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.

6.63 0.12 −1.78%
Market cap
$330.1M
P/E
0.0×
Fwd P/E
9.8×
Dividend yield
5.88%
F-score
4/9
Altman Z
3.36
Beneish M
−2.58
Dividend safety
20/100

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 83.00%

Capital & Financial Ratios $m

Market Cap 330.07
Revenue 161.83
Net Income (22.76)
Free Cash Flow 8.11
Net Debt (109.62)
Current Ratio 9.02 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 9.82
P/S ratio 2.00
P/B ratio 0.85
Past 5Y EPS Growth —
This Y EPS Growth (58.70%) (below 0%: weak)
Next Y EPS Growth 52.63% (at or above 15%: strong)
Next Y revenue growth 18.60% (at or above 10%: strong)
Next 5Y EPS Growth (14.25%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 46.48%
10-year low 10-year high
P/B against its own 10 years 53.59%
10-year low 10-year high
EV/Sales against its own 10 years 63.16%
10-year low 10-year high
EV/FCF against its own 10 years 94.55%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 0.39
Annual Dividend Yield 5.88%
total individual payouts
2026 0.30
0.10
0.10
0.10
2025 0.36
0.09
0.09
0.21
0.09
0.09
2024 0.32
0.08
0.08
0.43
0.08
0.08
2023 0.28
0.07
0.07
0.07
0.07
2022 0.28
0.07
0.07
0.35
0.07
0.07
2021 0.24
0.06
0.06
0.06
0.06
2020 0.16
0.04
0.04
0.04
0.04
2019 Powerpack
2018 Powerpack
2017 Powerpack
2016 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 168 184 114 110
Receivables 18 24 14 20
Inventory 31 28 30 32
Other — — — —
218 238 160 164
2023 2024 2025 Q'26
Payables 3 4 3 4
ST’ Debt — — — —
Other — — — —
30 91 21 18

Compound Annual Growth %

10y 5y 3y
Sales 3.80% 6.68% (1.68%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 8.59% 2.36% (2.20%)

Revenue $m

Mar Jun Sep Dec Year
’26 41 44 — — —
’25 40 40 40 38 158
’24 38 36 34 38 146
’23 41 37 40 43 161
’22 42 42 43 40 167
’21 36 36 35 34 141
’20 32 24 28 30 115
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) 11 — — —
’25 (47) 7 8 (4) (36)
’24 7 16 (6) 9 26
’23 7 14 (5) 22 37
’22 3 11 (1) 14 27
’21 2 12 (3) 7 18
’20 4 9 (3) 10 19
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) 10 — — —
’25 (48) 6 7 (5) (40)
’24 6 15 (6) 14 29
’23 7 13 (6) 21 36
’22 1 10 (2) 14 23
’21 2 11 (4) 6 14
’20 3 8 (3) 9 17
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.09 0.18 — — —
’25 0.01 0.01 (0.16) (0.63) (0.77)
’24 0.14 0.16 0.74 0.34 1.38
’23 (0.14) (0.06) 0.00 0.16 (0.05)
’22 0.38 0.62 (0.18) (0.13) 0.69
’21 0.27 0.26 0.21 0.31 1.05
’20 0.04 0.09 0.08 0.09 0.30
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 1.92 5.25 2.95 3.04 2.28 4.46 5.54 4.46 5.00 5.04

Analyst estimates 2026–2028

Powerpack
High 9.60 16.05 14.80 5.45 5.40 8.50 10.71 7.64 9.42 9.27
People
People Employees 516 520 547 547 513 570 609 555 510 549
Revenue/emp, $m 0.21 0.22 0.22 0.23 0.22 0.25 0.27 0.29 0.29 0.29
Income, $m
Income, $m Revenue 109 112 118 124 115 141 167 161 146 158
Gross margin, % 32.29 31.08 32.37 31.36 28.68 30.36 29.30 30.52 28.34 30.44
EBT 14 112 (54) 29 14 61 39 (6) 83 (51)
EBT margin, % 12.78 100.14 (46.00) 23.03 11.86 43.20 23.56 (3.98) 57.09 (32.49)
Net income 17 118 (39) 28 16 53 36 1 69 (35)
Depreciation 4 4 3 4 4 4 4 4 4 4
Per share, $
Per share, $ Revenue 2.24 2.30 2.43 2.55 2.35 2.89 3.41 3.30 2.99 3.24
Earnings 0.31 2.38 (0.84) 0.53 0.30 1.05 0.69 (0.05) 1.38 (0.77)
Cash flow 0.57 0.38 0.35 0.56 0.39 0.36 0.55 0.76 0.52 (0.75)
Capex (0.07) (0.06) (0.06) (0.06) (0.04) (0.08) (0.08) (0.02) 0.07 (0.08)
Free cash flow 0.50 0.32 0.29 0.50 0.35 0.28 0.48 0.73 0.60 (0.82)
Book value 3.99 7.25 6.23 6.71 6.88 7.89 8.25 8.02 8.52 7.71
Shares, m 49 49 49 49 49 49 49 49 49 49
Valuation, ×
Valuation, × P/E 26.56 5.55 0.00 7.38 15.93 7.05 9.36 0.00 5.63 0.00
P/S 3.80 5.74 1.45 1.53 2.04 2.56 1.89 1.68 2.60 1.69
P/B 2.13 1.82 0.56 0.58 0.70 0.94 0.78 0.69 0.91 0.71
EV/Sales 2.92 4.84 0.44 0.47 0.82 1.50 1.04 0.64 1.35 0.97
EV/FCF 12.96 34.23 3.69 2.42 5.43 15.67 7.49 2.88 6.74 (3.84)
Cash, $m
Cash, $m Operating cash flow 28 19 17 27 19 18 27 37 26 (36)
Capex (3) (3) (3) (3) (2) (4) (4) (1) 4 (4)
Free cash flow 24 16 14 24 17 14 23 36 29 (40)
Balance, $m
Balance, $m Working capital 93 111 85 135 144 163 162 188 147 139
Total debt 1 1 1 1 1 1 1 1 1 1
Net debt (96) (101) (119) (132) (139) (149) (141) (167) (183) (113)
Shareholders’ equity 194 353 304 327 335 385 403 392 416 377
Returns, %
Returns, % ROA 4.17 24.79 (7.47) 4.68 2.66 8.95 5.61 (0.39) 11.64 (7.26)
ROIC (0.46) 0.42 (20.60) (0.51) 0.75 2.78 3.28 3.93 10.17 2.53
ROE 8.53 42.42 (12.49) 8.19 4.43 14.21 8.59 (0.58) 16.65 (9.54)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

NLI Holdings, Inc. vs peers in Security & Protection Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CXW CoreCivic, Inc. $3.1B 24.1× 14.7× +27.27% (above 0%: growing) +8.57% (above 0%: growing) +55.25% (above 0%: growing) 21.74% 10.07% Compare
NSSC NAPCO Security Technologies, Inc. $1.3B 29.4× 21.5× +10.02% (above 0%: growing) +51.52% (above 0%: growing) +19.89% (above 0%: growing) 61.31% 33.02% Compare
EVLV Evolv Technologies Holdings, Inc. $757.1M — (loss-making) — (loss-making) +34.44% (above 0%: growing) n/m +203.88% (above 0%: growing) 50.17% (24.11%) Compare
MG Mistras Group Inc $658.6M 25.0× 17.0× +4.17% (above 0%: growing) +140.00% (above 0%: growing) +156.37% (above 0%: growing) 29.23% 6.70% Compare
CIX CompX International Inc. $459.9M 20.1× 12.8× +8.05% (above 0%: growing) +34.09% (above 0%: growing) +79.73% (above 0%: growing) 35.62% 20.45% Compare
NL NLI Holdings, Inc. $330.1M — (loss-making) 9.8× +8.05% (above 0%: growing) +1,700.00% (above 0%: growing) +65.68% (above 0%: growing) 35.62% 14.06%
CIGL Concorde International Group Ltd. $62.3M — — — — −980.96% (below 0%: shrinking) — — Compare
SPCB SuperCom, Ltd. $58.4M — (loss-making) 16.6× +13.28% (above 0%: growing) −20.00% (below 0%: shrinking) −109.90% (below 0%: shrinking) 60.37% 10.61% Compare
SNT Senstar Technologies Ltd. $32.7M 104× — +8.21% (above 0%: growing) −70.00% (below 0%: shrinking) +251.01% (above 0%: growing) 64.20% 3.29% Compare
Median of peers $559.2M 25.0× 16.6× +10.02% +21.33% +67.49% 50.17% 10.07%

All 22 Security & Protection Services stocks →

NLI Holdings, Inc. (NL) key facts

  • Concern: NLI Holdings, Inc. reported a net loss of $35.4 million, or a loss of $0.77 per share, for fiscal 2025.
  • Strength: NLI Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $158.3 million, up 8.46% from fiscal 2024.
  • NLI Holdings, Inc. (NL) is a Security & Protection Services company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NL traded at $6.63, a market capitalization of $330.1 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 2.0× sales.
  • NLI Holdings, Inc. pays an annual dividend of $0.39 per share, a yield of 5.88%.
  • Return on equity was −9.54% and debt-to-equity 0.00.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 3.36 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

NLI Holdings, Inc. (NL) Latest News

6 May

9 Mar

6 Aug

7 May

6 Mar

stockrow.com/NL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com