Tronox Holdings
TROX on NYSE. Tronox sells titanium dioxide pigment and mineral sands to manufacturers worldwide. Market value $624m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-25.73 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 33 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.87 a share, 35% above its 1-year low
Over the past year the price has ranged from $2.86 to $10.59.
Dividend: 7.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $159 million in the past 12 months, a shortfall of $281 million in the year to December 2025.
| Revenue | |||||
| Revenue | $3.6bn | $3.5bn | $2.9bn | $3.1bn | $2.9bn |
| Operating margin | |||||
| Operating margin | 16.2% | 13.3% | 6.5% | 7.1% | -8.7% |
| Debt to equity | |||||
| Debt to equity | 1.31 | 1.09 | 1.47 | 1.64 | 2.30 |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.16bn | 0.16bn | 0.16bn | 0.16bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.30× equity
- Revenue growth, five yearsSlow, 1.0% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $868 million last quarter, up 19% on a year ago.
- A loss of $171 million, compared with a loss of $84 million a year ago.
- It loses 7 cents on each $1 of sales, after keeping 0 cents a year earlier.
- Over the past 12 months it spent $159 million more cash than it brought in, compared with $246 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $3.1 billion more than cash, up from $3 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $804m |
| December 2024 | $676m |
| March 2025 | $738m |
| June 2025 | $731m |
| September 2025 | $699m |
| December 2025 | $730m |
| March 2026 | $760m |
| June 2026 | $868m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$25m |
| December 2024 | -$30m |
| March 2025 | -$111m |
| June 2025 | -$84m |
| September 2025 | -$99m |
| December 2025 | -$176m |
| March 2026 | -$103m |
| June 2026 | -$171m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 239 funds in all.
Sold out this quarter
- Barrow HanleyBarrow Hanley teamSold out
Largest holders overall
- BlackRock$71m
- VAN ECK Associates$51mCut
- Dimensional Fund Advisors LP$42mAdded
- Primecap Management$34m
- Vanguard Capital Management$33m
- D. E. Shaw$32mAdded
- Charles Schwab Investment Management$31mCut
- Point72 Asset Management, L.P.$29mCut
- American Century Companies$25mAdded
- Deutsche Bank AG$25m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- VAN ECK ASSOCIATES CORPPassive investor5.7%Since 31 March 2026
- Dimensional Fund Advisors LPPassive investor5.0%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 31 December 2025
- FMR LLCPassive investorSold down below 5%Since 30 May 2025
| Holder | Stake | Since | |
|---|---|---|---|
VAN ECK ASSOCIATES CORP Passive investor | 5.7% | 31 March 2026 | |
Dimensional Fund Advisors LP Passive investor | 5.0% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 31 December 2025 | |
FMR LLC Passive investor | Sold down below 5% | 30 May 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $1m.
- Romano John DCEO and Director, DirectorSold
- Date
- 6 March 2026
- Shares
- 101,600
- Price
- $6.59
- Value
- $669,544
- Srivisal JohnSVP, Chief Financial OfficerSold
- Date
- 6 March 2026
- Shares
- 19,461
- Price
- $6.59
- Value
- $128,248
- Turgeon Jean FrancoisDirectorSold
- Date
- 6 March 2026
- Shares
- 18,563
- Price
- $6.60
- Value
- $122,516
- Neuman Jeffrey NSVP, General Counsel & Sec.Sold
- Date
- 6 March 2026
- Shares
- 22,965
- Price
- $6.59
- Value
- $151,339
- Engle Jeffrey A.SVP, Chief Commercial OfficerSold
- Date
- 6 March 2026
- Shares
- 14,575
- Price
- $6.60
- Value
- $96,195
- Flood JonathanPrincipal Accounting OfficerSold
- Date
- 6 March 2026
- Shares
- 8,008
- Price
- $6.58
- Value
- $52,693
- Flood JonathanPrincipal Accounting OfficerSold
- Date
- 5 March 2026
- Shares
- 7,000
- Price
- $7.55
- Value
- $52,850
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 March 2026 | Romano John D CEO and Director, Director | Sold | 101,600 | $6.59 | $669,544 |
| 6 March 2026 | Srivisal John SVP, Chief Financial Officer | Sold | 19,461 | $6.59 | $128,248 |
| 6 March 2026 | Turgeon Jean Francois Director | Sold | 18,563 | $6.60 | $122,516 |
| 6 March 2026 | Neuman Jeffrey N SVP, General Counsel & Sec. | Sold | 22,965 | $6.59 | $151,339 |
| 6 March 2026 | Engle Jeffrey A. SVP, Chief Commercial Officer | Sold | 14,575 | $6.60 | $96,195 |
| 6 March 2026 | Flood Jonathan Principal Accounting Officer | Sold | 8,008 | $6.58 | $52,693 |
| 5 March 2026 | Flood Jonathan Principal Accounting Officer | Sold | 7,000 | $7.55 | $52,850 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 2.3× its equity.
- Sales have barely grown: 1.0% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.