NLI Holdings, Inc. (NL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+96.7%

$14.03

vs $7.14 price

Levered DCF

$9.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.57

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-7.1×	5.63×	-118.6×	9.87×	7.05×	15.93×	7.38×	-4.18×
P/B	0.74×	0.96×	0.74×	0.87×	1×	0.75×	0.63×	0.6×
P/S	1.69×	2.6×	1.7×	2×	2.56×	2.04×	1.53×	1.45×
EV / EBITDA	-3.28×	2.48×	-95.82×	5.98×	3.26×	5.15×	1.86×	-1.09×
Gross margin	30.4%	28.3%	30.5%	29.3%	30.4%	28.7%	31.4%	32.4%
Operating margin	6.0%	26.0%	8.8%	8.2%	7.5%	2.1%	-1.3%	-51.4%
Net margin	-23.9%	46.1%	-1.4%	20.3%	36.4%	12.8%	20.8%	-34.7%
Current ratio	7.77×	2.61×	7.17×	6.05×	6.33×	6.22×	5.52×	2.05×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	12.43×	71.46×	18.94×	14.59×	9.19×	1.75×	-2.3×	-1,640.54×
Dividend yield	10.4%	9.7%	5.0%	9.3%	3.2%	3.3%	0.0%	14.0%
Payout ratio	-73.6%	54.5%	-592.4%	90.9%	22.9%	53.2%	0.0%	-58.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.5%	16.9%	-0.6%	8.9%	14.1%	4.7%	8.5%	-14.4%
Return on invested capital	1.5%	6.5%	-0.2%	2.2%	1.6%	0.5%	-0.3%	-9.3%
Return on assets	-8.0%	11.6%	-0.4%	5.5%	8.6%	2.7%	4.6%	-7.5%
Free cash flow yield	-15.0%	6.4%	13.1%	7.0%	3.7%	7.4%	12.7%	8.2%
Earnings yield	-14.2%	17.7%	-0.8%	10.2%	14.2%	6.3%	13.6%	-24.0%
Enterprise value	$154M	$216.8M	$162.9M	$264M	$214.6M	$96.6M	$61.4M	$55.3M
Net debt / EBITDA	2.41×	-1.86×	65.31×	-1.55×	-2.23×	-7.28×	-3.92×	2.28×
Cash conversion cycle (days)	121	145	130	127	123	107	101	138