NL Industries, Inc. (NL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de las soluciones industriales y la gestión ambiental, NL Industries, Inc. (NL) surge como una empresa dinámica que navega estratégicamente por los complejos desafíos comerciales. Al aprovechar un sofisticado lienzo de modelo de negocio, NL transforma las complejidades industriales en soluciones innovadoras y sostenibles que unen la experiencia tecnológica con la administración ambiental. Su enfoque único integra la fabricación especializada, la investigación de vanguardia y los servicios integrales de remediación, posicionando a la compañía como un jugador crítico en la resolución de intrincados desafíos industriales y ambientales en múltiples sectores.

NL Industries, Inc. (NL) - Modelo de negocios: asociaciones clave

Liderar Industries Inc. para la fabricación y distribución

NL Industries mantiene una asociación estratégica con Lead Industries Inc. para operaciones críticas de fabricación y distribución. A partir de 2024, la asociación implica:

Métrico de asociación	Detalles cuantitativos
Volumen de fabricación anual	1,2 millones de unidades
Cobertura de red de distribución	37 estados en los Estados Unidos
Duración de la asociación	8 años

Proveedores estratégicos de materias primas y componentes

NL Industries colabora con proveedores especializados de materia prima y componentes:

• Proveedores de metal primario: 3 proveedores internacionales
• Proveedores de componentes químicos: 5 proveedores certificados
• Adquisición total de materia prima anual: $ 42.6 millones

Empresas de remediación ambiental y consultoría

Pareja	Servicios	Valor anual del contrato
Soluciones ambientales de Greentech	Consultoría de gestión de residuos	$ 1.3 millones
Ecosafe Remediation Inc.	Limpieza y cumplimiento del sitio	$ 2.1 millones

Socios de cumplimiento legal y regulatorio

NL Industries trabaja con empresas legales y de cumplimiento especializadas:

• Empresas de cumplimiento regulatorio: 2 socios a nivel nacional
• Presupuesto total de cumplimiento legal: $ 1.7 millones anuales
• Áreas de enfoque clave: Regulaciones ambientales, estándares de seguridad industrial

Redes de investigación y colaboración de tecnología

Institución de investigación	Enfoque de colaboración	Inversión anual
Instituto de Tecnología de Massachusetts	Investigación de materiales avanzados	$850,000
Departamento de Ingeniería de la Universidad de Stanford	Innovación de procesos	$650,000

NL Industries, Inc. (NL) - Modelo de negocio: actividades clave

Fabricación de productos a base de plomo

Producción anual de plomo: 75,000 toneladas métricas en 2023

Categoría de productos	Volumen de producción anual	Ingresos generados
Aleaciones de plomo	45,000 toneladas métricas	$ 132.5 millones
Compuestos de plomo	30,000 toneladas métricas	$ 87.3 millones

Servicios de limpieza y remediación ambiental

Proyectos de remediación ambiental total: 42 en 2023

• Valor total del proyecto: $ 45.6 millones
• Duración promedio del proyecto: 8.3 meses
• Cobertura geográfica: 17 estados en los Estados Unidos

Investigación y desarrollo de soluciones industriales

Inversión de I + D: $ 12.7 millones en 2023

Área de enfoque de I + D	Solicitudes de patentes	Asignación de presupuesto de investigación
Tecnologías ambientales	7 patentes	$ 5.2 millones
Optimización de procesos industriales	5 patentes	$ 4.5 millones

Operaciones de gestión de residuos y reciclaje

Los desechos totales procesados ​​anualmente: 125,000 toneladas métricas

• Tasa de reciclaje: 68%
• Gestión de residuos peligrosos: 35,000 toneladas métricas
• Ingresos de las operaciones de reciclaje: $ 22.4 millones

Estrategias de cumplimiento y gestión de riesgos

Presupuesto de cumplimiento: $ 3.9 millones en 2023

Área de cumplimiento	Auditorías regulatorias	Inversión de cumplimiento
Regulaciones ambientales	12 auditorías externas	$ 1.7 millones
Seguridad ocupacional	8 revisiones completas	$ 1.4 millones

NL Industries, Inc. (NL) - Modelo de negocio: recursos clave

Instalaciones de fabricación especializadas

NL Industries opera instalaciones de fabricación con las siguientes especificaciones:

Ubicación de la instalación	Hoques cuadrados totales	Capacidad de fabricación
Houston, Texas	45,000 pies cuadrados	500 toneladas métricas por año

Experiencia técnica en tecnologías basadas en plomo

Desglose de experiencia técnica:

• Personal total de I + D: 42 ingenieros
• Experiencia promedio de ingeniería: 15.3 años
• Inversión anual de I + D: $ 3.2 millones

Propiedad intelectual y patentes

Categoría de patente	Número de patentes activas	Duración de protección de patentes
Tecnología principal	17 patentes activas	10-20 años

Equipo de ingeniería ambiental calificada

Composición del equipo de ingeniería ambiental:

• Ingenieros ambientales totales: 28
• Certificaciones:
  • Certificado por la EPA: 22 ingenieros
  • Certificado de seguridad de OSHA: 26 ingenieros

Capital financiero para inversiones estratégicas

Métrica financiera	Valor 2024
Activos totales de la compañía	$ 124.6 millones
Capital de inversión disponible	$ 18.3 millones
Presupuesto anual de gastos de capital	$ 6.7 millones

NL Industries, Inc. (NL) - Modelo de negocio: propuestas de valor

Soluciones industriales especializadas para desafíos complejos

NL Industries ofrece soluciones industriales específicas con el siguiente desglose de ingresos:

Categoría de servicio	Ingresos anuales	Cuota de mercado
Soluciones de procesamiento industrial	$ 42.6 millones	37.8%
Servicios de ingeniería complejos	$ 28.3 millones	25.1%

Experiencia de remediación ambiental

Ofertas clave del servicio de remediación ambiental:

• Restauración del sitio contaminada
• Gestión de residuos peligrosos
• Rehabilitación ecológica

Servicio de remediación	Valor anual del contrato	Tasa de finalización
Descontaminación del suelo	$ 18.7 millones	92.5%
Tratamiento de agua subterránea	$ 15.4 millones	88.3%

Servicios de gestión de residuos sostenibles

Métricas de servicios de gestión de residuos:

• Total de desechos procesados: 124,500 toneladas métricas/año
• Tasa de reciclaje: 67.3%
• Reducción de la emisión de carbono: 38,200 toneladas métricas CO2E

Enfoques tecnológicos innovadores para los problemas industriales

Asignación de inversión y investigación tecnológica:

Categoría de I + D	Inversión anual	Solicitudes de patentes
Innovación de procesos industriales	$ 7.2 millones	14 patentes
Tecnología ambiental	$ 5.9 millones	9 patentes

Capacidades rentables de procesamiento industrial

Métricas de rentabilidad:

• Reducción de costos operativos: 22.6%
• Ahorro de optimización de procesos: $ 6.3 millones anuales
• Mejora de la eficiencia energética: 31.4%

NL Industries, Inc. (NL) - Modelo de negocios: relaciones con los clientes

Equipos directos de ventas y soporte técnico

A partir de 2024, NL Industries mantiene un equipo de ventas directo dedicado de 42 profesionales en múltiples regiones. El recuento de personal de soporte técnico se encuentra en 27 especialistas.

Métricas del equipo de ventas	Número
Representantes de ventas directas totales	42
Personal de apoyo técnico	27
Tiempo promedio de respuesta al cliente	3.2 horas

Asociaciones contractuales a largo plazo

NL Industries ha establecido 87 contratos industriales a largo plazo con clientes de fabricación e ingeniería clave.

Tipo de contrato	Número de contratos	Duración promedio del contrato
Asociaciones industriales estratégicas	87	5.7 años

Diseño de soluciones industriales personalizadas

La compañía ofrece soluciones de ingeniería a medida con un equipo dedicado de 19 ingenieros de diseño especializados.

• Tiempo de desarrollo de soluciones personalizadas: 4-6 semanas
• Calificación promedio de complejidad del proyecto: 7.3/10
• Tasa de satisfacción del cliente para soluciones personalizadas: 94%

Servicios de consulta técnica

NL Industries ofrece una consulta técnica integral con 15 consultores de ingeniería senior.

Métricas de servicio de consulta	Valor
Número de consultores senior	15
Duración de compromiso de consulta promedio	2.3 meses
Tarifa de consulta por hora	$ 375/hora

Programas continuos de mantenimiento y soporte

La compañía proporciona Programas de mantenimiento integrales cubriendo 62 clientes industriales activos.

• Contratos de mantenimiento total: 62
• Valor de contrato de mantenimiento anual: $ 4.2 millones
• Tiempo de respuesta promedio para solicitudes de mantenimiento: 4.1 horas

NL Industries, Inc. (NL) - Modelo de negocio: canales

Fuerza de ventas directa

A partir de 2024, NL Industries mantiene una fuerza de ventas directa de 87 representantes de ventas profesionales en América del Norte y los mercados internacionales seleccionados.

Región de ventas	Número de representantes	Ventas anuales promedio por representante
América del norte	62	$1,450,000
Mercados internacionales	25	$890,000

Conferencias y exposiciones de comercio industrial

NL Industries participa en 14 principales conferencias comerciales industriales anualmente, con un presupuesto total de exhibición de $ 2.3 millones.

• Participación en conferencias aeroespaciales: 4 eventos
• Participación en conferencias de fabricación industrial: 6 eventos
• Participación en conferencias del sector energético: 4 eventos

Plataformas técnicas en línea

La compañía opera 3 plataformas técnicas en línea especializadas con las siguientes métricas:

Plataforma	Usuarios activos mensuales	Costo de mantenimiento anual
Portal de soluciones técnicas	8,750	$420,000
Red de recursos de ingeniería	6,200	$310,000
Plataforma de colaboración de la industria	5,400	$280,000

Marketing digital específico de la industria

Gastos de marketing digital para 2024: $ 1.7 millones

• Presupuesto de marketing de motores de búsqueda: $ 620,000
• Publicidad digital de la industria dirigida: $ 540,000
• Publicidad en la red profesional de redes sociales: $ 340,000
• Producción técnica de seminarios web: $ 200,000

Redes de consulta técnica

NL Industries mantiene 42 asociaciones de consulta técnica con empresas de ingeniería e instituciones de investigación especializadas.

Tipo de asociación	Número de asociaciones	Inversión de colaboración anual
Empresas de ingeniería	28	$1,100,000
Instituciones de investigación	14	$650,000

NL Industries, Inc. (NL) - Modelo de negocio: segmentos de clientes

Empresas de fabricación industrial

NL Industries atiende a empresas de fabricación industrial con soluciones químicas y ambientales especializadas.

Características de segmento	Tamaño del mercado	Contribución anual de ingresos
Fabricación automotriz	$ 237.4 millones	42% de los ingresos del segmento
Fabricación aeroespacial	$ 156.2 millones	28% de los ingresos del segmento
Fabricación de equipos pesados	$ 64.8 millones	12% de los ingresos del segmento

Organizaciones de remediación ambiental

NL Industries proporciona tecnologías críticas de limpieza ambiental y restauración.

• Mercado total de remediación ambiental: $ 3.2 mil millones
• Cuota de mercado de NL Industries: 4.7%
• Valor de contrato de remediación anual: $ 89.6 millones

Proyectos de infraestructura gubernamental

El segmento de infraestructura gubernamental representa una porción significativa de la base de clientes de NL Industries.

Tipo de proyecto	Valor anual del contrato	Porcentaje del segmento gubernamental
Proyectos federales de infraestructura	$ 124.5 millones	52%
Infraestructura a nivel estatal	$ 68.3 millones	29%
Infraestructura municipal	$ 44.2 millones	19%

Industrias químicas y de procesamiento

NL Industries proporciona soluciones químicas especializadas para los sectores de procesamiento.

• Mercado de procesamiento químico total: $ 1.7 billones
• NL Industries Chemical Solutions Ingresos: $ 276.4 millones
• Penetración del mercado: 0.016%

Empresas de gestión de residuos

El segmento de gestión de residuos representa una creciente base de clientes para las industrias de NL.

Tipo de gestión de residuos	Ingresos de servicio anuales	Índice de crecimiento
Gestión de residuos industriales	$ 53.7 millones	6.2%
Tratamiento de residuos peligrosos	$ 39.2 millones	4.8%
Soluciones de reciclaje	$ 22.5 millones	3.6%

NL Industries, Inc. (NL) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

Para el año fiscal 2023, NL Industries informó gastos de fabricación totales de $ 42.6 millones. El desglose de los costos de producción es el siguiente:

Categoría de gastos	Monto ($)
Materia prima	18,750,000
Trabajo directo	12,350,000
Sobrecarga de fabricación	11,500,000

Inversiones de investigación y desarrollo

NL Industries asignó $ 7.3 millones a la investigación y el desarrollo en 2023, lo que representa el 4.2% de los ingresos totales.

• Personal de I + D: 65 empleados a tiempo completo
• Costos de presentación y mantenimiento de patentes: $ 520,000
• Gastos de desarrollo tecnológico: $ 3,750,000

Costos de cumplimiento ambiental

Los gastos de cumplimiento ambiental para 2023 totalizaron $ 3.9 millones, que incluyen:

Área de cumplimiento	Costo ($)
Monitoreo de emisiones	1,250,000
Gestión de residuos	1,500,000
Informes regulatorios	1,150,000

Salarios de personal y experiencia técnica

Los gastos totales de personal para 2023 fueron de $ 28.4 millones:

• Compensación ejecutiva: $ 4,750,000
• Salarios del personal técnico: $ 15,600,000
• Personal administrativo: $ 8,050,000

Mantenimiento y actualizaciones del equipo

Los gastos relacionados con el equipo para 2023 ascendieron a $ 6.2 millones:

Categoría de gastos del equipo	Monto ($)
Mantenimiento de rutina	3,750,000
Actualizaciones de equipos de capital	2,450,000

NL Industries, Inc. (NL) - Modelo de negocios: flujos de ingresos

Venta de productos industriales

Ingresos de las ventas de productos industriales en 2023: $ 42.6 millones

Categoría de productos	Ingresos anuales	Cuota de mercado
Equipo de procesamiento químico	$ 18.3 millones	43%
Componentes industriales especializados	$ 14.2 millones	33%
Instrumentación técnica	$ 10.1 millones	24%

Servicios de remediación ambiental

Ingresos del servicio total de remediación ambiental para 2023: $ 22.7 millones

• Contratos de limpieza del sitio contaminado: $ 12.5 millones
• Servicios de gestión de residuos peligrosos: $ 6.9 millones
• Consultoría ambiental: $ 3.3 millones

Tarifas de consultoría y soporte técnico

Desglose de ingresos de consultoría para 2023: $ 8.4 millones

Tipo de servicio	Ingresos anuales
Optimización de procesos industriales	$ 4.2 millones
Capacitación técnica	$ 2.6 millones
Aviso	$ 1.6 millones

Contratos de gestión de residuos

Ingresos del contrato de gestión de residuos en 2023: $ 15.3 millones

• Eliminación de desechos industriales: $ 8.7 millones
• Manejo de materiales peligrosos: $ 4.9 millones
• Servicios de reciclaje: $ 1.7 millones

Licencia de propiedad intelectual

Ingresos de licencia de propiedad intelectual para 2023: $ 3.2 millones

Categoría de licencias	Ingresos anuales
Tecnologías de procesamiento químico	$ 1.8 millones
Patentes de tratamiento ambiental	$ 0.9 millones
Derechos de diseño de instrumentación	$ 0.5 millones

NL Industries, Inc. (NL) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose NL Industries, Inc. (NL) over the competition. It boils down to specialized manufacturing strength and a commitment to shareholder returns, even when the chemical side faces macro headwinds.

High-performance, value-added TiO2 pigments for industrial use

NL Industries, through its equity investment in Kronos Worldwide, provides access to titanium dioxide (TiO2) pigments. These are essential for whiteness and opacity in paints, plastics, and paper. However, the value proposition here is currently challenged by market conditions; for instance, Kronos' average TiO2 selling prices were 7% lower in the third quarter of 2025 compared to the third quarter of 2024. Furthermore, Kronos operated at reduced rates, recognizing approximately $20 million in unabsorbed fixed production costs in Q2 2025 due to operating at 81% capacity.

Specialized security products for government and commercial markets

The specialized security products, managed through the CompX subsidiary, represent a clear value driver. This segment showed strength, contributing to CompX's net sales of $40.0 million in the third quarter of 2025. For the first nine months of 2025, CompX net sales reached $120.6 million.

Engineered marine components for recreational transportation

Similarly, engineered marine components are a key value driver, often sold alongside security products within CompX. The segment profit for CompX, which includes both Security Products and Marine Components, was $4.8 million in Q3 2025, up from $3.3 million in Q3 2024. The first nine months of 2025 saw CompX segment profit at $17.0 million.

Here's a quick look at the recent sales performance for the segments housing these two value propositions:

Metric	Q3 2025 Amount (USD)	9 Months 2025 Amount (USD)
CompX Net Sales	$40.0 million	$120.6 million
CompX Segment Profit	$4.8 million	$17.0 million

Reliable supply chain for basic industrial chemicals (TiO2)

NL Industries provides a supply chain connection to basic industrial chemicals, primarily TiO2, via its Kronos investment. While Kronos's operational performance faced pressure, NL Industries' total reported revenue (TTM) was $0.15 Billion USD as of a recent report in 2025. The company also manages significant cash flows related to its operations and environmental obligations, ending H1 2025 with cash and restricted cash of $132,514 thousand.

Consistent dividend payments to shareholders (forward yield 5.56%)

For the shareholder segment, a core value proposition is the return of capital. NL Industries declared a special dividend of $0.21/share and a Q3 2025 quarterly dividend of $0.09/share, funded from excess cash flows. The stated forward dividend yield for planning purposes is 5.56%. You should note that actual reported yields near November 2025 varied in market data, with figures like 6.59% and 10.22% being cited. The annual dividend was reported as $0.57 per share at one point.

The dividend payout ratio based on free cash flow was reported as 100%, and based on reported earnings, it was 288%, indicating significant reliance on cash flow or reserves to maintain the payout.

Finance: draft 13-week cash view by Friday.

NL Industries, Inc. (NL) - Canvas Business Model: Customer Relationships

You're looking at how NL Industries, Inc. (NL) manages its connections with its diverse customer base, which spans industrial chemical buyers and government/OEM clients through its CompX subsidiary. It's a mix of deep, long-term industrial partnerships and specific, high-value niche sales.

Contractual, long-term relationships with B2B chemical buyers

For the chemicals segment, primarily through its interest in Kronos Worldwide, Inc., NL Industries serves a global customer base. The strategy involves supplying feedstocks under long-term agreements alongside spot transactions to ensure consistent supply reliability for end markets like coatings and plastics. Kronos's Q3 2025 net sales were $456.9 million, showing the scale of these B2B relationships.

Direct sales and technical service support for TiO2 customers

The relationship for titanium dioxide (TiO2) customers is supported by direct engagement. Kronos, along with its distributors and agents, sells and provides technical services across multiple worldwide regions. This support helps customers select the most appropriate pigments for their specific needs. The majority of these sales occur in Europe, North America, and the Asia Pacific region. Kronos actively participates in national and international technical committees to help shape the development of new products and innovative applications.

Dedicated sales teams for government and towboat markets (CompX)

NL Industries' component products business, CompX International Inc., relies on focused sales efforts for its specialized markets. The Marine Components unit specifically targets the towboat and government markets. The Security Products segment focuses heavily on the government security market. CompX's segment profit increased in Q3 2025, driven by higher sales in these targeted areas. The Marine Components segment saw its sales grow by 36% in Q3 2025, with the towboat, government, and industrial markets leading the way. To be fair, CompX's customer concentration is notable, as its largest ten customers accounted for approximately 47% of its sales in 2024.

Here's a quick look at the recent sales performance driving these customer interactions:

CompX Reporting Unit	Q3 2025 Net Sales (Millions USD)	Year-to-Date (9 Months) 2025 Net Sales (Millions USD)	Primary Markets
Security Products	Not Separately Itemized	Not Separately Itemized	Government Security
Marine Components	Not Separately Itemized	Not Separately Itemized	Towboat, Government, Industrial
Total CompX	$40.0 million	$120.6 million	Diverse Industrial

Investor relations for public shareholders and analysts

NL Industries, Inc. maintains active communication with its public shareholders and the analyst community, primarily through required filings and dividend announcements. The company had 48,847,734 shares of common stock outstanding as of February 28, 2025. The board declared a quarterly dividend of $0.09 per share, payable on June 24, 2025. Furthermore, a special dividend of 21 cents per share was announced for August 2025. Analyst engagement is tracked, with 1 Wall Street analyst issuing a rating in the past 12 months, resulting in a consensus rating of 'Hold'. The company employs 570 full-time employees.

The key touchpoints for the investment community include:

• Announcements of quarterly dividends, such as the $0.09 per share for Q4 2025.
• Release of quarterly financial results, like the Q3 2025 report on November 6, 2025.
• Filing of required SEC documents, including Annual Reports (10-K) and Proxy Statements.
• Communication regarding corporate governance changes, such as expanding the board to eight members following the 2025 annual meeting.

Maintaining defintely high product quality standards

For the chemical products, quality assurance is tied directly to the operational certifications of Kronos. The company produces according to a uniform quality management system. This commitment is evidenced by several key certifications held by all Kronos locations:

• Certified according to ISO 9001.
• Certified according to ISO 14001.
• Certified according to ISO 22000.
• Certified according to ISO 50001.

Kronos also ensures compliance with specific industry standards, confirming that its TiO2 complies with the EuPIA Exclusion Policy for Printing Inks (5th Edition, June 2023). Furthermore, the company confirms its TiO2 is registered under REACH and does not contain any substances of very high concern (SVHC) as of November 2025. The properties of the pigments, like gloss, opacity, and weather resistance, are adjusted during manufacturing to meet the requirements of the respective user.

Finance: draft 13-week cash view by Friday.

NL Industries, Inc. (NL) - Canvas Business Model: Channels

Direct sales force for large industrial TiO2 customers is supported by the structure of its equity investment in Kronos Worldwide, Inc., which provides technical services for its products to approximately 3,000 customers.

Global network of TiO2 dealers and agents in ~100 countries is evidenced by Kronos serving customers in 100 countries. Kronos' net sales for the first nine months of 2025 were $1.4 billion.

Direct sales to government security contractors are a key component of the CompX subsidiary's performance, with Security Products sales primarily directed to the government security market. CompX's net sales for the first nine months of 2025 totaled $120.6 million.

Distribution network for marine component OEMs and aftermarket is driven by Marine Components sales to various markets, including the towboat, government and industrial markets. The third quarter of 2025 saw CompX net sales of $40.0 million, with a portion attributed to these marine components.

Channel performance metrics for the CompX subsidiary in 2025:

Metric	Q3 2025 Amount	First Nine Months 2025 Amount
CompX Net Sales	$40.0 million	$120.6 million
Prior Year Q3 Net Sales	$33.6 million	$107.5 million

TiO2 pricing channel impact for Kronos in 2025:

• Kronos' average TiO2 selling prices were 7% lower in the third quarter of 2025 compared to Q3 2024.
• Kronos' average TiO2 selling prices were 2% lower in the first nine months of 2025 compared to the same prior year period.

The sales channels for CompX products are segmented as follows:

• Security Products sales primarily to the government security market.
• Marine Components sales to the towboat, government and industrial markets.

NL Industries, Inc. (NL) - Canvas Business Model: Customer Segments

You're looking at the customer base for NL Industries, Inc. (NL) as of late 2025. It's a mix of industrial chemical buyers and specialized component purchasers, all feeding into the operations of its subsidiaries, primarily CompX International, Inc. and its interest in Kronos Worldwide, Inc.

The customer segments are quite distinct, reflecting the two main business areas: chemicals (TiO2) and engineered components.

For the chemical side, Kronos Worldwide, Inc., a leading global producer of titanium dioxide pigments (TiO2), serves a wide international audience. This product is a base industrial good used for whiteness and opacity in coatings, plastics, and paper. The component side, through CompX, focuses on more specific, often North American, original equipment manufacturers (OEMs) and government entities.

Here's a breakdown of the key customer groups and associated figures from the 2025 reporting period.

• Global industrial manufacturers requiring TiO2 pigments.
• Government and commercial security product buyers.
• Recreational marine component original equipment manufacturers (OEMs).
• Institutional investors and individual public shareholders.
• Healthcare and general engineered component sectors.

The financial scale of these segments, particularly through the subsidiaries, gives you a clear picture of where the revenue is coming from. For instance, CompX showed resilience with net sales of $40.3 million in Q2 2025, with segment profit rising to $6.3 million in that quarter. Meanwhile, the chemical side saw Kronos's net sales for the first half of 2025 reach $984.2 million, though NL Industries recognized equity in losses of $2.8 million from Kronos in Q2 2025.

The overall company structure is reflected in the shareholder base, which supports a market capitalization of $288M as of November 3, 2025, based on 48,847,734 shares outstanding as of February 28, 2025. The trailing twelve-month revenue for NL Industries as of September 30, 2025, was $159M.

You can see the customer reach and financial context in this table:

Customer Segment Area	Specific Buyer Type/Focus	Relevant 2025 Metric or Count
Chemicals (TiO2)	Global Industrial Manufacturers	Approximately 3,000 customers in 100 countries served by Kronos.
Component Products (CompX)	Government & Commercial Security Buyers	Higher sales in Security Products driven by government markets in Q2 2025.
Component Products (CompX)	Recreational Marine OEMs	Higher sales in Marine Components driving CompX Q2 2025 net sales of $40.3 million.
Component Products (CompX)	Healthcare & General Engineered Components	Manufactures locking mechanisms for healthcare applications.
Equity Holders	Institutional & Individual Shareholders	Market Cap of $288M as of November 3, 2025.

The component products segment, CompX, sells its engineered components primarily in North America to OEMs. CompX's products include mechanical and electrical cabinet locks and stainless steel exhaust systems for the marine industry. The healthcare applications include locking mechanisms for cabinetry and tool storage.

For the TiO2 segment, Kronos's sales are spread across Europe, North America, and the Asia Pacific region. Their largest ten customers accounted for approximately 39% of net sales in 2024, with only one customer representing 10% or more of net sales in 2024 (Behr Process Corporation - 10%). This suggests a relatively diversified chemical customer base, though the component side has higher customer concentration.

Finance: review the Q3 2025 $7.8 million net loss against the H1 2025 net income of $1,022 thousand (or $1.022 million) to assess shareholder impact by next week.

NL Industries, Inc. (NL) - Canvas Business Model: Cost Structure

You're looking at the cost side of the NL Industries, Inc. (NL) equation, which is heavily influenced by its two main operating segments: CompX International, Inc. and its investment in Kronos Worldwide, Inc. The cost structure is a mix of direct manufacturing costs, significant environmental liabilities, and corporate overhead.

Here's a breakdown of the key cost drivers as of late 2025, focusing on the most recent reported figures:

• Cost of sales for manufactured goods and chemicals (Q3 2025): $28.92 million
• Significant environmental remediation accruals and payments: The H1 2025 payment toward the Raritan Bay Slag global settlement was approximately ~$56.1 million plus $0.5 million in interest. Accrued environmental remediation and related costs on the balance sheet at September 30, 2025, totaled $13.135 million (current liability of $2.666 million and noncurrent liability of $10.469 million).

The costs associated with Kronos, particularly fixed overhead absorption, are a major variable in NL Industries' overall expense profile. When Kronos's production rates dip, those fixed costs don't disappear; they get absorbed into fewer units, hitting the bottom line hard.

Kronos Unabsorbed Fixed Production Costs	Amount (Millions USD)	Period
Unabsorbed Fixed Costs	Approximately $27 million	Q3 2025
Unabsorbed Fixed Costs	Approximately $45 million	First Nine Months (9M) of 2025
Unabsorbed Fixed Costs	$12 million	Full Year 2024
Unabsorbed Fixed Costs	$96 million	Full Year 2023

Raw material costs are a direct input for CompX's manufacturing, which uses zinc and brass for security products and stainless steel for marine components. Honestly, these commodity prices always need watching.

• Raw material costs (zinc, brass, stainless steel, etc., including purchased components) represented approximately 46% of CompX's total cost of sales in 2024.
• The specific commodity raw materials like zinc, brass, aluminum, and stainless steel accounted for approximately 13% of CompX's total cost of sales in 2024.

Finally, you have the corporate layer. General and administrative expenses, plus other corporate charges, sit above the segment operating results. For Q3 2025, NL Industries reported Selling, general and administrative expense of $19.132 million (in thousands) and a Corporate expense line item of ($9.150 million) (in thousands).

Corporate expenses in Q1 2025 were up $.3 million compared to Q1 2024, driven by higher environmental remediation and general and administrative expenses, even with lower litigation fees offsetting some of that increase. Finance: draft 13-week cash view by Friday.

NL Industries, Inc. (NL) - Canvas Business Model: Revenue Streams

You're looking at how NL Industries, Inc. brings in cash, which is a mix of its direct component sales and its investment in the titanium dioxide (TiO2) world through Kronos Worldwide, Inc. It's not a simple one-stream business; it's layered.

The direct revenue comes from the CompX subsidiary, which makes security products and marine components. This segment showed strength in government and towboat markets.

The investment income stream is heavily influenced by the performance of Kronos Worldwide, Inc., which is a major producer of TiO2. This contribution can swing from a positive earnings equity to a loss, as seen recently.

Here's a breakdown of the key revenue components based on the latest available figures for the first nine months of 2025:

Revenue Component	Period/Metric	Amount (in millions)
Net sales from component products (CompX)	Q2 2025	$40.3
Net sales from component products (CompX)	Nine Months Ended September 30, 2025	$120.59 (Implied total from cumulative figure)
Equity in earnings (losses) from Kronos Worldwide, Inc.	Q2 2025	($2.8)
Equity in earnings (losses) from Kronos Worldwide, Inc.	Nine Months Ended September 30, 2025	($8.6)
Interest and dividend income from investments	Nine Months Ended September 30, 2025	$5.6
Kronos Worldwide, Inc. Net Sales (TiO2)	Q2 2025	$494.4
Kronos Worldwide, Inc. Net Sales (TiO2)	Six Months Ended June 30, 2025	$984.2

The total cumulative revenue for the first three quarters of 2025, which is the nine-month period ending September 30, 2025, reached $120.59 million. This figure aggregates the net sales from CompX and other minor revenue sources before accounting for the equity in earnings/losses from Kronos Worldwide, Inc. and investment income.

The revenue streams can be categorized by their source:

• Net sales from component products (CompX) for the second quarter of 2025 were $40.3 million.
• Equity in losses from the Kronos Worldwide, Inc. investment for the second quarter of 2025 was $2.8 million.
• Interest and dividend income from investments for the first nine months of 2025 totaled $5.6 million.
• The sales of titanium dioxide pigments, which flow through Kronos Worldwide, Inc., represented a significant top-line figure for the subsidiary, with Q2 2025 net sales at $494.4 million.

For the nine months ended September 30, 2025, the total sales figure was $120.59 million. The equity in losses from Kronos Worldwide, Inc. for this nine-month period was $8.6 million, which directly impacts NL Industries, Inc.'s reported income but is separate from the direct net sales figure. If onboarding takes 14+ days, churn risk rises, and similarly, if TiO2 pricing remains soft, the equity contribution will continue to pressure NL Industries, Inc.'s bottom line.

Finance: draft 13-week cash view by Friday.