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TRONOX
(NYSE:TROX)
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Rating:49Neutral
Price Target:
$7.00
▲(12.18% Upside)
Action:Reiterated
Date:08/07/26
The score is held back primarily by weak financial performance (losses, thin margins, and negative free cash flow). Technicals are mixed with only moderate support, while valuation is constrained by negative earnings despite a decent dividend yield. The latest earnings call improves the outlook modestly via better pricing, higher EBITDA guidance, and expectations for positive 2026 free cash flow, but near-term cost and profitability pressures remain significant.
Positive Factors
Vertical integration across TiO2 value chain
Owning upstream mining and feedstock processing reduces reliance on third-party suppliers and insulates production from external feedstock price shocks. Over months this vertical footprint supports more stable input supply, cost control, and the potential to sustain margins versus less-integrated peers.
Negative Factors
Elevated leverage and balance-sheet pressure
High reported leverage limits financial flexibility and raises refinancing and covenant risk during cyclical downturns. Sustained operating losses make deleveraging slower; with material debt outstanding, management has less room for discretionary investment or to absorb further demand shocks in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration across TiO2 value chain
Owning upstream mining and feedstock processing reduces reliance on third-party suppliers and insulates production from external feedstock price shocks. Over months this vertical footprint supports more stable input supply, cost control, and the potential to sustain margins versus less-integrated peers.
Read all positive factors
TRONOX (TROX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$931.62M
Dividend Yield3.42%
Average Volume (3M)2.54M
Price to Earnings (P/E)―
Beta (1Y)1.87
Revenue Growth-4.02%
EPS Growth-206.93%
CountryUS
Employees5,750
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-3.46
Shares Outstanding159,524,100
10 Day Avg. Volume2,265,289
30 Day Avg. Volume2,535,623
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.47
Price to Sales (P/S)0.23
P/FCF Ratio-2.35K
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$8.54Price Target Upside36.89% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-1.28
Revenue Forecast (FY)$3.19B
TRONOX Business Overview & Revenue Model
Company Description
Tronox Holdings plc functions as a globally integrated producer of titanium dioxide (TiO2) pigment, maintaining a significant presence across North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company's operations ...
How the Company Makes Money
Tronox makes money primarily by manufacturing and selling titanium dioxide (TiO2) pigment to industrial customers. The core revenue stream is TiO2 pigment sales, typically sold under supply agreements or spot contracts with pricing driven by negot...
TRONOX Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call communicated clear commercial momentum (19% revenue growth, sequential pricing gains, inventory reductions and positive free cash flow in Q2) and an improving outlook (Q3 EBITDA guidance and longer-term rare earths opportunity). At the same time, notable near-term headwinds remain: a material Q2 net loss driven by a tax valuation allowance, a 22% YoY decline in adjusted EBITDA, elevated input costs (notably sulfur/sulfuric acid), FX pressure, and inventory constraints that could moderate zircon volumes in Q3. Management emphasized disciplined pricing, cost improvements and liquidity actions to navigate macro and trade uncertainties. Overall, positives and constructive guidance are balanced against significant near-term profitability and cost challenges.Positive Updates
Revenue Growth
Total revenue of $868 million, up 19% year-over-year, driven by higher TiO2 and zircon volumes.
Negative Updates
Net Loss and Earnings Metrics
Loss from operations of $21 million and net loss attributable to Tronox of $171 million in Q2, which included a $103 million valuation allowance on certain U.S. state deferred tax assets; adjusted diluted EPS was a loss of $0.51.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Total revenue of $868 million, up 19% year-over-year, driven by higher TiO2 and zircon volumes.
Read all positive updates
Company Guidance
Tronox guided that third‑quarter TiO2 volumes should be down moderately (mid‑single‑digit %), zircon volumes should moderate slightly (inventory‑timing driven), TiO2 pricing is expected to rise sequentially in the mid‑single‑digit % range and zircon pricing in the mid‑ to high‑single‑digit % range (building on a 5% sequential pricing improvement in Q2); it expects Q3 adjusted EBITDA of $95–115 million with sequential margin improvement and roughly neutral free cash flow in Q3 (reflecting semiannual interest payments). For full‑year 2026 the company reiterated expectations for meaningful positive free cash flow, with net cash interest of ~ $190 million, net cash taxes < $10 million, capital expenditures < $260 million, and working capital to be a source of cash well in excess of $100 million; it also noted its cost‑improvement program remains on track to deliver at the higher end of a $125–$175 million run‑rate by year‑end 2026 (Q2 adjusted EBITDA was $73 million and inventory was reduced ≈ $120 million Q1→Q2).TRONOX Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
22
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.05B | 2.89B | 3.07B | 2.85B | 3.45B | 3.57B |
| Gross Profit | 163.00M | 229.00M | 515.00M | 462.00M | 832.00M | 895.00M |
| EBITDA | 88.00M | 54.00M | 525.00M | 473.00M | 714.00M | 840.00M |
| Net Income | -549.00M | -470.00M | -48.00M | -316.00M | 497.00M | 286.00M |
Balance Sheet | ||||||
| Total Assets | 5.95M | 6.22B | 6.04B | 6.13B | 6.31B | 5.99B |
| Cash, Cash Equivalents and Short-Term Investments | 194.00K | 211.00M | 151.00M | 273.00M | 164.00M | 228.00M |
| Total Debt | 287.00K | 3.59B | 2.99B | 2.95B | 2.67B | 2.66B |
| Total Liabilities | 4.76M | 4.77B | 4.25B | 4.15B | 3.90B | 3.94B |
| Stockholders Equity | 1.16M | 1.42B | 1.76B | 1.94B | 2.36B | 1.99B |
Cash Flow | ||||||
| Free Cash Flow | -295.00M | -281.00K | -70.00M | -77.00M | 170.00M | 468.00M |
| Operating Cash Flow | 32.00M | 60.00K | 300.00M | 184.00M | 598.00M | 740.00M |
| Investing Cash Flow | -316.00M | -328.00K | -343.00M | -255.00M | -415.00M | -269.00M |
| Financing Cash Flow | 290.00M | 321.00K | -71.00M | 176.00M | -250.00M | -877.00M |
TRONOX Technical Analysis
Positive
6.24
Price Trends
6.77
Positive
7.82
Negative
6.47
Positive
Market Momentum
-0.14
Negative
59.62
Neutral
48.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TROX, the sentiment is Positive. The current price of 6.24 is above the 20-day moving average (MA) of 6.13, below the 50-day MA of 6.77, and below the 200-day MA of 6.47, indicating a bullish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 59.62 is Neutral, neither overbought nor oversold. The STOCH value of 48.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TROX.
TRONOX Risk Analysis
TRONOX disclosed 42 risk factors in its most recent earnings report. TRONOX reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TRONOX Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $762.72M | 5.98 | 10.14% | 8.56% | 13.40% | 10.28% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $783.33M | 21.80 | 6.98% | ― | 22.12% | ― | |
52 Neutral | $1.71B | -9.81 | -6.28% | 4.00% | 0.65% | 45.36% | |
49 Neutral | $931.62M | -2.00 | -31.25% | 3.21% | -4.02% | -206.93% | |
49 Neutral | $540.80M | 51.44 | 1.28% | 3.04% | -0.63% | -87.72% | |
42 Neutral | $850.54M | -0.69 | 142.56% | ― | -13.10% | -0.68% |
* Basic Materials Sector Average
TROX
TRONOX
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TRONOX Corporate Events
Dividends
Tronox Declares Third-Quarter Cash Dividend to Shareholders
Positive
Jul 29, 2026
On July 29, 2026, Tronox Holdings plc announced that its Board of Directors declared a third-quarter cash dividend of $0.05 per share for shareholders. The dividend will be paid on October 9, 2026 to investors recorded as shareholders at the close...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.