Revenue growth remains inconsistent, fluctuating between a 15.3% increase in 2026Q2 and an 8.5% contraction in 2025Q2, while gross margins have compressed from 43.8% in 2024Q4 to 35.7% in 2026Q2.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 89.13M | 84.23M | 85.06M | 79.9M | 74.16M | 56.49M | 47.64M | 55.75M | 51.42M | 39.57M | 32.93M | 30.32M | 26.83M | 22.5M | 22.78M | 19.53M | 14.39M | 8.58M | 12.69M | 16.83M | 16.6M | 14.82M | 13.94M | 8.35M | 7.59M | 9.27M | 11.06M | 9.9M | 10.1M | 8.7M | 6.9M |
| Revenue Growth % | 5.55% | -0.97% | 6.45% | 7.75% | 31.27% | 18.59% | -14.55% | 8.41% | 29.96% | 20.15% | 8.61% | 13.03% | 19.22% | -1.23% | 16.67% | 35.73% | 67.77% | -32.43% | -24.59% | 1.35% | 12.07% | 6.27% | 66.9% | 10% | -18.07% | -16.19% | 11.72% | -1.98% | 16.09% | 26.09% | 11.29% |
| Cost of Goods Sold | 56.17M | 52.56M | 51.27M | 52.1M | 51.09M | 36.92M | 31.61M | 37.97M | 34.17M | 26.32M | 22.32M | 20.56M | 17.8M | 15.47M | 14.53M | 12.77M | 9.38M | 5.62M | 7.64M | 10.8M | 10.35M | 8.97M | 7.8M | 3.97M | 3.59M | 4.61M | 5.59M | 4.6M | 4.8M | 4M | 3M |
| COGS % of Revenue | - | 62.39% | 60.28% | 65.2% | 68.89% | 65.35% | 66.35% | 68.11% | 66.44% | 66.51% | 67.77% | 67.79% | 66.36% | 68.76% | 63.77% | 65.39% | 65.23% | 65.54% | 60.19% | 64.17% | 62.31% | 60.52% | 55.96% | 47.52% | 47.26% | 49.75% | 50.55% | 46.46% | 47.52% | 45.98% | 43.48% |
| Gross Profit | 32.96M | 31.68M | 33.79M | 27.8M | 23.07M | 19.57M | 16.03M | 17.78M | 17.26M | 13.25M | 10.61M | 9.77M | 9.02M | 7.03M | 8.25M | 6.76M | 5M | 2.95M | 5.05M | 6.03M | 6.26M | 5.85M | 6.14M | 4.38M | 4.01M | 4.66M | 5.47M | 5.3M | 5.3M | 4.7M | 3.9M |
| Gross Margin % | 36.98% | 37.61% | 39.72% | 34.8% | 31.11% | 34.65% | 33.65% | 31.89% | 33.56% | 33.49% | 32.23% | 32.21% | 33.63% | 31.24% | 36.23% | 34.61% | 34.77% | 34.46% | 39.81% | 35.83% | 37.69% | 39.48% | 44.04% | 52.48% | 52.74% | 50.25% | 49.45% | 53.54% | 52.48% | 54.02% | 56.52% |
| Gross Profit Growth % | - | -6.24% | 21.52% | 20.53% | 17.86% | 22.11% | -9.85% | 3.02% | 30.23% | 24.87% | 8.67% | 8.24% | 28.37% | -14.83% | 22.12% | 35.11% | 69.29% | -41.52% | -16.22% | -3.65% | 6.99% | -4.74% | 40.07% | 9.45% | -14.02% | -14.83% | 3.2% | 0% | 12.77% | 20.51% | 18.18% |
| Operating Expenses | 38.61M | 37.65M | 35.39M | 33.43M | 28.41M | 11.25M | 14.44M | 24.14M | 22.91M | 20M | 19.21M | 18.27M | 16.39M | 14.65M | 13.83M | 13.8M | 11.19M | 9.7M | 6.81M | 6.53M | 6.17M | 5.84M | 6.2M | 5.05M | 4.24M | 4.18M | 3.99M | 4M | 3.3M | 3.5M | 2.7M |
| OpEx % of Revenue | - | 44.7% | 41.61% | 41.83% | 38.32% | 19.91% | 30.31% | 43.3% | 44.55% | 50.55% | 58.34% | 60.24% | 61.1% | 65.13% | 60.69% | 70.67% | 77.79% | 113.06% | 53.66% | 38.79% | 37.14% | 39.41% | 44.48% | 60.47% | 55.82% | 45.13% | 36.11% | 40.4% | 32.67% | 40.23% | 39.13% |
| Selling, General & Admin | 33.8M | 32.61M | 30.59M | 28.46M | 23.64M | 20.28M | 19.34M | 20.32M | 19.39M | 17.09M | 14.49M | 12.35M | 10.62M | 9.45M | 8.9M | 9.43M | 6.98M | 6.67M | 6.63M | 6.3M | 5.87M | 5.08M | 5.54M | 4.15M | 3.43M | 3.54M | 3.41M | 3.2M | 2.7M | 3M | 2.2M |
| SG&A % of Revenue | - | 38.72% | 35.96% | 35.61% | 31.88% | 35.9% | 40.61% | 36.45% | 37.7% | 43.19% | 43.99% | 40.74% | 39.57% | 42% | 39.05% | 48.32% | 48.53% | 77.8% | 52.28% | 37.42% | 35.35% | 34.28% | 39.73% | 49.72% | 45.21% | 38.14% | 30.8% | 32.32% | 26.73% | 34.48% | 31.88% |
| Research & Development | 4.8M | 5.04M | 4.8M | 4.97M | 4.78M | 4.4M | 3.98M | 3.82M | 3.52M | 2.91M | 4.72M | 4.05M | 4.37M | 3.82M | 3.88M | 4.36M | 3.33M | 3.02M | 174.71K | 229.99K | 296.68K | 759.66K | 663.35K | 897.92K | 805.8K | 648.13K | 587.43K | 600K | 500K | 400K | 400K |
| R&D % of Revenue | - | 5.98% | 5.65% | 6.22% | 6.44% | 7.79% | 8.35% | 6.86% | 6.85% | 7.36% | 14.35% | 13.35% | 16.29% | 16.96% | 17.01% | 22.35% | 23.17% | 35.27% | 1.38% | 1.37% | 1.79% | 5.13% | 4.76% | 10.75% | 10.61% | 6.99% | 5.31% | 6.06% | 4.95% | 4.6% | 5.8% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -13.43M | -8.88M | 0 | 0 | 0 | 0 | 1.87M | 1.41M | 1.39M | 1.05M | 0 | 875.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 100K | 100K | 100K |
| Operating Income | -5.65M | -5.97M | -1.61M | -5.62M | -5.35M | 8.32M | 1.59M | 6.59M | 8.02M | 4.6M | 1.28M | 3.15M | 6.69M | 4.96M | 4.57M | 4.63M | 2.42M | -3.55M | -1.76M | -497.62K | 91.58K | 10.45K | -61.51K | -667.77K | -233.77K | 474.55K | 1.48M | 1.3M | 2M | 1.2M | 1.2M |
| Operating Margin % | -6.33% | -7.09% | -1.89% | -7.04% | -7.21% | 14.73% | 3.33% | 11.83% | 15.59% | 11.63% | 3.89% | 10.39% | 24.95% | 22.06% | 20.06% | 23.69% | 16.82% | -41.39% | -13.85% | -2.96% | 0.55% | 0.07% | -0.44% | -7.99% | -3.08% | 5.12% | 13.34% | 13.13% | 19.8% | 13.79% | 17.39% |
| Operating Income Growth % | - | -271.9% | 71.42% | -5.16% | -164.23% | 424.05% | -75.91% | -17.77% | 74.26% | 258.71% | -59.3% | -52.92% | 34.83% | 8.65% | -1.2% | 91.17% | 168.17% | -101.98% | -253.13% | -643.34% | 776.58% | 116.99% | 90.79% | -185.65% | -149.26% | -67.84% | 13.5% | -35% | 66.67% | 0% | 20% |
| EBITDA | -3.75M | -4.22M | 146.47K | -3.99M | -3.78M | 9.43M | 2.66M | 7.7M | 9.12M | 5.51M | 2.06M | 3.77M | 7.24M | 5.47M | 5.05M | 5.12M | 2.96M | -3.03M | -1.25M | -37.15K | 450.98K | 298.82K | 139.03K | -476.2K | -35.67K | 739.86K | 1.67M | 1.5M | 2.1M | 1.3M | 1.3M |
| EBITDA Margin % | -4.21% | -5.01% | 0.17% | -4.99% | -5.09% | 16.69% | 5.58% | 13.8% | 17.74% | 13.92% | 6.26% | 12.43% | 26.97% | 24.32% | 22.17% | 26.22% | 20.56% | -35.36% | -9.84% | -0.22% | 2.72% | 2.02% | 1% | -5.7% | -0.47% | 7.98% | 15.13% | 15.15% | 20.79% | 14.94% | 18.84% |
| EBITDA Growth % | -241.99% | -2979.54% | 103.67% | -5.64% | -140.05% | 255.04% | -65.48% | -15.65% | 65.67% | 167.12% | -45.31% | -47.9% | 32.23% | 8.36% | -1.35% | 73.07% | 197.55% | -142.69% | -3262.78% | -108.24% | 50.92% | 114.93% | 129.2% | -1234.95% | -104.82% | -55.8% | 11.59% | -28.57% | 61.54% | 0% | 18.18% |
| D&A (Non-Cash Add-back) | 1.9M | 1.76M | 1.75M | 1.63M | 1.57M | 1.11M | 1.07M | 1.1M | 1.11M | 906.14K | 779.04K | 618.11K | 541.54K | 507.08K | 480.04K | 493.61K | 538.26K | 517.26K | 507.88K | 460.47K | 359.39K | 288.37K | 200.54K | 191.57K | 198.1K | 265.31K | 198.26K | 200K | 100K | 100K | 100K |
| EBIT | 2.9M | 3.63M | 7.99M | 6.05M | 9.15M | 8.47M | 1.76M | 6.67M | 8.12M | 4.64M | -558.92K | 3.19M | 6.71M | 5.67M | 4.65M | 4.76M | 2.48M | -3.51M | -1.76M | -497.62K | 91.58K | 10.45K | -61.51K | -667.77K | -233.77K | 474.55K | 1.48M | 1.3M | 2M | 1.2M | 1.2M |
| Net Interest Income | -562.03K | -291.87K | -221.3K | -433.31K | -39.85K | 135.79K | 151.7K | 64.69K | 81.5K | 23.16K | 28.85K | 13.88K | -35.7K | -17.6K | 25.26K | 49.15K | -66.74K | -126.07K | -100.06K | -160.21K | -60.5K | 60.19K | 63.73K | 101.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 175.14K | 308.05K | 118.83K | 28.49K | 49.24K | 151.88K | 167.73K | 78.26K | 99.46K | 43.54K | 42.12K | 34.84K | 11.62K | 34.61K | 54.65K | 108.69K | 30.94K | 6.34K | 23.82K | 4.17K | 34.25K | 96.28K | 63.73K | 101.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 737.17K | 599.93K | 340.13K | 461.81K | 89.1K | 16.09K | 16.03K | 13.57K | 17.96K | 20.38K | 13.26K | 20.96K | 47.32K | 52.22K | 29.39K | 59.54K | 97.68K | 132.41K | 123.87K | 164.37K | 94.75K | 36.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.81M | 9.01M | 9.25M | 11.21M | 14.41M | 135.79K | 151.7K | 64.69K | 81.5K | 23.16K | -1.85M | 14.39K | -31.31K | 652.52K | 46.88K | 76.45K | -41.64K | -97.65K | 4.48M | 3.91M | 105.72K | 1.2M | 1.29M | 1.09M | 1.65M | 1.23M | 2.53M | 2.3M | 1.9M | 2.6M | 2M |
| Pretax Income | 2.16M | 3.03M | 7.65M | 5.59M | 9.06M | 8.46M | 1.74M | 6.66M | 8.1M | 4.62M | -572.18K | 3.17M | 6.66M | 5.62M | 4.62M | 4.7M | 2.38M | -3.65M | 2.72M | 3.41M | 197.31K | 1.21M | 1.23M | 422.73K | 1.41M | 1.71M | 4.01M | 3.6M | 3.9M | 3.8M | 3.2M |
| Pretax Margin % | 2.43% | 3.6% | 8.99% | 6.99% | 12.22% | 14.97% | 3.65% | 11.94% | 15.75% | 11.69% | -1.74% | 10.44% | 24.84% | 24.96% | 20.26% | 24.08% | 16.53% | -42.53% | 21.46% | 20.26% | 1.19% | 8.16% | 8.79% | 5.06% | 18.59% | 18.42% | 36.22% | 36.36% | 38.61% | 43.68% | 46.38% |
| Income Tax | 1.89M | 2.04M | 1.33M | 1.35M | 1.87M | 1.46M | 2.67M | 841.84K | 876.1K | 699.52K | 626.12K | 648.67K | 1.12M | 864K | 1.04M | 706K | -230K | -302K | 170K | 186K | 254K | 16K | 189K | -85K | 185K | 555K | 1.38M | 1.1M | 1.3M | 1.2M | 1.1M |
| Effective Tax Rate % | 87.45% | 67.46% | 17.34% | 24.15% | 20.68% | 17.28% | 153.73% | 12.65% | 10.82% | 15.13% | -109.43% | 20.49% | 16.88% | 15.38% | 22.55% | 15.02% | -9.67% | 8.28% | 6.24% | 5.46% | 128.73% | 1.32% | 15.42% | -20.11% | 13.1% | 32.5% | 34.33% | 30.56% | 33.33% | 31.58% | 34.38% |
| Net Income | -775.29K | 17.62K | 5.41M | 2.91M | 6.32M | 6.28M | -1.34M | 5.21M | 6.7M | 3.42M | -867.51K | 1.79M | 4.11M | 3.37M | 3.45M | 3.9M | 2.58M | -3.34M | 2.55M | 3.22M | 1.72M | 1.19M | 1.04M | 507.73K | 1.23M | 1.15M | 2.63M | 2.5M | 2.6M | 2.6M | 2.1M |
| Net Margin % | -0.87% | 0.02% | 6.36% | 3.64% | 8.53% | 11.12% | -2.81% | 9.34% | 13.03% | 8.65% | -2.63% | 5.9% | 15.31% | 14.96% | 15.14% | 19.97% | 17.96% | -39.01% | 20.12% | 19.15% | 10.35% | 8.05% | 7.43% | 6.08% | 16.16% | 12.43% | 23.79% | 25.25% | 25.74% | 29.89% | 30.43% |
| Net Income Growth % | -120.36% | -99.67% | 85.73% | -53.95% | 0.69% | 569.55% | -125.68% | -22.26% | 95.82% | 494.48% | -148.48% | -56.42% | 21.96% | -2.36% | -11.59% | 50.95% | 177.24% | -230.97% | -20.77% | 87.51% | 44.06% | 15.15% | 104.11% | -58.63% | 6.48% | -56.19% | 5.23% | -3.85% | 0% | 23.81% | 16.67% |
| Net Income (Continuing) | 271.7K | 986.39K | 6.32M | 4.24M | 7.19M | 7M | -934.76K | 5.82M | 7.22M | 3.92M | -1.2M | 2.52M | 5.54M | 4.75M | 3.58M | 4M | 2.61M | -3.34M | 2.55M | 3.22M | 1.72M | 1.19M | 1.04M | 507.73K | 1.23M | 1.15M | 2.63M | 2.5M | 2.6M | 2.6M | 2.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.44M | 4.56M | 3.98M | 4.34M | 3.65M | 3.38M | 3.05M | 3.07M | 2.74M | 2.86M | 2.54M | 3.02M | 3.84M | 3.8M | 187.91K | 91.8K | 21.34K | 0 | 3.4K | 36.13K | 55.25K | 67.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.08 | 0.00 | 0.55 | 0.30 | 0.66 | 0.64 | -0.10 | 0.55 | 0.72 | 0.38 | -0.10 | 0.19 | 0.45 | 0.38 | 0.39 | 0.45 | 0.31 | -0.45 | 0.34 | 0.44 | 0.24 | 0.17 | 0.14 | 0.07 | 0.17 | 0.16 | 0.34 | 0.32 | 0.32 | 0.31 | 0.25 |
| EPS Growth % | -122.03% | -99.67% | 83.33% | -54.55% | 3.13% | 740% | -118.18% | -23.61% | 89.47% | 497.49% | -150.32% | -57.78% | 18.42% | -2.56% | -13.33% | 45.16% | 168.89% | -232.35% | -22.73% | 83.33% | 41.18% | 21.43% | 100% | -58.82% | 6.25% | -52.94% | 6.25% | 0% | 3.23% | 24% | 19.05% |
| EPS (Basic) | - | 0.00 | 0.57 | 0.31 | 0.69 | 0.69 | -0.10 | 0.57 | 0.74 | 0.38 | -0.10 | 0.20 | 0.46 | 0.38 | 0.40 | 0.45 | 0.31 | -0.45 | 0.35 | 0.44 | 0.24 | 0.17 | 0.14 | 0.07 | 0.17 | 0.16 | 0.34 | 0.33 | 0.32 | 0.31 | 0.25 |
| Diluted Shares Outstanding | 9.49M | 9.64M | 9.83M | 9.69M | 9.64M | 9.87M | 9.1M | 9.42M | 9.37M | 9.15M | 9.08M | 9.3M | 9.16M | 8.95M | 8.9M | 8.81M | 8.54M | 7.5M | 7.51M | 7.39M | 7.26M | 7.2M | 7.23M | 7.27M | 7.33M | 7.53M | 7.74M | 7.91M | 8.32M | 8.52M | 8.75M |
| Basic Shares Outstanding | 9.49M | 9.48M | 9.83M | 9.36M | 9.22M | 9.12M | 9.1M | 9.09M | 9.08M | 9.06M | 9.08M | 9.04M | 8.91M | 8.84M | 8.78M | 8.65M | 8.45M | 7.5M | 7.43M | 7.32M | 7.21M | 7.17M | 7.22M | 7.26M | 7.33M | 7.52M | 7.72M | 7.83M | 8.17M | 8.39M | 8.58M |
| Dividend Payout Ratio | - | 8600.72% | 48.85% | 90.12% | 40.81% | 28.35% | - | 41.85% | 27.09% | - | - | - | - | - | - | - | - | - | - | - | - | 21.01% | 19.46% | 60.9% | - | 55.97% | 23.53% | 24% | 23.08% | 19.23% | 19.05% |
Operating margin structural erosion
According to the provided quarterly data, NTIC's revenue growth has fluctuated significantly, ranging from a 15.3% increase in 2026Q2 to a contraction of 8.5% in 2025Q2, suggesting that the company's top-line performance remains highly sensitive to cyclical industrial demand and the timing of its joint venture contributions.
The volatility in revenue growth highlights the challenge of relying on transactional packaging volumes within the ZERUST segment while simultaneously attempting to scale the Natur-Tec biopolymer business. Investors should monitor whether the recent 15.3% growth in 2026Q2 represents a sustainable recovery or merely a temporary rebound from previous quarterly declines.
As reported in financial statements, NTIC's gross margins have struggled to maintain historical highs, peaking at 43.8% in 2024Q4 before compressing to 35.7% by 2026Q2, which indicates a potential inability to fully pass through rising polyethylene resin costs to its industrial and automotive customer base.
The erosion of gross margins suggests that the company's pricing power may be constrained by competitive pressures or shifts in product mix toward lower-margin offerings. This margin contraction is particularly concerning given the company's high variable cost structure, which leaves little room for error when raw material prices spike.
Based on the income statement data, NTIC has transitioned from positive operating income of $2.8 million in 2024Q4 to a persistent operating loss of $1.6 million in 2026Q2, demonstrating a lack of operating leverage as SG&A expenses continue to outpace the growth of gross profit.
The inability to scale operating income suggests that the company's current investment in the Natur-Tec sales pipeline is not yet yielding the expected efficiency gains. This trend warrants further investigation into whether management can rationalize overhead costs without compromising the long-term growth potential of its emerging bioplastics segment.
As indicated by the recent negative operating margins, short-term observers may focus on the fact that NTIC's consolidated operating income has remained in the red for six consecutive quarters, raising questions about the underlying profitability of the parent company's core operations versus its non-consolidated joint venture income.
While the JV network provides a strategic moat, the persistent operating losses at the parent level suggest that the company may be subsidizing its growth initiatives with cash flows that are not fully captured in the consolidated income statement. Investors should be wary of the risk that the parent company's cost structure may be fundamentally misaligned with its current revenue generation capacity.
Quick answers to the most common questions about buying NTIC stock.
For fiscal year 2025, Northern Technologies International Corporation (NTIC) reported total revenue of $84.2M. This represents a 1120.8% increase compared to $6.9M in 1996.
Northern Technologies International Corporation (NTIC) is profitable, generating $0.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.0%.
Northern Technologies International Corporation (NTIC) reported an operating income of $-6.0M, resulting in an operating profit margin of -7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Northern Technologies International Corporation (NTIC) generated $31.7M in gross profit for the year, representing a gross profit margin of 37.6%. This demonstrates the company's core pricing power and production efficiency.