Tearsheet

Tronox (TROX)

Market Price (12/25/2025): $4.25 | Market Cap: $674.0 Mil
Sector: Materials | Industry: Commodity Chemicals

Tronox (TROX)

Market Price (12/25/2025): $4.25
Market Cap: $674.0 Mil
Sector: Materials
Industry: Commodity Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Dividend Yield is 8.6%	Weak multi-year price returns 2Y Excs Rtn is -113%, 3Y Excs Rtn is -144%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 471%
1	Megatrend and thematic drivers Megatrends include Advanced Materials, and Sustainable Resource Management. Themes include Specialty Chemicals for Performance, and Resource Efficiency Solutions.	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.3%, Rev Chg QQuarterly Revenue Change % is -13%
3			Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43%
5			Key risks TROX key risks include [1] a substantial debt load that limits its financial flexibility and [2] securities class action lawsuits alleging the company issued misleading financial projections.

0	Attractive yield Dividend Yield is 8.6%
1	Megatrend and thematic drivers Megatrends include Advanced Materials, and Sustainable Resource Management. Themes include Specialty Chemicals for Performance, and Resource Efficiency Solutions.
2	Weak multi-year price returns 2Y Excs Rtn is -113%, 3Y Excs Rtn is -144%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 471%
5	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.3%, Rev Chg QQuarterly Revenue Change % is -13%
7	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43%
9	Key risks TROX key risks include [1] a substantial debt load that limits its financial flexibility and [2] securities class action lawsuits alleging the company issued misleading financial projections.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$4.25	$9.39	$12.76	$11.88	$19.97
Market Cap CYE ($ Mil)	674.0	1,481.5	2,000.7	1,833.4	3,072.2
Total Debt ($ Mil)	3,407.0	2,990.0	2,951.0	2,668.0	2,657.0
Total Cash ($ Mil)	185.0	151.0	273.0	164.0	228.0
Enterprise Value ($ Mil)	3,896.1	4,471.5	4,951.7	4,501.4	5,729.2
Valuation Ratios
P/S TTM	0.2	0.5	0.8	0.6	1.0
P/EBIT TTM	-6.9	6.9	11.2	5.0	7.0
P/E TTM	-2.1	-33.1	-7.0	4.3	12.8
P/FCF TTM	-1.8	-22.7	-28.8	12.5	7.8
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	8.2	6.8	6.6	5.1	5.8
P/E TTM (Sector)	-0.2	6.1	7.1	4.8	6.8
P/FCF TTM (Sector)	6.8	5.8	5.0	2.7	5.7

	12/25/25	2024	2023
Share Price CYE	$4.25	$9.39	$12.76
Market Cap CYE ($ Mil)	674.0	1,481.5	2,000.7
Total Debt ($ Mil)	3,407.0	2,990.0	2,951.0
Total Cash ($ Mil)	185.0	151.0	273.0
Enterprise Value ($ Mil)	3,896.1	4,471.5	4,951.7
Valuation Ratios
P/S TTM	0.2	0.5	0.8
P/EBIT TTM	-6.9	6.9	11.2
P/E TTM	-2.1	-33.1	-7.0
P/FCF TTM	-1.8	-22.7	-28.8
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4
P/EBIT TTM (Sector)	8.2	6.8	6.6
P/E TTM (Sector)	-0.2	6.1	7.1
P/FCF TTM (Sector)	6.8	5.8	5.0

	TROX	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	2.8
Rev Chg Q	-13.1%	7.3%
Rev Chg LTM	-7.8%	6.1%
Rev Chg 3Y Avg	-7.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	-0.3
Op Mgn LTM	2.2%	18.8%
CFO/Rev LTM	0.7%	20.4%
Net Inc Mgn	-11.4%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.2
P/CFO	32.1	15.7
P/FCF	-1.8	20.6
P/E	-2.1	23.5
STABILITY	VERY POOR
Debt/Equity	5.05	0.21
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Titanium Dioxide (TiO2) Sales Volume Growth (Q4 2025 Projection)	3-5%	11062025	Link
Zircon Sales Volume Growth (Q4 2025 Projection)	15-20%	11062025	Link
Titanium Feedstock Annual Production Capacity	832,000 metric tons	2192025	Link
Rutile and Leucoxene Annual Production Capacity	182,000 metric tons	2192025	Link
Synthetic Rutile Annual Production Capacity	240,000 metric tons	2192025	Link
Titanium Slag Annual Production Capacity	410,000 metric tons	2192025	Link
Zircon Annual Production Capacity	297,000 metric tons	2192025	Link
Pig Iron Annual Production Capacity	250,000 metric tons	2192025	Link
Vertical Integration Percentage (Feedstock)	85%	5302025	Link
Number of Customers	~1,200	5302025	Link
Scope 1 and 2 GHG Emissions Intensity Reduction (vs. 2019 baseline)	21%	6122025	Link
Waste to External Landfills Decrease (vs. 2019 baseline)	13%	6122025	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

TROX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Tronox (TROX) experienced various market influences between approximately August 31, 2025, and December 25, 2025. While specific daily movements varied, a 2.2% change could be attributed to a combination of these factors, including a significant positive surge in early December.

1. Conditional Financing Support for Rare Earth Strategy: On December 9, 2025, Tronox announced that the Export-Import Bank of the United States and Export Finance Australia provided conditional and non-binding support for potential financing of up to US$600 million. This financing aims to advance Tronox's rare earth strategy, signaling significant future growth potential and diversification, which led to a substantial 25.60% surge in the stock price on the day of the announcement.

2. Third Quarter 2025 Financial Results: On November 5, 2025, Tronox reported its financial results for the quarter ending September 30, 2025. The company announced a revenue of $699 million, which was a 4% decrease compared to the prior quarter and a 13% decrease year-over-year. It also reported a net loss of $99 million and an adjusted diluted loss per share of $0.46. The updated outlook for Q4 2025 anticipated revenue and Adjusted EBITDA to be relatively flat to Q3 2025, with headwinds on TiO2 and zircon pricing. This news resulted in a 5.15% decline in the stock on November 5, 2025.

Show more Tronox (TROX) experienced various market influences between approximately August 31, 2025, and December 25, 2025. While specific daily movements varied, a 2.2% change could be attributed to a combination of these factors, including a significant positive surge in early December.

1. Conditional Financing Support for Rare Earth Strategy: On December 9, 2025, Tronox announced that the Export-Import Bank of the United States and Export Finance Australia provided conditional and non-binding support for potential financing of up to US$600 million. This financing aims to advance Tronox's rare earth strategy, signaling significant future growth potential and diversification, which led to a substantial 25.60% surge in the stock price on the day of the announcement.

2. Third Quarter 2025 Financial Results: On November 5, 2025, Tronox reported its financial results for the quarter ending September 30, 2025. The company announced a revenue of $699 million, which was a 4% decrease compared to the prior quarter and a 13% decrease year-over-year. It also reported a net loss of $99 million and an adjusted diluted loss per share of $0.46. The updated outlook for Q4 2025 anticipated revenue and Adjusted EBITDA to be relatively flat to Q3 2025, with headwinds on TiO2 and zircon pricing. This news resulted in a 5.15% decline in the stock on November 5, 2025.

3. Reaffirmation of Cost Savings Program and Q4 Volume Projections: Following the Q3 earnings, Tronox reaffirmed its cost improvement program, targeting over $60 million in run rate savings by year-end 2025 and an overall goal of $125 million to $175 million in annualized savings by the end of 2026. Additionally, the company projected sequential volume growth of 3-5% for TiO2 and 15-20% for zircon in the fourth quarter of 2025. These proactive measures and positive volume forecasts could have offered some reassurance to investors.

4. Pricing of $400 Million Senior Secured Notes: On September 15, 2025, Tronox announced the pricing of $400 million aggregate principal amount of 9.125% Senior Secured Notes due 2030. The net proceeds were intended to repay existing borrowings under revolving credit facilities and for general corporate purposes. While this action aimed to manage debt and liquidity, the issuance of new debt can elicit mixed reactions from the market.

5. Ongoing Class-Action Lawsuits: Throughout the period, particularly with announcements in October and November 2025, Tronox was subject to class-action lawsuits alleging misleading statements related to its Q2 2025 financial results, which had led to a significant stock decline (approximately 38% on July 31, 2025). The ongoing legal concerns and allegations of prior misrepresentation likely contributed to negative investor sentiment and potential downward pressure or caution within the specified timeframe. Show less

Stock Movement Drivers

Fundamental Drivers

The -0.8% change in TROX stock from 9/24/2025 to 12/24/2025 was primarily driven by a -3.6% change in the company's Total Revenues ($ Mil).

	9242025	12242025	Change
Stock Price ($)	4.35	4.31	-0.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2949.00	2844.00	-3.56%
P/S Multiple	0.23	0.24	2.87%
Shares Outstanding (Mil)	158.56	158.60	-0.02%
Cumulative Contribution			-0.82%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
TROX	-0.8%
Market (SPY)	4.4%	40.7%
Sector (XLB)	3.0%	54.0%

Fundamental Drivers

The -17.8% change in TROX stock from 6/25/2025 to 12/24/2025 was primarily driven by a -12.0% change in the company's P/S Multiple.

	6252025	12242025	Change
Stock Price ($)	5.25	4.31	-17.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3038.00	2844.00	-6.39%
P/S Multiple	0.27	0.24	-11.98%
Shares Outstanding (Mil)	158.14	158.60	-0.29%
Cumulative Contribution			-17.84%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
TROX	-17.8%
Market (SPY)	14.0%	29.9%
Sector (XLB)	6.1%	48.5%

Fundamental Drivers

The -55.4% change in TROX stock from 12/24/2024 to 12/24/2025 was primarily driven by a -51.5% change in the company's P/S Multiple.

	12242024	12242025	Change
Stock Price ($)	9.67	4.31	-55.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3084.00	2844.00	-7.78%
P/S Multiple	0.50	0.24	-51.49%
Shares Outstanding (Mil)	158.09	158.60	-0.32%
Cumulative Contribution			-55.41%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
TROX	-55.4%
Market (SPY)	15.8%	45.2%
Sector (XLB)	8.8%	56.5%

Fundamental Drivers

The -63.7% change in TROX stock from 12/25/2022 to 12/24/2025 was primarily driven by a -51.7% change in the company's P/S Multiple.

	12252022	12242025	Change
Stock Price ($)	11.88	4.31	-63.71%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3689.00	2844.00	-22.91%
P/S Multiple	0.50	0.24	-51.69%
Shares Outstanding (Mil)	154.55	158.60	-2.62%
Cumulative Contribution			-63.73%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
TROX	-66.5%
Market (SPY)	48.9%	44.4%
Sector (XLB)	10.6%	56.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TROX Return	33%	67%	-41%	7%	-26%	-55%	-53%
Peers Return	24%	29%	-20%	5%	-22%	-40%	-37%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
TROX Win Rate	58%	67%	17%	50%	50%	42%
Peers Win Rate	72%	56%	47%	44%	36%	31%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TROX Max Drawdown	-64%	-2%	-53%	-24%	-28%	-69%
Peers Max Drawdown	-50%	-7%	-34%	-21%	-29%	-51%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CC, KRO, HUN.
[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] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	TROX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-61.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	157.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-66.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	200.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	236 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-75.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	302.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to MEOH, NOVS, DOW, HWKN, HUN

In The Past

Tronox's stock fell -61.2% during the 2022 Inflation Shock from a high on 10/25/2021. A -61.2% loss requires a 157.5% gain to breakeven.

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About Tronox (TROX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mines; and engages in beneficiation and smelting operations. It offers TiO2 pigment; ultrafine specialty TiO2; zircon; feedstock; pig iron; titanium tetrachloride; and other products. The company's products are used for the manufacture of paints, coatings, plastics, and paper, as well as various other applications. Tronox Holdings plc is based in Stamford, Connecticut.

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Like a specialized DuPont for white pigment.
Alcoa for titanium pigment.

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Titanium Dioxide (TiO2) Pigment: A white pigment essential for providing opacity, brightness, and durability in paints, plastics, paper, and inks.
Zircon: A co-product mineral used primarily in ceramics, refractories, and foundry applications due to its high melting point and chemical inertness.
High Purity Pig Iron: A metallic co-product used in foundries and steel mills for various iron and steel production processes.

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Tronox Holdings plc (symbol: TROX) is a global producer of titanium dioxide (TiO2) pigment, a critical raw material used to provide whiteness, opacity, and durability in various products. Tronox sells primarily to other companies (business-to-business) rather than directly to individuals.

Tronox typically serves a broad and diversified global customer base across multiple industries. Its public filings, such as its annual 10-K reports, generally indicate that no single customer accounts for 10% or more of its consolidated net sales. This signifies that Tronox does not rely on a few specific "major customers" in the way some companies do, but rather has a wide array of clients.

However, based on the primary end-use markets for titanium dioxide, Tronox's customers are manufacturers within the following industries. While Tronox does not publicly disclose the specific names of its individual customers, here are examples of prominent public companies in these sectors that would typically purchase TiO2 as a key ingredient:

Paints and Coatings Manufacturers: These companies utilize TiO2 as a primary white pigment to provide opacity, brightness, and durability to architectural, industrial, and automotive coatings.
- Sherwin-Williams (symbol: SHW)
- PPG Industries (symbol: PPG)
- AkzoNobel N.V. (symbol: AKZOY)
- BASF SE (symbol: BASFY)
Plastics Manufacturers: TiO2 is incorporated into plastics to achieve desired whiteness, opacity, and protection against UV degradation in products ranging from PVC pipes and window profiles to packaging films and automotive parts.
- Dow Inc. (symbol: DOW)
- LyondellBasell Industries N.V. (symbol: LYB)
Paper Manufacturers: TiO2 is used in the paper industry to enhance the brightness, opacity, and print quality of various paper products, including printing papers, packaging, and specialty papers.
- International Paper (symbol: IP)

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John D. Romano, Chief Executive Officer

Mr. Romano currently serves as Chief Executive Officer and is a member of the Tronox Board. He previously held roles including co-Chief Executive Officer, Executive Vice President, Chief Commercial and Strategy Officer, Senior Vice President and President of the Company's Pigment and Electrolytic operations, and Executive Vice President of Tronox Incorporated. Mr. Romano has held various senior sales and marketing leadership positions at Tronox and its predecessor companies since 1988. He holds a Bachelor's degree in Accounting from Oklahoma State University.

John Srivisal, Senior Vice President, Chief Financial Officer

Mr. Srivisal serves as Senior Vice President and Chief Financial Officer at Tronox. He was previously listed as SVP, Business Development and Finance.

Jeffrey Neuman, Senior Vice President, General Counsel and Corporate Secretary

Mr. Neuman joined Tronox in April 2018. Prior to Tronox, he served as Vice President, Corporate Secretary and Deputy General Counsel of Honeywell International Inc.

Jeff Engle, Chief Commercial Officer

Mr. Engle joined Tronox in July 2001 as an engineer in the technical sales and service laboratory. He has worked in various areas within the company.

Jennifer Guenther, Chief Sustainability Officer, Head of Investor Relations & External Affairs

Ms. Guenther was appointed to her current position in June 2024. She previously served as Chief Sustainability Officer and Head of Investor Relations since April 2023, and as Vice President, Investor Relations.

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The key risks to Tronox's (TROX) business operations are primarily driven by volatile market conditions, a substantial debt load, and ongoing legal challenges.

Market Conditions and Price Volatility: Tronox's profitability is highly sensitive to fluctuations in the selling prices of titanium dioxide (TiO2), zircon, and other mineral products. The demand for these products is closely tied to global economic conditions, including macroeconomic headwinds like inflationary pressures and energy costs. Recent challenges include soft demand in key markets such as China's construction sector and the U.S. housing market, leading to decreased sales volumes and unfavorable pricing for TiO2 and zircon. This market volatility can negatively impact the company's ability to meet financial forecasts.
High Debt Load and Financial Leverage: The company carries a significant debt load, with net debt to trailing 12-month Adjusted EBITDA reported at 4.8x at the end of 2024 and 6.1x as of June 2025. This high leverage limits Tronox's financial flexibility, making it more challenging and expensive to access capital markets, especially given its non-investment grade credit ratings. Furthermore, a decline in earnings before interest and taxes (EBIT) has made managing this debt burden more difficult.
Securities Class Action Lawsuit: Tronox is currently facing multiple class action lawsuits alleging that the company and its executives issued misleading financial projections and downplayed risks related to TiO2 sales and zircon demand. This legal uncertainty, coupled with a reported 38% stock price plunge and a 60% dividend cut following the announcement of Q2 2025 financial results, signals a loss of investor confidence and raises concerns about governance and cash flow stability.

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Tronox's primary products and their estimated addressable markets are as follows:

Titanium Dioxide (TiO2) Pigment: The global titanium dioxide market size was valued at approximately USD 22.08 billion in 2024 and is projected to reach around USD 38.58 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.4% from 2025 to 2033. Another estimate places the global market size at USD 21.96 billion in 2024, with a projection to reach approximately USD 41.81 billion by 2034 at a CAGR of 6.65% from 2025 to 2034.
Zircon Products: The global zircon market size was estimated at USD 2.08 billion in 2024 and is predicted to increase from USD 2.24 billion in 2025 to approximately USD 4.41 billion by 2034, expanding at a CAGR of 7.80% from 2025 to 2034. Similarly, the global zircon sand market size was valued at USD 2.43 billion in 2024 and is estimated to reach USD 4.44 billion by 2033, exhibiting a CAGR of 6.91% from 2025-2033.

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Tronox (symbol: TROX) is expected to drive future revenue growth over the next 2-3 years through several key factors:

Increased Sales Volumes of Titanium Dioxide (TiO2): Tronox has consistently highlighted expectations for increasing TiO2 sales volumes, which is a primary driver of its revenue. For instance, the company anticipated TiO2 volumes to increase 7-10% in Q2 2024 compared to Q1 2024, and projected continued growth in subsequent quarters, including an expected increase of 3-5% in Q4 2025 compared to Q3 2025. This growth is often linked to a broader market recovery.
Increased Sales Volumes of Zircon: Alongside TiO2, growth in zircon sales volumes is a significant revenue driver. Tronox projected relatively flat zircon volumes in Q2 2024 compared to Q1 2024, but a substantial increase of approximately 160% compared to Q3 2023 for Q3 2024, and anticipated 15-20% zircon volume growth in Q4 2025 compared to Q3 2025.
Recovery and Improvement in TiO2 Pricing: After periods of decline, Tronox anticipates a reversal in the downward trend of TiO2 pricing and expects improvements through 2024. Although some more recent outlooks for Q4 2025 mentioned weaker than anticipated pricing, the overall sentiment points towards a future recovery in pricing to support revenue growth.
Strategic Sales of Other Products: Opportunistic and strategic sales of other products, such as ilmenite, rare earths tailings, and pig iron, are noted as contributors to Tronox's revenue. These sales, while sometimes non-recurring quarter-over-quarter, form part of the company's strategy to leverage its mining operations and have been mentioned in various earnings reports as positively impacting revenue.

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Share Repurchases

Tronox authorized a share repurchase program of up to $300 million of its ordinary shares in November 2021, which was valid through February 2024.
As of February 2023, approximately $251 million remained available under this authorization.

Share Issuance

Tronox's ordinary shares outstanding increased from 157,938,056 at December 31, 2024, to 158,524,635 at June 30, 2025.

Capital Expenditures

Capital expenditures for the full year 2024 totaled $370 million.
Expected capital expenditures for 2025 were initially projected to be less than $365 million, but were later reduced to less than $330 million due to market downturn.
A significant focus of capital expenditures includes strategic projects such as mining extensions in South Africa, aimed at sustaining vertical integration and replacing existing mines reaching their end of life.

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LIN (0.6%)

Linde

Higher Op Mgn LTM (Value for TROX: 2.2%)

SCCO (50.3%)

Southern Copper

AEM (49.4%)

Agnico Eagle Mines

NEM (43.5%)

Newmont

LIN (26.9%)

Linde

CRH (13.8%)

CRH

Higher CFO/Rev LTM (Value for TROX: 0.7%)

AEM (55.2%)

Agnico Eagle Mines

NEM (42.9%)

Newmont

SCCO (37.4%)

Southern Copper

LIN (29.8%)

Linde

CRH (14.7%)

CRH

Higher FCF/Rev LTM (Value for TROX: -13.0%)

AEM (34.5%)

Agnico Eagle Mines

NEM (28.5%)

Newmont

SCCO (28.2%)

Southern Copper

LIN (15.2%)

Linde

CRH (7.1%)

CRH

Higher Total Yield (Value for TROX: -38.8%)

NEM (7.2%)

Newmont

SCCO (5.0%)

Southern Copper

LIN (4.7%)

Linde

AEM (4.6%)

Agnico Eagle Mines

CRH (4.3%)

CRH

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TROX: -7.3% | 0.2x)

COR (10.4% | 0.2x)

Cencora

CAH (7.3% | 0.2x)

Cardinal Health

CNC (9.6% | 0.1x)

Centene

PFGC (5.6% | 0.2x)

Performance Food

SNX (-0.3% | 0.2x)

TD Synnex

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TROX: -7.3% | 11.0x)

T (1.1% | 7.3x)

AT&T

VZ (0.5% | 5.4x)

Verizon Communications

BN (-5.8% | 8.8x)

Brookfield

BUD (0.8% | 8.3x)

Anheuser-Busch InBev SA/NV

COP (-6.6% | 9.1x)

ConocoPhillips

Higher Rev Chg LTM (Value for TROX: -7.8%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for TROX: -7.3%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for TROX: 2.2%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for TROX: 0.7%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for TROX: -13.0%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for TROX: -38.8%)

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Materials Sector
	TROX	SCCO	USLM	CF	NEU	EXP	LIN	NEM	SMG	CBT	B
What You Pay
P/E	-2.1	31.9	27.9	9.1	14.9	15.5	29.8	16.0	23.1	10.6	21.6
P/EBIT	-7.0	19.2	23.8	5.6	10.7	11.3	21.4	11.0	9.5	5.5	11.2
What You Get
Rev Chg Q	-13.1%	15.2%	14.1%	21.1%	-4.8%	2.5%	2.8%	20.0%	-6.6%	-10.2%	23.2%
Rev Chg LTM	-7.8%	12.7%	20.3%	12.6%	-1.1%	1.5%	1.3%	26.6%	-3.9%	-7.0%	18.4%
Rev Chg 3Y Avg	-7.3%	7.1%	17.8%	-13.5%	1.1%	4.1%	0.6%	23.9%	-4.5%	-4.8%	8.5%
FCF/Rev 3Y Avg	-4.2%	27.0%	25.6%	22.3%	17.5%	16.7%	15.4%	13.8%	12.3%	10.3%	10.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Tronox Earnings Notes
2	Tronox Stock Drop Looks Sharp, But How Deep Can It Go?	Return
3	Tronox (TROX) Operating Cash Flow Comparison	Financials
4	Tronox (TROX) EBITDA Comparison	Financials
5	Tronox (TROX) Operating Income Comparison	Financials
6	Tronox (TROX) Debt Comparison	Financials
7	Tronox (TROX) Net Income Comparison	Financials
8	Tronox (TROX) Revenue Comparison	Financials
9	Tronox (TROX) Tax Expense Comparison	Financials
10	Why Tronox Stock Moved: TROX Stock Has Lost 78% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TROX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.1%	7.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.2%	-1.2%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	48.2%	48.2%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	27.4%	27.4%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.8%	5.8%	-2.5%
TROX_4302022_Dip_Buyer_ValueBuy	04302022	TROX	Tronox	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-30.8%	-17.0%	-34.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Tronox

Peers to compare with:

Financials

	TROX	CC	KRO	HUN	Median
Name	Tronox	Chemours	Kronos W.	Huntsman
Mkt Price	4.31	12.00	4.59	9.90	7.25
Mkt Cap	0.7	1.8	0.5	1.7	1.2
Rev LTM	2,844	5,837	1,864	5,780	4,312
Op Inc LTM	62	72	55	-24	59
FCF LTM	-369	-12	-65	199	-38
FCF 3Y Avg	-118	-251	-20	126	-69
CFO LTM	21	265	-40	366	143
CFO 3Y Avg	221	70	4	332	146

Growth & Margins

	TROX	CC	KRO	HUN	Median
Name	Tronox	Chemours	Kronos W.	Huntsman
Rev Chg LTM	-7.8%	0.0%	0.0%	-3.5%	-1.7%
Rev Chg 3Y Avg	-7.3%	-5.8%	-2.3%	-11.5%	-6.6%
Rev Chg Q	-13.1%	-0.9%	-5.7%	-5.2%	-5.5%
QoQ Delta Rev Chg LTM	-3.6%	-0.2%	-1.5%	-1.4%	-1.4%
Op Mgn LTM	2.2%	1.2%	3.0%	-0.4%	1.7%
Op Mgn 3Y Avg	5.2%	1.8%	1.1%	1.2%	1.5%
QoQ Delta Op Mgn LTM	-2.4%	-0.4%	-2.8%	-0.5%	-1.4%
CFO/Rev LTM	0.7%	4.5%	-2.2%	6.3%	2.6%
CFO/Rev 3Y Avg	7.5%	1.2%	0.1%	5.5%	3.3%
FCF/Rev LTM	-13.0%	-0.2%	-3.5%	3.4%	-1.8%
FCF/Rev 3Y Avg	-4.2%	-4.3%	-1.2%	2.1%	-2.7%

Valuation

	TROX	CC	KRO	HUN	Median
Name	Tronox	Chemours	Kronos W.	Huntsman
Mkt Cap	0.7	1.8	0.5	1.7	1.2
P/S	0.2	0.3	0.3	0.3	0.3
P/EBIT	-7.0	22.5	9.3	-14.1	1.1
P/E	-2.1	-5.6	-12.8	-5.2	-5.4
P/CFO	32.6	6.8	-13.1	4.7	5.7
Total Yield	-38.8%	-12.3%	-7.8%	-9.0%	-10.6%
Dividend Yield	8.6%	5.5%	0.0%	10.2%	7.1%
FCF Yield 3Y Avg	-19.1%	-8.1%	-4.0%	5.7%	-6.1%
D/E	5.0	2.4	1.2	1.4	1.9
Net D/E	4.7	2.1	1.2	1.1	1.6

Returns

	TROX	CC	KRO	HUN	Median
Name	Tronox	Chemours	Kronos W.	Huntsman
1M Rtn	27.1%	4.3%	-1.5%	13.0%	8.7%
3M Rtn	-0.8%	-26.1%	-21.3%	5.4%	-11.1%
6M Rtn	-17.8%	6.6%	-25.2%	-0.6%	-9.2%
12M Rtn	-55.4%	-29.0%	-51.4%	-41.5%	-46.5%
3Y Rtn	-63.7%	-56.2%	-43.1%	-58.4%	-57.3%
1M Excs Rtn	23.8%	1.0%	-4.9%	9.7%	5.3%
3M Excs Rtn	7.2%	-26.1%	-21.7%	7.3%	-7.3%
6M Excs Rtn	-33.9%	-8.8%	-39.4%	-15.1%	-24.5%
12M Excs Rtn	-71.9%	-46.6%	-68.5%	-58.9%	-63.7%
3Y Excs Rtn	-144.1%	-137.1%	-122.5%	-138.7%	-137.9%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/19/2025	2/21/2024	2/22/2023	2/22/2022	2/23/2021	3/16/2020
Key Financials
Total Revenue	2,844	3,074	2,850	3,454	3,572	2,758	2,642
EBITDA	193	515	473	694	817	597	385
Operating Income	62	219	186	543	577	274	117
Net Income	-324	-48	-316	497	286	969	-109
EPS	-2.05	-0.31	-2.02	3.21	1.88	6.76	-0.78
Growth Rates
Total Revenue Growth	-7.8%	7.9%	-17.5%	-3.3%	29.5%	4.4%	45.2%
EBITDA Growth	-59.0%	8.9%	-31.8%	-15.1%	36.9%	55.1%	-8.3%
Operating Income Growth	-65.4%	17.7%	-65.7%	-5.9%	110.6%	134.2%	-49.4%
Net Income Growth	-337.8%	84.8%	-163.6%	73.8%	-70.5%	989.0%	-1457.1%
Margins
EBITDA Margin	6.8%	16.8%	16.6%	20.1%	22.9%	21.6%	14.6%
Operating Income Margin	2.2%	7.1%	6.5%	15.7%	16.2%	9.9%	4.4%
Net Income Margin	-11.4%	-1.6%	-11.1%	14.4%	8.0%	35.1%	-4.1%
Cash & Debt
Total Cash	185	151	273	164	228	619	302
Total Debt	3,407	2,990	2,951	2,668	2,657	3,401	3,126
Net Debt / (Cash)	3,222	2,839	2,678	2,504	2,429	2,782	2,824
Cash Flows
Net Cash from Operations	21	300	184	598	740	355	441
Free Cash from Operations	-369	-70	-77	170	468	160	243
Returns to Shareholders
Dividends	59	80	89	87	65	40	27
Share Repurchases	-0	-0	-0	50	-0	-0	288

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	7/31/2025	5/1/2025	2/19/2025	10/25/2024	8/2/2024	5/2/2024	2/21/2024	10/26/2023	7/27/2023	4/27/2023	2/22/2023
Key Financials Quarterly
Total Revenue	699	731	738	676	804	820	774	686	662	794	708	649
Ebitda	31	38	7	117	113	169	116	73	103	159	138	74
Operating Income	-18	7	25	48	54	76	41	8	32	84	62	36
Net Income	-99	-84	-111	-30	-25	16	-9	-56	-14	-269	23	-15
EPS	-0.63	-0.53	-0.70	-0.19	-0.16	0.10	-0.06	-0.36	-0.09	-1.72	0.15	-0.09
Key Financials TTM
Total Revenue TTM	2,844	2,949	3,038	3,074	3,084	2,942	2,916	2,850	2,813	3,046	3,197	3,454
Ebitda TTM	193	275	406	515	471	461	451	473	474	610	698	694
Operating Income TTM	62	134	203	219	179	157	165	186	214	345	451	543
Net Income TTM	-324	-250	-150	-48	-74	-63	-348	-316	-275	-140	504	497
Growth Rates Quarterly
Total Revenue Growth	-13.1%	-10.9%	-4.7%	-1.5%	21.5%	3.3%	9.3%	5.7%	-26.0%	-16.0%	-26.6%	-26.6%
EBITDA Growth	-72.6%	-77.5%	-94.0%	60.3%	9.7%	6.3%	-15.9%	-1.4%	-56.9%	-35.6%	3.0%	-62.4%
Operating Income Growth	-133.3%	-90.8%	-39.0%	500.0%	68.8%	-9.5%	-33.9%	-77.8%	-80.4%	-55.8%	-59.7%	-73.1%
Net Income Growth	-296.0%	-625.0%	-1133.3%	46.4%	-78.6%	105.9%	-139.1%	-273.3%	-111.6%	-171.7%	43.8%	-118.1%
Margins Quarterly
EBITDA Margin	4.4%	5.2%	0.9%	17.3%	14.1%	20.6%	15.0%	10.6%	15.6%	20.0%	19.5%	11.4%
Operating Income Margin	-2.6%	1.0%	3.4%	7.1%	6.7%	9.3%	5.3%	1.2%	4.8%	10.6%	8.8%	5.5%
Net Income Margin	-14.2%	-11.5%	-15.0%	-4.4%	-3.1%	2.0%	-1.2%	-8.2%	-2.1%	-33.9%	3.2%	-2.3%
Cash & Debt
Total Cash	185	132	138	151	167	201	152	273	246	167	115	164
Total Debt	3,407	3,192	3,103	2,990	2,940	2,930	2,938	2,951	2,955	2,807	2,790	2,668
Net Debt / (Cash)	3,222	3,060	2,965	2,839	2,773	2,729	2,786	2,678	2,709	2,640	2,675	2,504
Cash Flows Quarterly
FCF from Operations	-57	28	-32	82	87	160	-29	110	17	136	-79	240
Cash Flows TTM
FCF from Operations TTM	21	165	297	300	328	258	234	184	314	434	330	598
Returns to Shareholders Quarterly
Dividends	20	20	0	19	20	40	1	20	19	48	2	27
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-1.6%	0.6%	2.4%	4.7%	5.3%	1.4%	4.1%	0.8%	3.2%	8.6%	4.6%	2.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	1.4%	3.1%	4.8%	5.4%	4.4%	3.9%	4.1%	4.7%	5.4%	8.9%	11.4%	14.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Titanium dioxide (TiO2)	2,248	2,693	2,793	2,176	2,049
Other products	345	323	301
Zircon	257	438	478	283	290
Feedstock and other products				299	303
Total	2,850	3,454	3,572	2,758	2,642

Price Behavior

Price Behavior

Market Price	$4.31
Market Cap ($ Bil)	0.7
First Trading Date	12/01/2010
Distance from 52W High	-55.5%
	50 Days	200 Days
DMA Price	$3.76	$4.65
DMA Trend	down	down
Distance from DMA	14.6%	-7.4%
	3M	1YR
Volatility	92.6%	86.8%
Downside Capture	252.34	261.92
Upside Capture	198.94	145.72
Correlation (SPY)	40.9%	45.1%

TROX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	4.10	3.29	3.39	2.96	1.94	1.86
Up Beta	7.09	6.52	6.25	4.65	2.14	1.97
Down Beta	0.23	2.27	2.22	1.84	1.47	1.50
Up Capture	583%	313%	305%	253%	181%	498%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	16	28	60	114	362
Down Capture	293%	258%	297%	291%	156%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	25	33	61	129	375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of TROX With Other Asset Classes (Last 1Y)
	TROX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-54.9%	10.6%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	86.3%	20.0%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-0.52	0.39	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		56.4%	45.2%	4.3%	16.7%	43.2%	25.8%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of TROX With Other Asset Classes (Last 5Y)
	TROX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-17.6%	7.3%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	58.2%	18.9%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	-0.09	0.29	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		59.9%	47.8%	10.1%	19.9%	41.1%	20.6%

Based On 10-Year Data

		Comparison of TROX With Other Asset Classes (Last 10Y)
	TROX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.2%	9.8%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	67.2%	20.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.39	0.43	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		58.4%	48.1%	5.8%	28.2%	37.8%	13.1%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	18,216,635
Short Interest: % Change Since 11302025	-5.2%
Average Daily Volume	5,750,504
Days-to-Cover Short Interest	3.17
Basic Shares Quantity	158,600,000
Short % of Basic Shares	11.5%

Returns Analyses

	Title
0	Tronox Stock Drop Looks Sharp, But How Deep Can It Go?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	-0.6%	14.5%	19.3%
7/31/2025	-37.9%	-37.2%	-18.0%
5/1/2025	1.5%	-9.2%	7.5%
2/13/2025	-11.0%	-17.8%	-26.8%
10/25/2024	-7.7%	-9.8%	-7.6%
8/2/2024	-14.9%	-17.1%	-10.1%
5/2/2024	12.2%	12.3%	16.7%
2/16/2024	5.5%	11.6%	27.6%
...
SUMMARY STATS
# Positive	9	11	12
# Negative	15	13	12
Median Positive	4.6%	10.2%	18.0%
Median Negative	-4.9%	-9.8%	-10.6%
Max Positive	15.0%	32.1%	50.8%
Max Negative	-37.9%	-37.2%	-26.8%

	Forward Returns
11/6/2025	-0.6%	14.5%	19.3%
7/31/2025	-37.9%	-37.2%	-18.0%
5/1/2025	1.5%	-9.2%	7.5%
2/13/2025	-11.0%	-17.8%	-26.8%
10/25/2024	-7.7%	-9.8%	-7.6%
8/2/2024	-14.9%	-17.1%	-10.1%
5/2/2024	12.2%	12.3%	16.7%
2/16/2024	5.5%	11.6%	27.6%
10/26/2023	4.6%	0.4%	23.7%
7/27/2023	-4.9%	-12.6%	-17.7%
4/27/2023	0.5%	4.5%	-7.4%
2/16/2023	-3.3%	-6.2%	-19.4%
10/27/2022	-4.5%	-12.5%	10.2%
7/28/2022	-3.2%	-6.4%	-4.1%
4/28/2022	-2.8%	2.1%	-0.5%
2/17/2022	-5.1%	-11.6%	-11.1%
10/28/2021	-3.9%	1.0%	-3.0%
7/29/2021	-0.8%	-5.0%	13.7%
4/29/2021	3.7%	10.2%	11.8%
1/19/2021	11.5%	12.8%	28.2%
10/29/2020	15.0%	32.1%	50.8%
7/30/2020	-8.4%	6.1%	7.4%
5/7/2020	-9.4%	-9.3%	24.2%
2/26/2020	2.4%	-4.9%	-25.7%
SUMMARY STATS
# Positive	9	11	12
# Negative	15	13	12
Median Positive	4.6%	10.2%	18.0%
Median Negative	-4.9%	-9.8%	-10.6%
Max Positive	15.0%	32.1%	50.8%
Max Negative	-37.9%	-37.2%	-26.8%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2192025	10-K 12/31/2024
9302024	10252024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4272023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

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Tronox (TROX)

Market Price (12/25/2025): $4.25 | Market Cap: $674.0 MilSector: Materials | Industry: Commodity Chemicals

Tronox (TROX)

Market Price (12/25/2025): $4.25Market Cap: $674.0 MilSector: MaterialsIndustry: Commodity Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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TROX Stock

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About Tronox (TROX)

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Better Bets than Tronox (TROX)

INDUSTRY: Commodity Chemicals

Higher Rev Chg 3Y Avg | Lower P/S (Values for TROX: -7.3% | 0.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TROX: -7.3% | 11.0x)

Higher Rev Chg LTM (Value for TROX: -7.8%)

Higher Rev Chg 3Y Avg (Value for TROX: -7.3%)

Higher Op Mgn LTM (Value for TROX: 2.2%)

Higher CFO/Rev LTM (Value for TROX: 0.7%)

Higher FCF/Rev LTM (Value for TROX: -13.0%)

Higher Total Yield (Value for TROX: -38.8%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for TROX: -7.3% | 0.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TROX: -7.3% | 11.0x)

Higher Rev Chg LTM (Value for TROX: -7.8%)

Higher Rev Chg 3Y Avg (Value for TROX: -7.3%)

Higher Op Mgn LTM (Value for TROX: 2.2%)

Higher CFO/Rev LTM (Value for TROX: 0.7%)

Higher FCF/Rev LTM (Value for TROX: -13.0%)

Higher Total Yield (Value for TROX: -38.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TROX: -7.3% | 0.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TROX: -7.3% | 11.0x)

Higher Rev Chg LTM (Value for TROX: -7.8%)

Higher Rev Chg 3Y Avg (Value for TROX: -7.3%)

Higher Op Mgn LTM (Value for TROX: 2.2%)

Higher CFO/Rev LTM (Value for TROX: 0.7%)

Higher FCF/Rev LTM (Value for TROX: -13.0%)

Higher Total Yield (Value for TROX: -38.8%)

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Financials

Market Price (12/25/2025): $4.25 | Market Cap: $674.0 Mil
Sector: Materials | Industry: Commodity Chemicals

Market Price (12/25/2025): $4.25
Market Cap: $674.0 Mil
Sector: Materials
Industry: Commodity Chemicals