Frontierby eninvs

Language: EN · RU

← Region

Tronox Holdings (TROX) USD

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.

At a glance: strengths & risks
✓Revenue growing (+19% y/y, Q2 2026)✓Margins improving (5%→8%, Q2 2026)

Sector: Rare metals

Geography: South Africa, Australia, United States

COMM_TROX

Price chart

4.81 USDDay -1.43%

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
4.81 USD · -1.43%
Market cap
762 mln USD

Growth

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

Multiples

P/E (LTM)
—
P/B (FY)
0.7x
P/E (ann.)
<0
EV/EBITDA (LTM)
37.2x
EV/EBITDA (ann.)
13.6x

Cash return

Dividend yield
4.2%
FCF yield (LTM)
-16.8%

Liquidity

Daily turnover (listing)
7.8 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%3216.0Yahoo Finance
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%3045.0Yahoo Finance
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%2732.0Yahoo Finance
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%2575.0Yahoo Finance
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)131
Long-term debt (incl. LT leases)3 279
− Cash & equivalents194
Net debt3 216

Net debt / LTM EBITDA: 30.1x

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 060spot vs LTM -3%

Commodity-player potential

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

Upside: -671.2%

Main driver: Titanium Dioxide (China, RMB/t) -3% vs LTM; revenue ×0.97 vs costs ×1.04; EBITDA 107→-110; at 10.1× EV/EBITDA → -671%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Titanium Dioxide (China, RMB/t) (rev)+100%14 060.0014 508.4015 833.02-3%+9%
Henry Hub Gas (cost)-5%2.943.383.12-13%-8%
Electricity Spot (cost)-5%57.8062.1952.40-7%-16%
Coking coal (Australia) (cost)-3%270.00215.32239.41+25%+11%
China Sulfur (cost)-1%8 639.004 402.853 271.32+96%-26%

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×0.969 (-3%)
= Spot revenue2 963
Revenue multiplier — 3y price×1.091 (+9%)
= 3-year-price revenue3 336
3 · Costs projection
Cost multiplier — spot×1.042 (+4%)
= Spot cash costs3 073
Cost multiplier — 3y price×1.023 (+2%)
= 3-year-price cash costs3 019
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-110
= 3-year-price EBITDA317
Conservative EBITDA = min(spot, avg)-110
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)10.1x
Target EV = EV/EBITDA × conservative EBITDA-1 117
Net debt3 241
Target market cap = EV − net debt-4 358
Current market cap763

Upside = target market cap ÷ current − 1 = -671.2%

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 7.8x · target 75th pct (3y) 10.1x · LTM avg 18.6x

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.

Frequently asked questions

What is Tronox Holdings (TROX)'s EV/EBITDA?
Tronox Holdings (TROX) trades at 37.2x EV/EBITDA.
What is Tronox Holdings (TROX)'s P/B ratio?
Tronox Holdings (TROX) trades at a P/B of 0.7x.
What is Tronox Holdings (TROX)'s dividend yield?
Tronox Holdings (TROX)'s trailing 12-month dividend yield is 4.2%.
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 762 mln USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map