NL Industries, Inc. Financial Ratios — NL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	89.76	51.5	-42.56	27.29	-22.4	14.96	69.05	-17.93	10.58	5.63	18.04	11.1	-0.77	21.98	-13.12
Return on Assets (%)	12.42	10.34	-8.1	4.82	-5.66	4.17	24.79	-7.47	4.68	2.66	8.95	5.61	-0.39	11.64	-7.26
Return on Capital (%)	51.88	38.29	- -	23.11	- -	- -	- -	- -	9.15	- -	16.28	9.82	- -	20.08	- -
Return on Invested Capital (%)	-3.28	-3.2	- -	-2.08	- -	- -	- -	- -	3.46	- -	2.39	2.95	- -	7.26	- -
Gross Margin (%)	30.2	29.24	29.96	31.05	30.64	32.29	31.08	32.37	31.36	28.68	30.36	29.3	30.52	28.34	30.44
EBITDA Margin (%)	-12.08	-15.55	-80.78	-3.78	0.2	2.16	3.77	2.87	11.94	4.71	9.7	9.89	10.09	26.71	8.33
Operating Margin (%)	-20.64	-22.56	-84.4	-7.25	-3.11	-1.31	0.44	-0.07	8.97	1.37	6.98	7.51	7.62	24.19	6.02
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	61.57	- -	186.24	98.61	31.41	10.4	3.92	-149.88	-208.7
Pretax Margin (%)	123.2	92.7	-104.79	33.35	-47.09	12.78	100.14	-46	23.03	11.86	43.2	23.56	-3.98	57.09	-32.49
Profit Margin (%)	102.31	89.59	-60.12	27.44	-21.94	14.07	103.63	-34.7	20.8	12.82	36.35	20.32	-1.43	46.07	-23.9
Net Income to Common Margin (%)	102.31	89.59	-60.12	27.44	-21.94	14.07	103.63	-34.7	20.8	12.82	36.35	20.32	-1.43	46.07	-23.9
Effective Tax Rate (%)	20.09	25.85	- -	14.45	- -	- -	- -	- -	2.02	- -	12.29	7.1	- -	16.87	- -
Dvd Payout Ratio (%)	30.57	39.42	-45.27	- -	- -	- -	- -	- -	- -	44.53	21.09	78.72	393.78	51.38	-84.61
Sustainable Growth Rate (%)	62.32	31.2	-61.83	27.29	-22.4	14.96	69.05	-17.93	10.58	3.13	14.24	2.36	2.27	10.69	-24.22

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	37	18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	10	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	27	17	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	-3.87	-1.43	- -	- -	- -	0.21	0.12	0.15	0.03	0.09	0.04	0.03	0.03	0.01	0.04
Net Debt/EBITDA	-2.66	4.6	0.71	18.47	-438.46	-39.46	-23.15	-34.08	-8.71	-25.28	-10.72	-4.15	-6.82	-4.17	-8.35
Total Debt/EBIT	-2.26	-0.98	- -	- -	- -	-0.35	1.02	-6.33	0.04	0.32	0.05	0.04	0.04	0.01	0.05
Net Debt/EBIT	-1.56	3.17	0.68	9.64	28.46	64.98	-198.81	1,465.3	-11.6	-86.8	-14.91	-5.47	-9.03	-4.61	-11.55
EBITDA to Interest Expense	-6.26	-12.65	-585.43	- -	- -	587	140.87	91.81	21.78	4	11.97	17.51	21.81	73.56	17.19
EBITDA-CapEx/Interest Expense	-6.26	-12.65	-585.43	- -	- -	587	140.87	91.81	21.78	4	11.97	17.51	21.81	73.56	17.19
EBIT to Interest Expense	-10.69	-18.34	-611.69	- -	- -	-356.5	16.4	-2.14	16.36	1.17	8.6	13.29	16.48	66.6	12.43
Interest Expense	2	1	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1	1
Common Equity/Total Assets	15.72	24.95	13.15	23.92	27.13	28.6	41.01	42.26	46.12	48.16	50.9	50.26	50.39	55.54	55.04
Long-Term Debt/Equity (%)	6.41	4.5	- -	- -	- -	0.26	0.14	0.16	0.15	0.15	0.13	0.12	0.13	0.12	0.13
Long-Term Debt/Capital (%)	16.25	8.67	- -	- -	- -	0.39	0.2	0.2	0.18	0.17	0.15	0.15	0.16	0.15	0.18
Long-Term Debt/Total Assets (%)	3.58	2.57	- -	- -	- -	0.13	0.09	0.09	0.09	0.09	0.08	0.08	0.09	0.09	0.11
Total Debt/Equity (%)	8.75	4.76	- -	- -	- -	0.26	0.14	0.16	0.15	0.15	0.13	0.12	0.13	0.12	0.13
Total Debt/Capital (%)	22.2	9.17	- -	- -	- -	0.39	0.2	0.2	0.18	0.17	0.15	0.15	0.16	0.15	0.18
Total Debt/Total Assets (%)	4.9	2.71	- -	- -	- -	0.13	0.09	0.09	0.09	0.09	0.08	0.08	0.09	0.09	0.11
Net Debt to Equity	6.02	-15.33	-14.26	-28.86	-58.37	-47.7	-27.7	-38.13	-39.49	-40.72	-38.06	-16.98	-28.34	-39.11	-29.22
Net Debt/Capital (%)	16.4	-48.14	-102.79	-119.85	-709.07	-274.31	-66.94	-85.79	-85.83	-90.48	-81.64	-26.42	-55.1	-91.63	-67.39
EBITDA	-10	-13	-74	-4	- -	2	4	3	15	5	14	16	16	39	13
EBITDA-CapEx	-10	-13	-74	-4	- -	2	4	3	15	5	14	16	16	39	13
Operating Income (Loss)	-16	-19	-78	-8	-3	-1	- -	- -	11	2	10	13	12	35	10

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.29	3.15	2.76	2.95	4.02	3.03	5.02	1.43	4.35	4.98	4.8	4.34	5.41	1.79	5.37
Current Ratio	1.43	4.55	4.43	4.2	5.2	4.02	6.67	2.05	5.52	6.22	6.33	6.05	7.17	2.61	7.77
Quick Ratio	0.66	3.63	3.32	3.32	4.39	3.37	5.66	1.78	4.77	5.4	5.31	4.92	5.99	2.05	6.05
CFO/Avg Current Liab	1.12	0.55	0.68	1.08	1.14	1.01	0.74	0.34	0.49	0.66	0.61	0.86	1.18	0.42	-0.65
Common Equity/Total Assets	15.72	24.95	13.15	23.92	27.13	28.6	41.01	42.26	46.12	48.16	50.9	50.26	50.39	55.54	55.04
Long-Term Debt/Equity (%)	6.41	4.5	- -	- -	- -	0.26	0.14	0.16	0.15	0.15	0.13	0.12	0.13	0.12	0.13
Long-Term Debt/Capital (%)	16.25	8.67	- -	- -	- -	0.39	0.2	0.2	0.18	0.17	0.15	0.15	0.16	0.15	0.18
Long-Term Debt/Total Assets (%)	3.58	2.57	- -	- -	- -	0.13	0.09	0.09	0.09	0.09	0.08	0.08	0.09	0.09	0.11
Total Debt/Equity (%)	8.75	4.76	- -	- -	- -	0.26	0.14	0.16	0.15	0.15	0.13	0.12	0.13	0.12	0.13
Total Debt/Capital (%)	22.2	9.17	- -	- -	- -	0.39	0.2	0.2	0.18	0.17	0.15	0.15	0.16	0.15	0.18
Total Debt/Total Assets (%)	4.9	2.71	- -	- -	- -	0.13	0.09	0.09	0.09	0.09	0.08	0.08	0.09	0.09	0.11
CFO/Total Liabilities	14.39	6.15	4.7	9.62	15.01	14.52	9.39	7.01	11.91	8.94	8.34	13	20.01	15.75	-41.64
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.42	1.69	1.08	1.73	1.55	2.26	3.16	1.45	1.77	1.91	2.41	2.37	2.39	3	1.62

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	10.9	7.13	10.61	11.88	12.34	11.31	10.7	10.4	10.29	10.07	10.66	9.94	9.21	9.32	11.3
Days Sales Outstanding	33.49	51.21	34.42	30.73	29.59	32.28	34.1	35.08	35.47	36.23	34.24	36.73	39.65	39.16	32.31
Inventory Turnover	2.93	3.82	5.27	4.76	4.73	4.91	5.09	4.92	4.81	4.45	4.46	4.14	3.61	3.54	3.75
Days Inventory Outstanding	124.49	95.49	69.23	76.72	77.16	74.41	71.75	74.15	75.86	81.96	81.84	88.23	100.97	103.1	97.42
Accounts Payable Turnover	6.55	7.46	15.89	16.5	13.84	15.37	16.98	18.26	20.93	26.85	34.8	35.54	33.36	29.61	34.75
Accounts Payable Turnover Days	55.73	48.94	22.97	22.13	26.38	23.75	21.5	19.99	17.44	13.6	10.49	10.27	10.94	12.33	10.5
Cash Conversion Cycle	102.26	97.75	80.68	85.32	80.37	82.94	84.36	89.24	93.9	104.6	105.59	114.69	129.68	129.93	119.22
Inventory to Cash Days	-91	-44.28	-34.82	-45.99	-47.57	-42.13	-37.65	-39.07	-40.39	-45.72	-47.61	-51.49	-61.32	-63.94	-65.12
Inventories	20	11	13	17	15	15	15	17	18	18	26	31	31	28	30
Raw Materials	7	3	4	3	3	3	3	3	3	3	5	6	6	6	6
Work In Process	7	6	7	10	9	9	10	11	12	12	17	20	19	18	20
Finished Goods	5	2	3	3	3	3	3	3	4	3	4	5	6	5	5
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	631	557	544	419	148	397	694	171	190	233	361	332	274	379	- -
- Cash & Cash Equivalents	12	78	53	73	96	93	98	116	130	137	147	69	112	163	111
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	11	13	14	14	15	16	18	19	23	23	23	21	22	19	18
+ Total Debt	37	18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	668	511	505	361	67	321	614	75	84	120	237	214	132	236	-92
Total Capital	168	202	104	133	110	127	244	251	280	288	326	328	313	341	274
Total Debt/Capital (%)	22.2	9.17	- -	- -	- -	0.39	0.2	0.2	0.18	0.17	0.15	0.15	0.16	0.15	0.18
Total Debt / EV	0.06	0.04	- -	- -	- -	- -	- -	0.01	0.01	- -	- -	- -	- -	- -	-0.01
EV/Sales	8.37	6.14	5.49	3.47	0.61	2.94	5.48	0.63	0.68	1.05	1.68	1.29	0.82	1.61	- -
EV/EBITDA	- -	- -	- -	- -	304.03	136.54	145.27	21.97	5.66	22.26	17.35	13.01	8.09	6.04	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	1,247.79	- -	7.53	76.41	24.13	17.15	10.71	6.67	- -
EV/Cash Flow to Firm	13.5	27.24	33.75	15.31	2.42	11.57	32.88	4.36	2.99	5.83	12.74	7.71	3.57	9.05	- -
EV/Free Cash Flow to Firm	13.5	27.24	33.75	15.31	2.42	11.57	32.88	4.36	2.99	5.83	12.74	7.71	3.57	9.05	- -
Diluted Market Cap	631	557	544	419	148	397	694	171	190	233	361	332	274	379	- -
Diluted Enterprise Value	668	511	505	361	67	321	614	75	84	120	237	285	185	236	-92
EV per Share	13.72	10.5	10.38	7.41	1.37	6.58	12.61	1.53	1.72	2.46	4.86	4.39	2.7	4.83	- -
TTM Sales	80	83	92	104	109	109	112	118	124	115	141	167	161	146	158
TTM EBITDA	-10	-13	-74	-4	- -	2	4	3	15	5	14	16	16	39	13
TTM Operating Income	-16	-19	-78	-8	-3	-1	- -	- -	11	2	10	13	12	35	10
TTM Cash Flow to Firm	49	19	15	24	28	28	19	17	28	21	19	28	37	26	-36
TTM Free Cash Flow to Firm	49	19	15	24	28	28	19	17	28	21	19	28	37	26	-36

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	13.08	30.96	36.53	17.78	5.36	14.33	37.23	10.01	6.94	12.26	20.51	12.34	7.4	14.83	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	1,247.79	- -	7.53	76.41	24.13	17.15	10.71	6.67	- -
Enterprise Value	668	511	505	361	67	321	614	75	84	120	237	214	132	236	-92
Low Price	10.65	10	9.96	6.6	2.63	1.92	5.25	2.95	3.04	2.28	4.46	5.54	4.46	5	5.04
EV/Sales	8.37	6.14	5.49	3.47	0.61	2.94	5.48	0.63	0.68	1.05	1.68	1.29	0.82	1.61	- -
EV/EBITDA	- -	- -	- -	- -	304.03	136.54	145.27	21.97	5.66	22.26	17.35	13.01	8.09	6.04	- -
Price/Earnings	7.73	7.48	- -	14.7	- -	25.9	5.98	- -	7.37	15.89	7.05	9.82	- -	5.64	- -
Price/Earnings Average	8.7	8.21	-10.21	15.89	-11.91	11.33	3.67	-9.44	7.43	12.27	6.16	11.21	-122.66	4.99	- -
Price/Earnings High	11.86	10.53	-11.96	21.43	-17.78	30.51	6.73	-17.57	10.27	17.95	8.1	15.44	-161.63	6.84	- -
Price/Earnings Low	6.35	6.53	-8.77	11.28	-5.36	6.1	2.2	-3.5	5.73	7.58	4.25	7.99	-94.35	3.63	- -
Price/Book Value	5.28	3.28	6.04	3.53	1.56	3.61	3.07	0.74	0.74	0.88	1.19	1.08	0.94	1.18	- -
Price/Book Value Average	5.94	3.6	6.26	3.82	3.01	1.58	1.89	1.68	0.75	0.68	1.04	1.24	0.97	1.04	- -
Price/Book Value High	8.09	4.62	7.34	5.15	4.49	4.25	3.46	3.12	1.03	1	1.37	1.7	1.28	1.43	- -
Price/Book Value Low	4.33	2.87	5.38	2.71	1.35	0.85	1.13	0.62	0.58	0.42	0.72	0.88	0.75	0.76	- -
Price/Tangible Book Value	1.68	1.54	1.59	1.87	1.07	2.38	2.13	0.62	0.63	0.76	1.01	0.88	0.75	0.98	- -
Price/Tangible Book Value Average	1.89	1.69	1.65	2.02	2.06	1.04	1.31	1.4	0.64	0.58	0.88	1.01	0.78	0.86	- -
Price/Tangible Book Value High	2.57	2.17	1.94	2.72	3.08	2.8	2.4	2.61	0.88	0.86	1.16	1.39	1.02	1.18	- -
Price/Tangible Book Value Low	1.38	1.35	1.42	1.43	0.93	0.56	0.78	0.52	0.49	0.36	0.61	0.72	0.6	0.63	- -
Price/Sales	7.91	6.7	5.92	4.03	1.36	3.64	6.19	1.45	1.53	2.04	2.56	2	1.7	2.6	- -
Price/Sales Average	8.9	7.35	6.13	4.36	2.61	1.59	3.81	3.28	1.54	1.57	2.24	2.28	1.76	2.3	- -
Price/Sales High	12.13	9.43	7.19	5.88	3.9	4.29	6.98	6.1	2.14	2.3	2.95	3.14	2.31	3.15	- -
Price/Sales Low	6.49	5.85	5.27	3.1	1.18	0.86	2.28	1.22	1.19	0.97	1.55	1.62	1.35	1.67	- -
Price/Cash Flow	13.08	30.96	36.53	17.78	5.36	14.33	37.23	10.01	6.94	12.26	20.51	12.34	7.4	14.83	- -
Price/Cash Flow Average	14.73	33.98	37.88	19.22	10.3	6.27	22.88	22.68	7	9.47	17.9	14.09	7.65	13.11	- -
Price/Cash Flow High	20.07	43.58	44.4	25.93	15.38	16.88	41.94	42.21	9.67	13.85	23.56	19.41	10.08	17.98	- -
Price/Cash Flow Low	10.74	27.04	32.54	13.65	4.63	3.38	13.72	8.41	5.4	5.85	12.36	10.04	5.89	9.54	- -
Price/Free Cash Flow Average	14.73	33.98	37.88	19.22	10.3	6.27	22.88	22.68	7	9.47	17.9	14.09	7.65	13.11	- -
Price/Free Cash Flow High	20.07	43.58	44.4	25.93	15.38	16.88	41.94	42.21	9.67	13.85	23.56	19.41	10.08	17.98	- -
Price/Free Cash Flow Low	10.74	27.04	32.54	13.65	4.63	3.38	13.72	8.41	5.4	5.85	12.36	10.04	5.89	9.54	- -
EV/Sales Average	9.36	6.8	5.71	3.8	1.87	0.89	3.09	2.46	0.69	0.59	1.36	1.99	1.2	1.31	- -
EV/Sales High	12.59	8.87	6.77	5.32	3.16	3.59	6.26	5.28	1.28	1.31	2.07	2.85	1.76	2.17	- -
EV/Sales Low	6.95	5.29	4.85	2.54	0.43	0.16	1.57	0.4	0.33	- -	0.67	1.34	0.8	0.69	- -
EV/EBITDA Average	-77.48	-43.7	-7.07	-100.44	925.51	41.43	81.96	85.67	5.76	12.42	13.99	20.13	11.92	4.91	-6.98
EV/EBITDA High	-104.19	-57.05	-8.38	-140.64	1,563.59	166.61	166.01	183.82	10.71	27.86	21.28	28.81	17.45	8.11	-6.98
EV/EBITDA Low	-57.53	-34.04	-6	-67.01	213.27	7.32	41.56	13.94	2.8	-0.33	6.85	13.51	7.91	2.57	-6.98
EV/EBIT Average	-45.36	-30.13	-6.77	-52.41	-60.08	-68.22	704.02	-3,683.82	7.66	42.62	19.45	26.53	15.78	5.43	-9.66
EV/EBIT High	-61	-39.34	-8.02	-73.38	-101.5	-274.34	1,425.97	-7,904.35	14.26	95.65	29.59	37.98	23.09	8.95	-9.66
EV/EBIT Low	-33.68	-23.47	-5.74	-34.97	-13.84	-12.06	356.94	-599.35	3.73	-1.15	9.53	17.8	10.47	2.84	-9.66
Last Price	12.97	11.45	11.18	8.6	3.04	8.15	14.25	3.51	3.91	4.78	7.4	6.81	5.61	7.77	5.47
High Price	19.9	16.12	13.59	12.54	8.73	9.6	16.05	14.8	5.45	5.4	8.5	10.71	7.64	9.42	9.27
Enterprise Value Average	747	565	526	395	204	97	346	291	85	67	191	332	194	192	-92
Enterprise Value High	1,005	738	623	553	344	391	702	624	159	150	291	475	284	316	-92
Enterprise Value Low	555	440	446	263	47	17	176	47	42	-2	94	223	129	100	-92

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	49	49	49	49	49	49	49	49	49	49	49	49	49	49	49
Diluted Weighted Avg Shares	49	49	49	49	49	49	49	49	49	49	49	49	49	49	- -
Basic Weighted Avg Shares	49	49	49	49	49	49	49	49	49	49	49	49	49	49	- -
Revenue per Share	1.64	1.71	1.89	2.13	2.24	2.24	2.3	2.43	2.55	2.35	2.89	3.41	3.3	2.99	- -
EBITDA per Share	-0.2	-0.27	-1.53	-0.08	- -	0.05	0.09	0.07	0.3	0.11	0.28	0.34	0.33	0.8	- -
Operating Income per Share	-0.34	-0.39	-1.6	-0.15	-0.07	-0.03	0.01	- -	0.23	0.03	0.2	0.26	0.25	0.72	- -
Basic EPS, GAAP	1.68	1.53	-1.14	0.59	-0.49	0.31	2.38	-0.84	0.53	0.3	1.05	0.69	-0.05	1.38	- -
Basic EPS from Cont Ops	1.62	1.18	-1.12	0.61	-0.47	0.34	2.42	-0.8	0.58	0.33	1.09	0.75	0.01	1.42	- -
Diluted EPS, GAAP	1.68	1.53	-1.14	0.59	-0.49	0.31	2.38	-0.84	0.53	0.3	1.05	0.69	-0.05	1.38	- -
Diluted EPS from Cont Ops	1.62	1.18	-1.12	0.61	-0.47	0.34	2.42	-0.8	0.58	0.33	1.09	0.75	0.01	1.42	- -
Dividend per Share	0.5	0.5	0.5	- -	- -	- -	- -	- -	- -	0.16	0.24	0.63	0.28	0.75	- -
Cash Flow per Share	0.99	0.37	0.31	0.48	0.57	0.57	0.38	0.35	0.56	0.39	0.36	0.55	0.76	0.52	- -
Free Cash Flow per Basic Share	0.99	0.37	0.31	0.48	0.57	0.57	0.38	0.35	0.56	0.39	0.36	0.55	0.76	0.52	- -
Cash & Equivalents per Share	0.24	1.6	1.08	1.49	1.98	1.91	2.02	2.39	2.66	2.81	3.01	2.85	3.37	3.34	- -
Book Value per Share	2.46	3.49	1.85	2.44	1.95	2.26	4.64	4.75	5.28	5.41	6.22	6.28	5.95	6.58	- -
Tangible Book Value per Share	7.74	7.42	7.02	4.61	2.84	3.43	6.69	5.68	6.16	6.32	7.33	7.7	7.47	7.97	- -

NL Industries, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)