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NL INDUSTRIES INC（NL）与VALHI INC（VHI）财务数据对比。点击上方公司名可切换其他公司
VALHI INC的季度营收约是NL INDUSTRIES INC的13.1倍（$494.5M vs $37.7M）。VALHI INC净利率更高（-10.8% vs -82.2%，领先71.4%）。VALHI INC同比增速更快（2.8% vs -1.9%）。VALHI INC自由现金流更多（$89.8M vs $-4.7M）。过去两年NL INDUSTRIES INC的营收复合增速更高（-0.4% vs -3.5%）
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。
Valhi是一家美国控股公司，1987年由LLC公司与合并糖业公司合并成立，通过全资及控股子公司在多个不同行业开展业务。截至2014年12月，Contran公司持有其93%的普通股，2014年已跻身财富美国1000强企业之列。
NL vs VHI — 直观对比
营收规模更大
VHI
是对方的13.1倍
$37.7M
营收增速更快
VHI
高出4.7%
-1.9%
净利率更高
VHI
高出71.4%
-82.2%
自由现金流更多
VHI
多$94.5M
$-4.7M
两年增速更快
NL
近两年复合增速
-3.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $37.7M | $494.5M |
| 净利润 | $-31.0M | $-53.2M |
| 毛利率 | 32.1% | 6.9% |
| 营业利润率 | 7.6% | -6.2% |
| 净利率 | -82.2% | -10.8% |
| 营收同比 | -1.9% | 2.8% |
| 净利润同比 | -287.2% | -333.3% |
| 每股收益（稀释后） | $-0.63 | $-1.86 |
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NLVHI
| Q4 25 | $37.7M | $494.5M | ||
| Q3 25 | $40.0M | $503.5M | ||
| Q2 25 | $40.4M | $540.4M | ||
| Q1 25 | $40.3M | $538.6M | ||
| Q4 24 | $38.4M | $480.9M | ||
| Q3 24 | $33.7M | $533.6M | ||
| Q2 24 | $35.9M | $559.7M | ||
| Q1 24 | $38.0M | $530.6M |
净利润NLVHI
| Q4 25 | $-31.0M | $-53.2M | ||
| Q3 25 | $-7.9M | $-22.2M | ||
| Q2 25 | $355.0K | $900.0K | ||
| Q1 25 | $667.0K | $16.9M | ||
| Q4 24 | $16.5M | $22.8M | ||
| Q3 24 | $36.0M | $57.5M | ||
| Q2 24 | $7.8M | $19.9M | ||
| Q1 24 | $6.8M | $7.8M |
毛利率NLVHI
| Q4 25 | 32.1% | 6.9% | ||
| Q3 25 | 27.6% | 12.0% | ||
| Q2 25 | 31.9% | 14.5% | ||
| Q1 25 | 30.2% | 22.7% | ||
| Q4 24 | 28.8% | 20.9% | ||
| Q3 24 | 28.1% | 21.8% | ||
| Q2 24 | 31.1% | 21.7% | ||
| Q1 24 | 25.5% | 16.3% |
营业利润率NLVHI
| Q4 25 | 7.6% | -6.2% | ||
| Q3 25 | 4.6% | 1.7% | ||
| Q2 25 | 6.9% | 6.6% | ||
| Q1 25 | 7.8% | 9.3% | ||
| Q4 24 | 87.7% | 11.8% | ||
| Q3 24 | 6.0% | 12.7% | ||
| Q2 24 | 2.2% | 9.8% | ||
| Q1 24 | 3.6% | 5.9% |
净利率NLVHI
| Q4 25 | -82.2% | -10.8% | ||
| Q3 25 | -19.7% | -4.4% | ||
| Q2 25 | 0.9% | 0.2% | ||
| Q1 25 | 1.7% | 3.1% | ||
| Q4 24 | 43.1% | 4.7% | ||
| Q3 24 | 107.0% | 10.8% | ||
| Q2 24 | 21.8% | 3.6% | ||
| Q1 24 | 18.0% | 1.5% |
每股收益（稀释后）NLVHI
| Q4 25 | $-0.63 | $-1.86 | ||
| Q3 25 | $-0.16 | $-0.78 | ||
| Q2 25 | $0.01 | $0.03 | ||
| Q1 25 | $0.01 | $0.59 | ||
| Q4 24 | $0.34 | $0.81 | ||
| Q3 24 | $0.74 | $2.01 | ||
| Q2 24 | $0.16 | $0.70 | ||
| Q1 24 | $0.14 | $0.27 |
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 | $216.9M |
| 总债务越低越好 | — | $590.9M |
| 股东权益账面价值 | $358.8M | $1.0B |
| 总资产 | $464.2M | $2.6B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资NLVHI
| Q4 25 | $110.6M | $216.9M | ||
| Q3 25 | $101.9M | $186.6M | ||
| Q2 25 | $111.5M | $190.9M | ||
| Q1 25 | $110.0M | $196.4M | ||
| Q4 24 | $163.2M | $350.2M | ||
| Q3 24 | $146.0M | $316.7M | ||
| Q2 24 | $179.4M | $386.9M | ||
| Q1 24 | $167.9M | $372.7M |
总债务NLVHI
| Q4 25 | — | $590.9M | ||
| Q3 25 | — | $661.5M | ||
| Q2 25 | — | $544.8M | ||
| Q1 25 | — | $525.9M | ||
| Q4 24 | — | $484.4M | ||
| Q3 24 | — | $526.6M | ||
| Q2 24 | — | $497.4M | ||
| Q1 24 | — | $511.2M |
股东权益NLVHI
| Q4 25 | $358.8M | $1.0B | ||
| Q3 25 | $375.4M | $1.0B | ||
| Q2 25 | $397.6M | $1.1B | ||
| Q1 25 | $397.6M | $1.1B | ||
| Q4 24 | $396.9M | $1.0B | ||
| Q3 24 | $386.0M | $1.0B | ||
| Q2 24 | $373.1M | $962.6M | ||
| Q1 24 | $368.1M | $928.2M |
总资产NLVHI
| Q4 25 | $464.2M | $2.6B | ||
| Q3 25 | $500.2M | $2.7B | ||
| Q2 25 | $523.7M | $2.8B | ||
| Q1 25 | $520.0M | $2.8B | ||
| Q4 24 | $578.3M | $2.8B | ||
| Q3 24 | $585.6M | $2.8B | ||
| Q2 24 | $580.0M | $2.5B | ||
| Q1 24 | $568.8M | $2.6B |
负债/权益比NLVHI
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.55× |
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 | $100.6M |
| 自由现金流经营现金流 - 资本支出 | $-4.7M | $89.8M |
| 自由现金流率自由现金流/营收 | -12.6% | 18.2% |
| 资本支出强度资本支出/营收 | 1.6% | 2.2% |
| 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 | $-82.1M |
8季度趋势，按日历期对齐
经营现金流NLVHI
| Q4 25 | $-4.2M | $100.6M | ||
| Q3 25 | $7.9M | $-1.9M | ||
| Q2 25 | $7.3M | $21.7M | ||
| Q1 25 | $-47.5M | $-155.9M | ||
| Q4 24 | $9.0M | $45.8M | ||
| Q3 24 | $-5.7M | $13.5M | ||
| Q2 24 | $15.5M | $33.5M | ||
| Q1 24 | $6.7M | $-48.8M |
自由现金流NLVHI
| Q4 25 | $-4.7M | $89.8M | ||
| Q3 25 | $7.0M | $-12.3M | ||
| Q2 25 | $5.9M | $9.1M | ||
| Q1 25 | $-48.3M | $-168.7M | ||
| Q4 24 | $8.7M | $33.3M | ||
| Q3 24 | $-6.1M | $3.9M | ||
| Q2 24 | $15.1M | $29.7M | ||
| Q1 24 | $6.4M | $-53.8M |
自由现金流率NLVHI
| Q4 25 | -12.6% | 18.2% | ||
| Q3 25 | 17.4% | -2.4% | ||
| Q2 25 | 14.7% | 1.7% | ||
| Q1 25 | -119.9% | -31.3% | ||
| Q4 24 | 22.8% | 6.9% | ||
| Q3 24 | -18.3% | 0.7% | ||
| Q2 24 | 42.1% | 5.3% | ||
| Q1 24 | 17.0% | -10.1% |
资本支出强度NLVHI
| Q4 25 | 1.6% | 2.2% | ||
| Q3 25 | 2.5% | 2.1% | ||
| Q2 25 | 3.3% | 2.3% | ||
| Q1 25 | 2.0% | 2.4% | ||
| Q4 24 | 0.6% | 2.6% | ||
| Q3 24 | 1.4% | 1.8% | ||
| Q2 24 | 1.2% | 0.7% | ||
| Q1 24 | 0.8% | 0.9% |
现金转化率NLVHI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 20.53× | 24.11× | ||
| Q1 25 | -71.18× | -9.22× | ||
| Q4 24 | 0.54× | 2.01× | ||
| Q3 24 | -0.16× | 0.23× | ||
| Q2 24 | 1.98× | 1.68× | ||
| Q1 24 | 0.99× | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
