NORTHERN TECHNOLOGIES INTERNATIONAL CORP NTIC

Industrials SIC 3470 - Coating, Engraving & Allied Services NAICS Manufacturing › Fabricated Metal Product Manufacturing › Coating, Engraving, Heat Treating, and Allied Activities › Electroplating, Plating, Polishing, Anodizing, and Coloring derived Nasdaq

Northern Technologies International Corporation (NTIC) develops and markets proprietary, environmentally beneficial products and services in over 65 countries either directly or via a network of subsidiaries, joint ventures, independent distributors, and agents. NTIC's primary business is corrosion prevention marketed mainly under the ZERUST® brand. NTIC has been selling its proprietary ZERUST® products and services to the automotive, general industrial, mechanical, mining, agricultural, and retail consumer markets for over 50 years and, more recently, has also expanded into the oil and gas industry. Additionally, NTIC markets and sells a portfolio of proprietary bio-based and certified compostable (fully biodegradable) polymer resin compounds and finished products under the Natur-Tec® brand. These sustainable packaging products are intended to reduce NTIC's customers' carbon footprint and provide environmentally sound waste disposal options.

Last close 7.71 2026-10-23
Market cap $73.2M 2026-05-31 share count
52-week range 7.35 - 10.03

Valuation FY2025 figures against the last close

P/S0.9x
P/E—
P/FCF79.8x
EV/EBITDA20.6x
Dividend yield2.1%
Diluted EPS0.00

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • India
  • China
  • Other Countries
  • Brazil
Revenue by geography, 5 categories over 2 years. The same figures are in the table below. FY2025 United States, FY2025: 29.5M (35.1%) 35% United States India, FY2025: 22.6M (26.9%) 27% India China, FY2025: 16.2M (19.3%) 19% China Other Countries, FY2025: 9.3M (11.0%) 11% Other Countries Brazil, FY2025: 6.6M (7.8%) 8% Brazil FY2024 United States, FY2024: 30.5M (35.8%) 36% India, FY2024: 22.2M (26.1%) 26% China, FY2024: 14.2M (16.7%) 17% Other Countries, FY2024: 12.1M (14.3%) 14% Brazil, FY2024: 6M (7.0%) 7%
Region FY2025FY2024
United States $29.5M $30.5M
India $22.6M $22.2M
China $16.2M $14.2M
Other Countries $9.3M $12.1M
Brazil $6.6M $6.0M

As the company reported it, from the “Note 12 - Segment and Geographic Information - Schedule of Geographic Distribution of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Zerust
  • NaturTec
Revenue by segment, 2 categories over 2 years. The same figures are in the table below. FY2025 Zerust, FY2025: 62.5M (74.2%) 74% Zerust NaturTec, FY2025: 21.7M (25.8%) 26% NaturTec FY2024 Zerust, FY2024: 63.1M (74.2%) 74% NaturTec, FY2024: 22M (25.8%) 26%
Segment FY2025FY2024
Zerust $62.5M $63.1M
NaturTec $21.7M $22.0M

As the company reported it, from the “Note 12 - Segment and Geographic Information - Net Sales by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $84.2M$85.1M$79.9M$74.2M$56.5M$47.6M$55.8M$51.4M$39.6M$32.9M
Cost of revenue $52.6M$51.3M$52.1M$51.1M$36.9M$31.6M$38.0M$34.2M$26.3M$22.3M
Gross profit $31.7M$33.8M$27.8M$23.1M$19.6M$16.0M$17.8M$17.3M$13.3M$10.6M
R&D $5.0M$4.8M$5.0M$4.8M$4.4M$4.0M$3.8M$3.5M$2.9M$4.7M
SG&A $14.8M$14.2M$13.2M$10.6M$8.3M$8.7M$9.3M$8.5M$7.8M$8.2M
Total operating expenses $37.7M$35.4M$33.4M$28.4M$24.7M$23.3M$24.1M$22.9M$20.0M$19.2M
Operating income $2.6M$7.9M$6.0M$5.1M$8.3M$1.6M$6.6M$8.0M$4.6M$1.3M
Interest expense $599.9K$340.1K$461.8K$89.1K$16.1K$16.0K$13.6K$18.0K$20.4K$13.3K
Pre-tax income $2.1M$6.7M$4.3M$8.2M$7.7M$1.3M$6.1M$7.6M$4.1M-$241.4K
Income tax $2.0M$1.3M$1.3M$1.9M$1.5M$2.7M$841.8K$876.1K$699.5K$626.1K
Net income $17.6K$5.4M$2.9M$6.3M$6.3M-$1.3M$5.2M$6.7M$3.4M-$867.5K
EPS, basic 0.000.570.310.690.69-0.150.570.740.76-0.19
EPS, diluted 0.000.550.300.660.64-0.150.550.720.75-0.19
Shares, diluted (wtd. avg.) 9.6M9.8M9.7M9.6M9.9M9.1M9.4M9.4M4.6M4.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $7.3M$5.0M$5.4M$5.3M$7.7M$6.4M$5.9M$4.2M$6.4M$3.4M
Short-term investments ——$0$5.6K$4.6K$5.5M————
Inventory $15.5M$14.4M$13.1M$16.3M$11.1M$11.0M$10.5M$9.1M$7.5M$7.7M
Total current assets $44.3M$41.6M$39.7M$40.2M$33.7M$33.2M$33.3M$30.6M$26.1M$20.9M
Property, plant and equipment $15.2M$16.3M$14.1M$12.2M$11.8M$7.1M$7.4M$7.2M$7.4M$7.3M
Goodwill $4.8M$4.8M$4.8M$4.8M$0—————
Other intangibles $8.8M$5.7M$6.2M$6.6M$709.6K$802.0K$1.0M$1.2M$1.3M$1.3M
Total assets $102.7M$94.7M$89.3M$86.2M$74.4M$66.1M$67.5M$63.5M$56.6M$51.1M
Accounts payable $8.0M$6.4M$6.1M$7.8M$4.3M$3.2M$4.5M$3.9M$2.7M$2.8M
Total current liabilities $23.9M$17.9M$16.7M$17.1M$8.5M$6.1M$7.8M$7.7M$4.9M$4.0M
Retained earnings $52.3M$53.8M$51.0M$50.7M$47.0M$42.5M$45.0M$42.0M$37.1M$33.7M
Total equity $72.1M$71.2M$70.7M$67.2M$65.8M$59.7M$59.7M$55.8M$51.7M$47.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.4M$5.9M$5.5M$1.1M$2.9M$4.9M$5.5M$608.7K$5.7M$2.1M
Depreciation and amortisation $980.0K$1.2M$1.0M$938.5K$905.3K$836.6K$841.2K$853.6K$787.1K$660.0K
Stock-based compensation $1.4M$1.4M$1.3M$931.5K$664.2K$1.3M$1.4M$413.0K$391.7K$427.4K
Capital expenditure $1.5M$1.9M$3.2M$1.5M$5.5M$711.4K$960.3K$680.5K$922.3K$643.4K
Investing cash flow -$3.9M-$3.4M-$3.3M-$7.1M-$103.3K-$2.8M-$1.3M-$300.1K-$2.6M-$995.2K
Financing cash flow $3.9M-$3.0M-$2.1M$3.2M-$1.5M-$1.5M-$2.4M-$2.4M-$226.7K-$270.2K
Dividends paid $1.5M$2.6M$2.6M$2.6M$1.8M$1.2M$2.2M$1.8M——
Buybacks ————————$196.2K$138.9K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-25-007481.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -25M 0 25M 50M 75M 100M Revenue, FY2016: 32.9M Gross profit, FY2016: 10.6M Net income, FY2016: -867.5K Revenue, FY2017: 39.6M Gross profit, FY2017: 13.3M Net income, FY2017: 3.4M Revenue, FY2018: 51.4M Gross profit, FY2018: 17.3M Net income, FY2018: 6.7M Revenue, FY2019: 55.8M Gross profit, FY2019: 17.8M Net income, FY2019: 5.2M Revenue, FY2020: 47.6M Gross profit, FY2020: 16M Net income, FY2020: -1.3M Revenue, FY2021: 56.5M Gross profit, FY2021: 19.6M Net income, FY2021: 6.3M Revenue, FY2022: 74.2M Gross profit, FY2022: 23.1M Net income, FY2022: 6.3M Revenue, FY2023: 79.9M Gross profit, FY2023: 27.8M Net income, FY2023: 2.9M Revenue, FY2024: 85.1M Gross profit, FY2024: 33.8M Net income, FY2024: 5.4M Revenue, FY2025: 84.2M Gross profit, FY2025: 31.7M Net income, FY2025: 17.6K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $32.9M $39.6M $51.4M $55.8M $47.6M $56.5M $74.2M $79.9M $85.1M $84.2M
Gross profit $10.6M $13.3M $17.3M $17.8M $16.0M $19.6M $23.1M $27.8M $33.8M $31.7M
Net income -$867.5K $3.4M $6.7M $5.2M -$1.3M $6.3M $6.3M $2.9M $5.4M $17.6K

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 3470

TickerCompanyMarket capP/ERevenue growth
AZZ AZZ INC $3.98B 12.6x 4.6%
XPEL XPEL, Inc. $1.19B 23.3x 13.3%