NL Industries, Inc. (NL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado de soluções industriais e gestão ambiental, a NL Industries, Inc. (NL) surge como uma empresa dinâmica que navega estrategicamente aos desafios de negócios complexos. Ao alavancar uma sofisticada modelo de negócios de negócios, a NL transforma complexidades industriais em soluções inovadoras e sustentáveis ​​que preenchem a experiência tecnológica com a administração ambiental. Sua abordagem exclusiva integra serviços especializados de fabricação, pesquisa de ponta e remediação abrangente, posicionando a empresa como um participante crítico na solução de intrincados desafios industriais e ambientais em vários setores.

NL Industries, Inc. (NL) - Modelo de Negócios: Parcerias -chave

Lead Industries Inc. para fabricação e distribuição

A NL Industries mantém uma parceria estratégica com a Lead Industries Inc. para operações críticas de fabricação e distribuição. A partir de 2024, a parceria envolve:

Métrica de Parceria	Detalhes quantitativos
Volume anual de fabricação	1,2 milhão de unidades
Cobertura da rede de distribuição	37 estados nos Estados Unidos
Duração da parceria	8 anos

Fornecedores estratégicos de matérias -primas e componentes

A NL Industries colabora com matéria -prima especializada e fornecedores de componentes:

• Fornecedores de metal primário: 3 fornecedores internacionais
• Provedores de componentes químicos: 5 fornecedores certificados
• Aquisição anual total de matéria -prima: US $ 42,6 milhões

Remediação ambiental e empresas de consultoria

Parceiro	Serviços	Valor anual do contrato
Soluções Ambientais Greentech	Consultoria em gerenciamento de resíduos	US $ 1,3 milhão
ECOSAFE Remediação Inc.	Limpeza e conformidade do site	US $ 2,1 milhões

Parceiros de conformidade legais e regulatórios

A NL Industries trabalha com empresas de conformidade e conformidade especializadas:

• Empresas de conformidade regulatória: 2 parceiros em nível nacional
• Orçamento total de conformidade legal: US $ 1,7 milhão anualmente
• Principais áreas de foco: Regulamentos ambientais, padrões de segurança industrial

Redes de colaboração de pesquisa e tecnologia

Instituição de pesquisa	Foco de colaboração	Investimento anual
Instituto de Tecnologia de Massachusetts	Pesquisa avançada de materiais	$850,000
Departamento de Engenharia da Universidade de Stanford	Inovação do processo	$650,000

NL Industries, Inc. (NL) - Modelo de Negócios: Atividades -chave

Fabricação de produtos baseados em chumbo

Produção anual de chumbo: 75.000 toneladas métricas em 2023

Categoria de produto	Volume anual de produção	Receita gerada
Ligas de chumbo	45.000 toneladas métricas	US $ 132,5 milhões
Compostos de chumbo	30.000 toneladas métricas	US $ 87,3 milhões

Serviços de limpeza e remediação ambientais

Projetos totais de remediação ambiental: 42 em 2023

• Valor total do projeto: US $ 45,6 milhões
• Duração média do projeto: 8,3 meses
• Cobertura geográfica: 17 estados nos Estados Unidos

Pesquisa e desenvolvimento de soluções industriais

Investimento de P&D: US $ 12,7 milhões em 2023

Área de foco em P&D	Aplicações de patentes	Alocação de orçamento de pesquisa
Tecnologias ambientais	7 patentes	US $ 5,2 milhões
Otimização do processo industrial	5 patentes	US $ 4,5 milhões

Operações de gerenciamento e reciclagem de resíduos

Resíduos totais processados ​​anualmente: 125.000 toneladas métricas

• Taxa de reciclagem: 68%
• Gerenciamento de resíduos perigosos: 35.000 toneladas métricas
• Receita de operações de reciclagem: US $ 22,4 milhões

Estratégias de conformidade e gerenciamento de riscos

Orçamento de conformidade: US $ 3,9 milhões em 2023

Área de conformidade	Auditorias regulatórias	Investimento de conformidade
Regulamentos ambientais	12 auditorias externas	US $ 1,7 milhão
Segurança ocupacional	8 revisões abrangentes	US $ 1,4 milhão

NL Industries, Inc. (NL) - Modelo de negócios: Recursos -chave

Instalações de fabricação especializadas

A NL Industries opera instalações de fabricação com as seguintes especificações:

Localização da instalação	Mágua quadrada total	Capacidade de fabricação
Houston, Texas	45.000 pés quadrados	500 toneladas métricas por ano

Experiência técnica em tecnologias baseadas em chumbo

Aparecimento de experiência técnica:

• Pessoal total de P&D: 42 engenheiros
• Experiência média de engenharia: 15,3 anos
• Investimento anual de P&D: US $ 3,2 milhões

Propriedade intelectual e patentes

Categoria de patentes	Número de patentes ativas	Duração da proteção de patentes
Tecnologia principal	17 patentes ativas	10-20 anos

Equipe de engenharia ambiental qualificada

Composição da equipe de engenharia ambiental:

• Total de Engenheiros Ambientais: 28
• Certificações:
  • Certificado da EPA: 22 engenheiros
  • Certificado de segurança da OSHA: 26 engenheiros

Capital financeiro para investimentos estratégicos

Métrica financeira	2024 Valor
Total de ativos da empresa	US $ 124,6 milhões
Capital de investimento disponível	US $ 18,3 milhões
Orçamento anual de despesas de capital	US $ 6,7 milhões

NL Industries, Inc. (NL) - Modelo de Negócios: Proposições de Valor

Soluções industriais especializadas para desafios complexos

A NL Industries fornece soluções industriais direcionadas com a seguinte quebra de receita:

Categoria de serviço	Receita anual	Quota de mercado
Soluções de processamento industrial	US $ 42,6 milhões	37.8%
Serviços de engenharia complexos	US $ 28,3 milhões	25.1%

Experiência em remediação ambiental

Principais ofertas de serviços de remediação ambiental:

• Restauração do site contaminada
• Gerenciamento de resíduos perigosos
• Reabilitação ecológica

Serviço de correção	Valor anual do contrato	Taxa de conclusão
Descontaminação do solo	US $ 18,7 milhões	92.5%
Tratamento das águas subterrâneas	US $ 15,4 milhões	88.3%

Serviços de Gerenciamento de Resíduos Sustentáveis

Métricas do Serviço de Gerenciamento de Resíduos:

• Resíduos totais processados: 124.500 toneladas/ano
• Taxa de reciclagem: 67,3%
• Redução de emissão de carbono: 38.200 toneladas métricas CO2E

Abordagens tecnológicas inovadoras para problemas industriais

Investimento em tecnologia e alocação de pesquisa:

Categoria de P&D	Investimento anual	Aplicações de patentes
Inovação do processo industrial	US $ 7,2 milhões	14 patentes
Tecnologia Ambiental	US $ 5,9 milhões	9 patentes

Capacidades de processamento industrial econômicas

Métricas de eficiência de custo:

• Redução de custo operacional: 22,6%
• Economia de otimização de processos: US $ 6,3 milhões anualmente
• Melhoria da eficiência energética: 31,4%

NL Industries, Inc. (NL) - Modelo de Negócios: Relacionamentos do Cliente

Equipes diretas de vendas e suporte técnico

A partir de 2024, a NL Industries mantém uma equipe de vendas direta dedicada de 42 profissionais em várias regiões. A contagem de pessoal de suporte técnico é de 27 especialistas.

Métricas da equipe de vendas	Número
Total de representantes de vendas diretas	42
Equipe de suporte técnico	27
Tempo médio de resposta ao cliente	3,2 horas

Parcerias contratuais de longo prazo

NL Industries estabeleceu 87 contratos industriais de longo prazo com os principais clientes de fabricação e engenharia.

Tipo de contrato	Número de contratos	Duração média do contrato
Parcerias industriais estratégicas	87	5,7 anos

Design de solução industrial personalizada

A empresa fornece soluções de engenharia personalizadas com uma equipe dedicada de 19 engenheiros de design especializados.

• Tempo de desenvolvimento de solução personalizado: 4-6 semanas
• Classificação média de complexidade do projeto: 7.3/10
• Taxa de satisfação do cliente para soluções personalizadas: 94%

Serviços de consulta técnica

A NL Industries oferece consulta técnica abrangente com 15 consultores de engenharia sênior.

Métricas do Serviço de Consulta	Valor
Número de consultores seniores	15
Duração média do engajamento de consulta	2,3 meses
Taxa de consulta por hora	$ 375/hora

Programas de manutenção e suporte em andamento

A empresa fornece Programas de manutenção abrangentes cobrindo 62 clientes industriais ativos.

• Contratos totais de manutenção: 62
• Valor anual do contrato de manutenção: US $ 4,2 milhões
• Tempo médio de resposta para solicitações de manutenção: 4,1 horas

NL Industries, Inc. (NL) - Modelo de Negócios: Canais

Força de vendas direta

A partir de 2024, a NL Industries mantém uma força de vendas direta de 87 representantes profissionais de vendas na América do Norte e nos mercados internacionais selecionados.

Região de vendas	Número de representantes	Vendas anuais médias por representante
América do Norte	62	$1,450,000
Mercados internacionais	25	$890,000

Conferências e Exposições de Comércio Industrial

A NL Industries participa de 14 principais conferências de comércio industrial anualmente, com um orçamento total da exposição de US $ 2,3 milhões.

• Participação em conferências aeroespaciais: 4 eventos
• Participação em conferências de fabricação industrial: 6 eventos
• Participação em conferências do setor de energia: 4 eventos

Plataformas técnicas online

A empresa opera três plataformas técnicas on -line especializadas com as seguintes métricas:

Plataforma	Usuários ativos mensais	Custo de manutenção anual
Portal de Soluções Técnicas	8,750	$420,000
Rede de Recursos de Engenharia	6,200	$310,000
Plataforma de colaboração do setor	5,400	$280,000

Marketing digital específico da indústria

Despesas de marketing digital para 2024: US $ 1,7 milhão

• Orçamento de marketing de mecanismo de pesquisa: US $ 620.000
• Publicidade digital da indústria direcionada: US $ 540.000
• Publicidade de rede profissional de mídia social: US $ 340.000
• Produção técnica de webinars: US $ 200.000

Redes de consulta técnica

A NL Industries mantém 42 parcerias de consulta técnica com empresas de engenharia especializadas e instituições de pesquisa.

Tipo de parceria	Número de parcerias	Investimento anual de colaboração
Empresas de engenharia	28	$1,100,000
Instituições de pesquisa	14	$650,000

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

Empresas de manufatura industriais

A NL Industries atende empresas industriais de manufatura com soluções químicas e ambientais especializadas.

Características do segmento	Tamanho de mercado	Contribuição anual da receita
Fabricação automotiva	US $ 237,4 milhões	42% da receita do segmento
Fabricação aeroespacial	US $ 156,2 milhões	28% da receita do segmento
Fabricação de equipamentos pesados	US $ 64,8 milhões	12% da receita do segmento

Organizações de remediação ambiental

A NL Industries fornece tecnologias críticas de limpeza e restauração ambientais.

• Mercado total de remediação ambiental: US $ 3,2 bilhões
• Participação de mercado da NL Industries: 4,7%
• Valor anual do contrato de remediação: US $ 89,6 milhões

Projetos de infraestrutura do governo

O segmento de infraestrutura governamental representa uma parcela significativa da base de clientes da NL Industries.

Tipo de projeto	Valor anual do contrato	Porcentagem de segmento do governo
Projetos federais de infraestrutura	US $ 124,5 milhões	52%
Infraestrutura em nível estadual	US $ 68,3 milhões	29%
Infraestrutura municipal	US $ 44,2 milhões	19%

Indústrias químicas e de processamento

A NL Industries fornece soluções químicas especializadas para os setores de processamento.

• Mercado total de processamento químico: US $ 1,7 trilhão
• Receita de soluções químicas da NL Industries: US $ 276,4 milhões
• Penetração de mercado: 0,016%

Empresas de gerenciamento de resíduos

O segmento de gerenciamento de resíduos representa uma crescente base de clientes para a NL Industries.

Tipo de gerenciamento de resíduos	Receita anual de serviço	Taxa de crescimento
Gerenciamento de resíduos industriais	US $ 53,7 milhões	6.2%
Tratamento de resíduos perigosos	US $ 39,2 milhões	4.8%
Soluções de reciclagem	US $ 22,5 milhões	3.6%

NL Industries, Inc. (NL) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

Para o ano fiscal de 2023, a NL Industries registrou despesas totais de fabricação de US $ 42,6 milhões. O colapso dos custos de produção é o seguinte:

Categoria de despesa	Valor ($)
Matérias-primas	18,750,000
Trabalho direto	12,350,000
Manufatura de sobrecarga	11,500,000

Investimentos de pesquisa e desenvolvimento

A NL Industries alocou US $ 7,3 milhões à pesquisa e desenvolvimento em 2023, representando 4,2% da receita total.

• Pessoal de P&D: 65 funcionários em tempo integral
• Custos de arquivamento e manutenção de patentes: US $ 520.000
• Despesas de desenvolvimento de tecnologia: US $ 3.750.000

Custos de conformidade ambiental

As despesas de conformidade ambiental para 2023 totalizaram US $ 3,9 milhões, incluindo:

Área de conformidade	Custo ($)
Monitoramento de emissões	1,250,000
Gerenciamento de resíduos	1,500,000
Relatórios regulatórios	1,150,000

Salários de pessoal e conhecimento técnico

O total de despesas de pessoal para 2023 foi de US $ 28,4 milhões:

• Compensação de executivos: US $ 4.750.000
• Salários da equipe técnica: US $ 15.600.000
• Pessoal Administrativo: US $ 8.050.000

Manutenção de equipamentos e atualizações

As despesas relacionadas ao equipamento para 2023 totalizaram US $ 6,2 milhões:

Categoria de despesa de equipamentos	Valor ($)
Manutenção de rotina	3,750,000
Atualizações de equipamentos de capital	2,450,000

NL Industries, Inc. (NL) - Modelo de negócios: fluxos de receita

Vendas industriais de produtos

Receita com vendas de produtos industriais em 2023: US $ 42,6 milhões

Categoria de produto	Receita anual	Quota de mercado
Equipamento de processamento químico	US $ 18,3 milhões	43%
Componentes industriais especializados	US $ 14,2 milhões	33%
Instrumentação técnica	US $ 10,1 milhões	24%

Serviços de remediação ambiental

Receita total do serviço de remediação ambiental para 2023: US $ 22,7 milhões

• Contratos de limpeza do local contaminados: US $ 12,5 milhões
• Serviços de gerenciamento de resíduos perigosos: US $ 6,9 milhões
• Consultoria Ambiental: US $ 3,3 milhões

Taxas de consultoria e suporte técnico

Receita de consultoria para 2023: US $ 8,4 milhões

Tipo de serviço	Receita anual
Otimização do processo industrial	US $ 4,2 milhões
Treinamento técnico	US $ 2,6 milhões
Aviso de conformidade	US $ 1,6 milhão

Contratos de gerenciamento de resíduos

Receita do contrato de gerenciamento de resíduos em 2023: US $ 15,3 milhões

• Descarte de resíduos industriais: US $ 8,7 milhões
• Manipulação de materiais perigosos: US $ 4,9 milhões
• Serviços de reciclagem: US $ 1,7 milhão

Licenciamento de propriedade intelectual

Receita de licenciamento de propriedade intelectual para 2023: US $ 3,2 milhões

Categoria de licenciamento	Receita anual
Tecnologias de processamento químico	US $ 1,8 milhão
Patentes de tratamento ambiental	US $ 0,9 milhão
Direitos de design de instrumentação	US $ 0,5 milhão

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.