CompX International Inc. (CIX) 10-Year Financial Performance & Capital Metrics

CIX • • Industrial / General

IndustrialsSecurity ServicesPhysical Security ProductsSecurity Components

AboutCompX International Inc. manufactures and sells security products and recreational marine components primarily in North America. It operates in two segments, Security Products and Marine Components. The Security Products segment manufactures mechanical and electrical cabinet locks, and other locking mechanisms used in various applications, including ignition systems, mailboxes, file cabinets, desk drawers, tool storage cabinets, high security medical cabinetry, integrated inventory and access control secured narcotics boxes, electrical circuit panels, storage compartments, gas station security, and vending and cash containment machines. This segment serves recreational transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare, and other industries. The Marine Components segment manufactures and distributes 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 systems, trim tabs, steering wheels, and billet aluminum accessories; dash panels, LED indicators, and wire harnesses; and grab handles, pin cleats, and related hardware and accessories primarily for performance and ski/wakeboard boats for the recreational marine and other industries. The company sells its products directly to original equipment manufacturers, as well as through distributors. The company was incorporated in 1993 and is based in Dallas, Texas. CompX International Inc. is a subsidiary of NL Industries, Inc.Show more

Revenue $146M -9.5%
EBITDA $21M -29.6%
Net Income $17M -26.6%
EPS (Diluted) 1.35 -26.6%
Gross Margin 28.34% -7.1%
EBITDA Margin 14.19% -22.2%
Operating Margin 11.66% -26.0%
Net Margin 11.37% -18.9%
ROE 10.53% -23.7%
ROIC 12% -18.5%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 11.7%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.47%

5Y3.27%

3Y1.2%

TTM5.52%

Profit (Net Income) CAGR

10Y6.67%

5Y0.73%

3Y0.04%

TTM2.9%

EPS CAGR

10Y6.79%

5Y0.91%

3Y0.5%

TTM3.97%

ROCE

10Y Avg11.85%

5Y Avg12.01%

3Y Avg13.73%

Latest10.72%

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+	19.4M	19.6M	19.6M	20.5M	21.3M	21.03M	22.22M	23.36M	23.78M	24.34M
OpEx % of Revenue	0.18%	0.18%	0.17%	0.17%	0.17%	0.18%	0.16%	0.14%	0.15%	0.17%
Selling, General & Admin	19.4M	19.6M	19.6M	20.5M	21.3M	21.03M	22.22M	23.36M	23.78M	24.34M
SG&A % of Revenue	0.18%	0.18%	0.17%	0.17%	0.17%	0.18%	0.16%	0.14%	0.15%	0.17%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	50K	0	0	0	0	0	0	0	0	0
Operating Income+	14M	15.6M	15.2M	17.8M	17.67M	11.82M	20.53M	25.44M	25.43M	17.02M
Operating Margin %	0.13%	0.14%	0.14%	0.15%	0.14%	0.1%	0.15%	0.15%	0.16%	0.12%
Operating Income Growth %	0.03%	0.11%	-0.03%	0.17%	-0.01%	-0.33%	0.74%	0.24%	-0%	-0.33%
EBITDA+	17.54M	19.3M	18.87M	21.25M	21.35M	15.64M	24.36M	29.41M	29.41M	20.71M
EBITDA Margin %	0.16%	0.18%	0.17%	0.18%	0.17%	0.14%	0.17%	0.18%	0.18%	0.14%
EBITDA Growth %	0.02%	0.1%	-0.02%	0.13%	0%	-0.27%	0.56%	0.21%	-0%	-0.3%
D&A (Non-Cash Add-back)	3.54M	3.7M	3.67M	3.45M	3.68M	3.83M	3.84M	3.98M	3.97M	3.69M
EBIT	13.97M	15.57M	15.23M	17.81M	17.67M	11.82M	20.53M	25.44M	25.43M	17.02M
Net Interest Income+	50K	390K	1.93M	2.66M	3.27M	1.68M	1.2M	1.88M	4.17M	4.71M
Interest Income	50K	390K	1.93M	2.66M	3.27M	1.68M	1.2M	1.88M	4.17M	4.71M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	50K	390K	1.93M	2.66M	3.27M	1.68M	1.2M	1.88M	4.17M	4.71M
Pretax Income+	14M	16M	17.2M	20.5M	20.94M	13.5M	21.72M	27.31M	29.6M	21.74M
Pretax Margin %	0.13%	0.15%	0.15%	0.17%	0.17%	0.12%	0.15%	0.16%	0.18%	0.15%
Income Tax+	4.9M	5.5M	4M	5.2M	4.94M	3.17M	5.16M	6.44M	7.01M	5.15M
Effective Tax Rate %	0.65%	0.66%	0.77%	0.75%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%
Net Income+	9.1M	10.5M	13.2M	15.3M	16M	10.32M	16.57M	20.87M	22.59M	16.59M
Net Margin %	0.08%	0.1%	0.12%	0.13%	0.13%	0.09%	0.12%	0.13%	0.14%	0.11%
Net Income Growth %	0.05%	0.15%	0.26%	0.16%	0.05%	-0.35%	0.6%	0.26%	0.08%	-0.27%
Net Income (Continuing)	9.12M	10.46M	13.2M	15.32M	16M	10.32M	16.57M	20.87M	22.59M	16.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.73	0.84	1.06	1.23	1.29	0.83	1.33	1.69	1.84	1.35
EPS Growth %	0.04%	0.15%	0.26%	0.16%	0.05%	-0.36%	0.6%	0.27%	0.09%	-0.27%
EPS (Basic)	0.73	0.84	1.06	1.23	1.29	0.83	1.33	1.69	1.84	1.35
Diluted Shares Outstanding	12.47M	12.4M	12.4M	12.44M	12.44M	12.45M	12.41M	12.34M	12.31M	12.32M
Basic Shares Outstanding	12.41M	12.4M	12.4M	12.43M	12.44M	12.45M	12.41M	12.34M	12.31M	12.32M
Dividend Payout Ratio	0.27%	0.24%	0.19%	0.16%	0.22%	0.48%	0.6%	1.62%	0.54%	2.38%

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+	76.9M	59.2M	56.4M	76.3M	95.1M	101.25M	120.23M	111.16M	126.63M	105.3M
Cash & Short-Term Investments	52.3M	33.2M	29.7M	45.4M	63.26M	70.64M	76.58M	59.9M	76.75M	60.78M
Cash Only	52.3M	33.2M	29.7M	45.4M	63.26M	70.64M	76.58M	26.75M	41.39M	60.78M
Short-Term Investments	0	0	0	0	0	0	0	33.15M	35.35M	0
Accounts Receivable	8.76M	10.35M	10.45M	12.14M	11.87M	10.73M	15.55M	17.84M	17.06M	14.11M
Days Sales Outstanding	29.33	34.68	34.04	37.49	34.87	34.2	40.3	39.09	38.61	35.3
Inventory	15.1M	15M	15.4M	17.1M	18.35M	18.34M	25.64M	31.29M	30.71M	28.37M
Days Inventory Outstanding	72.9	74.29	72.81	78.12	78.53	81.93	95.44	96.98	100.03	99
Other Current Assets	0	0	0	0	0	0	0	2.14M	2.11M	2.04M
Total Non-Current Assets+	57.9M	84.8M	94.6M	90.1M	83.45M	82.76M	72.22M	66.18M	60.97M	57.75M
Property, Plant & Equipment	33.6M	33.1M	32.1M	31.8M	31.02M	28.95M	29.18M	28.69M	25.86M	24.03M
Fixed Asset Turnover	3.24x	3.29x	3.49x	3.72x	4.01x	3.96x	4.83x	5.80x	6.24x	6.07x
Goodwill	23.7M	23.7M	23.7M	23.7M	23.74M	23.7M	23.74M	23.7M	23.74M	23.74M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	-5M	22.51M	35.09M	30.8M	-3.29M	0	0	13.2M	0	9.3M
Other Non-Current Assets	600K	600K	600K	600K	28.69M	30.11M	19.3M	-1.64M	11.37M	680K
Total Assets+	134.8M	144M	151M	166.4M	178.54M	184.04M	192.45M	177.39M	187.6M	163.04M
Asset Turnover	0.81x	0.76x	0.74x	0.71x	0.70x	0.62x	0.73x	0.94x	0.86x	0.90x
Asset Growth %	0.03%	0.07%	0.05%	0.1%	0.07%	0.03%	0.05%	-0.08%	0.06%	-0.13%
Total Current Liabilities+	12.1M	13.3M	11.3M	13.7M	13.06M	13.15M	16.45M	16.65M	17.2M	15.78M
Accounts Payable	2.67M	2.61M	2.27M	3.23M	2.51M	2.63M	3.41M	3.54M	3.15M	3.69M
Days Payables Outstanding	12.9	12.95	10.74	14.78	10.76	11.76	12.68	10.96	10.25	12.87
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	541K	826K	197K
Other Current Liabilities	1.29M	1.62M	1.11M	1.2M	1.25M	8.43M	9.8M	10.49M	1.06M	-148K
Current Ratio	6.36x	4.45x	4.99x	5.57x	7.28x	7.70x	7.31x	6.68x	7.36x	6.67x
Quick Ratio	5.11x	3.32x	3.63x	4.32x	5.88x	6.30x	5.75x	4.80x	5.58x	4.88x
Cash Conversion Cycle	89.34	96.02	96.11	100.83	102.64	104.37	123.05	125.11	128.38	121.43
Total Non-Current Liabilities+	5M	4.9M	3.1M	3.2M	3.29M	3.24M	2.92M	2.3M	1.55M	1.12M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	5M	4.9M	3.1M	3.2M	3.29M	3.24M	2.92M	2.23M	1.51M	1.07M
Other Non-Current Liabilities	0	0	0	0	0	0	0	68K	41K	57K
Total Liabilities	17.1M	18.2M	14.4M	16.9M	16.35M	16.39M	19.36M	18.95M	18.75M	16.9M
Total Debt+	0	0	0	0	0	0	0	0	0	0
Net Debt	-52.3M	-33.2M	-29.7M	-45.4M	-63.26M	-70.64M	-76.58M	-26.75M	-41.39M	-60.78M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-2.98x	-1.72x	-1.57x	-2.14x	-2.96x	-4.52x	-3.14x	-0.91x	-1.41x	-2.93x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	117.7M	125.8M	136.6M	149.5M	162.19M	167.66M	173.09M	158.44M	168.85M	146.15M
Equity Growth %	0.06%	0.07%	0.09%	0.09%	0.08%	0.03%	0.03%	-0.08%	0.07%	-0.13%
Book Value per Share	9.44	10.15	11.02	12.02	13.04	13.47	13.95	12.84	13.72	11.87
Total Shareholders' Equity	117.7M	125.8M	136.6M	149.5M	162.19M	167.66M	173.09M	158.44M	168.85M	146.15M
Common Stock	124K	124K	124K	124K	124K	124K	124K	123K	123K	123K
Retained Earnings	62.16M	70.13M	80.85M	93.69M	106.2M	111.55M	118.18M	105.17M	115.46M	92.63M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-57.71M	-61.07M	-63.59M	-63.64M	0	0	0	-17K	-6K	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	13.48M	13.86M	12.58M	17.16M	18.46M	15.5M	10.47M	16.89M	25.81M	22.94M
Operating CF Margin %	0.12%	0.13%	0.11%	0.15%	0.15%	0.14%	0.07%	0.1%	0.16%	0.16%
Operating CF Growth %	0.11%	0.03%	-0.09%	0.36%	0.08%	-0.16%	-0.32%	0.61%	0.53%	-0.11%
Net Income	9.12M	10.46M	13.2M	15.32M	16M	10.32M	16.57M	20.87M	22.59M	16.59M
Depreciation & Amortization	3.54M	3.7M	3.67M	3.45M	3.68M	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	125K	-114K	-1.77M	86K	89K	-48K	-321K	-688K	-720K	-440K
Other Non-Cash Items	125K	169K	116K	289K	458K	346K	269K	213K	-1.48M	-257K
Working Capital Changes	339K	-507K	-2.7M	-1.99M	-1.76M	1.05M	-9.88M	-7.48M	1.45M	3.36M
Change in Receivables	-46K	-1.6M	-115K	-1.71M	250K	1.12M	-4.81M	-2.31M	764K	2.91M
Change in Inventory	1.53M	-37K	-473K	-1.85M	-1.44M	-193K	-7.48M	-5.83M	333K	2.13M
Change in Payables	-1.04M	153K	-962K	1.77M	-399K	95K	2.55M	943K	104K	-1.21M
Cash from Investing+	-4.22M	-30.57M	-13.6M	1.08M	2.86M	-3.14M	6.71M	-31.1M	1.15M	35.87M
Capital Expenditures	-4.22M	-3.17M	-2.8M	-3.12M	-3.17M	-1.74M	-4.09M	-3.69M	-1.13M	-1.43M
CapEx % of Revenue	0.04%	0.03%	0.02%	0.03%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	-27.4M	-10.8M	4.2M	5.9M	-1.4M	10.8M	5.63M	2.6M	1.3M
Cash from Financing+	-2.48M	-2.48M	-2.48M	-2.49M	-3.48M	-4.98M	-11.24M	-35.62M	-12.31M	-39.42M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.48M	-2.48M	-2.48M	-2.49M	-3.48M	-4.98M	-9.93M	-33.88M	-12.31M	-39.42M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	9.26M	10.69M	9.79M	14.05M	15.3M	13.76M	6.38M	13.2M	24.68M	21.51M
FCF Margin %	0.08%	0.1%	0.09%	0.12%	0.12%	0.12%	0.05%	0.08%	0.15%	0.15%
FCF Growth %	-0.01%	0.15%	-0.08%	0.44%	0.09%	-0.1%	-0.54%	1.07%	0.87%	-0.13%
FCF per Share	0.74	0.86	0.79	1.13	1.23	1.11	0.51	1.07	2.00	1.75
FCF Conversion (FCF/Net Income)	1.48x	1.32x	0.95x	1.12x	1.15x	1.50x	0.63x	0.81x	1.14x	1.38x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	4.74M	4.65M	6.71M	4.37M	5.03M	3.26M	4.7M	7.82M	7.31M	6.25M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.96%	8.62%	10.06%	10.7%	10.27%	6.26%	9.72%	12.59%	13.81%	10.53%
Return on Invested Capital (ROIC)	16.05%	14.81%	11.43%	12.65%	13.05%	9.05%	15.91%	16.72%	14.72%	12%
Gross Margin	30.64%	32.32%	31.07%	32.4%	31.36%	28.68%	30.36%	29.3%	30.52%	28.34%
Net Margin	8.35%	9.64%	11.79%	12.94%	12.88%	9.01%	11.77%	12.53%	14.01%	11.37%
FCF Conversion	1.48x	1.32x	0.95x	1.12x	1.15x	1.50x	0.63x	0.81x	1.14x	1.38x
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	95.61M	94.69M	96.6M	98.38M	99.33M	87.86M	105.12M	114.52M	121.18M	115.24M
Security Products Growth	-	-0.96%	2.01%	1.85%	0.96%	-11.54%	19.65%	8.94%	5.82%	-4.90%
Marine Components	13.38M	14.23M	15.44M	19.83M	24.91M	26.67M	35.69M	52.04M	40.1M	30.7M
Marine Components Growth	-	6.33%	8.49%	28.50%	25.62%	7.06%	33.80%	45.82%	-22.94%	-23.46%

Frequently Asked Questions

Valuation & Price

CompX International Inc. (CIX) has a price-to-earnings (P/E) ratio of 18.0x. This is roughly in line with market averages.

Growth & Financials

CompX International Inc. (CIX) reported $159.0M in revenue for fiscal year 2024. This represents a 15% increase from $138.8M in 2011.

CompX International Inc. (CIX) saw revenue decline by 9.5% over the past year.

Yes, CompX International Inc. (CIX) is profitable, generating $19.3M in net income for fiscal year 2024 (11.4% net margin).

Dividend & Returns

Yes, CompX International Inc. (CIX) pays a dividend with a yield of 13.19%. This makes it attractive for income-focused investors.

CompX International Inc. (CIX) has a return on equity (ROE) of 10.5%. This is reasonable for most industries.

CompX International Inc. (CIX) generated $17.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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