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Tronox Holdings (TROX) USD

Sector: Rare metals

Geography: South Africa, Australia, United States

COMM_TROX

Price chart

6.39 USDDay 2.73%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
6.39 USD · 2.73%
Market cap
1.0 bn USD

Growth

Δ revenue y/y
18.7%
Δ EBITDA y/y
87.2%

Multiples

P/E (LTM)
—
P/B (FY)
0.9x
P/E (ann.)
<0
EV/EBITDA (LTM)
22.4x
EV/EBITDA (ann.)
13.6x

Cash return

Dividend yield
3.1%
FCF yield (LTM)
-24.9%

Liquidity

Daily turnover (listing)
15.6 mln USD

Shares: yahoo_fundamentals_timeseries/TROX

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK868.0
y/y 18.7%
-21.0
y/y —
94.0
y/y 27.0%
73.0
y/y 87.2%
-171.0
y/y —
105.0-45.05950.0
y/y -3.8%
1161.0
y/y -29.5%
-55.8%2968.0Link
2026-03-31Q1 2026 (3M)OK760.0
y/y 3.0%
-41.0
y/y —
75.0
y/y 5.6%
34.0
y/y 240.0%
-103.0
y/y —
-68.0-67.06057.0
y/y -0.2%
1289.0
y/y -23.0%
-30.4%3338.0Link
2025-12-31Q4 2025 (3M)OK730.0
y/y 8.0%
-71.0
y/y -337.5%
82.0
y/y 15.5%
-64.0
y/y -126.9%
-77.0
y/y —
178.012.06217.0
y/y 3.0%
1418.0
y/y -19.5%
-47.3%3045.0Link
2025-09-30Q3 2025 (3M)OK699.0
y/y -13.1%
-43.0
y/y -179.6%
75.0
y/y 7.1%
32.0
y/y -74.2%
-99.0
y/y —
-57.0-80.06303.0
y/y 1.8%
1561.0
y/y -18.4%
-8.2%3222.0Link
2025-06-30Q2 2025 (3M)OK731.0
y/y -10.9%
-35.0
y/y -146.1%
74.0
y/y 2.8%
39.0
y/y -73.6%
-84.0
y/y -625.0%
28.0-83.06186.0
y/y 1.5%
1646.0
y/y -13.3%
-20.2%3060.0Link
2025-03-31Q1 2025 (3M)OK738.0
y/y -4.7%
-61.0
y/y -248.8%
71.0
y/y -1.4%
10.0
y/y -91.2%
-111.0
y/y —
-32.0-110.06069.0
y/y 0.8%
1674.0
y/y -11.1%
-25.9%2965.0Link
2024-12-31Q4 2024 (3M)OK676.0
y/y -1.5%
48.0
y/y 500.0%
71.0
y/y 2.9%
119.0
y/y 54.5%
-5.0
y/y —
82.0-16.06038.0
y/y -1.6%
1761.0
y/y -9.0%
-6.5%2732.0Link
2024-09-30Q3 2024 (3M)OK804.0
y/y 21.5%
54.0
y/y 68.8%
70.0
y/y 4.5%
124.0
y/y 25.3%
-25.0
y/y —
87.0-101.06191.0
y/y 2.5%
1913.0
y/y -4.0%
-1.7%2773.0Link
2024-06-30Q2 2024 (3M)OK820.0
y/y 3.3%
76.0
y/y -9.5%
72.0
y/y 5.9%
148.0
y/y -2.6%
16.0
y/y —
160.0-76.06096.0
y/y 0.7%
1898.0
y/y -7.0%
3.4%2729.0Link
2024-03-31Q1 2024 (3M)OK774.0
y/y 9.3%
41.0
y/y -33.9%
72.0
y/y 1.4%
113.0
y/y -15.0%
-9.0
y/y -139.1%
-29.0-76.06022.0
y/y -5.3%
1882.0
y/y -19.9%
-1.9%2786.0Link
2023-12-31Q4 2023 (3M)OK686.0
y/y —
-24.0
y/y —
69.0
y/y —
77.0
y/y —
-42.0
y/y —
93.0-5.06134.0
y/y —
1936.0
y/y —
-11.4%2575.0Link
2023-09-30Q3 2023 (3M)OK662.0
y/y —
32.0
y/y —
67.0
y/y —
99.0
y/y —
-14.0
y/y —
17.0-54.06040.0
y/y —
1993.0
y/y —
-0.9%2709.0Link
2023-06-30Q2 2023 (3M)OK794.0
y/y —
84.0
y/y —
68.0
y/y —
152.0
y/y —
-269.0
y/y —
136.0-55.06055.0
y/y —
2041.0
y/y —
-49.0%2640.0Link
2023-03-31Q1 2023 (3M)OK708.0
y/y —
62.0
y/y —
71.0
y/y —
133.0
y/y —
23.0
y/y —
-79.0-93.06359.0
y/y —
2349.0
y/y —
—2675.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)39
Long-term debt (incl. LT leases)3 123
− Cash & equivalents194
Net debt2 968

Net debt / LTM EBITDA: 27.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-150-100-500501002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021 operating cash flow came to 2.59x of reported net profit; after capex, 1.64x.
year2021
cash flow / profit2.59x
accruals, % of assets-7.6%
net debt / EBITDA 2.8x · EBIT covers interest 3.7x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

annual_report

Proved reserves
1.10 mln tons
2021

Proved reserves

YearReserves, mln tons
20211.10

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Titanium Dioxide (China, RMB/t)

Current 14 780spot vs LTM +2%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -332.4%

Main driver: Titanium Dioxide (China, RMB/t) +2% vs LTM; revenue ×1.02 vs costs ×1.03; EBITDA 107→63; at 10.1× EV/EBITDA → -332%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Titanium Dioxide (China, RMB/t) (rev)+100%14 780.0014 508.4015 876.55+2%+9%
Henry Hub Gas (cost)-5%2.753.383.11-19%-8%
Electricity Spot (cost)-5%57.8062.1952.40-7%-16%
Coking coal (Australia) (cost)-3%225.34215.32239.52+5%+11%
China Sulfur (cost)-1%9 435.674 402.853 062.62+114%-30%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 057
LTM EBITDA107
LTM cash costs (revenue − EBITDA)2 950
2 · Revenue projection
Revenue multiplier — spot×1.019 (+2%)
= Spot revenue3 114
Revenue multiplier — 3y price×1.094 (+9%)
= 3-year-price revenue3 345
3 · Costs projection
Cost multiplier — spot×1.034 (+3%)
= Spot cash costs3 051
Cost multiplier — 3y price×1.023 (+2%)
= 3-year-price cash costs3 017
4 · EBITDA projection (revenue − costs)
= Spot EBITDA63
= 3-year-price EBITDA328
Conservative EBITDA = min(spot, avg)63
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)10.1x
Target EV = EV/EBITDA × conservative EBITDA637
Net debt2 993
Target market cap = EV − net debt-2 356
Current market cap1 014

Upside = target market cap ÷ current − 1 = -332.4%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3662737-10.2%99147-32.7%
2023 Q4686732-6.3%77146-47.1%
2024 Q1774719+7.7%113118-4.3%
2024 Q2820722+13.5%14890+64.4%
2024 Q3804698+15.2%12464+93.5%
2024 Q4676717-5.7%11937+221.0%
2025 Q1738722+2.3%1044-77.1%
2025 Q2731726+0.6%3939-0.4%
2025 Q3699658+6.2%32-26—
2025 Q4730660+10.5%-32-34—
2026 Q1760709+7.2%34-28—
2026 Q2868865+0.3%73130-43.7%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.7x · target 75th pct (3y) 10.1x · LTM avg 13.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-100.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2026-05-110.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2026-02-230.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2025-11-100.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2025-08-110.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2025-05-190.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2025-03-030.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2024-11-080.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2024-08-260.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2024-05-170.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2024-03-010.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2023-11-100.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2023-08-110.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2023-05-120.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2023-03-030.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-11-100.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-08-120.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-05-200.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-03-040.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2021-11-120.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Tronox Holdings (TROX) — from primary filings.

Tronox Holdings plc mines and processes titanium-bearing mineral sands to produce titanium dioxide pigment, which is used in paints, plastics, and paper. The company also produces zircon, pig iron, and other mineral products.

Frequently asked questions

What is Tronox Holdings (TROX)'s EV/EBITDA?
Tronox Holdings (TROX) trades at 22.4x EV/EBITDA.
What is Tronox Holdings (TROX)'s P/B ratio?
Tronox Holdings (TROX) trades at a P/B of 0.9x.
What is Tronox Holdings (TROX)'s dividend yield?
Tronox Holdings (TROX)'s trailing 12-month dividend yield is 3.1%.
What is Tronox Holdings (TROX)'s return on equity (ROE)?
Tronox Holdings (TROX)'s ROE is -55.8%.
What is Tronox Holdings (TROX)'s market capitalization?
Tronox Holdings (TROX)'s market cap is 1.0 bn USD.

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