Quality Investor

CompX International Inc.

Rank #225Capital Return

CIX · NYSE · Industrials

CompX International Inc. (CIX) — Rank #225 by gross profitability (GP/assets 0.30) · ROE 13.5% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001049606 · all metrics point-in-time as of the filing date.

About

CompX International Inc. manufactures and sells security products and recreational marine components primarily in North America.

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It operates in two segments, Security Products and Marine Components. The Security Products segment manufactures mechanical and electrical cabinet locks, and other locking mechanisms used in various applications, including ignition systems, mailboxes, file cabinets, desk drawers, tool storage cabinets, high security medical cabinetry, integrated inventory and access control secured narcotics boxes, electrical circuit panels, storage compartments, gas station security, and vending and cash containment machines. This segment also offers disc and pin tumbler locks; and CompX eLock and StealthLock electronic locks for drug storage and other valuables. The Marine Components segment manufactures and distributes wake enhancement systems, stainless steel exhaust components, gauges, throttle controls, and related hardware and accessories; trim tabs, steering wheels and billet aluminum accessories; original equipment and aftermarket stainless steel exhaust headers, exhaust pipes, mufflers and other exhaust components; GPS speedometers and tachometers; mechanical and electronic controls and throttles; dash panels, LED indicators and wire harnesses; and grab handles, pin cleats and other accessories; fabricated metal products; and related hardware and accessories for ski/wakeboard boats and performance boats, as well as for the recreational marine and other industries. The company offers its products to recreational transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare, and other industries. It sells its products directly to original equipment manufacturers, as well as through distributors.

The company was incorporated in 1993 and is based in Dallas, Texas. CompX International Inc. (NYSEAM:CIX) operates as a subsidiary of NLI Holdings, Inc.

Industry
Security & Protection Services
Sector
Industrials
State
DE
Filer Category
Non-accelerated filer
Fiscal Year End
December 31

Price History

CIX+141.0% · +19.2% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$473.27M

P/E (annual)

24.3

P/S (annual)

3.0

P/B

3.3

P/OCF (annual)

20.7

Shareholder Yield

5.7%

Employees

549

Industry

Security & Protection Services

Exchange

NYSE

Signal Flags

3 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.30
Return on equity
13.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.12
Current ratio
6.69×
Net cash
$52.42M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue

Growth

2/2 pass
Revenue growth
8.5%
Piotroski F-Score
N/A
Share dilution
0.0%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

10.6%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.0% — per-share value needs a total required return of 10.6% once share-count change is priced in.

vs. own 6-year median revenue growth: 2.6%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

6.1%

r = 10% (base)

10.6%

r = 12%

14.5%

Net debt / market cap: -11.1%

Base FCF: $19.1M3Y mean FCF: $21.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

15.7xFair
11.0xmed 15.7x17.1x

P / S

Price / revenue per share

1.9xExpensive
1.4xmed 1.8x2.0x

P / B

Price / book value per share

2.2xExpensive
1.4xmed 1.6x2.2x

P / GP

Price / gross profit per share

6.3xFair
4.7xmed 6.3x6.6x

P / FCF

Price / free cash flow per share

15.9xFair
11.2xmed 15.9x44.5x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.30

Primary signal (Novy-Marx).

5th of 15 SIC 34 peers

Return on equity

13.5%

Gross margin

30.4%

10th of 15 SIC 34 peers

Revenue growth (YoY)

8.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-1.7%

Revenue CAGR (5Y)

6.7%

Earnings CAGR (3Y)

-2.3%

FCF CAGR (3Y)

13.2%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.12

1st of 15 SIC 34 peers (best = lowest)

Current ratio

6.69×

1st of 15 SIC 34 peers

Quick ratio

4.55×

Net cash

$52.42M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$19.12M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.02

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

Stock-based comp intensity.

Dividend safety

Composite score

0.8 / 5

Weak
Payout ratio
139.2%0/5 Weak
FCF coverage
0.71×1/5 Weak
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 0.12 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Decline
Op. Leverage
Capital Return
Value