Does NL INDUSTRIES, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NL INDUSTRIES, INC. (NL) 36.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 52, returns on capital 4, balance-sheet safety 57, capital discipline 43.

Is NL stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $7.76 per share versus a recent price of $5.90 — 24% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NL's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 36.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NL INDUSTRIES, INC.

NL · Materials · $288.3M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power52

Median gross margin 30.5% over 10y, very stable.

Returns on capital4

Median ROIC 2.4%, above the 9% hurdle in 10% of years.

Balance-sheet safety57

Net debt/EBITDA n/ax, interest coverage 14x.

Capital discipline43

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale

24% below value

Owner earnings (normalized): $34.1M
Est. intrinsic value / share: $7.76
Recent price: $5.90
Discount to value: 24% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for NL yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale36.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NL has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#116 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#114VHI VALHI, INC.37.1 out of 100, No moatNo moat
#115SWIM Latham Group, Inc.37.0 out of 100, No moatNo moat
#117LWLG Lightwave Logic, Inc.36.8 out of 100, No moatNo moat
#118HL HECLA MINING COMPANY36.5 out of 100, No moatNo moat

Compare NL with its nearest peers →All Materials companies on the Index →

Common questions about NL

Does NL INDUSTRIES, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NL INDUSTRIES, INC. (NL) 36.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 52, returns on capital 4, balance-sheet safety 57, capital discipline 43.
Is NL stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $7.76 per share versus a recent price of $5.90 — 24% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NL's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 36.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NL. See the disclaimer.