Revenue reached a ten-quarter high of $43.6M in 2026Q2 (8.0% YoY growth) with gross margin expanding to 35.6% and operating margin to 14.1%, though trailing operating income excluding the anomalous 2024Q4 print has never exceeded $6.1M per quarter.
NLI Holdings, Inc. (NL) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 165.87M | 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 % | 4.32% | 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 | 111.96M | 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 | 53.91M | 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 % | 32.5% | 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 | 34.95M | 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 | 27.04M | 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 | 15.72M | 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 % | 9.48% | 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 | 18.33M | 13.19M | 41.57M | 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 % | 11.05% | 8.33% | 28.48% | 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 % | -59.43% | -68.28% | 129.63% | 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) | 2.61M | 3.65M | 3.69M | 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 | -26.56M | -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 | 3.75M | 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 | 3.78M | 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 | 22K | 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 | -26.37M | -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 | -10.65M | -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 % | -6.42% | -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 | -8.69M | -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 % | 81.59% | 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 | -4.94M | -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 % | -2.98% | -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 % | -150.91% | -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) | -2.65M | -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 | 19.02M | 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) | -0.10 | -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 % | -151.24% | -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 | 48.9M | 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 | 48.9M | 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% |
Quick answers to the most common questions about buying NL stock.
For fiscal year 2025, NLI Holdings, Inc. (NL) reported total revenue of $158.3M. This represents a 83.9% decline compared to $986.1M in 1996.
NLI Holdings, Inc. (NL) reported a net loss of $37.8M for the fiscal year ending 2025.
NLI Holdings, 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.
NLI Holdings, 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.
Key Metrics
Top Statement Risk
Net income distorted by non-operating swings
Metrics are mathematically derived from official filings.
Revenue Range-Bound With Recent Acceleration
Revenue has stayed within a $33.7M–$43.6M band over ten quarters, with 2026Q2 reaching $43.6M and 8.0% year-over-year growth per the reported income statements, the strongest YoY print since 2025Q3's 18.7% rebound. The pattern suggests cyclical, not structural, top-line momentum.
Revenue trajectory has been choppy rather than consistently directional: 2024 saw sequential declines into Q3 ($33.7M) before a rebound, and 2025 was largely flat around $38–40M. The recent uptick to $40.6M in 2026Q1 (only +0.7% YoY) and $43.6M in 2026Q2 (+8.0% YoY) is encouraging, but a single quarter of acceleration off a soft base does not yet establish a durable trend. Investors should treat the current upswing as provisional until it persists across another two to three quarters.
Gross Margin Expansion Outpaces Peer Set
Gross margin climbed from 25.5% in 2024Q1 to 35.6% in 2026Q2, an expansion of roughly ten points driven by COGS growing slower than revenue. Per company financial statements, this places NL's margin profile near diversified industrial peers SXI (38.0%) and CODI (38.5%), well above KALU (9.5%).
The margin trajectory is genuinely impressive: COGS fell from $28.3M in 2024Q1 to $28.1M in 2026Q2 while revenue rose from $38.0M to $43.6M, indicating either favorable product/service mix, pricing gains, or disciplined input-cost management. However, the expansion has not been monotonic — margins dipped to 27.6% in 2025Q3 before recovering — which points to some cyclicality or quarter-to-quarter project mix volatility rather than a purely secular improvement. The sustainability of this margin level warrants monitoring, particularly if revenue growth stalls.
Flat Overhead Delivers Operating Leverage
SG&A has held in a tight $6.2M–$7.6M corridor while gross profit expanded from $9.5M to $15.5M, translating into operating margin gains from 2.2% (2024Q2) to 14.1% (2026Q2). As disclosed figures indicate, NL's cost structure appears increasingly variable-light, allowing profit to scale with revenue.
This is the most compelling fundamental story in the income statement: SG&A as a percentage of revenue fell from roughly 20% in 2024Q1 to 15.1% in 2026Q2, meaning the company is generating incremental gross profit at close to 100% incremental margins on the operating line. Excluding the anomalous 2024Q4 print (87.7% op margin, likely a one-time item), the underlying operating margin trend is a steady climb from mid-single digits to low double digits. If revenue growth reaccelerates and SG&A discipline holds, further operating leverage appears achievable, though the flat R&D line ($0 reported) suggests limited investment in long-term differentiation.
Non-Operating Items Dominate Reported EPS
Net income decoupled violently from operating results — $36.0M in 2024Q3 on just $2.0M of operating income, then -$31.0M in 2025Q4 despite positive $1.7M operating income, according to SEC-filed statements. Reported EPS therefore appears driven more by below-the-line items than core operations.
The divergence between operating and net income is extreme and persistent: 2025Q2 posted a $0.9% net margin on 6.9% operating margin, 2025Q3 swung to -19.7% net margin, and 2026Q2 shows a 20.5% net margin against 14.1% operating margin. This pattern is consistent with large, volatile non-operating items — investment gains/losses, asset dispositions, or tax true-ups — whose nature is not disclosed in the provided data and warrants further investigation. Analysts should anchor valuation on operating income rather than reported EPS, which is likely to continue exhibiting low signal-to-noise. The absence of stock-based compensation and R&D expense also simplifies, but does not fully clean, the earnings quality picture.
Thinner Underlying Earnings Than Headline Suggests
Excluding 2024Q4's anomalous $33.7M operating print, quarterly operating income has never exceeded $6.1M, and the trailing four quarters average roughly $3.6M. As reported figures imply, NL's real earnings power is meaningfully below what headline net income and EPS swings might lead investors to conclude.
The bear case is that margin expansion, while real, is being celebrated on a base that is still small in absolute dollars, and that non-operating volatility is masking a business that generates limited operating cash relative to its $43.6M quarterly revenue. Net margin has ranged from -82.2% to +107.0% within a two-year window, which complicates any earnings-based valuation and introduces substantial forecast error. If the recent revenue acceleration fades or input costs reassert pressure (as seen in 2025Q3), operating leverage could work in reverse just as quickly as it worked in NL's favor, and the reported profit cushion would compress rapidly.