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Data as of Q3 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $7.11 today, the market must believe free cash flow compounds -5.6%/yr for a decade (off $30.0M on the 3-yr avg basis).
Default is 9.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt -$110.6M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -21.8% · volatility σ 102% · implied rate exceeded in 3/9 yrs
Central path = implied -5.6%/yr growth; shaded band = ±1σ (102%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 14 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $27.9M dividends + $0 buybacks = $27.9M returned on -$40.1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -11%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.3M 100.0% | $145.9M 100.0% | $161.3M 100.0% | $166.6M 100.0% | $140.8M 100.0% | $114.5M 100.0% | $124.2M 100.0% | $118.2M 100.0% | $112.0M 100.0% | $108.9M 100.0% |
| Cost of Revenue | $110.1M 69.6% | $104.6M 71.7% | $112.1M 69.5% | $117.8M 70.7% | $98.1M 69.6% | $81.7M 71.3% | $85.3M 68.6% | $79.9M 67.6% | $77.2M 68.9% | $73.8M 67.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $77.2M 68.9% | $73.8M 67.7% |
| Gross Profit | $48.2M 30.4% | $41.4M 28.3% | $49.2M 30.5% | $48.8M 29.3% | $42.7M 30.4% | $32.8M 28.7% | $39.0M 31.4% | $38.3M 32.4% | $34.8M 31.1% | $35.2M 32.3% |
| Research & Development | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Selling, General & Admin | $25.6M 16.2% | $24.3M 16.7% | $23.8M 14.7% | $23.4M 14.0% | $22.2M 15.8% | $21.0M 18.4% | $21.3M 17.1% | $20.5M 17.3% | $19.6M 17.5% | $19.6M 18.0% |
| Operating Income | $10.7M 6.7% | $37.9M 26.0% | $14.1M 8.8% | $13.7M 8.2% | $10.5M 7.5% | $2.4M 2.1% | -$1.6M -1.3% | -$60.7M -51.3% | $1.7M 1.5% | -$715K -0.7% |
| Interest Expense | $767K 0.5% | $530K 0.4% | $746K 0.5% | $941K 0.6% | $1.1M 0.8% | $1.4M 1.2% | $681K 0.5% | $37K 0.0% | $30K 0.0% | $4K 0.0% |
| Pretax Income | -$51.4M -32.5% | $83.3M 57.1% | -$6.4M -4.0% | $39.2M 23.6% | $60.8M 43.2% | $13.6M 11.9% | $28.6M 23.0% | -$54.4M -46.0% | $112.2M 100.1% | $13.9M 12.8% |
| Income Tax Expense | -$16.1M -10.1% | $14.1M 9.6% | -$7.0M -4.3% | $2.8M 1.7% | $7.5M 5.3% | -$2.5M -2.2% | $579K 0.5% | -$15.4M -13.0% | -$5.6M -5.0% | -$2.8M -2.5% |
| Net Income | -$37.8M -23.9% | $67.2M 46.1% | -$2.3M -1.4% | $33.8M 20.3% | $51.2M 36.4% | $14.7M 12.8% | $25.8M 20.8% | -$41.0M -34.7% | $116.1M 103.6% | $15.3M 14.1% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.77 | $1.38 | -$0.05 | $0.69 | $1.05 | $0.30 | $0.53 | — | — | — |
| EPS (Diluted) | -$0.77 | $1.38 | -$0.05 | $0.69 | $1.05 | $0.30 | $0.53 | — | — | — |
| Weighted Avg Shares (Basic) | 48.9M | 48.8M | 48.8M | 48.8M | 48.8M | 48.8M | 48.7M | — | — | — |
| Weighted Avg Shares (Diluted) | 48.9M | 48.8M | 48.8M | 48.8M | 48.8M | 48.8M | 48.7M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PBYI | $544M | 17.3× | 14.8× | 2.4× | -0.9% | 74.5% | 13.6% | 23.9% | 17.7% | 0.4× | 31 |
| AMRN | $536M | — | — | 2.5× | -6.5% | 56.6% | -18.2% | -8.4% | -8.4% | — | 9 |
| TKNO | $499M | — | — | 12.3× | 7.4% | 33.2% | -42.6% | -25.1% | -21.1% | — | 11 |
| LXFR | $466M | 61.7× | 14.7× | 1.2× | -1.9% | 23.2% | 2.0% | 3.4% | 2.9% | 0.9× | 23 |
| SVA | $465M | — | — | 1.2× | 6.8% | 67.9% | -51.5% | -4.5% | -4.0% | — | 2 |
| AUTL | $421M | — | — | 5.6× | 645% | -27.8% | -381% | -161% | -161% | — | 10 |
| VREOF | $413M | — | 20.7× | 1.5× | 170% | 47.3% | -25.3% | -22.2% | -22.2% | -6.8× | — |
| ASIX | $406M | 8.3× | — | 0.3× | 0.3% | 10.8% | 3.2% | 6.0% | 6.0% | — | 65 |
| VHI | $396M | — | — | 0.2× | -1.3% | 14.2% | -2.8% | -5.6% | -5.6% | — | 15 |
| TLRY | $390M | — | — | 0.4× | 11.5% | 28.4% | -13.3% | -7.5% | -7.0% | — | 55 |
| EBS | $370M | 7.8× | 3.8× | 0.5× | -28.8% | 56.1% | 7.1% | 10.1% | 4.8% | 1.9× | 29 |
| NL | $342M | — | 16.1× | 2.2× | 8.5% | 30.4% | -23.9% | -10.5% | -10.5% | -7.7× | 13 |
| ASPI | $327M | — | — | 13.7× | 476% | 14.3% | -670% | -78.3% | -77.5% | — | 24 |
| OEC | $313M | — | 7.6× | 0.2× | -3.8% | 19.9% | -3.9% | -18.2% | -5.2% | 5.7× | 24 |
| ALTO | $283M | 22.8× | 10.4× | 0.3× | -4.9% | 3.8% | 1.5% | 5.4% | 4.1% | 1.7× | 16 |
| USNA | $265M | 24.7× | 1.5× | 0.3× | 8.3% | 78.3% | 1.2% | 2.0% | 2.0% | -2.3× | 18 |
| QTTB | $264M | 3.7× | 12.5× | 4.9× | — | — | 55.5% | 71.0% | 71.0% | -2.8× | 3 |
| FF | $250M | — | — | 2.6× | -60.7% | -41.2% | -51.6% | -30.4% | -30.4% | — | 18 |
| ELTP | $248M | 7.7× | 4.3× | 1.7× | 77.1% | 50.4% | 30.1% | 45.4% | 45.4% | -0.6× | — |
| CRLBF | $233M | — | 29.1× | 0.4× | -9.5% | 49.5% | -20.6% | -39.8% | -17.6% | 17.9× | 3 |
| SIGA | $228M | 9.9× | 3.0× | 2.4× | -31.8% | 68.6% | 24.6% | 11.7% | 11.7% | -6.4× | 25 |
| PYXS | $226M | — | — | 16.3× | -14.2% | 82.8% | -575% | -149% | -149% | — | 10 |
| NATR | $216M | 11.6× | 3.2× | 0.5× | 5.7% | 72.4% | 4.1% | 12.1% | 12.1% | -2.4× | 19 |
| GLAS | $215M | — | — | 1.2× | -9.4% | 42.3% | -16.3% | -40.1% | -20.8% | — | — |
| PLX | $210M | — | — | 4.0× | -1.2% | 48.8% | -12.5% | -13.7% | -13.7% | — | 14 |
Peers = companies sharing NL's sector (Industrial Inorganic Chemicals) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-14 | Mendes Meredith W. Director | Grant | 6,000 | $6.67 | $40k |
| 2026-05-14 | Feehan Loretta J. Director | Grant | 6,000 | $6.67 | $40k |
| 2026-05-14 | Kramer Kevin B Director | Grant | 6,000 | $6.67 | $40k |
| 2026-05-14 | Harper John E Director | Grant | 6,000 | $6.67 | $40k |
| 2026-05-14 | Moore Cecil H Jr Director | Grant | 6,000 | $6.67 | $40k |
| 2026-05-14 | Turner R Gerald Dr Director | Grant | 6,000 | $6.67 | $40k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Earns -6.25pts against its cost of capital — capital is being consumed, not created.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 32.3% | -0.7% | 14.1% |
| FY2017 | 31.1% | 1.5% | 103.6% |
| FY2018 | 32.4% | -51.3% | -34.7% |
| FY2019 | 31.4% | -1.3% | 20.8% |
| FY2020 | 28.7% | 2.1% | 12.8% |
| FY2021 | 30.4% | 7.5% | 36.4% |
| FY2022 | 29.3% | 8.2% | 20.3% |
| FY2023 | 30.5% | 8.8% | -1.4% |
| FY2024 | 28.3% | 26.0% | 46.1% |
| FY2025 | 30.4% | 6.7% | -23.9% |
Net margin is -2389.74% against 2031.92% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Where each multiple sits in its own 14-yr range · 65th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -11% against ROIC -11% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 67.6 | 68.6 | 71.3 | 69.6 | 70.7 | 69.5 | 71.7 | 69.6 |
| Gross Profit | 32.4 | 31.4 | 28.7 | 30.4 | 29.3 | 30.5 | 28.3 | 30.4 |
| R&D | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| SG&A | 17.3 | 17.1 | 18.4 | 15.8 | 14.0 | 14.7 | 16.7 | 16.2 |
| Operating Income | -51.3 | -1.3 | 2.1 | 7.5 | 8.2 | 8.8 | 26.0 | 6.7 |
| Income Tax | -13.0 | 0.5 | -2.2 | 5.3 | 1.7 | -4.3 | 9.6 | -10.1 |
| Net Income | -34.7 | 20.8 | 12.8 | 36.4 | 20.3 | -1.4 | 46.1 | -23.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Return on equity (-11%) and return on invested capital (-11%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$27M of goodwill — 10% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -0.8% | 9.8% (today's — no rate published for this year) | -10.6pts |
| FY2020 | 1.2% | 9.8% (today's — no rate published for this year) | -8.6pts |
| FY2021 | 4.2% | 9.2% | -5.0pts |
| FY2022 | 3.8% | 8.8% | -5.0pts |
| FY2023 | 4.8% | 8.5% | -3.7pts |
| FY2024 | 14.1% | 9.7% | 4.4pts |
| FY2025 | 3.7% | 9.1% | -5.4pts |
| Now | -10.5% | 9.8% | -20.3pts |
Free cash flow has fallen short of reported profit in 3 of the last three years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$38M | −$38M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $1M | −$36M |
| Operating cash flow | −$36M | −$36M |
| Capex | −$4M | −$40M |
| Free cash flow | −$40M | −$40M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -7.8% | not reported | not reported |
| FY2021 | 22.9% | not reported | not reported |
| FY2022 | 18.3% | not reported | not reported |
| FY2023 | -3.2% | not reported | not reported |
| FY2024 | -9.5% | not reported | not reported |
| FY2025 | 8.5% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.3 percent |
| FY2020 | -0.8 percent |
| FY2021 | 5.6 percent |
| FY2022 | 1.1 percent |
| FY2023 | -6.8 percent |
| FY2024 | 7.2 percent |
| FY2025 | -0.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Conversion has deteriorated: 0.44x over three years against 0.69x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
No debt, so there is no leverage path to distress.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Cash burn, not leverage, is the risk for a debt-free company — see question 2 for cash conversion.
At $6.99, free cash flow must compound -5.98%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −28.8% | −6.0% |
| FY2021 | −21.8% | −6.0% |
| FY2022 | 71.9% | −6.0% |
| FY2023 | 54.4% | −6.0% |
| FY2024 | −32.7% | −6.0% |
| FY2025 | −266.3% | −6.0% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 2 of the last 6 years.