CompX International Inc. (CIX) Income Statement

The move from $33.7M to $44.0M over roughly two years reflects a meaningful cyclical rebound rather than a structural step-change in the top line. Quarterly year-over-year growth has moderated from 8.0% in 2026Q2 to the low single digits in 2026Q1, suggesting the recovery may be maturing. Investors should monitor whether volumes can hold above the $40M run-rate without further pricing support.

The swing of roughly eight percentage points within a few quarters points to meaningful exposure to material costs and product mix. Margins in the 30 to 33% range in most recent periods are respectable, but the data provided includes no peer gross margin comparison, so pricing power relative to competitors cannot be assessed from these figures. Further investigation into the drivers behind the 2026Q2 peak would be warranted.

SG&A has been essentially fixed across the period, so gross profit gains have flowed disproportionately to operating income. This leverage cuts both ways: the same mechanics would compress margins quickly if revenue softens. The drop from a 20.5% operating margin in 2026Q2 to 14.5% in 2026Q3 illustrates how sensitive profitability is to top-line swings.

The cost base is heavily weighted toward production, consistent with a manufacturing profile. R&D is reported as zero, so innovation spend is not separately visible in the supplied data and may be embedded in other lines or absent. Expense discipline is evident in the flat SG&A trajectory, but reliance on COGS efficiency leaves the margin structure exposed to input-cost inflation.