TROX NYSE Industrial Inorganic Chemicals Financials FY2016βFY2025
Tronox Holdings plc had $2.9B of revenue in fiscal 2025, down 5.7% on the year before. Over five years, revenue changed +1.0% a year on average.
Last close Β· Oct 27, 2026
$3.68
β$0.12 (β3.16%) past year
Hi! I read Tronox Holdings plcβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β5.7%
No. Sales fell 5.7% last year.
Does it make a profit?
β16.2%
No. It lost money last year.
Does profit turn into cash?
β9.7%
No. It spent more cash than it brought in.
Is debt under control?
62.5x
Heavy. Repaying its debt would take 62.5 years of operating profit.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
Tronox Holdings plc had $2.9B of revenue in fiscal 2025, down 5.7% on the year before.
Over five years, revenue changed +1.0% a year on average.
Its operating margin was β8.7%, down 15.9Β pts: of every 100 in sales, about β9 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Tronox Holdings plc lost $470M in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was β$281M in fiscal 2025, β9.7% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
Tronox Holdings plc returned $48.0M to shareholders in fiscal 2025.
The diluted share count rose 0.4%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders sold $1.3M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.3M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 6, 2026 | Jean Francois TurgeonDirector | Sold | 18,563 | $6.60 | $0.1M | Form 4 |
| Mar 6, 2026 | Jeffrey A. EngleSVP, Chief Commercial Officer | Sold | 14,575 | $6.60 | $0.1M | Form 4 |
| Mar 6, 2026 | Jeffrey N NeumanSVP, General Counsel & Sec. | Sold | 22,965 | $6.59 | $0.2M | Form 4 |
| Mar 6, 2026 | John D RomanoCEO and Director, Director | Sold | 101,600 | $6.59 | $0.7M | Form 4 |
| Mar 6, 2026 | John SrivisalSVP, Chief Financial Officer | Sold | 19,461 | $6.59 | $0.1M | Form 4 |
| Mar 6, 2026 | Jonathan FloodPrincipal Accounting Officer | Sold | 8,008 | $6.58 | $0.1M | Form 4 |
| Mar 5, 2026 | Jonathan FloodPrincipal Accounting Officer | Sold | 7,000 | $7.55 | $0.1M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Tronox Holdings plc can carry it.
KIRA summarises the numbers
Tronox Holdings plc owes $3.1B more than it holds in cash, about 62.5 years of operating profit.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $228M | $164M | $273M | $151M | $199M |
| Debt incl. finance leases | $2.6B | $2.6B | $2.9B | $2.9B | $3.3B |
| Net debt / EBITDA | 2.7x | 3.3x | 5.6x | 5.5x | 62.5x |
| Debt / equity | 1.3x | 1.1x | 1.5x | 1.6x | 2.3x |
| Interest coverage | 3.7x | 3.7x | 1.2x | 1.3x | β1.3x |
| Current ratio | 2.5x | 2.3x | 2.8x | 2.5x | 2.5x |
| Quick ratio | 1.2x | 0.8x | 0.9x | 0.7x | 0.7x |
| Total assets | $6.0B | $6.3B | $6.1B | $6.0B | $6.2B |
| Total liabilities | $3.9B | $3.9B | $4.2B | $4.2B | $4.8B |
| Shareholders' equity | $2.0B | $2.4B | $1.9B | $1.8B | $1.4B |
| Net debt (β = net cash) | $2.4B | $2.4B | $2.6B | $2.8B | $3.1B |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
Its return on capital was β4.5%: every 100 invested in the business earned about β5 in a year.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
Tronox Holdings plc passes 2 of 9 financial health tests (Piotroski F-score).
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 5 / 9 | 6 / 9 | 4 / 9 | 6 / 9 | 6 / 9 | 6 / 9 | 4 / 9 | 5 / 9 | 2 / 9 |
| Accruals ratio | β2.9% | β9.2% | β3.7% | β10.5% | 10.4% | β7.2% | β1.6% | β8.0% | β5.7% | β8.6% |
| Altman Z'' | 3.07 | 3.28 | 3.40 | 1.70 | 2.59 | 2.88 | 2.84 | 2.53 | 2.37 | 1.47 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.3B | $1.7B | $1.8B | $2.6B | $2.8B | $3.6B | $3.5B | $2.9B | $3.1B | $2.9B |
| Net interest income | $3.0M | $10.0M | β | β | β | β | β | β | β | β |
| Gross profit | $133M | $389M | $498M | $464M | $621M | $895M | $832M | $462M | $515M | $269M |
| Research and development | $9.0M | $8.0M | $11.0M | $17.0M | $12.0M | $13.0M | $12.0M | $12.0M | $14.0M | $15.0M |
| Operating income | β$53.0M | $141M | $200M | $95.0M | $271M | $577M | $458M | $186M | $219M | β$253M |
| Interest expense | $185M | $188M | $193M | $201M | $189M | $157M | $125M | $158M | $167M | $189M |
| Pretax income | β$264M | β$87.0M | $43.0M | β$88.0M | $114M | $374M | $308M | $49.0M | $73.0M | β$458M |
| Income tax | β$125M | $6.0M | $13.0M | $14.0M | β$881M | $71.0M | β$192M | $363M | $127M | $15.0M |
| Net income | β$61.0M | β$285M | β$7.0M | β$109M | $969M | $286M | $497M | β$316M | β$48.0M | β$470M |
| Net income to common | β$61.0M | β$285M | β$7.0M | β$109M | $969M | $286M | $497M | β$316M | β$48.0M | β$470M |
| Diluted EPS | β$0.52 | β$2.39 | β$0.06 | β$0.78 | $6.69 | $1.81 | $3.16 | β$2.02 | β$0.31 | β$2.97 |
| Diluted shares | 0.12B | 0.12B | 0.12B | 0.14B | 0.14B | 0.16B | 0.16B | 0.16B | 0.16B | 0.16B |
| Cash flow | ||||||||||
| Cash from operations | $84.0M | $165M | $170M | $412M | $355M | $740M | $598M | $184M | $300M | $60.0M |
| Capital expenditure | $86.0M | $91.0M | $117M | $198M | $195M | $272M | $428M | $261M | $370M | $341M |
| Free cash flow | β$2.0M | $74.0M | $53.0M | $214M | $160M | $468M | $170M | β$77.0M | β$70.0M | β$281M |
| Depreciation and amortization | $177M | $182M | $195M | $280M | $304M | $297M | $269M | $275M | $285M | $302M |
| Stock-based compensation | $24.0M | $31.0M | $21.0M | $32.0M | β$4.0M | $3.0M | $26.0M | $4.0M | $21.0M | $20.0M |
| Acquisitions | $0.0M | $0.0M | β | β | β | β | β | β | β | β |
| Share buybacks | β | $0.0M | $0.0M | $288M | $0.0M | $0.0M | $50.0M | $0.0M | $0.0M | β |
| Dividends paid | $46.0M | $23.0M | $23.0M | $27.0M | $40.0M | $65.0M | $87.0M | $89.0M | $80.0M | $48.0M |
| Dividends and buybacks | $46.0M | $23.0M | $23.0M | $315M | $40.0M | $65.0M | $137M | $89.0M | $80.0M | $48.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $248M | $1.1B | $1.0B | $302M | $619M | $228M | $164M | $273M | $151M | $199M |
| Total debt | $3.1B | $3.1B | $3.1B | $3.0B | $3.3B | $2.6B | $2.5B | $2.8B | $2.9B | $3.2B |
| Finance lease liabilities | β | β | β | $15.0M | $15.0M | $14.0M | $47.0M | $43.0M | $42.0M | $39.0M |
| Current assets | $2.7B | $2.6B | $2.5B | $2.1B | $2.5B | $2.0B | $2.0B | $2.1B | $2.2B | $2.3B |
| Current liabilities | $564M | $353M | $300M | $702M | $805M | $822M | $850M | $753M | $874M | $919M |
| Inventory | $499M | $473M | $479M | $1.1B | $1.1B | $1.0B | $1.3B | $1.4B | $1.6B | $1.7B |
| Property and equipment, net | $1.1B | $1.1B | $1.0B | $1.8B | $1.8B | $1.7B | $1.8B | $1.8B | $1.9B | $2.0B |
| Goodwill | β | β | $0.0M | β | β | β | β | β | β | β |
| Intangible assets | $223M | $198M | $176M | $208M | $201M | $217M | $250M | $243M | $244M | $214M |
| Total assets | $5.0B | $4.9B | $4.6B | $5.3B | $6.6B | $6.0B | $6.3B | $6.1B | $6.0B | $6.2B |
| Total liabilities | $3.8B | $3.8B | $3.8B | $4.4B | $4.7B | $3.9B | $3.9B | $4.2B | $4.2B | $4.8B |
| Shareholders' equity | $1.0B | $829M | $683M | $748M | $1.7B | $2.0B | $2.4B | $1.9B | $1.8B | $1.4B |
| Margins | ||||||||||
| Gross margin | 10.2% | 22.9% | 27.4% | 17.6% | 22.5% | 25.1% | 24.1% | 16.2% | 16.8% | 9.3% |
| Operating margin | β4.0% | 8.3% | 11.0% | 3.6% | 9.8% | 16.2% | 13.3% | 6.5% | 7.1% | β8.7% |
| EBITDA margin | 9.5% | 19.0% | 21.7% | 14.2% | 20.8% | 24.5% | 21.0% | 16.2% | 16.4% | 1.7% |
| Net margin | β4.7% | β16.8% | β0.4% | β4.1% | 35.1% | 8.0% | 14.4% | β11.1% | β1.6% | β16.2% |
| FCF margin | β0.2% | 4.4% | 2.9% | 8.1% | 5.8% | 13.1% | 4.9% | β2.7% | β2.3% | β9.7% |
| Net interest share of revenue | 0.2% | 0.6% | β | β | β | β | β | β | β | β |
| Returns | ||||||||||
| Return on capital | β1.1% | 3.9% | 5.0% | 2.2% | 6.2% | 10.8% | 9.7% | 2.7% | 3.2% | β4.5% |
| Return on capital employed | β1.2% | 3.1% | 4.6% | 2.1% | 4.7% | 11.2% | 8.4% | 3.5% | 4.2% | β4.8% |
| Return on equity | β6.0% | β31.0% | β0.9% | β15.2% | 79.2% | 15.5% | 22.8% | β14.7% | β2.6% | β29.6% |
| Return on assets | β1.2% | β5.8% | β0.1% | β2.2% | 16.4% | 4.6% | 8.1% | β5.1% | β0.8% | β7.7% |
| Return on tangible equity | β7.8% | β45.2% | β1.4% | β20.2% | 64.7% | 16.1% | 23.6% | β18.7% | β3.2% | β39.0% |
| Growth | ||||||||||
| Revenue growth | β | 29.7% | 7.1% | 45.2% | 4.4% | 29.5% | β3.3% | β17.5% | 7.9% | β5.7% |
| Net income growth | β | β | β | β | β | β70.5% | 73.8% | β163.6% | β | β |
| EPS growth | β | β | β | β | β | β72.9% | 74.6% | β163.9% | β | β |
| FCF growth | β | β | β28.4% | 303.8% | β25.2% | 192.5% | β63.7% | β145.3% | β | β |
| Share count change | β | 2.9% | 2.8% | 13.8% | 3.6% | 9.0% | β0.5% | β0.5% | 0.9% | 0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 22.9x | 6.2x | 5.3x | 7.3x | 4.7x | 2.7x | 3.3x | 5.6x | 5.5x | 62.5x |
| Debt / equity | 3.1x | 3.8x | 4.6x | 4.0x | 2.0x | 1.3x | 1.1x | 1.5x | 1.6x | 2.3x |
| Interest coverage | β0.3x | 0.8x | 1.0x | 0.5x | 1.4x | 3.7x | 3.7x | 1.2x | 1.3x | β1.3x |
| Current ratio | 4.9x | 7.5x | 8.5x | 3.0x | 3.1x | 2.5x | 2.3x | 2.8x | 2.5x | 2.5x |
| Quick ratio | 4.0x | 6.1x | 6.9x | 1.3x | 1.7x | 1.2x | 0.8x | 0.9x | 0.7x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.6% | 5.4% | 6.4% | 7.5% | 7.1% | 7.6% | 12.4% | 9.2% | 12.0% | 11.8% |
| Stock comp / revenue | 1.8% | 1.8% | 1.2% | 1.2% | β0.1% | 0.1% | 0.8% | 0.1% | 0.7% | 0.7% |
| Payouts / FCF | β | 31.1% | 43.4% | 147.2% | 25.0% | 13.9% | 80.6% | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 5.0 | 6.0 | 4.0 | 6.0 | 6.0 | 6.0 | 4.0 | 5.0 | 2.0 |
| Altman Z'' | 3.1 | 3.3 | 3.4 | 1.7 | 2.6 | 2.9 | 2.8 | 2.5 | 2.4 | 1.5 |
| Accruals ratio | β2.9% | β9.2% | β3.7% | β10.5% | 10.4% | β7.2% | β1.6% | β8.0% | β5.7% | β8.6% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001530804). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
