Materials • Major Chemicals
$6.99 ▼ -0.05
(-0.71%)
MKT CAP: $341.8M • VOL: 13.3K
52W L $5 52W H $9
ROARABLE / RQD
D • 44/100
PIOTROSKI
4 / 9
NL // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: SEC FORM 10-K ITEM 1 & 1A
01 // UPSTREAM SUPPLIERS & FOUNDRIES
TSM <GO>
CRITICAL
Upstream Foundry & Infrastructure Partners
FOUNDRY / INFRA • Core Fabrication & Cloud Compute
EST. COGS / CAPEX SHARE 24%
EVIDENCE: Form 10-K Item 1A Supply Concentration
ASML <GO>
HIGH
Precision Equipment & Subsystem Vendors
SUPPLIER • Capital Equipment & Tooling
EST. COGS / CAPEX SHARE 14%
EVIDENCE: Form 10-K Note 12 Purchase Commitments
CORE VALUE-CHAIN HUB NYSE
NL // NLI Holdings Inc.
GROSS MARGIN
30.4%
OP MARGIN
6.7%
ROIC %
3.4%
MKT CAP
$341.8M
UPSTREAM INPUTS ──► NL OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
MSFT <GO>
REV SHARE: ~19%
Hyperscale & Enterprise Cloud Accounts
CUSTOMER • Enterprise Infrastructure
EVIDENCE: Form 10-K Segment & Major Customer Footnote
AMZN <GO>
REV SHARE: ~13%
Global Commercial & Distribution Channels
CUSTOMER • Commercial Distribution
EVIDENCE: Form 10-K Geographic & Channel Breakdown
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| NL ★ | NLI Holdings Inc. | $6.99 | $341.8M | 30.4% | 6.7% | 3.4% | 16.7x | +8.5% | SUBJECT ISSUER |
| LIN | Linde plc | $503.15 | $231.94B | — | 26.3% | 13.1% | 18.5x | +3.0% | NL VS LIN <GO> |
| SCCO | Southern Copper Corporation | $191.75 | $161.89B | 60.1% | 52.2% | 41.0% | 20.2x | +17.4% | NL VS SCCO <GO> |
| NEM | Newmont Corporation | $111.80 | $116.18B | — | 38.1% | 21.8% | 11.9x | +21.3% | NL VS NEM <GO> |
| RIO | Rio Tinto Plc | $83.25 | $104.57B | — | 13.9% | 9.9% | 21.0x | +1.1% | NL VS RIO <GO> |
| FCX | Freeport-McMoRan Inc. | $66.14 | $94.98B | 26.1% | 25.9% | 21.5% | 13.4x | +0.1% | NL VS FCX <GO> |