olivLaw · US equity research
Kronos Worldwide, Inc. KRO
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
Kronos Worldwide is one of the major global producers of titanium dioxide, a white pigment used in paints, plastics and paper. For a company that reported another net loss in 2025 but returned to profit in the first half of 2026, the key question is whether the price recovery and cost reductions can be sustained. The company reported net income of 15.2 million dollars in the second quarter of 2026.
At the close of 04 Nov 2026, Kronos Worldwide, Inc. (KRO) stock was 7.74 USD (+3.06% on the day), with market capitalisation 890.9 m USD, dividend yield 2.58%, beta 1.22, 52-week range 4.33–8.91 USD. Latest reported quarter (Q2 2026): revenue of 558.1 m USD (+12.9% YoY), net income of 15.2 m USD, diluted EPS 0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.7
- neutral
- Bollinger (20, 2)
- 7.26 – 7.85
- in the upper half of the band · %B 0.81 · band width 7.8%
- SMA 50 / 200
- 7.99 / 6.89
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.5% | −1.1% | −1.4 pp | — |
| 3 months | +24.6% | −0.5% | +25.1 pp | — |
| 6 months | +2.2% | +4.4% | −2.1 pp | — |
| Year to date | +75.1% | +12.3% | +62.8 pp | — |
| 1 year | +66.1% | +13.5% | +52.6 pp | +20.0% |
| 3 years | −1.8% | +76.4% | −78.2 pp | +24.2% |
| 5 years | −46.3% | +63.7% | −109.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 484.7 m | 423.1 m | 489.8 m | 494.4 m | 456.9 m | 418.3 m | 509.8 m | 558.1 m |
| Cost of revenue | 383.5 m | 336.7 m | 383.0 m | 431.6 m | 409.9 m | 421.9 m | 426.5 m | 455.3 m |
| Gross profit | 101.2 m | 86.4 m | 106.8 m | 62.8 m | 47.0 m | -3.6 m | 83.3 m | 102.8 m |
| SG&A | 62.3 m | 51.2 m | 61.6 m | 62.1 m | 61.6 m | 59.9 m | 63.6 m | 64.5 m |
| Operating income | 38.9 m | 28.6 m | 38.4 m | 7.4 m | -19.2 m | -63.1 m | 12.6 m | 37.6 m |
| Depreciation & amortisation | — | — | 13.9 m | 15.1 m | — | — | — | — |
| Interest expense | 11.8 m | 12.1 m | 11.6 m | 12.8 m | 14.1 m | 14.5 m | 14.3 m | 14.2 m |
| Pre-tax income | 94.5 m | 15.5 m | 25.7 m | -5.7 m | -29.1 m | -88.3 m | -2.0 m | 22.9 m |
| Income tax | 22.7 m | 28.7 m | 7.6 m | 3.5 m | 7.9 m | -5.5 m | 2.8 m | 7.7 m |
| Net income | 71.8 m | -13.2 m | 18.1 m | -9.2 m | -37.0 m | -82.8 m | -4.8 m | 15.2 m |
| Diluted EPS | 0.62 | -0.11 ≈ | 0.16 | -0.08 | -0.32 | -0.72 ≈ | -0.04 | 0.13 |
| Operating cash flow | 28.3 m ≈ | 49.3 m | -102.4 m | 20.7 m ≈ | -7.9 m ≈ | 92.1 m | -51.3 m | 53.3 m ≈ |
| Capex | 9.1 m ≈ | 12.3 m | 12.0 m | 11.2 m ≈ | 9.5 m ≈ | 10.2 m | — | — |
| Dividends paid | 5.8 m ≈ | 5.7 m | 5.8 m | 5.7 m ≈ | 5.8 m ≈ | 5.7 m | 5.8 m | 5.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 1.6 bn | 1.9 bn | 1.9 bn | 1.7 bn | 1.9 bn | 1.9 bn |
| Revenue YoY | −3.9% | +4.2% | −5.3% | +18.3% | −0.5% | −13.7% | +13.2% | −1.5% |
| Net income | 205.0 m | 87.1 m | 63.9 m | 112.9 m | 104.5 m | -49.1 m | 86.2 m | -110.9 m |
| Net income YoY | −42.2% | −57.5% | −26.6% | +76.7% | −7.4% | −147.0% | unavailable | −228.7% |
| Diluted EPS | unavailable | 0.75 | 0.55 | 0.98 | 0.90 | -0.43 | 0.75 | -0.96 |
| Diluted EPS YoY | unavailable | unavailable | −26.7% | +78.2% | −8.2% | −147.8% | unavailable | −228.0% |
| net % | 12.3% | 5.0% | 3.9% | 5.8% | 5.4% | -2.9% | 4.6% | -6.0% |
| Free cash flow | 132.2 m | 105.2 m | 39.7 m | 147.9 m | 18.5 m | -41.9 m | 43.0 m | -40.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 33.2 m USD
- Financial debt
- 557.4 m USD
- Net debt
- 524.2 m USD
- Equity
- 751.1 m USD
- Total assets
- 1.8 bn USD
- Debt / equity
- 0.74x
- Current ratio
- 2.70x
- ROE
- -14.1%
- ROA
- -5.9%
- FCF margin
- -2.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 1.9 bn | 1.7 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 09 Mar 2026verified |
| Cost of revenue | 1.3 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 09 Mar 2026verified |
| Gross profit | 351.2 m | 446.2 m | 391.1 m | 164.9 m | 359.3 m | 213.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Research & development | 16.0 m | 17.0 m | 15.0 m | 18.0 m | 14.0 m | 16.0 m | SEC (XBRL)· 09 Mar 2026verified |
| SG&A | 218.6 m | 248.9 m | 231.3 m | 211.2 m | 225.6 m | 245.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Operating income | 116.2 m | 187.1 m | 159.6 m | -56.0 m | 122.9 m | -36.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Interest expense | 19.0 m | 19.6 m | 16.9 m | 17.1 m | 42.9 m | 53.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Pre-tax income | 80.0 m | 153.4 m | 133.9 m | -72.9 m | 149.6 m | -97.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Income tax | 16.1 m | 40.5 m | 29.4 m | -23.8 m | 63.4 m | 13.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Net income | 63.9 m | 112.9 m | 104.5 m | -49.1 m | 86.2 m | -110.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Diluted EPS | 0.55 | 0.98 | 0.90 | -0.43 | 0.75 | -0.96 | SEC (XBRL)· 09 Mar 2026verified |
| Weighted average diluted shares | 115.6 m | 116 | 115.5 m | 115.1 m | 115.0 m | 115.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Dividend per share | 0.72 | 0.72 | 0.76 | 0.76 | 0.48 | 0.20 | SEC (XBRL)· 09 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 355.3 m | 406.0 m | 327.8 m | 194.7 m | 106.7 m | 33.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Inventories | 519.0 m | 432.3 m | 608.7 m | 564.6 m | 656.7 m | 628.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.1 bn | 994.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Property, plant & equipment, net | 524.6 m | 503.4 m | 484.5 m | 482.9 m | 694.1 m | 724.3 m | SEC (XBRL)· 09 Mar 2026verified |
| Goodwill | — | — | — | — | 2.6 m | 2.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Total assets | 2.0 bn | 2.0 bn | 1.9 bn | 1.8 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 09 Mar 2026verified |
| Accounts payable | 111.0 m | 143.6 m | 177.2 m | 218.7 m | 232.4 m | 224.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Short-term debt | 700.0 k | 1.4 m | 1.1 m | — | 78.3 m | — | SEC (XBRL)· 06 Mar 2025verified |
| Long-term debt | 486.7 m | 449.8 m | 424.1 m | 440.9 m | 429.1 m | 557.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Current liabilities | 260.2 m | 288.8 m | 326.7 m | 370.8 m | 476.6 m | 368.8 m | SEC (XBRL)· 09 Mar 2026verified |
| Equity | 796.5 m † | 870.2 m † | 957.2 m † | 808.3 m † | 817.0 m † | 751.1 m † | SEC (XBRL)· 09 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 102.5 m | 206.5 m | 81.7 m | 5.5 m | 72.5 m | 2.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Capex | 62.8 m | 58.6 m | 63.2 m | 47.4 m | 29.5 m | 42.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Free cash flow | 39.7 m ≈ | 147.9 m ≈ | 18.5 m ≈ | -41.9 m ≈ | 43.0 m ≈ | -40.4 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Investing cash flow | -61.3 m | -58.6 m | -63.1 m | -47.4 m | -186.3 m | -42.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Financing cash flow | -85.3 m | -86.7 m | -91.5 m | -91.6 m | 26.5 m | -36.3 m | SEC (XBRL)· 09 Mar 2026verified |
| Dividends paid | 83.2 m | 83.2 m | 87.8 m | 87.5 m | 55.2 m | 23.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Share repurchases | 1.0 m | 200.0 k | 2.3 m | 2.9 m | — | — | SEC (XBRL)· 06 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 890.9 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.63 – 15.35 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)6.70 – 15.35 (Mid 9.77)WACC 7.6% · starting FCFF 91.3 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -7.4%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)2.63 – 3.53 (Mid 3.01)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.0% | 29 (vs peers) | 19% |
| Net margin · Quality | -5.6% | 25 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.2% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.9% | 61 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 53.1% | 96 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation· partial61/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KRONOS WORLDWIDE, INC. (KRO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth -1.5%; net margin -5.6%; ROE -13.7%.
The estimated value range is 4.66–9.44 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.39 USD, the price of 7.74 USD leaves a potential of -17.4% (value / price − 1) and a margin of safety of -21.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.3x
- Payout ratio (FCF): 53.1%
What contradicts it
- ROIC: -2.0%
- Net margin: -5.6%
- Revenue CAGR 3Y: -1.2%
- Interest coverage: -0.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Industrial Inorganic Chemicals (SIC 2810) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LINLinde plc | 240.9 bn | 34.9 | 18.0% | 19.3% | +3.0% | +28% / +27% |
| APDAir Products And Chemicals, Inc. | 71.0 bn | — | -0.3% | -0.4% | −0.5% | +22% / +18% |
| MTXMinerals Technologies Inc. | 2.0 bn | — | -4.1% | -3.1% | −2.2% | +12% / +5% |
| KROKronos Worldwide, Inc. | 890.9 m | — | -13.7% | -5.6% | −1.5% | +66% / −2% |
| LXULSB Industries, Inc. | 766.1 m | 17.1 | 8.7% | 7.0% | +17.8% | +19% / +24% |
| TROXTronox Holdings PLC | 566.9 m | — | -39.1% | -18.0% | −5.7% | −14% / −72% |
| LXFRLuxfer Holdings PLC | 463.2 m | 76.3 | 2.7% | 1.7% | −1.9% | +38% / +110% |
| VHIValhi, Inc. | 430.8 m | — | -4.8% | -2.4% | −1.3% | +20% / +12% |
| NLNli Holdings, Inc. | 359.9 m | — | -6.7% | -15.8% | +8.5% | +30% / +44% |
| LTBRLightbridge Corporation | 172.9 m | — | -14.1% | — | unavailable | −73% / +39% |
1- and 3-year price returns: for KRO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kronos Worldwide is one of the major global producers of titanium dioxide, a white pigment used in paints, plastics and paper. For a company that reported another net loss in 2025 but returned to profit in the first half of 2026, the key question is whether the price recovery and cost reductions can be sustained 12. The company reported net income of 15.2 million dollars in the second quarter of 2026 2.
SWOT
Strengths
- A solid position in the European and North American markets, with rising market shares and a broad range of grades 1.
- Vertical integration through its own Norwegian ilmenite mine, which secures feedstock for the sulfate plants 1.
- The return to profit in the first half of 2026 suggests that cost reduction measures from the fourth quarter of 2025 are taking effect 23.
Weaknesses
- Near-total dependence on titanium dioxide makes results sensitive to industry cycles and prices 1.
- The net loss in 2025 and high unabsorbed fixed production costs showed vulnerability when output is cut 1.
- Debt and long-term raw material commitments could limit financial flexibility if production falls 1.
Opportunities
- Closures of competitor plants in Europe and lower global capacity could raise the company's share and prices 1.
- Asia Pacific, South America and Eastern Europe are described as growing markets, which could add demand 1.
- Full integration of the Louisiana plant could bring synergies and efficiency if achieved as planned 1.
Threats
- Competition from lower-cost Chinese producers could limit the recovery of prices in the company's markets 1.
- Chemical regulations and the classification of titanium dioxide could reduce demand or raise compliance costs 1.
- Geopolitical tensions, trade policies and tariffs could affect demand and supply chains 12.
Risks
- Price cyclicalityhigh
Titanium dioxide prices are cyclical, and a decline can quickly reduce margins and profit 1.
- Competition from Chinahigh
Low-priced Chinese exports could keep pressing prices, especially if anti-dumping measures do not spread 1.
- Debt and refinancingmedium
High debt, with variable interest rates on part of it, could limit financing capacity if results weaken 1.
- Raw material and energy costsmedium
Higher feedstock or energy costs could reduce margins if they cannot be passed on to customers through prices 12.
- Regulation and litigationlow
New environmental rules or restrictions on titanium dioxide could raise costs or reduce demand, and litigation could have material effects 1.
Investment thesis
What would need to be true (bull case)
- If capacity reductions in Europe prove durable, the company could keep higher market shares and more stable prices 1.
- Second-quarter 2026 results, with higher profit and revenue, suggest that cost reduction measures could continue to support margins 23.
- Long-term demand for titanium dioxide, linked to economic growth, could support volumes if emerging markets develop 1.
What would break the thesis
- Average prices fell during 2025, and the 2026 recovery could prove temporary if price increases do not hold 12.
- Competition from low-cost Chinese producers could limit the company's ability to pass cost increases on to customers 1.
- Existing debt and raw material purchase commitments could reduce flexibility if demand falls again 1.
What to watch
- Development of average selling prices and any further price increasesQ3 2026
- Level of energy and feedstock costs and their effect on marginsQ3 2026
- Market share in Europe and demand after competitor plant closures2027
- Status of anti-dumping measures and trade policies on Chinese imports2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kronos Worldwide, Inc. (NYSE: KRO), incorporated in Delaware in 1989, produces and markets titanium dioxide, a white inorganic pigment regarded as hard to replace because of its hiding power. The company sells to about 3,000 customers in 100 countries, with most sales in Europe, North America and Asia Pacific 1. In July 2024 it acquired the remaining 50% of Louisiana Pigment Company, which was later merged into Kronos Louisiana 1.
The company operates four TiO2 plants in Europe and two in North America, including the plant near Lake Charles, Louisiana, and the plant in Varennes, Canada 1. Over 80% of its expected 2026 capacity uses the chloride process, which is preferred for coatings and plastics 1. It also owns an ilmenite mine in Norway that supplies feedstock for its sulfate plants 1.
Revenue comes mostly from titanium dioxide, which accounted for about 90% of net sales, with the rest from complementary businesses such as iron-based chemicals and specialty chemicals 1. Selling prices and the cost of raw materials and energy are the main drivers of results.
Segments
Titanium dioxide (TiO2)
The core segment covers pigments used in paints, plastics, paper, inks and cosmetic or pharmaceutical products. It represented about 90% of net sales in 2025, and in the second quarter of 2026 it generated segment profit of 41.0 million dollars 13.
Complementary businesses
These include ilmenite ore sold to third parties, iron-based co-product chemicals and specialty chemicals made from TiO2 side streams. Together they account for about 10% of net sales, according to the annual report 1.
Market context
Demand for titanium dioxide is linked to gross domestic product and rising living standards, and the company expects long-term demand to grow by 2% to 3% per year 1. Europe and North America remain the largest markets per capita, while China, Asia Pacific and South America are described as growing 1. The company estimates a 15% share of the European market and 19% of the North American market in 2025 1.
The industry is concentrated, and the top four producers account for a significant part of world capacity, which gives them some influence over prices 1. Average selling prices fell 10% over 2025, showing how sensitive margins are to the industry cycle 1.
Trends
- Capacity reductions in Europetailwind
Competitor plant closures in Europe helped the company gain market share, according to the annual report, especially in the fourth quarter of 2025 1. If capacity reductions continue, pressure on prices could ease.
- Price pressure from Chinaheadwind
Chinese producers with lower costs and less strict regulation have sold sulfate-process pigment at low prices into the company's markets, and anti-dumping duties apply only in some jurisdictions 1. This pressure could limit the recovery of prices.
- Energy and raw material costsmixed
The company says energy costs remain elevated, but lower raw material costs, particularly feedstock, helped improve profit in the first half of 2026 23. How these costs develop could determine whether margins hold.
Competitive position
The company operates in a concentrated and intensely competitive industry where price, product quality and service are the main factors 1. Larger competitors with greater financial resources or integrated access to raw materials may have advantages in periods of high costs 1. Chinese producers add pressure because of their lower production costs 1.
Consolidation among competitors or customers could reduce demand or make competition harder, according to the annual report 1. The company supports its position through its market share and a broad range of over 30 pigment grades 1.
- Tronox HoldingsTROX
A titanium dioxide producer named among significant industry players in the source texts; this note is drawn only from the material provided, with no further detail.
- Chemours CompanyCC
A titanium dioxide producer cited among industry competitors; the source texts provided give no further detail beyond this mention.
- Chinese titanium dioxide producers
A group of producers with lower costs and less strict environmental rules, which export sulfate-process pigment into the company's markets 1.
- European and Asian producers
Regional players named in the annual report that compete on price and service; the company gained share after some of their European plants closed 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report13 May 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Quarterly report06 May 2026
- Proxy statement24 Mar 2026
- Current report09 Mar 2026Results of operations · Financial statements and exhibits
- Annual report09 Mar 2026
- Current report25 Feb 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Kronos Worldwide, Inc. · 09 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Kronos Worldwide, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Kronos Worldwide, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.