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.
Follow NL
NLI Holdings, Inc. (NL) Piotroski F-score
NLI Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 1.00 |
| FY2024 | 3 | (1.00) |
| FY2023 | 4 | 0.00 |
| FY2022 | 4 | (3.00) |
| FY2021 | 7 | 2.00 |
| FY2020 | 5 | (2.00) |
| FY2019 | 7 | 3.00 |
| FY2018 | 4 | (1.00) |
| FY2017 | 5 | (1.00) |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (7.26%) | 11.64% | Fail | 0 |
| Positive operating cash flow | (36.40m) | 25.57m | Fail | 0 |
| Rising return on assets | (7.26%) | 11.64% | Fail | 0 |
| Cash flow above net income | 1.42m | (41.65m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Fail | 0 |
| Rising current ratio | 7.77 | 2.61 | Pass | 1 |
| No new shares issued | 48,857,000 | 48,842,000 | Fail | 0 |
| Rising gross margin | 30.44% | 28.34% | Pass | 1 |
| Rising asset turnover | 0.30 | 0.25 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CIX CompX International Inc. compare | 7 |
| NSSC NAPCO Security Technologies, Inc. compare | 7 |
| CXW CoreCivic, Inc. compare | 7 |
| SNT Senstar Technologies Ltd. compare | 6 |
| CIGL Concorde International Group Ltd. compare | 5 |
| MG Mistras Group Inc compare | 5 |
| SPCB SuperCom, Ltd. compare | 5 |
| EVLV Evolv Technologies Holdings, Inc. compare | 4 |
| NL NLI Holdings, Inc. | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover