NL (NL) financial statements
NL reported revenue of $158M in fiscal 2025, up 4.2% a year over 9 years.
Net income was -$38M and the operating margin 6.7%, against -0.7% in 2016.
Free cash flow was -$40M, and the company returned $28M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109M | $112M | $118M | $124M | $115M | $141M | $167M | $161M | $146M | $158M |
| Cost of revenue | $74M | $77M | $80M | $85M | $82M | $98M | $118M | $112M | $105M | $110M |
| Gross profit | $35M | $35M | $38M | $39M | $33M | $43M | $49M | $49M | $41M | $48M |
| Research and development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general and admin | $20M | $20M | $20M | $21M | $21M | $22M | $23M | $24M | $24M | $26M |
| Operating income | -$715,000 | $2M | -$61M | -$2M | $2M | $10M | $14M | $14M | $38M | $11M |
| Interest expense | $4,000 | $30,000 | $37,000 | $681,000 | $1M | $1M | $941,000 | $746,000 | $530,000 | $767,000 |
| Pre-tax income | $14M | $112M | -$54M | $29M | $14M | $61M | $39M | -$6M | $83M | -$51M |
| Income tax | -$3M | -$6M | -$15M | $579,000 | -$3M | $7M | $3M | -$7M | $14M | -$16M |
| Net income | $15M | $116M | -$41M | $26M | $15M | $51M | $34M | -$2M | $67M | -$38M |
| EPS (diluted) | $0.31 | $2.38 | -$0.84 | $0.53 | $0.30 | $1.05 | $0.69 | -$0.05 | $1.38 | -$0.77 |
| Diluted shares | 49M | 49M | 49M | 49M | 49M | 49M | 49M | 49M | 49M | 49M |
| Gross margin | 32.3% | 31.1% | 32.4% | 31.4% | 28.7% | 30.4% | 29.3% | 30.5% | 28.3% | 30.4% |
| Operating margin | -0.7% | 1.5% | -51.3% | -1.3% | 2.1% | 7.5% | 8.2% | 8.8% | 26.0% | 6.7% |
| Net margin | 14.1% | 103.6% | -34.7% | 20.8% | 12.8% | 36.4% | 20.3% | -1.4% | 46.1% | -23.9% |
Balance sheet
Fiscal years, from NL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $93M | $98M | $116M | $130M | $137M | $147M | $139M | $165M | $163M | $111M |
| Inventory | $15M | $15M | $17M | $18M | $18M | $26M | $31M | $31M | $28M | $30M |
| Total current assets | $123M | $131M | $167M | $165M | $171M | $194M | $194M | $218M | $238M | $160M |
| Property, plant and equipment | $34M | $33M | $32M | $31M | $29M | $29M | $29M | $26M | $24M | $24M |
| Goodwill | $27M | $27M | $27M | $27M | $27M | $27M | $27M | $27M | $27M | $27M |
| Total assets | $385M | $552M | $547M | $557M | $548M | $596M | $610M | $577M | $578M | $464M |
| Total current liabilities | $31M | $20M | $81M | $30M | $28M | $31M | $32M | $30M | $91M | $21M |
| Total liabilities | $191M | $199M | $244M | $230M | $213M | $211M | $207M | $185M | $162M | $87M |
| Shareholders' equity | $178M | $335M | $284M | $305M | $312M | $362M | $382M | $370M | $397M | $359M |
| Net debt | -$93M | -$98M | -$116M | -$130M | -$137M | -$147M | -$69M | -$112M | -$163M | -$111M |
Cash flow
Fiscal years, from NL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $28M | $19M | $17M | $27M | $19M | $18M | $27M | $37M | $26M | -$36M |
| Capital spending | $3M | $3M | $3M | $3M | $2M | $4M | $4M | $1M | $1M | $4M |
| Free cash flow | $24M | $16M | $14M | $24M | $17M | $14M | $23M | $36M | $24M | -$40M |
| Dividends paid | — | $0 | $0 | $0 | $8M | $12M | $31M | $14M | $37M | $28M |
| Free cash flow margin | 22.5% | 14.1% | 11.8% | 19.5% | 15.1% | 9.6% | 14.0% | 22.2% | 16.5% | -25.4% |
| Dividends per share | — | — | — | — | $0.16 | $0.24 | $0.63 | $0.28 | $0.75 | $0.57 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NL.
Open NL in InvestinglyQuestions
What was NL's revenue in 2025?
$158M in fiscal 2025, from its 10-K filing.
How much free cash flow does NL generate?
-$40M in fiscal 2025 (operating cash flow minus capital spending).
From NL's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.