NYSE : TROX
Tronox Holdings plc — Financial statements
Materials · Chemicals · United States
Last price 3.69 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 589.29M
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Financial statements
Tronox Holdings plc (TROX) reported revenue of 3.06B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.06B | 2.90B | 3.07B | 2.85B | 3.45B | 3.57B |
| Cost of Revenue | 2.89B | 2.65B | 2.55B | 2.39B | 2.62B | 2.68B |
| Gross Profit | 171.00M | 250.00M | 523.00M | 462.00M | 832.00M | 895.00M |
| Selling, General & Admin | 281.00M | 276.00M | 284.00M | 232.00M | 260.00M | 264.00M |
| Research & Development | 12.00M | 12.00M | 13.00M | |||
| Amortization of Goodwill & Intangibles | 28.00M | 29.00M | 31.00M | |||
| Other Operating Expenses | 14.00M | 14.00M | 12.00M | |||
| Operating Expenses | 287.00M | 290.00M | 296.00M | 276.00M | 305.00M | 313.00M |
| Operating Income | -116.00M | -40.00M | 227.00M | 186.00M | 527.00M | 582.00M |
| Interest Expense | -241.00M | -219.00M | -197.00M | -158.00M | -125.00M | -157.00M |
| Interest & Investment Income | 5.00M | 6.00M | 10.00M | 18.00M | 9.00M | 7.00M |
| Currency Exchange Gain (Loss) | -23.00M | -12.00M | 8.00M | 6.00M | -3.00M | 16.00M |
| Other Non Operating Income (Expenses) | -5.00M | -1.00M | 28.00M | -3.00M | 6.00M | 9.00M |
| EBT Excluding Unusual Items | -380.00M | -266.00M | 76.00M | 49.00M | 414.00M | 457.00M |
| Merger & Restructuring Charges | -117.00M | -227.00M | -18.00M | |||
| Gain (Loss) on Sale of Assets | 16.00M | -4.00M | ||||
| Legal Settlements | -85.00M | |||||
| Other Unusual Items | -3.00M | -21.00M | -65.00M | |||
| Pretax Income | -481.00M | -497.00M | 73.00M | 49.00M | 308.00M | 374.00M |
| Income Tax Expense | 112.00M | 15.00M | 126.00M | 363.00M | -192.00M | 71.00M |
| Earnings From Continuing Operations | -593.00M | -512.00M | -53.00M | -314.00M | 500.00M | 303.00M |
| Net Income to Company | -593.00M | -512.00M | -53.00M | -314.00M | 500.00M | 303.00M |
| Minority Interest in Earnings | 6.00M | 4.00M | 4.00M | -2.00M | -3.00M | -17.00M |
| Net Income | -587.00M | -508.00M | -49.00M | -316.00M | 497.00M | 286.00M |
| Net Income to Common | -587.00M | -508.00M | -49.00M | -316.00M | 497.00M | 286.00M |
| Shares Outstanding (Basic) | 159.03M | 158.48M | 157.82M | 156.40M | 154.87M | 152.06M |
| Shares Outstanding (Diluted) | 159.03M | 158.48M | 157.82M | 156.40M | 157.11M | 157.94M |
| EPS (Basic) | -3.69 | -3.21 | -0.31 | -2.02 | 3.21 | 1.88 |
| EPS (Diluted) | -3.70 | -3.21 | -0.31 | -2.02 | 3.16 | 1.81 |
| Free Cash Flow | -133.00M | -255.00M | -79.00M | -77.00M | 170.00M | 468.00M |
| Free Cash Flow Per Share | -0.84 | -1.61 | -0.50 | -0.49 | 1.08 | 2.96 |
| Dividend Per Share | 0.20 | 0.35 | 0.50 | 0.50 | 0.50 | 0.36 |
| Gross Margin | 5.59% | 8.63% | 17.01% | 16.21% | 24.09% | 25.06% |
| Operating Margin | -3.79% | -1.38% | 7.38% | 6.53% | 15.26% | 16.29% |
| Profit Margin | -19.20% | -17.53% | -1.59% | -11.09% | 14.39% | 8.01% |
| Free Cash Flow Margin | -4.35% | -8.80% | -2.57% | -2.70% | 4.92% | 13.10% |
| EBITDA | 175.00M | 245.00M | 504.00M | 461.00M | 796.00M | 879.00M |
| EBITDA Margin | 5.73% | 8.45% | 16.40% | 16.18% | 23.05% | 24.61% |
| D&A For EBITDA | 291.00M | 285.00M | 277.00M | 275.00M | 269.00M | 297.00M |
| EBIT | -116.00M | -40.00M | 227.00M | 186.00M | 527.00M | 582.00M |
| EBIT Margin | -3.79% | -1.38% | 7.38% | 6.53% | 15.26% | 16.29% |
| Effective Tax Rate | 172.60% | 740.82% | 18.98% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 194.00M | 199.00M | 151.00M | 273.00M | 164.00M | 228.00M |
| Trading Asset Securities | 20.00M | 7.00M | 33.00M | 18.00M | 29.00M | |
| Cash & Short-Term Investments | 214.00M | 206.00M | 184.00M | 291.00M | 193.00M | 228.00M |
| Accounts Receivable | 374.00M | 524.00M | 495.00M | 522.00M | 529.00M | 637.00M |
| Other Receivables | 1.00M | 2.00M | 2.00M | 18.00M | 16.00M | 15.00M |
| Receivables | 375.00M | 526.00M | 523.00M | 540.00M | 545.00M | 652.00M |
| Inventory | 1.46B | 1.66B | 1.57B | 1.43B | 1.27B | 1.05B |
| Prepaid Expenses | 81.00M | 116.00M | 138.00M | 97.00M | 101.00M | 113.00M |
| Restricted Cash | 12.00M | 12.00M | 1.00M | 4.00M | ||
| Other Current Assets | 1.00M | 5.00M | 1.00M | 1.00M | 2.00M | 4.00M |
| Total Current Assets | 2.14B | 2.52B | 2.42B | 2.35B | 2.11B | 2.05B |
| Property, Plant & Equipment | 2.76B | 3.11B | 3.03B | 2.96B | 3.04B | 2.54B |
| Long-Term Investments | 3.00M | |||||
| Other Intangible Assets | 203.00M | 204.00M | 213.00M | 192.00M | 177.00M | 217.00M |
| Long-Term Deferred Tax Assets | 727.00M | 845.00M | 845.00M | 937.00M | 1.13B | 985.00M |
| Long-Term Deferred Charges | 2.00M | 2.00M | 1.00M | 2.00M | 2.00M | |
| Other Long-Term Assets | 116.00M | 112.00M | 125.00M | 138.00M | 71.00M | 67.00M |
| Total Assets | 5.95B | 6.79B | 6.63B | 6.67B | 6.66B | 5.99B |
| Accounts Payable | 404.00M | 481.00M | 483.00M | 457.00M | 461.00M | 438.00M |
| Accrued Expenses | 233.00M | 193.00M | 173.00M | 170.00M | 173.00M | 292.00M |
| Short-Term Debt | 118.00M | 101.00M | 65.00M | 11.00M | 50.00M | |
| Current Portion of Long-Term Debt | 48.00M | 33.00M | 260.00M | 27.00M | 43.00M | 43.00M |
| Current Portion of Leases | 24.00M | 29.00M | 30.00M | 29.00M | 25.00M | 26.00M |
| Current Income Taxes Payable | 1.00M | 1.00M | 4.00M | 17.00M | 12.00M | |
| Current Unearned Revenue | 4.00M | 1.00M | 1.00M | 1.00M | ||
| Other Current Liabilities | 12.00M | 62.00M | 73.00M | 58.00M | 79.00M | 11.00M |
| Total Current Liabilities | 840.00M | 904.00M | 1.09B | 753.00M | 849.00M | 822.00M |
| Long-Term Debt | 3.15B | 3.33B | 2.72B | 2.93B | 2.55B | 2.54B |
| Long-Term Leases | 197.00M | 185.00M | 145.00M | 142.00M | 152.00M | 69.00M |
| Pension & Post-Retirement Benefits | 80.00M | 79.00M | 84.00M | 103.00M | 88.00M | 116.00M |
| Long-Term Deferred Tax Liabilities | 212.00M | 212.00M | 177.00M | 152.00M | 156.00M | 157.00M |
| Other Long-Term Liabilities | 282.00M | 397.00M | 354.00M | 332.00M | 325.00M | 237.00M |
| Total Liabilities | 4.76B | 5.11B | 4.57B | 4.42B | 4.12B | 3.94B |
| Common Stock | 2.00M | 3.15B | 3.13B | 3.11B | 3.08B | 2.00M |
| Additional Paid-In Capital | 2.10B | 2.07B | ||||
| Retained Earnings | -244.00M | -863.00M | -306.00M | -189.00M | 98.00M | 663.00M |
| Comprehensive Income & Other | -694.00M | -625.00M | -787.00M | -712.00M | -688.00M | -738.00M |
| Total Common Equity | 1.16B | 1.66B | 2.03B | 2.21B | 2.49B | 1.99B |
| Minority Interest | 30.00M | 32.00M | 32.00M | 45.00M | 46.00M | 48.00M |
| Shareholders' Equity | 1.19B | 1.69B | 2.06B | 2.25B | 2.54B | 2.04B |
| Total Liabilities & Equity | 5.95B | 6.79B | 6.63B | 6.67B | 6.66B | 5.99B |
| Total Debt | 3.54B | 3.68B | 3.22B | 3.14B | 2.82B | 2.68B |
| Net Cash (Debt) | -3.32B | -3.47B | -3.04B | -2.85B | -2.62B | -2.45B |
| Net Cash Per Share | -20.88 | -21.89 | -19.24 | -18.23 | -16.70 | -15.54 |
| Filing Date Shares Outstanding | 159.70M | 158.56M | 157.94M | 157.84M | 154.50M | 153.94M |
| Total Common Shares Outstanding | 159.70M | 158.56M | 157.94M | 156.79M | 154.50M | 153.93M |
| Working Capital | 1.30B | 1.62B | 1.33B | 1.60B | 1.26B | 1.23B |
| Book Value Per Share | 7.27 | 10.45 | 12.87 | 14.07 | 16.14 | 12.95 |
| Tangible Book Value | 958.00M | 1.45B | 1.82B | 2.01B | 2.32B | 1.78B |
| Tangible Book Value Per Share | 6.00 | 9.16 | 11.52 | 12.84 | 14.99 | 11.54 |
| Land | 235.00M | 239.00M | 232.00M | 232.00M | 221.00M | 188.00M |
| Buildings | 489.00M | 450.00M | 399.00M | 396.00M | 382.00M | 365.00M |
| Machinery | 3.12B | 3.16B | 2.64B | 2.52B | 2.33B | 2.23B |
| Construction In Progress | 222.00M | 341.00M | 490.00M | 319.00M | 371.00M | 263.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -587.00M | -508.00M | -49.00M | -316.00M | 497.00M | 286.00M |
| Depreciation & Amortization | 331.00M | 325.00M | 312.00M | 275.00M | 269.00M | 297.00M |
| Other Amortization | 26.00M | 25.00M | 16.00M | 9.00M | 8.00M | 11.00M |
| Asset Writedown & Restructuring Costs | 117.00M | 227.00M | ||||
| Stock-Based Compensation | 22.00M | 20.00M | 21.00M | 21.00M | 26.00M | 31.00M |
| Other Operating Activities | 169.00M | 92.00M | 117.00M | 369.00M | -187.00M | 133.00M |
| Change in Accounts Receivable | -79.00M | -24.00M | -18.00M | 84.00M | 233.00M | -108.00M |
| Change in Inventory | 241.00M | -26.00M | -115.00M | -151.00M | -255.00M | 53.00M |
| Change in Accounts Payable | -60.00M | 1.00M | 1.00M | -84.00M | -5.00M | 53.00M |
| Change in Income Taxes | 1.00M | -4.00M | 10.00M | -24.00M | 5.00M | 9.00M |
| Change in Other Net Operating Assets | -54.00M | -42.00M | -4.00M | 1.00M | 7.00M | -25.00M |
| Operating Cash Flow | 127.00M | 86.00M | 291.00M | 184.00M | 598.00M | 740.00M |
| Capital Expenditures | -260.00M | -341.00M | -370.00M | -261.00M | -428.00M | -272.00M |
| Sale of Property, Plant & Equipment | 17.00M | 4.00M | 27.00M | 6.00M | 13.00M | 2.00M |
| Investment in Securities | -6.00M | -6.00M | ||||
| Other Investing Activities | 1.00M | |||||
| Investing Cash Flow | -249.00M | -328.00M | -343.00M | -255.00M | -415.00M | -269.00M |
| Short-Term Debt Issued | 150.00M | 55.00M | 86.00M | 142.00M | ||
| Long-Term Debt Issued | 416.00M | 260.00M | 347.00M | 396.00M | 2.47B | |
| Total Debt Issued | 604.00M | 566.00M | 315.00M | 433.00M | 538.00M | 2.47B |
| Short-Term Debt Repaid | -160.00M | -18.00M | -148.00M | -113.00M | ||
| Long-Term Debt Repaid | -56.00M | -263.00M | -17.00M | -516.00M | -3.21B | |
| Total Debt Repaid | -356.00M | -216.00M | -281.00M | -165.00M | -629.00M | -3.21B |
| Net Debt Issued (Repaid) | 248.00M | 350.00M | 34.00M | 268.00M | -91.00M | -740.00M |
| Issuance of Common Stock | 1.00M | 8.00M | ||||
| Repurchase of Common Stock | -50.00M | -3.00M | ||||
| Common Dividends Paid | -44.00M | -48.00M | -80.00M | -81.00M | -79.00M | -58.00M |
| Other Financing Activities | -9.00M | -7.00M | -16.00M | -11.00M | -30.00M | -84.00M |
| Financing Cash Flow | 196.00M | 295.00M | -62.00M | 176.00M | -250.00M | -877.00M |
| Foreign Exchange Rate Adjustments | -1.00M | 6.00M | -7.00M | 4.00M | -1.00M | -10.00M |
| Net Cash Flow | 73.00M | 59.00M | -121.00M | 109.00M | -68.00M | -416.00M |
| Free Cash Flow | -133.00M | -255.00M | -79.00M | -77.00M | 170.00M | 468.00M |
| Free Cash Flow Margin | -4.35% | -8.80% | -2.57% | -2.70% | 4.92% | 13.10% |
| Free Cash Flow Per Share | -0.84 | -1.61 | -0.50 | -0.49 | 1.08 | 2.96 |
| Levered Free Cash Flow | -23.12M | -208.88M | -124.25M | -125.50M | 4.25M | 523.62M |
| Unlevered Free Cash Flow | 115.50M | -83.00M | -11.12M | -35.75M | 74.38M | 610.75M |
| Cash Interest Paid | 157.00M | 157.00M | 151.00M | |||
| Cash Income Tax Paid | 4.00M | 10.00M | 54.00M | 60.00M | 47.00M | |
| Change in Working Capital | 49.00M | -95.00M | -126.00M | -174.00M | -15.00M | -18.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 571.73M | 661.16M | 1.59B | 2.22B | 2.12B | 3.70B |
| Enterprise Value | 3.89B | 3.96B | 4.40B | 4.93B | 4.69B | 6.22B |
| Last Close Price | 3.60 | 4.08 | 9.19 | 12.50 | 11.63 | 19.75 |
| PE Ratio | 4.26 | 12.93 | ||||
| Forward PE | 19.88 | 11.73 | 26.34 | 8.79 | 9.28 | |
| PS Ratio | 0.19 | 0.23 | 0.52 | 0.78 | 0.61 | 1.03 |
| PB Ratio | 0.50 | 0.39 | 0.77 | 0.99 | 0.83 | 1.81 |
| P/TBV Ratio | 0.60 | 0.46 | 0.87 | 1.10 | 0.91 | 2.08 |
| P/FCF Ratio | 12.46 | 7.90 | ||||
| P/OCF Ratio | 4.53 | 7.69 | 5.46 | 12.07 | 3.54 | 5.00 |
| PEG Ratio | 18.28 | 18.28 | 3.54 | 1.09 | 0.13 | |
| EV/Sales Ratio | 1.27 | 1.37 | 1.43 | 1.73 | 1.36 | 1.74 |
| EV/EBITDA Ratio | 22.26 | 16.16 | 8.72 | 10.69 | 5.89 | 7.07 |
| EV/EBIT Ratio | 19.37 | 26.50 | 8.90 | 10.68 | ||
| EV/FCF Ratio | 27.59 | 13.28 | ||||
| Debt / Equity Ratio | 2.97 | 2.18 | 1.56 | 1.40 | 1.11 | 1.31 |
| Debt / EBITDA Ratio | 15.37 | 12.34 | 5.82 | 6.26 | 3.33 | 2.74 |
| Debt / FCF Ratio | 16.57 | 5.73 | ||||
| Net Debt / Equity Ratio | 2.79 | 2.05 | 1.47 | 1.27 | 1.03 | 1.20 |
| Net Debt / EBITDA Ratio | 18.98 | 14.16 | 6.03 | 6.18 | 3.29 | 2.79 |
| Net Debt / FCF Ratio | -24.97 | -13.61 | -38.44 | -37.03 | 15.43 | 5.24 |
| Asset Turnover | 0.50 | 0.43 | 0.46 | 0.43 | 0.55 | 0.57 |
| Inventory Turnover | 1.84 | 1.64 | 1.70 | 1.77 | 2.26 | 2.45 |
| Quick Ratio | 0.70 | 0.81 | 0.62 | 1.10 | 0.87 | 1.07 |
| Current Ratio | 2.55 | 2.79 | 2.22 | 3.13 | 2.49 | 2.49 |
| Return on Equity (ROE) | -41.32% | -27.28% | -2.46% | -13.11% | 21.83% | 15.49% |
| Return on Assets (ROA) | -1.20% | -0.37% | 2.13% | 1.75% | 5.21% | 5.79% |
| Return on Invested Capital (ROIC) | -2.52% | -0.78% | -3.23% | -23.23% | 10.91% | 10.24% |
| Return on Capital Employed (ROCE) | -2.30% | -0.70% | 4.10% | 3.10% | 9.10% | 11.30% |
| Earnings Yield | -103.32% | -76.83% | -3.08% | -14.23% | 23.47% | 7.74% |
| FCF Yield | -23.13% | -38.57% | -4.97% | -3.47% | 8.03% | 12.66% |
| Dividend Yield | 5.59% | 8.39% | 4.97% | 3.53% | 3.65% | 1.50% |
| Payout Ratio | 15.90% | 20.28% | ||||
| Buyback Yield / Dilution | -0.56% | -0.42% | -0.91% | 0.45% | 0.53% | -9.00% |
| Total Shareholder Return | 4.95% | 7.97% | 4.06% | 3.98% | 4.18% | -7.50% |