NNBR

NN Inc is a chronically unprofitable metal-components maker whose fundamentals are eroding, not just cyclical. Revenue has fallen every year since 2022, from $499M to $422M in FY2025 (-9.1% YoY), and management attributes the drop to plant closures, the Lubbock divestiture and 'lower volumes' — i.e. the top line is shrinking partly by design and partly by demand. The company has now posted net losses in each of the last five years (cumulatively well over $160M), leaving a retained-earnings deficit of -$368M and stockholders' equity of just $34.0M, down 54% in a single year. Liabilities of $294M against that thin equity produce a leverage ratio of 8.66x — a balance sheet where one more bad year could wipe out the equity cushion entirely.