Revenue growth remains highly cyclical and volatile, evidenced by a swing from a 16.6% decline in 2024Q3 to an 18.7% expansion by 2025Q3, while gross margins remain constrained within a 25.5% to 32.7% range.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 158.58M | 158.28M | 145.94M | 161.29M | 166.56M | 140.81M | 114.54M | 124.24M | 118.2M | 112M | 108.9M | 109M | 103.8M | 92M | 83.2M | 138.84M | 135.3M | 116.1M | 165.5M | 177.68M | 190.12M | 186.35M | 741.69M | 1.01B | 897.23M | 835.1M | 922.32M | 908.4M | 894.7M | 837.2M | 986.1M |
| Revenue Growth % | 6.98% | 8.46% | -9.51% | -3.17% | 18.28% | 22.94% | -7.81% | 5.11% | 5.54% | 2.85% | -0.09% | 5.01% | 12.83% | 10.58% | -40.08% | 2.61% | 16.54% | -29.85% | -6.86% | -6.54% | 2.02% | -74.87% | -26.43% | 12.37% | 7.44% | -9.46% | 1.53% | 1.53% | 6.87% | -15.1% | -3.69% |
| Cost of Goods Sold | 109.31M | 110.11M | 104.58M | 112.07M | 117.76M | 98.07M | 81.69M | 85.28M | 79.9M | 77.2M | 73.7M | 75.6M | 71.6M | 64.4M | 58.87M | 103.64M | 99.3M | 92.3M | 125.75M | 132.46M | 143.65M | 142.59M | 572.54M | 739.24M | 671.83M | 578.06M | 610.45M | 628.6M | 583.9M | 615M | 698.7M |
| COGS % of Revenue | - | 69.56% | 71.66% | 69.48% | 70.7% | 69.64% | 71.32% | 68.64% | 67.6% | 68.93% | 67.68% | 69.36% | 68.98% | 70% | 70.76% | 74.65% | 73.39% | 79.5% | 75.98% | 74.55% | 75.56% | 76.52% | 77.19% | 73.32% | 74.88% | 69.22% | 66.19% | 69.2% | 65.26% | 73.46% | 70.85% |
| Gross Profit | 49.27M | 48.18M | 41.36M | 49.22M | 48.8M | 42.75M | 32.85M | 38.96M | 38.3M | 34.8M | 35.2M | 33.4M | 32.2M | 27.6M | 24.33M | 35.2M | 36M | 23.8M | 39.75M | 45.23M | 46.48M | 43.76M | 169.15M | 268.94M | 225.4M | 257.04M | 311.87M | 279.8M | 310.8M | 222.2M | 287.4M |
| Gross Margin % | 31.07% | 30.44% | 28.34% | 30.52% | 29.3% | 30.36% | 28.68% | 31.36% | 32.4% | 31.07% | 32.32% | 30.64% | 31.02% | 30% | 29.24% | 25.35% | 26.61% | 20.5% | 24.02% | 25.45% | 24.44% | 23.48% | 22.81% | 26.68% | 25.12% | 30.78% | 33.81% | 30.8% | 34.74% | 26.54% | 29.15% |
| Gross Profit Growth % | - | 16.48% | -15.96% | 0.86% | 14.15% | 30.14% | -15.69% | 1.73% | 10.06% | -1.14% | 5.39% | 3.73% | 16.67% | 13.45% | -30.89% | -2.23% | 51.26% | -40.13% | -12.11% | -2.68% | 6.21% | -74.13% | -37.11% | 19.32% | -12.31% | -17.58% | 11.46% | -9.97% | 39.87% | -22.69% | -25.68% |
| Operating Expenses | 35.83M | 38.64M | 3.49M | 35.09M | 35.07M | 32.26M | 30.49M | 40.57M | 38.3M | 34.3M | 36.6M | 36.8M | 39.8M | 105.2M | 43.09M | 31.52M | 49.7M | 50.6M | 977K | 52.85M | 42.6M | 41.14M | 103.2M | 178.12M | 145.53M | 124.51M | 137.18M | 168M | 168.5M | 203.5M | 217.2M |
| OpEx % of Revenue | - | 24.41% | 2.39% | 21.76% | 21.05% | 22.91% | 26.62% | 32.66% | 32.4% | 30.63% | 33.61% | 33.76% | 38.34% | 114.35% | 51.8% | 22.71% | 36.73% | 43.58% | 0.59% | 29.74% | 22.41% | 22.08% | 13.91% | 17.67% | 16.22% | 14.91% | 14.87% | 18.49% | 18.83% | 24.31% | 22.03% |
| Selling, General & Admin | 26.91M | 26.71M | 25.55M | 25.15M | 24.5M | 22.89M | 31.27M | 35.26M | 38.9M | 34.5M | 36.6M | 36.9M | 39.9M | 105.3M | 46.7M | 32.54M | 55M | 26.7M | 49.83M | 57.16M | 50.31M | 44.03M | 111.44M | 181.88M | 145.53M | 124.51M | 137.18M | 134.3M | 134M | 168.6M | 177.5M |
| SG&A % of Revenue | - | 16.88% | 17.51% | 15.59% | 14.71% | 16.25% | 27.31% | 28.38% | 32.91% | 30.8% | 33.61% | 33.85% | 38.44% | 114.46% | 56.14% | 23.44% | 40.65% | 23% | 30.11% | 32.17% | 26.46% | 23.63% | 15.03% | 18.04% | 16.22% | 14.91% | 14.87% | 14.78% | 14.98% | 20.14% | 18% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18M | 17M | 13M | 16M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 15.23% | 15.18% | 11.94% | 14.68% | 18.3% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 11.93M | -22.06M | 9.94M | 10.57M | 9.37M | -784K | 5.31M | -100K | 170K | 9K | 120K | 186K | 29K | -3.61M | -1.01M | -5.08M | -11M | -48.85M | -4.32M | -7.71M | -2.88M | -8.24M | -3.76M | 0 | 0 | 0 | 33.7M | 34.5M | 34.9M | 39.7M |
| Operating Income | 10.49M | 9.54M | 37.88M | 14.13M | 13.73M | 10.49M | 2.36M | -1.61M | -60.7M | 900K | -1M | 300K | 2.8M | -68.2M | -8.06M | 8.44M | -14.2M | -11.6M | 38.78M | -10.28M | 3.88M | 2.62M | 65.95M | 90.82M | 79.86M | 132.53M | 174.69M | 111.8M | 142.3M | 18.7M | 70.2M |
| Operating Margin % | 6.62% | 6.02% | 25.95% | 8.76% | 8.24% | 7.45% | 2.06% | -1.29% | -51.35% | 0.8% | -0.92% | 0.28% | 2.7% | -74.13% | -9.69% | 6.08% | -10.5% | -9.99% | 23.43% | -5.79% | 2.04% | 1.4% | 8.89% | 9.01% | 8.9% | 15.87% | 18.94% | 12.31% | 15.9% | 2.23% | 7.12% |
| Operating Income Growth % | - | -74.83% | 168.07% | 2.9% | 30.88% | 345.1% | 246.49% | 97.35% | -6844.44% | 190% | -433.33% | -89.29% | 104.11% | -746.26% | -195.44% | 159.46% | -22.41% | -129.92% | 477.05% | -365.39% | 48.18% | -96.03% | -27.38% | 13.72% | -39.74% | -24.14% | 56.25% | -21.43% | 660.96% | -73.36% | -55.63% |
| EBITDA | 13.2M | 13.19M | 61.87M | 18.1M | 17.71M | 14.33M | 6.18M | 2.08M | -57.22M | 4.63M | 2.77M | 3.91M | 6.4M | -64.86M | -2.23M | 15.27M | -6.47M | -3.33M | 48.2M | 1.09M | 16.09M | 13.95M | 102.35M | 130.92M | 113.08M | 162.13M | 204.43M | 145.5M | 176.8M | 53.6M | 109.9M |
| EBITDA Margin % | 8.32% | 8.33% | 42.39% | 11.22% | 10.63% | 10.18% | 5.4% | 1.67% | -48.41% | 4.14% | 2.55% | 3.59% | 6.17% | -70.51% | -2.68% | 11% | -4.78% | -2.87% | 29.12% | 0.61% | 8.47% | 7.49% | 13.8% | 12.99% | 12.6% | 19.41% | 22.16% | 16.02% | 19.76% | 6.4% | 11.14% |
| EBITDA Growth % | -69.57% | -78.68% | 241.77% | 2.23% | 23.57% | 131.73% | 197.88% | 103.63% | -1334.87% | 67.05% | -29.04% | -38.93% | 109.87% | -2804.84% | -114.62% | 336.2% | -94.29% | -106.91% | 4317.6% | -93.22% | 15.38% | -86.37% | -21.82% | 15.77% | -30.25% | -20.69% | 40.5% | -17.7% | 229.85% | -51.23% | -44.27% |
| D&A (Non-Cash Add-back) | 2.71M | 3.65M | 23.99M | 3.97M | 3.98M | 3.84M | 3.83M | 3.69M | 3.48M | 3.73M | 3.77M | 3.61M | 3.6M | 3.33M | 5.83M | 6.83M | 7.73M | 8.27M | 9.42M | 11.38M | 12.22M | 11.33M | 36.4M | 40.09M | 33.22M | 29.6M | 29.73M | 33.7M | 34.5M | 34.9M | 39.7M |
| EBIT | -52.53M | -50.66M | 83.85M | -5.67M | 40.18M | 61.98M | 14.94M | 29.3M | -54.34M | 4.29M | 13.92M | -51.33M | -530K | -96.33M | 78.14M | 99.88M | 109.27M | -21.3M | 50.01M | -7.62M | 3.88M | 2.62M | 65.95M | 99.7M | 70.46M | 132.53M | 174.69M | 111.8M | 142.3M | 18.7M | 31.5M |
| Net Interest Income | 4.78M | 6.23M | 10.45M | 8.89M | 2.86M | 461K | 1.25M | 5.99M | 5.03M | 3.54M | 1.73M | 1.17M | 1.62M | 2.8M | 2.18M | 1.43M | 79.85M | 1.68M | 5.65M | 4.78M | 5.14M | 5.75M | 9.78M | 4.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.96M | 7M | 10.98M | 9.64M | 3.8M | 1.6M | 2.6M | 6.7M | 5.07M | 3.57M | 1.73M | 1.17M | 1.62M | 2.9M | 3.2M | 2.98M | 2.5M | 2.8M | 8.01M | 4.78M | 5.14M | 5.75M | 9.78M | 4.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 180K | 767K | 530K | 746K | 941K | 1.14M | 1.35M | 700K | 37K | 30K | 4K | 0 | 0 | 100K | 1.02M | 1.62M | 1.5M | 1.1M | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -56.65M | -60.96M | 45.44M | -20.55M | 25.51M | 50.35M | 11.23M | 30.22M | 6.29M | 110.49M | 14.63M | -51.59M | 31.8M | -28.2M | 85.18M | 98.94M | 121.97M | -10.79M | 8.88M | 2.87M | 34.56M | 45.71M | 3.2M | -17.42M | -20.35M | 23.8M | 59.07M | -16.6M | -32.6M | -46.4M | -5.9M |
| Pretax Income | -46.16M | -51.42M | 83.32M | -6.42M | 39.24M | 60.84M | 13.59M | 28.61M | -54.4M | 112.2M | 13.9M | -51.3M | 34.6M | -96.4M | 77.12M | 107.38M | 111.3M | -22.4M | 47.65M | -7.42M | 38.44M | 48.18M | 69.15M | 64.25M | 50.11M | 156.33M | 233.76M | 95.2M | 109.7M | -27.7M | 25.6M |
| Pretax Margin % | -29.11% | -32.49% | 57.09% | -3.98% | 23.56% | 43.2% | 11.86% | 23.03% | -46.02% | 100.18% | 12.76% | -47.06% | 33.33% | -104.78% | 92.7% | 77.34% | 82.26% | -19.29% | 28.79% | -4.17% | 20.22% | 25.86% | 9.32% | 6.37% | 5.58% | 18.72% | 25.34% | 10.48% | 12.26% | -3.31% | 2.6% |
| Income Tax | -14.56M | -16.05M | 14.06M | -7M | 2.79M | 7.48M | -2.52M | 579K | -15.4M | -5.6M | -2.8M | -28.6M | 5M | -41.9M | 19.93M | 24.73M | 40.5M | -10.3M | 14.85M | -8.31M | 8.86M | 14.62M | -291.51M | -1.46M | 12.04M | 34.92M | 78.42M | -64.6M | 19.8M | 2.2M | 14.8M |
| Effective Tax Rate % | 31.54% | 31.22% | 16.87% | 109.07% | 7.1% | 12.29% | -18.51% | 2.02% | 28.31% | -4.99% | -20.14% | 55.75% | 14.45% | 43.46% | 25.85% | 23.03% | 36.39% | 45.98% | 31.16% | 112.04% | 23.05% | 30.33% | -421.54% | -2.26% | 24.02% | 22.34% | 33.55% | -67.86% | 18.05% | -7.94% | 57.81% |
| Net Income | -34.15M | -37.83M | 67.23M | -2.31M | 33.84M | 51.19M | 14.68M | 25.84M | -41M | 116.1M | 15.3M | -23.9M | 28.5M | -55.3M | 74.54M | 81.66M | 70.4M | -11.8M | 33.18M | -1.73M | 26.11M | 32.89M | 211.07M | 63.66M | 36.81M | 121.41M | 154.61M | 159.8M | 366.7M | -9.5M | 10.8M |
| Net Margin % | -21.53% | -23.9% | 46.07% | -1.43% | 20.32% | 36.35% | 12.82% | 20.8% | -34.69% | 103.66% | 14.05% | -21.93% | 27.46% | -60.11% | 89.59% | 58.82% | 52.03% | -10.16% | 20.05% | -0.97% | 13.73% | 17.65% | 28.46% | 6.31% | 4.1% | 14.54% | 16.76% | 17.59% | 40.99% | -1.13% | 1.1% |
| Net Income Growth % | -155.93% | -156.27% | 3012.83% | -106.82% | -33.88% | 248.69% | -43.2% | 163.03% | -135.31% | 658.82% | 164.02% | -183.86% | 151.54% | -174.19% | -8.72% | 15.99% | 696.61% | -135.56% | 2017.04% | -106.63% | -20.61% | -84.42% | 231.54% | 72.95% | -69.68% | -21.47% | -3.25% | -56.42% | 3960% | -187.96% | -87.38% |
| Net Income (Continuing) | -32.35M | -35.37M | 69.26M | 582K | 36.46M | 53.36M | 16.1M | 28.04M | -39.01M | 117.83M | 16.69M | -22.72M | 29.63M | -54.54M | 57.19M | 82.66M | 71.33M | -12.01M | 32.8M | 893K | 29.58M | 33.66M | 360.66M | -18.31M | 37.42M | 121.41M | 155.34M | 159.8M | 89.9M | -29.9M | -11.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -326K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 18.3M | 18.02M | 19M | 21.95M | 20.6M | 22.5M | 23.47M | 22.71M | 19.44M | 17.76M | 16.35M | 15.3M | 14.43M | 13.62M | 13.27M | 11.01M | 10.91M | 11.05M | 11.87M | 14.37M | 45.42M | 45.63M | 58.4M | 86.79M | 8.52M | 7.21M | 6.28M | 3.9M | 600K | 300K | 200K |
| EPS (Diluted) | -0.70 | -0.77 | 1.38 | -0.05 | 0.69 | 1.05 | 0.30 | 0.53 | -0.84 | 2.38 | 0.31 | -0.49 | 0.59 | -1.14 | 1.53 | 1.68 | 1.40 | -0.24 | 0.68 | -0.04 | 0.54 | 0.68 | 3.36 | -0.44 | 0.77 | 2.44 | 3.05 | 3.08 | 7.05 | -0.19 | 0.21 |
| EPS Growth % | -155.42% | -155.8% | 3017.55% | -106.86% | -34.29% | 250% | -43.4% | 163.1% | -135.29% | 667.74% | 163.27% | -183.05% | 151.75% | -174.51% | -8.93% | 20% | 683.33% | -135.29% | 2010.11% | -106.59% | -20.59% | -79.76% | 863.64% | -157.14% | -68.44% | -20% | -0.97% | -56.31% | 3810.53% | -190.48% | -87.35% |
| EPS (Basic) | - | -0.77 | 1.38 | -0.05 | 0.69 | 1.05 | 0.30 | 0.53 | -0.84 | 2.38 | 0.31 | -0.49 | 0.59 | -1.14 | 1.53 | 1.68 | 1.40 | -0.24 | 0.68 | -0.04 | 0.54 | 0.68 | 3.37 | -0.44 | 0.78 | 2.44 | 3.07 | 3.09 | 7.13 | -0.19 | 0.21 |
| Diluted Shares Outstanding | 48.86M | 48.86M | 48.84M | 48.83M | 48.81M | 48.8M | 48.78M | 48.74M | 48.73M | 48.71M | 48.7M | 48.69M | 48.68M | 48.67M | 48.67M | 48.66M | 48.6M | 48.6M | 48.6M | 48.59M | 48.58M | 48.59M | 48.42M | 47.8M | 48.77M | 49.86M | 50.75M | 51.88M | 52M | 50M | 51.9M |
| Basic Shares Outstanding | 48.86M | 48.86M | 48.84M | 48.83M | 48.81M | 48.8M | 48.78M | 48.74M | 48.73M | 48.71M | 48.7M | 48.69M | 48.68M | 48.54M | 48.67M | 48.66M | 48.6M | 48.6M | 48.6M | 48.59M | 48.57M | 48.54M | 48.33M | 47.72M | 48.77M | 49.73M | 50.41M | 51.72M | 51.46M | 50M | 51.9M |
| Dividend Payout Ratio | - | - | 54.49% | - | 90.87% | 22.88% | 53.17% | - | - | - | - | - | - | - | 32.65% | 29.8% | 34.54% | - | 73.22% | - | 93.01% | 110.74% | - | 59.98% | 429.17% | 32.75% | 21.14% | 4.51% | 1.25% | - | 141.67% |
Legacy legal liability overhang
According to recent quarterly filings, NL Industries' revenue growth has exhibited significant volatility, swinging from a 16.6% decline in 2024Q3 to an 18.7% expansion by 2025Q3, suggesting that the company's top-line performance is heavily tethered to cyclical industrial demand and the timing of specific OEM contract deliveries.
The erratic revenue trajectory appears to reflect the discretionary nature of the marine components segment, which is sensitive to broader economic conditions. Investors should monitor whether the recent stabilization in 2026Q1 represents a durable recovery or merely a temporary fluctuation in the underlying OEM order book.
As reported in financial statements, NL's gross margins have fluctuated between 25.5% and 32.7% over the last ten quarters, indicating that the company lacks the pricing power to fully insulate its profitability from the inherent volatility of raw material costs like zinc and stainless steel.
The inability to maintain a consistent gross margin suggests that the company's manufacturing process is highly susceptible to commodity price shocks. This margin sensitivity warrants further investigation into the company's ability to pass through inflationary pressures to its OEM partners without sacrificing volume.
Based on NL's reported figures, net income is frequently distorted by non-operating items, such as the 2025Q4 net loss of $31.0M, which highlights how equity in affiliates and legacy legal provisions can completely mask the underlying operational profitability of the core security and marine manufacturing segments.
The wide variance between operating income and net income suggests that investors should focus on segment-level operating performance rather than headline earnings. The reliance on equity earnings from Kronos Worldwide introduces significant volatility that is entirely disconnected from the company's primary industrial operations.
While the company maintains a debt-free balance sheet, the market's valuation appears to treat NL as a litigation stub, as evidenced by the persistent disconnect between its $113M cash position and the potential for future cash outflows related to long-standing environmental and lead paint legal liabilities.
Short-sellers may argue that the company's true value is trapped by these contingent liabilities, which remain difficult to quantify and could materialize at any time. This uncertainty suggests that the current valuation may be more reflective of legal risk management than the actual growth prospects of the CompX subsidiary.
Quick answers to the most common questions about buying NL stock.
For fiscal year 2025, NL Industries, Inc. (NL) reported total revenue of $158.3M. This represents a 83.9% decline compared to $986.1M in 1996.
NL Industries, Inc. (NL) reported a net loss of $37.8M for the fiscal year ending 2025.
NL Industries, Inc. (NL) reported an operating income of $9.5M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
NL Industries, Inc. (NL) generated $48.2M in gross profit for the year, representing a gross profit margin of 30.4%. This demonstrates the company's core pricing power and production efficiency.