What is NLI Holdings, Inc.'s earnings per share (EPS)?

NLI Holdings, Inc. (NL) reported diluted earnings per share of -$0.77 for fiscal year 2025. This represents a -155.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NLI Holdings, Inc. (NL) Financials

Trailing 12 months to June 30, 2026

Revenue $161.8M +6.0% YoY

Net Income -$25.6M -147.7% YoY

EPS (Diluted) -$0.77 FY2025 annual

Free Cash Flow $8.1M +120.4% YoY

Market Cap $324.2M as of Oct 17, 2026

Price / Sales 2.0x on $161.8M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 0.9x on $363.0M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NL SEC filings page.

NLI Holdings, Inc. (NL) reported $161.8M in revenue over the twelve months to Jun 30, 2026, up 6.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NL FY2025 2026-10-03

The business’s gross margin held up, but FY2025 exposed a sharp break between operating results, cash generation, and shareholder distributions.

In FY2025, gross margin returned to 30.4% even as operating margin fell to 6.7%, so the deterioration occurred below gross profit rather than in the direct cost of revenue. Operating cash flow also moved from positive $25.6M in FY2024 to negative -$36.4M, showing that the earnings collapse was accompanied by a cash-conversion break, not merely a non-cash accounting adjustment.

Leverage declined as debt-to-equity fell from 0.5x to 0.3x between FY2024 and FY2025, indicating a less debt-dependent capital structure even as operations weakened. At FY2025 year-end, reported cash and investments equaled 41.2 months of the latest annual operating outflow, a liquidity position that contrasts with the weak income statement.

FY2025 free cash flow was negative -$40.2M while capital expenditures were only $3.7M, so the cash shortfall was driven mainly by operations rather than a heavy reinvestment program. The company still paid $17.6M in dividends, separating shareholder distributions from internally generated cash in that year.

Financial Health Signals

Financial Health Score 54/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of NLI Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

NLI Holdings, Inc. has an operating margin of 6.7%, meaning the company retains $7 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is down from 25.9% the prior year.

Growth

NLI Holdings, Inc.'s revenue grew 8.5% year-over-year to $158.3M, a solid pace of expansion. This earns a growth score of 27/100.

Leverage

NLI Holdings, Inc. carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 69/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 7.77, NLI Holdings, Inc. holds $7.77 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 96/100.

Cash Flow

NLI Holdings, Inc.'s operations used $36.4M of cash, and capex of $3.7M added to the outflow, for a free cash flow shortfall of $40.1M. This results in a cash flow score of 18/100.

Returns

NLI Holdings, Inc. posts a -10.5% return on equity (ROE), meaning it loses $11 for every $100 of shareholders' equity. This results in a returns score of 45/100. This is down from 16.9% the prior year.

Altman Z-Score Safe

3.37

NLI Holdings, Inc. scores 3.37, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($324.2M) relative to total liabilities ($105.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

NLI Holdings, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

NLI Holdings, Inc. reported a net loss of $37.8M while operations used $36.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage Safe

13.92x

NLI Holdings, Inc. earns $13.92 in operating income for every $1 of interest expense ($10.7M vs $767K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$43.6M

YoY+8.0%

QoQ+7.5%

5Y CAGR+3.8%

10Y CAGR+4.9%

NLI Holdings, Inc. generated $43.6M in revenue in Q2 2026. This represents an increase of 8.0% from the same quarter a year earlier. Against the prior quarter it is up 7.5%.

EBITDA

$7.0M

YoY+87.7%

QoQ+40.5%

5Y CAGR+12.7%

NLI Holdings, Inc.'s EBITDA was $7.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 87.7% from the same quarter a year earlier. Against the prior quarter it is up 40.5%.

Net Income

$9.0M

YoY+2422.3%

QoQ+106.1%

5Y CAGR-6.7%

10Y CAGR+27.3%

NLI Holdings, Inc. reported $9.0M in net income in Q2 2026. This represents an increase of 2422.3% from the same quarter a year earlier. Against the prior quarter it is up 106.1%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$9.8M

YoY+65.7%

QoQ+349.6%

5Y CAGR-1.3%

10Y CAGR+4.0%

NLI Holdings, Inc. generated $9.8M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 65.7% from the same quarter a year earlier. Against the prior quarter it is up 349.6%.

Cash & Debt

$107.0M

YoY-4.0%

QoQ+5.0%

5Y CAGR-5.9%

10Y CAGR+0.5%

NLI Holdings, Inc. held $107.0M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.10

YoY+11.1%

QoQ0.0%

5Y CAGR+10.8%

NLI Holdings, Inc. paid $0.10 per share in dividends in Q2 2026. This represents an increase of 11.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

49M

YoY+0.1%

QoQ+0.1%

5Y CAGR0.0%

10Y CAGR0.0%

NLI Holdings, Inc. had 49M shares outstanding in Q2 2026. This represents an increase of 0.1% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Margins & Returns

Gross Margin

35.6%

YoY+3.7pp

QoQ+3.0pp

5Y change+4.4pp

10Y change+4.3pp

NLI Holdings, Inc.'s gross margin was 35.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.0 percentage points.

Operating Margin

14.1%

YoY+7.1pp

QoQ+3.9pp

5Y change+6.1pp

NLI Holdings, Inc.'s operating margin was 14.1% in Q2 2026, reflecting core business profitability. This is up 7.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.9 percentage points.

Net Margin

20.5%

YoY+19.7pp

QoQ+9.8pp

5Y change-14.5pp

10Y change+17.6pp

NLI Holdings, Inc.'s net profit margin was 20.5% in Q2 2026, showing the share of revenue converted to profit. This is up 19.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.8 percentage points.

Return on Equity

2.5%

YoY+2.4pp

QoQ+1.3pp

5Y change-1.3pp

10Y change+1.9pp

NLI Holdings, Inc.'s ROE was 2.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Capital Allocation

Capital Expenditures

$1.1M

YoY-16.8%

QoQ+176.7%

5Y CAGR+1.7%

10Y CAGR+9.3%

NLI Holdings, Inc. invested $1.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 16.8% from the same quarter a year earlier. Against the prior quarter it is up 176.7%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

NL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$161.8M	$158.3M+8.5%	$145.9M-9.5%	$161.3M-3.2%	$166.6M+18.3%	$140.8M+22.9%	$114.5M-7.8%	$124.2M+5.1%	$118.2M+5.5%	$112.0M+2.9%	$108.9M-0.1%	$109.0M+5.0%	$103.8M+12.8%	$92.0M+10.6%	$83.2M+4.2%	$79.8M
Cost of Revenue	$109.9M	$110.1M+5.3%	$104.6M-6.7%	$112.1M-4.8%	$117.8M+20.1%	$98.1M+20.0%	$81.7M-4.2%	$85.3M+6.7%	$79.9M+3.5%	$77.2M+4.7%	$73.8M-2.4%	$75.6M+5.6%	$71.6M+11.1%	$64.5M+9.5%	$58.9M+5.7%	$55.7M
Gross Profit	$51.9M	$48.2M+16.5%	$41.4M-16.0%	$49.2M+0.9%	$48.8M+14.2%	$42.7M+30.1%	$32.8M-15.7%	$39.0M+1.8%	$38.3M+9.9%	$34.8M-1.0%	$35.2M+5.3%	$33.4M+3.6%	$32.2M+17.0%	$27.6M+13.3%	$24.3M+0.9%	$24.1M
R&D Expenses	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$25.5M	$25.6M+5.1%	$24.3M+2.3%	$23.8M+1.8%	$23.4M+5.1%	$22.2M+5.7%	$21.0M-1.2%	$21.3M+4.1%	$20.5M+4.5%	$19.6M0.0%	$19.6M+0.8%	$19.4M+4.2%	$18.6M+2.2%	$18.2M+2.8%	$17.7M+7.2%	$16.6M
Operating Income	$15.0M	$10.7M-71.8%	$37.9M+168.1%	$14.1M+2.9%	$13.7M+30.9%	$10.5M+345.1%	$2.4M+246.5%	-$1.6M+97.3%	-$60.7M-3670.7%	$1.7M+337.6%	-$715K-366.8%	$268K-90.6%	$2.8M+104.2%	-$68.3M-747.0%	-$8.1M-1108.2%	-$667K
EBITDA	N/A	$14.3M-65.5%	$41.6M+129.6%	$18.1M+2.2%	$17.7M+23.6%	$14.3M+131.7%	$6.2M+197.9%	$2.1M+103.6%	-$57.2M-1152.6%	$5.4M+77.6%	$3.1M-21.1%	$3.9M-39.8%	$6.4M+109.9%	-$64.9M-2807.4%	-$2.2M-136.2%	$6.2M
Interest Expense	$124K	$767K+44.7%	$530K-29.0%	$746K-20.7%	$941K-17.6%	$1.1M-15.4%	$1.4M+98.2%	$681K+1740.5%	$37K+23.3%	$30K+650.0%	$4K	N/A	N/A	$127K-87.6%	$1.0M-33.6%	$1.5M
Income Tax	-$12.1M	-$16.1M-214.2%	$14.1M+300.8%	-$7.0M-351.4%	$2.8M-62.8%	$7.5M+397.4%	-$2.5M-534.4%	$579K+103.8%	-$15.4M-172.6%	-$5.6M-102.9%	-$2.8M+90.3%	-$28.6M-671.9%	$5.0M+111.9%	-$41.9M-310.3%	$19.9M+0.9%	$19.8M
Net Income	-$25.6M	-$37.8M-156.3%	$67.2M+3012.8%	-$2.3M-106.8%	$33.8M-33.9%	$51.2M+248.7%	$14.7M-43.2%	$25.8M+163.0%	-$41.0M-135.3%	$116.1M+657.6%	$15.3M+164.1%	-$23.9M-183.9%	$28.5M+151.5%	-$55.3M-174.2%	$74.5M-8.7%	$81.7M
EPS (Basic)	N/A	-$0.77-155.8%	$1.38+2860.0%	-$0.05-107.2%	$0.69-34.3%	$1.05+250.0%	$0.30-43.4%	$0.53	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	—	-$0.77-155.8%	$1.38+2860.0%	-$0.05-107.2%	$0.69-34.3%	$1.05+250.0%	$0.30-43.4%	$0.53	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	49M0.0%	49M0.0%	49M0.0%	49M0.0%	49M0.0%	49M+0.1%	49M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$43.6M+8.0%	$40.6M+0.7%	$37.7M-1.9%	$40.0M+18.7%	$40.4M+12.5%	$40.3M+6.1%	$38.4M-11.0%	$33.7M-16.6%
Cost of Revenue	$28.1M+2.2%	$27.3M-2.8%	$25.6M-6.4%	$28.9M+19.5%	$27.5M+11.1%	$28.1M-0.7%	$27.4M-7.4%	$24.2M-12.8%
Gross Profit	$15.5M+20.5%	$13.3M+9.0%	$12.1M+9.3%	$11.0M+16.5%	$12.9M+15.5%	$12.2M+25.8%	$11.1M-18.8%	$9.5M-25.0%
SG&A Expenses	$6.6M+0.7%	$6.2M-1.5%	$6.4M+4.2%	$6.3M+2.4%	$6.6M+8.0%	$6.3M+5.7%	$6.2M+0.7%	$6.1M+0.7%
Operating Income	$6.1M+119.0%	$4.1M+30.5%	$2.9M-91.5%	$1.9M-9.1%	$2.8M+254.1%	$3.1M+132.2%	$33.7M+597.6%	$2.0M-44.7%
EBITDA	$7.0M+87.7%	$5.0M+21.5%	$3.8M-89.1%	$2.7M-7.0%	$3.7M+117.7%	$4.1M+79.4%	$34.6M+496.2%	$3.0M-36.7%
Interest Expense	$11K-87.8%	$11K-98.1%	$12K-86.7%	$90K-38.8%	$90K-39.2%	$575K+296.6%	$90K-38.4%	$147K-27.2%
Income Tax	$2.5M+5825.6%	$1.5M+6500.0%	-$15.1M-564.3%	-$854K-110.0%	-$43K-103.3%	-$23K-102.3%	$3.3M+2175.8%	$8.5M+981.7%
Net Income	$9.0M+2422.3%	$4.3M+551.3%	-$31.0M-287.2%	-$7.9M-121.9%	$355K-95.5%	$667K-90.2%	$16.5M+118.1%	$36.0M+52288.4%
EPS (Basic)	$0.18+1700.0%	$0.09+800.0%	-$0.63-285.3%	-$0.16-121.6%	$0.01-93.8%	$0.01-92.9%	$0.34+126.7%	$0.74
EPS (Diluted)	N/A	$0.09+800.0%	-$0.63-285.3%	-$0.16-121.6%	$0.01-93.8%	$0.01-92.9%	$0.34+126.7%	$0.74
Diluted Shares (Avg)	N/A	49M0.0%	N/A	49M0.0%	49M0.0%	49M0.0%	N/A	49M0.0%

Not reported in any period shown, so not listed: R&D Expenses.

NL Balance Sheet

NL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$464.2M-19.7%	$578.3M+0.3%	$576.7M-5.4%	$609.9M+2.3%	$596.2M+8.8%	$548.1M-1.7%	$557.5M+1.9%	$547.2M-0.8%	$551.6M+43.3%	$385.0M+10.2%	$349.3M-29.6%	$496.2M-27.7%	$685.8M+0.7%	$680.8M-10.6%	$761.2M
Current Assets	$159.9M-32.8%	$238.0M+9.0%	$218.3M+12.5%	$194.0M+0.2%	$193.6M+13.1%	$171.2M+3.9%	$164.7M-1.2%	$166.6M+27.5%	$130.7M+5.8%	$123.5M-1.0%	$124.8M+20.6%	$103.5M+22.6%	$84.4M-25.1%	$112.7M+93.2%	$58.3M
Cash & Equivalents	$110.6M-32.2%	$163.2M+46.3%	$111.5M+61.9%	$68.9M-53.2%	$147.0M+7.3%	$137.0M+5.6%	$129.7M+11.6%	$116.3M+18.3%	$98.3M+5.5%	$93.2M-3.4%	$96.5M+32.9%	$72.6M+37.9%	$52.6M+167.5%	-$78.0M-769.3%	$11.7M
Short-Term Investments	$0	$0-100.0%	$53.1M-24.3%	$70.2M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$30.4M+7.2%	$28.4M-7.6%	$30.7M-1.8%	$31.3M+22.0%	$25.6M+39.8%	$18.3M-0.1%	$18.3M+7.3%	$17.1M+11.2%	$15.4M+2.7%	$15.0M-0.8%	$15.1M-10.5%	$16.9M+27.4%	$13.2M+17.9%	$11.2M-42.7%	$19.6M
Long-Term Investments	$14.4M-48.5%	$28.0M+54.0%	$18.2M-31.0%	$26.4M-23.5%	$34.4M+89.1%	$18.2M	$0	$0	$0	$0	$0	$0-100.0%	$252.7M+40.6%	$179.7M-42.3%	$311.4M
Goodwill	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M-42.9%	$47.6M
Total Liabilities	$105.5M-41.9%	$181.4M-12.3%	$206.8M-9.2%	$227.7M-2.6%	$233.7M-1.1%	$236.3M-6.6%	$253.0M-3.9%	$263.1M+21.7%	$216.3M+4.5%	$207.1M+3.9%	$199.4M-23.1%	$259.2M-21.6%	$330.4M+8.0%	$306.0M-11.6%	$346.3M
Current Liabilities	$20.6M-77.4%	$91.1M+199.1%	$30.4M-5.0%	$32.1M+4.8%	$30.6M+11.2%	$27.5M-7.7%	$29.8M-63.3%	$81.3M+315.3%	$19.6M-36.3%	$30.7M+28.1%	$24.0M-2.5%	$24.6M+29.1%	$19.1M-23.1%	$24.8M-39.3%	$40.8M
Non-Current Liabilities	$66.8M-6.2%	$71.3M-53.8%	$154.5M-11.8%	$175.1M-3.1%	$180.6M-2.5%	$185.3M-7.6%	$200.5M+23.5%	$162.4M-9.3%	$179.0M+11.9%	$160.0M-0.1%	$160.1M-27.3%	$220.1M-26.1%	$297.8M+11.1%	$267.9M-9.0%	$294.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$17.5M-35.9%	$27.3M
Total Equity	$358.8M-9.6%	$396.9M+7.3%	$369.8M-3.2%	$382.1M+5.4%	$362.5M+16.2%	$311.9M+2.4%	$304.5M+7.2%	$284.1M-15.3%	$335.3M+88.5%	$177.9M+18.7%	$149.9M-36.7%	$237.0M-33.3%	$355.4M-5.2%	$374.8M-9.7%	$415.0M
Retained Earnings	$249.4M-20.8%	$315.1M+10.8%	$284.5M-5.3%	$300.4M+1.0%	$297.4M+15.3%	$257.9M+2.7%	$251.0M+11.5%	$225.2M+2.3%	$220.1M+111.6%	$104.0M+17.3%	$88.7M-21.2%	$112.6M+33.9%	$84.1M-48.7%	$163.8M+44.2%	$113.6M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$470.6M-10.1%	$461.2M-11.3%	$464.2M-19.7%	$500.2M-14.6%	$523.7M-9.7%	$520.0M-8.6%	$578.3M+0.3%	$585.6M+2.7%
Current Assets	$163.6M-10.9%	$155.9M-13.2%	$159.9M-32.8%	$174.3M-22.7%	$183.7M-19.2%	$179.6M-17.7%	$238.0M+9.0%	$225.6M+9.4%
Cash & Equivalents	$107.0M-4.0%	$101.9M-7.4%	$110.6M-32.2%	$101.9M-30.2%	$111.5M-33.4%	$110.0M-20.4%	$163.2M+46.3%	$146.0M+121.7%
Short-Term Investments	$0	$0	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%
Inventory	$31.8M-3.5%	$30.1M+3.1%	$30.4M+7.2%	$31.0M+10.5%	$32.9M+20.2%	$29.2M+5.9%	$28.4M-7.6%	$28.0M-18.3%
Long-Term Investments	$17.6M-9.2%	$17.1M-12.0%	$14.4M-48.5%	$18.9M-52.7%	$19.4M-9.4%	$19.5M-5.4%	$28.0M+54.0%	$40.0M+151.7%
Goodwill	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%	$27.2M0.0%
Total Liabilities	$107.5M-14.7%	$101.9M-16.8%	$105.5M-41.9%	$124.8M-37.5%	$126.1M-39.1%	$122.4M-39.0%	$181.4M-12.3%	$199.6M-3.2%
Current Liabilities	$18.1M-46.6%	$14.6M-52.7%	$20.6M-77.4%	$35.2M+4.8%	$34.0M+15.0%	$30.9M+25.7%	$91.1M+199.1%	$33.6M+11.8%
Non-Current Liabilities	$70.6M-2.9%	$68.9M-4.6%	$66.8M-6.2%	$71.8M-51.2%	$72.7M-53.2%	$72.3M-53.1%	$71.3M-53.8%	$147.2M-4.9%
Total Equity	$363.0M-8.7%	$359.3M-9.6%	$358.8M-9.6%	$375.4M-2.8%	$397.6M+6.6%	$397.6M+8.0%	$396.9M+7.3%	$386.0M+6.0%
Retained Earnings	$252.9M-17.7%	$248.8M-20.1%	$249.4M-20.8%	$284.8M-5.8%	$307.3M+5.5%	$311.3M+8.3%	$315.1M+10.8%	$302.4M+7.9%

Not reported in any period shown, so not listed: Accounts Receivable, Long-Term Debt.

NL Cash Flow Statement

NL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$11.2M	-$36.4M-242.3%	$25.6M-30.9%	$37.0M+37.4%	$26.9M+52.9%	$17.6M-7.4%	$19.0M-30.7%	$27.4M+60.7%	$17.1M-8.4%	$18.6M-32.7%	$27.7M-1.5%	$28.1M+19.4%	$23.6M+58.0%	$14.9M-17.2%	$18.0M-62.7%	$48.2M
Depreciation & Amortization	N/A	$3.7M-1.1%	$3.7M-7.1%	$4.0M-0.1%	$4.0M+3.6%	$3.8M+0.3%	$3.8M+3.9%	$3.7M+6.0%	$3.5M-6.9%	$3.7M-1.1%	$3.8M+4.6%	$3.6M+0.2%	$3.6M+8.0%	$3.3M-42.8%	$5.8M-14.7%	$6.8M
Capital Expenditures	$3.1M	$3.7M+161.7%	$1.4M+26.7%	$1.1M-69.4%	$3.7M-9.7%	$4.1M+135.3%	$1.7M-45.0%	$3.2M+1.5%	$3.1M+11.0%	$2.8M-12.4%	$3.2M-25.5%	$4.3M+50.6%	$2.9M-19.3%	$3.5M-22.4%	$4.6M+39.3%	$3.3M
Free Cash Flow	$8.1M	-$40.1M-266.3%	$24.1M-32.7%	$35.9M+54.4%	$23.2M+71.9%	$13.5M-21.8%	$17.3M-28.8%	$24.3M+73.9%	$14.0M-11.8%	$15.8M-35.4%	$24.5M+2.9%	$23.8M+15.0%	$20.7M+82.1%	$11.4M-15.4%	$13.4M-70.1%	$45.0M
Investing Cash Flow	-$1.0M	-$2.4M-104.1%	$58.9M+166.3%	$22.1M+132.6%	-$67.9M-1111.8%	$6.7M+313.6%	-$3.1M-131.7%	$9.9M+658.7%	$1.3M+109.6%	-$13.6M+55.5%	-$30.6M-688.8%	-$3.9M-18.5%	-$3.3M-209.7%	$3.0M-96.8%	$92.2M+839.8%	$9.8M
Financing Cash Flow	-$32.3M	-$31.3M+24.8%	-$41.6M-173.4%	-$15.2M+58.6%	-$36.8M-156.5%	-$14.3M-69.2%	-$8.5M-1704.5%	-$470K-40.3%	-$335K-0.6%	-$333K-298.2%	$168K+150.9%	-$330K-0.6%	-$328K+99.2%	-$43.3M+1.9%	-$44.1M+28.4%	-$61.5M
Dividends Paid	$18.6M	$17.6M+12.8%	$15.6M+13.9%	$13.7M0.0%	$13.7M+17.1%	$11.7M+50.0%	$7.8M	$0	$0	$0	N/A	N/A	N/A	$24.3M0.0%	$24.3M0.0%	$24.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$11.0M+50.5%	-$3.5M+92.5%	-$4.2M-146.2%	$7.9M+239.6%	$7.3M-53.1%	-$47.5M-804.0%	$9.0M-58.3%	-$5.7M-4.1%
Depreciation & Amortization	$857K-7.2%	$868K-8.1%	$888K-4.3%	$896K-2.3%	$923K+0.3%	$945K+2.1%	$928K-5.0%	$917K-7.1%
Capital Expenditures	$1.1M-16.8%	$404K-50.9%	$599K+151.7%	$983K+111.9%	$1.3M+216.0%	$822K+169.5%	$238K-58.0%	$464K+439.5%
Free Cash Flow	$9.8M+65.7%	-$3.9M+91.8%	-$4.7M-154.3%	$7.0M+213.1%	$5.9M-60.7%	-$48.3M-850.1%	$8.7M-58.3%	-$6.1M-10.8%
Investing Cash Flow	-$518K+45.1%	$196K+124.1%	-$499K-114.8%	-$183K-101.4%	-$943K-105.2%	-$812K-103.3%	$3.4M-88.3%	$12.8M-23.2%
Financing Cash Flow	-$5.4M-10.2%	-$5.4M-10.1%	-$4.9M-11.2%	-$16.7M+41.4%	-$4.9M-11.2%	-$4.9M-11.2%	-$4.4M-15.0%	-$28.5M-648.4%
Dividends Paid	$4.9M+11.2%	$4.9M+11.1%	-$5.9M+65.8%	$14.7M-41.2%	$4.4M+12.5%	$4.4M+12.5%	-$17.1M-597.0%	$24.9M+628.4%

Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.

NL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	30.4%+2.1pp	28.3%-2.2pp	30.5%+1.2pp	29.3%-1.1pp	30.4%+1.7pp	28.7%-2.7pp	31.4%-1.0pp	32.4%+1.3pp	31.1%-1.2pp	32.3%+1.7pp	30.6%-0.4pp	31.1%+1.1pp	30.0%+0.7pp	29.2%-1.0pp	30.2%
Operating Margin	6.7%-19.2pp	25.9%+17.2pp	8.8%+0.5pp	8.2%+0.8pp	7.4%+5.4pp	2.1%+3.4pp	-1.3%+50.0pp	-51.3%-52.8pp	1.5%+2.2pp	-0.7%-0.9pp	0.3%-2.5pp	2.7%+76.9pp	-74.2%-64.5pp	-9.7%-8.8pp	-0.8%
Net Margin	-23.9%-70.0pp	46.1%+47.5pp	-1.4%-21.8pp	20.3%-16.0pp	36.4%+23.5pp	12.8%-8.0pp	20.8%+55.5pp	-34.7%	103.6%	14.1%+36.0pp	-21.9%-49.4pp	27.4%+87.6pp	-60.1%-149.7pp	89.6%	102.3%
Return on Equity	-10.5%-27.5pp	16.9%+17.6pp	-0.6%-9.5pp	8.9%-5.3pp	14.1%+9.4pp	4.7%-3.8pp	8.5%+22.9pp	-14.4%-49.1pp	34.6%+26.0pp	8.6%+24.6pp	-15.9%-28.0pp	12.0%+27.6pp	-15.6%-35.5pp	19.9%+0.2pp	19.7%
Return on Assets	-8.2%-19.8pp	11.6%+12.0pp	-0.4%-5.9pp	5.5%-3.0pp	8.6%+5.9pp	2.7%-2.0pp	4.6%+12.1pp	-7.5%-28.5pp	21.1%+17.1pp	4.0%+10.8pp	-6.8%-12.6pp	5.7%+13.8pp	-8.1%-19.0pp	10.9%+0.2pp	10.7%
Current Ratio	7.77+5.2x	2.61-4.6x	7.17+1.1x	6.05-0.3x	6.33+0.1x	6.22+0.7x	5.52+3.5x	2.05-4.6x	6.67+2.7x	4.02-1.2x	5.20+1.0x	4.20-0.2x	4.43-0.1x	4.55+3.1x	1.43
Debt-to-Equity	0.29-0.2x	0.46-0.1x	0.560.0x	0.600.0x	0.64-0.1x	0.76-0.1x	0.83-0.1x	0.93+0.3x	0.65-0.5x	1.16-0.2x	1.33+0.2x	1.09+1.1x	0.000.0x	0.050.0x	0.07
Asset Turnover	0.34+0.1x	0.250.0x	0.280.0x	0.270.0x	0.240.0x	0.210.0x	0.220.0x	0.220.0x	0.20-0.1x	0.280.0x	0.31+0.1x	0.21+0.1x	0.130.0x	0.120.0x	0.10
FCF Margin	-25.4%-41.9pp	16.5%-5.7pp	22.2%+8.3pp	14.0%+4.4pp	9.6%-5.5pp	15.1%-4.4pp	19.5%+7.7pp	11.8%-2.3pp	14.1%-8.4pp	22.5%+0.6pp	21.8%+1.9pp	19.9%+7.6pp	12.3%-3.8pp	16.2%-40.2pp	56.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	35.6%+3.7pp	32.7%+2.5pp	32.1%+3.3pp	27.6%-0.5pp	31.9%+0.8pp	30.2%+4.7pp	28.8%-2.8pp	28.1%-3.1pp
Operating Margin	14.1%+7.1pp	10.1%+2.3pp	7.6%-80.1pp	4.6%-1.4pp	6.9%+4.7pp	7.8%+4.3pp	87.7%+76.5pp	6.0%-3.1pp
Net Margin	20.5%+19.7pp	10.7%+9.0pp	-82.2%-125.2pp	-19.7%	0.9%-20.9pp	1.7%-16.4pp	43.1%+25.5pp	107.0%
Return on Equity	2.5%+2.4pp	1.2%+1.0pp	-8.6%-12.8pp	-2.1%-11.4pp	0.1%-2.0pp	0.2%-1.7pp	4.2%+2.1pp	9.3%+9.3pp
Return on Assets	1.9%+1.8pp	0.9%+0.8pp	-6.7%-9.5pp	-1.6%-7.7pp	0.1%-1.3pp	0.1%-1.1pp	2.9%+1.5pp	6.2%+6.2pp
Current Ratio	9.02+3.6x	10.65+4.8x	7.77+5.2x	4.96-1.8x	5.41-2.3x	5.81-3.1x	2.61-4.6x	6.72-0.1x
Debt-to-Equity	0.300.0x	0.280.0x	0.29-0.2x	0.33-0.2x	0.32-0.2x	0.31-0.2x	0.46-0.1x	0.520.0x
Asset Turnover	0.090.0x	0.090.0x	0.080.0x	0.080.0x	0.080.0x	0.080.0x	0.070.0x	0.060.0x
FCF Margin	22.6%+7.9pp	-9.7%	-12.6%-35.4pp	17.4%+35.7pp	14.7%-27.4pp	-119.9%	22.8%-25.8pp	-18.3%-4.5pp

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
NLI Holdings, Inc. NL	FY2025	$158.3M	-$37.8M	-23.9%	$324.2M	54/100
Mistras Group Inc. MG	FY2025	$724.0M	$16.8M	2.3%	$683.7M	42/100
Comp X International Inc. CIX	FY2025	$158.3M	$19.5M	12.3%	$443.5M	73/100
Napco Security Technologies, Inc NSSC	FY2026	$202.3M	$43.0M	21.3%	$1.3B	79/100
Evolv Technologies Holdings, Inc. EVLV	FY2025	$145.9M	-$33.1M	-22.7%	$753.5M	64/100
Senstar Technologies Corporation SNT	FY2025	$36.4M	$3.2M	8.8%	$33.1M	60/100

Where NLI Holdings, Inc. Ranks

Frequently Asked Questions

What is NLI Holdings, Inc.'s annual revenue?

NLI Holdings, Inc. (NL) reported $158.3M in total revenue for fiscal year 2025. This represents a 8.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is NLI Holdings, Inc.'s revenue growing?

NLI Holdings, Inc. (NL) revenue grew by 8.5% year-over-year, from $145.9M to $158.3M in fiscal year 2025.

Is NLI Holdings, Inc. profitable?

No, NLI Holdings, Inc. (NL) reported a net income of -$37.8M in fiscal year 2025, with a net profit margin of -23.9%.

What is NLI Holdings, Inc.'s EBITDA?

NLI Holdings, Inc. (NL) had EBITDA of $14.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is NLI Holdings, Inc.'s gross margin?

NLI Holdings, Inc. (NL) had a gross margin of 30.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is NLI Holdings, Inc.'s operating margin?

NLI Holdings, Inc. (NL) had an operating margin of 6.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is NLI Holdings, Inc.'s net profit margin?

NLI Holdings, Inc. (NL) had a net profit margin of -23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does NLI Holdings, Inc. pay dividends?

Yes, NLI Holdings, Inc. (NL) paid $0.57 per share in dividends during fiscal year 2025.

What is NLI Holdings, Inc.'s return on equity (ROE)?

NLI Holdings, Inc. (NL) has a return on equity of -10.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NLI Holdings, Inc.'s free cash flow?

NLI Holdings, Inc. (NL) recorded an outflow of $40.1M in free cash flow during fiscal year 2025. This represents a -266.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is NLI Holdings, Inc.'s operating cash flow?

NLI Holdings, Inc. (NL) recorded an outflow of $36.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are NLI Holdings, Inc.'s total assets?

NLI Holdings, Inc. (NL) had $464.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are NLI Holdings, Inc.'s capital expenditures?

NLI Holdings, Inc. (NL) invested $3.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does NLI Holdings, Inc. have outstanding?

NLI Holdings, Inc. (NL) had 49M shares outstanding as of fiscal year 2025.

What is NLI Holdings, Inc.'s current ratio?

NLI Holdings, Inc. (NL) had a current ratio of 7.77 as of fiscal year 2025, which is generally considered healthy.

What is NLI Holdings, Inc.'s debt-to-equity ratio?

NLI Holdings, Inc. (NL) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is NLI Holdings, Inc.'s return on assets (ROA)?

NLI Holdings, Inc. (NL) had a return on assets of -8.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NLI Holdings, Inc.'s P/E ratio?

NLI Holdings, Inc. (NL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $324.2M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NLI Holdings, Inc.'s price-to-sales ratio?

NLI Holdings, Inc. (NL) trades at 2.0x sales, its market capitalization divided by revenue of $161.8M revenue, trailing 12 months to June 30, 2026. The market capitalization is $324.2M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does NLI Holdings, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, NLI Holdings, Inc. (NL) held $125.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $36.4M over that year. Dividing the one by the other, the reported balance equals about 41 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is NLI Holdings, Inc.'s Altman Z-Score?

NLI Holdings, Inc. (NL) has an Altman Z-Score of 3.37, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is NLI Holdings, Inc.'s Piotroski F-Score?

NLI Holdings, Inc. (NL) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are NLI Holdings, Inc.'s earnings high quality?

NLI Holdings, Inc. (NL) reported a net loss of $37.8M while operations used $36.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can NLI Holdings, Inc. cover its interest payments?

NLI Holdings, Inc. (NL) has an interest coverage ratio of 13.92x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is NLI Holdings, Inc.?

NLI Holdings, Inc. (NL) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.