NL Industrials

NLI Holdings, Inc.

$6.84-1.30%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Industrials
Industry: Security & Protection Services
Country: United States
Market cap: 334.5M USD
Enterprise value: 247.7M USD
Full-time employees: 2,812

Overall health

Strength: lower risk than most peers: a steadier share price, more short-term liquidity and less debt relative to equitylower risk: a steadier share price, more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
About average: valuation

Ranks #1,257 of 2,308 industrials companies (bottom 46%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $47M vs $20M of free cash flow over the 3 fiscal years to 2025.
NLI returned $47M to shareholders over three years, 236% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Earnings slid into a loss. Loss per share this year after a profit last year.
NLI made a loss per share in its latest year after a profit the year before.
Valuation signals disagree. Cheaper than 81% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 81% of peers on operating cash profit, but only 0% on earnings.
Relative to its operating cash profit (EBITDA), NLI looks cheaper than 81% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, NLI looks cheaper than 81% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $9.0M profit in the quarter to June 2026.
NLI reported a net loss over the last twelve months, but its most recent quarter was profitable ($9.0M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

49/ 100

Oct 5 49 → Nov 4 49

Valuation

Is the price right?

56/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Mixed versus peers:

▲ EBITDA yield
▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-7.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield13.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 1.48Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield2.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.34Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield108.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

25/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.0%

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -2.21Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth0.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.63Sector median: 0.0421 · MAD: 0.0625

Revenue growth6.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.21Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

18/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin9.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.30Sector median: 0.0773 · MAD: 0.0507

Return on assets-5.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.55Sector median: 0.0311 · MAD: 0.0241

Return on invested capital4.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.45Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin32.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-7.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity
▲ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.22

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.54Sector median: 0.6440 · MAD: 0.2745

Current ratio9.02×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.75Sector median: 1.6180 · MAD: 0.5360

Debt / equity<0.01×

Yahoo Finance fallback · no standard SEC debt tagOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.17Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about NLI

Is NLI getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is NLI valued vs its peers?: Priced about in line with its peers. Valuation scores 56/100 against 2,459 industrials peers. EBITDA yield 13.2% vs a peer median of 6.9% (stronger than 81% of peers).EBITDA yield 13.2% vs peers 6.9% (stronger than 81% of peers). Earnings yield -7.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -7.6% vs peers 3.8% (weaker than 100% of peers).
Is NLI growing?: More slowly than most of its peers. Growth scores 25/100 against 2,459 industrials peers. 3-year revenue growth 0.3% vs a peer median of 4.2% (weaker than 67% of peers).3-year revenue growth 0.3% vs peers 4.2% (weaker than 67% of peers).
How profitable is NLI?: Less profitable than most of its peers. Profitability scores 18/100 against 2,459 industrials peers. Return on assets -5.4% vs a peer median of 3.1% (weaker than 95% of peers).Return on assets -5.4% vs peers 3.1% (weaker than 95% of peers).
How risky is NLI?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 9.02× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 9.02× vs peers 1.62× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: NLI is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	158.6M USD	161.8M USD	+2.0%
Net income (12 months)	−34.1M USD	−25.6M USD	−25.2%
Operating margin	7.3%	9.2%	+1.9 pts
Free cash flow (12 months)	4.2M USD	8.1M USD	+92.9%
Cash	101.9M USD	107.0M USD	+5.0%
Shares outstanding	48.9M	48.9M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Security & Protection Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	30.4%	29.3%	30.5%	28.3%	30.4%	▲ 2.1 pts
Operating margin	7.5%	8.2%	8.8%	26.0%	6.7%	▼ 19 pts
Net margin	36.4%	20.3%	-1.4%	46.1%	-23.9%	▼ 70 pts
Return on assets (ROA)	8.6%	5.5%	-0.4%	11.6%	-8.1%	▼ 20 pts
Return on equity (ROE)	14.1%	8.9%	-0.6%	16.9%	-10.5%	▼ 27 pts
Free cash flow margin	9.6%	14.0%	22.2%	16.5%	-25.4%	▼ 42 pts
Current ratio	6.33×	6.05×	7.17×	2.61×	7.77×	▲ 197%
Quick ratio	5.49×	5.08×	6.16×	2.30×	6.29×	▲ 173%
Interest coverage	9.19×	14.59×	18.94×	71.46×	13.92×	▼ 81%

NL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: a steadier share price, more short-term liquidity and less debt relative to equitylower risk: a steadier share price, more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

About average: valuation

Ranks #1,257 of 2,308 industrials companies (bottom 46%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $47M vs $20M of free cash flow over the 3 fiscal years to 2025.

NLI returned $47M to shareholders over three years, 236% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Earnings slid into a loss. Loss per share this year after a profit last year.

NLI made a loss per share in its latest year after a profit the year before.

Valuation signals disagree. Cheaper than 81% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 81% of peers on operating cash profit, but only 0% on earnings.

Relative to its operating cash profit (EBITDA), NLI looks cheaper than 81% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, NLI looks cheaper than 81% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $9.0M profit in the quarter to June 2026.

NLI reported a net loss over the last twelve months, but its most recent quarter was profitable ($9.0M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about NLI

Is NLI getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.

How is NLI valued vs its peers?

Priced about in line with its peers. Valuation scores 56/100 against 2,459 industrials peers. EBITDA yield 13.2% vs a peer median of 6.9% (stronger than 81% of peers).EBITDA yield 13.2% vs peers 6.9% (stronger than 81% of peers). Earnings yield -7.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -7.6% vs peers 3.8% (weaker than 100% of peers).

Is NLI growing?

More slowly than most of its peers. Growth scores 25/100 against 2,459 industrials peers. 3-year revenue growth 0.3% vs a peer median of 4.2% (weaker than 67% of peers).3-year revenue growth 0.3% vs peers 4.2% (weaker than 67% of peers).

How profitable is NLI?

Less profitable than most of its peers. Profitability scores 18/100 against 2,459 industrials peers. Return on assets -5.4% vs a peer median of 3.1% (weaker than 95% of peers).Return on assets -5.4% vs peers 3.1% (weaker than 95% of peers).

How risky is NLI?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 9.02× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 9.02× vs peers 1.62× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

158.6M USD

161.8M USD

+2.0%

Net income (12 months)

−34.1M USD

−25.6M USD

−25.2%

Operating margin

7.3%

9.2%

+1.9 pts

Free cash flow (12 months)

4.2M USD

8.1M USD

+92.9%

Cash

101.9M USD

107.0M USD

+5.0%

Shares outstanding

48.9M

48.9M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

30.4%

29.3%

30.5%

28.3%

30.4%

▲ 2.1 pts

Operating margin

7.5%

8.2%

8.8%

26.0%

6.7%

▼ 19 pts

Net margin

36.4%

20.3%

-1.4%

46.1%

-23.9%

▼ 70 pts

Return on assets (ROA)

8.6%

5.5%

-0.4%

11.6%

-8.1%

▼ 20 pts

Return on equity (ROE)

14.1%

8.9%

-0.6%

16.9%

-10.5%

▼ 27 pts

Free cash flow margin

9.6%

14.0%

22.2%

16.5%

-25.4%

▼ 42 pts

Current ratio

6.33×

6.05×

7.17×

2.61×

7.77×

▲ 197%

Quick ratio

5.49×

5.08×

6.16×

2.30×

6.29×

▲ 173%

Interest coverage

9.19×

14.59×

18.94×

71.46×

13.92×

▼ 81%