CompX International Inc

compx.com

What Do They Do?

Manufactures cabinet locks and other locking mechanisms for postal, furniture, healthcare and tool-storage applications, plus marine components for recreational boats and industrial customers.

How Do They Make Money?

Customers order products on purchase orders; CompX generally invoices each shipment when it ships, though some customers pay part or all before shipment.

revenue

Segment	Share	Revenue	How money arrives
Security Products Sold outright	76% FY2022: 69%		Sold outright
Marine Components Sold outright	24% FY2022: 31%		Sold outright

Who Are Their Customers?

Large OEMs buy directly through factory sales staff, engineers and sales representatives; Security Products also reaches customers through distributors, including locksmiths and smaller OEM distributors.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 24% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.

Operating income, FY2025

14% of revenue

▲ +33% vs FY2024 ($17M, 12%)

Net income, FY2025

12% of revenue

▲ +17% vs FY2024 ($16.6M, 11%)

Free cash flow, FY2025

12% of revenue

▼ −11% vs FY2024 ($21.5M, 15%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $40.4M in Q2 FY2025
Net income: ▲ +33%; vs $5.5M in Q2 FY2025

Security Products share of revenue vs 76.0% in Q2 FY2025

Growing. Revenue grew 12% in 4 years, from $140.8M in FY2021 to $158.3M in FY2025, about 3% a year.

Revenue over time

Security Products Marine Components

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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