# Tronox Holdings plc (TROX)

> Source: Nexqual · https://nexqual.com/TROX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tronox Holdings plc (TROX), nexqual.com/TROX" · informational, not investment advice.

**Price:** USD 3.48 (+6.75% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 3.26 · day 3.2–3.48 · 52w 2.86–10.59 · market cap $556M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.06B, net income -$549M (-18.0% margin), free cash flow -$159M (SEC filings).
- Analysts: Hold (mean 3.38 on a 1–5 scale) (8 analysts), mean target USD 5.13 (range 4–8).
- Total return with dividends: 1Y -3.3% vs S&P 500 +14.9%; 5Y -83.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.19, revenue estimate $851M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.57B | $3.45B | $2.85B | $3.07B | $2.90B | $3.06B |
| Gross profit | $895M | $832M | $462M | $515M | $269M | — |
| Operating income | $577M | $458M | $186M | $219M | -$253M | -$219M |
| Net income | $286M | $497M | -$316M | -$48.0M | -$470M | -$549M |
| EPS (diluted) | $1.81 | $3.16 | -$2.02 | -$0.31 | -$2.97 | — |
| Free cash flow | $468M | $170M | -$77.0M | -$70.0M | -$281M | -$159M |
| Gross margin | 25.1% | 24.1% | 16.2% | 16.8% | 9.3% | — |
| Operating margin | 16.2% | 13.3% | 6.5% | 7.1% | -8.7% | -7.2% |
| Net margin | 8.0% | 14.4% | -11.1% | -1.6% | -16.2% | -18.0% |
| Revenue growth | +29.5% | -3.3% | -17.5% | +7.9% | -5.7% | — |
| Cash + short-term investments | $228M | $164M | $273M | $151M | $199M | — |
| Total debt | $2.61B | $2.52B | $2.84B | $2.83B | $3.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/EBITDA 63.4x · EV/Sales 1.2x · P/B 0.5x · FCF yield -28.61% · Earnings yield -98.78% · Dividend yield (paid, TTM) 7.92% · Net debt $3.00B · EV $3.55B

## Analysts
Consensus Hold (mean 3.38 on a 1–5 scale), 8 analysts; mean target USD 5.13 (low 4, high 8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Truist Securities | Target lowered | Hold | $7 → $4 |
| 2026-10-12 | Goldman Sachs | Target lowered | Sell | $6.5 → $4 |
| 2026-10-05 | UBS | Target lowered | Neutral | $7 → $4.5 |
| 2026-09-30 | Mizuho | Target lowered | Underperform | $5.5 → $4.5 |
| 2026-08-13 | JP Morgan | Downgrade | Neutral → Underweight | $7 → $5 |
| 2026-07-22 | Goldman Sachs | Target lowered | Sell | $9 → $6.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.3% | -83.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.4% | -30.2% |
| Volatility (annualized) | 74.0% | 62.3% |
| Max drawdown | -68.5% (May 2026→Oct 2026) | -85.9% (Oct 2021→Aug 2025) |

## Peers (Chemicals)
BAK (Braskem SA) USD 1.6 -2.44% · RYAM (Rayonier Advanced Materials Inc) USD 6.83 -2.29% · LXU (LSB Industries, Inc.) USD 9.76 -5.33% · ASIX (AdvanSix Inc.) USD 15.68 +1.55% · WLKP (Westlake Chemical Partners LP) USD 20.96 +0.43% · VHI (Valhi, Inc.) USD 14.33 +2.58%

## More
Full page: https://nexqual.com/TROX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TROX's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1530804/000153080426000006/trox-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Industries Cluster and Toho Titanium Metal | "If ATTM fails to purchase MGT from us under certain contractually agreed upon conditions, then at our election we may terminate the MGT supply agreement with ATTM and will no longer owe any amount under the loan agreemen…" |
| Supplier | National Titanium Dioxide Company | "If ATTM fails to purchase MGT from us under certain contractually agreed upon conditions, then at our election we may terminate the MGT supply agreement with ATTM and will no longer owe any amount under the loan agreemen…" |
| Supplier | Anglo American South Africa | "At Namakwa Sands, we rely on intellectual property for our smelting technology, which was granted to us in perpetuity by Anglo American South Africa Limited for use on a worldwide basis, pursuant to a non-exclusive licen…" |
| Customer | TiO2 | "We believe that vertical integration is the best way to achieve our ultimate goal of delivering low cost, high-quality pigment to our approximately 1,200 TiO2 customers throughout the world." |
| Partner | AMIC and Toho Titanium Company | "MGT is used at a titanium "sponge" plant facility, 65% of the ownership interests of which are held by Advanced Metal Industries Cluster and Toho Titanium Metal Co. Ltd ("ATTM"), a joint venture between AMIC and Toho Tit…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| TiO2 | $700.0M | 80.6% | +19.3% |
| Zircon | $97.0M | 11.2% | +42.6% |
| Other Products | $71.0M | 8.2% | -6.6% |
| Total revenue | $868.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Europe, Middle-East and Africa | $354.0M | 40.8% | +18.4% |
| North America | $221.0M | 25.5% | +6.8% |
| Asia Pacific | $216.0M | 24.9% | +17.4% |
| South and Central America | $77.0M | 8.9% | +87.8% |
| Total revenue | $868.0M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.19 | $-0.15 | +29.2% | $850.8M | 8 |
| Next quarter (ends 2026-12-31) | $-0.23 | $-0.19 | +20.2% | $792.7M | 8 |
| Current fiscal year (ends 2026-12-31) | $-1.47 | $-1.25 | +17.5% | $3.28B | 8 |
| Next fiscal year (ends 2027-12-31) | $-0.45 | $-0.22 | +107.6% | $3.44B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±20.1%; last 8 reports averaged ±13.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 81.8% | ±20.1% |
| 2026-12-18 | 56 | 58.9% | ±20.1% |
| 2027-01-15 | 84 | 72.5% | ±27.3% |
| 2027-02-19 | 119 | 59.2% | ±26.6% |
| 2027-05-21 | 210 | 87.4% | ±35.2% |