Latest Ratios: P/E Ratio -9.0x · EV/EBITDA 17.1x · 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 | $339M | $267M | $380M | $274M | $332M | $361M | $233M | $191M | $171M | $694M | $397M |
| Enterprise Value | $226M | $154M | $217M | $163M | $264M | $215M | $97M | $61M | $55M | $596M | $304M |
| P/E Ratio → | -9.01 | — | 5.63 | — | 9.87 | 7.05 | 15.93 | 7.38 | — | 5.99 | 26.29 |
| P/S Ratio | 2.14 | 1.69 | 2.60 | 1.70 | 2.00 | 2.56 | 2.04 | 1.53 | 1.45 | 6.20 | 3.64 |
| P/B Ratio | 0.90 | 0.71 | 0.91 | 0.70 | 0.83 | 0.94 | 0.70 | 0.58 | 0.56 | 1.97 | 2.04 |
| P/FCF | — | — | 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 | 17.13 | 11.68 | 3.51 | 9.00 | 14.91 | 14.98 | 15.62 | 29.56 | — | 128.68 | 109.68 |
| EV / EBIT | 23.69 | — | 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 | -2.63 | -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 | 8.2% | 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 | — | — | 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 | 8.2% | 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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Quick answers to the most common questions about buying NL stock.
NLI Holdings, Inc.'s current P/E ratio is -9.0x. The historical average is 10.9x.
NLI Holdings, Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.3x.
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 -9.0x. Compare with industry peers and growth rates for a complete picture.
NLI Holdings, Inc.'s current dividend yield is 8.21%.
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
Legacy legal liability overhang
Metrics are mathematically derived from official filings.
Conglomerate Discount Masks Underlying Value
Based on reported figures, NL trades at a forward P/E of 6.74, which appears to reflect a significant conglomerate discount rather than the intrinsic value of its manufacturing operations, as investors struggle to reconcile the company's cash-rich balance sheet with its volatile earnings profile.
The valuation multiples are heavily distorted by the inclusion of equity in affiliates and non-recurring legal charges, making standard P/E metrics unreliable for assessing the core business. Investors should monitor whether the market continues to price the entity as a litigation stub, which may obscure the potential sum-of-the-parts value inherent in its cash reserves and equity stakes.
Capital Efficiency Impaired by Volatility
According to recent financial statements, NL's ROIC has remained largely stagnant, fluctuating near 1% over the last ten quarters, which suggests that the company is failing to compound capital effectively despite its debt-free status and significant cash holdings.
The low return on invested capital indicates that the manufacturing segments are not generating sufficient economic profit to justify the capital tied up in the business. This trend warrants further investigation into whether the corporate structure prioritizes capital preservation over the pursuit of higher-yielding growth opportunities within the security and marine segments.
Working Capital Cycles Remain Stagnant
As reported in quarterly filings, NL's cash conversion cycle has consistently hovered around 130 days, reflecting a structural inefficiency in inventory management that limits the company's ability to rapidly convert sales into free cash flow compared to broader industrial peers.
The high days inventory outstanding, often exceeding 100 days, suggests that the company maintains significant buffer stocks to support its OEM relationships, which ties up liquidity. This operational reality implies that any improvement in cash flow generation will likely require a more disciplined approach to inventory turnover rather than simple volume growth.
Robust Liquidity Buffers Operational Risks
Based on the most recent data, NL maintains a current ratio of 10.65, which provides a substantial liquidity cushion that appears designed to absorb potential shocks from legacy legal liabilities rather than to fund aggressive operational expansion or capital expenditure.
While this liquidity position is technically strong, it is largely composed of cash and cash equivalents that are not being deployed to enhance operational productivity. Investors should monitor whether this cash hoard remains available for shareholders or if it is increasingly earmarked for future environmental and legal settlements.
Misapplied Metrics in Holding Companies
The P/E ratio is the most commonly misapplied metric for NL, as it fails to account for the non-operating equity earnings and lumpy legal provisions that frequently distort the company's reported net income and obscure the true cash-generating power of its manufacturing subsidiaries.
Analysts should instead focus on adjusted EBITDA or free cash flow from operations, stripping out the equity in affiliates and non-recurring legal expenses to better gauge the underlying performance of the CompX business. Relying on headline P/E ratios likely leads to an inaccurate assessment of the company's valuation relative to its actual industrial output.