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.
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Tronox Holdings PLC (TROX) Beneish M-score
Tronox Holdings PLC's Beneish M-score for fiscal 2025 is −2.42; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.42 | 0.48 |
| FY2024 | −2.90 | 0.01 |
| FY2023 | −2.91 | (0.09) |
| FY2022 | −2.83 | (0.24) |
| FY2021 | −2.59 | (0.70) |
| FY2020 | −1.89 | 0.18 |
| FY2019 | −2.07 | 0.69 |
| FY2018 | −2.76 | 0.11 |
| FY2017 | −2.87 | 0.73 |
| FY2016 | −3.60 | (5.71) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.15 | — | 1.06 | |
| Gross margin index | 1.80 | — | 0.95 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.09) | — | −0.40 | |
| Leverage index | 1.08 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.42 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RYAM Rayonier Advanced Materials Inc. compare | −3.9× |
| GPRE Green Plains, Inc. compare | −3.5× |
| ASIX AdvanSix compare | −2.6× |
| WLKP Westlake Chemical Partners LP compare | −2.5× |
| TROX Tronox Holdings PLC | −2.4× |
| VHI Valhi, Inc. compare | −2.4× |
| LXU Lsb Industries Inc. compare | −2.3× |
| BAK Braskem S.A. compare | −1.5× |
| ASPI ASP Isotopes Inc. compare | 11.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI