NYSE : VHI

Valhi, Inc. — Financial statements

Materials · Chemicals · United States

Last price 14.11 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 399.61M

Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports

Financial statements

Valhi, Inc. (VHI) reported revenue of 2.16B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue2.16B2.08B2.10B1.92B2.22B2.30B
Cost of Revenue1.84B1.78B1.66B1.68B1.73B1.72B
Gross Profit322.00M299.30M440.50M245.20M490.40M580.20M
Selling, General & Admin337.30M338.60M258.80M283.00M317.90M328.90M
Other Operating Expenses-33.90M-34.60M-31.70M-25.50M-16.00M-15.30M
Operating Expenses303.40M304.00M227.10M257.50M301.90M313.60M
Operating Income18.60M-4.70M213.40M-12.30M188.50M266.60M
Interest Expense-59.50M-57.10M-49.90M-28.30M-27.90M-32.50M
Interest & Investment Income16.10M16.50M21.80M21.00M10.90M4.00M
Currency Exchange Gain (Loss)-5.50M5.40M1.60M1.40M11.50M1.60M
Other Non Operating Income (Expenses)2.50M2.50M6.70M100.00K1.00M2.00M
EBT Excluding Unusual Items-27.80M-37.40M193.60M-18.10M184.00M241.70M
Merger & Restructuring Charges-10.50M-10.30M-16.00M
Gain (Loss) on Sale of Investments100.00K64.70M300.00K-500.00K
Gain (Loss) on Sale of Assets5.80M500.00K1.50M16.00M
Asset Writedown-16.40M
Other Unusual Items4.60M4.60M-6.20M
Pretax Income-27.90M-43.00M244.20M-19.50M169.90M257.80M
Income Tax Expense14.00M11.90M82.90M-24.60M36.80M60.10M
Earnings From Continuing Operations-41.90M-54.90M161.30M5.10M133.10M197.70M
Net Income to Company-41.90M-54.90M161.30M5.10M133.10M197.70M
Minority Interest in Earnings-9.20M-2.70M-53.30M-15.00M-45.90M-70.50M
Net Income-51.10M-57.60M108.00M-9.90M87.20M127.20M
Net Income to Common-51.10M-57.60M108.00M-9.90M87.20M127.20M
Shares Outstanding (Basic)28.50M28.50M28.50M28.50M28.50M28.50M
Shares Outstanding (Diluted)28.50M28.50M28.50M28.50M28.50M28.50M
EPS (Basic)-1.79-2.023.79-0.353.064.46
EPS (Diluted)-1.79-2.023.79-0.353.064.46
Free Cash Flow62.70M-82.10M13.10M-44.60M-32.70M395.60M
Free Cash Flow Per Share2.20-2.880.46-1.56-1.1513.88
Dividend Per Share0.320.320.320.320.320.32
Gross Margin14.88%14.41%20.93%12.76%22.07%25.27%
Operating Margin0.86%-0.23%10.14%-0.64%8.48%11.61%
Profit Margin-2.36%-2.77%5.13%-0.52%3.92%5.54%
Free Cash Flow Margin2.90%-3.95%0.62%-2.32%-1.47%17.23%
EBITDA86.90M61.70M280.10M41.80M247.00M324.40M
EBITDA Margin4.01%2.97%13.31%2.17%11.11%14.13%
D&A For EBITDA68.30M66.40M66.70M54.10M58.50M57.80M
EBIT18.60M-4.70M213.40M-12.30M188.50M266.60M
EBIT Margin0.86%-0.23%10.14%-0.64%8.48%11.61%
Effective Tax Rate33.95%21.66%23.31%
Revenue as Reported2.22B2.14B2.17B1.98B2.27B2.34B
Advertising Expenses2.00M2.00M2.00M2.00M1.00M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents209.70M214.00M348.30M407.00M478.50M698.40M
Short-Term Investments2.70M2.90M1.90M56.10M75.10M2.60M
Cash & Short-Term Investments212.40M216.90M350.20M463.10M553.60M701.00M
Accounts Receivable390.50M281.30M280.00M304.80M235.80M358.60M
Other Receivables43.70M37.60M47.80M35.60M46.10M45.10M
Receivables434.20M318.90M327.80M340.40M281.90M403.70M
Inventory530.90M659.80M685.80M596.10M640.80M458.70M
Prepaid Expenses32.90M54.90M65.10M53.20M66.90M57.20M
Restricted Cash6.60M8.60M24.80M22.60M46.30M52.60M
Total Current Assets1.22B1.26B1.45B1.48B1.59B1.67B
Property, Plant & Equipment752.60M771.50M744.00M540.00M545.30M583.50M
Long-Term Investments6.50M6.10M5.70M115.80M114.10M105.20M
Goodwill382.30M382.30M382.30M379.70M379.70M379.70M
Long-Term Deferred Tax Assets24.10M35.20M53.80M67.00M40.50M86.80M
Other Long-Term Assets67.00M62.00M69.10M90.00M117.30M138.10M
Total Assets2.57B2.63B2.80B2.74B2.84B3.01B
Accounts Payable180.20M232.60M250.20M248.40M216.50M170.00M
Accrued Expenses144.60M171.30M227.10M127.60M129.10M135.30M
Current Portion of Long-Term Debt800.00K800.00K79.00M700.00K1.80M3.10M
Current Portion of Leases3.90M4.20M3.50M3.90M3.80M3.70M
Current Income Taxes Payable4.70M14.40M39.40M25.90M19.10M13.80M
Current Unearned Revenue26.30M25.90M28.20M88.80M110.70M125.80M
Other Current Liabilities700.00K100.00K16.40M11.80M11.80M11.80M
Total Current Liabilities361.20M449.30M643.80M507.10M492.80M463.50M
Long-Term Debt586.70M590.90M484.40M545.80M557.70M649.90M
Long-Term Leases16.00M15.70M17.10M18.60M17.40M15.80M
Long-Term Unearned Revenue2.60M2.90M11.80M15.50M25.90M81.60M
Pension & Post-Retirement Benefits84.10M91.90M128.80M163.90M143.50M307.40M
Long-Term Deferred Tax Liabilities58.00M55.80M57.70M17.10M63.50M46.20M
Other Long-Term Liabilities66.80M62.10M77.50M192.80M228.10M282.40M
Total Liabilities1.18B1.27B1.42B1.46B1.53B1.85B
Common Stock300.00K300.00K300.00K300.00K300.00K300.00K
Additional Paid-In Capital671.20M670.30M669.90M669.50M669.50M669.00M
Retained Earnings527.80M508.00M574.70M475.80M482.30M401.10M
Treasury Stock-49.60M-49.60M-49.60M-49.60M-49.60M-49.60M
Comprehensive Income & Other-105.50M-105.80M-159.20M-145.50M-143.90M-191.30M
Total Common Equity1.04B1.02B1.04B950.50M958.60M829.50M
Minority Interest355.10M340.50M343.00M325.70M348.20M328.90M
Shareholders' Equity1.40B1.36B1.38B1.28B1.31B1.16B
Total Liabilities & Equity2.57B2.63B2.80B2.74B2.84B3.01B
Total Debt607.40M611.60M584.00M569.00M580.70M672.50M
Net Cash (Debt)-388.50M-388.60M-228.10M-101.10M-25.90M31.80M
Net Cash Per Share-13.63-13.64-8.00-3.55-0.911.12
Filing Date Shares Outstanding28.32M28.30M28.29M28.29M28.28M28.28M
Total Common Shares Outstanding28.32M28.50M28.50M28.50M28.50M28.50M
Working Capital855.80M809.80M809.90M968.30M1.10B1.21B
Book Value Per Share36.8735.9036.3533.3533.6429.11
Tangible Book Value661.90M640.90M653.80M570.80M578.90M449.80M
Tangible Book Value Per Share23.3722.4922.9420.0320.3115.78
Land77.40M79.40M74.70M45.10M42.50M50.30M
Buildings295.90M311.70M282.60M271.20M249.20M252.60M
Machinery1.42B1.46B1.31B1.18B1.11B1.19B
Construction In Progress50.40M45.00M41.70M23.60M77.20M82.90M

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-51.10M-57.60M108.00M-9.90M87.20M127.20M
Depreciation & Amortization68.70M66.40M66.70M54.10M58.50M57.80M
Loss (Gain) From Sale of Assets-5.80M-500.00K-1.50M-16.00M
Asset Writedown & Restructuring Costs200.00K3.80M16.40M1.50M
Loss (Gain) From Sale of Investments-64.50M
Loss (Gain) on Equity Investments-2.70M3.10M-10.50M3.80M
Other Operating Activities34.80M15.20M97.80M-33.30M60.30M99.20M
Change in Accounts Receivable-65.60M37.10M-16.70M-44.60M81.10M-64.60M
Change in Inventory189.00M79.90M-35.70M57.50M-182.80M107.90M
Change in Accounts Payable-85.30M-106.30M-60.20M11.20M3.90M154.30M
Change in Income Taxes-2.40M-11.80M9.20M9.30M-500.00K-1.60M
Change in Other Net Operating Assets29.20M-58.40M-57.40M-45.80M-78.70M-9.80M
Operating Cash Flow111.70M-35.50M44.00M3.90M34.90M459.70M
Capital Expenditures-49.00M-46.60M-30.90M-48.50M-67.60M-64.10M
Cash Acquisitions-156.80M
Sale (Purchase) of Real Estate5.60M1.80M23.40M
Investment in Securities-2.10M-1.20M54.30M19.30M-70.70M1.20M
Other Investing Activities2.80M-1.60M-8.40M2.10M
Investing Cash Flow-44.30M-47.80M-125.00M-29.00M-146.70M-37.40M
Long-Term Debt Issued726.50M292.50M
Long-Term Debt Repaid-759.50M-251.10M-29.80M-62.00M-102.30M
Net Debt Issued (Repaid)-34.40M-33.00M41.40M-29.80M-62.00M-102.30M
Common Dividends Paid-9.10M-9.10M-9.10M-9.10M-9.00M-9.00M
Other Financing Activities-24.50M-29.00M-34.60M-37.00M-43.00M-77.80M
Financing Cash Flow-68.00M-71.10M-2.30M-75.90M-114.00M-189.10M
Foreign Exchange Rate Adjustments-100.00K4.50M-100.00K1.00M-5.10M-10.60M
Net Cash Flow-700.00K-149.90M-83.40M-100.00M-230.90M222.60M
Free Cash Flow62.70M-82.10M13.10M-44.60M-32.70M395.60M
Free Cash Flow Margin2.90%-3.95%0.62%-2.32%-1.47%17.23%
Free Cash Flow Per Share2.20-2.880.46-1.56-1.1513.88
Levered Free Cash Flow132.34M-74.53M105.59M19.12M58.08M245.91M
Unlevered Free Cash Flow169.53M-38.84M136.78M36.81M75.51M266.23M
Cash Interest Paid56.60M51.80M45.10M26.60M25.80M29.20M
Cash Income Tax Paid20.40M52.10M41.80M27.40M43.70M65.90M
Change in Working Capital64.90M-59.50M-160.80M-12.40M-177.00M186.20M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization399.61M341.04M661.82M429.70M622.15M812.97M
Enterprise Value788.11M1.19B1.32B888.40M930.55M1.28B
Last Close Price14.1111.8622.5314.4020.4026.38
PE Ratio6.137.136.39
Forward PE4.887.677.796.035.39
PS Ratio0.180.160.310.220.280.35
PB Ratio0.380.250.480.340.480.70
P/TBV Ratio0.600.531.010.751.071.81
P/FCF Ratio6.3750.522.06
P/OCF Ratio3.5815.04110.1817.831.77
EV/Sales Ratio0.360.570.630.460.420.56
EV/EBITDA Ratio9.0719.214.7021.253.773.95
EV/EBIT Ratio42.376.174.944.81
EV/FCF Ratio12.57100.543.24
Debt / Equity Ratio0.430.450.420.450.440.58
Debt / EBITDA Ratio6.589.132.0512.002.302.02
Debt / FCF Ratio9.6944.581.70
Net Debt / Equity Ratio0.280.280.170.080.02-0.03
Net Debt / EBITDA Ratio4.476.300.812.420.10-0.10
Net Debt / FCF Ratio6.20-4.7317.41-2.27-0.79-0.08
Asset Turnover0.810.770.760.690.760.78
Inventory Turnover2.952.642.602.713.153.44
Quick Ratio1.791.191.051.581.702.38
Current Ratio3.372.802.262.913.233.61
Return on Equity (ROE)-2.96%-4.00%12.15%0.40%10.80%18.26%
Return on Assets (ROA)0.44%-0.11%4.82%-0.28%4.03%5.65%
Return on Invested Capital (ROIC)1.03%-0.28%9.41%-0.91%11.99%16.84%
Return on Capital Employed (ROCE)0.80%-0.20%9.90%-0.60%8.00%10.50%
Earnings Yield-12.71%-16.89%16.32%-2.30%14.02%15.65%
FCF Yield15.69%-24.07%1.98%-10.38%-5.26%48.66%
Dividend Yield2.27%2.67%1.38%2.12%1.47%1.12%
Payout Ratio8.43%10.32%7.07%
Total Shareholder Return2.27%2.67%1.38%2.12%1.47%1.12%