Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026
Basics
Sector
Basic Materials
Industry
Chemicals
Country
United States
Market cap
543.0M USD
Enterprise value
3.6B USD
Full-time employees
5,700
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:growing more slowly than most peersgrowing more slowly than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: more debt relative to equity (2.81× vs a peer median of 0.36×)higher risk: more debt vs equity (2.81× vs peers 0.36×)
Ranks #1,143 of 1,217 basic materials companies (bottom 7%)
Paying shareholders without free cash flow. Paid out $217M over the 3 fiscal years to 2025 with -$428M of free cash flow.
Tronox returned $217M in buybacks and dividends over three fiscal years while its free cash flow totalled -$428M. The money came from its cash pile or from borrowing.
Much more borrowing than peers.Debt is 2.8× equity vs a peer median of 0.4×.Debt is 2.8× equity vs peers 0.4×.
Debt is 2.8× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 2.8× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Operating margin at a 6-year low.-8.7% in 2025, the weakest of the last 6 years.
Tronox's operating margin fell to -8.7% in 2025, its lowest in the 6 years of filings we have.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Tronox reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 17 → 18
Share price -7.6%+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-101.1%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364
EBITDA yield2.5%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.17Sector median: 0.0854 · MAD: 0.0520
Free cash flow yield-29.3%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0261 · MAD: 0.0261
Why it changed since the Oct 27, 2026 close: Score 6 → 7
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Why it changed since the Oct 27, 2026 close: Safety percentile 14 → 15
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Tronox
Is Tronox getting weaker?
Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 19/100 since Oct 28, 2026.
How is Tronox valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 1,371 basic materials peers.Earnings yield -101.1% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -101.1% vs peers 3.6% (weaker than 100% of peers).
Is Tronox growing?
More slowly than most of its peers. Growth scores 38/100 against 1,371 basic materials peers.
How profitable is Tronox?
Less profitable than most of its peers. Profitability scores 7/100 against 1,371 basic materials peers.Return on assets -9.2% vs a peer median of 2.5% (weaker than 100% of peers).Return on assets -9.2% vs peers 2.5% (weaker than 100% of peers).
How risky is Tronox?
Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Current ratio 2.55× vs a peer median of 1.76× (stronger than 71% of peers).Current ratio 2.55× vs peers 1.76× (stronger than 71% of peers).Debt / equity 2.81× vs a peer median of 0.36× (weaker than 100% of peers).Debt / equity 2.81× vs peers 0.36× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Worth watching: Tronox is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
2.9B USD
3.1B USD
+4.7%
Net income (12 months)
−462.0M USD
−549.0M USD
+18.8%
Operating margin
-8.0%
-7.2%
+0.8 pts
Free cash flow (12 months)
−274.0M USD
−159.0M USD
−42.0%
Debt
3.3B USD
3.3B USD
−2.0%
Cash
126.0M USD
194.0M USD
+54.0%
Shares outstanding
159.5M
159.7M
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Basic Materials · 121 companies
Valuations in Basic Materials are near the top of their range since 2016.
84% of months since 2016 were valued lower than now.
43% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +23% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −27%.
2016Shaded: most expensive fifth of its range2026
Shown for Basic Materials: too few Chemicals companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
25.1%
24.1%
16.2%
16.8%
9.3%
▼ 7.5 pts
Operating margin
16.2%
13.3%
6.5%
7.1%
-8.7%
▼ 16 pts
Net margin
8.0%
14.4%
-11.1%
-1.6%
-16.2%
▼ 15 pts
Return on assets (ROA)
4.8%
7.9%
-5.2%
-0.8%
-7.6%
▼ 6.8 pts
Return on equity (ROE)
14.3%
21.1%
-16.3%
-2.7%
-33.1%
▼ 30 pts
Free cash flow margin
13.1%
4.9%
-2.7%
-2.3%
-9.7%
▼ 7.4 pts
Current ratio
2.49×
2.31×
2.84×
2.47×
2.46×
▼ 0.0%
Quick ratio
1.22×
0.80×
0.95×
0.69×
0.67×
▼ 3.5%
Debt to equity
1.31×
1.09×
1.47×
1.64×
2.30×
▲ 40%
Interest coverage
3.68×
3.66×
1.18×
1.31×
-1.34×
▼ 202%
TROX price history
Price history is added with the daily price update and will appear after the next one.