One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
NLI Holdings, Inc.
NL · NYQ · Industrials · Security & Protection Services
Current price
$6.99
52-week range
$5.04 - $8.60
Market cap
—
Balance sheet
Healthy
12.43x Strong cushion
Net cash $105.58M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 2.2% last year.
- Reward Free cash flow was positive in 9/10 years.
- Reward Dividend yield is 5.7% with 44-year payout history.
- Risk Return on equity was -5.7% last year — the company lost money on shareholders' equity.
What this company does
NLI Holdings, Inc.
NLI Holdings, Inc. makes and sells a variety of locking mechanisms and boat parts, with a significant portion of its revenue also coming from titanium dioxide pigments used in many everyday products. The company sells these items directly to other businesses that build things, as well as through other companies that resell them. This diverse product mix means they cater to many different industries, from automotive to manufacturing and even cosmetics.
How the company got here
NLI Holdings, Inc., originally founded in 1891 and formerly known as NL Industries, Inc., has a long history in industrial manufacturing. The company has undergone significant transformations, including its name change in May 2026, reflecting its evolution. It operates as a subsidiary of Valhi, Inc., indicating a larger corporate structure. Based in Dallas, Texas, NLI Holdings has established a global presence, serving markets across Europe, North America, and the Asia Pacific.
What it actually does
NLI Holdings manufactures and sells a variety of component products used in different industries. These components range from mechanical and electronic locks for cabinets and access control systems to specialized parts for performance boats. The company also produces titanium dioxide pigments, a key ingredient used to add whiteness and durability to products like paints, plastics, and cosmetics. NLI Holdings sells its products both directly to manufacturers who build them into their own goods and through distributors to other businesses.
Locking Mechanisms
This segment focuses on the design and production of various locking systems. These include traditional mechanical locks, like disc tumbler and pin tumbler mechanisms, often found in mailboxes, file cabinets, and tool chests. They also produce electronic locks, such as those used in high-security medical cabinetry or integrated inventory and access control systems for secure storage. These locks are sold to manufacturers of furniture, equipment, and specialized storage solutions.
Performance Boat Components
NLI Holdings also manufactures a range of parts for performance and recreational boats. This includes exhaust systems like headers and mufflers, as well as gauges such as GPS speedometers. They also produce steering wheels, trim tabs for adjusting boat lift, and various aluminum accessories. These components are sold to boat manufacturers (original equipment manufacturers) and as aftermarket parts for boat owners looking to upgrade or repair their vessels.
Titanium Dioxide Pigments
This part of the business involves the production of titanium dioxide (TiO2), a white pigment. TiO2 is a fundamental industrial material valued for its ability to provide whiteness, brightness, and opacity. It's a crucial ingredient in many everyday products, including paints and coatings, plastics, paper, inks, and even cosmetics and pharmaceuticals, enhancing their appearance and durability. This is a business-to-business operation, supplying this essential raw material to a wide array of manufacturers.
What management is betting on now
While specific current strategic priorities for NLI Holdings aren't detailed in the provided information, companies in its position often focus on innovation within their product lines. This could involve developing more advanced electronic locking systems for enhanced security or creating lighter, more durable components for the marine industry. Expanding the reach of their titanium dioxide pigments into new or growing end-use markets, such as advanced materials or sustainable product formulations, is also a likely area of focus. Management is likely aiming to leverage their established manufacturing capabilities and global distribution networks to drive growth across these diverse segments.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-6.15M
FY2024 Q4
$8.74M
FY2025 Q1
$-48.30M
FY2025 Q2
$5.94M
FY2025 Q3
$6.95M
FY2025 Q4
$-4.75M
FY2026 Q1
$-3.95M
FY2026 Q2
$9.85M
Revenue
$43.61M
Net income
$8.95M
Diluted EPS
0.18
Operating cash flow
$10.97M
Free cash flow
$9.85M
Fetching…
Sources
Revenue
$40.57M
Net income
$4.34M
Diluted EPS
0.09
Operating cash flow
$-3.54M
Free cash flow
$-3.95M
Fetching…
Sources
Revenue
$37.70M
Net income
$-30.98M
Diluted EPS
-0.63
Operating cash flow
$-4.15M
Free cash flow
$-4.75M
Fetching…
Sources
Revenue
$39.95M
Net income
$-7.87M
Diluted EPS
-0.16
Operating cash flow
$7.93M
Free cash flow
$6.95M
Fetching…
Sources
Revenue
$40.37M
Net income
$355.00K
Diluted EPS
0.01
Operating cash flow
$7.29M
Free cash flow
$5.94M
Fetching…
Sources
Revenue
$40.27M
Net income
$667.00K
Diluted EPS
0.01
Operating cash flow
$-47.48M
Free cash flow
$-48.30M
Fetching…
Sources
Revenue
$38.42M
Net income
$16.54M
Diluted EPS
0.34
Operating cash flow
$8.98M
Free cash flow
$8.74M
Fetching…
Sources
Revenue
$33.67M
Net income
$36.01M
Diluted EPS
0.74
Operating cash flow
$-5.68M
Free cash flow
$-6.15M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $6.99
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $105.6M - more cash than debt. Interest coverage 12.4x.
Net debt
$-105.58M
Interest coverage
12.43x
NLI Holdings, Inc.'s profit covers its interest bill about 12.4 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
NL
BASELINE
NLI Holdings, Inc.
Total debt $1.41M Interest coverage 12.43x This is the baseline the peer rows are being compared against.
Total debt $2.22B Interest coverage 8.51x -32% vs NL Carries about 1.5x less debt cushion than NL.
Total debt $7.78B Interest coverage 2.85x -77% vs NL Carries about 4.4x less debt cushion than NL.
Total debt $3.90B Interest coverage 4.75x -62% vs NL Carries about 2.6x less debt cushion than NL.
Total debt $5.18M Interest coverage 217.80x +1,652% vs NL Carries about 17.5x more debt cushion than NL.
Total debt $7.73M Interest coverage 1.11x -91% vs NL Carries about 11.2x less debt cushion than NL.
What you should know
The case for and against NL
3 Rewards
1 Risk
Rewards
-
Revenue grew 2.2% last year.
-
Free cash flow was positive in 9/10 years.
-
Dividend yield is 5.7% with 44-year payout history.
Risks
-
Return on equity was -5.7% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
—
P/B
0.94x
P/S
—
EV/EBITDA
7.79x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
32.1%
Operating margin
15.4%
Net margin
-15.8%
ROE
-5.7%
ROA
3.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
9.02x
Quick ratio
6.98x
Total debt
$1.41M
Total cash
$106.99M
Growth
How the business has been compounding
Revenue TTM
$161.83M
Revenue 5Y CAGR
3.0%
EPS TTM
-0.52
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$11.21M
Free CF TTM
$-40.15M
FCF margin
-24.8%
Dividend
Shareholder payout
Yield
5.7%
Payout ratio
175.0%
Last ex-div date
2026-09-03