NLI Holdings, Inc.
NL Industrials Security & Protection Services
NLI Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $158.3 million, up 8.46% from fiscal 2024. In the quarter to June 2026, revenue grew 8.05%, EPS grew 1,700.0%, free cash flow grew 65.7% and total debt was flat, each against the same quarter a year earlier.
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NLI Holdings, Inc. (NL) Altman Z-score
NLI Holdings, Inc.'s Altman Z-score for fiscal 2025 is 3.36, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.36 | 0.42 |
| FY2024 | 2.94 | 0.61 |
| FY2023 | 2.33 | 0.01 |
| FY2022 | 2.32 | (0.03) |
| FY2021 | 2.35 | 0.49 |
| FY2020 | 1.85 | 0.22 |
| FY2019 | 1.63 | 0.60 |
| FY2018 | 1.03 | (2.08) |
| FY2017 | 3.11 | 0.92 |
| FY2016 | 2.19 | 0.69 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.30 | — | 0.36 | |
| Retained earnings / total assets | 0.54 | — | 0.75 | |
| EBIT / total assets | 0.02 | — | 0.08 | |
| Market value of equity / total liabilities | 3.06 | — | 1.83 | |
| Sales / total assets | 0.34 | — | 0.34 | |
| Altman Z-score | Safe zone | 3.36 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.40 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NSSC NAPCO Security Technologies, Inc. compare | 20.7× |
| CIX CompX International Inc. compare | 12.7× |
| SNT Senstar Technologies Ltd. compare | 7.3× |
| NL NLI Holdings, Inc. | 3.4× |
| MG Mistras Group Inc compare | 2.4× |
| EVLV Evolv Technologies Holdings, Inc. compare | 2.2× |
| CXW CoreCivic, Inc. compare | 1.6× |
| SPCB SuperCom, Ltd. compare | −0.1× |
| CIGL Concorde International Group Ltd. compare | −12.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets