Tronox Holdings PLC
TROX—
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Tronox Holdings PLC AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin TTM 9.3% vs industry median 52.8% — cost structure consuming nearly all revenue with COGS at 2.6B on 2.9B sales.[Gross Margin]
- Total Debt TTM 3.4B at 2.4x equity; interest expense TTM 177M exceeds EBITDA TTM of 21M — debt service unsustainable at current earnings.[Debt to Equity]
- FCF TTM -281M driven by 341M capex on a capital-intensive asset base (PPE 2.8B); cash of 199M provides limited runway.[Free Cash Flow]
Watch Triggers
- Gross Margin: Recovery above 15% for two consecutive quarters — At 9.3% TTM, even modest margin recovery to 15% would roughly double gross profit and begin covering interest.
- Cash and Equivalents: Decline below 100M — With FCF at -281M TTM, cash burn rate suggests ~6-9 months of runway; breach of 100M likely triggers refinancing.
- Inventory: Decline below 1.4B or write-down disclosure — 1.65B inventory is 57% of revenue; material reduction signals either demand recovery or impairment recognition.
Bull Case
P/B TTM 0.73x and P/S TTM 0.36x price in severe distress; tangible book 1.2B exceeds market cap 1.0B, offering asset-floor optionality if TiO2 pricing cycles upward.
P/B RatioP/S RatioTangible Book Value
Asset turnover TTM 0.47x is 2.3x industry median of 0.20x — operational infrastructure exists to convert a pricing recovery into rapid earnings leverage.
Asset TurnoverPPETotal Revenue
Bear Case
EBITDA TTM 21M cannot service 177M interest expense (8.4x coverage gap). With FCF at -281M and 199M cash, liquidity crisis risk is elevated within 12 months.
EBITDAInterest ExpenseFree Cash FlowCash and Equivalents
Gross margin TTM 9.3% is 83% below industry median 52.8%; 5yr revenue CAGR -1.4% shows no volume recovery — structural cost disadvantage or commodity headwind.
Gross MarginTotal Revenue 5yr GrowthGross Profit 1yr Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
25%
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Forward Thesis
Interest burden will force balance sheet restructuring unless gross margins recover above 20%
3-12mhigh
- Interest expense TTM 177M is 8.4x EBITDA TTM of 21M
- FCF TTM -281M with only 199M cash remaining
- Gross profit 1yr growth -66.7% signals accelerating margin erosion
Total Debt TTM 3.4B vs Market Cap 1.0BOperating Income TTM -21M (negative)Cash Flow TTM only 60M vs 177M interest
Inventory of 1.65B (57% of revenue) signals potential write-down risk or demand weakness
3-12mmed
- Inventory TTM 1.65B is 6.1x accounts receivable of 289M
- Revenue 5yr CAGR -1.4% shows no demand recovery trend
- Change in inventory +47M TTM suggests modest destocking
Inventory 1.65B vs total revenue 2.9B TTMWorking capital 1.35B mostly tied up in inventoryGross profit down 66.7% YoY
Valuation Context
Caveats
TROX Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.18B | — | ||
$4.52B | — | ||
0.00 | — | ||
$2.92B | -3.9% | — | |
$-2.92 | — | ||
-2.50% | -9.2% | — | |
-15.8% | -10.9% | — | |
$-274.0M | — | ||
-31.2% | -22.7% | — | |
Beta 5Y (Monthly) | unknown | — |
TROX Dividend History
56 dividends
2026
$0.100005/11/26$0.0500
02/23/26$0.0500
2025
$0.350011/10/25$0.0500
08/11/25$0.0500
05/19/25$0.1250
03/03/25$0.1250
2024
$0.500011/08/24$0.1250
08/26/24$0.1250
05/17/24$0.1250
03/01/24$0.1250
2023
$0.500011/10/23$0.1250
08/11/23$0.1250
05/12/23$0.1250
03/03/23$0.1250
2022
$0.500011/10/22$0.1250
08/12/22$0.1250
05/20/22$0.1250
03/04/22$0.1250
2021
$0.360011/12/21$0.1000
08/06/21$0.1000
05/14/21$0.0800
03/05/21$0.0800
2020
$0.280011/13/20$0.0700
08/17/20$0.0700
05/15/20$0.0700
03/06/20$0.0700
2019
$0.180011/18/19$0.0450
08/30/19$0.0450
05/17/19$0.0450
03/08/19$0.0450
2018
$0.180011/23/18$0.0450
08/24/18$0.0450
05/18/18$0.0450
03/09/18$0.0450
2017
$0.180011/17/17$0.0450
08/17/17$0.0450
05/11/17$0.0450
03/02/17$0.0450
2016
$0.385011/14/16$0.0450
08/15/16$0.0450
05/12/16$0.0450
03/02/16$0.2500
2015
$1.000011/12/15$0.2500
08/17/15$0.2500
05/14/15$0.2500
03/05/15$0.2500
2014
$1.000011/13/14$0.2500
08/14/14$0.2500
05/15/14$0.2500
03/06/14$0.2500
2013
$1.000011/14/13$0.2500
08/15/13$0.2500
05/16/13$0.2500
03/04/13$0.2500
2012
$1.500011/20/12$0.2500
07/11/12$1.2500
TROX Stock Splits
1 stock split
07/26/120.2:1 split
TROX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/20/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/19/25 | 12/31/24 | 10-K | |
10/25/24 | 09/30/24 | 10-Q | |
08/02/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/22/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/23/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
03/16/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/10/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/09/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
11/06/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
11/14/12 | 09/30/12 | 10-Q | |
08/10/12 | 06/30/12 | 10-Q | |
05/25/12 | 03/31/12 | 10-Q | |
12/31/11 | 12/31/11 | Unknown | -- |
09/30/11 | 09/30/11 | 10-Q | -- |
06/30/11 | 06/30/11 | 10-Q | -- |
05/25/12 | 03/31/11 | 10-Q | |
10/19/11 | 12/31/10 | Annual | -- |
09/30/11 | 09/30/10 | 10-Q | -- |
06/30/11 | 06/30/10 | 10-Q | -- |
10/19/11 | 12/31/08 | Annual | -- |
11/07/08 | 09/30/08 | 10-Q | |
06/30/08 | 06/30/08 | Unknown | -- |
03/31/08 | 03/30/08 | Unknown | -- |
12/31/07 | 12/31/07 | Unknown | -- |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | Unknown | -- |
03/31/07 | 03/30/07 | Unknown | -- |
12/31/06 | 12/31/06 | Unknown | -- |
09/30/06 | 09/30/06 | Unknown | -- |
06/30/06 | 06/30/06 | Unknown | -- |
03/31/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | Unknown | -- |
09/30/05 | 09/30/05 | Unknown | -- |