NORTHERN TECHNOLOGIES INTERNATIONAL CORP NTIC
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.00 | 0.57 | 0.31 | 0.69 | 0.69 | -0.15 | 0.57 | 0.74 | 0.76 | -0.19 |
| EPS, diluted | 0.00 | 0.55 | 0.30 | 0.66 | 0.64 | -0.15 | 0.55 | 0.72 | 0.75 | -0.19 |
| Shares, diluted (wtd. avg.) | $9.6M | $9.8M | $9.7M | $9.6M | $9.9M | $9.1M | $9.4M | $9.4M | $4.6M | $4.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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