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TROX

Tronox Holdings plc

TROX

Tronox Holdings plc • NYSE
$4.14 ▲ 4.28% (+0.17)
Market Cap $656.38 M
52w High $12.39
52w Low $2.86
Dividend Yield 0.35%
P/E -2.02
Volume 1.87M
Outstanding Shares 158.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $699M ▼ $95M ▼ $-99M ▼ -14.163% ▼ $-0.63 ▼ $31M ▼
Q2-2025 $731M ▼ $114M ▼ $-84M ▲ -11.491% ▲ $-0.53 ▲ $38M ▲
Q1-2025 $738M ▲ $160M ▲ $-111M ▼ -15.041% ▼ $-0.7 ▼ $7M ▼
Q4-2024 $676M ▼ $69M ▲ $-30M ▼ -4.438% ▼ $-0.19 ▼ $127M ▲
Q3-2024 $804M $65M $-25M -3.109% $-0.16 $119M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $185K ▼ $6.303M ▼ $4.71M ▼ $1.561M ▼
Q2-2025 $132M ▼ $6.186B ▲ $4.507B ▲ $1.646B ▼
Q1-2025 $138M ▼ $6.069B ▲ $4.363B ▲ $1.674B ▼
Q4-2024 $151M ▼ $6.038B ▼ $4.247B ▲ $1.761B ▼
Q3-2024 $167M $6.191B $4.245B $1.913B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-100M ▼ $-57M ▼ $-79M ▲ $189M ▲ $53M ▲ $-137M ▼
Q2-2025 $-85M ▲ $28M ▲ $-81M ▲ $48M ▼ $-5M ▲ $-55M ▲
Q1-2025 $-111M ▼ $-32M ▼ $-95M ▲ $108M ▲ $-14M ▲ $-142M ▼
Q4-2024 $-30M ▼ $82M ▼ $-117M ▼ $26M ▲ $-16M ▲ $-35M ▼
Q3-2024 $-25M $87M $-90M $-34M $-33M $-14M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Products
Other Products
 $0 ▲$90.00M ▲$80.00M ▼$90.00M ▲
TiO2
TiO2
 $530.00M ▲$580.00M ▲$590.00M ▲$550.00M ▼
Zircon
Zircon
 $70.00M ▲$70.00M ▲$70.00M ▲$60.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Tronox’s revenue has been fairly steady over the past few years, with some ups and downs that reflect the cyclical nature of its end markets, especially coatings and plastics. Profitability was quite healthy earlier in the period but has come under pressure more recently, with the last two years slipping into losses at the bottom line. The company is still generating positive operating profit and EBITDA, so the core business remains viable, but margins are thinner than before. This suggests a mix of weaker pricing, softer demand, and cost pressure, along with possible impacts from interest, taxes, and one‑off items.

Balance Sheet

Balance Sheet The balance sheet shows a sizable industrial asset base that has stayed relatively stable over time, which fits a capital‑intensive, mining‑to-chemicals model. Debt remains high relative to equity, meaning the company is meaningfully leveraged and sensitive to borrowing costs and business cycles. Cash on hand is modest, so Tronox does not appear to be running with a large liquidity cushion, although it has kept its overall asset base intact. Equity built up earlier in the period but has eased back more recently, reflecting recent losses and underlining the importance of returning to consistent profitability.

Cash Flow

Cash Flow Cash flow from operations has been uneven: strong in the middle of the period but weaker in the most recent years, mirroring the profit trend. Free cash flow has turned negative lately, largely because Tronox is continuing to spend heavily on capital projects even during a softer earnings phase. This pattern points to a strategic decision to invest for the long term, but it also means the company likely relies more on existing cash and external financing to fund its plans. The key watchpoint is whether these investments translate into stronger, more stable cash generation in future cycles.

Competitive Edge

Competitive Edge Tronox holds a strong competitive position in titanium dioxide thanks to its vertical integration from mining to finished pigment. This “mine‑to‑pigment” structure offers cost and supply‑security advantages that many rivals cannot easily match, particularly during periods of raw‑material or logistics disruption. Its portfolio combines standard TiO2 used in coatings and plastics with more specialized products and valuable co‑products like zircon and pig iron, helping diversify revenue. Sustainability initiatives and a broad global footprint further support its standing with large customers, though the company remains exposed to the inherent volatility of construction, automotive, and industrial demand.

Innovation and R&D

Innovation and R&D Innovation at Tronox is focused less on basic research and more on process, product, and digital improvements that support its integrated model. The “newTRON” digital transformation aims to squeeze more efficiency out of the value chain, which could lower costs and improve reliability over time if execution is strong. On the product side, specialty lines like CristalACTiV™ and other branded TiO2 families target higher‑value applications such as advanced coatings and environmental catalysts, pushing the mix away from pure commodities. The company is also exploring rare earth elements and greener, more sustainable products, which could open new growth avenues but come with development and commercialization risk.

Summary

Overall, Tronox is a vertically integrated, asset‑heavy chemical producer navigating a cyclical downturn in profitability while continuing to invest for the future. Its structural advantages—control of raw materials, specialized product offerings, and sustainability and digital initiatives—support a meaningful competitive moat in titanium dioxide and related products. The trade‑off is a leveraged balance sheet, thinner recent margins, and negative free cash flow as it spends on capital projects, all of which increase sensitivity to industry cycles and financing conditions. The long‑term picture will depend on how effectively Tronox turns its integration, innovation efforts, and new product areas like rare earths into more resilient earnings and steadier cash generation across future cycles.

NEWS

November 5, 2025 · 4:30 PM UTC

Tronox Reports Third Quarter 2025 Financial Results

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November 3, 2025 · 4:03 PM UTC

Tronox Holdings plc Class Action: Levi & Korsinsky Reminds Tronox Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of November 3, 2025 – TROX

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November 3, 2025 · 10:27 AM UTC

FINAL DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Tronox

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November 3, 2025 · 10:00 AM UTC

TROX Investors Have Opportunity to Lead Tronox Holdings plc Securities Fraud Lawsuit with the Schall Law Firm

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November 3, 2025 · 8:45 AM UTC

Tronox Holdings plc Sued for Securities Law Violations - Investors Should Contact The Gross Law Firm for More Information - TROX

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