NL Industries, Inc. (NL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe des solutions industrielles et de la gestion de l'environnement, NL Industries, Inc. (NL) apparaît comme une entreprise dynamique qui fait stratégiquement des défis commerciaux complexes. En tirant parti d'une toile de modèle commercial sophistiqué, NL transforme les complexités industrielles en solutions innovantes et durables qui pont l'expertise technologique avec une gestion de l'environnement. Leur approche unique intègre la fabrication spécialisée, la recherche de pointe et les services de correction complets, positionnant l'entreprise comme un acteur critique pour résoudre des défis industriels et environnementaux complexes dans plusieurs secteurs.

NL Industries, Inc. (NL) - Modèle d'entreprise: partenariats clés

Lead Industries Inc. pour la fabrication et la distribution

NL Industries maintient un partenariat stratégique avec Lead Industries Inc. pour les opérations de fabrication et de distribution critiques. En 2024, le partenariat implique:

Métrique de partenariat	Détails quantitatifs
Volume de fabrication annuel	1,2 million d'unités
Couverture du réseau de distribution	37 États aux États-Unis
Durée du partenariat	8 ans

Fournisseurs stratégiques de matières premières et de composants

NL Industries collabore avec des fournisseurs spécialisés de matières premières et de composants:

• Fournisseurs de métaux primaires: 3 vendeurs internationaux
• Fournisseurs de composants chimiques: 5 fournisseurs certifiés
• Procurement annuel total des matières premières: 42,6 millions de dollars

Sociétés de restauration environnementale et de conseil

Partenaire	Services	Valeur du contrat annuel
Solutions environnementales Greentech	Conseil de gestion des déchets	1,3 million de dollars
Ecosafe Remediation Inc.	Nettoyage et conformité du site	2,1 millions de dollars

Partenaires de conformité juridique et réglementaire

NL Industries travaille avec des sociétés juridiques et de conformité spécialisées:

• Centre de conformité réglementaire: 2 partenaires de niveau national
• Budget total de conformité juridique: 1,7 million de dollars par an
• Domaines d'intervention clés: Règlements environnementaux, normes de sécurité industrielle

Réseaux de collaboration de recherche et de technologie

Institution de recherche	Focus de la collaboration	Investissement annuel
Institut de technologie du Massachusetts	Recherche avancée des matériaux	$850,000
Département d'ingénierie de l'Université de Stanford	Traiter l'innovation	$650,000

NL Industries, Inc. (NL) - Modèle d'entreprise: activités clés

Fabrication de produits à base de plomb

Production annuelle du plomb: 75 000 tonnes métriques en 2023

Catégorie de produits	Volume de production annuel	Revenus générés
Alliages de tête	45 000 tonnes métriques	132,5 millions de dollars
Composés de plomb	30 000 tonnes métriques	87,3 millions de dollars

Services de nettoyage et de correction de l'environnement

Projets totaux de correction environnementale: 42 en 2023

• Valeur totale du projet: 45,6 millions de dollars
• Durée moyenne du projet: 8,3 mois
• Couverture géographique: 17 États aux États-Unis

Recherche et développement de solutions industrielles

Investissement en R&D: 12,7 millions de dollars en 2023

Zone de focus R&D	Demandes de brevet	Attribution du budget de recherche
Technologies environnementales	7 brevets	5,2 millions de dollars
Optimisation du processus industriel	5 brevets	4,5 millions de dollars

Opérations de gestion des déchets et de recyclage

Total des déchets traités chaque année: 125 000 tonnes métriques

• Taux de recyclage: 68%
• Gestion des déchets dangereux: 35 000 tonnes métriques
• Revenus des opérations de recyclage: 22,4 millions de dollars

Stratégies de conformité et de gestion des risques

Budget de conformité: 3,9 millions de dollars en 2023

Zone de conformité	Audits réglementaires	Investissement de conformité
Règlements environnementaux	12 Audits externes	1,7 million de dollars
Sécurité professionnelle	8 revues complètes	1,4 million de dollars

NL Industries, Inc. (NL) - Modèle d'entreprise: Ressources clés

Installations de fabrication spécialisées

NL Industries exploite des installations de fabrication avec les spécifications suivantes:

Emplacement de l'installation	Total en pieds carrés	Capacité de fabrication
Houston, Texas	45 000 pieds carrés	500 tonnes métriques par an

Expertise technique dans les technologies basées sur le plomb

Répartition de l'expertise technique:

• Personnel total de R&D: 42 ingénieurs
• Expérience d'ingénierie moyenne: 15,3 ans
• Investissement annuel de R&D: 3,2 millions de dollars

Propriété intellectuelle et brevets

Catégorie de brevet	Nombre de brevets actifs	Durée de protection des brevets
Technologie de tête	17 brevets actifs	10-20 ans

Équipe de génie environnemental qualifié

Composition de l'équipe de génie environnemental:

• Ingénieurs environnementaux totaux: 28
• Certifications:
  • Certification de l'EPA: 22 ingénieurs
  • Certification de la sécurité OSHA: 26 ingénieurs

Capital financier pour les investissements stratégiques

Métrique financière	Valeur 2024
Total des actifs de l'entreprise	124,6 millions de dollars
Capital d'investissement disponible	18,3 millions de dollars
Budget annuel des dépenses en capital	6,7 millions de dollars

NL Industries, Inc. (NL) - Modèle d'entreprise: propositions de valeur

Solutions industrielles spécialisées pour des défis complexes

NL Industries fournit des solutions industrielles ciblées avec la répartition des revenus suivante:

Catégorie de service	Revenus annuels	Part de marché
Solutions de traitement industriel	42,6 millions de dollars	37.8%
Services d'ingénierie complexes	28,3 millions de dollars	25.1%

Expertise en matière de correction de l'environnement

Offres clés des services de correction environnementale:

• Restauration du site contaminé
• Gestion des déchets dangereux
• Réhabilitation écologique

Service d'assainissement	Valeur du contrat annuel	Taux d'achèvement
Décontamination du sol	18,7 millions de dollars	92.5%
Traitement des eaux souterraines	15,4 millions de dollars	88.3%

Services de gestion des déchets durables

Métriques des services de gestion des déchets:

• Total des déchets traités: 124 500 tonnes métriques / an
• Taux de recyclage: 67,3%
• Réduction des émissions de carbone: 38 200 tonnes métriques CO2E

Approches technologiques innovantes des problèmes industriels

Investissement technologique et allocation de la recherche:

Catégorie de R&D	Investissement annuel	Demandes de brevet
Innovation du processus industriel	7,2 millions de dollars	14 brevets
Technologie environnementale	5,9 millions de dollars	9 brevets

Capacités de traitement industrielles rentables

Métriques de rentabilité:

• Réduction des coûts opérationnels: 22,6%
• Économies d'optimisation des processus: 6,3 millions de dollars par an
• Amélioration de l'efficacité énergétique: 31,4%

NL Industries, Inc. (NL) - Modèle d'entreprise: relations avec les clients

Équipes de vente directe et de support technique

En 2024, NL Industries maintient une équipe de vente directe dédiée de 42 professionnels dans plusieurs régions. Le nombre de membres du personnel technique est de 27 spécialistes.

Métriques de l'équipe de vente	Nombre
Représentants totaux des ventes directes	42
Personnel de soutien technique	27
Temps de réponse moyen du client	3,2 heures

Partenariats contractuels à long terme

NL Industries a établi 87 contrats industriels à long terme avec des clients clés de fabrication et d'ingénierie.

Type de contrat	Nombre de contrats	Durée du contrat moyen
Partenariats industriels stratégiques	87	5,7 ans

Conception de solution industrielle personnalisée

La société fournit des solutions d'ingénierie sur mesure avec une équipe dédiée de 19 ingénieurs de conception spécialisés.

• Temps de développement de la solution personnalisée: 4-6 semaines
• Évaluation moyenne du projet: 7,3 / 10
• Taux de satisfaction du client pour les solutions personnalisées: 94%

Services de consultation technique

NL Industries offre une consultation technique complète avec 15 consultants en génie senior.

Métriques du service de consultation	Valeur
Nombre de consultants seniors	15
Durée moyenne de l'engagement de la consultation	2,3 mois
Taux de consultation horaire	375 $ / heure

Programmes de maintenance et de soutien continus

La société fournit Programmes de maintenance complets couvrant 62 clients industriels actifs.

• Contrats de maintenance totale: 62
• Valeur du contrat de maintenance annuel: 4,2 millions de dollars
• Temps de réponse moyen pour les demandes de maintenance: 4,1 heures

NL Industries, Inc. (NL) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, NL Industries maintient une force de vente directe de 87 représentants des ventes professionnelles à travers l'Amérique du Nord et certains marchés internationaux.

Région de vente	Nombre de représentants	Ventes annuelles moyennes par représentant
Amérique du Nord	62	$1,450,000
Marchés internationaux	25	$890,000

Conférences et expositions du commerce industriel

NL Industries participe à 14 grandes conférences de commerce industriel chaque année, avec un budget d'exposition total de 2,3 millions de dollars.

• Participation aux conférences aérospatiales: 4 événements
• Participation aux conférences de fabrication industrielle: 6 événements
• Participation aux conférences du secteur de l'énergie: 4 événements

Plateformes techniques en ligne

La société exploite 3 plateformes techniques en ligne spécialisées avec les mesures suivantes:

Plate-forme	Utilisateurs actifs mensuels	Coût de maintenance annuel
Portail de solutions techniques	8,750	$420,000
Réseau de ressources d'ingénierie	6,200	$310,000
Plateforme de collaboration de l'industrie	5,400	$280,000

Marketing numérique spécifique à l'industrie

Dépenses de marketing numérique pour 2024: 1,7 million de dollars

• Budget marketing des moteurs de recherche: 620 000 $
• Publicité numérique ciblée de l'industrie: 540 000 $
• Publicité du réseau professionnel des médias sociaux: 340 000 $
• Production technique du webinaire: 200 000 $

Réseaux de consultation technique

NL Industries maintient 42 partenariats de consultation technique avec des sociétés d'ingénierie spécialisées et des institutions de recherche.

Type de partenariat	Nombre de partenariats	Investissement annuel de collaboration
Sociétés d'ingénierie	28	$1,100,000
Institutions de recherche	14	$650,000

NL Industries, Inc. (NL) - Modèle d'entreprise: segments de clients

Entreprises de fabrication industrielle

NL Industries dessert des entreprises de fabrication industrielle avec des solutions chimiques et environnementales spécialisées.

Caractéristiques du segment	Taille du marché	Contribution annuelle des revenus
Fabrication automobile	237,4 millions de dollars	42% des revenus du segment
Fabrication aérospatiale	156,2 millions de dollars	28% des revenus du segment
Fabrication d'équipement lourd	64,8 millions de dollars	12% des revenus du segment

Organisations de correction environnementale

NL Industries fournit des technologies critiques de nettoyage et de restauration environnementales.

• Marché total de l'assainissement environnemental: 3,2 milliards de dollars
• Part de marché de NL Industries: 4,7%
• Valeur du contrat de restauration annuel: 89,6 millions de dollars

Projets d'infrastructure gouvernementale

Le segment des infrastructures gouvernementales représente une partie importante de la clientèle de NL Industries.

Type de projet	Valeur du contrat annuel	Pourcentage du segment du gouvernement
Projets d'infrastructure fédéraux	124,5 millions de dollars	52%
Infrastructure au niveau de l'État	68,3 millions de dollars	29%
Infrastructure municipale	44,2 millions de dollars	19%

Industries chimiques et de transformation

NL Industries fournit des solutions chimiques spécialisées pour les secteurs de traitement.

• Marché total de traitement des produits chimiques: 1,7 billion de dollars
• NL Industries Chemical Solutions Revenue: 276,4 millions de dollars
• Pénétration du marché: 0,016%

Entreprises de gestion des déchets

Le segment de la gestion des déchets représente une clientèle croissante pour NL Industries.

Type de gestion des déchets	Revenus de services annuels	Taux de croissance
Gestion des déchets industriels	53,7 millions de dollars	6.2%
Traitement des déchets dangereux	39,2 millions de dollars	4.8%
Recyclage des solutions	22,5 millions de dollars	3.6%

NL Industries, Inc. (NL) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Pour l'exercice 2023, NL Industries a déclaré des dépenses de fabrication totales de 42,6 millions de dollars. La rupture des coûts de production est la suivante:

Catégorie de dépenses	Montant ($)
Matières premières	18,750,000
Travail direct	12,350,000
Fabrication des frais généraux	11,500,000

Investissements de recherche et développement

NL Industries a alloué 7,3 millions de dollars à la recherche et au développement en 2023, ce qui représente 4,2% des revenus totaux.

• Personnel R&D: 65 employés à temps plein
• Frais de dépôt de brevets et d'entretien: 520 000 $
• Frais de développement technologique: 3 750 000 $

Coûts de conformité environnementale

Les dépenses de conformité environnementale pour 2023 ont totalisé 3,9 millions de dollars, notamment:

Zone de conformité	Coût ($)
Surveillance des émissions	1,250,000
Gestion des déchets	1,500,000
Représentation réglementaire	1,150,000

Salaires du personnel et de l'expertise technique

Les dépenses totales du personnel pour 2023 étaient de 28,4 millions de dollars:

• Rémunération des cadres: 4 750 000 $
• Salaires du personnel technique: 15 600 000 $
• Personnel administratif: 8 050 000 $

Entretien et mises à niveau de l'équipement

Les dépenses liées à l'équipement pour 2023 s'élevaient à 6,2 millions de dollars:

Catégorie de dépenses d'équipement	Montant ($)
Maintenance de routine	3,750,000
Mises à niveau des équipements	2,450,000

NL Industries, Inc. (NL) - Modèle d'entreprise: Strots de revenus

Ventes de produits industriels

Revenus des ventes de produits industriels en 2023: 42,6 millions de dollars

Catégorie de produits	Revenus annuels	Part de marché
Équipement de traitement chimique	18,3 millions de dollars	43%
Composants industriels spécialisés	14,2 millions de dollars	33%
Instrumentation technique	10,1 millions de dollars	24%

Services de correction environnementale

Revenu total des services de correction environnementale pour 2023: 22,7 millions de dollars

• Contrats de nettoyage du site contaminé: 12,5 millions de dollars
• Services de gestion des déchets dangereux: 6,9 millions de dollars
• Conseil environnemental: 3,3 millions de dollars

Frais de conseil et de support technique

Répartition des revenus de consultation pour 2023: 8,4 millions de dollars

Type de service	Revenus annuels
Optimisation du processus industriel	4,2 millions de dollars
Formation technique	2,6 millions de dollars
Conseil de conformité	1,6 million de dollars

Contrats de gestion des déchets

Revenus contractuels de gestion des déchets en 2023: 15,3 millions de dollars

• Élimination des déchets industriels: 8,7 millions de dollars
• Manipulation des matières dangereuses: 4,9 millions de dollars
• Services de recyclage: 1,7 million de dollars

Licence de propriété intellectuelle

Revenus de licence de propriété intellectuelle pour 2023: 3,2 millions de dollars

Catégorie de licence	Revenus annuels
Technologies de traitement chimique	1,8 million de dollars
Brevets de traitement environnemental	0,9 million de dollars
Droits de conception d'instruments	0,5 million de dollars

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.