Tronox Holdings plc
- Open
- 6.23
- Day high
- 6.69
- Day low
- 6.22
- Prev close
- 6.30
- Volume
- 995K
- Mkt cap
- $1.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.8
- P/S
- 0.4
- Yield
- 1.51%
- Per share
- $0.10
Tronox Holdings plc (TROX) is a Basic Materials company listed on NYSE. The stock is up 17% over the past year.
Tronox Holdings plc (TROX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TROX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.48 | $-0.55 | -14.6% | $760M | +1.1% |
| Feb 18, 2026 | $-0.43 | $-0.60 | -39.5% | $730M | +0.0% |
| Nov 5, 2025 | $-0.21 | $-0.46 | -119.0% | $699M | +1.7% |
| Jul 30, 2025 | $-0.04 | $-0.28 | -600.0% | $731M | -7.2% |
| Apr 30, 2025 | $0.02 | $-0.15 | -850.0% | $738M | -1.1% |
| Feb 12, 2025 | $0.06 | $0.03 | -50.0% | $676M | -2.2% |
| Oct 24, 2024 | $0.17 | $-0.13 | -176.5% | $804M | +14.3% |
| Aug 1, 2024 | $0.23 | $0.07 | -69.6% | $820M | -3.3% |
| May 1, 2024 | $-0.01 | $-0.05 | -814.1% | $774M | +2.6% |
| Feb 15, 2024 | $-0.05 | $-0.38 | -660.0% | $686M | +2.5% |
| Oct 25, 2023 | $0.05 | $-0.08 | -260.0% | $662M | -6.8% |
| Jul 26, 2023 | $0.27 | $0.16 | -40.7% | $794M | -6.3% |
TROX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 30, 2026 | Nkosi Sipho Abednegodirector | Grant | 15,690 | — |
| Apr 30, 2026 | Turgeon Jean Francoisdirector | Grant | 15,690 | — |
| Apr 30, 2026 | Johnston Peterdirector | Tax | 2,742 | $9.79 |
| Apr 30, 2026 | Khan Moazzam A.director | Grant | 15,690 | — |
| Apr 30, 2026 | JONES GINGER Mdirector | Tax | 3,335 | $9.79 |
| Apr 30, 2026 | Nkosi Sipho Abednegodirector | Tax | 1,705 | $9.79 |
| Apr 30, 2026 | Johnston Peterdirector | Grant | 15,690 | — |
| Apr 30, 2026 | Jones Stephen Jdirector | Tax | 2,881 | $9.79 |
| Apr 30, 2026 | KAUFTHAL ILANdirector | Tax | 4,032 | $9.79 |
| Apr 30, 2026 | JONES GINGER Mdirector | Grant | 15,690 | — |
| Apr 30, 2026 | Jones Stephen Jdirector | Grant | 15,690 | — |
| Apr 30, 2026 | KAUFTHAL ILANdirector | Grant | 15,690 | — |
| Apr 30, 2026 | Turgeon Jean Francoisdirector | Tax | 14,538 | $9.79 |
| Apr 30, 2026 | Khan Moazzam A.director | Tax | 16,166 | $9.79 |
| Mar 9, 2026 | Srivisal Johnofficer: SVP, Chief Financial Officer | Sell | 19,461 | $6.59 |
Source: TROX SEC Form 4 filings, latest Apr 30, 2026. For informational purposes only — not investment advice.
See the full TROX insider & 13F page →Tronox Holdings plc company profile
Overview
Tronox Holdings plc (NYSE:TROX) is a vertically integrated manufacturer of titanium dioxide (TiO2) pigment and other titanium-bearing products, founded through a series of acquisitions and spin-offs dating back to the early 2000s. The company went public in 2010 and is headquartered in Stamford, Connecticut. Tronox operates globally across North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific, maintaining a unique position as one of the world's largest producers of TiO2 pigment while also controlling significant upstream mining operations for titanium-bearing mineral sands.
Business
Tronox operates in the specialty chemicals industry, specifically focusing on titanium dioxide (TiO2) pigment production and related titanium-bearing products. TiO2 pigment is a white, powdery substance that serves as the world's most widely used white pigment, providing opacity, brightness, and whiteness to countless everyday products. When you see the bright white color in paint on walls, the opacity in plastic containers, or the whiteness in paper, you're likely seeing the effects of TiO2 pigment. The company's business consists of three main segments: 1. TiO2 Pigment Operations (approximately 75-80% of revenue): This is Tronox's core business, producing high-grade titanium dioxide pigment used primarily in paints and coatings (about 60% of TiO2 demand), plastics (about 25%), and paper applications (about 10%). The pigment provides essential properties like durability, UV protection, and color consistency that make it irreplaceable in these applications. 2. Zircon Production (approximately 10-15% of revenue): Zircon is a mineral co-product extracted during titanium mining operations. It's primarily used in ceramics, foundry applications, and refractory materials. The zircon market is heavily dependent on Chinese ceramic tile production, making it more cyclical than TiO2. 3. Other Products (approximately 5-10% of revenue): This includes pig iron, titanium tetrachloride, ilmenite feedstock, and emerging opportunities in rare earth minerals extraction from mining waste streams. What sets Tronox apart is its vertical integration - the company controls approximately 85% of its feedstock supply through its own titanium-bearing mineral sand mines in South Africa and Australia. This integration spans from mining raw materials to producing finished TiO2 pigment, giving the company significant cost advantages and supply chain control.
Revenue model
Tronox generates revenue primarily through product sales of TiO2 pigment and related materials to industrial customers. The company's customers include major paint manufacturers (like Sherwin-Williams, PPG), plastics producers, paper companies, and other industrial users who incorporate TiO2 into their manufacturing processes. These are typically large, established companies with long-term supply relationships. The business model benefits from several factors that can improve margins: vertical integration provides cost advantages by controlling feedstock supply, operational efficiency improvements through technology and process optimization can reduce manufacturing costs, and trade protection measures like anti-dumping duties can support pricing by limiting low-cost imports, particularly from China. However, margins face pressure from several challenges: commodity price volatility affects both input costs (energy, chemicals) and pricing power, Chinese competition from lower-cost producers can depress global pricing, cyclical demand tied to construction, automotive, and general manufacturing activity creates volume fluctuations, and high fixed costs from capital-intensive mining and chemical processing operations mean that utilization rates significantly impact profitability. The company has recently launched a cost improvement program targeting $125-175 million in sustainable cost reductions by 2026, focusing on operational excellence, technology-driven efficiency, supply chain optimization, and strategic overhead alignment. This initiative aims to improve margins regardless of market conditions.
Competitive moat
Tronox possesses a moderate but meaningful competitive moat built primarily on its vertical integration and scale advantages. The company's control of upstream titanium-bearing mineral sand mines provides a significant cost advantage over competitors who must purchase feedstock on the open market. This vertical integration, combined with the company's scale as one of the world's largest TiO2 producers, creates barriers to entry given the massive capital requirements for both mining operations and chemical processing facilities. The technical expertise required for TiO2 production also provides some protection, as the manufacturing process involves complex chemistry and requires significant operational know-how to achieve consistent quality and efficiency. Additionally, the company benefits from long-term customer relationships in industries where product consistency and reliability are critical. However, the moat faces significant challenges from Chinese competition, where lower-cost producers have gained substantial market share globally. Chinese TiO2 capacity has grown dramatically over the past decade, pressuring pricing and margins across the industry. The company also faces potential disruption from alternative technologies or substitutes, though TiO2's unique properties make replacement difficult in most applications. Recent developments in trade protection measures, including anti-dumping investigations in the EU, Brazil, India, and Saudi Arabia, may strengthen the competitive position by limiting unfair competition. The company's focus on operational efficiency and cost reduction also helps defend its market position, but the moat remains vulnerable to global overcapacity and economic cycles.
Risks & safety
The company presents moderate financial risk with concerning liquidity metrics but manageable debt levels relative to assets. • Liquidity concerns: Current ratio of 0.002 (Q1 2025) indicates severe short-term liquidity constraints, though this appears to be a data anomaly as previous quarters showed healthy ratios around 2.5-3.0 • Cash position: Only $138 million in cash and short-term investments against $961 million in current liabilities creates potential solvency pressure • Debt burden: Debt-to-equity ratio of 1.85 is elevated but manageable for an industrial company; total liabilities of $4.4 billion against $6.1 billion in total assets • Cash flow challenges: Free cash flow of -$142 million in Q1 2025, though the company targets positive $50+ million for full year 2025 • Valuation metrics: Trading at 0.67x book value suggests potential undervaluation, though EV/EBITDA of 150x reflects recent weak earnings • Operational headwinds: Company faces $50-60 million mining cost headwinds in 2025 from new mine commissioning, impacting near-term cash generation
Recent development
Over the past few years, Tronox has undergone significant strategic transformation focused on operational efficiency and cost reduction. The company launched a comprehensive cost improvement program in 2024 targeting $125-175 million in sustainable run-rate savings by 2026, addressing operational excellence, technology-driven efficiency, and supply chain optimization. A major strategic move was the closure of the Botlek pigment plant in The Netherlands, announced in Q1 2025, as part of rationalizing the global production footprint. Simultaneously, the company is expanding its mining operations with the commissioning of two new mines: the Fairbreeze mine (July 2025) and East OFS mine (November 2025), further strengthening its vertical integration strategy. Sustainability initiatives have become increasingly central to the company's strategy, with aggressive carbon reduction targets including 50% reduction in Scope 1 and 2 emissions by 2030 and net zero by 2050. The company has converted 40% of its South African operations to solar power, avoiding $17 million in electricity costs while reducing environmental impact. The company has also been exploring diversification opportunities, particularly in rare earth minerals extraction from existing mining waste streams, conducting prefeasibility studies in Australia. Additionally, Tronox has benefited from favorable trade developments, with anti-dumping duties implemented in Europe and potential duties expected in India and Brazil, which could provide volume and pricing tailwinds for approximately 600,000 tons of affected TiO2 imports.
TROX company profile · for informational purposes only — not investment advice.
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