NYSE : NL
NL Industries, Inc. — Financial statements
Industrials · Security & Protection Services · United States
Last price 7.11 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 347.67M
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Financial statements
NL Industries, Inc. (NL) reported revenue of 161.83M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 161.83M | 158.28M | 145.94M | 161.29M | 166.56M | 140.81M |
| Cost of Revenue | 109.92M | 110.11M | 104.58M | 112.07M | 117.76M | 98.07M |
| Gross Profit | 51.91M | 48.18M | 41.36M | 49.22M | 48.80M | 42.75M |
| Selling, General & Admin | 22.69M | 23.82M | 23.95M | 25.75M | 20.30M | 31.02M |
| Operating Expenses | 22.69M | 23.82M | 23.95M | 25.75M | 20.30M | 31.02M |
| Operating Income | 29.23M | 24.36M | 17.41M | 23.47M | 28.50M | 11.73M |
| Interest Expense | -123.00K | -767.00K | -530.00K | -746.00K | -941.00K | -1.14M |
| Interest & Investment Income | 5.85M | 7.00M | 10.98M | 9.64M | 3.80M | 1.60M |
| Earnings From Equity Investments | -33.49M | -33.94M | 26.38M | -15.00M | 31.87M | 34.32M |
| EBT Excluding Unusual Items | 1.47M | -3.34M | 54.24M | 17.35M | 63.23M | 46.51M |
| Gain (Loss) on Sale of Investments | -1.78M | -13.58M | 9.82M | -8.16M | -8.09M | 16.23M |
| Legal Settlements | -2.90M | -2.90M | -3.00M | -4.40M | -4.20M | -1.90M |
| Other Unusual Items | -19.67M | -19.67M | -4.91M | |||
| Pretax Income | -22.89M | -39.49M | 63.83M | 5.35M | 51.04M | 60.84M |
| Income Tax Expense | -124.00K | -4.12M | -5.43M | 4.77M | 14.58M | 7.48M |
| Earnings From Continuing Operations | -22.76M | -35.37M | 69.26M | 582.00K | 36.46M | 53.36M |
| Minority Interest in Earnings | -2.79M | -2.46M | -2.03M | -2.89M | -2.61M | -2.17M |
| Net Income | -25.55M | -37.83M | 67.23M | -2.31M | 33.84M | 51.19M |
| Net Income to Common | -25.55M | -37.83M | 67.23M | -2.31M | 33.84M | 51.19M |
| Shares Outstanding (Basic) | 48.87M | 48.86M | 48.84M | 48.83M | 48.81M | 48.80M |
| Shares Outstanding (Diluted) | 48.87M | 48.86M | 48.84M | 48.83M | 48.81M | 48.80M |
| EPS (Basic) | -0.52 | -0.77 | 1.38 | -0.05 | 0.69 | 1.05 |
| EPS (Diluted) | -0.52 | -0.77 | 1.38 | -0.05 | 0.69 | 1.05 |
| Free Cash Flow | 8.11M | -40.15M | 24.14M | 35.87M | 23.24M | 13.52M |
| Free Cash Flow Per Share | 0.17 | -0.82 | 0.49 | 0.73 | 0.48 | 0.28 |
| Dividend Per Share | 0.38 | 0.36 | 0.32 | 0.28 | 0.28 | 0.24 |
| Gross Margin | 32.08% | 30.44% | 28.34% | 30.52% | 29.30% | 30.36% |
| Operating Margin | 18.06% | 15.39% | 11.93% | 14.55% | 17.11% | 8.33% |
| Profit Margin | -15.79% | -23.90% | 46.06% | -1.43% | 20.32% | 36.35% |
| Free Cash Flow Margin | 5.01% | -25.37% | 16.54% | 22.24% | 13.95% | 9.60% |
| EBITDA | 32.73M | 28.02M | 21.10M | 27.44M | 32.48M | 15.56M |
| EBITDA Margin | 20.23% | 17.70% | 14.46% | 17.01% | 19.50% | 11.05% |
| D&A For EBITDA | 3.51M | 3.65M | 3.69M | 3.97M | 3.98M | 3.84M |
| EBIT | 29.23M | 24.36M | 17.41M | 23.47M | 28.50M | 11.73M |
| EBIT Margin | 18.06% | 15.39% | 11.93% | 14.55% | 17.11% | 8.33% |
| Effective Tax Rate | 89.12% | 28.57% | 12.29% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 106.99M | 110.61M | 163.15M | 111.52M | 68.87M | 147.00M |
| Short-Term Investments | 53.15M | 70.16M | ||||
| Cash & Short-Term Investments | 106.99M | 110.61M | 163.15M | 164.67M | 139.03M | 147.00M |
| Accounts Receivable | 19.56M | 13.77M | 14.11M | 17.06M | 17.84M | 15.55M |
| Other Receivables | 10.00K | 35.00K | 9.63M | 668.00K | 666.00K | 63.00K |
| Receivables | 19.57M | 13.80M | 23.74M | 17.73M | 18.51M | 15.61M |
| Inventory | 31.76M | 30.41M | 28.37M | 30.71M | 31.29M | 25.64M |
| Prepaid Expenses | 2.18M | 1.95M | 2.15M | 2.23M | 2.28M | 2.63M |
| Restricted Cash | 3.13M | 3.12M | 20.55M | 2.92M | 2.86M | 2.77M |
| Total Current Assets | 163.62M | 159.90M | 237.96M | 218.26M | 193.97M | 193.65M |
| Property, Plant & Equipment | 24.47M | 23.71M | 24.03M | 25.86M | 28.69M | 29.18M |
| Long-Term Investments | 230.02M | 230.09M | 250.28M | 247.58M | 292.21M | 264.80M |
| Goodwill | 27.16M | 27.16M | 27.16M | 27.16M | 27.16M | 27.16M |
| Other Long-Term Assets | 18.50M | 15.36M | 29.54M | 47.20M | 54.64M | 62.66M |
| Total Assets | 470.57M | 464.22M | 578.26M | 576.66M | 609.87M | 596.15M |
| Accounts Payable | 3.95M | 2.70M | 3.76M | 3.15M | 4.20M | 4.09M |
| Accrued Expenses | 10.71M | 13.64M | 68.44M | 12.95M | 13.65M | 12.99M |
| Current Income Taxes Payable | 248.00K | 193.00K | 17.00K | |||
| Other Current Liabilities | 3.48M | 4.00M | 18.67M | 14.36M | 14.20M | 13.50M |
| Total Current Liabilities | 18.13M | 20.58M | 91.06M | 30.45M | 32.05M | 30.60M |
| Long-Term Debt | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K |
| Pension & Post-Retirement Benefits | 246.00K | 312.00K | 451.00K | 2.10M | 3.65M | 4.51M |
| Long-Term Deferred Tax Liabilities | 57.25M | 54.10M | 53.39M | 41.73M | 50.12M | 44.06M |
| Other Long-Term Liabilities | 11.70M | 11.93M | 16.95M | 110.12M | 120.80M | 131.52M |
| Total Liabilities | 88.73M | 87.43M | 162.35M | 184.90M | 207.12M | 211.18M |
| Common Stock | 6.11M | 6.11M | 6.11M | 6.10M | 6.10M | 6.10M |
| Additional Paid-In Capital | 299.94M | 299.35M | 299.10M | 298.87M | 298.60M | 299.77M |
| Retained Earnings | 252.90M | 249.38M | 315.06M | 284.46M | 300.44M | 297.35M |
| Comprehensive Income & Other | -195.92M | -196.07M | -223.36M | -219.62M | -222.99M | -240.76M |
| Total Common Equity | 363.03M | 358.77M | 396.90M | 369.81M | 382.15M | 362.47M |
| Minority Interest | 18.81M | 18.02M | 19.00M | 21.95M | 20.60M | 22.50M |
| Shareholders' Equity | 381.84M | 376.79M | 415.90M | 391.76M | 402.75M | 384.97M |
| Total Liabilities & Equity | 470.57M | 464.22M | 578.26M | 576.66M | 609.87M | 596.15M |
| Total Debt | 1.41M | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K |
| Net Cash (Debt) | 105.58M | 110.11M | 162.65M | 164.17M | 138.53M | 146.50M |
| Net Cash Per Share | 2.16 | 2.25 | 3.33 | 3.36 | 2.84 | 3.00 |
| Filing Date Shares Outstanding | 48.90M | 48.86M | 48.85M | 48.83M | 48.82M | 48.80M |
| Total Common Shares Outstanding | 48.90M | 48.86M | 48.85M | 48.83M | 48.82M | 48.80M |
| Working Capital | 145.49M | 139.32M | 146.90M | 187.81M | 161.92M | 163.05M |
| Book Value Per Share | 7.42 | 7.34 | 8.13 | 7.57 | 7.83 | 7.43 |
| Tangible Book Value | 335.88M | 331.61M | 369.75M | 342.66M | 354.99M | 335.31M |
| Tangible Book Value Per Share | 6.87 | 6.79 | 7.57 | 7.02 | 7.27 | 6.87 |
| Land | 5.39M | 5.39M | 5.39M | 5.39M | 5.39M | 5.07M |
| Buildings | 23.63M | 23.63M | 23.26M | 23.24M | 23.18M | 23.16M |
| Machinery | 78.95M | 78.02M | 75.61M | 74.31M | 74.11M | 70.66M |
| Construction In Progress | 818.00K | 477.00K | 589.00K | 676.00K | 722.00K | 2.03M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -25.55M | -37.83M | 67.23M | -2.31M | 33.84M | 51.19M |
| Depreciation & Amortization | 3.51M | 3.65M | 3.69M | 3.97M | 3.98M | 3.84M |
| Loss (Gain) From Sale of Investments | 1.78M | 13.58M | -9.82M | 8.16M | 8.09M | -16.23M |
| Loss (Gain) on Equity Investments | 33.49M | 33.94M | -26.38M | 15.00M | -31.87M | -34.32M |
| Other Operating Activities | 16.68M | 13.59M | 32.93M | 25.07M | 32.42M | 35.85M |
| Change in Accounts Receivable | -2.62M | 9.92M | -6.68M | 754.00K | -2.27M | -4.49M |
| Change in Inventory | 878.00K | -2.33M | 2.13M | 333.00K | -5.83M | -7.48M |
| Change in Accounts Payable | -17.39M | -15.94M | -13.26M | -12.62M | -10.40M | -9.39M |
| Change in Other Net Operating Assets | 429.00K | -54.99M | -24.27M | -1.35M | -1.02M | -1.36M |
| Operating Cash Flow | 11.21M | -36.40M | 25.57M | 37.00M | 26.93M | 17.61M |
| Capital Expenditures | -3.10M | -3.75M | -1.43M | -1.13M | -3.69M | -4.09M |
| Sale (Purchase) of Real Estate | 5.00M | |||||
| Investment in Securities | 54.00M | 20.63M | -69.96M | |||
| Other Investing Activities | 2.10M | 1.31M | 1.30M | 2.60M | 5.78M | 10.80M |
| Investing Cash Flow | -1.00M | -2.44M | 58.87M | 22.10M | -67.87M | 6.71M |
| Common Dividends Paid | -28.83M | -27.85M | -36.63M | -13.67M | -13.65M | -11.71M |
| Other Financing Activities | -3.45M | -3.45M | -5.00M | -1.55M | -6.05M | -2.63M |
| Financing Cash Flow | -32.28M | -31.30M | -41.63M | -15.23M | -36.80M | -14.35M |
| Net Cash Flow | -22.08M | -70.14M | 42.81M | 43.88M | -77.74M | 9.97M |
| Free Cash Flow | 8.11M | -40.15M | 24.14M | 35.87M | 23.24M | 13.52M |
| Free Cash Flow Margin | 5.01% | -25.37% | 16.54% | 22.24% | 13.95% | 9.60% |
| Free Cash Flow Per Share | 0.17 | -0.82 | 0.49 | 0.73 | 0.48 | 0.28 |
| Levered Free Cash Flow | 18.33M | -30.31M | 52.21M | 16.78M | 10.67M | -3.07M |
| Unlevered Free Cash Flow | 18.40M | -29.83M | 52.54M | 17.25M | 11.26M | -2.36M |
| Cash Interest Paid | 43.00K | 531.00K | 51.00K | 50.00K | 34.00K | 26.00K |
| Cash Income Tax Paid | 594.00K | 101.00K | 127.00K | -300.00K | 1.14M | 32.00K |
| Change in Working Capital | -18.70M | -63.34M | -42.08M | -12.89M | -19.52M | -22.71M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 347.67M | 267.28M | 379.55M | 273.96M | 332.44M | 361.14M |
| Enterprise Value | 242.09M | 183.75M | 252.98M | 149.87M | 225.36M | 241.93M |
| Last Close Price | 7.11 | 5.21 | 6.77 | 4.37 | 5.05 | 5.12 |
| PE Ratio | 5.65 | 9.82 | 7.05 | |||
| Forward PE | 9.11 | 9.28 | 11.09 | 4.65 | 8.73 | |
| PS Ratio | 2.15 | 1.69 | 2.60 | 1.70 | 2.00 | 2.56 |
| PB Ratio | 0.96 | 0.71 | 0.91 | 0.70 | 0.82 | 0.94 |
| P/TBV Ratio | 1.04 | 0.81 | 1.03 | 0.80 | 0.94 | 1.08 |
| P/FCF Ratio | 42.90 | 15.72 | 7.64 | 14.31 | 26.72 | |
| P/OCF Ratio | 31.02 | 14.84 | 7.40 | 12.34 | 20.51 | |
| EV/Sales Ratio | 1.50 | 1.16 | 1.73 | 0.93 | 1.35 | 1.72 |
| EV/EBITDA Ratio | 7.40 | 6.56 | 11.99 | 5.46 | 6.94 | 15.54 |
| EV/EBIT Ratio | 8.28 | 7.54 | 14.53 | 6.39 | 7.91 | 20.63 |
| EV/FCF Ratio | 29.87 | 10.48 | 4.18 | 9.70 | 17.90 | |
| Debt / Equity Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA Ratio | 0.04 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Debt / FCF Ratio | 0.17 | 0.02 | 0.01 | 0.02 | 0.04 | |
| Net Debt / Equity Ratio | -0.28 | -0.29 | -0.39 | -0.42 | -0.34 | -0.38 |
| Net Debt / EBITDA Ratio | -3.23 | -3.93 | -7.71 | -5.98 | -4.26 | -9.41 |
| Net Debt / FCF Ratio | -13.03 | 2.74 | -6.74 | -4.58 | -5.96 | -10.84 |
| Asset Turnover | 0.33 | 0.30 | 0.25 | 0.27 | 0.28 | 0.25 |
| Inventory Turnover | 3.40 | 3.75 | 3.54 | 3.62 | 4.14 | 4.46 |
| Quick Ratio | 6.98 | 6.04 | 2.05 | 5.99 | 4.92 | 5.32 |
| Current Ratio | 9.02 | 7.77 | 2.61 | 7.17 | 6.05 | 6.33 |
| Return on Equity (ROE) | -5.70% | -8.92% | 17.15% | 0.15% | 9.26% | 14.82% |
| Return on Assets (ROA) | 3.67% | 2.92% | 1.88% | 2.47% | 2.95% | 1.28% |
| Return on Invested Capital (ROIC) | 10.56% | 9.37% | 7.24% | 1.04% | 8.10% | 4.70% |
| Return on Capital Employed (ROCE) | 6.50% | 5.50% | 3.60% | 4.30% | 4.90% | 2.10% |
| Earnings Yield | -7.35% | -14.15% | 17.71% | -0.84% | 10.18% | 14.17% |
| FCF Yield | 2.33% | -15.02% | 6.36% | 13.09% | 6.99% | 3.74% |
| Dividend Yield | 5.63% | 6.58% | 4.12% | 4.99% | 4.11% | 3.24% |
| Payout Ratio | 54.49% | 40.34% | 22.88% | |||
| Buyback Yield / Dilution | -0.04% | -0.03% | -0.03% | -0.03% | -0.03% | -0.04% |
| Total Shareholder Return | 5.59% | 6.55% | 4.09% | 4.96% | 4.08% | 3.20% |