Kronos Worldwide (KRO)
Market Price (9/19/2026): $7.99 | Market Cap: $919.6 MilSector: Materials | Industry: Specialty Chemicals
Kronos Worldwide (KRO)
Market Price (9/19/2026): $7.99Market Cap: $919.6 MilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 2.5%, FCF Yield is 7.1% Megatrend and thematic driversMegatrends include Advanced Materials, Sustainable Resource Management, and Renewable Energy Transition. Themes include Specialty Chemicals for Performance, Show more. | Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -55% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.4% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% Key risksKRO key risks include [1] significant debt and high balance sheet leverage, Show more. |
| Attractive yieldDividend Yield is 2.5%, FCF Yield is 7.1% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Sustainable Resource Management, and Renewable Energy Transition. Themes include Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -55% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| Key risksKRO key risks include [1] significant debt and high balance sheet leverage, Show more. |
Qualitative Assessment
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Kronos Worldwide (KRO) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Significant Earnings Beat and Return to Profitability in Fiscal Q2 2026. Kronos Worldwide reported net income of $15.2 million, or $0.13 per share, in fiscal Q2 2026 (ended June 30, 2026), reversing a net loss of $9.2 million, or $0.08 per share, in the prior year's comparable quarter. This performance significantly exceeded analysts' expectations of $0.06 EPS by 116.67%.
2. Strong Increase in Sales Volumes and Market Share Gains. The company's net sales rose 13% year-over-year to $558.1 million in fiscal Q2 2026. This growth was primarily driven by a 16% year-over-year increase in titanium dioxide (TiO2) sales volumes, as Kronos Worldwide gained market share across all major markets. These gains were supported by shifting competitive landscapes and the implementation of anti-dumping duties in certain regions, which benefited non-Chinese suppliers.
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Kronos Worldwide (KRO) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Significant Earnings Beat and Return to Profitability in Fiscal Q2 2026. Kronos Worldwide reported net income of $15.2 million, or $0.13 per share, in fiscal Q2 2026 (ended June 30, 2026), reversing a net loss of $9.2 million, or $0.08 per share, in the prior year's comparable quarter. This performance significantly exceeded analysts' expectations of $0.06 EPS by 116.67%.
2. Strong Increase in Sales Volumes and Market Share Gains. The company's net sales rose 13% year-over-year to $558.1 million in fiscal Q2 2026. This growth was primarily driven by a 16% year-over-year increase in titanium dioxide (TiO2) sales volumes, as Kronos Worldwide gained market share across all major markets. These gains were supported by shifting competitive landscapes and the implementation of anti-dumping duties in certain regions, which benefited non-Chinese suppliers.
3. Substantial Improvement in Profit Margins and Operational Efficiency. Kronos Worldwide demonstrated a notable improvement in profitability, with its gross margin rising to 18.4% ($102.8 million) in fiscal Q2 2026, up from 13% ($62.8 million) in fiscal Q2 2025. The TiO2 segment profit surged to $41.0 million in fiscal Q2 2026, compared to $10.9 million in the same period last year, while EBITDA more than doubled to $52.9 million from $22.2 million. These improvements were largely due to lower production and raw material costs, coupled with ongoing cost reduction initiatives, including workforce reductions implemented in late 2025.
4. Positive Industry Outlook and Anticipated Restocking Cycle for Titanium Dioxide. The broader titanium dioxide industry is showing signs of recovery after a challenging 2025, with global TiO2 demand expected to grow above historical trends. Inventory levels among customers were notably lean at the end of 2025, suggesting a substantial restocking phase for TiO2 producers in 2026. Additionally, approximately 600,000 tonnes of TiO2 capacity outside China were taken offline over the past 12 months, including the insolvency of Venator Plc, which is expected to strengthen the position of remaining suppliers like Kronos Worldwide and contribute to improved pricing and operating rates. Management projects full-year 2026 net sales, gross margin, and operating income margins to exceed 2025 levels, anticipating continued positive momentum in the second half of 2026.
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Stock Movement Drivers
Fundamental Drivers
The 12.8% change in KRO stock from 5/31/2026 to 9/18/2026 was primarily driven by a 9.2% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.10 | 8.01 | 12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,879 | 1,943 | 3.4% |
| P/S Multiple | 0.4 | 0.5 | 9.2% |
| Shares Outstanding (Mil) | 115 | 115 | -0.1% |
| Cumulative Contribution | 12.8% |
Market Drivers
5/31/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| KRO | 12.8% | |
| Market (SPY) | 0.9% | 16.4% |
| Sector (XLB) | -2.3% | 19.1% |
Fundamental Drivers
The 40.9% change in KRO stock from 2/28/2026 to 9/18/2026 was primarily driven by a 35.3% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.68 | 8.01 | 40.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,864 | 1,943 | 4.2% |
| P/S Multiple | 0.4 | 0.5 | 35.3% |
| Shares Outstanding (Mil) | 115 | 115 | -0.1% |
| Cumulative Contribution | 40.9% |
Market Drivers
2/28/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| KRO | 40.9% | |
| Market (SPY) | 11.6% | 21.6% |
| Sector (XLB) | -6.0% | 29.5% |
Fundamental Drivers
The 30.9% change in KRO stock from 8/31/2025 to 9/18/2026 was primarily driven by a 27.6% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.12 | 8.01 | 30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,892 | 1,943 | 2.7% |
| P/S Multiple | 0.4 | 0.5 | 27.6% |
| Shares Outstanding (Mil) | 115 | 115 | -0.1% |
| Cumulative Contribution | 30.9% |
Market Drivers
8/31/2025 to 9/18/2026| Return | Correlation | |
|---|---|---|
| KRO | 30.9% | |
| Market (SPY) | 19.4% | 27.3% |
| Sector (XLB) | 9.9% | 42.6% |
Fundamental Drivers
The 7.8% change in KRO stock from 8/31/2023 to 9/18/2026 was primarily driven by a 16.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.43 | 8.01 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,672 | 1,943 | 16.2% |
| P/S Multiple | 0.5 | 0.5 | -7.3% |
| Shares Outstanding (Mil) | 115 | 115 | 0.0% |
| Cumulative Contribution | 7.8% |
Market Drivers
8/31/2023 to 9/18/2026| Return | Correlation | |
|---|---|---|
| KRO | 7.8% | |
| Market (SPY) | 75.6% | 39.0% |
| Sector (XLB) | 27.3% | 51.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KRO Return | 6% | -34% | 15% | 3% | -53% | 90% | -26% |
| Peers Return | 61% | -22% | 34% | 25% | -3% | -2% | 101% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| KRO Win Rate | 50% | 42% | 50% | 25% | 25% | 56% | |
| Peers Win Rate | 67% | 38% | 54% | 58% | 50% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| KRO Max Drawdown | -32% | -55% | -42% | -32% | -56% | -26% | |
| Peers Max Drawdown | -15% | -40% | -23% | -19% | -30% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HWKN, ASIX, STDN, SHW, ECL. See KRO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | KRO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.9% | -18.8% |
| % Gain to Breakeven | 42.6% | 23.1% |
| Time to Breakeven | 431 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.3% | -7.8% |
| % Gain to Breakeven | 22.4% | 8.5% |
| Time to Breakeven | 50 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.0% | -9.5% |
| % Gain to Breakeven | 42.8% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.6% | -6.7% |
| % Gain to Breakeven | 42.0% | 7.1% |
| Time to Breakeven | 224 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.6% | -24.5% |
| % Gain to Breakeven | 68.2% | 32.4% |
| Time to Breakeven | 582 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.7% | -33.7% |
| % Gain to Breakeven | 55.5% | 50.9% |
| Time to Breakeven | 88 days | 140 days |
In The Past
Kronos Worldwide's stock fell -29.9% during the 2025 US Tariff Shock. Such a loss loss requires a 42.6% gain to breakeven.
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Asset Allocation
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| Event | KRO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.9% | -18.8% |
| % Gain to Breakeven | 42.6% | 23.1% |
| Time to Breakeven | 431 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.0% | -9.5% |
| % Gain to Breakeven | 42.8% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.6% | -6.7% |
| % Gain to Breakeven | 42.0% | 7.1% |
| Time to Breakeven | 224 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.6% | -24.5% |
| % Gain to Breakeven | 68.2% | 32.4% |
| Time to Breakeven | 582 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.7% | -33.7% |
| % Gain to Breakeven | 55.5% | 50.9% |
| Time to Breakeven | 88 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.7% | -19.2% |
| % Gain to Breakeven | 53.1% | 23.8% |
| Time to Breakeven | 711 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.1% | -12.2% |
| % Gain to Breakeven | 85.7% | 13.9% |
| Time to Breakeven | 204 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -72.3% | -6.8% |
| % Gain to Breakeven | 261.2% | 7.3% |
| Time to Breakeven | 373 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -51.1% | -17.9% |
| % Gain to Breakeven | 104.5% | 21.8% |
| Time to Breakeven | 2187 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -71.0% | -53.4% |
| % Gain to Breakeven | 244.4% | 114.4% |
| Time to Breakeven | 427 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.2% | -8.6% |
| % Gain to Breakeven | 41.1% | 9.5% |
| Time to Breakeven | 202 days | 47 days |
In The Past
Kronos Worldwide's stock fell -29.9% during the 2025 US Tariff Shock. Such a loss loss requires a 42.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kronos Worldwide (KRO)
Kronos Worldwide, Inc. (KRO) is a global manufacturer and marketer of titanium dioxide (TiO2) pigments. TiO2 is a crucial chemical used to impart whiteness, brightness, opacity, and durability in a wide array of products. The company produces TiO2 in both rutile and anatase crystalline forms, primarily serving industries such as paints, coatings, plastics, paper, and fibers, where its pigments are essential components.
Beyond its core TiO2 business, Kronos Worldwide also produces several other specialized chemicals. This includes ilmenite, a key raw material for sulfate-process TiO2 plants, and various iron-based chemicals utilized in municipal wastewater treatment, industrial effluents, and the manufacture of iron pigments, cement, and agricultural products. Additionally, the company develops specialty chemicals used in pearlescent pigments, electroceramic capacitors for electronic devices, and applications in natural gas pipe and other niche markets.
Operating across Europe, North America, and the Asia Pacific, Kronos Worldwide distributes its products under the KRONOS brand through a network of agents and distributors. Its primary direct customers include manufacturers of paint, plastics, decorative laminates, and paper. Through these channels, Kronos’s products ultimately contribute to a diverse range of end-user goods, from cosmetics and food to inks and electronic components.
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**Corning** for industrial pigments and whiteness.
**Intel** for color and opacity components.
**ADM** for industrial whiteness and opacity ingredients.
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- Titanium dioxide pigments (TiO2): These pigments impart whiteness, brightness, opacity, and durability for various products including paints, plastics, and cosmetics.
- Ilmenite: This raw material is used as a feedstock by sulfate-process TiO2 plants.
- Iron-based chemicals: These chemicals are used for treating industrial effluents, municipal wastewater, and in manufacturing iron pigments, cement, and agricultural products.
- Specialty chemicals: These chemicals are used in formulating pearlescent pigments, producing electroceramic capacitors, and other specialty applications.
- Technical services: The company provides technical support and assistance related to its products.
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Kronos Worldwide (KRO) primarily sells its products to other companies. Based on the provided description, specific names of major customer companies are not disclosed. However, the company sells its titanium dioxide pigments and related chemicals to manufacturers in the following sectors:
- Paint manufacturers
- Plastics manufacturers
- Decorative laminate manufacturers
- Paper manufacturers
- Manufacturers of various specialty products, including inks, foods, and cosmetics
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Brian W. Christian
Director, President and Chief Executive Officer
Brian W. Christian was elected as President and Chief Executive Officer of Kronos Worldwide, Inc. effective February 27, 2026. He previously served as the company's President since May 2025, and Chief Operating Officer from 2023 to February 2026. His tenure at Kronos Worldwide also includes roles as Executive Vice President from 2016 until May 2025, Chief Strategy Officer from 2021 to 2023, Vice President of Strategic Business Development from 2011 to 2016, and Manager of Strategic and Financial Planning from 2009 to 2011. Mr. Christian also holds the position of Executive Vice President at Contran, Kronos Worldwide's parent corporation, and has served in strategic and financial planning capacities with various companies related to both Kronos Worldwide and Contran since 2006. He provides his services to Kronos Worldwide as an employee of Contran under an intercorporate services agreement.
Bradley E. Troutman
Senior Vice President and Chief Financial Officer
Bradley E. Troutman was appointed Senior Vice President and Chief Financial Officer of Kronos Worldwide, Inc., effective August 8, 2025. Prior to joining Kronos Worldwide, Mr. Troutman served as the Chief Financial Officer for Pegasus Logistics Group, a global freight forwarding and logistics company, from 2024 to July 2025. From 2019 to 2022, he held the position of Chief Financial Officer at Atlantic Aviation, a fixed-base operator network and aviation services provider. Before these roles, he accumulated 12 years of experience in financial leadership roles for two publicly traded corporations. His background also includes two years as a manager in the inspection division of the Public Company Accounting Oversight Board (PCAOB) and serving as an assurance manager at PwC from 1996 to 2004. Mr. Troutman accepted an employment offer from Contran, the privately held parent company of Kronos Worldwide, effective August 8, 2025.
Courtney J. Riley
Executive Vice President and Chief Transformation Officer
Rainer F. Gruber
Executive Vice President, Chief Manufacturing and Technology Officer
John A. Sunny
Executive Vice President and Chief Information Officer
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The key risks to Kronos Worldwide (KRO) are primarily centered around the inherent volatility of its core product market, significant financial leverage, and ongoing regulatory scrutiny concerning titanium dioxide.
- Volatility of Titanium Dioxide (TiO2) Market, Weak Demand, and Pricing: Kronos Worldwide's earnings and margins are highly susceptible to the volatile titanium dioxide market, experiencing unexpected pricing and volume downswings. Recent periods have shown pronounced weakness, with falling TiO2 prices and volumes contributing to revenue and margin contraction. The company's high operating leverage amplifies these earnings swings, and weak demand from key end markets, such as housing, continues to pressure market conditions.
- High Debt and Leverage: Kronos Worldwide carries a substantial debt burden, which is a significant financial risk. Indicators such as a high net debt to EBITDA ratio, weak interest coverage, and total liabilities exceeding cash and near-term receivables suggest a strained balance sheet. This high leverage can limit the company's financial flexibility and its ability to effectively manage working capital, potentially leading to shareholder dilution if new capital is required.
- Regulatory and Health Concerns related to Titanium Dioxide (TiO2): Titanium dioxide has been classified by the International Agency for Research on Cancer (IARC) as "possibly carcinogenic to humans" (Group 2B) by inhalation, based on animal studies. While extensive studies on human workers in the TiO2 industry have not consistently demonstrated an increased risk of cancer, and a prior EU classification as a carcinogen by inhalation in certain powder forms was annulled, regulatory bodies continue to scrutinize its use. This necessitates ongoing investment in safe handling and containment solutions during manufacturing to comply with regulations, posing an operational and potential cost risk for the company.
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Kronos Worldwide, Inc. (KRO) operates in several addressable markets for its main products. Here's an overview of their market sizes:
-
Titanium Dioxide (TiO2) Pigments:
- The global titanium dioxide market size was valued at approximately USD 19.06 billion in 2025 and is projected to reach USD 35.35 billion by 2034, growing at a CAGR of 7.1% from 2026 to 2034. Other estimates place the global market at USD 22.96 billion in 2025, projected to reach USD 38.97 billion by 2033 with a CAGR of 6.9% from 2026 to 2033. Another source indicates a global market size of USD 24.7 billion in 2024, expected to grow to USD 41.73 billion by 2033 with a CAGR of 6% during 2026–2033.
- In 2025, the Asia Pacific region dominated the global titanium dioxide market with a market share of 47.00%, with a value of USD 8.96 billion in 2025 and USD 9.69 billion in 2026. The Asia Pacific market is expected to reach USD 17.78 billion by 2033, growing at a CAGR of 7.6% from 2026 to 2033.
- The North America titanium dioxide market was valued at USD 3.5251 billion in 2025 and is projected to reach USD 5.5071 billion by 2033, with a CAGR of 5.8% from 2026 to 2033. Another source estimated the North America market size at USD 5.97 billion in 2024 and is predicted to be worth USD 10.01 billion by 2033.
- The Europe titanium dioxide market generated a revenue of USD 6.1649 billion in 2025 and is projected to grow from USD 7.8 billion in 2025 to USD 14.6 billion by 2035, registering a CAGR of 6.5%. Another report indicates a market size of USD 5.17 billion in 2025, growing to USD 10.96 billion by 2033 with a CAGR of 9.86% from 2025 to 2033.
-
Ilmenite:
- The global ilmenite market size was valued at USD 10.42 billion in 2025 and is projected to reach USD 21.03 billion by 2034, exhibiting a CAGR of 8.11% during the forecast period (2026-2034). Other estimates place the global market size at USD 11.87 billion in 2025, predicted to reach around USD 16.79 billion by 2034, expanding at a CAGR of 3.93% from 2025 to 2034. Another report states a global market size of USD 13 billion in 2026, projected to reach USD 25 billion by 2040 with a 4.92% CAGR from 2026 to 2040.
- Asia Pacific dominated the global ilmenite market with the largest market share of 34% in 2024.
-
Iron-based Chemicals (as Water Treatment Chemicals and Iron Oxide/Iron Chloride):
- The global water treatment chemicals market size was valued at USD 39.81 billion in 2025 and is projected to grow from USD 42.31 billion in 2026 to USD 69.05 billion by 2034, exhibiting a CAGR of 6.30% during the forecast period. Another source values the market at USD 38.33 billion in 2025, projected to cross USD 59.53 billion by 2035, witnessing a CAGR of over 4.5% during 2026-2035.
- In 2025, North America led the global water treatment chemicals market with a share of 39%.
- The global iron oxide market size was valued at USD 2.5 billion in 2023 and is expected to reach USD 3.70 billion by 2033, growing at a CAGR of 4.00% from 2023 to 2033.
- The global iron chloride market size was valued at approximately USD 6.85 billion in 2024 and is projected to reach USD 12.03 billion by 2034, growing at a CAGR of roughly 5.79% between 2025 and 2034.
-
Specialty Chemicals (Pearlescent Pigments and Electroceramic Capacitors):
- The global pearlescent pigment market size was valued at USD 2.44 billion in 2024 and is projected to reach USD 3.7691 billion by 2033, growing at a CAGR of 6.5% from 2026 to 2033. Another estimate places the market at USD 4.60 billion in 2024, expected to reach USD 6.39 billion by 2032, growing at a CAGR of 4.20%.
- Asia Pacific dominated the global pearlescent pigment market with the largest share in 2024, and North America is projected to witness substantial growth.
- The global electroceramics market is valued at USD 10.1 billion in 2023 and is expected to grow at a CAGR of 4.0% to reach USD 15.0 billion by the end of 2033.
- The global ceramic electric capacitor market size was estimated at USD 9.5 billion in 2024 and is expected to reach USD 19 billion by 2034, growing at a CAGR of 7.5% from 2025 to 2034.
- The global multilayer ceramic capacitor market size was valued at USD 15.17 billion in 2025 and is projected to grow from USD 16.38 billion in 2026 to USD 30.29 billion by 2034, exhibiting a CAGR of 7.99%.
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The expected drivers of future revenue growth for Kronos Worldwide (KRO) over the next 2-3 years are primarily linked to a recovery in market conditions for titanium dioxide (TiO2) and the company's operational response to such improvements.
- Recovery in TiO2 Selling Prices: A significant factor impacting Kronos Worldwide's recent performance has been lower average TiO2 selling prices, which contributed to decreased net sales and net losses in 2025. A reversal of this trend, leading to an increase in TiO2 selling prices, would directly drive revenue growth for the company.
- Increased Sales Volumes and Improved Demand: The company experienced lower sales volumes and a "subdued demand environment" in 2025. As global demand for TiO2-containing products (such as paints, coatings, plastics, and paper) recovers, Kronos Worldwide anticipates an increase in its sales volumes, which will be a key driver for revenue expansion.
- Higher Capacity Utilization: In response to weak demand, Kronos Worldwide implemented production curtailments and operated at lower capacity utilization rates (e.g., 77% in fiscal year 2025 compared to 96% in fiscal year 2024). An uptick in demand would allow the company to increase its production volumes and capacity utilization, leading to higher product availability and subsequently increased revenue.
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Share Repurchases
- Kronos Worldwide had 1,017,518 shares available for repurchase under its stock repurchase program at December 31, 2025.
- The company repurchased 313,814 shares in 2023.
- No shares were repurchased in 2024 and 2025.
Outbound Investments
- Effective July 16, 2024, Kronos Worldwide acquired the remaining 50% joint venture interest in Louisiana Pigment Company, L.P. (LPC) from Venator Investments, Ltd. for $185 million, less a working capital adjustment.
- Following the acquisition in 2024, LPC became a wholly-owned subsidiary, and in 2025, LPC merged into Kronos Louisiana, Inc.
Capital Expenditures
- Capital expenditures were $29.5 million in 2024, primarily for maintaining and improving existing facilities.
- The company anticipates spending approximately $55 million on capital expenditures in 2025.
- Annual capital expenditures were $30 million in 2024, $47 million in 2023, $63 million in 2022, and $59 million in 2021.
Peer Outperformance in Specialty Chemicals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KRO | Kronos Worldwide | 5.2% | -8.4x | 33.0% | 12.3% | -19.7% | — |
| SXT | Sensient Technologies | 5.5% | 34.7x | 27.6% | 123.6% | 56.9% | +77pp |
| ECL | Ecolab | 4.5% | 35.7x | 2.9% | 57.6% | 30.5% | +50pp |
| BCPC | Balchem | 5.0% | 32.4x | 6.8% | 27.9% | 19.3% | +39pp |
| SHW | Sherwin-Williams | 2.1% | 29.1x | -7.4% | 26.0% | 14.3% | +34pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 76.9% | 87.7% | 312.4% | COPR 973% · HBM 378% · TGB 362% |
| Silver | 6 | 115.8% | 335.0% | 164.2% | AYA 307% · HL 246% · SVM 195% |
| Gold | 34 | 29.2% | 208.1% | 157.7% | IAG 773% · KGC 459% · CNL 440% |
| Steel | 13 | 12.1% | 36.7% | 155.1% | HCC 317% · STLD 309% · NWPX 306% |
| Aluminum | 3 | 45.0% | 120.6% | 60.8% | CENX 199% · KALU 61% · AA -4% |
| Construction Materials | 7 | -23.5% | 17.7% | 47.5% | USLM 363% · CRH 81% · MLM 48% |
| Diversified Metals & Mining | 23 | -17.7% | -3.7% | 24.6% | ATLX 207043% · USAR 51477% · TII 722% |
| Metal, Glass & Plastic Containers | 11 | -9.0% | 3.2% | 2.2% | KRT 214% · MYE 83% · GEF 57% |
| Paper & Plastic Packaging Products & Materials | 7 | 5.8% | 7.5% | -9.2% | PKG 91% · CCK 9% · SON -2% |
| Specialty Chemicals ← | 41 | 4.6% | -0.9% | -12.0% | ODC 473% · NEU 205% · CMT 97% |
| Commodity Chemicals | 12 | 9.1% | -12.5% | -26.6% | HWKN 277% · KOP 60% · MEOH 54% |
| Diversified Chemicals | 4 | -7.4% | -29.4% | -29.2% | CBT 73% · ASH -15% · CC -43% |
| Precious Metals & Minerals | 8 | 36.5% | 172.6% | -33.4% | ASM 642% · PPTA 382% · MTA 40% |
| Fertilizers & Agricultural Chemicals | 10 | -13.1% | -9.7% | -36.3% | CF 189% · CTVA 103% · NTR 46% |
| Paper Products | 3 | -22.2% | -50.9% | -96.1% | CLW -38% · ITP -96% · MERC -96% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Kronos Worldwide Earnings Notes | 12/16/2025 | |
| Is Kronos Worldwide Stock Built to Withstand More Downside? | 10/17/2025 | |
| Kronos Worldwide (KRO) Debt Comparison | 08/08/2025 | |
| Kronos Worldwide (KRO) Operating Cash Flow Comparison | 08/08/2025 | |
| Kronos Worldwide (KRO) EBITDA Comparison | 08/08/2025 | |
| Kronos Worldwide (KRO) Net Income Comparison | 08/08/2025 | |
| Kronos Worldwide (KRO) Tax Expense Comparison | 08/08/2025 | |
| Kronos Worldwide (KRO) Operating Income Comparison | 08/08/2025 | |
| Kronos Worldwide (KRO) Revenue Comparison | 08/08/2025 | |
| KRO Dip Buy Analysis | 07/10/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 69.20 |
| Mkt Cap | 2.5 |
| Rev LTM | 1,751 |
| Op Inc LTM | 53 |
| FCF LTM | 79 |
| FCF 3Y Avg | 91 |
| CFO LTM | 117 |
| CFO 3Y Avg | 138 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.8% |
| Rev Chg 3Y Avg | 4.5% |
| Rev Chg Q | 7.6% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | -1.7% |
| Op Inc Chg 3Y Avg | 17.8% |
| Op Mgn LTM | 5.0% |
| Op Mgn 3Y Avg | 11.6% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 9.4% |
| CFO/Rev 3Y Avg | 13.7% |
| FCF/Rev LTM | 5.8% |
| FCF/Rev 3Y Avg | 9.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.5 |
| P/S | 2.3 |
| P/Op Inc | 19.7 |
| P/EBIT | 19.5 |
| P/E | 29.1 |
| P/CFO | 17.2 |
| Total Yield | 3.8% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 2.6% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.2% |
| 3M Rtn | 0.3% |
| 6M Rtn | 5.0% |
| 12M Rtn | -2.3% |
| 3Y Rtn | 19.2% |
| 1M Excs Rtn | -2.4% |
| 3M Excs Rtn | -1.7% |
| 6M Excs Rtn | -11.7% |
| 12M Excs Rtn | -18.4% |
| 3Y Excs Rtn | -52.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacture and sale of titanium dioxide pigments (TiO2) and related by-products | 1,859 | 1,887 | 1,666 | 1,930 | 1,939 |
| Total | 1,859 | 1,887 | 1,666 | 1,930 | 1,939 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Manufacture and sale of titanium dioxide pigments (TiO2) and related by-products | -111 | 86 | -49 |
| Total | -111 | 86 | -49 |
Price Behavior
| Market Price | $8.01 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 12/09/2003 | |
| Distance from 52W High | -9.6% | |
| 50 Days | 200 Days | |
| DMA Price | $7.60 | $6.36 |
| DMA Trend | up | up |
| Distance from DMA | 5.4% | 26.0% |
| 3M | 1YR | |
| Volatility | 84.2% | 61.4% |
| Downside Capture | -30.68 | 106.04 |
| Upside Capture | 59.37 | 120.74 |
| Correlation (SPY) | 9.4% | 27.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.83 | 0.61 | 0.94 | 1.08 | 1.32 | 1.32 |
| Up Beta | 1.75 | 1.85 | 0.85 | 0.47 | 1.29 | 1.50 |
| Down Beta | 11.87 | 4.34 | 3.33 | 2.63 | 1.95 | 1.19 |
| Up Capture | 250% | 81% | 60% | 133% | 138% | 162% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 26 | 57 | 113 | 347 |
| Down Capture | -707% | -310% | -45% | 50% | 102% | 107% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 22 | 35 | 65 | 130 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KRO | |
|---|---|---|---|---|
| KRO | 37.6% | 61.3% | 0.74 | - |
| Sector ETF (XLB) | 11.7% | 17.9% | 0.46 | 42.7% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 27.6% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 12.6% |
| Commodities (DBC) | 46.9% | 20.6% | 1.76 | 3.2% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 12.8% |
| Bitcoin (BTCUSD) | -34.5% | 43.9% | -0.84 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KRO | |
|---|---|---|---|---|
| KRO | -3.7% | 46.8% | 0.07 | - |
| Sector ETF (XLB) | 5.5% | 19.1% | 0.18 | 51.7% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 39.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 11.7% |
| Commodities (DBC) | 11.3% | 19.5% | 0.45 | 13.2% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 34.4% |
| Bitcoin (BTCUSD) | 11.2% | 52.5% | 0.39 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KRO | |
|---|---|---|---|---|
| KRO | 4.3% | 45.1% | 0.25 | - |
| Sector ETF (XLB) | 9.6% | 20.7% | 0.41 | 56.9% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 45.6% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 7.0% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 20.4% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 34.9% |
| Bitcoin (BTCUSD) | 61.7% | 66.1% | 1.02 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 32.5% | 26.6% | 36.9% |
| 5/6/2026 | -6.9% | -4.6% | -14.5% |
| 3/9/2026 | -2.4% | -4.8% | 20.5% |
| 11/6/2025 | -6.8% | 2.1% | 0.1% |
| 8/6/2025 | -7.9% | 11.3% | 15.3% |
| 5/7/2025 | -1.6% | -2.3% | -10.1% |
| 3/6/2025 | -8.1% | -10.0% | -21.2% |
| 11/6/2024 | -3.9% | -12.0% | -19.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 14 |
| # Negative | 16 | 14 | 10 |
| Median Positive | 3.9% | 5.1% | 10.3% |
| Median Negative | -5.4% | -4.7% | -12.3% |
| Max Positive | 32.5% | 33.9% | 40.0% |
| Max Negative | -13.6% | -20.6% | -24.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 32.5% | 26.6% | 36.9% |
| 5/6/2026 | -6.9% | -4.6% | -14.5% |
| 3/9/2026 | -2.4% | -4.8% | 20.5% |
| 11/6/2025 | -6.8% | 2.1% | 0.1% |
| 8/6/2025 | -7.9% | 11.3% | 15.3% |
| 5/7/2025 | -1.6% | -2.3% | -10.1% |
| 3/6/2025 | -8.1% | -10.0% | -21.2% |
| 11/6/2024 | -3.9% | -12.0% | -19.7% |
| 8/7/2024 | 3.8% | 5.9% | 6.6% |
| 5/8/2024 | 2.8% | 2.8% | 8.1% |
| 3/6/2024 | 16.6% | 33.9% | 40.0% |
| 11/2/2023 | 7.9% | 2.6% | 24.5% |
| 8/2/2023 | -5.0% | -1.3% | -7.0% |
| 5/3/2023 | -9.5% | -9.6% | -1.9% |
| 3/8/2023 | -13.6% | -20.6% | -18.4% |
| 11/2/2022 | -5.8% | -1.2% | 0.9% |
| 8/3/2022 | -6.0% | -13.8% | -24.7% |
| 5/4/2022 | -1.4% | -4.3% | 19.7% |
| 3/9/2022 | 3.3% | 5.3% | 7.7% |
| 11/4/2021 | 3.9% | 4.9% | 5.5% |
| 8/4/2021 | -2.5% | -0.8% | -1.1% |
| 5/5/2021 | -4.0% | -9.2% | -9.7% |
| 3/10/2021 | -2.9% | -3.6% | 0.8% |
| 11/4/2020 | 2.4% | 2.7% | 12.6% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 14 |
| # Negative | 16 | 14 | 10 |
| Median Positive | 3.9% | 5.1% | 10.3% |
| Median Negative | -5.4% | -4.7% | -12.3% |
| Max Positive | 32.5% | 33.9% | 40.0% |
| Max Negative | -13.6% | -20.6% | -24.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 5/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kramer, Kevin B | Direct | Buy | 5182026 | 6.75 | 14,601 | 98,510 | 299,634 | Form | |
| 2 | McCoy, Kristin B | Executive VP, Global Tax | Direct | Buy | 8182025 | 6.05 | 2,000 | 12,100 | 12,100 | Form |
| 3 | Nace, Andrew B | Executive Vice President | Direct | Buy | 8132025 | 5.83 | 3,000 | 17,500 | 113,477 | Form |
| 4 | Hanley, Bryan A | Senior VP and Treasurer | Direct | Buy | 8122025 | 4.90 | 2,500 | 12,250 | 29,400 | Form |
| 5 | Reichert, Bart W | Vice President, Internal Audit | Direct | Buy | 8122025 | 4.96 | 20,000 | 99,200 | 99,200 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kramer, Kevin B | Direct | Buy | 5182026 | 6.75 | 14,601 | 98,510 | 299,634 | Form | |
| 2 | McCoy, Kristin B | Executive VP, Global Tax | Direct | Buy | 8182025 | 6.05 | 2,000 | 12,100 | 12,100 | Form |
| 3 | Nace, Andrew B | Executive Vice President | Direct | Buy | 8132025 | 5.83 | 3,000 | 17,500 | 113,477 | Form |
| 4 | Hanley, Bryan A | Senior VP and Treasurer | Direct | Buy | 8122025 | 4.90 | 2,500 | 12,250 | 29,400 | Form |
| 5 | Reichert, Bart W | Vice President, Internal Audit | Direct | Buy | 8122025 | 4.96 | 20,000 | 99,200 | 99,200 | Form |
| 6 | Simmons, Michael Shawn | Vice Chairman of the Board | Direct | Buy | 8112025 | 4.87 | 5,000 | 24,350 | 24,350 | Form |
| 7 | Samford, Amy A | Executive VP, Finance | Direct | Buy | 8112025 | 4.83 | 3,000 | 14,475 | 24,125 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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