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
$6.97
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 is a company that manufactures and sells essential parts that other companies use to make their own products. Its business is split between three main areas: high-security locks for things like medical cabinets, performance parts for ski and wakeboard boats, and a chemical called titanium dioxide. This last part is a key business, as titanium dioxide is the white pigment used to make a huge range of everyday items like paint, plastics, and paper bright and durable, making NLI's success tied to the general health of manufacturing.
How the company got here
NLI Holdings began in 1891 as the National Lead Company, a merger of 25 different lead mining and smelting businesses. For much of its history, it was a major producer of lead-based products, including the well-known Dutch Boy paint brand. Recognizing a shift in the market, the company moved its focus heavily toward titanium dioxide (a white pigment used in many products) and renamed itself NL Industries in 1971. In May 2026, the company reorganized and changed its name to NLI Holdings, Inc., reflecting its modern structure as a holding company (a company that owns other companies' stock).
What it actually does
NLI Holdings doesn't sell things directly to most consumers; instead, it operates as a holding company for businesses that make essential components for other manufacturers. Its subsidiaries produce a wide range of items, from the locks on file cabinets and mailboxes to high-performance exhaust pipes for boats. It also has a large stake in a company that produces a key ingredient that makes paints, plastics, and even paper appear bright white. Essentially, NLI is a collection of businesses that create critical, specialized parts for other companies' finished products.
Component Products (CompX)
This is the company's largest business, operating through its subsidiary, CompX International Inc. This segment is split into two main product lines that serve different customers. One part makes security products like mechanical and electronic locks that are sold to makers of office furniture, mailboxes, tool chests, and medical cabinets. The other part manufactures high-performance parts for ski and wakeboard boats, including stainless steel exhaust systems, gauges, and steering wheels, which are sold directly to boat builders.
Chemicals (Kronos)
This part of the business involves a significant ownership stake in Kronos Worldwide, Inc., a major global producer of titanium dioxide (TiO2) pigments. TiO2 is a fine white powder used to provide whiteness, brightness, and opacity (the ability to block light) in a huge variety of products people use every day. Customers are typically large industrial companies that use TiO2 as a key ingredient in their own products, such as paints, plastics, paper, and even cosmetics.
What management is betting on now
The company's strategy appears focused on the steady performance of its core businesses rather than big, risky bets. For its Component Products segment, the focus is on maintaining long-term customer relationships through high-quality products and reliable service, which helps generate consistent cash flow. In the Chemicals segment, the strategy centers on innovation and efficiency to improve its products and build a more sustainable (environmentally and economically lasting) business. Overall, management seems to be betting on operational excellence and deep industry relationships to drive value.
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 $6.97
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 $11.00M Interest coverage 217.80x +1,652% vs NL Carries about 17.5x more debt cushion than NL.
Total debt $5.72M 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
7.84x
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