NL on NYSE

NL Industries

Logo: NL Industries, Public domain, via Wikimedia Commons4

American lead smelting company

NL Industries (NYSE: NL), formerly known as the National Lead Company, is a lead smelting company currently based in Dallas, Texas. National Lead was one of the 12 original stocks included in the Dow Jones Industrial Average at the time of its creation on May 26, 1896.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

Aug 4, 1993Founded1

Compare with LUXFER HOLDINGS PLC, LSB INDUSTRIES, INC. or Arcadium Lithium, or pick any stock.

  • TickerNL on NYSE1
  • IndustryIndustrial Inorganic Chemicals1
  • HeadquartersDallas1
  • Websitewww.nl-ind.com
  • Incorporated inDE5
  • Business address5430 Lbj Freeway, Suite 1700, Dallas, Tx 75240-26205
  • Filer categoryNon-accelerated filer5
NL Industries (Dutch Boy Paint) Specimen Stock Certificate, c.1975
Photo: Downingsf, CC BY-SA 3.0, via Wikimedia Commons8

NL Industries (NYSE: NL), formerly known as the National Lead Company, is a lead smelting company currently based in Dallas, Texas. National Lead was one of the 12 original stocks included in the Dow Jones Industrial Average at the time of its creation on May 26, 1896.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

30.4%Gross margin9
6.7%Operating margin9
-23.9%Net margin9
8.5%Revenue growth, 20259
-10.5%Return on equity9
-$40.1MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Security Products brought in 76% of the revenue NL Industries broke down this way in fiscal 2025.

  1. Security Products$120.7M976%up 5% from 2024
  2. Marine Components$37.6M924%up 22% from 2024
Business segments by year
Business segments202320242025
Security Products$121.2M$115.2M$120.7M
Marine Components$40.1M$30.7M$37.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue70¢$110.1M
  • Selling, general and admin16¢$25.6M
  • Other costs4¢$6.6M
  • Income tax10¢$16.1M

Out of $158.3M in revenue.9 The company lost money this year.

Financial statements

Revenue101112139$158.3M in 2025+27% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $124.2M$124.2M20192020: $114.5M$114.5M2020−8%2021: $140.8M$140.8M2021+23%2022: $166.6M$166.6M2022+18%2023: $161.3M$161.3M2023−3%2024: $145.9M$145.9M2024−10%2025: $158.3M$158.3M2025+8%
Gross profit101112139$48.2M in 2025+24% since 2019
0$20.0M$40.0M$60.0M2019: $39.0M$39.0M20192020: $32.8M$32.8M2020−16%2021: $42.7M$42.7M2021+30%2022: $48.8M$48.8M2022+14%2023: $49.2M$49.2M2023+1%2024: $41.4M$41.4M2024−16%2025: $48.2M$48.2M2025+16%
Operating income101112139$10.7M in 2025
-$10.0M0$10.0M$20.0M$30.0M$40.0M2019: -$1.6M-$1.6M20192020: $2.4M$2.4M20202021: $10.5M$10.5M2021+345%2022: $13.7M$13.7M2022+31%2023: $14.1M$14.1M2023+3%2024: $37.9M$37.9M2024+168%2025: $10.7M$10.7M2025−72%
Net income101112139-$37.8M in 2025
-$50.0M0$50.0M$100.0M2019: $25.8M$25.8M20192020: $14.7M$14.7M2020−43%2021: $51.2M$51.2M2021+249%2022: $33.8M$33.8M2022−34%2023: -$2.3M-$2.3M20232024: $67.2M$67.2M20242025: -$37.8M-$37.8M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Net sales$158.3M$145.9M$161.3M
Cost of sales$110.1M$104.6M$112.1M
Gross margin$48.2M$41.4M$49.2M
Selling, general and administrative expense$25.6M$24.3M$23.8M
Insurance recoveries$1.4M$464.0K
Corporate income (expense), net$11.9M-$19.5M$11.8M
Income from operations$10.7M$37.9M$14.1M
Equity in earnings (losses) of Kronos Worldwide, Inc.-$33.9M$26.4M-$15.0M
Interest and dividend income$7.0M$11.0M$9.6M
Marketable equity securities-$13.6M$9.8M-$8.2M
Settlement loss on pension plan termination and buy-out-$19.7M-$4.9M
Other components of net periodic pension and OPEB cost-$1.1M-$1.2M-$1.4M
Interest expense-$767.0K-$530.0K-$746.0K
Income (loss) before income taxes-$51.4M$83.3M-$6.4M
Income tax expense (benefit)-$16.1M$14.1M-$7.0M
Net income (loss)-$35.4M$69.3M$582.0K
Noncontrolling interest in net income of subsidiary$2.5M$2.0M$2.9M
Net income (loss) attributable to NL stockholders-$37.8M$67.2M-$2.3M
Basic net income (loss) per share-$0.77$1.38-$0.05
Diluted net income (loss) per share-$0.77$1.38-$0.05
Weighted average shares used in the calculation of net income (loss) per share - basic48.9M shares48.8M shares48.8M shares
Weighted average shares used in the calculation of net income (loss) per share - diluted48.9M shares48.8M shares48.8M shares

Compare NL Industries with another company

Corporate structure

NL Industries sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • NL Industries Dallas
    • CompX International Inc. Subsidiary · Delaware, United States
    • EWI RE, Inc. Subsidiary · New York, United States
    • Kronos Worldwide, Inc. Subsidiary · Delaware, United States
    • NL Environmental Management Services, Inc. Subsidiary · New Jersey, United States
    • NLKW Holding, LLC Subsidiary · New Jersey, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NL Industries reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$5.4M9 Dec 31, 2025$5.4M9 Dec 31, 20240%
Buildings and improvements$23.6M9 Dec 31, 2025$23.3M9 Dec 31, 2024+1.6%
Machinery and equipment$78.0M9 Dec 31, 2025$75.6M9 Dec 31, 2024+3.2%
Construction in progress$477.0K9 Dec 31, 2025$589.0K9 Dec 31, 2024−19.0%
Property and equipment, before depreciation$107.5M9 Dec 31, 2025$104.8M9 Dec 31, 2024+2.6%
Accumulated depreciation$83.8M9 Dec 31, 2025$80.8M9 Dec 31, 2024+3.7%
Property and equipment, net$23.7M9 Dec 31, 2025$24.0M9 Dec 31, 2024−1.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$110.6M9 Dec 31, 2025$163.2M9 Dec 31, 2024−32.2%
Marketable securities, non-current$14.4M9 Dec 31, 2025$28.0M9 Dec 31, 2024−48.5%
Stakes in other companies (equity method)$230.1M9 Dec 31, 2025$250.3M9 Dec 31, 2024−8.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$27.2M9 Dec 31, 2025$27.2M9 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$30.4M9 Dec 31, 2025$28.4M9 Dec 31, 2024+7.2%
Raw materials$5.6M9 Dec 31, 2025$5.7M9 Dec 31, 2024−0.6%
Work in process$19.9M9 Dec 31, 2025$17.6M9 Dec 31, 2024+12.9%
Finished goods$4.9M9 Dec 31, 2025$5.1M9 Dec 31, 2024−3.8%

Properties, in its own words

Our principal executive offices are located in an office building located at 5430 LBJ Freeway, Dallas, Texas, 75240-2620. The principal properties used in the operations of our subsidiaries and affiliates, including certain risks and uncertainties related thereto, are described in the applicable business sections of Item 1 – “Business.” We believe that our facilities are generally adequate and suitable for our respective uses.

Item 2 of the 10-K filed Mar 9, 2026.17

The story

History

It began business in Philadelphia in 1772. The name "National Lead Company" was used since 1891 after a series of mergers. National Lead changed its name to NL Industries in 1971.

California lead paint liability case

NL Industries has encountered legal problems based on their long history of selling lead paint. Exposure to lead paint can cause numerous health and developmental problems in children and adults, and its use has been banned or restricted in many countries.

In January 2014, the Santa Clara County Superior Court ruled that NL Industries, along with Sherwin-Williams and ConAgra, were jointly and severally liable for $1.15 billion, to be paid into a lead paint abatement fund to be used to remove lead paint from older housing. The judge ruled that the paint companies manufactured, marketed, and sold lead paint without disclosing the health risks to the consumers in spite of "actual and constructive knowledge that it was harmful".

The disposition of The People v. ConAgra Grocery Products Company et al. in the California 6th Appellate District Court on November 14, 2017, is that:... the judgment is reversed, and the matter is remanded to the trial court with directions to (1) recalculate the amount of the abatement fund to limit it to the amount necessary to cover the cost of remediating pre-1951 homes, and (2) hold an evidentiary hearing regarding the appointment of a suitable receiver. The Plaintiff shall recover its costs on appeal.

On February 14, 2018, the California Supreme Court denied the defendants' request for review, sending the case back to the trial court as ordered by the Appellate Court.

NL Industries settled its part of the suit in May, 2018 with a payment of $60 million and a pledge to stop supporting the ConAgra and Sherwin-Williams backed ballot measure proposed for the November, 2018 ballot

National Lead and Dutch Boy Paints

In 1907, National Lead entered the consumer market for titanium paints, creating a product line under the name "Dutch Boy". Dutch Boy paints competed with other brands that contained mineral products supplied by National Lead. The "Dutch Boy Painter", which was created by Lawrence Carmichael Earle, became National Lead's symbol for many years.

NL Industries sold off the Dutch Boy brand in 1980 to Sherwin-Williams, two years after the CPSC's directive banning the manufacturing of lead housepaint went into effect.

Read the full text

History

Based in Dallas, Texas, CompX was founded to open business on August 4, 1993.

In March 1998, CompX International Inc. completed its initial public offering, making it a public company with stocks traded on the New York Stock Exchange under the symbol of CIX.

In 1999, CompX International moved the corporate headquarters from Mauldin, South Carolina, to Houston.

On Jan 11, 2000, CompX International Inc. acquired Chicago Lock Co. successfully for about $9.2 million in cash, which was borrowed under its existing credit facility.

In May 2002, CompX International achieved an agreement to close its Dallas corporate office.

In September 2004, NL Industries completed the acquisition of 68% of CompX International for $168.6 million.

In December 2012, CompX International Inc. sold its Furniture Components operations to Knape & Vogt Manufacturing Company for approximately $59 million in cash.

From Wikipedia’s article on NLI Holdings, shared under CC BY-SA 4.0.6

Leadership

Who has led NL Industries, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (34)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CompX International Inc. Delaware7
  • EWI RE, Inc. New York7
  • Kronos Worldwide, Inc. Delaware7
  • NL Environmental Management Services, Inc. New Jersey7
  • NLKW Holding, LLC New Jersey7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

  1. Succeeded National Lead Company1

Former names

  • NL INDUSTRIES INCDec 1, 1994 to May 26, 20265

Timeline

  1. Aug 5, 20268-K Results of operations; Regulation FD disclosure55
  2. May 26, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation56
  3. May 14, 20268-K Shareholder vote; Regulation FD disclosure57
  4. May 6, 20268-K Results of operations58
  5. Mar 9, 20268-K Results of operations59
  6. Feb 26, 20268-K Regulation FD disclosure60
  7. Nov 6, 20258-K Results of operations61
  8. Oct 30, 20258-K Regulation FD disclosure62
  9. Sep 15, 20258-K Entered a material agreement; New debt or obligation63
  10. Aug 6, 20258-K Results of operations; Regulation FD disclosure64
  11. Jul 17, 20258-K Entered a material agreement; New debt or obligation65
  12. May 15, 20258-K Executive or director change; Shareholder vote; Regulation FD disclosure66
  13. May 23, 2014New chief executive Robert D. Graham becomes CEO18
  14. Jun 1, 2004New chief executive Harold C. Simmons becomes CEO19
  15. Aug 4, 1993Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/202667

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results55
  2. May 6, 2026Reported quarterly or annual results58
  3. Mar 9, 2026Reported quarterly or annual results59
  4. Nov 6, 2025Reported quarterly or annual results61
  5. Aug 6, 2025Reported quarterly or annual results64
  6. May 7, 2025Reported quarterly or annual results68
  7. Mar 6, 2025Reported quarterly or annual results69
  8. Nov 6, 2024Reported quarterly or annual results70

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

133 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 41 insider forms, 22 other. The latest 20:

  1. Aug 5, 202610-Q EDGAR
  2. Aug 5, 20268-K EDGAR
  3. May 26, 20268-K EDGAR
  4. May 19, 2026SD EDGAR
  5. May 15, 20264 EDGAR
  6. May 15, 20264 EDGAR
  7. May 15, 20264 EDGAR
  8. May 15, 20264 EDGAR
  9. May 15, 20264 EDGAR
  10. May 15, 20264 EDGAR
  11. May 14, 20268-K EDGAR
  12. May 6, 202610-Q EDGAR
  13. May 6, 20268-K EDGAR
  14. Mar 25, 2026ARS EDGAR
  15. Mar 25, 2026DEFA14A EDGAR
  16. Mar 25, 2026DEF 14A EDGAR
  17. Mar 9, 202610-K EDGAR
  18. Mar 9, 2026PRE 14A EDGAR
  19. Mar 9, 20268-K EDGAR
  20. Feb 26, 20268-K EDGAR

The 133 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 4 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 12, 2025Kramer Kevin BDirectorBuy6,500$7.14$46.4KForm 4
Mar 11, 2025Hanley Bryan A.Senior VP and TreasurerBuy250$6.78$1.7KForm 4
Mar 11, 2025Kramer Kevin BDirectorBuy6,500$6.59$42.9KForm 4
Dec 6, 2022Samford Amy A.Executive VP and CFOBuy2,000$6.94$13.9KForm 4
Jun 1, 2022CONTRAN CORP10% ownerSale2,000$8.23$16.5KForm 4

From Forms 4 filed with the SEC.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael S. Simmons54$2.6M$2.6M71
2025Courtney J. Riley60$1.4M$1.4M71
2025Amy A. Samford$1.2M$1.2M71
2025John A. Sunny$1.1M$1.1M71
2025John R. PowersIII$723.0K$723.0K71
2024Vice Chairman of the Board$1.7M$1.7M71
2024President and Chief Executive Officer$1.4M$1.4M71
2024Executive VicePresident and Chief Financial Officer$1.2M$1.2M71
2024Senior VicePresident and General Counsel$696.0K$696.0K71
2023President and Chief Executive Officer$1.4M$1.4M71
2023Vice Chairman of the Board$1.3M$1.3M71
2023Executive VicePresident and Chief Financial Officer$1.2M$1.2M71
2023Senior VicePresident and General Counsel$671.0K$671.0K71

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 80. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Dimensional Fund Advisors LP2,058,135$12.2M0.0%−31,032
BlackRock, Inc.540,104$3.2M0.0%+10,395
Vanguard Capital Management LLC324,989$1.9M0.0%+3,797
Aristides Capital LLC312,962$1.9M0.5%−104,052
Bridgeway Capital Management, LLC310,993$1.9M0.0%−15,000
Millennium Management LLC257,968$1.5M0.0%+237,658
Geode Capital Management, LLC217,427$1.3M0.0%−7,087
Empowered Funds, LLC217,131$1.3M0.0%−15,000
Renaissance Technologies LLC182,714$1.1M0.0%+20,244
State Street Corp133,777$796.0K0.0%+56
Segall Bryant & Hamill, LLC93,209$554.6K0.0%No change
Northern Trust Corp84,973$505.6K0.0%+2,850
Morgan Stanley82,921$493.4K0.0%+11,765
Bank of New York Mellon Corp66,514$395.8K0.0%+1,762
Goldman Sachs Group Inc59,730$355.4K0.0%−10,848
Connor, Clark & Lunn Investment Management Ltd.58,415$347.6K0.0%+8,774
Vanguard Portfolio Management LLC55,936$332.8K0.0%+7,386
Vanguard Fiduciary Trust Co50,850$302.6K0.0%+585
Squarepoint Ops LLC48,376$287.8K0.0%+33,798
Arrowstreet Capital, Limited Partnership27,824$165.6K0.0%−5,237
Panagora Asset Management Inc27,037$160.9K0.0%New
Charles Schwab Investment Management Inc25,335$150.7K0.0%+87
Byrne Asset Management LLC24,100$143.4K0.1%New
Money Concepts Capital Corp16,180$96.3K0.0%+458
Aqr Capital Management LLC16,122$95.9K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NL Industries is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNLI HOLDINGS, INC.2
  • CIK0000072162
  • Employer ID (EIN)13-526726017
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inNew Jersey17
  • Fiscal year endsDecember 312
  • Industry code (SIC)2810 Industrial Inorganic Chemicals2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business address5430 Lbj Freeway, Suite 1700, Dallas, TX 75240-26202
  • Phone972-233-17002
  • Shares outstanding48,898,734 as of Jul 31, 202615
  • Public float$54.2M as of Jun 30, 202517
  • AuditorPricewaterhouseCoopers LLP, Dallas, Texas PCAOB ID 238; no auditor attestation of internal control over financial reporting17
  • On EDGAR sinceJan 28, 19942
  • Filings1,004 in all: 4 (381), 8-K (287), 10-Q (98), 3 (36), DEF 14A (33), SC 13D/A (31), 10-K (29), ARS (13)2
    All 30 form types

    SD (13), 10-K/A (11), 4/A (10), DEFA14A (9), 10-Q/A (5), 144 (5), S-8 POS (5), UPLOAD (5), 10-K405 (4), 10-K405/A (4), 8-K/A (4), 5 (3), CORRESP (3), PRE 14A (3), S-8 (3), 11-K (2), 15-15D (2), 3/A (1), 40-APP (1), NT 10-K (1), NT 10-Q (1), NT 11-K (1)

  • Latest filingsAnnual report (10-K) Mar 9, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 25, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Common stockNLNYSE

From the cover page of the 10-K filed Mar 9, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks NL Industries names in Item 1A of its 10-K filed Mar 9, 2026: 18 risks under these headings, as written.17

  • Operational Risk Factors
  • Demand for, and prices of, certain of Kronos’ products are influenced by changing market conditions for its products, which may result in reduced earnings or in operating losses.
  • The TiO2 industry is concentrated and highly competitive and Kronos faces price pressures in the markets in which it operates, which may result in reduced earnings or operating losses.
  • CompX operates in mature and highly competitive markets, resulting in pricing pressure and the need to continuously reduce costs.
  • CompX’s development of innovative features for current products is critical to sustaining and growing its sales.
  • Higher costs or unavailability of CompX’s raw materials could negatively impact our financial results.
  • Dependence on CompX’s significant customers could adversely affect our business and results of operations.
  • Higher costs or limited availability of Kronos’ raw materials may reduce its earnings and decrease its liquidity. In addition, many of Kronos’ raw material contracts contain fixed quantities it is required to purchase.
  • Kronos’ acquisition of the remaining 50% interest in LPC may not generate benefits it anticipates and may otherwise affect its business and prospects.
  • Our assets consist primarily of investments in our operating subsidiaries and affiliate, and we are dependent upon distributions from our subsidiaries and affiliate.
  • Financial Risk Factors
  • Kronos’ leverage may impair our financial condition.
The other 8 risks
  • Changes in currency exchange rates and interest rates can adversely affect Kronos’ net sales, profits and cash flows.
  • Legal, Compliance and Regulatory Risk Factors
  • We could incur significant costs related to legal and environmental matters.
  • If some or all of Kronos’ or CompX’s intellectual property were to be declared invalid, held to be unenforceable or copied by competitors, or some or all of Kronos’ or CompX’s confidential information becomes known to competitors, or if Kronos’ or CompX’s competitors were to develop similar or superior intellectual property or technology, their ability to compete could be adversely impacted.
  • Environmental, health and safety laws and regulations, particularly as they relate to Kronos, may result in increased regulatory scrutiny which could decrease demand for Kronos’ products, increase Kronos’ manufacturing and compliance costs or obligations and result in unanticipated losses which could negatively impact its financial results or limit its ability to operate its business.
  • Global climate change laws and regulations could negatively impact our financial results or limit Kronos’ and CompX’s ability to operate their businesses.
  • General Risk Factors
  • Kronos’ operating as a global business presents risks associated with global and regional economic, political, and regulatory environments.
  • Technology failures or cybersecurity breaches could have a material adverse effect on our operations.
  • Physical impacts of climate change could have a material adverse effect on Kronos’ or CompX’s costs and operations.

Legal proceedings

We are involved in various legal proceedings. In addition to information that is included below, we have included certain of the information required for this Item in Note 17 to our Consolidated Financial Statements, and we are incorporating that information here by reference.

Lead pigment litigation

Our former operations included the manufacture of lead pigments for use in paint and lead-based paint. We, other former manufacturers of lead pigments for use in paint and lead-based paint (together, the “former pigment manufacturers”), and the Lead Industries Association (LIA), which discontinued business operations in 2002, have previously been named as defendants in various legal proceedings seeking damages for personal injury, property damage and governmental expenditures allegedly caused by the use of lead-based paints. Certain of these actions were filed by or on behalf of states, counties, cities or their public housing authorities and school districts, and certain others were asserted as class actions. We currently have no pending lead paint class action cases or pending lead paint cases brought by housing authorities, school districts or other government entities.

The opening of Item 3, Legal Proceedings.17

Sources

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