Tronox Holdings plc Ordinary Shares (UK) (TROX)

FairStock Score: 32/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn good returns on capital and have durable advantages. Tronox is a commodity chemical producer with mines and pigment plants, so its fortunes swing with titanium dioxide prices and demand. In fiscal 2025, the year ended 2025-12-31, it reported revenue of $2.9B and a net loss of $470.0M. The latest reported quarter, fiscal Q2 2026, the quarter ended 2026-06-30, showed revenue of $868.0M and a net loss of $171.0M, a -19.70% margin. That is not a healthy business at this point. The balance sheet is leveraged: debt-to-equity is 2.97, Altman Z-score is 0.41, and trailing free cash flow is -$159.0M, a -28.4% FCF yield. Graham would call the price statistically cheap on assets: P/B is 0.48 at the 2026-10-13 close of $3.50. But low price-to-book is cold comfort when return on equity is -41.32%, ROCE is -1.20%, and the company is burning cash. The FairStock score is 32/100 and the computed Lynch category is TURNAROUND, because it had losses in the latest year after earlier profits. A turnaround can work if TiO2 prices recover, costs fall, and cash flow turns positive. But the 4.75% dividend and $559.0M market cap cannot mask negative earnings and a weak Z-score. I would need evidence of durable improvement before treating this as anything more than a speculative recovery.

In plain English: Tronox mines titanium minerals and makes titanium dioxide, a white pigment used in paints, plastics and coatings. The company is losing money and using cash, so the business looks weak today. The shares trade at a low price compared with its accounting value, but with large losses and heavy debt they do not clearly look cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer