NL Industries Inc
nl-ind.comNL Industries (NYSE American: NL) is a Dallas, Texas-based holding company that generates income through its majority-owned subsidiary CompX International (NYSE American: CIX) in the component products industry and through a noncontrolling equity interest in Kronos Worldwide (NYSE: KRO) in the chemicals industry. NL earns consolidated revenue from CompX's manufactured Security Products and Marine Components, while Kronos exposure flows through equity earnings rather than consolidated sales. CompX reported segment profit of $22.6 million in FY2025, recovering from $17.0 million in FY2024. Equity in earnings from Kronos swung to a loss of $33.9 million in FY2025 from earnings of $26.4 million in FY2024, reflecting the cyclical nature of the TiO2 market. Valhi Inc. (NYSE: VHI) held approximately 83% of NL's outstanding common stock as of December 31, 2025, and Contran Corporation, controlled by Lisa K. Simmons, held approximately 91% of Valhi. The ownership chain concentrates effective control in a single family structure.
Products & Services
CompX produces Security Products sold to the government security market and Marine Components sold to towboat, government, and industrial markets. Kronos Worldwide, in which NL holds a noncontrolling interest, manufactures titanium dioxide (TiO2) pigment, iron-based chemicals marketed through its Ecochem division, and mines ilmenite ore in Norway. Approximately 90% of Kronos' FY2025 sales were attributable to TiO2.
Revenue Model
NL consolidates revenue through CompX, which sells manufactured component products on a transactional basis with revenue recognized at point of shipment or delivery. Kronos Worldwide income flows to NL as equity in earnings from a noncontrolling interest, not as consolidated revenue. CompX's total material costs represented approximately 43% of cost of sales in FY2025.
Customers & Markets
CompX serves the government security market through Security Products and the towboat, government, and industrial markets through Marine Components. Kronos' TiO2 end-use mix (FY2025 data cited in the filing): coatings 59%, plastics 30%, paper 8%, other 3%. Kronos' iron-based chemicals are used in industrial effluent treatment, municipal wastewater conditioning, and manufacture of iron pigments, cement, and agricultural products.
Geographic Exposure
CompX operates manufacturing facilities in Mauldin SC, Grayslake IL, and Neenah WI as of December 31, 2025. Kronos' TiO2 sales volume by region (FY2025): Europe 45%, North America 40%, Asia Pacific 8%, Rest of World 7%. Kronos owns and operates an ilmenite mine in Norway under a governmental concession with an unlimited term.
Financial Snapshot
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