Northern Technologies International Corporation (NTIC) 10-Year Financial Performance & Capital Metrics

NTIC • • Industrial / General

Basic MaterialsSpecialty ChemicalsMetal Processing & Industrial LubricantsMetal Treatment & Processing Chemicals

AboutNorthern Technologies International Corporation develops and markets rust and corrosion inhibiting products and services in North America, South America, Europe, Asia, the Middle East and internationally. It offers rust and corrosion inhibiting products, such as plastic and paper packaging, liquids, coatings, rust removers, cleaners, diffusers, and engineered solutions designed for the oil and gas industry under the ZERUST brand. The company also provides a portfolio of bio-based and certified compostable polymer resin compounds and finished products under the Natur-Tec brand. In addition, it offers on-site and technical consulting for rust and corrosion prevention issues. The company sells its products and services to automotive, electronics, electrical, mechanical, military, retail consumer, and oil and gas markets through direct sales force, network of independent distributors and agents, manufacturer's sales representatives, strategic partners, and joint venture. Northern Technologies International Corporation was founded in 1970 and is headquartered in Circle Pines, Minnesota.Show more

Revenue $84M -1.0%
EBITDA -$4M -2979.5%
Net Income $18K -99.7%
EPS (Diluted) 0.00 -99.7%
Gross Margin 37.61% -5.3%
EBITDA Margin -5.01% -3007.7%
Operating Margin -7.09% -275.5%
Net Margin 0.02% -99.7%
ROE 0.02% -99.7%
ROIC -5.59% -247.5%
Debt/Equity 0.17 +71.0%
Interest Coverage -9.96 -110.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.1%
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.9%
✗Negative free cash flow
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.76%

5Y12.07%

3Y4.34%

TTM-0.01%

Profit (Net Income) CAGR

10Y-37%

5Y-

3Y-85.93%

TTM-106.02%

EPS CAGR

10Y-37.24%

5Y-

3Y-86.03%

TTM-106.23%

ROCE

10Y Avg-9.17%

5Y Avg-6.73%

3Y Avg-5.92%

Latest-7.68%

Peer Comparison

Metal Treatment & Processing Chemicals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NTICNorthern Technologies International Corporation	90.84M	9.57	5316.67	-0.97%	-0.35%	-0.4%		0.17
WDFCWD-40 Company	2.78B	205.81	30.76	4.98%	14.42%	33.9%	3%	0.36
KWRQuaker Chemical Corporation	2.79B	160.80	24.70	-5.82%	-0.48%	-0.66%	7.74%	0.54
NEUNewMarket Corporation	6.11B	650.00	13.48	3.27%	16.33%	26.51%	7.57%	0.72
KOPKoppers Holdings Inc.	573.51M	29.24	11.89	-2.88%	0.84%	2.95%	7.32%	2.09
PRMPerimeter Solutions, S.A.	4.34B	29.33	-724.20	74.16%	12.26%	7.02%	3.98%	0.70

Profit & Loss

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Sales/Revenue+	32.93M	39.57M	51.42M	55.75M	47.64M	56.49M	74.16M	79.9M	85.06M	84.23M
Revenue Growth %	0.09%	0.2%	0.3%	0.08%	-0.15%	0.19%	0.31%	0.08%	0.06%	-0.01%
Cost of Goods Sold+	22.32M	26.32M	34.17M	37.97M	31.61M	36.92M	51.09M	52.1M	51.27M	52.56M
COGS % of Revenue	0.68%	0.67%	0.66%	0.68%	0.66%	0.65%	0.69%	0.65%	0.6%	0.62%
Gross Profit+	10.61M	13.25M	17.26M	17.78M	16.03M	19.57M	23.07M	27.8M	33.79M	31.68M
Gross Margin %	0.32%	0.33%	0.34%	0.32%	0.34%	0.35%	0.31%	0.35%	0.4%	0.38%
Gross Profit Growth %	0.09%	0.25%	0.3%	0.03%	-0.1%	0.22%	0.18%	0.21%	0.22%	-0.06%
Operating Expenses+	15.8M	20M	22.91M	24.14M	23.15M	24.68M	28.3M	33.43M	35.39M	37.65M
OpEx % of Revenue	0.48%	0.51%	0.45%	0.43%	0.49%	0.44%	0.38%	0.42%	0.42%	0.45%
Selling, General & Admin	10.08M	17.09M	19.39M	20.32M	19.17M	20.28M	23.52M	28.46M	30.59M	32.61M
SG&A % of Revenue	0.31%	0.43%	0.38%	0.36%	0.4%	0.36%	0.32%	0.36%	0.36%	0.39%
Research & Development	4.72M	2.91M	3.52M	3.82M	3.98M	4.4M	4.78M	4.97M	4.8M	5.04M
R&D % of Revenue	0.14%	0.07%	0.07%	0.07%	0.08%	0.08%	0.06%	0.06%	0.06%	0.06%
Other Operating Expenses	-1M	0	0	0	0	0	0	0	0	0
Operating Income+	-5.19M	-6.75M	-5.65M	-6.36M	-7.12M	-5.11M	-5.23M	-5.62M	-1.61M	-5.97M
Operating Margin %	-0.16%	-0.17%	-0.11%	-0.11%	-0.15%	-0.09%	-0.07%	-0.07%	-0.02%	-0.07%
Operating Income Growth %	0.39%	-0.3%	0.16%	-0.13%	-0.12%	0.28%	-0.02%	-0.07%	0.71%	-2.72%
EBITDA+	-4.41M	-5.84M	-4.55M	-5.26M	-6.05M	-4M	-3.66M	-3.99M	146.47K	-4.22M
EBITDA Margin %	-0.13%	-0.15%	-0.09%	-0.09%	-0.13%	-0.07%	-0.05%	-0.05%	0%	-0.05%
EBITDA Growth %	0.44%	-0.33%	0.22%	-0.16%	-0.15%	0.34%	0.08%	-0.09%	1.04%	-29.8%
D&A (Non-Cash Add-back)	779.04K	906.14K	1.11M	1.1M	1.07M	1.11M	1.57M	1.63M	1.75M	1.76M
EBIT	-558.92K	4.64M	8.12M	6.67M	1.76M	8.47M	9.15M	6.05M	7.99M	3.63M
Net Interest Income+	28.85K	23.16K	81.5K	64.69K	151.7K	135.79K	-39.85K	-433.31K	-221.3K	-291.87K
Interest Income	42.12K	43.54K	99.46K	78.26K	167.73K	151.88K	49.24K	28.49K	118.83K	308.05K
Interest Expense	13.26K	20.38K	17.96K	13.57K	16.03K	16.09K	89.1K	461.81K	340.13K	599.93K
Other Income/Expense	4.62M	11.37M	13.75M	13.02M	8.86M	13.57M	14.29M	11.21M	9.25M	9.01M
Pretax Income+	-572.18K	4.62M	8.1M	6.66M	1.74M	8.46M	9.06M	5.59M	7.65M	3.03M
Pretax Margin %	-0.02%	0.12%	0.16%	0.12%	0.04%	0.15%	0.12%	0.07%	0.09%	0.04%
Income Tax+	626.12K	699.52K	876.1K	841.84K	2.67M	1.46M	1.87M	1.35M	1.33M	2.04M
Effective Tax Rate %	1.52%	0.74%	0.83%	0.78%	-0.77%	0.74%	0.7%	0.52%	0.71%	0.01%
Net Income+	-867.51K	3.42M	6.7M	5.21M	-1.34M	6.28M	6.32M	2.91M	5.41M	17.62K
Net Margin %	-0.03%	0.09%	0.13%	0.09%	-0.03%	0.11%	0.09%	0.04%	0.06%	0%
Net Income Growth %	-1.48%	4.94%	0.96%	-0.22%	-1.26%	5.7%	0.01%	-0.54%	0.86%	-1%
Net Income (Continuing)	-1.2M	3.92M	7.22M	5.82M	-934.76K	7M	7.19M	4.24M	6.32M	986.39K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.54M	2.86M	2.74M	3.07M	3.05M	3.38M	3.65M	4.34M	3.98M	4.56M
EPS (Diluted)+	-0.10	0.38	0.72	0.55	-0.10	0.64	0.66	0.30	0.55	0.00
EPS Growth %	-1.5%	4.97%	0.89%	-0.24%	-1.18%	7.4%	0.03%	-0.55%	0.83%	-1%
EPS (Basic)	-0.10	0.38	0.74	0.57	-0.10	0.69	0.69	0.31	0.57	0.00
Diluted Shares Outstanding	9.08M	9.15M	9.37M	9.42M	9.1M	9.87M	9.64M	9.69M	9.83M	9.64M
Basic Shares Outstanding	9.08M	9.06M	9.08M	9.09M	9.1M	9.12M	9.22M	9.36M	9.83M	9.48M
Dividend Payout Ratio	-	-	0.27%	0.42%	-	0.28%	0.41%	0.9%	0.49%	86.01%

Balance Sheet

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Total Current Assets+	20.94M	26.07M	30.57M	33.3M	33.2M	33.75M	40.23M	39.67M	41.58M	44.34M
Cash & Short-Term Investments	5.64M	10.13M	7.46M	9.42M	11.95M	7.69M	5.34M	5.41M	4.95M	7.25M
Cash Only	3.4M	6.36M	4.16M	5.86M	6.4M	7.68M	5.33M	5.41M	4.95M	7.25M
Short-Term Investments	2.24M	3.77M	3.3M	3.57M	5.54M	4.63K	5.59K	0	0	0
Accounts Receivable	7.17M	8.04M	12.31M	12.33M	9.5M	13.65M	16.6M	19.15M	20.81M	19.86M
Days Sales Outstanding	79.46	74.21	87.39	80.72	72.75	88.16	81.7	87.48	89.32	86.06
Inventory	7.71M	7.46M	9.13M	10.49M	10.96M	11.11M	16.34M	13.1M	14.39M	15.53M
Days Inventory Outstanding	126.1	103.42	97.55	100.83	126.58	109.88	116.75	91.75	102.44	107.82
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	30.13M	30.55M	32.98M	34.21M	32.87M	40.62M	45.96M	49.67M	53.1M	58.4M
Property, Plant & Equipment	7.28M	7.36M	7.17M	7.36M	7.77M	12.2M	12.73M	14.49M	16.69M	15.68M
Fixed Asset Turnover	4.53x	5.38x	7.17x	7.58x	6.13x	4.63x	5.83x	5.51x	5.10x	5.37x
Goodwill	0	0	0	0	0	0	4.78M	4.78M	4.78M	4.78M
Intangible Assets	1.28M	1.32M	1.16M	1.01M	802.01K	709.57K	6.63M	6.16M	5.68M	8.83M
Long-Term Investments	19.84M	20.04M	22.95M	24.21M	24.09M	27.62M	21.81M	23.71M	25.4M	28.61M
Other Non-Current Assets	92.87K	71.69K	153.85K	0	0	0	0	0	0	0
Total Assets+	51.07M	56.61M	63.55M	67.51M	66.07M	74.37M	86.19M	89.34M	94.68M	102.75M
Asset Turnover	0.64x	0.70x	0.81x	0.83x	0.72x	0.76x	0.86x	0.89x	0.90x	0.82x
Asset Growth %	-0.01%	0.11%	0.12%	0.06%	-0.02%	0.13%	0.16%	0.04%	0.06%	0.09%
Total Current Liabilities+	3.99M	4.89M	7.73M	7.84M	6.1M	8.52M	17.07M	16.72M	17.9M	23.9M
Accounts Payable	2.75M	2.68M	3.91M	4.51M	3.21M	4.29M	7.8M	6.06M	6.39M	8.04M
Days Payables Outstanding	45.03	37.12	41.72	43.31	37.01	42.42	55.7	42.43	45.51	55.86
Short-Term Debt	0	0	0	0	386.35K	272.34K	6.27M	6.7M	7.44M	12.53M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	301.84K	677.62K	1.01M	1.47M	880.12K	894.5K	667.29K	1.65M	574.88K	1.07M
Current Ratio	5.24x	5.33x	3.95x	4.25x	5.45x	3.96x	2.36x	2.37x	2.32x	1.86x
Quick Ratio	3.31x	3.80x	2.77x	2.91x	3.65x	2.66x	1.40x	1.59x	1.52x	1.21x
Cash Conversion Cycle	160.53	140.5	143.22	138.23	162.32	155.62	142.75	136.8	146.25	138.01
Total Non-Current Liabilities+	0	0	0	0	272.44K	104.1K	1.88M	1.92M	1.6M	2.13M
Long-Term Debt	0	0	0	0	0	0	0	0	0	466.98K
Capital Lease Obligations	0	0	0	0	272.44K	104.1K	184.24K	88.08K	99.44K	148.31K
Deferred Tax Liabilities	0	0	0	0	0	0	1.7M	1.84M	1.5M	1.51M
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	3.99M	4.89M	7.73M	7.84M	6.37M	8.62M	18.95M	18.65M	19.5M	26.03M
Total Debt+	0	0	0	0	658.79K	376.44K	6.46M	6.79M	7.54M	13.15M
Net Debt	-3.4M	-6.36M	-4.16M	-5.86M	-5.74M	-7.3M	1.12M	1.38M	2.58M	5.9M
Debt / Equity	-	-	-	-	0.01x	0.01x	0.10x	0.10x	0.10x	0.17x
Debt / EBITDA	-	-	-	-	-	-	-	-	51.46x	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	17.65x	-
Interest Coverage	-391.29x	-331.21x	-314.67x	-468.81x	-444.13x	-317.46x	-58.71x	-12.17x	-4.72x	-9.96x
Total Equity+	47.08M	51.72M	55.82M	59.67M	59.7M	65.75M	67.24M	70.7M	75.18M	76.71M
Equity Growth %	-0.02%	0.1%	0.08%	0.07%	0%	0.1%	0.02%	0.05%	0.06%	0.02%
Book Value per Share	5.19	5.65	5.96	6.34	6.56	6.66	6.98	7.29	7.64	7.96
Total Shareholders' Equity	44.53M	48.86M	53.08M	56.59M	56.66M	62.37M	63.6M	66.36M	71.19M	72.15M
Common Stock	90.67K	90.7K	90.83K	181.74K	182K	183.7K	184.65K	188.48K	189.34K	189.51K
Retained Earnings	33.66M	37.08M	41.96M	44.99M	42.47M	46.97M	50.72M	51M	53.77M	52.27M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.01M	-2.47M	-3.6M	-4.59M	-3.41M	-3.53M	-7.25M	-6.82M	-6.38M	-5.37M
Minority Interest	2.54M	2.86M	2.74M	3.07M	3.05M	3.38M	3.65M	4.34M	3.98M	4.56M

Cash Flow

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Cash from Operations+	2.06M	5.74M	608.69K	5.48M	4.91M	2.89M	1.15M	5.54M	5.88M	2.44M
Operating CF Margin %	0.06%	0.14%	0.01%	0.1%	0.1%	0.05%	0.02%	0.07%	0.07%	0.03%
Operating CF Growth %	3.72%	1.79%	-0.89%	8%	-0.1%	-0.41%	-0.6%	3.83%	0.06%	-0.58%
Net Income	-1.2M	3.92M	7.22M	5.82M	-934.76K	7M	7.19M	4.24M	6.32M	986.39K
Depreciation & Amortization	779.04K	906.14K	1.11M	1.1M	1.07M	1.11M	1.57M	1.63M	1.75M	1.76M
Stock-Based Compensation	427.44K	391.66K	413.01K	1.43M	1.34M	664.17K	931.53K	1.34M	1.38M	1.36M
Deferred Taxes	-47K	-117.3K	186.81K	-89.64K	1.42M	114.62K	-81.5K	-395K	-336.25K	50.98K
Other Non-Cash Items	2.64M	528.15K	-3.84M	-2.22M	1.6M	-3.54M	-2.9M	-728.05K	-1.46M	-1.97M
Working Capital Changes	-548.72K	102.46K	-4.48M	-561.27K	415.72K	-2.45M	-5.56M	-542.15K	-1.78M	257.35K
Change in Receivables	-868.61K	-797.47K	-4.69M	-213.25K	2.79M	-4.12M	-2.14M	-3.29M	-1.28M	1.1M
Change in Inventory	-257.83K	305.27K	-1.91M	-1.49M	-435.71K	58.31K	-4.82M	3.03M	-1.33M	-1.28M
Change in Payables	641.63K	-129.37K	1.64M	682.79K	-1.23M	866.6K	3.01M	-1.51M	449.01K	1.47M
Cash from Investing+	-995.24K	-2.61M	-300.11K	-1.34M	-2.78M	-103.32K	-7.11M	-3.34M	-3.42M	-3.93M
Capital Expenditures	-643.41K	-922.27K	-680.5K	-960.34K	-711.41K	-5.53M	-1.5M	-3.25M	-1.92M	-1.53M
CapEx % of Revenue	0.02%	0.02%	0.01%	0.02%	0.01%	0.1%	0.02%	0.04%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-135.41K	-162.53K	-86.48K	-114.44K	-93.81K	-110.65K	-207.15K	-101.06K	-1.5M	-2.4M
Cash from Financing+	-270.25K	-226.69K	-2.37M	-2.39M	-1.52M	-1.52M	3.19M	-2.05M	-2.96M	3.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-1.82M	-2.18M	-1.18M	-1.78M	-2.58M	-2.62M	-2.64M	-1.52M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-131.37K	-30.46K	-556.62K	-213.42K	-335.81K	258.75K	-130.44K	58.16K	-1.01M	-280K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.28M	4.65M	-158.3K	4.4M	4.1M	-2.75M	-557.75K	2.18M	2.46M	-1.51M
FCF Margin %	0.04%	0.12%	-0%	0.08%	0.09%	-0.05%	-0.01%	0.03%	0.03%	-0.02%
FCF Growth %	1.54%	2.64%	-1.03%	28.81%	-0.07%	-1.67%	0.8%	4.91%	0.13%	-1.61%
FCF per Share	0.14	0.51	-0.02	0.47	0.45	-0.28	-0.06	0.22	0.25	-0.16
FCF Conversion (FCF/Net Income)	-2.37x	1.68x	0.09x	1.05x	-3.67x	0.46x	0.18x	1.90x	1.09x	138.65x
Interest Paid	0	0	0	0	0	16.09K	89.1K	461.81K	340.13K	599.93K
Taxes Paid	0	0	0	0	0	895.65K	1.22M	1.06M	1.19M	1.61M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-1.83%	6.93%	12.46%	9.02%	-2.24%	10.01%	9.51%	4.22%	7.42%	0.02%
Return on Invested Capital (ROIC)	-8.75%	-11.37%	-8.74%	-9.05%	-9.91%	-6.81%	-6.19%	-6%	-1.61%	-5.59%
Gross Margin	32.23%	33.49%	33.56%	31.89%	33.65%	34.65%	31.11%	34.8%	39.72%	37.61%
Net Margin	-2.63%	8.65%	13.03%	9.34%	-2.81%	11.12%	8.53%	3.64%	6.36%	0.02%
Debt / Equity	-	-	-	-	0.01x	0.01x	0.10x	0.10x	0.10x	0.17x
Interest Coverage	-391.29x	-331.21x	-314.67x	-468.81x	-444.13x	-317.46x	-58.71x	-12.17x	-4.72x	-9.96x
FCF Conversion	-2.37x	1.68x	0.09x	1.05x	-3.67x	0.46x	0.18x	1.90x	1.09x	138.65x
Revenue Growth	8.61%	20.15%	29.96%	8.41%	-14.55%	18.59%	31.27%	7.75%	6.45%	-0.97%

Revenue by Segment

	2013	2014	2017	2018	2019	2020	2021	2022	2025
ZERUST	20.46M	23.85M	32.79M	41.37M	38.17M	34.47M	45.55M	57.46M	62.49M
ZERUST Growth	-	16.56%	37.51%	26.18%	-7.73%	-9.69%	32.14%	26.13%	8.75%
NaturTec	-	-	6.78M	10.05M	17.58M	13.16M	10.94M	16.7M	21.75M
NaturTec Growth	-	-	-	48.24%	74.87%	-25.10%	-16.90%	52.65%	30.22%
Natur Tec	2.04M	2.98M	-	-	-	-	-	-	-
Natur Tec Growth	-	45.79%	-	-	-	-	-	-	-

Revenue by Geography

	2013	2014	2017	2018	2019	2020	2021	2022	2025
UNITED STATES	-	-	21.79M	25.3M	24.56M	20.22M	22.04M	25.3M	29.55M
UNITED STATES Growth	-	-	-	16.13%	-2.93%	-17.68%	9.01%	14.80%	16.79%
INDIA	-	-	1.42M	3.05M	8.11M	5.66M	5.48M	18.56M	22.62M
INDIA Growth	-	-	-	115.29%	165.65%	-30.26%	-3.06%	238.42%	21.91%
CHINA	-	-	7.23M	12.51M	13.03M	13.41M	17.34M	15.75M	16.24M
CHINA Growth	-	-	-	73.09%	4.18%	2.91%	29.34%	-9.17%	3.08%
Other Countries	-	-	-	7.47M	6.9M	5.6M	7.5M	9.39M	9.26M
Other Countries Growth	-	-	-	-	-7.65%	-18.81%	33.99%	25.09%	-1.41%
BRAZIL	-	-	2.39M	3.09M	3.15M	2.75M	4.12M	5.16M	6.57M
BRAZIL Growth	-	-	-	29.19%	1.87%	-12.62%	49.71%	25.17%	27.33%
GERMANY	-	-	711.92K	-	-	-	-	-	-
GERMANY Growth	-	-	-	-	-	-	-	-	-
North America	20.11M	23.16M	-	-	-	-	-	-	-
North America Growth	-	15.21%	-	-	-	-	-	-	-
Brazil	2.39M	3.08M	-	-	-	-	-	-	-
Brazil Growth	-	28.62%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Northern Technologies International Corporation (NTIC) reported $86.2M in revenue for fiscal year 2025. This represents a 278% increase from $22.8M in 2012.

Northern Technologies International Corporation (NTIC) saw revenue decline by 1.0% over the past year.

Northern Technologies International Corporation (NTIC) reported a net loss of $0.3M for fiscal year 2025.

Dividend & Returns

Yes, Northern Technologies International Corporation (NTIC) pays a dividend with a yield of 1.64%. This makes it attractive for income-focused investors.

Northern Technologies International Corporation (NTIC) has a return on equity (ROE) of 0.0%. This is below average, suggesting room for improvement.

Northern Technologies International Corporation (NTIC) had negative free cash flow of $3.1M in fiscal year 2025, likely due to heavy capital investments.

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