NL Industries, Inc., through its subsidiaries, operates in the component products industry in Europe, North America, the Asia Pacific, and internationally. The company manufactures and sells mechanical and electronic cabinet locks and other locking mechanisms, including disc tumbler locks; pin tumbler locking mechanisms under KeSet, System 64, TuBar, and Turbine brands; and electronic locks under CompX eLock and StealthLock brands for use in various applications, such as mailboxes, ignition systems, file cabinets, desk drawers, tool storage cabinets, high security medical cabinetry, integrated inventory and access control secured narcotics boxes, electronic circuit panels, storage compartments, gas station security, vending, and cash containment machines. It also provides original equipment and aftermarket stainless steel exhaust headers, exhaust pipes, mufflers, and other exhaust components; gauges, such as GPS speedometers and tachometers; mechanical, electronic controls, and throttles; wake enhancement devices, trim tabs, steering wheels, and billet aluminum accessories; dash panels, LED indicators, wire harnesses; and grab handles, pin cleats, and other accessories for performance and ski/wakeboard and performance boats. In addition, the company produces and markets value-added titanium dioxide pigments, a base industrial product used in imparting whiteness, brightness, opacity, and durability to a diverse range of customer applications and end-use markets, including coatings, plastics, paper, inks, cosmetics, pharmaceuticals, and other industrial and consumer products. The company 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. operates as a subsidiary of Valhi, Inc.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $158M | $-47M | $-38M | $-40M | -10.5% | 8.5% | -156.3% |
| 2024 | $146M | $88M | $67M | $24M | 16.9% | -9.5% | -3012.8% |
| 2023 | $161M | $-2M | $-2M | $36M | -0.6% | -3.2% | -106.8% |
| 2022 | $167M | $44M | $34M | $23M | 8.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 166.56 | 161.29 | 145.94 | 158.28 |
| Operating Revenue | - | 166.56 | 161.29 | 145.94 | 158.28 |
| Cost Of Revenue | - | 117.76 | 112.07 | 104.58 | 110.11 |
| Gross Profit | - | 48.80 | 49.22 | 41.36 | 48.18 |
| Operating Expense | - | 36.30 | 36.92 | 6.07 | 38.64 |
| Selling General And Administration | - | 24.50 | 25.15 | 25.55 | 26.72 |
| Total Expenses | - | 154.06 | 148.99 | 110.64 | 148.75 |
| Operating Income | - | 12.50 | 12.30 | 35.30 | 9.54 |
| Total Operating Income As Reported | - | 13.73 | 14.13 | 37.88 | 10.68 |
| EBITDA | - | 44.16 | -1.70 | 87.54 | -47 |
| Normalized EBITDA | - | 52.15 | 10.90 | 76.35 | -13.75 |
| EBIT | - | 40.18 | -5.67 | 83.85 | -50.66 |
| Interest Income | - | 3.80 | 9.64 | 10.98 | 7 |
| Interest Expense | - | 0.94 | 0.75 | 0.53 | 0.77 |
| Net Interest Income | - | 2.86 | 8.89 | 10.45 | 6.23 |
| Other Non Operating Income Expenses | -0.66 | -1.13 | - | - | - |
| Other Income Expense | - | 23.88 | -27.61 | 37.57 | -67.19 |
| Interest Income Non Operating | - | 3.80 | 9.64 | 10.98 | 7 |
| Interest Expense Non Operating | - | 0.94 | 0.75 | 0.53 | 0.77 |
| Net Non Operating Interest Income Expense | - | 2.86 | 8.89 | 10.45 | 6.23 |
| Pretax Income | - | 39.24 | -6.42 | 83.32 | -51.42 |
| Tax Provision | - | 2.78 | -7 | 14.06 | -16.05 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.57 | -2.65 | 1.89 | -10.37 |
| Net Income Continuous Operations | - | 36.46 | 0.58 | 69.26 | -35.37 |
| Net Income From Continuing And Discontinued Operation | - | 33.84 | -2.31 | 67.23 | -37.83 |
| Net Income From Continuing Operation Net Minority Interest | - | 33.84 | -2.31 | 67.23 | -37.83 |
| Net Income | - | 33.84 | -2.31 | 67.23 | -37.83 |
| Net Income Common Stockholders | - | 33.84 | -2.31 | 67.23 | -37.83 |
| Net Income Including Noncontrolling Interests | - | 36.46 | 0.58 | 69.26 | -35.37 |
| Normalized Income | - | 41.27 | 7.65 | 57.93 | -14.95 |
| Diluted NI Availto Com Stockholders | - | 33.84 | -2.31 | 67.23 | -37.83 |
| Basic Average Shares | - | 48.80 | 48.83 | 48.80 | 48.90 |
| Diluted Average Shares | - | 48.80 | 48.83 | 48.80 | 48.90 |
| Reconciled Depreciation | - | 3.98 | 3.97 | 3.69 | 3.65 |
| Reconciled Cost Of Revenue | - | 117.76 | 112.07 | 104.58 | 110.11 |
| Total Unusual Items | - | -7.99 | -12.60 | 11.19 | -33.25 |
| Total Unusual Items Excluding Goodwill | - | -7.99 | -12.60 | 11.19 | -33.25 |
| Minority Interests | - | -2.61 | -2.89 | -2.03 | -2.46 |
| Special Income Charges | - | 0.09 | -4.45 | 1.37 | -19.67 |
| Other Special Charges | - | -0.09 | 4.45 | -1.37 | 19.67 |
| Gain On Sale Of Security | - | -8.09 | -8.16 | 9.82 | -13.58 |
| General And Administrative Expense | - | 24.50 | 25.15 | 25.55 | 26.72 |
| Other Gand A | - | 23.36 | 23.78 | 24.34 | 25.58 |
| Salaries And Wages | - | 1.13 | 1.37 | 1.21 | 1.14 |
| Other Operating Expenses | - | 11.80 | 11.77 | -19.48 | 11.93 |
| Earnings From Equity Interest | - | 31.87 | -15 | 26.38 | -33.94 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NL Industries, Inc.this co. | NL | $296M | -7.83 | 0.83 | -10.5% | -3.96 |
| SBC Medical Group Holdings Incorporated | SBC | $314M | 6.16 | 1.26 | 20.5% | 2.38 |
| Public Policy Holding Company, Inc. | PPHC | $306M | -7.83 | 4.08 | -52.1% | -18.14 |
| Omega Flex, Inc. | OFLX | $304M | 20.51 | 3.61 | 17.6% | 13.97 |
| AerSale Corporation | ASLE | $300M | 34.99 |
| - |
| - |
| - |
| - |
| - |
| 0.71 |
| 2.0% |
| 12.35 |
| CompX International Inc. | CIX | $298M | 15.30 | 2.15 | 14.1% | 9.29 |
| AIRO Group Holdings, Inc. | AIRO | $295M | -71.79 | 0.40 | -0.6% | 8.94 |
| Energy Services of America Corporation | ESOA | $288M | 757.77 | 4.86 | 0.6% | 20.45 |
| PAMT CORP | PAMT | $280M | - | 1.33 | -25.0% | 17.44 |
| Peer Median | - | 15.30 | 1.74 | 1.3% | 10.82 | |