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Tronox Holdings plc

Tronox Holdings plc

NYSE•TROX
CEO: Mr. John D. Romano
Sector: Basic Materials
Industry: Chemicals
Listing Date: 2010-12-01
Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mines; and engages in beneficiation and smelting operations. It offers TiO2 pigment; ultrafine specialty TiO2; zircon; feedstock; pig iron; monazite; titanium tetrachloride; and other products. The company's products are used for the manufacture of paints, coatings, plastics, and paper, as well as various other applications. Tronox Holdings plc is based in Stamford, Connecticut.
Contact Information
263 Tresser Boulevard, Suite 1100, Stamford, CT, 06901, United States
203-705-3800
www.tronox.com
Market Cap
$502.52M
P/E (TTM)
-2.0
0.5
Dividend Yield
13.4%
52W High
$12.84
52W Low
$2.87
52W Range
3%
1.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$699.00K-99.91%
4-Quarter Trend

EPS

-$0.63+293.75%
4-Quarter Trend

FCF

$3.86M-127.56%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Quarterly Sales Decline Net sales for Q3 2025 totaled $699M, a 13% decrease from prior year, driven by lower TiO2 and zircon prices.
Gross Margin Significantly Lower Nine months gross profit fell to $230M from $398M; Gross Margin compressed to 10.6% from 16.6%.
Botlek Idling Charges Recorded $153M in restructuring charges YTD September 2025 related to indefinite idling of Netherlands TiO2 plant.
Leverage Ratio Increased Net debt to trailing twelve month Adjusted EBITDA worsened to 7.5x as of September 30, 2025, up from 4.8x.

Risk Factors

Lower Product Selling Prices Lower average selling prices for TiO2 and Zircon severely impacted Q3 revenue and compressed gross margin by 8.5 points.
Ongoing Idling Expenses $153M in restructuring charges recorded YTD due to Botlek plant idling; further costs expected through first half 2026.
Credit Rating Outlook Worsened Moody's outlook changed from Ba3 negative to B2 negative; S&P outlook changed from B+ stable to B stable.
Securities Class Action Filed Putative class action filed September 2025 alleging false statements regarding financial outlook; case in early stages.

Outlook

Continued Capital Expenditures Expect continued investment in IT transformation, rare earths initiatives, and vertical integration projects going forward.
Maintain Adequate Liquidity Expect operations to fund needs, but maintain ability to borrow under short-term credit facilities if macroeconomic conditions worsen.
Quarterly Dividend Reduced Board declared Q4 dividend of $0.05 per share, reduced from $0.125 per share paid in the prior period.
New Notes Issued Closed $400M offering of 9.125% Senior Secured Notes due 2030 in September 2025 to fund operations.

Peer Comparison

Revenue (TTM)

Tronox Holdings plcTROX
$2.15B
-30.4%
Valhi, Inc.VHI
$2.12B
+5.6%
Mativ Holdings, Inc.MATV
$1.98B
+0.4%

Gross Margin (Latest Quarter)

Gevo, Inc.GEVO
60.2%
+25.3 pp
Mativ Holdings, Inc.MATV
19.4%
+0.6 pp
Valhi, Inc.VHI
19.1%
-2.6 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
MATV$702.00M-1.6-83.2%54.1%
LXU$601.46M-892.9-0.1%0.0%
KRO$543.05M8.08.0%31.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-89.9%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $699.00K-99.9%
    |
    EPS: $-0.63+293.8%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 31, 2025|
    Revenue: $731.00M-10.9%
    |
    EPS: $-0.53-630.0%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 1, 2025|
    Revenue: $738.00M-4.7%
    |
    EPS: $-0.70+1123.8%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 19, 2025|
    Revenue: $3.07B+7.9%
    |
    EPS: $-0.30+85.1%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 25, 2024|
    Revenue: $804.00M+21.4%
    |
    EPS: $-0.16+79.2%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 2, 2024|
    Revenue: $820.00M+3.3%
    |
    EPS: $0.10-105.8%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 2, 2024|
    Revenue: $774.00M+9.3%
    |
    EPS: $-0.06-138.1%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 21, 2024|
    Revenue: $2.85B-17.5%
    |
    EPS: $-2.02-162.9%
    Miss