Saturday 10 October 2026
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Tronox Holdings PLC
TROX Basic Materials Chemicals
Tronox Holdings PLC’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, down 5.73% from fiscal 2024. In the quarter to June 2026, revenue grew 18.7%, EPS fell 101.9%, free cash flow grew 241.5% and total debt rose 5.80%, each against the same quarter a year earlier.
3.63
0.15
−3.97%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 2.79 | 10.41 | 6.46 | 6.71 | 3.97 | 13.85 | 11.09 | 10.08 | 9.87 | 2.86 |
Analyst estimates 2026–2028 Powerpack |
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| High | 12.03 | 28.40 | 22.15 | 15.50 | 15.09 | 26.33 | 25.95 | 17.61 | 20.70 | 10.60 | |||||
| People | |||||||||||||||
| People | Employees | 4,300 | 3,400 | 3,330 | 6,660 | 6,483 | 6,588 | 6,500 | 6,500 | 6,500 | 5,700 | ||||
| Revenue/emp, $m | 0.30 | 0.50 | 0.55 | 0.40 | 0.43 | 0.54 | 0.53 | 0.44 | 0.47 | 0.51 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 1,309 | 1,698 | 1,819 | 2,642 | 2,758 | 3,572 | 3,454 | 2,850 | 3,074 | 2,898 | ||||
| Gross margin, % | 10.16 | 22.91 | 27.38 | 17.56 | 22.52 | 25.06 | 24.09 | 16.21 | 16.75 | 9.28 | |||||
| EBT | (264) | (87) | 43 | (88) | 114 | 374 | 308 | 49 | 73 | (458) | |||||
| EBT margin, % | (20.17) | (5.12) | 2.36 | (3.33) | 4.13 | 10.47 | 8.92 | 1.72 | 2.37 | (15.80) | |||||
| Net income | (60) | (272) | 30 | (97) | 995 | 303 | 500 | (314) | (54) | (473) | |||||
| Depreciation | 188 | 197 | 206 | 288 | 314 | 308 | 277 | 284 | 295 | 312 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | 11.27 | 14.21 | 14.80 | 18.89 | 19.24 | 23.49 | 22.30 | 18.22 | 19.48 | 18.29 | ||||
| Earnings | (0.51) | (2.38) | (0.06) | (0.78) | 6.76 | 1.88 | 3.21 | (2.02) | (0.31) | (2.97) | |||||
| Cash flow | 0.72 | 1.38 | 1.38 | 2.95 | 2.48 | 4.87 | 3.86 | 1.18 | 1.90 | 0.38 | |||||
| Capex | (0.74) | (0.76) | (0.95) | (1.42) | (1.36) | (1.78) | (2.76) | (1.67) | (2.34) | (2.15) | |||||
| Free cash flow | (0.02) | 0.62 | 0.43 | 1.53 | 1.12 | 3.09 | 1.10 | (0.49) | (0.44) | (1.77) | |||||
| Book value | 9.93 | 8.49 | 7.01 | 6.55 | 13.05 | 13.43 | 15.52 | 12.66 | 11.35 | 9.14 | |||||
| Shares, m | 116 | 120 | 123 | 140 | 143 | 152 | 155 | 156 | 158 | 158 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 2.17 | 12.92 | 4.34 | 0.00 | 0.00 | 0.00 | ||||
| P/S | 0.99 | 1.47 | 0.53 | 0.60 | 0.76 | 1.02 | 0.62 | 0.76 | 0.52 | 0.23 | |||||
| P/B | 1.12 | 2.47 | 1.11 | 1.74 | 1.12 | 1.79 | 0.89 | 1.09 | 0.89 | 0.46 | |||||
| EV/Sales | 3.13 | 2.29 | 1.33 | 1.65 | 1.73 | 1.68 | 1.31 | 1.65 | 1.40 | 1.27 | |||||
| EV/FCF | (2,047.94) | 52.44 | 45.68 | 20.33 | 29.81 | 12.76 | 26.56 | (61.18) | (61.37) | (13.07) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 84 | 165 | 170 | 412 | 355 | 740 | 598 | 184 | 300 | 60 | ||||
| Capex | (86) | (91) | (117) | (198) | (195) | (270) | (428) | (261) | (370) | (341) | |||||
| Free cash flow | (2) | 74 | 53 | 214 | 160 | 470 | 170 | (77) | (70) | (281) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 2,174 | 2,286 | 2,244 | 1,371 | 1,724 | 1,227 | 1,110 | 1,382 | 1,281 | 1,346 | ||||
| Total debt | 3,054 | 3,147 | 3,161 | 3,064 | 3,321 | 2,576 | 2,538 | 2,824 | 2,859 | 3,222 | |||||
| Net debt | 2,803 | 1,378 | 1,465 | 2,753 | 2,673 | 2,344 | 2,374 | 2,551 | 2,707 | 3,011 | |||||
| Shareholders’ equity | 1,153 | 1,015 | 862 | 916 | 1,871 | 2,042 | 2,403 | 1,980 | 1,791 | 1,449 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | (1.22) | (5.80) | (0.15) | (2.20) | 16.37 | 4.56 | 8.09 | (5.08) | (0.79) | (7.67) | ||||
| ROIC | (0.84) | 3.68 | 5.37 | 1.62 | 3.73 | 8.22 | 5.99 | 2.57 | 3.04 | (3.55) | |||||
| ROE | (5.39) | (26.29) | (0.75) | (12.26) | 69.54 | 14.62 | 22.36 | (14.42) | (2.55) | (29.01) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
Tronox Holdings PLC vs peers in Chemicals (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GPRE Green Plains, Inc. | $1.1B | 8.0× | 8.2× | −19.28% (below 0%: shrinking) | n/m | +57.21% (above 0%: growing) | 25.33% | 15.21% | Compare |
| WLKP Westlake Chemical Partners LP | $754.6M | 13.0× | 12.3× | −0.01% (below 0%: shrinking) | −2.44% (below 0%: shrinking) | +866.65% (above 0%: growing) | 31.91% | 29.39% | Compare |
| LXU Lsb Industries Inc. | $729.3M | 19.6× | 12.8× | +11.10% (above 0%: growing) | n/m | +9,653.02% (above 0%: growing) | 6.82% | (1.63%) | Compare |
| TROX Tronox Holdings PLC | $603.7M | — (loss-making) | — (loss-making) | +18.74% (above 0%: growing) | n/m | +241.51% (above 0%: growing) | 6.34% | (2.42%) | |
| RYAM Rayonier Advanced Materials Inc. | $468.8M | — (loss-making) | — (loss-making) | +10.61% (above 0%: growing) | n/m | +69.92% (above 0%: growing) | 6.10% | (1.69%) | Compare |
| ASIX AdvanSix | $450.9M | — (loss-making) | 24.1× | +2.75% (above 0%: growing) | −89.74% (below 0%: shrinking) | −49.21% (below 0%: shrinking) | 7.38% | 2.15% | Compare |
| ASPI ASP Isotopes Inc. | $433.9M | — (loss-making) | — (loss-making) | +327.63% (above 0%: growing) | n/m | −182.92% (below 0%: shrinking) | 28.89% | (667.48%) | Compare |
| VHI Valhi, Inc. | $422.3M | — (loss-making) | 7.0× | +9.82% (above 0%: growing) | +2,500.00% (above 0%: growing) | +435.16% (above 0%: growing) | 22.56% | 9.88% | Compare |
| BAK Braskem S.A. | $314.0M | — (loss-making) | — | −99.99% (below 0%: shrinking) | n/m | +611.13% (above 0%: growing) | 80.35% | 48.61% | Compare |
| Median of peers | $459.8M | 13.0× | 12.3× | +6.29% | −2.44% | +252.54% | 23.95% | 6.01% |
Tronox Holdings PLC (TROX) key facts
- Concern: Tronox Holdings PLC’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, down 5.73% from fiscal 2024.
- Concern: Tronox Holdings PLC reported a net loss of $473.0 million, or a loss of $2.97 per share, for fiscal 2025.
- Tronox Holdings PLC (TROX) is a Chemicals company in the Basic Materials sector, listed on the New York Stock Exchange.
- As of October 9, 2026, TROX traded at $3.63, a market capitalization of $603.7 million.
- Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 0.2× sales.
- Tronox Holdings PLC pays an annual dividend of $0.20 per share, a yield of 5.51%.
- Return on equity was −29.0% and debt-to-equity 2.71.
- Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 0.68 (distress zone) for fiscal 2025.