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 | -10.0% | 8.5% | -156.3% |
| 2024 | $146M | $88M | $67M | $24M | 16.2% | -9.5% | - |
| 2023 | $161M | $-2M | $-2M | $36M | -0.6% | -3.2% | -106.8% |
| 2022 | $167M | $44M | $34M | $23M | 8.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 12.50 | 12.30 | 35.30 | 9.54 |
| EBITDA | 44.16 | -1.70 | 87.54 | -47.01 |
| EBIT | 40.18 | -5.67 | 83.85 | -50.66 |
| Pretax Income | 39.24 | -6.42 | 83.32 | -51.42 |
| Tax Provision | 2.79 | -7 | 14.06 | -16.05 |
| Net Income | 33.84 | -2.31 | 67.23 | -37.83 |
| Net Income Common Stockholders | 33.84 | -2.31 | 67.23 | -37.83 |
| Total Expenses | 154.06 | 148.99 | 110.64 | 148.75 |
| Interest Expense | 0.94 | 0.75 | 0.53 | 0.77 |
| Interest Income | 3.80 | 9.64 | 10.98 | 7 |
| Selling General And Administration | 24.50 | 25.15 | 25.55 | 26.71 |
| Normalized EBITDA | 52.15 | 10.90 | 76.35 | -13.75 |
| Normalized Income | 41.27 | 7.65 | 57.93 | -14.95 |
| Basic EPS | 0.69 | -0.05 | 1.38 | 0 |
| Diluted EPS | 0.69 | -0.05 | 1.38 | 0 |
| Tax Effect Of Unusual Items | -0.57 | -2.65 | 1.89 | -10.37 |
| Tax Rate For Calcs | 0.07 | 0.21 | 0.17 | 0.31 |
| Total Unusual Items | -7.99 | -12.60 | 11.19 | -33.25 |
| Total Unusual Items Excluding Goodwill | -7.99 | -12.60 | 11.19 | -33.25 |
| Net Income From Continuing Operation Net Minority Interest | 33.84 | -2.31 | 67.23 | -37.83 |
| Reconciled Depreciation | 3.98 | 3.97 | 3.69 | 3.65 |
| Reconciled Cost Of Revenue | 117.76 | 112.07 | 104.58 | 110.11 |
| Net Interest Income | 2.86 | 8.89 | 10.45 | 6.23 |
| Net Income From Continuing And Discontinued Operation | 33.84 | -2.31 | 67.23 | -37.83 |
| Total Operating Income As Reported | 13.73 | 14.13 | 37.88 | 10.68 |
| Diluted Average Shares | 48.80 | 48.83 | 48.80 | 0 |
| Basic Average Shares | 48.80 | 48.83 | 48.80 | 0 |
| Diluted NI Availto Com Stockholders | 33.84 | -2.31 | 67.23 | -37.83 |
| Minority Interests | -2.61 | -2.89 | -2.03 | -2.46 |
| Net Income Including Noncontrolling Interests | 36.46 | 0.58 | 69.26 | -35.37 |
| Net Income Continuous Operations | 36.46 | 0.58 | 69.26 | -35.37 |
| Other Income Expense | 23.88 | -27.61 | 37.57 | -67.19 |
| Other Non Operating Income Expenses | -1.13 | 0 | 0 | 0 |
| Special Income Charges | 0.09 | -4.45 | 1.37 | -19.67 |
| Other Special Charges | -0.09 | 4.45 | -1.37 | 19.67 |
| Earnings From Equity Interest | 31.87 | -15 | 26.38 | -33.94 |
| Gain On Sale Of Security | -8.09 | -8.16 | 9.82 | -13.58 |
| Net Non Operating Interest Income Expense | 2.86 | 8.89 | 10.45 | 6.23 |
| Interest Expense Non Operating | 0.94 | 0.75 | 0.53 | 0.77 |
| Interest Income Non Operating | 3.80 | 9.64 | 10.98 | 7 |
| Other Operating Expenses | 11.80 | 11.77 | -19.48 | 11.93 |
| General And Administrative Expense | 24.50 | 25.15 | 25.55 | 26.71 |
| Other Gand A | 23.36 | 23.78 | 24.34 | 25.57 |
| Salaries And Wages | 1.13 | 1.37 | 1.21 | 1.14 |
| Operating Revenue | 166.56 | 161.29 | 145.94 | 158.28 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NL Industries, Inc.this co. | NL | - | - | - | -10.0% | - |
| The Eastern Company | EML | $134M | 22.70 | 1.08 | 5.7% | 9.14 |
| DMC Global Inc. | BOOM | $129M | - | 0.53 | -4.2% | 9.35 |
| Byrna Technologies Inc. | BYRN | $128M | 15.72 | 1.93 | 14.7% | 9.07 |
| JELD-WEN Holding, Inc. | JELD | $123M | - | 1.33 |
| -673.6% |
| 29.19 |
| Forrester Research, Inc. | FORR | $121M | - | 0.95 | -94.3% | 3.10 |
| Arq, Inc. | ARQ | $96M | - | 0.57 | -31.3% | 34.71 |
| Mobile Infrastructure Corporation | BEEP | $80M | - | 0.55 | -13.5% | 26.61 |
| Southland Holdings, Inc. | SLND | $60M | - | -0.42 | 231.3% | -1.74 |
| Peer Median | - | 19.21 | 0.76 | -8.8% | 9.25 | |