Co-movers

daily closes · 499dMethod

Moved together

NLwithVHI

×0.26co-movement · VHI on NL · 499d

r 0.26scale to r 0.75

Shared co-movers2with NLwith VHI

WEYSWeyco Group Incr 0.35r 0.37

AVNTAvient Corpr 0.32r 0.40

NL, solidVHI, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

NLNL Industries Inc

7.02+0.43%· post 7.12

Mkt cap$347.7MRevenue$44MQ2 FY26Revenue$158MFY25

VHIValhi Inc

13.95−1.13%· post 14.16

ClosedOct 30 '26

Mkt cap$399.6MRevenue$628MQ2 FY26Revenue$2.1BFY25

vs

Compare

ClosedOct 30 '26

NLNL Industries Inc

vs

VHIValhi Inc

7.02+0.43%post 7.12

Price

13.95−1.13%post 14.16

$347.7M

Mkt cap

$399.6M

Q2 FY26$44M

Revenue

$628MQ2 FY26

FY25$158M

Revenue

$2.1BFY25

NL compared with VHI: revenue, margins and what each company keeps, and the suppliers and customers both name