Arq vs NLI Holdings
NLI Holdings is the larger business, with $158m of revenue in fiscal 2025 against $120m for Arq (1.3 times as much). Arq grew faster (10.4% against 8.5%). NLI Holdings kept more of each dollar of sales as profit: a net margin of -23.9% against -43.7%. NLI Holdings carries less debt relative to equity (0.0% against 28.3%).
| Latest fiscal year | ArqARQ, 2025 | NLI HoldingsNL, 2025 |
|---|---|---|
| Revenue | $120m | $158m |
| Revenue growth | 10.4% | 8.5% |
| Net income | −$52.6m | −$37.8m |
| Operating margin | -44.0% | 6.7% |
| Net margin | -43.7% | -23.9% |
| Return on equity | -27.2% | -10.0% |
| Free cash flow | −$11.3m | −$40.1m |
| Cash | $6.6m | $111m |
| Total debt | $47.7m | $0 |
| Debt to equity | 28.3% | 0.0% |
| Dividend per share | — | $0.57 |
| Dividend yield | — | 5.5% |
| Share buybacks | — | — |
| Employees | 202 | — |
| Market value | $78.3m | $342m |
| Price vs our value range | — | Above our value range |
| Moat score | 36 (Weak) | 42 (Weak) |
| Insider trades, 12 months | 15 buys, 1 sales | 0 buys, 0 sales |