Compx | 10-K: FY2025 Revenue: USD 158.29 M
I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2025, the actual value is USD 158.29 M.
EPS: As of FY2025, the actual value is USD 1.58.
EBIT: As of FY2025, the actual value is USD 19.38 M.
Consolidated Financial Performance
Cost of Sales
Cost of sales was $110.1 million (69.6% of net sales) in 2025, representing a 5% increase from $104.6 million (71.7% of net sales) in 2024. This followed a 7% decrease from $112.1 million (69.5% of net sales) in 2023.
Gross Margin
Gross margin grew 16% to $48.2 million (30.4% of net sales) in 2025 from $41.3 million (28.3% of net sales) in 2024. This was preceded by a 16% decrease from $49.2 million (30.5% of net sales) in 2023.
Operating Costs and Expenses
Operating costs and expenses rose 5% to $25.6 million (16.2% of net sales) in 2025 from $24.3 million (16.7% of net sales) in 2024, which had increased 2% from $23.8 million (14.7% of net sales) in 2023.
Operating Income
Operating income increased 33% to $22.6 million (14.3% of net sales) in 2025 from $17.0 million (11.7% of net sales) in 2024, following a 33% decrease from $25.4 million (15.8% of net sales) in 2023. The 2025 increase was driven by higher sales and improved gross margin in both the Security Products and Marine Components segments, while the 2024 decline was due to lower sales and reduced gross margin across both segments.
Interest Income
Interest income was $3.229 million in 2025, down from $4.714 million in 2024, but up from $4.168 million in 2023.
Net Income
Net income was $19.478 million in 2025, up from $16.587 million in 2024, but down from $22.593 million in 2023.
Segment Performance
Security Products Segment
- Net Sales: Increased 5% to $120.7 million in 2025 from $115.2 million in 2024, which had decreased 5% from $121.2 million in 2023. The 2025 sales growth was primarily due to $9.9 million higher sales to the government security market and $0.6 million higher sales to the gas station security market, partially offset by lower sales in healthcare (-$2.3 million), transportation (-$1.3 million), and tool storage (-$0.5 million). The 2024 sales decline was mainly due to $8.3 million lower sales to the government security market, $2.0 million lower to transportation, and $0.9 million lower to distributors, partially offset by $4.1 million higher sales to healthcare and $0.7 million higher sales to tool storage.
- Gross Margin: Increased to $36.9 million (30.6% of net sales) in 2025 from $34.7 million (30.1% of net sales) in 2024, which had decreased from $38.4 million (31.7% of net sales) in 2023.
- Operating Costs and Expenses: Increased to $14.4 million in 2025 from $13.9 million in 2024, which had increased from $13.5 million in 2023.
- Operating Income: Increased 8% to $22.5 million (18.6% operating income margin) in 2025 from $20.8 million (18.1% operating income margin) in 2024, which had decreased 16% from $24.9 million (20.6% operating income margin) in 2023.
- Depreciation and Amortization: Was $2.462 million in 2025, $2.489 million in 2024, and $2.748 million in 2023.
Marine Components Segment
- Net Sales: Increased 22% to $37.6 million in 2025 from $30.7 million in 2024, which had decreased 23% from $40.1 million in 2023. The 2025 sales growth was primarily due to $2.7 million higher sales to the towboat market, $2.5 million higher sales to the government market, and $2.2 million higher sales to the industrial market, partially offset by $1.1 million lower sales to the center console market. The 2024 sales decline was mainly due to $7.6 million lower sales to the towboat market, $1.4 million lower to the industrial market, and $0.6 million lower to engine builders and distributors, partially offset by $1.4 million higher sales to the government market.
- Gross Margin: Increased 70% to $11.3 million (29.9% of net sales) in 2025 from $6.6 million (21.6% of net sales) in 2024, which had decreased 39% from $10.8 million (27.0% of net sales) in 2023.
- Operating Costs and Expenses: Increased to $3.8 million in 2025 from $3.3 million in 2024, which had decreased from $3.6 million in 2023.
- Operating Income: Increased 126% to $7.5 million (19.8% operating income margin) in 2025 from $3.3 million (10.8% operating income margin) in 2024, which had decreased 54% from $7.2 million (18.0% operating income margin) in 2023.
- Depreciation and Amortization: Was $1.190 million in 2025, $1.202 million in 2024, and $1.217 million in 2023.
Cash Flow
Cash Flow from Operating Activities
Net cash provided by operating activities was $22.871 million in 2025, comparable to $22.939 million in 2024, and down from $25.811 million in 2023.
Capital Expenditures
Capital expenditures were $3.7 million in 2025, up from $1.4 million in 2024 and $1.1 million in 2023.
Other Key Metrics
Note Receivable from Affiliate
Valhi, Inc. repaid a net $1.3 million in 2025, a net $1.3 million in 2024, and a net $2.6 million in 2023.
Dividends Paid
CompX International Inc. paid total cash dividends of $27.110 million ($2.20 per share) in 2025, including a $1.00 per share special dividend. This compares to $39.418 million ($3.20 per share) in 2024, which included a $2.00 per share special dividend, and $12.311 million ($1.00 per share) in 2023.
Days Sales Outstanding (DSO)
Consolidated DSO was 33 days in 2025 and 2024, and 36 days in 2023. For Security Products, DSO was 35 days in 2025, 36 days in 2024, and 37 days in 2023. For Marine Components, DSO was 26 days in 2025, 23 days in 2024, and 31 days in 2023.
Days in Inventory (DII)
Consolidated DII was 108 days in 2025, 94 days in 2024, and 95 days in 2023. For Security Products, DII was 98 days in 2025, 85 days in 2024, and 77 days in 2023. For Marine Components, DII was 141 days in 2025, 130 days in 2024, and 175 days in 2023.
Outlook
CompX International Inc. anticipates modest growth in both Security Products and Marine Components net sales in 2026, driven by planned pricing adjustments and aligning product features and service levels with market and customer requirements. The company expects gross margin and operating income percentages across both segments in 2026 to remain generally comparable to 2025, as price increases are planned to largely offset higher raw material costs and tariff-related surcharges. Capital expenditures are projected to be approximately $4.3 million in 2026, primarily for supporting customer demand and maintaining/improving facilities and technology infrastructure, funded by cash on hand and operating cash flow.