Tronox Holdings plc TROX
Tronox is the world's leading vertically integrated manufacturer of TiO2 pigment. We operate titanium-bearing mineral sand mines and beneficiation and smelting operations in Australia and South Africa to produce feedstock materials that can be processed into TiO2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and ultrafine TiO2 used in certain specialty applications. Our strategy is to be vertically integrated and produce enough feedstock materials to be as self-sufficient as possible in the production of TiO2 at our seven pigment facilities located in the United States, Australia, Brazil, UK, France, and the Kingdom of Saudi Arabia. We believe that vertical integration is the best way to achieve our ultimate goal of delivering low cost, high-quality pigment to our approximately 1,200 TiO2 customers throughout the world. The mining, beneficiation and smelting of titanium bearing mineral sands also creates meaningful quantities of co-products including zircon, pig iron and the rare-earth bearing mineral, monazite, which we also supply to customers around the world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.90B | $3.07B | $2.85B | $3.45B | $3.57B | $2.76B | $2.64B | $1.82B | $1.70B | $1.31B |
| Cost of revenue | — | — | — | — | — | — | — | $1.32B | $1.31B | $1.18B |
| Gross profit | $269.0M | $515.0M | $462.0M | $832.0M | $895.0M | $621.0M | $464.0M | $498.0M | $389.0M | $133.0M |
| R&D | $15.0M | $14.0M | $12.0M | $12.0M | $13.0M | $12.0M | $17.0M | $11.0M | $8.0M | $9.0M |
| SG&A | $290.0M | $296.0M | $276.0M | $289.0M | $318.0M | $347.0M | $347.0M | $267.0M | $249.0M | $185.0M |
| Operating income | -$253.0M | $219.0M | $186.0M | $458.0M | $577.0M | $271.0M | $95.0M | $200.0M | $141.0M | -$53.0M |
| Interest expense | $189.0M | $167.0M | $158.0M | $125.0M | $157.0M | $189.0M | $201.0M | $193.0M | $188.0M | $185.0M |
| Pre-tax income | -$458.0M | $73.0M | $49.0M | $308.0M | $374.0M | $114.0M | -$88.0M | $43.0M | -$87.0M | -$264.0M |
| Income tax | $15.0M | $127.0M | $363.0M | $192.0M | $71.0M | $881.0M | $14.0M | $13.0M | $6.0M | $125.0M |
| Net income | -$470.0M | -$48.0M | -$316.0M | $497.0M | $286.0M | $969.0M | -$109.0M | -$7.0M | -$285.0M | -$61.0M |
| EPS, basic | -2.97 | -0.31 | -2.02 | 3.21 | 1.88 | 6.76 | -0.78 | -0.06 | — | — |
| EPS, diluted | -2.97 | -0.31 | -2.02 | 3.16 | 1.81 | 6.69 | -0.78 | -0.06 | -2.39 | -0.52 |
| Shares, diluted (wtd. avg.) | $158.5M | $157.8M | $156.4M | $157.1M | $157.9M | $144.9M | $139.9M | $122.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $199.0M | $151.0M | $273.0M | $164.0M | $232.0M | $648.0M | $311.0M | $1.70B | $1.77B | $251.0M |
| Receivables | $289.0M | $266.0M | $290.0M | $377.0M | $631.0M | $540.0M | $482.0M | $317.0M | $328.0M | $278.0M |
| Inventory | $1.65B | $1.55B | $1.42B | $1.28B | $1.05B | $1.14B | $1.13B | $479.0M | $473.0M | $499.0M |
| Total current assets | $2.27B | $2.15B | $2.13B | $1.96B | $2.05B | $2.53B | $2.07B | $2.54B | $2.64B | $2.74B |
| Property, plant and equipment | $2.01B | $1.93B | $1.83B | $1.83B | $1.71B | $1.76B | $1.76B | $1.00B | $1.11B | $1.09B |
| Other intangibles | $214.0M | $244.0M | $243.0M | $250.0M | $217.0M | $201.0M | $208.0M | $176.0M | $198.0M | $223.0M |
| Total assets | $6.22B | $6.04B | $6.13B | $6.31B | $5.99B | $6.57B | $5.27B | $4.64B | $4.86B | $4.96B |
| Accounts payable | $481.0M | $499.0M | $461.0M | $486.0M | $438.0M | $356.0M | $342.0M | $133.0M | $165.0M | $136.0M |
| Short-term debt | $39.0M | $35.0M | $27.0M | $24.0M | $18.0M | $0 | $0 | — | $0 | $150.0M |
| Total current liabilities | $919.0M | $874.0M | $753.0M | $850.0M | $822.0M | $805.0M | $702.0M | $300.0M | $353.0M | $564.0M |
| Long-term debt | — | — | — | — | — | — | — | — | — | $2.89B |
| Total liabilities | $4.77B | $4.25B | $4.15B | $3.90B | $3.94B | $4.70B | $4.35B | $3.78B | $3.85B | $3.81B |
| Retained earnings | $30.0M | $555.0M | $684.0M | $1.08B | $663.0M | $434.0M | -$493.0M | -$357.0M | -$327.0M | -$19.0M |
| Total equity | $1.42B | $1.76B | $1.98B | $2.40B | $2.04B | $1.87B | $916.0M | $862.0M | $1.01B | $1.15B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $60.0M | $300.0M | $184.0M | $598.0M | $740.0M | $355.0M | $412.0M | $170.0M | $165.0M | $84.0M |
| Depreciation and amortisation | $302.0M | $285.0M | $275.0M | $269.0M | $297.0M | $304.0M | $280.0M | $195.0M | $182.0M | $177.0M |
| Stock-based compensation | — | — | $4.0M | — | $3.0M | -$4.0M | — | — | $31.0M | $24.0M |
| Capital expenditure | $341.0M | $370.0M | $261.0M | $428.0M | $272.0M | $195.0M | $198.0M | $117.0M | $91.0M | $86.0M |
| Investing cash flow | -$328.0M | -$343.0M | -$255.0M | -$415.0M | -$269.0M | -$229.0M | -$1.19B | -$174.0M | $1.23B | -$84.0M |
| Financing cash flow | $321.0M | -$71.0M | $176.0M | -$250.0M | -$877.0M | $214.0M | -$638.0M | -$46.0M | $24.0M | -$78.0M |
| Dividends paid | $48.0M | $80.0M | $89.0M | $87.0M | $65.0M | $40.0M | $27.0M | $23.0M | $23.0M | $46.0M |
| Buybacks | — | $0 | $0 | $50.0M | $0 | $0 | $288.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001530804-26-000006.
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