Tronox (TROX)
NYSE:TROX
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TRONOX
(NYSE:TROX)
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Rating:47Neutral
Price Target:
$8.50
▼(-6.80% Downside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak financial performance: sustained losses, very low margins, and materially negative TTM free cash flow. Technicals and the earnings call add some support via longer-term price recovery versus 100/200-day averages and management’s guidance for sequential improvement and positive 2026 free cash flow, but valuation is constrained by negative earnings and the dividend’s support is tempered by cash-flow pressure.
Positive Factors
Vertical integration / feedstock control
Owning mines and upstream upgrading gives Tronox durable input-cost insulation and supply security versus non-integrated peers. That structural control lowers exposure to spot feedstock shocks, supports steady pigment output and provides optional revenue from excess intermediates over the next several quarters.
Negative Factors
Sustained weak profitability
Continued negative margins show revenue gains are not yet translating into durable earnings power. Thin gross margins and operating losses erode equity and limit capacity to rebuild reserves, requiring sustained pricing or structural cost improvements to restore long-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration / feedstock control
Owning mines and upstream upgrading gives Tronox durable input-cost insulation and supply security versus non-integrated peers. That structural control lowers exposure to spot feedstock shocks, supports steady pigment output and provides optional revenue from excess intermediates over the next several quarters.
Read all positive factors
TRONOX (TROX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.27B
Dividend Yield8.27%
Average Volume (3M)3.07M
Price to Earnings (P/E)―
Beta (1Y)1.87
Revenue Growth-4.02%
EPS Growth-206.93%
CountryUS
Employees6,500
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-2.92
Shares Outstanding159,524,100
10 Day Avg. Volume4,129,593
30 Day Avg. Volume3,072,994
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 Cap1.00
Enterprise Value/Revenue0.44
Enterprise Value/Gross Profit7.13
Enterprise Value/Ebitda5.26
Forecast
1Y Price Target
$8.50Price Target Upside-6.80% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-1.17
Revenue Forecast (FY)$3.09B
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 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
Positive
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
Income Statement
32
Negative
Balance Sheet
34
Negative
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.92B | 2.89B | 3.07B | 2.85B | 3.45B | 3.57B |
| Gross Profit | 178.00M | 229.00M | 515.00M | 462.00M | 832.00M | 895.00M |
| EBITDA | 241.00M | 293.00M | 525.00M | 473.00M | 714.00M | 840.00M |
| Net Income | -462.00M | -470.00M | -48.00M | -316.00M | 497.00M | 286.00M |
Balance Sheet | ||||||
| Total Assets | 6.06B | 6.22B | 6.04B | 6.13B | 6.31B | 5.99B |
| Cash, Cash Equivalents and Short-Term Investments | 126.00M | 211.00M | 151.00M | 273.00M | 164.00M | 228.00M |
| Total Debt | 340.00M | 3.59B | 2.99B | 2.95B | 2.67B | 2.66B |
| Total Liabilities | 4.74B | 4.77B | 4.25B | 4.15B | 3.90B | 3.94B |
| Stockholders Equity | 1.29B | 1.42B | 1.76B | 1.94B | 2.36B | 1.99B |
Cash Flow | ||||||
| Free Cash Flow | -275.00M | -281.00K | -70.00M | -77.00M | 170.00M | 468.00M |
| Operating Cash Flow | 23.00M | 60.00K | 300.00M | 184.00M | 598.00M | 740.00M |
| Investing Cash Flow | -300.00M | -328.00K | -343.00M | -255.00M | -415.00M | -269.00M |
| Financing Cash Flow | 281.00M | 321.00K | -71.00M | 176.00M | -250.00M | -877.00M |
TRONOX Technical Analysis
Neutral
9.12
Price Trends
8.77
Negative
7.51
Positive
5.67
Positive
Market Momentum
-0.19
Positive
38.99
Neutral
5.41
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TROX, the sentiment is Neutral. The current price of 9.12 is below the 20-day moving average (MA) of 9.36, above the 50-day MA of 8.77, and above the 200-day MA of 5.67, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 38.99 is Neutral, neither overbought nor oversold. The STOCH value of 5.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $798.32M | 2.40 | 38.87% | 9.90% | 13.40% | 10.28% | |
71 Outperform | $1.04B | 13.80 | 8.91% | ― | 21.54% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $2.40B | ― | -11.76% | 8.44% | -4.74% | -149.27% | |
55 Neutral | $582.85M | ― | 1.28% | 3.81% | -0.63% | -87.72% | |
49 Neutral | $1.63B | 1.33 | 142.56% | ― | -13.10% | -0.68% | |
47 Neutral | $1.27B | ― | -39.95% | 8.27% | -4.02% | -206.93% |
* Basic Materials Sector Average
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TRONOX Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackShareholder Meetings
Tronox Shareholders Back Board, Pay and Capital Flexibility
Positive
Apr 29, 2026
At its Annual General Meeting of Shareholders held on April 28, 2026, Tronox shareholders elected all nominated directors to terms expiring in 2027 and gave strong majority support to executive compensation in both U.S. and U.K. advisory votes. In...
Dividends
Tronox Declares Second-Quarter 2026 Cash Dividend
Positive
Apr 28, 2026
On April 28, 2026, Tronox Holdings plc announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, marking the company’s second-quarter 2026 dividend distribution and signaling continued capital returns to sh...
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.