One-glance verdict
Within fair range
$27.36 our estimate vs market $4.36
Wall Street consensus: $6.81 (-75.1% lower than our fair-value estimate)
84% below our estimate
Fundamentals snapshot
Tronox Holdings plc
TROX · NYQ · Basic Materials · Chemicals
Current price
$4.36
52-week range
$2.86 - $10.59
Market cap
$695.49M
Balance sheet
Distressed
-0.12x Concerning
Net debt $3.32B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 5.5% last year.
- Reward Free cash flow was positive in 6/10 years.
- Risk Return on equity was -41.3% last year — the company lost money on shareholders' equity.
- Risk Net debt grew 27.5% over 3 years.
What this company does
Tronox Holdings plc
Tronox is a major producer of titanium dioxide (TiO2), a bright white pigment that makes everyday products like paint, plastics, and paper look whiter and more opaque. The company digs up its own raw materials from mines it owns, giving it more control over its supply chain (the entire process of making a product, from sourcing materials to delivering the final item). Because TiO2 is a key ingredient in so many goods for housing and manufacturing, Tronox's business often reflects the overall health of the global economy.
How the company got here
Tronox was created in 2006 when it was separated from a larger company called Kerr-McGee. A key moment in its history was the purchase of Exxaro's mineral sands business in 2012, which allowed Tronox to own its own sources of raw materials. This strategy of owning both the mines and the processing plants is known as vertical integration. Another major step was buying the titanium dioxide (TiO2) business from a company called Cristal in 2019, which made Tronox one of the largest producers in the world. The company faced financial difficulties and filed for bankruptcy in 2009, but it successfully reorganized and came out of it in 2011.
What it actually does
Tronox makes a very bright white powder called titanium dioxide, or TiO2 for short. You've likely encountered this product without knowing it, as it's the key ingredient that makes paints, plastics, and paper appear white, bright, and opaque. Think of the white paint on your walls, the white plastic of a milk jug, or the bright white of high-quality paper. Beyond making things white, TiO2 is also used in sunscreens to block harmful UV rays and can even be found in things like toothpaste.
Titanium Dioxide (TiO2)
This is the company's main business, making up the vast majority of its sales, roughly 80%. Tronox mines titanium ore and processes it into a high-quality white pigment. Companies that manufacture products like paints, plastics, and paper buy this pigment to make their own products white and durable. Because this pigment is so widely used in construction and consumer goods, Tronox's sales in this area can be a good indicator of broader economic activity.
Zircon
When Tronox mines for titanium ore, it also extracts another valuable mineral called zircon, which accounts for about 10-15% of its revenue. Zircon is a very hard and heat-resistant material. Because of these properties, it is sold to manufacturers who use it to make ceramics, such as tiles and bathroom fixtures, and in industrial processes that require high temperatures.
Feedstock and Other Products
This smaller part of the business sells raw and semi-processed materials to other companies. This includes titanium-bearing materials, known as feedstock, that haven't been turned into the final white pigment yet. It also includes other materials that are co-products (materials produced as a result of making something else) from the mining and pigment-making process, such as high-purity pig iron.
What management is betting on now
Tronox is focused on becoming more efficient and reducing its costs to improve its financial performance. A key part of its strategy is expanding into the market for rare earth elements, which are minerals crucial for many modern technologies like electric vehicles and wind turbines. The company is also investing in sustainability by working to reduce its greenhouse gas emissions (gases that trap heat in the atmosphere) and improve water management. By controlling its own mines, Tronox aims to have a more stable and predictable supply chain (the entire process of making and selling goods, from getting the raw materials to delivering the final product to customers).
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-14.00M
FY2024 Q4
$-35.00M
FY2025 Q1
$-142.00M
FY2025 Q2
$-55.00M
FY2025 Q3
$-137.00M
FY2025 Q4
$53.00M
FY2026 Q1
$-135.00M
FY2026 Q2
$60.00M
Revenue
$868.00M
Net income
$-171.00M
Diluted EPS
-1.07
Operating cash flow
$105.00M
Free cash flow
$60.00M
Fetching…
Sources
Revenue
$760.00M
Net income
$-103.00M
Diluted EPS
-0.65
Operating cash flow
$-68.00M
Free cash flow
$-135.00M
Fetching…
Sources
Revenue
$730.00M
Net income
$-176.00M
Diluted EPS
-1.11
Operating cash flow
$121.00M
Free cash flow
$53.00M
Fetching…
Sources
Revenue
$699.00M
Net income
$-99.00M
Diluted EPS
-0.63
Operating cash flow
$-57.00M
Free cash flow
$-137.00M
Fetching…
Sources
Revenue
$731.00M
Net income
$-84.00M
Diluted EPS
-0.53
Operating cash flow
$28.00M
Free cash flow
$-55.00M
Fetching…
Sources
Revenue
$738.00M
Net income
$-111.00M
Diluted EPS
-0.70
Operating cash flow
$-32.00M
Free cash flow
$-142.00M
Fetching…
Sources
Revenue
$676.00M
Net income
$-30.00M
Diluted EPS
-0.19
Operating cash flow
$82.00M
Free cash flow
$-35.00M
Fetching…
Sources
Revenue
$804.00M
Net income
$-25.00M
Diluted EPS
-0.16
Operating cash flow
$87.00M
Free cash flow
$-14.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $27.36 vs current price $4.36
Wall Street consensus is the average analyst price target: $6.81 (-75.1% lower than our fair-value estimate).
Our most-likely fair value is $27.36 a share — about 528.3% away from today's price of $4.36, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $3.3B. Interest coverage -0.1x.
Net debt
$3.32B
Interest coverage
-0.12x
Tronox Holdings plc's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
TROX
BASELINE
Tronox Holdings plc
Total debt $3.54B Interest coverage -0.12x This is the baseline the peer rows are being compared against.
Total debt $4.12B Interest coverage -0.10x Neither company has much profit cushion over interest right now.
Total debt $588.60M Interest coverage -0.79x Neither company has much profit cushion over interest right now.
Total debt $2.50B Interest coverage -0.27x Neither company has much profit cushion over interest right now.
Total debt $964.90M Interest coverage 5.27x This peer still has a real interest-payment cushion, while TROX does not.
Total debt $1.41M Interest coverage 12.43x This peer still has a real interest-payment cushion, while TROX does not.
What you should know
The case for and against TROX
3 Rewards
3 Risks
Rewards
-
Revenue grew 5.5% last year.
-
Free cash flow was positive in 6/10 years.
-
Dividend yield is 4.6% with 15-year payout history.
Risks
-
Return on equity was -41.3% last year — the company lost money on shareholders' equity.
-
Net debt grew 27.5% over 3 years.
-
Operating margin compressed from 15.7% to -2.0% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-14.08x
P/B
0.60x
P/S
0.23x
EV/EBITDA
23.09x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
5.6%
Operating margin
-2.0%
Net margin
-19.2%
ROE
-41.3%
ROA
-1.2%
Health
Liquidity and balance-sheet strength
Debt / equity
2.97x
Current ratio
2.55x
Quick ratio
0.70x
Total debt
$3.54B
Total cash
$214.00M
Growth
How the business has been compounding
Revenue TTM
$3.06B
Revenue 5Y CAGR
-5.1%
EPS TTM
-3.46
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$101.00M
Free CF TTM
$-281.00M
FCF margin
-9.2%
Dividend
Shareholder payout
Yield
4.6%
Payout ratio
15.6%
Last ex-div date
2026-08-10