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NLI Holdings, Inc. is a holding company whose operating business is its majority-owned subsidiary CompX International. CompX generates most of its sales from mechanical and electronic locks used in mailboxes, furniture, medical cabinets and other equipment. It also sells components for recreational boats and custom metal parts for industrial customers. The United States Postal Service is a major customer. Customers order through purchase orders rather than long-term contracts or minimum purchase commitments, so sales depend on their ongoing needs.
NLI also holds a noncontrolling stake in Kronos Worldwide, which sells titanium dioxide pigment to manufacturers of coatings, plastics, paper and other products. This pigment accounts for most of Kronos’s sales, making the investment’s earnings closely tied to pigment demand and the industry’s pricing cycle.
At the parent-company level, NLI relies heavily on dividends and other distributions from its subsidiaries and affiliate to meet obligations and pay shareholder dividends. Those businesses are separate legal entities and do not have to distribute cash; laws, debt agreements and other restrictions can also limit payments to NLI.
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NL’s earnings also depend on TiO₂ supply competition from LB Group, whose planned chloride-process expansion could pressure Kronos’s pigment prices.
Kronos Worldwide’s profits and losses flow directly into NL’s earnings through its 31% stake; Kronos sells titanium dioxide (TiO₂) pigment to customers through direct sales and distributors. NL’s share swung from $26.4 million in earnings in 2024 to a $33.9 million loss in 2025, making the pigment business a key earnings watch.
Comp X International Inc. supplies NL’s sole operating segment: NL owns 87% and includes its lock and marine-component operations in its accounts. Watch sales of locks for furniture, tool storage and medical cabinetry, and parts for recreational boats—the segment’s profit rose from $17.0 million in 2024 to $22.6 million in 2025.
Valhi shares NL’s main earnings drivers: it consolidates Kronos’s pigment sales and CompX’s lock and marine-component sales, which feed NL’s investment earnings and operating profit. Watch those two businesses in Valhi’s results rather than its separate real-estate operations.
Chemours competes for TiO₂ pigment sales with Kronos, NL’s 31%-owned investment, and is Kronos’s principal North American rival. Its Ti-Pure pigment business and North American capacity decisions are the parts to watch for pressure on Kronos’s sales and pricing, rather than Chemours’s refrigerants or other materials.
Tronox competes with NL’s significant investment Kronos to sell TiO₂ pigment, exposing both businesses to pigment prices and customer demand. Watch Tronox’s pigment sales and production costs: it produces much of its own titanium feedstock to support lower-cost pigment production.
Comp X International Inc. earningsCIX
CompX’s report shows how sales and profit are developing in the lock and marine-components businesses that make up NLI Holdings’ only operating segment.
Read CompX sales alongside segment profit. If both rise, demand for locks or marine components is translating into better operating results; if sales rise but profit does not, costs, product mix or pricing may be absorbing some of the gain; if both weaken, the segment’s improvement is fading. CompX has no long-term or minimum-purchase commitments, and the U.S. Postal Service accounted for 26% of its sales in 2025, so changes in large-customer orders matter too.
NLI Holdings, Inc. earningsThis company
NLI Holdings’ earnings reflect CompX’s operating profit and its equity-method share of Kronos’s results, so this report shows how those two businesses are affecting the company.
Read CompX segment profit alongside NLI Holdings’ equity-method share of Kronos’s results. Stronger CompX profit and a smaller Kronos loss or a return to profit would mean both businesses are supporting NLI Holdings’ earnings more; weaker CompX profit or a larger Kronos loss would mean pressure remains. NLI Holdings owns 87% of CompX and 31% of Kronos, so their results reach its accounts differently; company-level litigation and environmental costs can also offset improvement.
Kronos Worldwide, Inc. earningsKRO
Kronos Worldwide’s titanium dioxide results flow into NLI Holdings’ earnings through its 31% stake, showing whether this investment is supporting or weighing on the company.
Read titanium dioxide selling prices and sales volume alongside gross margin, the share of sales left after production costs. Better prices or volume with a recovering margin would show Kronos covering more of its production costs, potentially reducing the drag on NLI Holdings; weak prices and a persistently high cost share would point to continued pressure on Kronos’s results and NLI Holdings’ equity-method earnings.
The Chemours Company earningsCC
Chemours’ Ti-Pure business and North American capacity decisions show whether competition for titanium dioxide customers shared with Kronos is intensifying or easing.
Read Chemours’ Ti-Pure sales alongside any disclosed changes in North American capacity. Steady sales with capacity maintained or expanded would show that Kronos’s principal North American rival remains able to compete for customers, potentially pressuring Kronos’s prices and volume. Weaker sales with capacity cuts could reduce competing supply, but would also point to softer demand for titanium dioxide—not necessarily better sales for Kronos. The takeaway depends on both rival supply and demand in the shared market.
