olivLaw · US equity research
Tronox Holdings plc TROX
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
Tronox is the world's leading vertically integrated manufacturer of TiO2 pigment, with titanium-bearing mineral sand mines in Australia and South Africa. Revenue fell under price pressure in 2025, and in the second quarter of 2026 sales recovered, with 868 million USD of revenue and an 8.4% Adjusted EBITDA margin.
At the close of 04 Nov 2026, Tronox Holdings plc (TROX) stock was 3.55 USD (+4.41% on the day), with market capitalisation 566.9 m USD, dividend yield 5.63%, beta 1.86, 52-week range 2.88–10.48 USD. Latest reported quarter (Q2 2026): revenue of 868.0 m USD (+18.7% YoY), net income of -171.0 m USD, diluted EPS -1.07 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)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 3.26 – 3.77
- in the upper half of the band · %B 0.56 · band width 14.5%
- SMA 50 / 200
- 4.08 / 6.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.21
- 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 | −9.2% | −1.1% | −8.1 pp | — |
| 3 months | −39.3% | −0.5% | −38.9 pp | — |
| 6 months | −64.9% | +4.4% | −69.3 pp | — |
| Year to date | −14.9% | +12.3% | −27.2 pp | — |
| 1 year | +11.3% | +13.5% | −2.3 pp | +22.1% |
| 3 years | −69.6% | +76.4% | −146.0 pp | +24.2% |
| 5 years | −86.0% | +63.7% | −149.7 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 | 804.0 m | 676.0 m | 738.0 m | 731.0 m | 699.0 m | 730.0 m | 760.0 m | 868.0 m |
| Gross profit | 128.0 m | 117.0 m | 99.0 m | 79.0 m | 52.0 m | 39.0 m | 44.0 m | 55.0 m |
| SG&A | 74.0 m | 69.0 m | 74.0 m | 72.0 m | 70.0 m | 74.0 m | 71.0 m | 72.0 m |
| Operating income | 54.0 m | 48.0 m | -61.0 m | -35.0 m | -43.0 m | -114.0 m | -41.0 m | -21.0 m |
| Depreciation & amortisation | 70.0 m ≈ | 71.0 m | 71.0 m | 74.0 m ≈ | 75.0 m ≈ | 82.0 m | 75.0 m | 76.0 m ≈ |
| Interest expense | 42.0 m | 41.0 m | 42.0 m | 45.0 m | 48.0 m | 54.0 m | 53.0 m | 56.0 m |
| Pre-tax income | 1.0 m | 15.0 m | -106.0 m | -81.0 m | -92.0 m | -179.0 m | -104.0 m | -67.0 m |
| Income tax | 26.0 m | 45.0 m | 5.0 m | 4.0 m | 8.0 m | -2.0 m | 0 | 106.0 m |
| Net income | -25.0 m | -30.0 m | -111.0 m | -84.0 m | -99.0 m | -176.0 m | -103.0 m | -171.0 m |
| Diluted EPS | -0.16 | -0.19 ≈ | -0.70 | -0.53 | -0.63 | -1.11 ≈ | -0.65 | -1.07 |
| Operating cash flow | 87.0 m ≈ | 82.0 m | -32.0 m | 28.0 m ≈ | -57.0 m ≈ | 121.0 m | -68.0 m | 105.0 m ≈ |
| Capex | 101.0 m ≈ | 117.0 m | 110.0 m | 83.0 m ≈ | 80.0 m ≈ | 68.0 m | 67.0 m | 45.0 m ≈ |
| Dividends paid | 20.0 m ≈ | 19.0 m | 0 | 20.0 m ≈ | 20.0 m ≈ | 8.0 m | 8.0 m | 8.0 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 | 1.8 bn | 2.6 bn | 2.8 bn | 3.6 bn | 3.5 bn | 2.9 bn | 3.1 bn | 2.9 bn |
| Revenue YoY | +7.1% | +45.2% | +4.4% | +29.5% | −3.3% | −17.5% | +7.9% | −5.7% |
| Net income | -7.0 m | -109.0 m | 969.0 m | 286.0 m | 497.0 m | -316.0 m | -48.0 m | -470.0 m |
| Net income YoY | unavailable | unavailable | unavailable | −70.5% | +73.8% | −163.6% | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.78 | 6.69 | 1.81 | 3.16 | -2.02 | -0.31 | -2.97 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −72.9% | +74.6% | −163.9% | unavailable | unavailable |
| net % | -0.4% | -4.1% | 35.1% | 8.0% | 14.4% | -11.1% | -1.6% | -16.2% |
| Free cash flow | unavailable | unavailable | 160.0 m | 468.0 m | 170.0 m | -77.0 m | -70.0 m | -281.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 199.0 m USD
- Financial debt
- 51.0 m USD
- Net debt
- -148.0 m USD
- Equity
- 1.4 bn USD
- Total assets
- 6.2 bn USD
- Debt / equity
- 0.04x
- Current ratio
- 2.46x
- ROE
- -29.0%
- ROA
- -7.7%
- FCF margin
- -9.7%
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 | 2.8 bn | 3.6 bn | 3.5 bn | 2.9 bn | 3.1 bn | 2.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 621.0 m | 895.0 m | 832.0 m | 462.0 m | 515.0 m | 269.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Research & development | 12.0 m | 13.0 m | 12.0 m | 12.0 m | 14.0 m | 15.0 m | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 347.0 m | 318.0 m | 289.0 m | 276.0 m | 296.0 m | 290.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 271.0 m | 577.0 m | 458.0 m | 186.0 m | 219.0 m | -253.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 304.0 m | 297.0 m | 269.0 m | 275.0 m | 285.0 m | 302.0 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 575.0 m ≈ | 874.0 m ≈ | 727.0 m ≈ | 461.0 m ≈ | 504.0 m ≈ | 49.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 189.0 m | 157.0 m | 125.0 m | 158.0 m | 167.0 m | 189.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 114.0 m | 374.0 m | 308.0 m | 49.0 m | 73.0 m | -458.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | -881.0 m | 71.0 m | -192.0 m | 363.0 m | 127.0 m | 15.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 969.0 m | 286.0 m | 497.0 m | -316.0 m | -48.0 m | -470.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 6.69 | 1.81 | 3.16 | -2.02 | -0.31 | -2.97 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 144.9 m | 157.9 m | 157.1 m | 156.4 m | 157.8 m | 158.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 0.28 | 0.36 | 0.50 | 0.50 | 0.50 | 0.35 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 619.0 m | 228.0 m | 164.0 m | 273.0 m | 151.0 m | 199.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 540.0 m | 631.0 m | 377.0 m | 290.0 m | 266.0 m | 289.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 1.1 bn | 1.0 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 2.5 bn | 2.0 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 1.8 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 201.0 m | 217.0 m | 250.0 m | 243.0 m | 244.0 m | 214.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 6.6 bn | 6.0 bn | 6.3 bn | 6.1 bn | 6.0 bn | 6.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 356.0 m | 438.0 m | 486.0 m | 461.0 m | 499.0 m | 481.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 0 | 0 | 50.0 m | 11.0 m | 65.0 m | 51.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 805.0 m | 822.0 m | 850.0 m | 753.0 m | 874.0 m | 919.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 4.7 bn | 3.9 bn | 3.9 bn | 4.2 bn | 4.2 bn | 4.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 1.9 bn | 2.0 bn | 2.4 bn | 2.0 bn | 1.8 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 355.0 m | 740.0 m | 598.0 m | 184.0 m | 300.0 m | 60.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 195.0 m | 272.0 m | 428.0 m | 261.0 m | 370.0 m | 341.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 160.0 m ≈ | 468.0 m ≈ | 170.0 m ≈ | -77.0 m ≈ | -70.0 m ≈ | -281.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -229.0 m | -269.0 m | -415.0 m | -255.0 m | -343.0 m | -328.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 214.0 m | -877.0 m | -250.0 m | 176.0 m | -71.0 m | 321.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 40.0 m | 65.0 m | 87.0 m | 89.0 m | 80.0 m | 48.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 0 | 0 | 50.0 m | 0 | 0 | — | SEC (XBRL)· 19 Feb 2025verified |
≈ 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: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 566.9 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet60
- Valuation44
- Quality0
- Growth0
- Returns100
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: 2.06 – 10.08 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)2.06 – 2.77 (Mid 2.33)WACC 8.8% · starting FCFF 18.2 m USD · terminal value share of EV 73%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): 21.1%
- Peers: EV/EBITDA4.04 – 10.08 (Mid 7.14)4 companies used · median multiple 11.4x · quartiles 5.8x – 16.7xLIN, LXFR, LXU, VHI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)4.60 – 6.19 (Mid 5.28)
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
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.8% | 0 (vs peers) | 15% |
| Net margin · Quality | -18.0% | 0 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.7% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.4x | 80 (vs peers) | 15% |
| Interest coverage · Balance sheet | -1.0x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 5.0x | 80 (vs peers) | 15% |
| FCF yield · Valuation | -28.0% | 0 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 7.8% | 100 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation44/100 · 2/3 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
TRONOX HOLDINGS PLC (TROX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.9 bn USD in 2025; YoY growth -5.7%; net margin -18.0%; ROE -39.1%; net debt/EBITDA -1.4x.
The estimated value range is 4.04–6.19 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 5.28 USD, the price of 3.55 USD leaves a potential of 48.6% (value / price − 1) and a margin of safety of 32.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -1.4x
- Current ratio: 2.5x
- EV/EBITDA: 5.0x
- Shareholder yield (distributions): 7.8%
- The price is below the estimated value range
What contradicts it
- ROIC: -12.8%
- Net margin: -18.0%
- Revenue CAGR 3Y: -5.7%
- Interest coverage: -1.0x
- FCF yield: -28.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
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% | +53% / −11% |
| 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% | +11% / −70% |
| 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 TROX 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
Tronox is the world's leading vertically integrated manufacturer of TiO2 pigment, with titanium-bearing mineral sand mines in Australia and South Africa. Revenue fell under price pressure in 2025, and in the second quarter of 2026 sales recovered, with 868 million USD of revenue and an 8.4% Adjusted EBITDA margin.
SWOT
Strengths
- Vertical integration, from mining to pigment, gives a cost and supply advantage over many competitors.
- Global presence with seven pigment facilities and a broad base of TiO2 customers.
- A strong position in co-products such as zircon, where demand in certain high-value segments remains durable.
Weaknesses
- Gross margins compressed in 2025, and the net loss was significant because of restructuring and production costs.
- High debt and limited liquidity restrict the company's financial flexibility.
- Dependence on energy and imported raw materials, notably from China, exposes costs to external shocks.
Opportunities
- Anti-dumping and US duties could support TiO2 prices and volumes for producers outside China.
- The cost improvement program could lift margins if the annualized savings target is reached by the end of 2026.
- Building a rare earths position could diversify revenue, if financing and feasibility are confirmed.
Threats
- Excess capacity in China and low-priced exports could keep pressure on prices.
- Volatile energy and raw material prices, including from the Middle East, could hit margins.
- Removal or reduction of anti-dumping duties could weaken the company's competitive advantage.
Risks
- High indebtednesshigh
Total debt and the high ratio of net debt to Adjusted EBITDA could limit financing capacity and dividend payments.
- TiO2 price volatilityhigh
Pigment and zircon prices are volatile, and a prolonged decline could weigh on cash flow.
- Chinese competitionmedium
Low-priced Chinese exports could compete aggressively with Tronox products in several regions.
- South African energy costsmedium
Operational problems at the South African state energy supplier could raise costs or disrupt mining operations.
- Rare earths projectlow
Financing and development of a rare earth supply chain are not assured and could require additional capital.
Investment thesis
What would need to be true (bull case)
- If the recovery in TiO2 volumes holds and price increases stick, margins could gradually return toward pre-downturn levels.
- Vertical integration and control over feedstock could provide a durable cost advantage if the savings program reaches its target.
- Anti-dumping duties and trade restrictions could ease pressure from Chinese imports in key markets in Europe and South America.
What would break the thesis
- If TiO2 prices fall again under the pressure of Chinese overcapacity, margins could stay weak and cash generation could be insufficient.
- High indebtedness could limit investment and make the company vulnerable to revenue shocks.
- Removal of anti-dumping duties or trade measures could reduce the competitive advantage of producers outside China.
What to watch
- Delivery of the Adjusted EBITDA guidance for the third quarterQ3 2026
- Evolution of TiO2 and zircon prices after the announced increasesQ3 2026
- Reaching the annualized cost savings target of 125-175 million USD2026
- Progress of the feasibility study for the rare earths facilityQ3 2027
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
Tronox produces its feedstock from mineral sand mines and beneficiation and smelting operations in Australia and South Africa, and converts it into TiO2 pigment at seven pigment facilities in the United States, Australia, Brazil, the UK, France and Saudi Arabia. Its stated strategy is vertical integration, which could allow it to be as self-sufficient as possible and keep costs low. It serves approximately 1,200 TiO2 customers worldwide.
The company is listed on the New York Stock Exchange and is registered under the laws of England and Wales. Mining also yields co-products such as zircon, high purity pig iron and monazite, a rare earth bearing mineral.
During 2025 Tronox launched a cost improvement program and closed the Botlek and Fuzhou plants, which generated significant restructuring charges. The company continued to develop a rare earths position, but its progress depends on financing and on returns criteria.
Segments
TiO2
TiO2 pigment is the main revenue source, at 2.3 billion USD in 2025, roughly three quarters of total sales. The pigment is used in paints, plastics and paper, and Tronox also produces ultrafine TiO2 for specialty NOx emission control applications.
Zircon and other products
Zircon, with revenue of 274 million USD in 2025, and other products such as pig iron and titanium tetrachloride, with 326 million USD, complete the portfolio. Zircon volumes grew in 2026 but average prices were lower, while pig iron sales rose in the second quarter.
Market context
The TiO2 market is driven by demand from paint, plastics and construction, and prices are volatile and influenced by Chinese production capacity. Chinese producers have expanded capacity and exports, which led to anti-dumping duties in the European Union, Brazil and Saudi Arabia, along with duties in the United States.
Zircon depends on the ceramics and construction industries, and China accounts for a large share of demand. Rising Chinese zircon output from mineral sands could pressure prices outside China if domestic Chinese demand stays weak.
Trends
- Recovery in TiO2 volumestailwind
TiO2 volumes rose 18% year on year in the second quarter of 2026, to the highest level since the second quarter of 2022, which suggests better demand across the industry.
- Anti-dumping duties on Chinese importstailwind
Duties imposed by the EU, Brazil, India and Saudi Arabia on Chinese TiO2 could support prices for producers outside China, if they remain in force.
- Energy and raw material costsheadwind
Rising energy costs, especially electricity in South Africa, and volatility in the Middle East increase production costs and could weigh on margins.
- Price recovery against cost pressuremixed
TiO2 and zircon prices rose sequentially in the second quarter of 2026, but higher input costs could partly offset the benefit of higher prices.
Competitive position
Tronox competes with large international pigment producers and smaller regional producers, and Chinese producers are the most important competitors through capacity and exports. In zircon, competition comes from many mining companies, and customers can switch easily to competing or substitute products.
Tronox's advantage is vertical integration, which secures its own feedstock, but production costs and lower-priced exports have pressured margins. Competition turns on price, quality, logistics and reliability of supply.
- Chinese TiO2 producers
Main competitors through expanded capacity and lower-priced exports, which are the target of anti-dumping duties.
- Large international pigment producers
Global competitors in the TiO2 pigment industry, competing on quality, price and service for paint and plastics customers.
- Zircon mining companies
Several companies that mine mineral sands containing zircon, competing on price, quality and supply consistency.
- Regional feedstock producers
Smaller producers of feedstock and pigment that compete in regional or niche markets.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Current report28 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jul 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report29 Apr 2026Shareholder vote · Financial statements and exhibits
- Current report28 Apr 2026Other events · Financial statements and exhibits
- Proxy statement19 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tronox Holdings plc · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tronox Holdings plc · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Tronox Holdings plc · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.