# NLI HOLDINGS, INC. (NL) Informational only - not investment advice. CIK: 0000072162 SIC: 2810 Industrial Inorganic Chemicals SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2810 Industrial Inorganic Chemicals](/industry/2810/) Latest 10-K filed: 2026-03-09 SEC page: https://www.sec.gov/edgar/browse/?CIK=72162 Filing source: https://www.sec.gov/Archives/edgar/data/72162/000110465926025290/nl-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-09 · accession 0001104659-26-025290 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072162.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 158,285,000 USD | 2025 | verified | | Net income | -37,826,000 USD | 2025 | verified | | Assets | 464,220,000 USD | 2025 | verified | | Free cash flow | -40,150,000 USD | 2025 | computed | | Net margin | -23.90% | 2025 | computed | | Operating margin | 6.74% | 2025 | computed | | Revenue YoY | +8.46% | 2025 | computed | | ROE | -10.54% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | NL | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -23.9% | -2.8% | 0 | 9 | | Operating margin | 6.7% | 3.0% | 75 | 9 | | Revenue growth | 8.5% | -1.3% | 88 | 9 | | FCF margin | -25.4% | -2.2% | 12 | 9 | | ROE | -10.5% | -4.1% | 22 | 10 | | ROA | -8.1% | -1.6% | 11 | 10 | | Liabilities / equity | 0.29 | 1.24 | 11 | 10 | | Current ratio | 7.77 | 2.58 | 89 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2810 Industrial Inorganic Chemicals, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 158285000 | USD | 2025 | 2026-03-09 | | Net income | -37826000 | USD | 2025 | 2026-03-09 | | Assets | 464220000 | USD | 2025 | 2026-03-09 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072162.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 108,920,000 | | 118,217,000 | 124,243,000 | 114,537,000 | 140,815,000 | 166,562,000 | 161,287,000 | 145,941,000 | 158,285,000 | | Net income | 15,325,000 | 116,100,000 | -41,017,000 | 25,844,000 | 14,680,000 | 51,188,000 | 33,844,000 | -2,308,000 | 67,228,000 | -37,826,000 | | Operating income | -715,000 | 1,699,000 | -60,666,000 | -1,609,000 | 2,357,000 | 10,491,000 | 13,731,000 | 14,129,000 | 37,876,000 | 10,675,000 | | Gross profit | 35,167,000 | 34,825,000 | 38,271,000 | 38,963,000 | 32,848,000 | 42,749,000 | 48,799,000 | 49,219,000 | 41,363,000 | 48,179,000 | | Diluted EPS | | | | 0.53 | 0.30 | 1.05 | 0.69 | -0.05 | 1.38 | -0.77 | | Operating cash flow | 27,699,000 | 18,638,000 | 17,076,000 | 27,435,000 | 19,023,000 | 17,609,000 | 26,931,000 | 37,003,000 | 25,574,000 | -36,403,000 | | Capital expenditures | 3,206,000 | 2,810,000 | 3,118,000 | 3,166,000 | 1,740,000 | 4,094,000 | 3,695,000 | 1,130,000 | 1,432,000 | 3,747,000 | | Dividends paid | | 0.00 | 0.00 | 0.00 | 7,800,000 | 11,700,000 | 13,700,000 | 13,700,000 | 15,600,000 | 17,600,000 | | Assets | 384,992,000 | 551,616,000 | 547,242,000 | 557,492,000 | 548,150,000 | 596,152,000 | 609,867,000 | 576,662,000 | 578,258,000 | 464,220,000 | | Stockholders' equity | 177,920,000 | 335,322,000 | 284,115,000 | 304,506,000 | 311,877,000 | 362,470,000 | 382,150,000 | 369,812,000 | 396,904,000 | 358,769,000 | | Cash and cash equivalents | 93,162,000 | 98,316,000 | 116,259,000 | 129,730,000 | 137,039,000 | 147,002,000 | 68,868,000 | 111,522,000 | 163,154,000 | 110,615,000 | | Free cash flow | 24,493,000 | 15,828,000 | 13,958,000 | 24,269,000 | 17,283,000 | 13,515,000 | 23,236,000 | 35,873,000 | 24,142,000 | -40,150,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 14.07% | | -34.70% | 20.80% | 12.82% | 36.35% | 20.32% | -1.43% | 46.07% | -23.90% | | Operating margin | -0.66% | | -51.32% | -1.30% | 2.06% | 7.45% | 8.24% | 8.76% | 25.95% | 6.74% | | Return on equity | 8.61% | 34.62% | -14.44% | 8.49% | 4.71% | 14.12% | 8.86% | -0.62% | 16.94% | -10.54% | | Return on assets | 3.98% | 21.05% | -7.50% | 4.64% | 2.68% | 8.59% | 5.55% | -0.40% | 11.63% | -8.15% | | Liabilities / equity | 1.16 | 0.65 | 0.93 | 0.83 | 0.76 | 0.64 | 0.60 | 0.56 | 0.46 | 0.29 | | Current ratio | 4.02 | 6.67 | 2.05 | 5.52 | 6.22 | 6.33 | 6.05 | 7.17 | 2.61 | 7.77 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072162.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q1 | 2022-06-30 | | | 0.62 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | -0.18 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.82 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.06 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 40,355,000 | -69,000 | 0.00 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 43,165,000 | 7,585,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 37,971,000 | 6,839,000 | 0.14 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 35,887,000 | 7,835,000 | 0.16 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 33,667,000 | 36,010,000 | 0.74 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 38,416,000 | 16,544,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 40,272,000 | 667,000 | 0.01 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 40,366,000 | 355,000 | 0.01 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 39,950,000 | -7,871,000 | -0.16 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 37,697,000 | -30,977,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 40,569,000 | 4,344,000 | 0.09 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 43,614,000 | 8,954,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from NL's latest 10-K: [/company/NL/business/](/company/NL/business/). ## Risk Factors Verbatim Item 1A Risk Factors from NL's latest 10-K: [/company/NL/risk-factors/](/company/NL/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/72162/000110465926091146/nl-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Business overview We are primarily a holding company. We operate in the component products industry through our majority-owned subsidiary, CompX International Inc. We also own a non-controlling interest in Kronos Worldwide, Inc. Both CompX (NYSE American: CIX) and Kronos (NYSE: KRO) file periodic reports with the Securities and Exchange Commission (“SEC”). CompX is a leading manufacturer of engineered components utilized in a variety of applications and industries. Through its Security Products operations, CompX manufactures mechanical and electronic cabinet locks and other locking mechanisms used in postal, recreational transportation, office and institutional furniture, cabinetry, tool storage and healthcare applications. CompX also manufactures wake enhancement systems, stainless steel exhaust systems, custom metal fabricated parts, gauges, throttle controls, trim tabs and related hardware and accessories for the recreational marine and other industries through its Marine Components operations. We account for our approximate 31% non-controlling interest in Kronos by the equity method. Kronos is a leading global producer and marketer of value-added titanium dioxide pigments (“TiO2”). TiO2 is used for a variety of manufacturing applications including paints, plastics, paper and other industrial and specialty products. Forward-looking information This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking in nature and represent management’s beliefs and assumptions based on currently available information. Statements in this report including, but not limited to, statements found in Item 2 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are forward-looking statements that represent our management’s beliefs and assumptions based on currently available information. In some cases you can identify forward-looking statements by the use of words such as “believes,” “intends,” “may,” “should,” “could,” “anticipates,” “expects” or comparable terminology, or by discussions of strategies or trends. Although we believe the expectations reflected in forward-looking statements are reasonable, we do not know if these expectations will be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results. Actual future results could differ materially from those predicted. The factors that could cause our actual future results to differ materially from those described herein are the risks and uncertainties discussed in this Quarterly Report and those described from time to time in our other filings with the SEC including, but are not limited to, the following: [[GREPCENT_TABLE]] [["","\u25cf","Future supply and demand for our products;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Kronos\u2019 ability to realize expected cost savings from strategic and operational initiatives;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Kronos\u2019 ability to integrate acquisitions into its operations and realize expected synergies and innovations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The extent of the dependence of certain of our businesses on certain market sectors;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The cyclicality of our businesses (such as Kronos\u2019 TiO2 operations);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Customer and producer inventory levels;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Unexpected or earlier-than-expected industry capacity expansion (such as the TiO2 industry);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Changes in raw material and other operating costs (such as energy, ore, zinc, aluminum, steel and brass costs) or the implementation of tariffs on imported raw materials and our ability to pass those costs on to our customers or offset them with reductions in other operating costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Changes in the availability of raw materials (such as ore);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for TiO2 and our products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises);"]] [[/GREPCENT_TABLE]] 18 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades, or improvements; technology processing failures; or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Competitive products and substitute products;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Customer and competitor strategies;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our ability to retain key customers;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Potential consolidation of Kronos\u2019 competitors;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Potential consolidation of Kronos\u2019 customers;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The impact of pricing and production decisions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Competitive technology positions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our ability to protect or defend intellectual property rights;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Potential difficulties in integrating future acquisitions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Decisions to sell operating assets other than in the ordinary course of business;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Kronos\u2019 ability to renew or refinance credit facilities or other debt instruments in the future;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Changes in interest rates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Kronos\u2019 ability to comply with covenants contained in its revolving bank credit facility;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our ability to maintain sufficient liquidity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The timing and amounts of insurance recoveries;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The ability of our subsidiaries or affiliates to pay us dividends;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Uncertainties associated with CompX\u2019s development of new products and product features;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our ability to utilize income tax attributes or changes in income tax rates related to such attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities or new developments regarding environmental remediation or decommissioning obligations at sites related to our former operations);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Government laws and regulations and possible changes therein (such as changes in government regulations which might impose various obligations on former manufacturers of lead pigment and lead-based paint, including us, with respect to asserted health concerns associated with the use of such products), including new environmental, sustainability, health and safety or other regulations (such as those seeking to limit or classify TiO2 or its use);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The ultimate resolution of pending litigation (such as our lead pigment and environmental matters); and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Pending or possible future litigation (such as litigation related to CompX\u2019s use of certain permitted chemicals in its production process) or other actions."]] [[/GREPCENT_TABLE]] 19 Table of Contents Should one or more of these risks materialize (or if the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise. Results of operations Net income overview Quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 Our net income attributable to NLI stockholders was $9.0 million, or $.18 per share, in the second quarter of 2026 compared to $.3 million, or $.01 per share, in the second quarter of 2025. As more fully described below, the increase in our net income attributable to NLI stockholders from 2025 to 2026 is primarily due to the net effects of: [[GREPCENT_TABLE]] [["","\u25cf","equity in earnings of Kronos of $4.6 million in 2026 compared to equity in losses of $2.8 million in 2025;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","higher CompX segment profit of $8.9 million in 2026 compared to $6.3 million in 2025; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","an unrealized gain in the relative value of marketable equity securities of $.5 million in 2026 compared to an unrealized loss of $.1 million in 2025."]] [[/GREPCENT_TABLE]] Six months ended June 30, 2026 compared to six months ended June 30, 2025 Our net income attributable to NLI stockholders was $13.3 million, or $.27 per share, in the first six months of 2026 compared to $1.0 million, or $.02 per share, in the first six months of 2025. As more fully described below, the increase in our earnings attributable to NLI stockholders from 2025 to 2026 is primarily due to the net effects of: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/72162/000110465926025290/nl-20251231x10k.htm Complete FY 2025 MD&A: /company/NL/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-09 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Business overview We are primarily a holding company. We operate in the component products industry through our majority-owned subsidiary, CompX International Inc. We also own a noncontrolling interest in Kronos Worldwide, Inc. Both CompX (NYSE American: CIX) and Kronos (NYSE: KRO) file periodic reports with the SEC. CompX is a leading manufacturer of engineered components utilized in a variety of applications and industries. Through its Security Products operations, CompX manufactures mechanical and electronic cabinet locks and other locking mechanisms used in postal, recreational transportation, office and institutional furniture, cabinetry, tool storage and healthcare applications. CompX also manufactures wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories for the recreational marine and other industries through its Marine Components operations. We account for our 31% non-controlling interest in Kronos by the equity method. Kronos is a leading global producer and marketer of value-added titanium dioxide pigments. TiO2 is used for a variety of manufacturing applications including coatings, plastics, paper and other industrial products. Net income overview Our net loss attributable to NL stockholders was $37.8 million, or $.77 per share, in 2025 compared to net income of $67.2 million, or $1.38 per share, in 2024 and a net loss of $2.3 million, or $.05 per share, in 2023. As more fully described below, the decrease in our earnings attributable to NL stockholders from 2024 to 2025 is primarily due to the net effects of: [[GREPCENT_TABLE]] [["","\u25cf","equity in losses from Kronos in 2025 of $33.9 million compared to equity in earnings of $26.4 million in 2024;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","aggregate income of $31.4 million in 2024 related to the settlement of a liability for an environmental remediation site;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","an unrealized loss in the relative value of marketable equity securities of $13.6 million in 2025 compared to an unrealized gain of $9.8 million in 2024;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a non-cash settlement loss related to the termination and buy-out of our U.S. pension plan of $19.7 million in 2025;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","higher CompX segment profit of $22.6 million in 2025 compared to $17.0 million in 2024;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","lower interest and dividend income of $7.0 million in 2025 compared to $11.0 million in 2024; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","insurance recoveries of nil in 2025 compared to $1.4 million in 2024."]] [[/GREPCENT_TABLE]] -36- ​ Our 2025 net income per share attributable to NL includes: [[GREPCENT_TABLE]] [["","\u25cf","a settlement loss of $.32 per share, net of tax, related to the termination and buy-out of our U.S. pension plan recognized in the fourth quarter;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.10 per share, net of tax, related to Kronos\u2019 non-cash deferred income tax expense reflecting the impact of the rate reduction on its net German deferred tax asset;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.04 per share, net of tax, due to Kronos\u2019 settlement loss related to the termination and buy-out of its U.S. pension plan recognized in the fourth quarter;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.04 per share, net of tax, due to Kronos\u2019 recognition of a valuation allowance on its German interest deduction limitation deferred tax asset recognized in the fourth quarter;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.03 per share, net of tax, related to Kronos\u2019 restructuring costs associated with workforce reductions recognized in the fourth quarter; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","income of $.02 per share, net of tax, due to Kronos\u2019 recognition of a non-cash gain resulting from the remeasurement of its earn-out liability related to the acquisition of the remaining interest in its TiO2 manufacturing joint venture."]] [[/GREPCENT_TABLE]] Our 2024 net income per share attributable to NL includes: [[GREPCENT_TABLE]] [["","\u25cf","aggregate income of $.51 per share, net of tax in the fourth quarter of 2024 related to the settlement of a liability for an environmental remediation site;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","income of $.25 per share, net of tax, due to Kronos\u2019 recognition of a non-cash gain resulting from the remeasurement of its investment in the TiO2 manufacturing joint venture;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.08 per share, net of tax, due to Kronos\u2019 recognition of a non-cash deferred income tax expense related to final tax regulations on the treatment of certain currency translation gains and losses recognized in the fourth quarter;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.04 per share, net of tax, due to Kronos\u2019 recognition of a non-cash deferred income tax expense related to the recognition of a deferred income tax asset valuation allowance related to its Belgian net deferred tax assets recognized in the fourth quarter, and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","income of $.02 per share, net of tax, related to insurance recoveries; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.01 per share due to Kronos\u2019 recognition of an aggregate charge related to a write-off of deferred financing costs."]] [[/GREPCENT_TABLE]] ​ As more fully described below, the increase in our earnings attributable to NL stockholders from 2023 to 2024 is primarily due to the net effects of: [[GREPCENT_TABLE]] [["","\u25cf","equity in earnings from Kronos in 2024 of $26.4 million compared to equity in losses of $15.0 million in 2023;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","aggregate income of $31.4 million in 2024 related to the settlement of a liability for an environmental remediation site;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","an unrealized gain in the relative value of marketable equity securities of $9.8 million in 2024 compared to an unrealized loss of $8.1 million in 2023;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","lower CompX segment profit of $17.0 million in 2024 compared to $25.4 million in 2023;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a non-cash loss on the termination of our U.K. pension plan of $4.9 million in 2023;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","higher interest and dividend income of $11.0 million in 2024 compared to $9.6 million in 2023; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","higher insurance recoveries of $1.4 million in 2024 compared to $.5 million in 2023."]] [[/GREPCENT_TABLE]] -37- ​ Our 2024 net income per share attributable to NL includes: [[GREPCENT_TABLE]] [["","\u25cf","aggregate income of $.51 per share, net of tax in the fourth quarter of 2024 related to the settlement of a liability for an environmental remediation site;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","income of $.25 per share, net of tax, due to Kronos\u2019 recognition of a non-cash gain resulting from the remeasurement of its investment in the TiO2 manufacturing joint venture;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.08 per share, net of tax, due to Kronos\u2019 recognition of a non-cash deferred income tax expense related to final tax regulations on the treatment of certain currency translation gains and losses recognized in the fourth quarter;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.04 per share, net of tax, due to Kronos\u2019 recognition of a non-cash deferred income tax expense related to the recognition of a deferred income tax asset valuation allowance related to its Belgian net deferred tax assets recognized in the fourth quarter, and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","income of $.02 per share, net of tax, related to insurance recoveries; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.01 per share due to Kronos\u2019 recognition of an aggregate charge related to a write-off of deferred financing costs."]] [[/GREPCENT_TABLE]] Our 2023 net loss per share attributable to NL stockholders includes: [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.08 per share, net of tax, due to the termination and buy-out of our U.K. pension plan recognized in the second quarter,"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.02 per share, net of tax, due to Kronos\u2019 recognition, primarily in the fourth quarter, of restructuring costs related to workforce reductions,"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","income of $.01 per share, net of tax, due to Kronos\u2019 recognition in the first, second and third quarters of a pre-tax insurance settlement gain related to a business interruption insurance claim arising from Hurricane Laura in 2020, and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a loss of $.01 per share, net of tax, due to Kronos\u2019 recognition in the fourth quarter of a fixed asset impairment related to the write-off of certain costs resulting from a capital project termination."]] [[/GREPCENT_TABLE]] Outlook Excluding any potential effects from changes in the relative value of marketable equity securities, we currently expect our net income attributable to NL stockholders in 2026 to be higher than 2025 primarily due to higher equity in earnings of Kronos in 2026 as well as the non-recurring loss on pension plan settlement in 2025, partially offset by higher expected litigation fees and related costs in 2026. See also Item 3 – “Legal Proceedings – Environmental matters and litigation” and Note 17 to our Consolidated Financial Statements. -38- ​ Income from operations The following table shows the components of our income from operations. [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","Years ended December 31,","\u200b \u200b \u200b","% Change"],["\u200b","2023","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2023-24","\u200b \u200b \u200b","2024-25"],["\u200b","\u200b","(Dollars in millions)","\u200b","\u200b","\u200b","\u200b","\u200b"],["CompX segment profit","$","25.4","\u200b","$","17.0","\u200b","$","22.6","","(33)","%","33","%"],["Insurance recoveries","\u200b",".5","\u200b","\u200b","1.4","\u200b","\u200b","\u2014","\u200b","195","\u200b","n.m.","\u200b"],["Corporate income (expense), net","","(11.8)","\u200b","","19.5","\u200b","","(11.9)","","(266)","","(161)","\u200b"],["Income from operations","$","14.1","\u200b","$","37.9","\u200b","$","10.7","","168","","(72)","\u200b"]] [[/GREPCENT_TABLE]] n.m. not meaningful The following table shows the components of our income (loss) before income taxes exclusive of our income from operations. [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/NL/mda/fy2025/ All MD&A years: /company/NL/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/NL/mda/fy2024/): filed 2025-03-06; accession 0001558370-25-002417 (https://www.sec.gov/Archives/edgar/data/72162/000155837025002417/nl-20241231x10k.htm) - [FY 2023 MD&A](/company/NL/mda/fy2023/): filed 2024-03-06; accession 0001558370-24-002620 (https://www.sec.gov/Archives/edgar/data/72162/000155837024002620/nl-20231231x10k.htm) - [FY 2022 MD&A](/company/NL/mda/fy2022/): filed 2023-03-08; accession 0001558370-23-003155 (https://www.sec.gov/Archives/edgar/data/72162/000155837023003155/nl-20221231x10k.htm) - [FY 2021 MD&A](/company/NL/mda/fy2021/): filed 2022-03-09; accession 0001558370-22-003144 (https://www.sec.gov/Archives/edgar/data/72162/000155837022003144/nl-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2810 Industrial Inorganic Chemicals) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/NL.md · JSON record: /company/NL.json · verified financials: /company/NL/financials.json / /company/NL/financials.csv · machine TOC for the whole site: /llms.txt