olivLaw · US equity research
NL Industries, Inc. NL
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
NL Industries is a holding company with two stakes: majority control of CompX, a maker of engineered components (mainly cabinet and mailbox locks and marine components), and a non-controlling stake of about 31% in Kronos Worldwide, a global TiO2 producer. Its results depend heavily on the TiO2 cycle, which turned higher in 2026 with stronger Kronos sales, after the 2025 net loss showed how sensitive the group is to that cycle.
At the close of 04 Nov 2026, NL Industries, Inc. (NL) stock was 7.36 USD (+7.60% on the day), with market capitalisation 359.9 m USD, dividend yield 8.02%, beta 0.85, 52-week range 5.22–8.52 USD. Latest reported quarter (Q2 2026): revenue of 43.6 m USD (+8.0% YoY), net income of 9.0 m USD (+2,422.3% YoY), diluted EPS 0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.0
- strong (55–70)
- Bollinger (20, 2)
- 6.44 – 7.21
- above the upper band · %B 1.19 · band width 11.3%
- SMA 50 / 200
- 6.87 / 6.30
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.0% | −1.1% | +6.1 pp | — |
| 3 months | +28.0% | −0.5% | +28.5 pp | — |
| 6 months | +24.3% | +4.4% | +19.9 pp | — |
| Year to date | +34.6% | +12.3% | +22.2 pp | — |
| 1 year | +28.2% | +13.5% | +14.7 pp | +20.0% |
| 3 years | +56.3% | +76.4% | −20.1 pp | +17.9% |
| 5 years | +13.9% | +63.7% | −49.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33.7 m | 38.4 m | 40.3 m | 40.4 m | 40.0 m | 37.7 m | 40.6 m | 43.6 m |
| Cost of revenue | 24.2 m | 27.4 m | 28.1 m | 27.5 m | 28.9 m | 25.6 m | 27.3 m | 28.1 m |
| Gross profit | 9.5 m | 11.1 m | 12.2 m | 12.9 m | 11.0 m | 12.1 m | 13.3 m | 15.5 m |
| SG&A | 6.1 m | 6.2 m | 6.3 m | 6.6 m | 6.3 m | 6.4 m | 6.2 m | 6.6 m |
| Operating income | 2.0 m | 33.7 m | 3.1 m | 2.8 m | 1.9 m | 2.9 m | 4.1 m | 6.1 m |
| Depreciation & amortisation | 917.0 k ≈ | 928.0 k | 945.0 k | 923.0 k ≈ | 896.0 k ≈ | 888.0 k | 868.0 k | 857.0 k ≈ |
| Interest expense | 147.0 k | 90.0 k | 575.0 k | 90.0 k | 90.0 k | 11.0 k | 11.0 k | 11.0 k |
| Pre-tax income | 44.9 m | 20.4 m | 1.3 m | 1.0 m | -8.2 m | -45.5 m | 6.6 m | 12.4 m |
| Income tax | 8.5 m | 3.3 m | -23.0 k | -43.0 k | -854.0 k | -15.1 m | 1.5 m | 2.5 m |
| Net income | 36.0 m | 16.5 m | 667.0 k | 355.0 k | -7.9 m | -31.0 m | 4.3 m | 9.0 m |
| Diluted EPS | 0.74 | 0.34 ≈ | 0.01 | 0.01 | -0.16 | -0.63 ≈ | 0.09 | 0.18 |
| Operating cash flow | -5.7 m ≈ | 9.0 m | -47.5 m | 7.3 m ≈ | 7.9 m ≈ | -4.2 m | -3.5 m | 11.0 m ≈ |
| Capex | 464.0 k ≈ | 238.0 k | 822.0 k | 1.3 m ≈ | 983.0 k ≈ | 599.0 k | 404.0 k | 1.1 m ≈ |
| Dividends paid | 24.9 m ≈ | -17.1 m | 4.4 m | 4.4 m ≈ | 14.7 m ≈ | -5.9 m | 4.9 m | 4.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 118.2 m | 124.2 m | 114.5 m | 140.8 m | 166.6 m | 161.3 m | 145.9 m | 158.3 m |
| Revenue YoY | +5.5% | +5.1% | −7.8% | +22.9% | +18.3% | −3.2% | −9.5% | +8.5% |
| Net income | -41.0 m | 25.8 m | 14.7 m | 51.2 m | 33.8 m | -2.3 m | 67.2 m | -37.8 m |
| Net income YoY | −135.3% | unavailable | −43.2% | +248.7% | −33.9% | −106.8% | unavailable | −156.3% |
| Diluted EPS | unavailable | 0.53 | 0.30 | 1.05 | 0.69 | -0.05 | 1.38 | -0.77 |
| Diluted EPS YoY | unavailable | unavailable | −43.4% | +250.0% | −34.3% | −107.2% | unavailable | −155.8% |
| net % | -34.7% | 20.8% | 12.8% | 36.4% | 20.3% | -1.4% | 46.1% | -23.9% |
| Free cash flow | 14.0 m | 24.3 m | 17.3 m | 13.5 m | 23.2 m | 35.9 m | 24.1 m | -40.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 110.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 376.8 m USD
- Total assets
- 464.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 7.77x
- ROE
- -9.5%
- ROA
- -7.3%
- FCF margin
- -25.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 114.5 m | 140.8 m | 166.6 m | 161.3 m | 145.9 m | 158.3 m | SEC (XBRL)· 09 Mar 2026verified |
| Cost of revenue | 81.7 m | 98.1 m | 117.8 m | 112.1 m | 104.6 m | 110.1 m | SEC (XBRL)· 09 Mar 2026verified |
| Gross profit | 32.8 m | 42.7 m | 48.8 m | 49.2 m | 41.4 m | 48.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Research & development | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 09 Mar 2026verified |
| SG&A | 21.0 m | 22.2 m | 23.4 m | 23.8 m | 24.3 m | 25.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Operating income | 2.4 m | 10.5 m | 13.7 m | 14.1 m | 37.9 m | 10.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Depreciation & amortisation | 3.8 m | 3.8 m | 4.0 m | 4.0 m | 3.7 m | 3.7 m | SEC (XBRL)· 09 Mar 2026verified |
| EBITDA | 6.2 m ≈ | 14.3 m ≈ | 17.7 m ≈ | 18.1 m ≈ | 41.6 m ≈ | 14.3 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Interest expense | 1.4 m | 1.1 m | 941.0 k | 746.0 k | 530.0 k | 767.0 k | SEC (XBRL)· 09 Mar 2026verified |
| Pre-tax income | 13.6 m | 60.8 m | 39.2 m | -6.4 m | 83.3 m | -51.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Income tax | -2.5 m | 7.5 m | 2.8 m | -7.0 m | 14.1 m | -16.1 m | SEC (XBRL)· 09 Mar 2026verified |
| Net income | 14.7 m | 51.2 m | 33.8 m | -2.3 m | 67.2 m | -37.8 m | SEC (XBRL)· 09 Mar 2026verified |
| Diluted EPS | 0.30 | 1.05 | 0.69 | -0.05 | 1.38 | -0.77 | SEC (XBRL)· 09 Mar 2026verified |
| Weighted average diluted shares | 48.8 m | 48.8 m | 48.8 m | 48.8 m | 48.8 m | 48.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Dividend per share | 0.16 | 0.24 | 0.63 | 0.28 | 0.75 | 0.57 | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 137.0 m | 147.0 m | 68.9 m | 111.5 m | 163.2 m | 110.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Inventories | 18.3 m | 25.6 m | 31.3 m | 30.7 m | 28.4 m | 30.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Current assets | 171.2 m | 193.6 m | 194.0 m | 218.3 m | 238.0 m | 159.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Property, plant & equipment, net | 29.0 m | 29.2 m | 28.7 m | 25.9 m | 24.0 m | 23.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Goodwill | 27.2 m | 27.2 m | 27.2 m | 27.2 m | 27.2 m | 27.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Total assets | 548.2 m | 596.2 m | 609.9 m | 576.7 m | 578.3 m | 464.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Accounts payable | 2.6 m | 3.4 m | 3.5 m | 3.1 m | 3.8 m | 2.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Current liabilities | 27.5 m | 30.6 m | 32.1 m | 30.4 m | 91.1 m | 20.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Equity | 335.3 m | 385.0 m | 402.7 m | 391.8 m | 415.9 m | 376.8 m | SEC (XBRL)· 09 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 19.0 m | 17.6 m | 26.9 m | 37.0 m | 25.6 m | -36.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Capex | 1.7 m | 4.1 m | 3.7 m | 1.1 m | 1.4 m | 3.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Free cash flow | 17.3 m ≈ | 13.5 m ≈ | 23.2 m ≈ | 35.9 m ≈ | 24.1 m ≈ | -40.2 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Investing cash flow | -3.1 m | 6.7 m | -67.9 m | 22.1 m | 58.9 m | -2.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Financing cash flow | -8.5 m | -14.3 m | -36.8 m | -15.2 m | -41.6 m | -31.3 m | SEC (XBRL)· 09 Mar 2026verified |
| Dividends paid | 7.8 m | 11.7 m | 13.7 m | 13.7 m | 15.6 m | 17.6 m | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 359.9 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.49 – 10.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)7.49 – 10.07 (Mid 8.59)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -15.8% | 13 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.7% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 121.7x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 9.0x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.3% | 28 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | 5.2% | 74 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 229.3% | 0 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns44/100 · 2/2 factors with a value
- Valuation· partial28/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NLI HOLDINGS, INC. (NL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 158.3 m USD in 2025; YoY growth 8.5%; net margin -15.8%; ROE -6.7%.
The estimated value range is 7.49–10.07 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.59 USD, the price of 7.36 USD leaves a potential of 16.7% (value / price − 1) and a margin of safety of 14.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 121.7x
- Current ratio: 9.0x
- Shareholder yield (distributions): 5.2%
- The price is below the estimated value range
What contradicts it
- Net margin: -15.8%
- Revenue CAGR 3Y: -1.7%
- FCF yield: 2.3%
- Payout ratio (FCF): 229.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Industrial Inorganic Chemicals (SIC 2810) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LINLinde plc | 240.9 bn | 34.9 | 18.0% | 19.3% | +3.0% | +28% / +27% |
| APDAir Products And Chemicals, Inc. | 71.0 bn | — | -0.3% | -0.4% | −0.5% | +22% / +18% |
| MTXMinerals Technologies Inc. | 2.0 bn | — | -4.1% | -3.1% | −2.2% | +12% / +5% |
| KROKronos Worldwide, Inc. | 890.9 m | — | -13.7% | -5.6% | −1.5% | +53% / −11% |
| LXULSB Industries, Inc. | 766.1 m | 17.1 | 8.7% | 7.0% | +17.8% | +19% / +24% |
| TROXTronox Holdings PLC | 566.9 m | — | -39.1% | -18.0% | −5.7% | −14% / −72% |
| LXFRLuxfer Holdings PLC | 463.2 m | 76.3 | 2.7% | 1.7% | −1.9% | +38% / +110% |
| VHIValhi, Inc. | 430.8 m | — | -4.8% | -2.4% | −1.3% | +20% / +12% |
| NLNli Holdings, Inc. | 359.9 m | — | -6.7% | -15.8% | +8.5% | +28% / +56% |
| LTBRLightbridge Corporation | 172.9 m | — | -14.1% | — | unavailable | −73% / +39% |
1- and 3-year price returns: for NL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NL Industries is a holding company with two stakes: majority control of CompX, a maker of engineered components (mainly cabinet and mailbox locks and marine components), and a non-controlling stake of about 31% in Kronos Worldwide, a global TiO2 producer. Its results depend heavily on the TiO2 cycle, which turned higher in 2026 with stronger Kronos sales, after the 2025 net loss showed how sensitive the group is to that cycle 123.
SWOT
Strengths
- Leading position in cabinet locks in North America, supported by a locksmith distribution channel and standardized product lines, as described in the annual report 1.
- Anchor stake in Kronos, a major global TiO2 producer, giving access to an industrial cycle with recovery potential 13.
- CompX segment profit rose in the first half of 2026, supported by higher Security Products sales 23.
Weaknesses
- High dependence on one pigment, TiO2, which represents about 90% of Kronos sales, and therefore on its price cycle 1.
- Customer concentration: CompX ten largest customers account for a large share of sales, and orders come through purchase orders rather than long-term contracts 1.
- Volatile reported earnings, driven by equity-method losses and changes in the value of marketable securities, which produced the 2025 net loss 1.
Opportunities
- Continued TiO2 price increases and surcharges could support Kronos margins and, through the equity method, NL profit 3.
- Diversification of CompX into new markets and applications could support earnings growth and reduce risk 1.
- Cost reduction measures implemented by Kronos in the fourth quarter of 2025 could improve its long-term cost structure 3.
Threats
- Pressure from lower-cost Chinese TiO2 producers and Asian component suppliers could limit pricing 1.
- Tariffs and volatile raw material prices could raise supply costs and compress margins 1.
- Environmental and regulatory risks, including possible limits on TiO2 and legacy obligations from former operations, could add costs 1.
Risks
- Dependence on the TiO2 cyclehigh
Kronos revenues depend heavily on TiO2 prices and demand, which are cyclical. Weaker demand could reduce profit and affect NL results 1.
- CompX customer concentrationmedium
A single customer accounts for a significant share of sales, and losing or reducing orders from large customers could affect results 1.
- Raw material costs and availabilitymedium
Zinc, brass, aluminum, stainless steel and TiO2 feedstock are subject to sudden price moves. If costs cannot be offset, margins could decline 1.
- Environmental and regulatory exposuremedium
Emission rules, waste obligations and a possible classification of TiO2 could require additional spending. Lead pigment and environmental litigation remain unresolved 1.
- Reliance on subsidiary distributionslow
The company assets are mainly investments in subsidiaries and an affiliate, so liquidity and dividends depend on their distributions 1.
Investment thesis
What would need to be true (bull case)
- Higher Kronos sales and firmer TiO2 pricing in 2026 could materially improve the contribution of the equity-method stake 3.
- CompX reported higher segment profit in the second quarter and first half of 2026, showing an ability to extract value from mature markets 23.
- Cost reduction initiatives at Kronos could support margins even in a softer market 3.
What would break the thesis
- The group remains sensitive to the TiO2 cycle, and the 2025 net loss shows results can turn negative when prices or demand weaken 1.
- Competition from lower-cost producers could limit price increases in both TiO2 and CompX components 1.
- The non-controlling stake in Kronos limits control over operating decisions and distributions, while results depend on an asset the company does not manage directly 1.
What to watch
- TiO2 price trends and the surcharges announced by KronosQ3 2026
- Kronos results and their equity-method contribution to NLQ3 2026
- Raw material cost trends at CompX (zinc, brass, aluminum, stainless steel)2026
- Annual results and any updates to NL profit outlooknext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NL Industries, Inc. was organized as a New Jersey corporation in 1891 and trades on the NYSE under the symbol NL. The company operates primarily as a holding company: it controls CompX International Inc. (87% owned at December 31, 2025) and holds a noncontrolling interest in Kronos Worldwide, Inc., accounted for by the equity method 1. Valhi, Inc. held about 83% of its common stock at the same date 1.
Through CompX, the company manufactures engineered components: cabinet locks for postal, furniture and institutional uses, as well as wake enhancement systems, stainless exhaust systems, gauges and throttle controls for the recreational marine market 1. Through Kronos, it holds a stake in a producer of titanium dioxide pigments used in coatings, plastics, paper and cosmetics 1.
The reported figures show a small direct operating base, dominated by equity-method investments. The net loss attributable to NL stockholders in 2025 was 37.8 million USD, versus a profit in 2024, reflecting losses from the Kronos stake and a pension settlement loss 1. In the first six months of 2026 the company reported net income attributable to NLI stockholders of 13.3 million USD 2.
Segments
CompX (components)
CompX makes mechanical and electrical cabinet locks used in mailboxes, furniture and healthcare, and marine components for ski and performance boats. The United States Postal Service accounted for 26% of consolidated sales in 2025 1. CompX net sales were 43.6 million USD in the second quarter of 2026 3.
Market context
The TiO2 market is concentrated: the top four producers account for about 42% of world production capacity, and competition is based mainly on price, quality and service 1. Demand is linked to global gross domestic product and discretionary spending, and prices move in alternating cycles of rising and falling demand 1. For CompX, the lock and component market is mature and highly competitive, with persistent pricing pressure 1.
In 2026 Kronos announced and implemented price increases and surcharges in response to higher operating costs, while CompX expects zinc, brass, aluminum and stainless steel prices to be more volatile than in 2025 13. If these increases hold, margins could benefit, though the outcome depends on market conditions and customer response.
Trends
- TiO2 cycle recoverytailwind
Higher Kronos sales in the second quarter of 2026, driven by share gains and pricing, suggest a recovery in pigment market conditions. If the trend strengthens, Kronos contribution to NL results could increase 3. The company itself warns the cycle remains sensitive to the global economy.
- Energy and raw material costsmixed
Energy, feedstock and metal inputs for TiO2 and CompX components can rise and compress margins. Kronos experienced higher feedstock costs in 2023 and 2024, and the company expects more volatile raw material prices in 2026 1. Lower raw material costs nonetheless helped lift Kronos operating income in 2026 3.
- Chinese competition and tariffsheadwind
Chinese producers, operating under less stringent environmental requirements and with lower costs, put pressure on TiO2 and some CompX product prices. Tariffs on imported raw materials and components could raise supply costs 1.
Competitive position
In TiO2, Kronos faces international and regional competitors, including Chinese producers with significant sulfate process capacity and growing chloride process capabilities 1. Larger competitors may have greater financial and technological resources, allowing them to withstand periods of reduced demand better 1.
In components, CompX competes with domestic and foreign manufacturers, some with lower costs, especially those sourcing from Asia. CompX focuses on the middle and high-end segments where design, quality and durability matter, but price remains a key factor 1.
- Kronos WorldwideKRO
The most important direct competitor in TiO2 and at the same time NL key equity-method holding 1.
- Chinese TiO2 producers
Chinese producers with lower operating costs and sulfate process capacity that pressure prices in markets Kronos serves 1.
- Top four international TiO2 producers
The four largest global TiO2 producers, with financial and technological resources that let them withstand weaker demand more easily 1.
- North American and Asian lock and component makers
Rivals of CompX in cabinet locks and marine components, some with lower production costs, especially those supplied from Asia 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report26 May 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.03 · Departure or appointment of officers · Amendments to articles or bylaws · Financial statements and exhibits
- Current report14 May 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement25 Mar 2026
- Annual report09 Mar 2026
- Current report09 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NL Industries, Inc. · 09 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NL Industries, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NL Industries, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.