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Tronox (TROX)
NYSE:TROX
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TRONOX (TROX) AI Stock Analysis

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TROX

TRONOX

(NYSE:TROX)

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Neutral 48 (OpenAI - 5.2)
Rating:48Neutral
Price Target:
$7.00
▲(12.18% Upside)
Action:Reiterated
Date:08/07/26
The score is held down primarily by weak financial performance—losses, pressured balance-sheet leverage, and deeply negative free cash flow. Partially offsetting this are improving near-term operational/price momentum in guidance (including expected positive 2026 free cash flow) and a moderately constructive technical picture, while valuation remains constrained by negative earnings despite a mid-single-digit dividend yield.
Positive Factors
Vertical integration / feedstock control
Owning upstream mining and feedstock conversion gives Tronox durable supply security and partial insulation from third‑party feedstock price shocks. Over months, this vertical integration supports production continuity, margin preservation versus pure-play pigment sellers, and negotiating leverage with industrial customers.
Negative Factors
Weak profitability and margins
Sustained negative margins and operating losses constrain internal funding capacity and indicate an inability to fully pass through input inflation. Over the next several months, weak profitability undermines earnings recovery prospects and makes achieving durable free cash flow and return targets more challenging without structural cost or pricing improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration / feedstock control
Owning upstream mining and feedstock conversion gives Tronox durable supply security and partial insulation from third‑party feedstock price shocks. Over months, this vertical integration supports production continuity, margin preservation versus pure-play pigment sellers, and negotiating leverage with industrial customers.
Read all positive factors

TRONOX (TROX) vs. SPDR S&P 500 ETF (SPY)

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:May 06, 2026
(Q1-2026)
|
% Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: operational and commercial performance showed clear improvement in volumes, sequential revenue, pricing momentum, inventory reduction and a path to meaningful positive free cash flow for 2026, supported by a cost improvement program and strategic rare-earth progress. Offsetting these positives were a Q1 net loss, a 45% YoY decline in adjusted EBITDA, significant raw material inflation (notably sulfur nearly +300% since end-2024), Q1 negative free cash flow, and Q2 planned outage headwinds. Management emphasized disciplined commercial execution, pricing actions (including surcharges), and working-capital focus to mitigate headwinds and drive cash generation, but near-term profitability remains challenged by elevated input costs and some operational impacts.
Positive Updates
Revenue Growth and Strong Volume Execution
Revenue of $760 million, up 3% year-over-year, driven by higher TiO2 and zircon volumes. TiO2 volumes reached the highest Q1 level since 2022 and zircon volumes were the strongest since Q4 2021.
Negative Updates
Net Loss and Operating Loss
Reported loss from operations of $41 million and net loss attributable to Tronox of $103 million for Q1 2026.
Read all updates
Q1-2026 Updates
Negative
Revenue Growth and Strong Volume Execution
Revenue of $760 million, up 3% year-over-year, driven by higher TiO2 and zircon volumes. TiO2 volumes reached the highest Q1 level since 2022 and zircon volumes were the strongest since Q4 2021.
Read all positive updates
Company Guidance
Tronox's guidance for 2Q26 calls for TiO2 volumes to increase sequentially in the high-single-digit range (potentially into the teens if inventory allows) with TiO2 pricing up mid-single-digits quarter-over-quarter, while zircon volumes are expected to moderate slightly as previously announced zircon price increases take effect in Q2 and momentum carries into Q3; operationally the company will keep its west mine, one Namakwa furnace and Wonnerup idled and run two planned outages (one pigment, one feedstock), which together with inventory effects create a $10–15 million Q2 cost headwind versus Q1, and management expects 2Q adjusted EBITDA of $65–85 million. Tronox expects Q2 free cash flow to be positive (largely clawing back the Q1 $135 million use) and “meaningful” positive free cash flow for full‑year 2026, based on assumptions of ~ $190 million net cash interest, < $10 million net cash taxes, ~$260 million capex and working capital being a source well in excess of $100 million; the company reiterated its $125–175 million run‑rate cost‑savings target by end‑2026, noted Q1 inventory was reduced by ~ $75 million, upsized AR securitization by $25 million plus an additional $20 million, and enters the year with $3.3 billion total debt ($3.2 billion net), a 5.95% weighted average interest rate with ~74% fixed through 2028, $406 million liquidity including $126 million cash, and the next significant debt maturity in 2029.

TRONOX Financial Statement Overview

Summary
Financial strength is weak: profitability has deteriorated into operating and sizable net losses (TTM net margin ~-18%) with very thin gross/EBITDA margins, leverage is elevated in recent annual data (debt-to-equity ~2.5x in 2025), and free cash flow is deeply negative (TTM FCF ~-$295M) despite positive operating cash flow—indicating heavy reinvestment and/or working-capital drag.
Income Statement
24
Negative
Balance Sheet
22
Negative
Cash Flow
28
Negative
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue3.05B2.89B3.07B2.85B3.45B3.57B
Gross Profit163.00M229.00M515.00M462.00M832.00M895.00M
EBITDA88.00M54.00M525.00M473.00M714.00M840.00M
Net Income-549.00M-470.00M-48.00M-316.00M497.00M286.00M
Balance Sheet
Total Assets5.95M6.22B6.04B6.13B6.31B5.99B
Cash, Cash Equivalents and Short-Term Investments194.00K211.00M151.00M273.00M164.00M228.00M
Total Debt287.00K3.59B2.99B2.95B2.67B2.66B
Total Liabilities4.76M4.77B4.25B4.15B3.90B3.94B
Stockholders Equity1.16M1.42B1.76B1.94B2.36B1.99B
Cash Flow
Free Cash Flow-295.00M-281.00K-70.00M-77.00M170.00M468.00M
Operating Cash Flow32.00M60.00K300.00M184.00M598.00M740.00M
Investing Cash Flow-316.00M-328.00K-343.00M-255.00M-415.00M-269.00M
Financing Cash Flow290.00M321.00K-71.00M176.00M-250.00M-877.00M

TRONOX Technical Analysis

Technical Analysis Sentiment
Positive
Last Price6.24
Price Trends
50DMA
6.77
Positive
100DMA
7.82
Negative
200DMA
6.47
Positive
Market Momentum
MACD
-0.14
Negative
RSI
59.62
Neutral
STOCH
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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
$762.72M5.9810.14%8.56%13.40%10.28%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
61
Neutral
$783.33M21.806.98%22.12%
52
Neutral
$1.71B-9.81-6.28%4.00%0.65%45.36%
48
Neutral
$931.62M-2.00-31.25%3.21%-4.02%-206.93%
48
Neutral
$540.80M51.441.28%3.04%-0.63%-87.72%
42
Neutral
$850.54M-0.69142.56%-13.10%-0.68%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TROX
TRONOX
6.95
3.86
124.85%
BAK
Braskem SA
2.33
-0.71
-23.36%
HUN
Huntsman
10.14
1.05
11.54%
LXU
Lsb Industries
9.69
2.29
30.95%
WLKP
Westlake Chemical PRN
21.35
1.26
6.29%
ASIX
AdvanSix
20.14
2.26
12.65%

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.Date of analysis: Aug 07, 2026