vs
NL INDUSTRIES INC（NL）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
特诺控股的季度营收约是NL INDUSTRIES INC的19.4倍（$730.0M vs $37.7M）。特诺控股净利率更高（-24.1% vs -82.2%，领先58.1%）。特诺控股同比增速更快（8.0% vs -1.9%）。特诺控股自由现金流更多（$53.0M vs $-4.7M）。过去两年NL INDUSTRIES INC的营收复合增速更高（-0.4% vs -2.9%）
NL工业公司前身为国民铅业公司，是一家铅冶炼企业，目前总部位于美国得克萨斯州休斯顿。该企业历史底蕴深厚，早在1896年5月26日道琼斯工业平均指数创立之初，NL工业就是最初纳入指数的12只成分股之一。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
NL vs TROX — 直观对比
营收规模更大
TROX
是对方的19.4倍
$37.7M
营收增速更快
TROX
高出9.9%
-1.9%
净利率更高
TROX
高出58.1%
-82.2%
自由现金流更多
TROX
多$57.7M
$-4.7M
两年增速更快
NL
近两年复合增速
-2.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $37.7M | $730.0M |
| 净利润 | $-31.0M | $-176.0M |
| 毛利率 | 32.1% | 5.3% |
| 营业利润率 | 7.6% | -15.6% |
| 净利率 | -82.2% | -24.1% |
| 营收同比 | -1.9% | 8.0% |
| 净利润同比 | -287.2% | -486.7% |
| 每股收益（稀释后） | $-0.63 | $-1.11 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NLTROX
| Q4 25 | $37.7M | $730.0M | ||
| Q3 25 | $40.0M | $699.0M | ||
| Q2 25 | $40.4M | $731.0M | ||
| Q1 25 | $40.3M | $738.0M | ||
| Q4 24 | $38.4M | $676.0M | ||
| Q3 24 | $33.7M | $804.0M | ||
| Q2 24 | $35.9M | $820.0M | ||
| Q1 24 | $38.0M | $774.0M |
净利润NLTROX
| Q4 25 | $-31.0M | $-176.0M | ||
| Q3 25 | $-7.9M | $-99.0M | ||
| Q2 25 | $355.0K | $-84.0M | ||
| Q1 25 | $667.0K | $-111.0M | ||
| Q4 24 | $16.5M | $-30.0M | ||
| Q3 24 | $36.0M | $-25.0M | ||
| Q2 24 | $7.8M | $16.0M | ||
| Q1 24 | $6.8M | $-9.0M |
毛利率NLTROX
| Q4 25 | 32.1% | 5.3% | ||
| Q3 25 | 27.6% | 7.4% | ||
| Q2 25 | 31.9% | 10.8% | ||
| Q1 25 | 30.2% | 13.4% | ||
| Q4 24 | 28.8% | 17.3% | ||
| Q3 24 | 28.1% | 15.9% | ||
| Q2 24 | 31.1% | 18.3% | ||
| Q1 24 | 25.5% | 15.5% |
营业利润率NLTROX
| Q4 25 | 7.6% | -15.6% | ||
| Q3 25 | 4.6% | -6.2% | ||
| Q2 25 | 6.9% | -4.8% | ||
| Q1 25 | 7.8% | -8.3% | ||
| Q4 24 | 87.7% | 7.1% | ||
| Q3 24 | 6.0% | 6.7% | ||
| Q2 24 | 2.2% | 9.3% | ||
| Q1 24 | 3.6% | 5.3% |
净利率NLTROX
| Q4 25 | -82.2% | -24.1% | ||
| Q3 25 | -19.7% | -14.2% | ||
| Q2 25 | 0.9% | -11.5% | ||
| Q1 25 | 1.7% | -15.0% | ||
| Q4 24 | 43.1% | -4.4% | ||
| Q3 24 | 107.0% | -3.1% | ||
| Q2 24 | 21.8% | 2.0% | ||
| Q1 24 | 18.0% | -1.2% |
每股收益（稀释后）NLTROX
| Q4 25 | $-0.63 | $-1.11 | ||
| Q3 25 | $-0.16 | $-0.63 | ||
| Q2 25 | $0.01 | $-0.53 | ||
| Q1 25 | $0.01 | $-0.70 | ||
| Q4 24 | $0.34 | $-0.19 | ||
| Q3 24 | $0.74 | $-0.16 | ||
| Q2 24 | $0.16 | $0.10 | ||
| Q1 24 | $0.14 | $-0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $110.6M | $199.0M |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $358.8M | $1.4B |
| 总资产 | $464.2M | $6.2B |
| 负债/权益比越低杠杆越低 | — | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资NLTROX
| Q4 25 | $110.6M | $199.0M | ||
| Q3 25 | $101.9M | $185.0M | ||
| Q2 25 | $111.5M | $132.0M | ||
| Q1 25 | $110.0M | $138.0M | ||
| Q4 24 | $163.2M | $151.0M | ||
| Q3 24 | $146.0M | $167.0M | ||
| Q2 24 | $179.4M | $201.0M | ||
| Q1 24 | $167.9M | $152.0M |
总债务NLTROX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益NLTROX
| Q4 25 | $358.8M | $1.4B | ||
| Q3 25 | $375.4M | $1.6B | ||
| Q2 25 | $397.6M | $1.6B | ||
| Q1 25 | $397.6M | $1.7B | ||
| Q4 24 | $396.9M | $1.8B | ||
| Q3 24 | $386.0M | $1.9B | ||
| Q2 24 | $373.1M | $1.9B | ||
| Q1 24 | $368.1M | $1.9B |
总资产NLTROX
| Q4 25 | $464.2M | $6.2B | ||
| Q3 25 | $500.2M | $6.3B | ||
| Q2 25 | $523.7M | $6.2B | ||
| Q1 25 | $520.0M | $6.1B | ||
| Q4 24 | $578.3M | $6.0B | ||
| Q3 24 | $585.6M | $6.2B | ||
| Q2 24 | $580.0M | $6.1B | ||
| Q1 24 | $568.8M | $6.0B |
负债/权益比NLTROX
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-4.2M | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $-4.7M | $53.0M |
| 自由现金流率自由现金流/营收 | -12.6% | 7.3% |
| 资本支出强度资本支出/营收 | 1.6% | 9.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-40.1M | $-281.0M |
8季度趋势，按日历期对齐
经营现金流NLTROX
| Q4 25 | $-4.2M | $121.0M | ||
| Q3 25 | $7.9M | $-57.0M | ||
| Q2 25 | $7.3M | $28.0M | ||
| Q1 25 | $-47.5M | $-32.0M | ||
| Q4 24 | $9.0M | $82.0M | ||
| Q3 24 | $-5.7M | $87.0M | ||
| Q2 24 | $15.5M | $160.0M | ||
| Q1 24 | $6.7M | $-29.0M |
自由现金流NLTROX
| Q4 25 | $-4.7M | $53.0M | ||
| Q3 25 | $7.0M | $-137.0M | ||
| Q2 25 | $5.9M | $-55.0M | ||
| Q1 25 | $-48.3M | $-142.0M | ||
| Q4 24 | $8.7M | $-35.0M | ||
| Q3 24 | $-6.1M | $-14.0M | ||
| Q2 24 | $15.1M | $84.0M | ||
| Q1 24 | $6.4M | $-105.0M |
自由现金流率NLTROX
| Q4 25 | -12.6% | 7.3% | ||
| Q3 25 | 17.4% | -19.6% | ||
| Q2 25 | 14.7% | -7.5% | ||
| Q1 25 | -119.9% | -19.2% | ||
| Q4 24 | 22.8% | -5.2% | ||
| Q3 24 | -18.3% | -1.7% | ||
| Q2 24 | 42.1% | 10.2% | ||
| Q1 24 | 17.0% | -13.6% |
资本支出强度NLTROX
| Q4 25 | 1.6% | 9.3% | ||
| Q3 25 | 2.5% | 11.4% | ||
| Q2 25 | 3.3% | 11.4% | ||
| Q1 25 | 2.0% | 14.9% | ||
| Q4 24 | 0.6% | 17.3% | ||
| Q3 24 | 1.4% | 12.6% | ||
| Q2 24 | 1.2% | 9.3% | ||
| Q1 24 | 0.8% | 9.8% |
现金转化率NLTROX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 20.53× | — | ||
| Q1 25 | -71.18× | — | ||
| Q4 24 | 0.54× | — | ||
| Q3 24 | -0.16× | — | ||
| Q2 24 | 1.98× | 10.00× | ||
| Q1 24 | 0.99× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NL
| Security Products | $29.5M | 78% |
| Marine Components | $8.2M | 22% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
