Tronox Holdings plc TROX

Healthcare SIC 2810 - Industrial Inorganic Chemicals NAICS Manufacturing › Chemical Manufacturing › Basic Chemical Manufacturing derived NYSE

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.

Last close 3.46 2026-10-23
Market cap $552.6M 2026-06-30 share count
52-week range 2.86 - 10.59

Valuation FY2025 figures against the last close

P/S0.2x
P/E—
P/FCF—
EV/EBITDA8.0x
Dividend yield8.7%
Diluted EPS-2.97

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Europe, Middle-East and Africa
  • Asia Pacific
  • North America
  • South and Central America
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 Europe, Middle-East and Africa, FY2025: 1.2B (40.2%) 40% Europe, Middle-East and Africa Asia Pacific, FY2025: 790M (27.3%) 27% Asia Pacific North America, FY2025: 749M (25.8%) 26% North America South and Central America, FY2025: 193M (6.7%) 7% FY2024 Europe, Middle-East and Africa, FY2024: 1.2B (38.7%) 39% Asia Pacific, FY2024: 879M (28.6%) 29% North America, FY2024: 796M (25.9%) 26% South and Central America, FY2024: 208M (6.8%) 7% FY2023 Europe, Middle-East and Africa, FY2023: 1.1B (39.7%) 40% Asia Pacific, FY2023: 806M (28.3%) 28% North America, FY2023: 754M (26.5%) 26% South and Central America, FY2023: 159M (5.6%) 6%
Region FY2025FY2024FY2023
Europe, Middle-East and Africa $1.17B $1.19B $1.13B
Asia Pacific $790.0M $879.0M $806.0M
North America $749.0M $796.0M $754.0M
South and Central America $193.0M $208.0M $159.0M

As the company reported it, from the “Revenue - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -2.97-0.31-2.023.211.886.76-0.78-0.06——
EPS, diluted -2.97-0.31-2.023.161.816.69-0.78-0.06-2.39-0.52
Shares, diluted (wtd. avg.) 158.5M157.8M156.4M157.1M157.9M144.9M139.9M122.9M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B Revenue, FY2016: 1.3B Gross profit, FY2016: 133M Net income, FY2016: -61M Revenue, FY2017: 1.7B Gross profit, FY2017: 389M Net income, FY2017: -285M Revenue, FY2018: 1.8B Gross profit, FY2018: 498M Net income, FY2018: -7M Revenue, FY2019: 2.6B Gross profit, FY2019: 464M Net income, FY2019: -109M Revenue, FY2020: 2.8B Gross profit, FY2020: 621M Net income, FY2020: 969M Revenue, FY2021: 3.6B Gross profit, FY2021: 895M Net income, FY2021: 286M Revenue, FY2022: 3.5B Gross profit, FY2022: 832M Net income, FY2022: 497M Revenue, FY2023: 2.9B Gross profit, FY2023: 462M Net income, FY2023: -316M Revenue, FY2024: 3.1B Gross profit, FY2024: 515M Net income, FY2024: -48M Revenue, FY2025: 2.9B Gross profit, FY2025: 269M Net income, FY2025: -470M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.31B $1.70B $1.82B $2.64B $2.76B $3.57B $3.45B $2.85B $3.07B $2.90B
Gross profit $133.0M $389.0M $498.0M $464.0M $621.0M $895.0M $832.0M $462.0M $515.0M $269.0M
Net income -$61.0M -$285.0M -$7.0M -$109.0M $969.0M $286.0M $497.0M -$316.0M -$48.0M -$470.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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