Tearsheet

NL Industries (NL)

Market Price (12/4/2025): $5.64 | Market Cap: $275.6 Mil
Sector: Industrials | Industry: Security & Alarm Services

NL Industries (NL)

Market Price (12/4/2025): $5.64
Market Cap: $275.6 Mil
Sector: Industrials
Industry: Security & Alarm Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%	Weak multi-year price returns 2Y Excs Rtn is -17%, 3Y Excs Rtn is -72%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34%		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
4	Low stock price volatility Vol 12M is 49%
5	Megatrend and thematic drivers Megatrends include Advanced Materials, and Sustainable Resource Management. Themes include Specialty Chemicals for Performance, and Green Building Materials.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
4	Low stock price volatility Vol 12M is 49%
5	Megatrend and thematic drivers Megatrends include Advanced Materials, and Sustainable Resource Management. Themes include Specialty Chemicals for Performance, and Green Building Materials.
6	Weak multi-year price returns 2Y Excs Rtn is -17%, 3Y Excs Rtn is -72%
7	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$5.64	$7.10	$4.59	$5.30	$5.37
Market Cap CYE ($ Mil)	275.6	346.9	223.9	258.8	262.0
Total Debt ($ Mil)	0.5	0.5	0.5	0.5	0.5
Total Cash ($ Mil)	101.9	163.2	164.7	139.0	147.0
Enterprise Value ($ Mil)	174.2	347.4	224.4	259.3	262.5
Valuation Ratios
P/S TTM	1.9	2.6	1.7	2.0	2.6
P/EBIT TTM	19.8	4.5	-48.3	8.3	5.8
P/E TTM	31.3	5.7	-118.7	9.8	7.0
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.9	11.8	11.5	9.2	12.3
P/E TTM (Sector)	17.6	16.5	15.4	12.2	16.4

	12/4/25	2024	2023
Share Price CYE	$5.64	$7.10	$4.59
Market Cap CYE ($ Mil)	275.6	346.9	223.9
Total Debt ($ Mil)	0.5	0.5	0.5
Total Cash ($ Mil)	101.9	163.2	164.7
Enterprise Value ($ Mil)	174.2	347.4	224.4
Valuation Ratios
P/S TTM	1.9	2.6	1.7
P/EBIT TTM	19.8	4.5	-48.3
P/E TTM	31.3	5.7	-118.7
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	12.9	11.8	11.5
P/E TTM (Sector)	17.6	16.5	15.4

	NL	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.2
Rev Chg Q	18.7%	7.1%
Rev Chg LTM	5.5%	6.1%
Rev Chg 3Y Avg	-0.3%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	25.1%	18.8%
CFO/Rev LTM	-14.6%	20.5%
Net Inc Mgn	6.1%	13.1%
VALUATION	MODERATE
P/S	1.9	3.2
P/CFO	-13.1	15.8
P/FCF	-11.4	20.5
P/E	31.3	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.20	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Customers (Kronos Worldwide, Inc.)	approximately 3,000	3062025	Link
Titanium Dioxide Production Volume (Kronos Worldwide, Inc.)	401,000 metric tons	12312023	Link
Market Share in Europe (Kronos Worldwide, Inc.)	44%	12312023	Link
Sales Concentration - Largest Ten Customers (CompX International Inc.)	approximately 47% of sales	12312024	Link
Number of Patents (CompX International Inc.)	Holds a number of patents with remaining terms ranging from 1 to 16 years.	12312024	Link

Recent
11/06/2025	Earnings Release	Rev: $39 Mil (A) vs. $null (E) EPS: -0.16 (A) vs. $0.18 (E)
11/21/2025	Dividend	Amount: $0.09 Payment On: 12/16/2025

NL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. NL Industries reported a significant net loss for the third quarter of 2025.

The company posted a net loss of $7.87 million for the third quarter ended September 30, 2025, a substantial decrease compared to a net income of $36.01 million in the same period a year prior.

2. The company's basic loss per share missed analysts' consensus estimates.

NL Industries reported a basic loss per share from continuing operations of $0.16 for Q3 2025, falling short of analysts' consensus estimates of $0.18 by $0.34. This contrasts sharply with a basic earnings per share of $0.74 in the third quarter of the previous year.

3. Decreased earnings from its subsidiary, Kronos Worldwide, Inc., negatively impacted performance.

The downturn was partly attributed to reduced earnings from Kronos Worldwide, Inc., which experienced a 6% decrease in net sales for the third quarter. This was primarily due to lower titanium dioxide (TiO2) selling prices and diminished sales volumes in European and export markets.

4. Unrealized losses in marketable equity securities contributed to the overall financial decline.

An unrealized loss in marketable equity securities was identified as another key factor contributing to the net loss reported by NL Industries for the third quarter of 2025.

5. The company's high dividend payout ratio raises concerns about sustainability.

NL Industries' dividend payout ratio stood at 180.00%, which is considered undesirable as payout ratios exceeding 75% may indicate that the dividend is not sustainable in the long term.

Stock Movement Drivers

Fundamental Drivers

The -11.3% change in NL stock from 9/3/2025 to 12/3/2025 was primarily driven by a -82.6% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	6.29	5.58	-11.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	152.72	159.00	4.11%
Net Income Margin (%)	35.08%	6.10%	-82.62%
P/E Multiple	5.74	28.12	390.00%
Shares Outstanding (Mil)	48.85	48.86	-0.02%
Cumulative Contribution			-11.35%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
NL	-11.3%
Market (SPY)	6.2%	33.8%
Sector (XLI)	2.9%	39.9%

Fundamental Drivers

The -12.9% change in NL stock from 6/4/2025 to 12/3/2025 was primarily driven by a -85.2% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	6.41	5.58	-12.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	148.24	159.00	7.26%
Net Income Margin (%)	41.19%	6.10%	-85.20%
P/E Multiple	5.13	28.12	448.57%
Shares Outstanding (Mil)	48.85	48.86	-0.03%
Cumulative Contribution			-12.92%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
NL	-12.9%
Market (SPY)	15.1%	36.9%
Sector (XLI)	7.6%	41.2%

Fundamental Drivers

The -25.6% change in NL stock from 12/3/2024 to 12/3/2025 was primarily driven by a -84.2% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	7.50	5.58	-25.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	150.69	159.00	5.52%
Net Income Margin (%)	38.67%	6.10%	-84.23%
P/E Multiple	6.29	28.12	347.01%
Shares Outstanding (Mil)	48.85	48.86	-0.03%
Cumulative Contribution			-25.65%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
NL	-25.6%
Market (SPY)	14.3%	38.4%
Sector (XLI)	9.8%	39.9%

Fundamental Drivers

The 2.1% change in NL stock from 12/4/2022 to 12/3/2025 was primarily driven by a 478.0% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	5.47	5.58	2.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	160.67	159.00	-1.04%
Net Income Margin (%)	34.12%	6.10%	-82.13%
P/E Multiple	4.87	28.12	477.95%
Shares Outstanding (Mil)	48.82	48.86	-0.10%
Cumulative Contribution			2.10%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
NL	31.3%
Market (SPY)	53.2%	34.9%
Sector (XLI)	45.4%	38.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NL Return	27%	60%	-1%	-14%	55%	-23%	107%
Peers Return	-7%	15%	-21%	27%	43%	12%	72%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
NL Win Rate	58%	58%	42%	67%	58%	30%
Peers Win Rate	53%	55%	43%	63%	45%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
NL Max Drawdown	-40%	-6%	-24%	-30%	-11%	-27%
Peers Max Drawdown	-51%	-9%	-36%	-13%	-10%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BCO, MG, CIX, SNT, ADT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	NL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-56.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	129.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	68.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	180 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-79.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	396.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-57.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	134.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	473 days	1480 days

Compare to BCO, MG, CIX, SNT, ADT

In The Past

NL Industries's stock fell -56.5% during the 2022 Inflation Shock from a high on 8/18/2022. A -56.5% loss requires a 129.6% gain to breakeven.

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About NL Industries (NL)

NL Industries, Inc., through its subsidiary, CompX International Inc., operates in the component products industry in the United States and internationally. The company manufactures and sells mechanical and electronic cabinet locks, and other locking mechanisms, including disc tumbler locks, pin tumbler locking mechanisms, and CompX eLock and StealthLock electronic locks for use in various applications, such as ignition systems, mailboxes, file cabinets, desk drawers, tool storage cabinets, integrated inventory and access control secured narcotics boxes, vending and cash containment machines, medical cabinetry, electronic circuit panels, storage compartments, and gas station security. It also offers original equipment and aftermarket stainless steel exhaust headers, exhaust pipes, mufflers, and other exhaust components; gauges, such as GPS speedometers and tachometers; mechanical and electronic controls and throttles; wake enhancement devices, trim tabs, steering wheels, and other billet aluminum accessories; grab handles, pin cleats, and other accessories; and dash panels, LED indicators, wire harnesses, and other accessories primarily for performance and ski/wakeboard boats. In addition, the company offers insurance brokerage and risk management services. It sells its component products directly to original equipment manufacturers, as well as through distributors. NL Industries, Inc. was founded in 1891 and is based in Dallas, Texas. NL Industries, Inc. is a subsidiary of Valhi, Inc.

AI Generated Analysis | Feedback

DuPont for titanium dioxide.
The Intel of white pigment, making the fundamental ingredient that gives paints, plastics, and paper their bright white color.
A specialized chemical manufacturer, similar to a major ingredient supplier that paint companies like Sherwin-Williams or PPG would rely on for their white pigments.

AI Generated Analysis | Feedback

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Titanium Dioxide Pigments: White inorganic pigments used in a wide range of products like paints, coatings, plastics, and paper.
Security Products: Engineered locks and security solutions for various applications, including cabinets, lockers, and commercial vehicles.
Recreational Marine Components: Specialized hardware and components for the recreational marine industry, such as wakeboard tower accessories and steering systems.

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AI Generated Analysis | Feedback

NL Industries (symbol: NL) is a holding company whose primary operating subsidiaries are CompX International Inc. (symbol: CIX) and Kronos Worldwide Inc. (symbol: KRO). Through these subsidiaries, NL Industries primarily sells its products to other companies (B2B).

Due to the nature of their businesses and competitive considerations, neither NL Industries nor its subsidiaries publicly disclose the names of their specific major customers. Furthermore, financial filings indicate that no single customer accounts for more than 10% of the net sales for either CompX or Kronos, suggesting a diversified customer base across various industries.

However, the categories of customer companies served by NL Industries' operating segments include:

Manufacturers of paints, coatings, plastics, and paper products: These companies utilize titanium dioxide (TiO2) pigments produced by Kronos Worldwide as a key ingredient for whiteness, opacity, and durability in a vast array of consumer and industrial products.
Original Equipment Manufacturers (OEMs) for office furniture, mailboxes, and cabinetry: CompX International supplies security products (locks and hardware) to these manufacturers for integration into their finished goods.
Recreational marine Original Equipment Manufacturers (OEMs): CompX International provides specialized marine components, such as wake enhancement systems, gauges, and throttle controls, to boat manufacturers for installation in new vessels.

AI Generated Analysis | Feedback

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Courtney J. Riley President, Chief Executive Officer, and Director

Ms. Riley serves as President, Chief Executive Officer, and Director of NL Industries, Inc.. She has been President of NL Industries, Inc. since May 18, 2017, and succeeded Robert D. Graham as CEO in June 2021. Additionally, Ms. Riley serves as Executive Vice President, Chief Transformation Officer at Kronos Worldwide, Inc. and as an Executive Vice President at Valhi, Inc. since May 2022. Both Kronos Worldwide, Inc. and Valhi, Inc. are publicly held parent corporations of NL Industries.

Amy Allbach Samford Executive Vice President, Chief Financial Officer, and Principal Financial Officer

Ms. Samford holds the position of Executive Vice President, Chief Financial Officer, and Principal Financial Officer at NL Industries, Inc.. She also serves as Executive Vice President and Chief Financial Officer for Kronos Worldwide, Inc.

John A. Sunny Executive Vice President and Chief Information Officer

Mr. Sunny is the Executive Vice President and Chief Information Officer of NL Industries, Inc.

John R. Powers, III Senior Vice President and General Counsel

Mr. Powers serves as Senior Vice President and General Counsel for NL Industries, Inc.

Bryan A. Hanley Senior Vice President and Treasurer

Mr. Hanley holds the title of Senior Vice President and Treasurer at NL Industries, Inc.

AI Generated Analysis | Feedback

The rise of smart, connected, and software-driven security solutions (e.g., IoT locks, biometric access control, mobile credentials) poses an emerging threat to the market for traditional mechanical and basic electronic lock products offered by CompX International Inc., a subsidiary of NL Industries. These new technologies could displace demand for conventional lock hardware by offering enhanced features, convenience, and integration capabilities.

AI Generated Analysis | Feedback

NL Industries (NYSE: NL) operates primarily in two main markets through its subsidiaries: the chemicals industry, producing titanium dioxide pigments through its noncontrolling interest in Kronos Worldwide, Inc., and the component products industry, manufacturing engineered components through its majority-owned subsidiary, CompX International Inc.

Titanium Dioxide (TiO2) Pigments

The global addressable market for titanium dioxide (TiO2) pigments was valued at approximately USD 22.28 billion in 2024 and is projected to grow to USD 24.81 billion in 2025. This market is expected to reach around USD 40.07 billion by 2032, with a compound annual growth rate (CAGR) of 7.1% during the 2025-2032 forecast period. Another report estimates the global TiO2 pigment market at US$ 20.08 billion in 2024, projected to reach US$ 27.06 billion by 2031, with a CAGR of 4.4%. TiO2 pigments are crucial for imparting whiteness, brightness, opacity, and durability in various applications, including coatings, plastics, paper, inks, cosmetics, and pharmaceuticals. The Asia Pacific region dominates the titanium dioxide market, holding a significant share, followed by North America and Europe.

Component Products (CompX International Inc.)

CompX International Inc. manufactures a diverse range of engineered components, including locks and locking mechanisms, and marine exhaust and control components.

Industrial Locks and Locking Mechanisms

The global market for mechanical and electromechanical locks, which includes many of CompX's offerings such as cabinet locks and other security products for various industrial and commercial applications, was valued at approximately USD 21.2 billion in 2024. This market is projected to reach USD 34.3 billion by 2032, advancing at a CAGR of 6.3% from 2025 to 2032. Another estimate places the global industrial lock market at USD 2.1 billion in 2024, growing to USD 3.5 billion by 2032. The broader global locks market (including physical and electronic systems for residential, commercial, and industrial uses) was valued at USD 5.8 billion in 2024 and is estimated to grow at a CAGR of 6.9% from 2025 to 2034. The Asia Pacific region holds the largest share in the mechanical and electromechanical locks market, with North America and Europe also being significant markets.

Marine Exhaust and Control Components

For marine exhaust systems, the global market was valued at approximately USD 5.8 billion in 2024 and is anticipated to reach USD 9.2 billion by 2033, exhibiting a CAGR of 5.3% from 2025 to 2033. Asia Pacific leads this market, with Europe and North America following. In terms of marine control components, the global marine onboard communication and control systems market was valued at USD 9.4 billion in 2024 and is estimated to grow to around USD 19.17 billion by 2034, with a CAGR of 7.50% from 2025 to 2034. The Asia Pacific region dominated this market in 2024. Additionally, the broader recreational boat parts and accessories market, which includes many of CompX's marine offerings, was valued at USD 12.8 billion in 2024 and is projected to reach USD 19.4 billion by 2034, registering a CAGR of 4.2%. North America is the largest market for recreational boat parts and accessories.

AI Generated Analysis | Feedback

NL Industries (NYSE: NL) is expected to see future revenue growth driven by several key factors across its operating segments over the next two to three years. Here are 3-5 expected drivers of future revenue growth:

Growth in CompX's Security Products Sales: The CompX segment anticipates improved sales in its Security Products, particularly driven by demand from government and healthcare markets. This is projected to contribute to revenue growth in 2025.
Increased Sales in CompX's Marine Components: CompX also forecasts a rise in sales and profit within its Marine Components unit. This growth is expected to be fueled by demand from both government and industrial markets in 2025.
Long-term Value from Kronos' Louisiana Pigment Company (LPC) Acquisition: While near-term results for Kronos Worldwide, in which NL Industries holds a significant interest, are tempered by soft demand and higher debt service, the acquisition of full control of Louisiana Pigment Company (LPC) in July 2024 is expected to add long-term value. This strategic move could translate into future revenue growth as market conditions improve and synergies are realized.
Increased Production Volumes for Kronos' Titanium Dioxide (TiO2): Despite facing pricing pressure and weak demand for TiO2 in the near term, Kronos experienced increased production volumes in the first and second quarters of 2024, which contributed to improved profitability. If this trend of higher production volumes continues and is eventually met with stronger demand, it could drive future revenue growth for NL Industries' investment in Kronos.

AI Generated Analysis | Feedback

Share Repurchases

As of September 30, 2025, CompX International Inc., a majority-owned subsidiary of NL Industries, had 523,647 shares available for repurchase under a board-authorized stock repurchase program.

Share Issuance

The number of common shares outstanding for NL Industries increased slightly from 48,833,484 on February 29, 2024, to 48,847,734 on February 28, 2025.
Common shares outstanding further increased to 48,862,734 by November 3, 2025.

Outbound Investments

Effective July 16, 2024, NL Industries' affiliate, Kronos Worldwide, Inc., acquired the remaining 50% joint venture interest in Louisiana Pigment Company, L.P. (LPC) from Venator Investments, Ltd. for $185 million, less a working capital adjustment. This acquisition made LPC a wholly-owned subsidiary of Kronos.

Capital Expenditures

NL Industries' capital expenditures are primarily related to its majority-owned subsidiary, CompX International Inc.
CompX anticipates spending approximately $4 million on capital investments in 2025, primarily focused on meeting existing customer demand and maintaining its facilities and technology infrastructure.
Annual capital expenditures for NL Industries have consistently been below $5 million in recent years, with CompX reporting $2.7 million in 2023 and $0.5 million in the first half of 2023.

Better Bets than NL Industries (NL)

	NL	Better Performance than NL
Metric	Value	INDUSTRY: Security & Alarm Services
Rev Chg LTM	5.5%	IVDA (89.0%), BAER (72.7%), EVLV (37.6%), SNT (12.8%), ADT (6.3%)
Rev Chg 3Y Avg	-0.3%	EVLV (60.4%), NSSC (7.3%), BCO (5.1%), ADT (3.4%), MG (1.3%)
Op Mgn LTM	25.1%	NSSC (25.7%), ADT (25.5%)
CFO/Rev LTM	-14.6%	ADT (38.5%), NSSC (28.4%), BCO (12.4%), EVLV (5.3%), MG (3.7%)
FCF/Rev LTM	-16.8%	NSSC (27.6%), ADT (27.1%), CIX (9.3%), BCO (8.1%), MG (0.0%)
Total Yield	12.3%
P/S	1.9	MG (0.4), BAER (0.8), BCO (1.0), ADT (1.4), CIX (1.8)
P/Op Inc	7.5	BAER (5.0), ADT (5.5), MG (6.6)

	NL	Better Performance than NL
Metric	Value	SECTOR: Industrials
Rev Chg LTM	5.5%	UBER (18.2%), GE (17.7%), BA (10.2%), GEV (9.4%), RTX (8.8%)
Rev Chg 3Y Avg	-0.3%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), CAT (5.8%)
Op Mgn LTM	25.1%	TDG (46.4%), UNP (40.6%), CP (37.0%), ITW (26.2%), ADP (26.2%)
CFO/Rev LTM	-14.6%	UBER (18.1%), CAT (18.0%), GE (17.2%), RTX (9.3%), GEV (9.1%)
FCF/Rev LTM	-16.8%	UBER (17.5%), GE (14.7%), CAT (12.3%), GEV (6.6%), RTX (5.5%)
Total Yield	12.3%	FLR (49.7%), GFL (21.0%), AL (15.7%), UPS (15.4%), DAL (13.2%)
P/S	1.9	FDX (0.6), UPS (0.8), LMT (1.6), CMI (1.7), GD (1.8)
P/Op Inc	7.5	AAL (3.3), CNH (4.5), UAL (6.0), DAL (6.1), LTM (6.6)

	NL	Better Performance than NL
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	5.5%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-0.3%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	25.1%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	-14.6%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-16.8%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	12.3%	VZ (16.8%), TD (16.6%), PFE (13.5%), MRK (13.0%), ENB (12.9%)
P/S	1.9	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6)
P/Op Inc	7.5	CMCSA (5.2), VZ (5.9), B (6.7), GM (7.1), CNQ (7.4)

		Best Bets In Industrials Sector
	NL
What You Pay
P/E	31.0
P/EBIT	19.6
What You Get
Rev Chg Q	18.7%
Rev Chg LTM	5.5%
Rev Chg 3Y Avg	-0.3%
FCF/Rev 3Y Avg	8.4%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can NL Industries Stock Really Go?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to NL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for NL Industries

Peers to compare with:

Financials

	NL	BCO	MG	CIX	SNT	ADT	Median
Name	NL Indus.	Brink's	MISTRAS	Compx In.	Senstar .	ADT
Mkt Price	5.58	118.30	11.82	22.31	3.29	8.14	9.98
Mkt Cap	0.3	5.0	0.4	0.3	0.1	6.7	0.3
Rev LTM	159	5,146	715	159	38	5,113	437
Op Inc LTM	40	506	47	22	5	1,306	44
FCF LTM	-27	418	-0	15	-	1,387	15
FCF 3Y Avg	13	347	7	21	-	1,163	21
CFO LTM	-23	636	27	18	-	1,970	27
CFO 3Y Avg	15	558	31	23	-	1,873	31

Growth & Margins

	NL	BCO	MG	CIX	SNT	ADT	Median
Name	NL Indus.	Brink's	MISTRAS	Compx In.	Senstar .	ADT
Rev Chg LTM	5.5%	3.1%	-3.2%	5.5%	12.8%	6.3%	5.5%
Rev Chg 3Y Avg	-0.3%	5.1%	1.3%	-0.3%	3.8%	3.4%	2.3%
Rev Chg Q	18.7%	6.1%	7.0%	18.7%	16.2%	4.4%	11.6%
QoQ Delta Rev Chg LTM	4.1%	1.5%	1.8%	4.1%	3.7%	1.1%	2.8%
Op Mgn LTM	25.1%	9.8%	6.6%	13.7%	14.0%	25.5%	13.8%
Op Mgn 3Y Avg	12.1%	9.9%	5.1%	13.9%	6.0%	26.1%	11.0%
QoQ Delta Op Mgn LTM	-0.4%	0.5%	1.2%	0.4%	0.3%	-0.5%	0.3%
CFO/Rev LTM	-14.6%	12.4%	3.7%	11.4%	-	38.5%	11.4%
CFO/Rev 3Y Avg	9.8%	11.2%	4.3%	14.7%	-	40.1%	11.2%
FCF/Rev LTM	-16.8%	8.1%	-0.0%	9.3%	-	27.1%	8.1%
FCF/Rev 3Y Avg	8.4%	7.0%	1.0%	13.3%	-	24.7%	8.4%

Valuation

	NL	BCO	MG	CIX	SNT	ADT	Median
Name	NL Indus.	Brink's	MISTRAS	Compx In.	Senstar .	ADT
Mkt Cap	0.3	5.0	0.4	0.3	0.1	6.7	0.3
P/S	1.9	1.0	0.4	1.8	2.9	1.4	1.6
P/EBIT	19.6	9.2	8.1	13.2	18.0	5.6	11.2
P/E	31.0	28.8	17.1	14.9	21.5	11.1	19.3
P/CFO	-12.9	7.7	11.7	15.9	-	3.6	7.7
Total Yield	12.3%	3.5%	5.8%	8.0%	4.7%	11.7%	6.9%
Dividend Yield	9.1%	0.0%	0.0%	1.3%	0.0%	2.7%	0.6%
FCF Yield 3Y Avg	4.5%	8.2%	2.7%	7.1%	-	18.2%	7.1%
D/E	0.0	0.9	0.8	0.0	0.0	1.1	0.4
Net D/E	-0.3	0.6	0.7	-0.2	-0.2	1.1	0.2

Returns

	NL	BCO	MG	CIX	SNT	ADT	Median
Name	NL Indus.	Brink's	MISTRAS	Compx In.	Senstar .	ADT
1M Rtn	-3.8%	7.0%	23.3%	2.7%	-32.3%	-7.4%	-0.5%
3M Rtn	-11.3%	5.3%	24.9%	-4.6%	-25.7%	-5.5%	-5.1%
6M Rtn	-12.9%	42.7%	54.7%	0.4%	-18.2%	-4.1%	-1.8%
12M Rtn	-25.6%	25.9%	30.6%	-12.2%	9.3%	11.3%	10.3%
3Y Rtn	2.1%	106.2%	203.1%	51.9%	135.8%	-9.8%	79.1%
1M Excs Rtn	-3.8%	7.0%	23.3%	2.8%	-32.3%	-7.4%	-0.5%
3M Excs Rtn	-18.7%	-1.1%	15.4%	-10.8%	-28.3%	-13.1%	-11.9%
6M Excs Rtn	-27.6%	28.0%	40.0%	-14.3%	-32.9%	-18.8%	-16.6%
12M Excs Rtn	-36.8%	10.1%	13.4%	-25.7%	-9.1%	-3.7%	-6.4%
3Y Excs Rtn	-72.4%	32.4%	124.2%	-24.9%	52.5%	-76.1%	3.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	3/6/2025	3/6/2024	3/8/2023	3/9/2022	3/10/2021	3/11/2020
Key Financials
Total Revenue	159	146	161	167	141	115	124
EBITDA	19	88	-2	44	66	19	33
Operating Income	40	35	12	13	10	2	11
Net Income	10	67	-2	34	51	15	26
EPS	0.20	1.38	-0.05	0.69	1.05	0.30	0.53
Growth Rates
Total Revenue Growth	5.5%	-9.5%	-3.2%	18.3%	22.9%	-7.8%	5.1%
EBITDA Growth	-74.8%	5249.4%	-103.8%	-32.9%	250.8%	-43.1%	164.8%
Operating Income Growth	445.9%	187.0%	-1.7%	27.3%	524.7%	-85.9%	14206.3%
Net Income Growth	-83.4%	3012.8%	-106.8%	-33.9%	248.7%	-43.2%	163.0%
Margins
EBITDA Margin	12.0%	60.0%	-1.1%	26.5%	46.7%	16.4%	26.5%
Operating Income Margin	25.1%	24.2%	7.6%	7.5%	7.0%	1.4%	9.0%
Net Income Margin	6.1%	46.1%	-1.4%	20.3%	36.4%	12.8%	20.8%
Cash & Debt
Total Cash	102	163	165	139	147	137	130
Total Debt	0	0	0	0	0	0	0
Net Debt / (Cash)	-101	-163	-164	-139	-147	-137	-129
Cash Flows
Net Cash from Operations	-23	26	37	27	18	19	27
Free Cash from Operations	-27	24	36	23	14	17	24
Returns to Shareholders
Dividends	27	37	14	31	12	8	-0
Share Repurchases	-0	-0	-0	2	1	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/6/2025	5/7/2025	3/6/2025	11/6/2024	8/7/2024	5/8/2024	3/6/2024	11/2/2023	8/2/2023	5/3/2023	3/8/2023
Key Financials Quarterly
Total Revenue	40	40	40	38	34	36	38	43	40	37	41	40
Ebitda	-7	2	3	21	46	11	9	9	1	-9	-3	-5
Operating Income	2	3	3	32	1	0	1	5	3	1	4	2
Net Income	-8	0	1	17	36	8	7	8	-0	-3	-7	-6
EPS	-0.16	0.01	0.01	0.34	0.74	0.16	0.14	0.15	-0.00	-0.06	-0.14	-0.13
Key Financials TTM
Total Revenue TTM	159	153	148	146	151	157	158	161	158	161	166	167
Ebitda TTM	19	72	81	88	76	30	11	-2	-16	-30	18	44
Operating Income TTM	40	39	37	35	7	9	10	12	10	10	13	13
Net Income TTM	10	54	61	67	58	22	11	-2	-16	-25	9	34
Growth Rates Quarterly
Total Revenue Growth	18.7%	12.5%	6.1%	-11.0%	-16.6%	-2.0%	-7.7%	8.0%	-5.9%	-12.1%	-2.1%	17.3%
EBITDA Growth	-115.7%	-81.3%	-69.9%	127.4%	5050.9%	224.5%	383.3%	287.4%	107.0%	-122.4%	-114.3%	-127.0%
Operating Income Growth	97.8%	431.9%	132.2%	612.5%	-68.7%	-55.0%	-64.8%	141.9%	0.1%	-73.6%	5.6%	64.2%
Net Income Growth	-121.9%	-95.5%	-90.2%	118.1%	52288.4%	352.1%	201.8%	225.1%	99.2%	-110.3%	-136.2%	-140.6%
Margins Quarterly
EBITDA Margin	-18.1%	5.0%	7.0%	55.7%	136.5%	30.2%	24.7%	21.8%	2.2%	-23.7%	-8.0%	-12.6%
Operating Income Margin	4.6%	6.2%	7.8%	84.4%	2.8%	1.3%	3.6%	10.5%	7.4%	2.9%	9.4%	4.7%
Net Income Margin	-19.7%	0.9%	1.7%	43.1%	107.0%	21.8%	18.0%	17.6%	-0.2%	-8.5%	-16.3%	-15.2%
Cash & Debt
Total Cash	102	111	110	163	146	179	168	165	146	154	144	139
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-101	-111	-109	-163	-145	-179	-167	-164	-146	-154	-143	-139
Cash Flows Quarterly
FCF from Operations	8	7	-47	9	-6	16	7	22	-5	14	7	14
Cash Flows TTM
FCF from Operations TTM	-23	-37	-29	26	38	38	36	37	30	34	31	27
Returns to Shareholders Quarterly
Dividends	15	4	4	4	25	4	4	3	3	3	3	3
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	161
Marine Components		52	36	27	25
Security Products		115	105	88	99
Total	161	167	141	115	124

Price Behavior

Price Behavior

Market Price	$5.58
Market Cap ($ Bil)	0.3
First Trading Date	04/06/1983
Distance from 52W High	-33.6%
	50 Days	200 Days
DMA Price	$5.72	$6.37
DMA Trend	down	down
Distance from DMA	-2.5%	-12.4%
	3M	1YR
Volatility	42.6%	49.1%
Downside Capture	245.80	148.71
Upside Capture	121.72	100.33
Correlation (SPY)	32.6%	38.3%

NL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.89	0.92	1.08	1.52	0.95	1.03
Up Beta	-1.13	-1.00	-0.01	1.11	0.71	1.02
Down Beta	1.34	0.54	0.37	1.69	0.83	1.01
Up Capture	121%	114%	108%	99%	104%	84%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	17	28	57	114	367
Down Capture	135%	177%	201%	193%	124%	103%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	25	34	66	129	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of NL With Other Asset Classes (Last 1Y)
	NL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-22.6%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	48.8%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.37	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		39.6%	38.4%	2.0%	12.9%	30.7%	22.2%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of NL With Other Asset Classes (Last 5Y)
	NL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.3%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	49.4%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.38	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		39.3%	36.1%	3.6%	9.6%	28.6%	19.4%

Based On 10-Year Data

		Comparison of NL With Other Asset Classes (Last 10Y)
	NL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.2%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	64.8%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.41	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		38.7%	35.4%	-3.2%	17.2%	27.0%	11.4%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	120,406
Short Interest: % Change Since 10312025	9.4%
Average Daily Volume	24,954
Days-to-Cover Short Interest	4.83
Basic Shares Quantity	48,863,000
Short % of Basic Shares	0.2%

Returns Analyses

	Title
0	How Low Can NL Industries Stock Really Go?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	3062025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	3062024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	5032023	10-Q 3/31/2023
12312022	3082023	10-K 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	3092022	10-K 12/31/2021

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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NL Industries (NL)

Market Price (12/4/2025): $5.64 | Market Cap: $275.6 MilSector: Industrials | Industry: Security & Alarm Services

NL Industries (NL)

Market Price (12/4/2025): $5.64Market Cap: $275.6 MilSector: IndustrialsIndustry: Security & Alarm Services

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About NL Industries (NL)

Titanium Dioxide (TiO2) Pigments

Component Products (CompX International Inc.)

Industrial Locks and Locking Mechanisms

Marine Exhaust and Control Components

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Market Price (12/4/2025): $5.64 | Market Cap: $275.6 Mil
Sector: Industrials | Industry: Security & Alarm Services

Market Price (12/4/2025): $5.64
Market Cap: $275.6 Mil
Sector: Industrials
Industry: Security & Alarm Services