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what it is
CompX makes locks and boat parts for niche markets where failure is expensive and buyers do not want drama.
how it gets paid
Last year Cix made $158M in revenue. Cabinet and furniture locks was the main engine at $70M, or 44% of sales.
why it's growing
Revenue grew 8.5% last year. That quarter looked huge against last year, with revenue up 202% and EPS up 253% based on the SEC filing data provided.
what just happened
Revenue hit $121M, with EPS at $1.20 and gross margin at 29.9%.
At a glance
B balance sheet — gets the job done, barely
75/100 earnings predictability — reasonably predictable
14.8x trailing p/e — the market's not buying it — or you found a deal
4.9% dividend yield — cash in your pocket every quarter
11.3% return on capital — nothing to write home about
xvary composite: 42/100 — below average
What they do
CompX makes locks and boat parts for niche markets where failure is expensive and buyers do not want drama.
CompX sells into medium- to high-end niches where a failed lock or marine control becomes your problem fast. That lets a 510-employee company defend a 14.2% operating margin in fiscal 2024. Niche positioning → serving specialized product categories → so what: you are not betting on volume, you are betting that customers keep paying for parts that cannot embarrass them.
How they make money
$158M
annual revenue · their business grew +8.5% last year
Cabinet and furniture locks
$70M
Marine exhaust systems
$28M
Marine gauges
$20M
Throttle controls
$18M
Wake, trim, and related hardware
$22M
The products that matter
mechanical locks for office storage
Office Furniture Locks
part of a $158.3M business
This is the core end market investors usually think about first. It sits inside the full $158.3M revenue base, so any slowdown in office spending shows up quickly.
core demand
locks and components for safes
Firearm Security Products
tied to the same $158.3M base
Gun-safe demand gives the company another niche, but the snapshot does not break out segment revenue. That means you should treat it as support for the story, not a separate growth engine.
niche exposure
specialty marine and other components
Marine Components
small inside total revenue
This adds some diversification, but not enough data is disclosed here to call it a hidden driver. For now, it is part of the same 14.2% operating-margin manufacturing mix.
limited disclosure
Key numbers
4.9%
dividend yield
Yield → cash paid to shareholders each year → so what: you are getting paid while waiting for a $299M niche manufacturer to keep compounding.
14.8x
trailing p/e
P/E → price divided by past earnings → so what: you are paying a mid-teens multiple for a business with positive margins and special dividends.
14.2%
operating margin
Operating margin → profit after running the business → so what: CompX keeps about $14.20 from every $100 of sales before interest and taxes.
11.3%
return on capital
Return on capital → how well management turns invested money into profit → so what: this is solid, not magical, and it supports the niche-quality story.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CIX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $121M, with EPS at $1.20 and gross margin at 29.9%.
That quarter looked huge against last year, with revenue up 202% and EPS up 253% based on the SEC filing data provided. Quiet part out loud: on a $299M company, one oversized quarter can make the whole income statement look possessed.
$121M
revenue
$1.20
eps
29.9%
gross margin
the number that mattered
$121M mattered most because it equals roughly 76.6% of the company's $158M trailing annual revenue, which tells you the quarter was anything but normal.
source: company earnings report, 2026
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What could go wrong
the #1 risk is office furniture and gun-safe demand slowing at the same time.
high
Demand is tied to a narrow set of end markets
This is not a diversified industrial empire. The snapshot shows one $158.3M manufacturing business serving office furniture, safes, marine, and storage-related demand.
If orders soften, 100% of the disclosed revenue base feels it.
med
The dividend can become the whole story
A 4.9% yield attracts income investors. That is helpful until earnings weaken and the market starts asking whether the payout is carrying too much of the valuation case.
At a $1.20 annual dividend, any sustained earnings slippage would get noticed fast.
med
Parent-company control limits the market narrative
NL Industries controls CIX. That means strategic decisions can matter more than sell-side opinions, and minority shareholders do not set the agenda.
In small controlled companies, governance risk is usually boring until it is suddenly not.
low
Small-cap volatility can overwhelm the income pitch
The company is worth about $299M and carries a 15 / 100 price stability score. That is not the profile of a sleepy bond substitute.
You can collect the dividend and still sit through sharp price swings.
The risk picture is simple: a narrow $158.3M business, a yield-dependent thesis, and a $299M stock that can move more than the payout suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
Whether operating income stays near the new high
Operating income rose to $22.6M from $17.0M. If that slips back while revenue stalls, the low multiple stops looking cheap.
dividend
The next quarterly dividend declaration
The board declared $0.30 per share on March 4, 2026. Consistency supports the income case. Any change would be read as a signal.
demand
Office furniture and safe demand trends
CIX sells into small, cyclical niches. If those end markets cool, a company with $158.3M of sales has less room to hide than a diversified industrial name.
control
Any move by parent company NL Industries
Parent-company decisions can reshape the story faster than analyst coverage can. In a controlled small cap, governance is part of the investment case whether you like it or not.
Analyst rankings
earnings predictability
75 / 100
Results have been reasonably consistent for a small manufacturer. In human-speak, this business usually behaves like a niche operator, not a lottery ticket.
risk profile
4
This rank reads as below-average safety in the current system. Translation: the dividend may look calm, but the stock itself is not especially calm.
source: institutional data
Institutional activity
institutional ownership data for CIX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$24
current price
n/a
target midpoint · n/a from current
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