69M	2.69M	2.77M	5.14M	5.15M	20.55M
Total Non-Current Assets+	224.56M	261.49M	420.95M	380.6M	392.81M	376.99M	402.5M	415.9M	358.4M	340.3M
Property, Plant & Equipment	34.11M	33.58M	32.53M	32.03M	31.02M	28.95M	29.18M	28.69M	25.86M	24.03M
Fixed Asset Turnover	3.20x	3.24x	3.44x	3.69x	4.01x	3.96x	4.83x	5.80x	6.24x	6.07x
Goodwill	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	159.96M	170.08M	318.22M	283.31M	275.23M	260.58M	299.24M	318.56M	265.78M	278.29M
Other Non-Current Assets	3.33M	3.23M	-6.27M	2.21M	59.41M	60.3M	46.93M	41.49M	39.6M	10.82M
Total Assets+	349.32M	384.99M	551.62M	547.24M	557.49M	548.15M	596.15M	609.87M	576.66M	578.26M
Asset Turnover	0.31x	0.28x	0.20x	0.22x	0.22x	0.21x	0.24x	0.27x	0.28x	0.25x
Asset Growth %	-0.3%	0.1%	0.43%	-0.01%	0.02%	-0.02%	0.09%	0.02%	-0.05%	0%
Total Current Liabilities+	24.01M	30.74M	19.58M	81.32M	29.81M	27.51M	30.6M	32.05M	30.45M	91.06M
Accounts Payable	4.74M	5.03M	4.12M	5.4M	3.44M	2.65M	3.41M	3.54M	3.78M	3.76M
Days Payables Outstanding	22.87	24.89	19.46	24.66	14.71	11.83	12.68	10.96	12.32	13.12
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.47M	3.17M	1.12M	61.9M	11.98M	11.03M	12.99M	13.65M	13.72M	86.6M
Current Ratio	5.20x	4.02x	6.67x	2.05x	5.52x	6.22x	6.33x	6.05x	7.17x	2.61x
Quick Ratio	4.57x	3.53x	5.89x	1.84x	4.91x	5.56x	5.49x	5.08x	6.16x	2.30x
Cash Conversion Cycle	80.08	84.75	93.8	138.42	100.57	106.61	123.21	126.57	127.83	145.26
Total Non-Current Liabilities+	160.06M	159.98M	178.95M	162.36M	200.47M	185.29M	180.58M	175.07M	154.45M	71.29M
Long-Term Debt	0	500K	500K	500K	500K	500K	500K	500K	500K	500K
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	37.22M	39.63M	56.63M	38.69M	38.01M	35.55M	45.78M	52.83M	0	58.17M
Other Non-Current Liabilities	160.06M	159.48M	178.45M	161.86M	161.96M	149.25M	134.3M	121.73M	153.95M	12.62M
Total Liabilities	184.07M	190.72M	198.54M	243.68M	230.28M	212.8M	211.18M	207.12M	184.9M	162.35M
Total Debt+	0	500K	500K	500K	500K	500K	500K	500K	500K	500K
Net Debt	-96.46M	-92.66M	-97.82M	-115.76M	-129.23M	-136.54M	-146.5M	-68.37M	-111.02M	-162.65M
Debt / Equity	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	-	0.18x	0.11x	-	0.24x	0.08x	0.03x	0.03x	0.03x	0.01x
Net Debt / EBITDA	-24.68x	-33.40x	-21.11x	-	-62.25x	-22.08x	-10.22x	-3.86x	-6.13x	-2.63x
Interest Coverage	-	-250.00x	30.00x	-1640.54x	-2.30x	1.75x	9.19x	14.59x	18.94x	71.46x
Total Equity+	165.25M	194.27M	353.08M	303.56M	327.21M	335.35M	384.97M	402.75M	391.76M	415.9M
Equity Growth %	-0.34%	0.18%	0.82%	-0.14%	0.08%	0.02%	0.15%	0.05%	-0.03%	0.06%
Book Value per Share	3.39	3.99	7.25	6.23	6.71	6.88	7.89	8.25	8.02	8.52
Total Shareholders' Equity	149.95M	177.92M	335.32M	284.12M	304.51M	311.88M	362.47M	382.15M	369.81M	396.9M
Common Stock	6.09M	6.09M	6.09M	6.09M	6.09M	6.1M	6.1M	6.1M	6.1M	6.11M
Retained Earnings	88.68M	104M	220.1M	225.16M	251M	257.88M	297.35M	300.44M	284.46M	315.06M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-245.36M	-232.85M	-191.74M	-248.27M	-251.69M	-251.19M	-240.76M	-222.99M	-219.62M	-223.36M
Minority Interest	15.3M	16.35M	17.76M	19.44M	22.71M	23.47M	22.5M	20.6M	21.95M	19M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	28.11M	27.7M	18.64M	17.08M	27.43M	19.02M	17.61M	26.93M	37M	25.57M
Operating CF Margin %	0.26%	0.25%	0.17%	0.14%	0.22%	0.17%	0.13%	0.16%	0.23%	0.18%
Operating CF Growth %	0.19%	-0.01%	-0.33%	-0.08%	0.61%	-0.31%	-0.07%	0.53%	0.37%	-0.31%
Net Income	-22.72M	16.69M	117.83M	-39.01M	28.04M	16.1M	53.36M	36.46M	-2.31M	69.26M
Depreciation & Amortization	3.61M	3.77M	3.73M	3.48M	3.69M	3.83M	3.84M	3.98M	3.97M	3.69M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-24.03M	-4.33M	-603K	-15.18M	430K	-2.53M	7.45M	2.29M	-7.31M	13.72M
Other Non-Cash Items	191K	201K	283K	-2K	-8.32M	15.21M	-24.33M	3.73M	55.54M	-19.02M
Working Capital Changes	-1.73M	3.52M	-15.35M	47.09M	3.61M	-13.59M	-22.71M	-19.52M	-12.89M	-42.08M
Change in Receivables	246K	-1.6M	-117K	-16.95M	15.49M	1.12M	-4.49M	-2.27M	754K	-6.68M
Change in Inventory	1.53M	-37K	-473K	-1.85M	-1.44M	-193K	-7.48M	-5.83M	333K	2.13M
Change in Payables	-1.25M	-172K	-1.7M	61.77M	-26.36M	-13.16M	0	-10.39M	-12.05M	-13.26M
Cash from Investing+	-3.88M	-30.61M	-13.61M	1.31M	9.92M	-3.14M	6.71M	-67.87M	22.1M	58.87M
Capital Expenditures	-4.3M	-3.21M	-2.81M	-3.12M	-3.17M	-1.74M	-4.09M	-3.69M	-1.13M	-1.43M
CapEx % of Revenue	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	420K	-27.4M	-10.8M	4.42M	10.16M	-1.4M	10.8M	5.78M	2.6M	60.3M
Cash from Financing+	-330K	168K	-333K	-335K	-470K	-8.48M	-14.35M	-36.8M	-15.23M	-41.63M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-21.13M	-21.13M	-21.13M	-23.95M	0	-7.8M	-11.71M	-30.75M	-13.67M	-36.63M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-330K	-332K	-333K	-335K	-470K	-676K	-1.32M	-4.3M	-1.55M	-5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	23.81M	24.49M	15.83M	13.96M	24.27M	17.28M	13.52M	23.24M	35.87M	24.14M
FCF Margin %	0.22%	0.22%	0.14%	0.12%	0.2%	0.15%	0.1%	0.14%	0.22%	0.17%
FCF Growth %	0.15%	0.03%	-0.35%	-0.12%	0.74%	-0.29%	-0.22%	0.72%	0.54%	-0.33%
FCF per Share	0.49	0.50	0.32	0.29	0.50	0.35	0.28	0.48	0.73	0.49
FCF Conversion (FCF/Net Income)	-1.18x	1.81x	0.16x	-0.42x	1.06x	1.30x	0.34x	0.80x	-16.03x	0.38x
Interest Paid	0	4K	30K	0	36K	27K	26K	34K	0	51K
Taxes Paid	611K	70K	3.11M	0	0	46K	32K	1.14M	0	127K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.47%	8.51%	42.42%	-12.49%	8.19%	4.43%	14.21%	8.59%	-0.58%	16.65%
Return on Invested Capital (ROIC)	0.18%	-0.88%	0.38%	-20.55%	-0.63%	0.89%	3.6%	3.6%	3.45%	10.64%
Gross Margin	30.64%	32.32%	31.07%	32.4%	31.36%	28.68%	30.36%	29.3%	30.52%	28.34%
Net Margin	-21.93%	14.05%	103.66%	-34.69%	20.8%	12.82%	36.35%	20.32%	-1.43%	46.07%
Debt / Equity	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage	-	-250.00x	30.00x	-1640.54x	-2.30x	1.75x	9.19x	14.59x	18.94x	71.46x
FCF Conversion	-1.18x	1.81x	0.16x	-0.42x	1.06x	1.30x	0.34x	0.80x	-16.03x	0.38x
Revenue Growth	5.01%	-0.09%	2.85%	5.54%	5.11%	-7.81%	22.94%	18.28%	-3.17%	-9.51%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Security Products	-	-	-	98.38M	99.33M	87.86M	105.12M	114.52M	121.18M	115.24M
Security Products Growth	-	-	-	-	0.96%	-11.54%	19.65%	8.94%	5.82%	-4.90%
Marine Components	-	-	-	19.83M	24.91M	26.67M	35.69M	52.04M	40.1M	30.7M
Marine Components Growth	-	-	-	-	25.62%	7.06%	33.80%	45.82%	-22.94%	-23.46%
Point Of Destination	108.99M	108.92M	112.03M	-	-	-	-	-	-	-
Point Of Destination Growth	-	-0.07%	2.86%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	98.53M	103.65M	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	5.20%	-	-	-	-	-	-	-
CANADA	-	7.51M	5.35M	-	-	-	-	-	-	-
CANADA Growth	-	-	-28.77%	-	-	-	-	-	-	-
Other Countries	2.9M	2.88M	3.04M	-	-	-	-	-	-	-
Other Countries Growth	-	-0.90%	5.45%	-	-	-	-	-	-	-
U S	103.74M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-
C A	2.35M	-	-	-	-	-	-	-	-	-
C A Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

NL Industries, Inc. (NL) has a price-to-earnings (P/E) ratio of 4.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

NL Industries, Inc. (NL) reported $159.0M in revenue for fiscal year 2024. This represents a 15% increase from $138.8M in 2011.

NL Industries, Inc. (NL) saw revenue decline by 9.5% over the past year.

Yes, NL Industries, Inc. (NL) is profitable, generating $9.7M in net income for fiscal year 2024 (46.1% net margin).

Dividend & Returns

Yes, NL Industries, Inc. (NL) pays a dividend with a yield of 11.98%. This makes it attractive for income-focused investors.

NL Industries, Inc. (NL) has a return on equity (ROE) of 16.6%. This is reasonable for most industries.

NL Industries, Inc. (NL) had negative free cash flow of $26.7M in fiscal year 2024, likely due to heavy capital investments.

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