| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2026 | 0.24 |
—
—
—
|
| 2025 | 0.32 |
—
—
—
—
|
| 2024 | 0.32 |
—
—
—
—
|
| 2023 | 0.32 |
—
—
—
—
|
| 2022 | 0.32 |
—
—
—
—
|
| 2021 | 0.32 |
—
—
—
—
|
| 2020 | 0.48 |
—
—
—
—
|
| 2019 | 0.96 |
—
—
—
—
|
| 2018 | 0.96 |
—
—
—
—
|
| 2017 | 0.96 |
—
—
—
—
|
| 2016 | 0.96 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 485.70 | 375.00 | 225.50 | 219.00 |
| Receivables | 340.40 | 327.80 | 318.90 | 434.20 |
| Inventory | 596.10 | 685.80 | 659.80 | 530.90 |
| Other | — | — | — | — |
| 1,475.40 | 1,453.70 | 1,259.10 | 1,217.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 228.50 | 250.00 | 231.30 | 355.70 |
| ST’ Debt | 0.70 | 79.00 | 0.80 | 0.80 |
| Other | — | — | — | — |
| 507.10 | 643.80 | 449.30 | 361.20 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 564.20 | 627.60 | — | — |
—
|
| ’25 | 539.40 | 571.50 | 524.10 | 501.10 |
2,136.10
|
| ’24 | 542.80 | 563.40 | 558.80 | 501.60 |
2,166.60
|
| ’23 | 505.80 | 517.60 | 476.40 | 477.30 |
1,977.10
|
| ’22 | 629.00 | 649.60 | 579.40 | 408.20 |
2,266.20
|
| ’21 | 516.00 | 533.10 | 592.00 | 694.30 |
2,335.40
|
| ’20 | 494.20 | 411.40 | 461.20 | 511.30 |
1,878.10
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (46.10) | 59.10 | — | — |
—
|
| ’25 | (155.90) | 21.70 | (1.90) | 100.60 |
(35.50)
|
| ’24 | (48.80) | 33.50 | 13.50 | 45.80 |
44.00
|
| ’23 | (126.80) | 31.70 | 33.90 | 65.10 |
3.90
|
| ’22 | (22.80) | 50.60 | 0.10 | 7.00 |
34.90
|
| ’21 | 56.60 | 20.10 | 112.50 | 270.50 |
459.70
|
| ’20 | (18.20) | 24.20 | 39.20 | 107.00 |
152.20
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (56.70) | 48.70 | — | — |
—
|
| ’25 | (168.70) | 9.10 | (12.30) | 89.80 |
(82.10)
|
| ’24 | (53.80) | 29.70 | 3.90 | 38.90 |
18.70
|
| ’23 | (143.50) | 15.80 | 25.60 | 59.30 |
(42.80)
|
| ’22 | (39.00) | 33.60 | (12.30) | (15.00) |
(32.70)
|
| ’21 | 45.10 | 16.50 | 111.80 | 245.60 |
419.00
|
| ’20 | (34.20) | 14.70 | 25.60 | 80.60 |
86.70
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.07 | 0.78 | — | — |
—
|
| ’25 | 0.59 | 0.03 | (0.78) | (1.86) |
(2.02)
|
| ’24 | 0.27 | 0.70 | 2.01 | 0.80 |
3.79
|
| ’23 | (0.17) | (0.18) | (0.21) | 0.14 |
(0.42)
|
| ’22 | 1.59 | 0.98 | 0.92 | (0.33) |
3.16
|
| ’21 | 0.52 | 0.75 | 1.36 | 1.83 |
4.46
|
| ’20 | 0.84 | (0.32) | 0.54 | 0.86 |
1.94
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 20.83 | 10.80 | 12.12 | 11.44 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 54.06 | 26.60 | 41.75 | 25.25 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,266 | 2,196 | 2,524 | 2,263 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.00 | 0.90 | 0.86 | 0.94 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,266.20 | 1,977.10 | 2,166.60 | 2,136.10 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.57% | 15.20% | 22.45% | 16.60% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 169.90 | (19.50) | 244.20 | (43.00) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.50% | (0.99%) | 11.27% | (2.01%) | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 133.10 | 5.10 | 161.30 | (54.90) | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 58.50 | 54.10 | 66.70 | 66.40 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 79.52 | 69.37 | 76.02 | 74.95 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 3.16 | (0.42) | 3.79 | (2.02) | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.22 | 0.14 | 1.54 | (1.25) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.37) | (1.64) | (0.89) | (1.64) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.15) | (1.50) | 0.66 | (2.88) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 45.85 | 44.78 | 48.39 | 47.85 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.50 | 28.50 | 28.50 | 28.50 | — | — | — |
Shares
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.80 | 0.00 | 6.19 | 0.00 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.27 | 0.21 | 0.31 | 0.16 | — | — | — |
PS Ratio
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.47 | 0.33 | 0.48 | 0.25 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.25 | 0.24 | 0.39 | 0.33 | — | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (16.38) | (10.65) | 51.82 | (8.42) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 34.90 | 3.90 | 44.00 | (35.50) | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (67.60) | (46.70) | (25.30) | (46.60) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (32.70) | (42.80) | 18.70 | (82.10) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,096.70 | 968.30 | 809.90 | 809.80 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 559.50 | 546.50 | 563.40 | 591.70 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (40.40) | 60.80 | 188.40 | 366.20 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,306.80 | 1,276.20 | 1,379.10 | 1,363.70 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.99% | (0.36%) | 3.90% | (2.12%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.67% | 0.53% | 11.64% | 0.34% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.07% | (0.77%) | 8.13% | (4.20%) | — | — | — |
ROE
|
Valhi, Inc. (VHI), a holding company dominated by cyclical titanium dioxide pigments via Kronos Worldwide, has endured wild swings in revenue—from a $2.34 billion peak in 2021 to a 15% drop in 2023 amid energy crises and softening demand—before a 10% rebound to $2.17 billion in 2024. Gross margins cratered to 15% in 2023 from 36% highs, with EPS flipping from $9.24 (2017) to losses before recovering to $3.79, while free cash flow turned deeply negative amid volatile operations. These patterns highlight acute sensitivity to commodity cycles, industrial slowdowns, and raw material costs, yet disciplined capex and steady employee productivity offer glimmers of resilience.
The balance sheet stands out as a fortress, with shareholders’ equity surging 210% to $1.38 billion (BVPS at $48.39) since 2016, fueling mid-single-digit ROE and providing downside protection despite lingering net debt of $188 million and subpar ROIC in troughs. Valuation multiples scream caution—PS at 0.31x, PB at 0.48x, EV/FCF over 50x—while stock prices exaggerate fundamentals, bottoming at $9 in 2020 and lagging 2024’s profit snapback, trading at a 30% premium to analyst targets amid sparse insider buys signaling quiet confidence.
Looking ahead, stabilization around $2.1-2.2 billion revenue and 25% margins is plausible with supply discipline and defense tailwinds, but downside risks loom large: GDP-linked chemical exposure could halve margins in recessions, debt maturities strain FCF, and geopolitical titanium disruptions add volatility. Valhi suits patient, risk-averse investors eyeing book value compounding at 5-8%, but trim on strength and await discounts—its gritty survivor profile demands vigilance over moonshot dreams.
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