Latest Ratios: P/E Ratio -70.7x · EV/EBITDA 12.8x · ROE -9.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $348M | $267M | $380M | $274M | $332M | $361M | $233M | $191M | $171M | $694M | $397M |
| Enterprise Value | $235M | $154M | $217M | $163M | $264M | $215M | $97M | $61M | $55M | $596M | $304M |
| P/E Ratio → | -70.66 | — | 5.63 | — | 9.87 | 7.05 | 15.93 | 7.38 | — | 5.99 | 26.29 |
| P/S Ratio | 2.10 | 1.69 | 2.60 | 1.70 | 2.00 | 2.56 | 2.04 | 1.53 | 1.45 | 6.20 | 3.64 |
| P/B Ratio | 0.92 | 0.71 | 0.91 | 0.70 | 0.83 | 0.94 | 0.70 | 0.58 | 0.56 | 1.97 | 2.04 |
| P/FCF | 36.29 | — | 15.72 | 7.64 | 14.31 | 26.72 | 13.49 | 7.85 | 12.25 | 43.85 | 16.20 |
| P/OCF | — | — | 14.84 | 7.40 | 12.34 | 20.51 | 12.26 | 6.95 | 10.02 | 37.24 | 14.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.97 | 1.49 | 1.01 | 1.59 | 1.52 | 0.84 | 0.49 | 0.47 | 5.32 | 2.79 |
| EV / EBITDA | 12.83 | 11.68 | 5.22 | 9.00 | 14.91 | 14.98 | 15.62 | 29.56 | — | 128.68 | 109.68 |
| EV / EBIT | 24.66 | — | 2.59 | — | 6.57 | 3.46 | 6.47 | 2.09 | — | 138.94 | 21.86 |
| EV / FCF | — | — | 8.98 | 4.54 | 11.36 | 15.88 | 5.59 | 2.53 | 3.96 | 37.67 | 12.42 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.4% | 30.4% | 28.3% | 30.5% | 29.3% | 30.4% | 28.7% | 31.4% | 32.4% | 31.1% | 32.3% |
| Operating Margin | 6.0% | 6.0% | 26.0% | 8.8% | 8.2% | 7.5% | 2.1% | -1.3% | -51.4% | 0.8% | -0.9% |
| Net Profit Margin | -23.9% | -23.9% | 46.1% | -1.4% | 20.3% | 36.4% | 12.8% | 20.8% | -34.7% | 103.7% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.5% | -9.5% | 16.6% | -0.6% | 8.6% | 14.2% | 4.4% | 8.2% | -12.5% | 42.4% | 8.5% |
| ROA | -7.2% | -7.2% | 11.6% | -0.4% | 5.6% | 8.9% | 2.7% | 4.7% | -7.5% | 24.8% | 4.2% |
| ROIC | 2.8% | 2.8% | 10.6% | 3.4% | 3.6% | 3.6% | 0.9% | -0.6% | -20.6% | 0.4% | -0.9% |
| ROCE | 2.0% | 2.0% | 7.3% | 2.5% | 2.4% | 1.9% | 0.4% | -0.3% | -12.2% | 0.2% | -0.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | 0.04 | 0.04 | 0.01 | 0.03 | 0.03 | 0.03 | 0.08 | 0.24 | — | 0.11 | 0.18 |
| Net Debt / Equity | — | -0.30 | -0.39 | -0.28 | -0.17 | -0.38 | -0.41 | -0.39 | -0.38 | -0.28 | -0.48 |
| Net Debt / EBITDA | -8.59 | -8.59 | -3.91 | -6.13 | -3.86 | -10.22 | -22.08 | -62.25 | — | -21.11 | -33.40 |
| Debt / FCF | — | — | -6.74 | -3.09 | -2.94 | -10.84 | -7.90 | -5.32 | -8.29 | -6.18 | -3.78 |
| Interest Coverage | -66.05 | -66.05 | 158.20 | -7.60 | 42.70 | 54.27 | 11.07 | 41.85 | -1468.57 | 143.07 | 3480.00 |
Net cash position: cash ($114M) exceeds total debt ($500000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.77 | 7.77 | 2.61 | 7.17 | 6.05 | 6.33 | 6.22 | 5.52 | 2.05 | 6.67 | 4.02 |
| Quick Ratio | 6.29 | 6.29 | 2.30 | 6.16 | 5.08 | 5.49 | 5.56 | 4.91 | 1.84 | 5.89 | 3.53 |
| Cash Ratio | 5.53 | 5.53 | 1.79 | 5.41 | 4.34 | 4.80 | 4.98 | 4.35 | 1.43 | 5.02 | 3.03 |
| Asset Turnover | — | 0.34 | 0.25 | 0.28 | 0.27 | 0.24 | 0.21 | 0.22 | 0.22 | 0.20 | 0.28 |
| Inventory Turnover | 3.62 | 3.62 | 3.69 | 3.65 | 3.76 | 3.82 | 4.45 | 4.65 | 4.67 | 5.02 | 4.92 |
| Days Sales Outstanding | — | 31.82 | 59.37 | 40.12 | 40.55 | 40.46 | 36.50 | 36.75 | 84.95 | 40.53 | 35.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.0% | 10.4% | 9.7% | 5.0% | 9.3% | 3.2% | 3.3% | — | 14.0% | 3.0% | 5.3% |
| Payout Ratio | — | — | 54.5% | — | 90.9% | 22.9% | 53.2% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 17.8% | — | 10.1% | 14.2% | 6.3% | 13.6% | — | 16.7% | 3.8% |
| FCF Yield | 2.8% | — | 6.4% | 13.1% | 7.0% | 3.7% | 7.4% | 12.7% | 8.2% | 2.3% | 6.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.0% | 10.4% | 9.7% | 5.0% | 9.8% | 3.6% | 3.3% | 0.0% | 14.0% | 3.0% | 5.3% |
| Shares Outstanding | — | $49M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | $49M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying NL stock.
NLI Holdings, Inc.'s current P/E ratio is -70.7x. The historical average is 10.9x.
NLI Holdings, Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
NLI Holdings, Inc.'s return on equity (ROE) is -9.5%. The historical average is 23.6%.
Based on historical data, NLI Holdings, Inc. is trading at a P/E of -70.7x. Compare with industry peers and growth rates for a complete picture.
NLI Holdings, Inc.'s current dividend yield is 7.99%.
NLI Holdings, Inc. has 30.4% gross margin and 6.0% operating margin.
NLI Holdings, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Dividend drawdown outpacing cash generation
Metrics are mathematically derived from official filings.
Cheap on Paper, Distorted Below the Line
NL trades at 0.86x book yet 16.05x trailing EV/EBITDA, a gap that suggests the market is discounting reported earnings quality, while the 8.6% dividend yield, against negative cumulative free cash flow, appears to be the primary valuation anchor rather than growth.
The negative trailing P/E of -8.64 alongside a 7.64x forward P/E implies the market expects a sharp earnings normalization, but as prior income statement work showed, quarterly operating income excluding 2024Q4's anomalous print has never exceeded $6.1M. Relative to peers, NL's 16.05x EV/EBITDA sits above KALU (9.07x) and HBB (10.44x) despite comparable or lower returns on capital, so the price/book discount to SXI (3.93x) and HBB (2.45x) may reflect structural questions about earning power rather than a value opportunity. Investors should treat the forward multiples cautiously until below-the-line volatility settles.
Returns on Capital Remain Near Zero
According to reported ratios, NL's ROIC has printed between 0.2% and 1.7% in eight of the last ten quarters, sharply below peer ROIC levels at HBB (14.0%) and SXI (9.7%), suggesting the company is not currently compounding returns on its approximately $470.6M asset base.
The lone outliers, 2024Q4's 9.9% ROIC and 2024Q4's 87.7% operating margin, trace to a single anomalous quarter rather than a durable trend, so the underlying return profile appears closer to the sub-2% norm. With asset turnover stuck in a 0.06–0.09 band, the low ROIC is driven by both thin margins and capital efficiency that is materially worse than the diversified industrial peer set, implying a large portion of the balance sheet is generating negligible economic value.
Working Capital Permanently Absorbs Cash
As reported in NL's filings, the cash conversion cycle has remained pinned between 123 and 137 days over ten quarters, driven by roughly 100 days of inventory holding against just 13 days payable, indicating suppliers extend virtually no financing to the business.
The 40-ish day DSO shows receivables discipline is reasonable, but the 100-day inventory float is the structural drag: working capital consumed $127.6M of operating cash over the period, which explains why cumulative net income of $41.5M never reached the cash flow statement. Compared with what an asset turnover of 0.09 implies about the sector, NL's working capital intensity warrants further investigation into whether inventory levels reflect a service model with long fulfillment cycles or slower-moving stock.
No Leverage, Yet Cash Is Still Draining
Per NL's reported balance sheet, total debt of $1.4M against $363.0M of equity produces a 0.00 debt-to-equity ratio and interest coverage that is statistically uninformative, positioning NL with effectively no refinancing or covenant risk relative to peers carrying D/E of 0.23 to 3.27.
While the leverage profile is fortress-like on its face, the more relevant constraint appears to be distribution policy rather than debt service: $79.2M of dividends over ten quarters against negative $14.0M of cumulative free cash flow have drawn cash from $167.5M to $107.0M and cut retained earnings by $62.2M from their 2024Q4 peak. The extreme interest coverage figures, including the -4136x print in 2025Q4, are simply an artifact of near-zero interest expense and should not be read as a distress signal.
Why P/E Misleads on This Business Model
The most commonly misapplied ratio here is P/E, which swings between -8.64 trailing and 7.64 forward because net margin prints as high as 107.0% in 2024Q3 and as low as -82.2% in 2025Q4, driven by non-operating items rather than the operating business.
Analysts should instead anchor on operating margin and EV/operating income, since trailing four-quarter operating income averages roughly $3.6M while net income cumulated to $41.5M over ten quarters, a divergence that makes any earnings multiple unreliable. Book value and asset-based metrics are also questionable here without adjustment: the 0.86x P/B looks attractive only if one assumes the $470.6M asset base, including 100-day inventory holdings and a $127.6M cumulative working capital absorption, is fairly stated, which the accrual-heavy cash conversion record suggests may warrant further investigation.