TRONOX Ltd (TROX)
NYSE:TROX
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TRONOX
(NYSE:TROX)
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Rating:53Neutral
Price Target:
$9.00
▼(-2.60% Downside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by weak financial performance (recent losses, compressed margins, negative free cash flow, and elevated leverage). Offsetting this, technical indicators show strong upward momentum, and the latest earnings call outlines a credible path to improved pricing, cost savings, and positive free cash flow in 2026—though execution and market risks remain meaningful. Valuation is mixed due to a loss-driven negative P/E, partially supported by the dividend yield.
Positive Factors
Vertical integration (mines to pigment)
Owning mineral sands mines and upstream feedstock/upgrading gives Tronox durable supply security and partial insulation from purchased ore price swings. This structural advantage supports gross-margin resilience versus non-integrated peers and enables opportunistic feedstock sales, aiding long-term cash generation.
Negative Factors
Sustained losses and negative free cash flow
Multi-year net losses and negative free cash flow have eroded operating leverage and internal funding ability. This structural profit weakness limits capacity to self-fund capex and dividends, increases reliance on external financing, and raises execution risk for the turnaround until normalized EBITDA and FCF are consistently achieved.
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Positive Factors
Negative Factors
Vertical integration (mines to pigment)
Owning mineral sands mines and upstream feedstock/upgrading gives Tronox durable supply security and partial insulation from purchased ore price swings. This structural advantage supports gross-margin resilience versus non-integrated peers and enables opportunistic feedstock sales, aiding long-term cash generation.
Read all positive factors
TRONOX (TROX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.47B
Dividend Yield8.27%
Average Volume (3M)3.84M
Price to Earnings (P/E)―
Beta (1Y)2.03
Revenue Growth-7.81%
EPS Growth-334.15%
CountryUS
Employees6,500
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-0.60
Shares Outstanding158,557,860
10 Day Avg. Volume3,785,422
30 Day Avg. Volume3,839,807
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 Cap3.32
Enterprise Value/Revenue1.68
Enterprise Value/Gross Profit18.06
Enterprise Value/Ebitda147.22
Forecast
1Y Price Target
$7.31Price Target Upside-20.89% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.95
Revenue Forecast (FY)$3.02B
TRONOX Business Overview & Revenue Model
Company Description
Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mines; and ...
How the Company Makes Money
Tronox makes money primarily by manufacturing and selling titanium dioxide (TiO2) pigment to industrial customers. Revenue is largely generated from TiO2 product sales into end markets such as architectural and industrial coatings, plastics, paper...
TRONOX Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but cautiously constructive view: operational and commercial positives (strong Q4 volumes, Q4 free cash flow, >$90M run-rate cost savings, active pricing actions, mining and rare earths progress and improved liquidity) are balanced against significant near-term financial pain (full-year net loss of $470M, negative full-year free cash flow of $281M, substantial restructuring charges, higher production costs from temporary cash-preservation actions, and notable debt levels). Management is optimistic that implemented price increases, sustained cost savings, footprint rationalization and working-capital discipline will translate into positive free cash flow and improved earnings in 2026, but execution risk and market/regulatory volatility (e.g., duty rulings, China overcapacity, commodity cost pressure) keep the outlook cautious.Positive Updates
Safety Improvement
Delivered best safety performance in more than a decade with the lowest overall injury rate in the period, highlighting disciplined site execution and workforce focus on safety.
Negative Updates
Large Full-Year Losses and Negative Adjusted EPS
Full-year 2025: revenue $2.9 billion with loss from operations $253 million and net loss attributable to Tronox of $470 million; adjusted diluted EPS was a loss of $1.50.
Read all updates
Q4-2025 Updates
Positive
Negative
Safety Improvement
Delivered best safety performance in more than a decade with the lowest overall injury rate in the period, highlighting disciplined site execution and workforce focus on safety.
Read all positive updates
Company Guidance
Tronox guided that TiO2 volumes should be relatively flat sequentially off a very strong Q4 (growth in all regions except Asia) with TiO2 pricing expected up ~2–4% sequentially and zircon volumes to mirror Q4 (zircon pricing stabilized with announced increases expected to be implemented in Q2); Q1 EBITDA is guided to $55–65 million. For full-year cash assumptions they project net cash interest of ~ $185 million, net cash taxes of < $10 million, CapEx of ~ $260 million (vs. $341 million in 2025), and working capital to be a source of cash in excess of $100 million, supporting their expectation of positive free cash flow in 2026. They noted a ~$10 million Q1 FX headwind versus Q4, exit-2025 sustainable cost improvement run-rate of > $90 million (targeting the high end of $125–175 million by end-2026 with >2,000 initiatives tracked), liquidity of $674 million (including $199 million cash), total debt $3.2 billion / net debt $3.0 billion, and a continued objective to target long-term net leverage <3x.TRONOX Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.90B | 3.07B | 2.85B | 3.45B | 3.57B |
| Gross Profit | 269.00M | 515.00M | 462.00M | 832.00M | 895.00M |
| EBITDA | 33.00M | 525.00M | 473.00M | 714.00M | 840.00M |
| Net Income | -470.00M | -48.00M | -316.00M | 497.00M | 286.00M |
Balance Sheet | |||||
| Total Assets | 6.22B | 6.04B | 6.13B | 6.31B | 5.99B |
| Cash, Cash Equivalents and Short-Term Investments | 211.00M | 151.00M | 273.00M | 164.00M | 228.00M |
| Total Debt | 3.59B | 2.99B | 2.95B | 2.67B | 2.66B |
| Total Liabilities | 4.77B | 4.25B | 4.15B | 3.90B | 3.94B |
| Stockholders Equity | 1.42B | 1.76B | 1.94B | 2.36B | 1.99B |
Cash Flow | |||||
| Free Cash Flow | -281.00K | -70.00M | -77.00M | 170.00M | 468.00M |
| Operating Cash Flow | 60.00K | 300.00M | 184.00M | 598.00M | 740.00M |
| Investing Cash Flow | -328.00K | -343.00M | -255.00M | -415.00M | -269.00M |
| Financing Cash Flow | 321.00K | -71.00M | 176.00M | -250.00M | -877.00M |
TRONOX Technical Analysis
Positive
9.24
Price Trends
7.46
Positive
5.90
Positive
5.08
Positive
Market Momentum
0.64
Negative
64.34
Neutral
76.83
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 9.24 is above the 20-day moving average (MA) of 8.02, above the 50-day MA of 7.46, and above the 200-day MA of 5.08, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 64.34 is Neutral, neither overbought nor oversold. The STOCH value of 76.83 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.08B | 25.00 | 4.90% | ― | 12.49% | 95.48% | |
68 Neutral | $778.93M | 1.99 | 23.49% | 9.90% | -0.82% | -20.35% | |
64 Neutral | $661.88M | 9.44 | 6.06% | 3.81% | -5.05% | 35.01% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | $1.47B | -1.41 | -29.85% | 8.27% | -7.81% | -334.15% | |
51 Neutral | $2.18B | ― | -10.06% | 8.44% | -3.46% | -191.77% | |
43 Neutral | $1.22B | -0.66 | 142.56% | ― | -10.68% | 36.31% |
* Basic Materials Sector Average
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TRONOX Corporate Events
Business Operations and StrategyExecutive/Board ChangesDividends
Tronox Announces Director Exit and Maintains Quarterly Dividend
Positive
Feb 11, 2026
On February 11, 2026, Tronox Holdings said director Lucrece Foufopoulos-De Ridder will not seek re-election at the 2026 annual meeting when her term expires, citing time commitments from other public company board roles and no disagreements with T...
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.