Nl Industries Inc. (NL) intrinsic value & 10-year financials
Nl Industries Inc. (NL) has a Graham intrinsic value of $20.22 per share. At $6.63 on Oct 17, 2026, the stock trades 67% below that value. Over the last 10 fiscal years revenue grew 4.2% a year to $158.3M, with an average return on invested capital of 0.4%.
- Graham intrinsic value
- $20.22
- Share price (Oct 17, 2026)
- $6.63
- Price vs Graham value
- 67% below
- Market cap
- $323.9M
- Revenue (FY2025)
- $158.3M
- Revenue growth (10-yr CAGR)
- 4.2%
- ROIC (10-yr avg)
- 0.4%
- Free cash flow (FY2025)
- -$40.1M
NL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $158.3M | -$37.8M | -$0.77 | -$40.1M | 6.7% | 2.0% |
| FY2024 | $145.9M | $67.2M | $1.38 | $24.1M | 26.0% | 8.2% |
| FY2023 | $161.3M | -$2.3M | -$0.05 | $35.9M | 8.8% | 1.9% |
| FY2022 | $166.6M | $33.8M | $0.69 | $23.2M | 8.2% | 3.4% |
| FY2021 | $140.8M | $51.2M | $1.05 | $13.5M | 7.5% | 2.7% |
| FY2020 | $114.5M | $14.7M | $0.30 | $17.3M | 2.1% | 0.8% |
| FY2019 | $124.2M | $25.8M | $0.53 | $24.3M | -1.3% | -0.5% |
| FY2018 | $118.2M | -$41.0M | — | $14.0M | -51.3% | -14.3% |
| FY2017 | $112.0M | $116.1M | — | $15.8M | 0.8% | 0.3% |
| FY2016 | $108.9M | $15.3M | — | $24.5M | -0.9% | -0.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NL INDUSTRIES INC has demonstrated mature, steady growth, with revenue compounding at 4.2% annually over the past decade.
NL INDUSTRIES INC has historically struggled to out-earn its cost of capital, averaging just 0.4% ROIC.
NL INDUSTRIES INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NL INDUSTRIES INC is modeled at 4.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $20.22 per share.