Tronox (TROX) Financials

$5.58 +0.05 (+0.90%)

Closing price 07/3/2025 03:51 PM Eastern

Extended Trading

$5.60 +0.01 (+0.27%)

As of 07/3/2025 04:07 PM Eastern

Annual Income Statements for Tronox

This table shows Tronox's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-427	-329	-61	-285	-7.00	-109	969	286	497	-316	-48
Consolidated Net Income / (Loss)	-417	-317	-60	-272	30	-97	995	303	500	-314	-54
Net Income / (Loss) Continuing Operations	-417	-372	-139	-93	30	-102	995	303	500	-314	-54
Total Pre-Tax Income	-149	-349	-264	-87	43	-88	114	374	308	49	73
Total Operating Income	0.00	-201	-53	141	200	95	271	577	458	186	219
Total Gross Profit	207	19	133	389	498	464	621	895	832	462	515
Total Revenue	1,737	1,510	1,309	1,698	1,819	2,623	2,758	3,572	3,454	2,850	3,074
Operating Revenue	1,737	1,510	1,309	1,698	1,819	2,623	2,758	3,572	3,454	2,850	3,074
Total Cost of Revenue	1,530	1,491	1,176	1,309	1,321	2,159	2,137	2,677	2,622	2,388	2,559
Operating Cost of Revenue	1,530	1,491	1,176	1,309	1,321	2,159	2,137	2,677	2,622	2,388	2,559
Total Operating Expenses	207	220	186	248	298	369	350	318	374	276	296
Selling, General & Admin Expense	192	199	185	249	267	347	347	318	289	276	296
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	0.00	85	0.00	0.00
Total Other Income / (Expense), net	-149	-148	-211	-228	-157	-183	-157	-203	-150	-137	-146
Interest Expense	141	176	181	216	223	204	191	222	146	158	170
Interest & Investment Income	-	-	3.00	10	33	18	8.00	7.00	9.00	18	10
Other Income / (Expense), net	-8.00	28	-33	-22	33	3.00	26	12	-13	3.00	14
Income Tax Expense	268	23	-125	6.00	13	14	-881	71	-192	363	127
Net Income / (Loss) Attributable to Noncontrolling Interest	10	12	1.00	13	37	12	26	17	3.00	2.00	-6.00
Basic Earnings per Share	($3.74)	($2.84)	($0.52)	($2.39)	($0.06)	($0.78)	$6.76	$1.88	$3.21	($2.02)	($0.31)
Weighted Average Basic Shares Outstanding	114.28M	115.57M	116.16M	119.50M	122.88M	139.86M	143.36M	152.06M	154.87M	156.40M	157.82M
Diluted Earnings per Share	($3.74)	($2.84)	($0.52)	($2.39)	($0.06)	($0.78)	$6.69	$1.81	$3.16	($2.02)	($0.31)
Weighted Average Diluted Shares Outstanding	114.28M	115.57M	116.16M	119.50M	122.88M	139.86M	144.91M	157.95M	157.11M	156.40M	157.82M
Weighted Average Basic & Diluted Shares Outstanding	114.28M	115.57M	116.16M	119.50M	122.88M	139.86M	143.56M	153.94M	154.50M	156.79M	157.94M
Cash Dividends to Common per Share	$1.00	$1.00	$0.39	$0.18	$0.05	$0.05	$0.28	$0.36	$0.50	$0.50	$0.50

This table shows Tronox's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	121	-945	23	-269	-14	-56	-9.00	16	-25	-30	-111
Consolidated Net Income / (Loss)	123	-14	25	-269	-14	-56	-9.00	10	-25	-30	-111
Net Income / (Loss) Continuing Operations	123	-944	25	-269	-14	-56	-9.00	10	-25	-30	-111
Total Pre-Tax Income	141	-19	34	53	-6.00	-32	2.00	55	1.00	15	-106
Total Operating Income	163	105	62	84	32	8.00	41	76	54	48	-61
Total Gross Profit	232	337	133	157	94	78	120	150	128	117	99
Total Revenue	895	649	708	794	662	686	774	820	804	676	738
Operating Revenue	895	649	708	794	662	686	774	820	804	676	738
Total Cost of Revenue	663	1,277	575	637	568	608	654	670	676	559	639
Other Cost of Revenue	-	-	-	-	-	-	-	-	-	-	639
Total Operating Expenses	69	232	71	73	62	70	79	74	74	69	160
Selling, General & Admin Expense	69	147	71	73	62	70	79	74	74	69	74
Restructuring Charge	-	-	-	-	-	-	0.00	-	-	-	86
Total Other Income / (Expense), net	-22	-89	-28	-31	-38	-40	-39	-21	-53	-33	-45
Interest Expense	32	65	33	38	42	45	42	42	45	41	42
Interest & Investment Income	2.00	5.00	3.00	3.00	4.00	8.00	4.00	2.00	3.00	1.00	2.00
Other Income / (Expense), net	8.00	-29	2.00	4.00	0.00	-3.00	-1.00	19	-11	7.00	-5.00
Income Tax Expense	18	-5.00	9.00	322	8.00	24	11	45	26	45	5.00
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	1.00	2.00	0.00	0.00	-	0.00	-6.00	0.00	-	0.00
Basic Earnings per Share	$0.78	($0.07)	$0.15	($1.72)	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)
Weighted Average Basic Shares Outstanding	154.55M	154.87M	155.18M	156.78M	156.82M	156.40M	157.33M	158.12M	158.10M	157.82M	158.14M
Diluted Earnings per Share	$0.77	($0.08)	$0.15	($1.72)	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)
Weighted Average Diluted Shares Outstanding	156.95M	157.11M	156.64M	156.78M	156.82M	156.40M	157.33M	159.29M	158.10M	157.82M	158.14M
Weighted Average Basic & Diluted Shares Outstanding	154.47M	154.50M	156.73M	156.79M	156.79M	156.79M	157.84M	157.92M	157.92M	157.94M	158.46M

This table details how cash moves in and out of Tronox's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-199	-1,047	17	1,518	-73	-1,385	337	-416	-68	109	-121
Net Cash From Operating Activities	141	67	84	165	170	412	355	740	598	184	300
Net Cash From Continuing Operating Activities	141	67	84	165	170	412	355	740	598	184	300
Net Income / (Loss) Continuing Operations	-417	-372	-139	-93	30	-102	995	303	500	-314	-54
Consolidated Net Income / (Loss)	-417	-317	-60	-272	30	-97	995	303	500	-314	-54
Depreciation Expense	295	253	177	182	195	280	304	297	269	275	285
Amortization Expense	10	11	11	15	11	8.00	10	11	8.00	9.00	10
Non-Cash Adjustments To Reconcile Net Income	43	5.00	-44	93	73	177	97	132	97	58	52
Changes in Operating Assets and Liabilities, net	210	170	79	-32	-139	49	-1,051	-3.00	-276	156	7.00
Net Cash From Investing Activities	-187	-1,814	-84	1,234	-174	-1,185	-229	-269	-415	-255	-343
Net Cash From Continuing Investing Activities	-187	-1,814	-84	1,234	-174	-1,185	-229	-269	-415	-255	-343
Purchase of Property, Plant & Equipment	-187	-165	-86	-91	-117	-198	-195	-272	-428	-261	-370
Sale of Property, Plant & Equipment	0.00	1.00	2.00	0.00	1.00	2.00	1.00	2.00	13	6.00	27
Net Cash From Financing Activities	-132	602	-78	24	-46	-638	214	-877	-250	176	-71
Net Cash From Continuing Financing Activities	-132	602	-78	24	-46	-638	214	-877	-250	176	-71
Repayment of Debt	-22	-33	-31	-2,529	-616	-391	-256	-3,249	-633	-168	-262
Repurchase of Common Equity	-	-	-	0.00	0.00	-288	0.00	0.00	-50	0.00	0.00
Payment of Dividends	-116	-117	-46	-23	-23	-175	-40	-65	-87	-89	-80
Issuance of Debt	0.00	750	0.00	2,589	615	222	513	2,472	538	433	272
Other Financing Activities, net	6.00	2.00	-1.00	-13	-22	-6.00	-3.00	-35	-18	0.00	-1.00
Other Net Changes in Cash	-	124	93	82	0.00	28	-	-10	-1.00	-	-7.00
Cash Interest Paid	126	152	171	186	184	188	159	138	114	143	151
Cash Income Taxes Paid	3.00	23	2.00	10	28	34	17	47	60	54	10

This table details how cash moves in and out of Tronox's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-23	73	-49	52	79	27	-119	47	-33	-16	-14
Net Cash From Operating Activities	137	240	-79	136	17	110	-29	160	87	82	-32
Net Cash From Continuing Operating Activities	137	240	-79	136	17	110	-29	160	87	82	-32
Net Income / (Loss) Continuing Operations	123	-14	25	-269	-14	-56	-9.00	10	-25	-30	-111
Consolidated Net Income / (Loss)	123	-14	25	-269	-14	-56	-9.00	10	-25	-30	-111
Depreciation Expense	66	68	71	68	67	69	72	72	70	71	71
Amortization Expense	2.00	2.00	2.00	2.00	2.00	3.00	2.00	3.00	2.00	3.00	2.00
Non-Cash Adjustments To Reconcile Net Income	36	4.00	22	15	12	9.00	22	1.00	21	8.00	103
Changes in Operating Assets and Liabilities, net	-90	180	-199	320	-50	85	-116	74	19	30	-97
Net Cash From Investing Activities	-110	-104	-91	-54	-54	-56	-76	-60	-90	-117	-95
Net Cash From Continuing Investing Activities	-110	-104	-91	-54	-54	-56	-76	-60	-90	-117	-95
Purchase of Property, Plant & Equipment	-112	-114	-93	-55	-54	-59	-76	-76	-101	-117	-110
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	15
Net Cash From Financing Activities	-41	-66	120	-28	115	-31	-12	-51	-34	26	108
Net Cash From Continuing Financing Activities	-41	-66	120	-28	115	-31	-12	-51	-34	26	108
Repayment of Debt	-13	-94	-30	-29	-93	-16	-11	-11	-225	-15	-12
Payment of Dividends	-19	-27	-2.00	-48	-19	-20	-1.00	-40	-20	-19	0.00
Issuance of Debt	-	55	152	49	227	5.00	0.00	-	212	60	121
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	-1.00
Effect of Exchange Rate Changes	-	-	-	-	1.00	4.00	-	-2.00	4.00	-	5.00
Cash Interest Paid	39	15	34	27	52	30	52	26	51	22	51
Cash Income Taxes Paid	4.00	23	7.00	17	5.00	25	3.00	8.00	-	-1.00	4.00

This table presents Tronox's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,065	5,027	4,964	4,864	4,642	5,268	6,568	5,987	6,306	6,134	6,038
Total Current Assets	2,381	1,301	2,738	2,639	2,544	2,073	2,529	2,049	1,960	2,135	2,155
Cash & Equivalents	1,276	229	248	1,116	1,034	302	619	228	164	273	151
Restricted Cash	3.00	5.00	3.00	653	662	9.00	29	4.00	-	0.00	1.00
Accounts Receivable	277	391	278	328	317	482	540	631	377	290	266
Inventories, net	770	630	499	473	479	1,131	1,137	1,048	1,278	1,421	1,551
Prepaid Expenses	42	46	28	61	50	143	200	132	135	141	184
Current Deferred & Refundable Income Taxes	13	-	11	8.00	2.00	6.00	4.00	6.00	6.00	10	2.00
Plant, Property, & Equipment, net	1,227	1,843	1,092	1,115	1,004	1,762	1,759	1,710	1,830	1,835	1,927
Total Noncurrent Assets	1,457	1,883	1,134	1,110	1,094	1,433	2,280	2,228	2,516	2,164	1,956
Intangible Assets	272	244	223	198	176	208	201	217	250	243	244
Noncurrent Deferred & Refundable Income Taxes	9.00	-	-	1.00	37	110	1,020	985	1,233	917	830
Other Noncurrent Operating Assets	1,176	1,639	911	911	881	1,115	1,059	1,026	1,033	1,004	882
Total Liabilities & Shareholders' Equity	5,065	5,027	4,964	4,864	4,642	5,268	6,568	5,987	6,306	6,134	6,038
Total Liabilities	3,277	3,917	3,811	3,849	3,780	4,352	4,697	3,945	3,903	4,154	4,247
Total Current Liabilities	366	548	564	353	300	702	805	822	850	753	874
Short-Term Debt	18	166	166	22	22	38	58	18	74	38	100
Accounts Payable	160	159	136	165	133	342	356	438	486	461	499
Accrued Expenses	147	180	150	163	140	283	350	328	252	230	247
Current Deferred & Payable Income Tax Liabilities	41	43	1.00	3.00	5.00	1.00	2.00	12	18	0.00	4.00
Other Current Liabilities	-	-	-	-	0.00	38	39	26	20	24	24
Total Noncurrent Liabilities	2,911	3,369	3,247	3,496	3,480	3,650	3,892	3,123	3,053	3,401	3,373
Long-Term Debt	2,375	2,910	2,888	3,125	3,139	2,988	3,263	2,558	2,464	2,786	2,759
Asset Retirement Reserve & Litigation Obligation	85	77	73	79	69	207	224	205	204	220	212
Noncurrent Deferred & Payable Income Tax Liabilities	204	143	151	171	163	184	176	157	153	149	174
Noncurrent Employee Benefit Liabilities	172	141	115	103	93	160	146	116	89	104	85
Other Noncurrent Operating Liabilities	75	98	20	18	16	111	83	87	143	142	143
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,788	1,110	1,153	1,015	862	916	1,871	2,042	2,403	1,980	1,791
Total Preferred & Common Equity	1,610	998	1,009	829	683	748	1,698	1,994	2,357	1,936	1,761
Total Common Equity	1,610	998	1,009	829	683	748	1,698	1,994	2,357	1,936	1,761
Common Stock	1,477	1,501	1,525	1,559	1,580	1,847	1,874	2,069	2,045	2,066	2,086
Retained Earnings	529	93	-19	-327	-357	-493	434	663	1,080	684	555
Accumulated Other Comprehensive Income / (Loss)	-396	-596	-497	-403	-540	-606	-610	-738	-768	-814	-880
Noncontrolling Interest	178	112	144	186	179	168	173	48	46	44	30

This table presents Tronox's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	6,220	6,159	6,359	6,055	6,040	6,022	6,096	6,191	6,069
Total Current Assets	2,004	1,967	2,024	2,084	2,132	2,159	2,226	2,219	2,193
Cash & Equivalents	112	91	115	167	246	152	201	167	138
Restricted Cash	2.00	0.00	-	-	-	2.00	-	1.00	0.00
Accounts Receivable	636	584	411	372	286	378	382	373	319
Inventories, net	1,106	1,132	1,359	1,400	1,422	1,403	1,424	1,482	1,605
Prepaid Expenses	143	155	134	145	175	214	210	187	129
Current Deferred & Refundable Income Taxes	5.00	5.00	5.00	0.00	3.00	10	9.00	9.00	2.00
Plant, Property, & Equipment, net	1,745	1,749	1,820	1,790	1,770	1,804	1,841	1,938	1,922
Total Noncurrent Assets	2,471	2,443	2,515	2,181	2,138	2,059	2,029	2,034	1,954
Intangible Assets	242	251	249	246	245	243	246	247	243
Noncurrent Deferred & Refundable Income Taxes	1,221	1,216	1,243	929	923	915	888	874	831
Other Noncurrent Operating Assets	1,008	976	1,023	1,006	970	901	895	913	880
Total Liabilities & Shareholders' Equity	6,220	6,159	6,359	6,055	6,040	6,022	6,096	6,191	6,069
Total Liabilities	3,894	3,837	3,960	3,969	4,004	4,097	4,165	4,245	4,363
Total Current Liabilities	885	838	915	940	643	691	746	817	961
Short-Term Debt	89	106	200	226	43	31	26	51	221
Accounts Payable	508	426	410	437	370	398	457	492	478
Accrued Expenses	256	262	263	244	199	240	243	243	239
Current Deferred & Payable Income Tax Liabilities	13	26	20	10	11	-	-	11	0.00
Other Current Liabilities	19	18	22	23	20	22	20	20	23
Total Noncurrent Liabilities	3,009	2,999	3,045	3,029	3,361	3,406	3,419	3,428	3,402
Long-Term Debt	2,449	2,463	2,458	2,450	2,788	2,780	2,781	2,767	2,753
Asset Retirement Reserve & Litigation Obligation	205	200	201	202	202	224	229	236	232
Noncurrent Deferred & Payable Income Tax Liabilities	156	143	152	142	143	156	171	183	181
Noncurrent Employee Benefit Liabilities	111	108	91	91	90	103	101	102	86
Other Noncurrent Operating Liabilities	88	85	143	144	138	143	137	140	150
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,326	2,322	2,399	2,086	2,036	1,925	1,931	1,946	1,706
Total Preferred & Common Equity	2,275	2,271	2,349	2,041	1,993	1,882	1,898	1,913	1,674
Total Common Equity	2,275	2,271	2,349	2,041	1,993	1,882	1,898	1,913	1,674
Common Stock	2,033	2,040	2,051	2,056	2,060	2,072	2,076	2,082	2,091
Retained Earnings	1,014	1,116	1,083	794	760	655	651	606	425
Accumulated Other Comprehensive Income / (Loss)	-772	-885	-785	-809	-827	-845	-829	-775	-842
Noncontrolling Interest	51	51	50	45	43	43	33	33	32

This table displays calculated financial ratios and metrics derived from Tronox's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.63%	-13.07%	-13.31%	29.72%	7.13%	44.20%	5.15%	29.51%	-3.30%	-17.49%	7.86%
EBITDA Growth	-22.45%	-69.36%	12.09%	209.80%	38.92%	-12.07%	58.29%	46.81%	-19.51%	-34.49%	11.63%
EBIT Growth	-110.96%	-2,062.50%	50.29%	238.37%	95.80%	-57.94%	203.06%	98.32%	-24.45%	-57.53%	23.28%
NOPAT Growth	-100.00%	0.00%	73.63%	366.04%	41.37%	-52.34%	3,456.85%	-80.24%	59.05%	-260.31%	86.41%
Net Income Growth	-363.33%	23.98%	81.07%	-353.33%	111.03%	-423.33%	1,125.77%	-69.55%	65.02%	-162.80%	82.80%
EPS Growth	-236.94%	24.06%	81.69%	-359.62%	97.49%	-1,200.00%	957.69%	-72.94%	74.59%	-163.92%	84.65%
Operating Cash Flow Growth	-57.27%	-52.48%	25.37%	96.43%	3.03%	142.35%	-13.84%	108.45%	-19.19%	-69.23%	63.04%
Free Cash Flow Firm Growth	6.55%	-353.34%	227.56%	-93.30%	102.10%	-702.09%	217.36%	-56.93%	-43.64%	-368.34%	86.36%
Invested Capital Growth	-13.94%	36.18%	-39.37%	-0.13%	-2.76%	56.04%	25.14%	-3.48%	8.91%	-5.15%	-0.73%
Revenue Q/Q Growth	-2.03%	-23.62%	1.79%	42.69%	-1.89%	10.30%	4.11%	0.76%	-4.45%	1.32%	-0.32%
EBITDA Q/Q Growth	-11.34%	-64.31%	628.57%	40.44%	6.81%	-1.03%	12.32%	8.99%	-13.95%	-12.73%	10.92%
EBIT Q/Q Growth	-121.05%	-260.42%	45.91%	283.87%	13.66%	-22.83%	23.24%	17.80%	-20.39%	-27.31%	27.32%
NOPAT Q/Q Growth	-100.00%	-136.47%	62.94%	213.33%	-73.13%	-20.17%	-30.02%	19.73%	-3.86%	4.00%	70.59%
Net Income Q/Q Growth	-373.86%	35.70%	78.72%	-80.13%	15.38%	-12.79%	6.65%	15.21%	-18.17%	-15.44%	32.50%
EPS Q/Q Growth	-64.76%	35.16%	78.69%	-77.04%	-500.00%	3.70%	5.19%	14.56%	-16.62%	-16.09%	35.42%
Operating Cash Flow Q/Q Growth	-32.54%	-30.93%	140.00%	0.00%	-20.56%	56.06%	7.25%	-7.50%	20.32%	-41.40%	-8.54%
Free Cash Flow Firm Q/Q Growth	84.10%	-4.95%	350.85%	-93.45%	-62.38%	0.42%	-44.08%	42.33%	3.26%	10.98%	75.46%
Invested Capital Q/Q Growth	-9.85%	-7.96%	-37.88%	2.48%	0.82%	-0.08%	2.88%	0.41%	-0.48%	-1.95%	-2.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.92%	1.26%	10.16%	22.91%	27.38%	17.69%	22.52%	25.06%	24.09%	16.21%	16.75%
EBITDA Margin	17.10%	6.03%	7.79%	18.61%	24.13%	14.72%	22.15%	25.11%	20.90%	16.60%	17.18%
Operating Margin	0.00%	-13.31%	-4.05%	8.30%	11.00%	3.62%	9.83%	16.15%	13.26%	6.53%	7.12%
EBIT Margin	-0.46%	-11.46%	-6.57%	7.01%	12.81%	3.74%	10.77%	16.49%	12.88%	6.63%	7.58%
Profit (Net Income) Margin	-24.01%	-20.99%	-4.58%	-16.02%	1.65%	-3.70%	36.08%	8.48%	14.48%	-11.02%	-1.76%
Tax Burden Percent	279.87%	90.83%	22.73%	312.64%	69.77%	110.23%	872.81%	81.02%	162.34%	-640.82%	-73.97%
Interest Burden Percent	1,862.50%	201.73%	306.98%	-73.11%	18.45%	-89.80%	38.38%	63.50%	69.21%	25.93%	31.33%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	30.23%	0.00%	-772.81%	18.98%	-62.34%	740.82%	173.97%
Return on Invested Capital (ROIC)	0.00%	-4.11%	-1.17%	4.12%	5.91%	2.23%	57.87%	10.47%	16.23%	-25.61%	-3.59%
ROIC Less NNEP Spread (ROIC-NNEP)	-40.70%	-13.02%	-2.29%	-24.17%	-1.79%	-5.59%	7.00%	3.91%	5.91%	10.04%	0.52%
Return on Net Nonoperating Assets (RNNOA)	-19.74%	-17.77%	-4.13%	-29.21%	-2.72%	-13.14%	13.54%	5.02%	6.27%	11.28%	0.72%
Return on Equity (ROE)	-19.74%	-21.88%	-5.30%	-25.09%	3.20%	-10.91%	71.40%	15.49%	22.50%	-14.33%	-2.86%
Cash Return on Invested Capital (CROIC)	14.98%	-34.74%	47.85%	4.25%	8.71%	-41.54%	35.53%	14.01%	7.69%	-20.32%	-2.86%
Operating Return on Assets (OROA)	-0.15%	-3.43%	-1.72%	2.42%	4.90%	1.98%	5.02%	9.38%	7.24%	3.04%	3.83%
Return on Assets (ROA)	-7.75%	-6.28%	-1.20%	-5.54%	0.63%	-1.96%	16.81%	4.83%	8.13%	-5.05%	-0.89%
Return on Common Equity (ROCE)	-17.98%	-19.69%	-4.70%	-21.27%	2.58%	-8.78%	62.67%	14.61%	22.02%	-14.03%	-2.81%
Return on Equity Simple (ROE_SIMPLE)	-25.90%	-31.76%	-5.95%	-32.81%	4.39%	-12.97%	58.60%	15.20%	21.21%	-16.22%	-3.07%
Net Operating Profit after Tax (NOPAT)	0.00	-141	-37	99	140	67	2,365	467	744	-1,192	-162
NOPAT Margin	0.00%	-9.32%	-2.83%	5.81%	7.67%	2.54%	85.76%	13.09%	21.53%	-41.82%	-5.27%
Net Nonoperating Expense Percent (NNEP)	40.70%	8.91%	1.12%	28.29%	7.71%	7.82%	50.87%	6.56%	10.32%	-35.65%	-4.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	15.05%	-24.81%	-3.48%
Cost of Revenue to Revenue	88.08%	98.74%	89.84%	77.09%	72.62%	82.31%	77.48%	74.94%	75.91%	83.79%	83.25%
SG&A Expenses to Revenue	11.05%	13.18%	14.13%	14.66%	14.68%	13.23%	12.58%	8.90%	8.37%	9.68%	9.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.92%	14.57%	14.21%	14.61%	16.38%	14.07%	12.69%	8.90%	10.83%	9.68%	9.63%
Earnings before Interest and Taxes (EBIT)	-8.00	-173	-86	119	233	98	297	589	445	189	233
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	297	91	102	316	439	386	611	897	722	473	528
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.19	0.35	0.99	2.48	1.19	1.87	1.10	1.69	0.84	1.11	0.90
Price to Tangible Book Value (P/TBV)	1.43	0.47	1.27	3.26	1.60	2.59	1.25	1.89	0.93	1.27	1.05
Price to Revenue (P/Rev)	1.10	0.23	0.76	1.21	0.45	0.53	0.68	0.94	0.57	0.75	0.52
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	1.93	11.75	3.96	0.00	0.00
Dividend Yield	5.99%	33.00%	4.50%	1.05%	2.73%	1.83%	2.15%	1.65%	4.91%	3.65%	4.97%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	51.71%	8.51%	25.25%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.11	0.84	1.65	1.51	1.05	1.18	1.04	1.31	0.92	1.05	0.96
Enterprise Value to Revenue (EV/Rev)	1.85	2.19	3.01	2.13	1.35	1.63	1.71	1.61	1.27	1.66	1.41
Enterprise Value to EBITDA (EV/EBITDA)	10.81	36.31	38.65	11.46	5.59	11.09	7.72	6.41	6.08	10.02	8.20
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	30.43	10.53	43.68	15.89	9.77	9.86	25.09	18.57
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	36.69	17.59	64.37	2.00	12.30	5.90	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	22.76	49.32	46.93	21.95	14.44	10.39	13.30	7.77	7.34	25.77	14.42
Enterprise Value to Free Cash Flow (EV/FCFF)	6.83	0.00	2.60	35.61	11.94	0.00	3.25	9.20	12.45	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.34	2.77	2.65	3.10	3.67	3.30	1.78	1.26	1.06	1.43	1.60
Long-Term Debt to Equity	1.33	2.62	2.50	3.08	3.64	3.26	1.74	1.25	1.03	1.41	1.54
Financial Leverage	0.49	1.37	1.81	1.21	1.51	2.35	1.93	1.28	1.06	1.12	1.39
Leverage Ratio	2.55	3.48	4.41	4.53	5.06	5.57	4.25	3.21	2.77	2.84	3.23
Compound Leverage Factor	47.45	7.03	13.55	-3.31	0.93	-5.00	1.63	2.04	1.91	0.74	1.01
Debt to Total Capital	57.24%	73.48%	72.59%	75.61%	78.57%	76.76%	63.96%	55.78%	51.37%	58.78%	61.48%
Short-Term Debt to Total Capital	0.43%	3.97%	3.95%	0.53%	0.55%	0.96%	1.12%	0.39%	1.50%	0.79%	2.15%
Long-Term Debt to Total Capital	56.80%	69.52%	68.65%	75.08%	78.03%	75.80%	62.85%	55.39%	49.87%	57.99%	59.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.26%	2.68%	3.42%	4.47%	4.45%	4.26%	3.33%	1.04%	0.93%	0.92%	0.65%
Common Equity to Total Capital	38.51%	23.84%	23.98%	19.92%	16.98%	18.98%	32.70%	43.18%	47.70%	40.30%	37.87%
Debt to EBITDA	8.06	33.80	29.94	9.96	7.20	7.84	5.44	2.87	3.52	5.97	5.41
Net Debt to EBITDA	3.75	31.23	27.48	4.36	3.34	7.03	4.37	2.61	3.29	5.39	5.13
Long-Term Debt to EBITDA	8.00	31.98	28.31	9.89	7.15	7.74	5.34	2.85	3.41	5.89	5.23
Debt to NOPAT	0.00	-21.86	-82.32	31.88	22.65	45.50	1.40	5.51	3.41	-2.37	-17.65
Net Debt to NOPAT	0.00	-20.20	-75.55	13.96	10.50	40.83	1.13	5.01	3.19	-2.14	-16.71
Long-Term Debt to NOPAT	0.00	-20.68	-77.84	31.66	22.50	44.93	1.38	5.47	3.31	-2.34	-17.03
Altman Z-Score	1.31	0.45	0.88	1.22	1.16	0.93	1.22	1.83	1.53	1.30	1.24
Noncontrolling Interest Sharing Ratio	8.92%	10.01%	11.31%	15.22%	19.45%	19.52%	12.24%	5.65%	2.11%	2.05%	1.96%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.51	2.37	4.85	7.48	8.48	2.95	3.14	2.49	2.31	2.84	2.47
Quick Ratio	4.24	1.13	0.93	4.09	4.50	1.12	1.44	1.05	0.64	0.75	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	470	-1,191	1,519	102	206	-1,238	1,452	625	353	-946	-129
Operating Cash Flow to CapEx	75.40%	40.85%	100.00%	181.32%	146.55%	210.20%	182.99%	274.07%	144.10%	72.16%	87.46%
Free Cash Flow to Firm to Interest Expense	3.33	-6.77	8.39	0.47	0.92	-6.07	7.60	2.82	2.41	-5.99	-0.76
Operating Cash Flow to Interest Expense	1.00	0.38	0.46	0.76	0.76	2.02	1.86	3.33	4.10	1.16	1.76
Operating Cash Flow Less CapEx to Interest Expense	-0.33	-0.55	0.00	0.34	0.24	1.06	0.84	2.12	1.25	-0.45	-0.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.30	0.26	0.35	0.38	0.53	0.47	0.57	0.56	0.46	0.51
Accounts Receivable Turnover	5.94	4.52	3.91	5.60	5.64	6.57	5.40	6.10	6.85	8.55	11.06
Inventory Turnover	2.00	2.13	2.08	2.69	2.78	2.68	1.88	2.45	2.25	1.77	1.72
Fixed Asset Turnover	1.40	0.98	0.89	1.54	1.72	1.90	1.57	2.06	1.95	1.56	1.63
Accounts Payable Turnover	9.44	9.35	7.97	8.70	8.87	9.09	6.12	6.74	5.68	5.04	5.33
Days Sales Outstanding (DSO)	61.46	80.74	93.27	65.13	64.71	55.59	67.63	59.83	53.26	42.71	33.01
Days Inventory Outstanding (DIO)	182.38	171.36	175.21	135.52	131.52	136.09	193.69	148.96	161.90	206.27	211.95
Days Payable Outstanding (DPO)	38.65	39.05	45.78	41.97	41.17	40.15	59.61	54.13	64.31	72.37	68.46
Cash Conversion Cycle (CCC)	205.20	213.05	222.70	158.68	155.06	151.53	201.71	154.66	150.84	176.61	176.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,902	3,952	2,396	2,393	2,327	3,631	4,544	4,386	4,777	4,531	4,498
Invested Capital Turnover	0.55	0.44	0.41	0.71	0.77	0.88	0.67	0.80	0.75	0.61	0.68
Increase / (Decrease) in Invested Capital	-470	1,050	-1,556	-3.00	-66	1,304	913	-158	391	-246	-33
Enterprise Value (EV)	3,209	3,305	3,942	3,621	2,454	4,281	4,720	5,752	4,388	4,741	4,327
Market Capitalization	1,917	351	995	2,057	810	1,398	1,874	3,360	1,968	2,146	1,590
Book Value per Share	$14.03	$8.63	$8.68	$6.92	$5.56	$5.27	$11.83	$12.96	$15.26	$12.35	$11.15
Tangible Book Value per Share	$11.66	$6.52	$6.76	$5.27	$4.12	$3.81	$10.43	$11.55	$13.64	$10.80	$9.61
Total Capital	4,181	4,186	4,207	4,162	4,023	3,942	5,192	4,618	4,941	4,804	4,650
Total Debt	2,393	3,076	3,054	3,147	3,161	3,026	3,321	2,576	2,538	2,824	2,859
Total Long-Term Debt	2,375	2,910	2,888	3,125	3,139	2,988	3,263	2,558	2,464	2,786	2,759
Net Debt	1,114	2,842	2,803	1,378	1,465	2,715	2,673	2,344	2,374	2,551	2,707
Capital Expenditures (CapEx)	187	164	84	91	116	196	194	270	415	255	343
Debt-free, Cash-free Net Working Capital (DFCFNWC)	754	685	2,089	539	570	1,098	1,134	1,013	1,020	1,147	1,229
Debt-free Net Working Capital (DFNWC)	2,033	919	2,340	2,308	2,266	1,409	1,782	1,245	1,184	1,420	1,381
Net Working Capital (NWC)	2,015	753	2,174	2,286	2,244	1,371	1,724	1,227	1,110	1,382	1,281
Net Nonoperating Expense (NNE)	417	176	23	371	110	164	1,370	164	244	-878	-108
Net Nonoperating Obligations (NNO)	1,114	2,842	1,243	1,378	1,465	2,715	2,673	2,344	2,374	2,551	2,707
Total Depreciation and Amortization (D&A)	305	264	188	197	206	288	314	308	277	284	295
Debt-free, Cash-free Net Working Capital to Revenue	43.41%	45.36%	159.59%	31.74%	31.34%	41.86%	41.12%	28.36%	29.53%	40.25%	39.98%
Debt-free Net Working Capital to Revenue	117.04%	60.86%	178.76%	135.92%	124.57%	53.72%	64.61%	34.85%	34.28%	49.82%	44.93%
Net Working Capital to Revenue	116.00%	49.87%	166.08%	134.63%	123.36%	52.27%	62.51%	34.35%	32.14%	48.49%	41.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.88	$3.21	($2.02)	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	152.06M	154.87M	156.40M	157.82M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.81	$3.16	($2.02)	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	157.95M	157.11M	156.40M	157.82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	153.94M	154.50M	156.79M	157.94M
Normalized Net Operating Profit after Tax (NOPAT)	11	-126	-36	98	161	82	192	467	380	130	153
Normalized NOPAT Margin	0.60%	-8.34%	-2.78%	5.77%	8.86%	3.12%	6.95%	13.09%	11.00%	4.57%	4.99%
Pre Tax Income Margin	-8.58%	-23.11%	-20.17%	-5.12%	2.36%	-3.35%	4.13%	10.47%	8.92%	1.72%	2.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.06	-0.98	-0.48	0.55	1.04	0.48	1.56	2.65	3.05	1.20	1.37
NOPAT to Interest Expense	0.00	-0.80	-0.21	0.46	0.63	0.33	12.38	2.11	5.09	-7.54	-0.95
EBIT Less CapEx to Interest Expense	-1.38	-1.91	-0.94	0.13	0.52	-0.48	0.54	1.44	0.21	-0.42	-0.65
NOPAT Less CapEx to Interest Expense	-1.33	-1.73	-0.67	0.04	0.11	-0.63	11.37	0.89	2.25	-9.16	-2.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-27.82%	-36.91%	-76.67%	-8.46%	76.67%	-180.41%	4.02%	21.45%	17.40%	-28.34%	-148.15%
Augmented Payout Ratio	-27.82%	-36.91%	-76.67%	-8.46%	76.67%	-477.32%	4.02%	21.45%	27.40%	-28.34%	-148.15%

This table displays calculated financial ratios and metrics derived from Tronox's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.87%	-19.88%	-26.63%	-15.98%	-26.03%	5.70%	9.32%	3.27%	21.45%	-1.46%	-4.65%
EBITDA Growth	-6.27%	-44.49%	95.71%	-40.82%	-57.74%	-47.26%	-16.79%	7.59%	13.86%	67.53%	-93.86%
EBIT Growth	-5.00%	-60.00%	0.00%	-55.56%	-81.29%	-93.42%	-37.50%	7.95%	34.38%	1,000.00%	-265.00%
NOPAT Growth	5.61%	-59.32%	0.00%	-190.95%	-84.25%	-92.38%	-504.71%	103.24%	-6,126.79%	-1,814.29%	76.86%
Net Income Growth	8.85%	-114.43%	56.25%	-171.73%	-111.38%	-300.00%	-136.00%	103.72%	-78.57%	46.43%	-1,133.33%
EPS Growth	10.00%	-114.55%	50.00%	-172.57%	-111.69%	-350.00%	-140.00%	105.81%	-77.78%	47.22%	-1,066.67%
Operating Cash Flow Growth	-46.48%	72.66%	-141.80%	325.00%	-87.59%	-54.17%	63.29%	17.65%	411.76%	-25.45%	-10.34%
Free Cash Flow Firm Growth	-257.81%	-193.74%	-639.79%	-220.19%	169.49%	179.24%	136.53%	126.47%	-757.89%	-125.04%	-101.54%
Invested Capital Growth	9.89%	8.91%	11.91%	-3.26%	-3.73%	-5.15%	-7.28%	-1.26%	-0.54%	-0.73%	-0.87%
Revenue Q/Q Growth	-5.29%	-27.49%	9.09%	12.15%	-16.62%	3.63%	12.83%	5.94%	-1.95%	-15.92%	9.17%
EBITDA Q/Q Growth	-10.49%	-38.91%	-6.16%	15.33%	-36.08%	-23.76%	48.05%	49.12%	-32.35%	12.17%	-94.57%
EBIT Q/Q Growth	-13.64%	-55.56%	-15.79%	37.50%	-63.64%	-84.38%	700.00%	137.50%	-54.74%	27.91%	-220.00%
NOPAT Q/Q Growth	-69.67%	-48.31%	-37.98%	-1,035.20%	105.25%	-75.00%	-3,394.64%	107.49%	-9,869.74%	92.89%	55.52%
Net Income Q/Q Growth	-67.20%	-111.38%	278.57%	-1,176.00%	94.80%	-300.00%	83.93%	211.11%	-350.00%	-20.00%	-270.00%
EPS Q/Q Growth	-67.51%	-110.39%	287.50%	-1,246.67%	94.77%	-300.00%	83.33%	266.67%	-260.00%	-18.75%	-268.42%
Operating Cash Flow Q/Q Growth	328.13%	75.18%	-132.92%	272.15%	-87.50%	547.06%	-126.36%	651.72%	-45.63%	-5.75%	-139.02%
Free Cash Flow Firm Q/Q Growth	-228.38%	-9.56%	-51.31%	43.52%	174.22%	24.93%	-30.25%	-59.08%	-1,944.94%	95.25%	95.71%
Invested Capital Q/Q Growth	1.05%	-0.48%	3.45%	-7.02%	0.57%	-1.95%	1.13%	-0.98%	1.30%	-2.13%	0.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.92%	51.93%	18.79%	19.77%	14.20%	11.37%	15.50%	18.29%	15.92%	17.31%	13.41%
EBITDA Margin	26.70%	22.50%	19.35%	19.90%	15.26%	11.22%	14.73%	20.73%	14.30%	19.08%	0.95%
Operating Margin	18.21%	16.18%	8.76%	10.58%	4.83%	1.17%	5.30%	9.27%	6.72%	7.10%	-8.27%
EBIT Margin	19.11%	11.71%	9.04%	11.08%	4.83%	0.73%	5.17%	11.59%	5.35%	8.14%	-8.94%
Profit (Net Income) Margin	13.74%	-2.16%	3.53%	-33.88%	-2.11%	-8.16%	-1.16%	1.22%	-3.11%	-4.44%	-15.04%
Tax Burden Percent	87.23%	73.68%	73.53%	-507.55%	233.33%	175.00%	-450.00%	18.18%	-2,500.00%	-200.00%	104.72%
Interest Burden Percent	82.46%	-25.00%	53.13%	60.23%	-18.75%	-640.00%	5.00%	57.89%	2.33%	27.27%	160.61%
Effective Tax Rate	12.77%	0.00%	26.47%	607.55%	0.00%	0.00%	550.00%	81.82%	2,600.00%	300.00%	0.00%
Return on Invested Capital (ROIC)	12.53%	8.54%	4.40%	-35.00%	2.02%	0.50%	-14.60%	1.09%	-112.37%	-9.67%	-3.85%
ROIC Less NNEP Spread (ROIC-NNEP)	11.74%	4.83%	3.55%	-28.62%	0.58%	-2.00%	-7.85%	0.94%	-61.74%	-7.16%	-6.34%
Return on Net Nonoperating Assets (RNNOA)	13.17%	5.13%	3.78%	-32.01%	0.68%	-2.25%	-9.44%	1.19%	-81.17%	-9.98%	-9.59%
Return on Equity (ROE)	25.69%	13.66%	8.18%	-67.01%	2.70%	-1.75%	-24.03%	2.28%	-193.54%	-19.65%	-13.44%
Cash Return on Invested Capital (CROIC)	7.45%	7.69%	7.12%	-2.41%	-22.56%	-20.32%	-63.37%	-11.22%	-11.41%	-2.86%	2.67%
Operating Return on Assets (OROA)	11.32%	6.58%	4.60%	5.50%	2.23%	0.33%	2.43%	5.61%	2.70%	4.11%	-4.49%
Return on Assets (ROA)	8.14%	-1.21%	1.80%	-16.81%	-0.98%	-3.74%	-0.55%	0.59%	-1.57%	-2.24%	-7.56%
Return on Common Equity (ROCE)	25.10%	13.37%	7.99%	-65.55%	2.64%	-1.71%	-23.52%	2.23%	-189.85%	-19.27%	-13.17%
Return on Equity Simple (ROE_SIMPLE)	26.90%	0.00%	21.67%	-6.61%	-13.65%	0.00%	-18.49%	-3.64%	-4.18%	0.00%	-9.32%
Net Operating Profit after Tax (NOPAT)	142	74	46	-426	22	5.60	-185	14	-1,350	-96	-43
NOPAT Margin	15.89%	11.33%	6.44%	-53.70%	3.38%	0.82%	-23.84%	1.69%	-167.91%	-14.20%	-5.79%
Net Nonoperating Expense Percent (NNEP)	0.79%	3.71%	0.85%	-6.38%	1.44%	2.50%	-6.75%	0.15%	-50.62%	-2.51%	2.49%
Return On Investment Capital (ROIC_SIMPLE)	-	1.49%	-	-	-	0.12%	-	-	-	-2.06%	-0.91%
Cost of Revenue to Revenue	74.08%	196.76%	81.21%	80.23%	85.80%	88.63%	84.50%	81.71%	84.08%	82.69%	86.59%
SG&A Expenses to Revenue	7.71%	22.65%	10.03%	9.19%	9.37%	10.20%	10.21%	9.02%	9.20%	10.21%	10.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.71%	35.75%	10.03%	9.19%	9.37%	10.20%	10.21%	9.02%	9.20%	10.21%	21.68%
Earnings before Interest and Taxes (EBIT)	171	76	64	88	32	5.00	40	95	43	55	-66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	239	146	137	158	101	77	114	170	115	129	7.00
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.77	0.84	0.90	0.94	1.02	1.11	1.44	1.30	1.21	0.90	0.66
Price to Tangible Book Value (P/TBV)	0.87	0.93	1.01	1.07	1.16	1.27	1.65	1.50	1.39	1.05	0.78
Price to Revenue (P/Rev)	0.49	0.57	0.66	0.63	0.72	0.75	0.93	0.84	0.75	0.52	0.37
Price to Earnings (P/E)	1.15	3.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	4.18%	4.91%	4.56%	6.12%	4.82%	3.65%	2.90%	3.19%	3.42%	4.97%	7.10%
Earnings Yield	87.00%	25.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.92	0.95	0.97	1.01	1.05	1.18	1.13	1.09	0.96	0.88
Enterprise Value to Revenue (EV/Rev)	1.19	1.27	1.47	1.47	1.66	1.66	1.85	1.74	1.62	1.41	1.31
Enterprise Value to EBITDA (EV/EBITDA)	5.11	6.08	5.97	6.58	8.60	10.02	12.01	11.07	10.49	8.20	9.45
Enterprise Value to EBIT (EV/EBIT)	7.67	9.86	9.26	11.22	17.93	25.09	32.74	29.74	27.29	18.57	31.34
Enterprise Value to NOPAT (EV/NOPAT)	5.54	5.90	5.48	0.00	0.00	0.00	0.00	0.00	0.00	0.00	48.59
Enterprise Value to Operating Cash Flow (EV/OCF)	8.62	7.34	14.28	10.31	14.85	25.77	23.09	19.83	15.22	14.42	13.40
Enterprise Value to Free Cash Flow (EV/FCFF)	12.55	12.45	14.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	32.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	1.06	1.11	1.28	1.39	1.43	1.46	1.45	1.45	1.60	1.74
Long-Term Debt to Equity	1.06	1.03	1.02	1.17	1.37	1.41	1.44	1.44	1.42	1.54	1.61
Financial Leverage	1.12	1.06	1.07	1.12	1.16	1.12	1.20	1.27	1.31	1.39	1.51
Leverage Ratio	2.82	2.77	2.78	2.78	2.80	2.84	2.86	3.02	3.07	3.23	3.33
Compound Leverage Factor	2.33	-0.69	1.48	1.68	-0.52	-18.16	0.14	1.75	0.07	0.88	5.35
Debt to Total Capital	52.53%	51.37%	52.56%	56.19%	58.17%	58.78%	59.35%	59.24%	59.15%	61.48%	63.55%
Short-Term Debt to Total Capital	2.17%	1.50%	3.95%	4.75%	0.88%	0.79%	0.65%	0.55%	1.07%	2.15%	4.72%
Long-Term Debt to Total Capital	50.36%	49.87%	48.61%	51.45%	57.28%	57.99%	58.70%	58.70%	58.08%	59.33%	58.82%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.04%	0.93%	0.99%	0.95%	0.88%	0.92%	0.91%	0.70%	0.69%	0.65%	0.68%
Common Equity to Total Capital	46.43%	47.70%	46.45%	42.86%	40.95%	40.30%	39.74%	40.06%	40.16%	37.87%	35.77%
Debt to EBITDA	3.06	3.52	3.37	3.94	5.22	5.97	6.25	6.08	5.92	5.41	7.06
Net Debt to EBITDA	2.95	3.29	3.22	3.69	4.77	5.39	5.90	5.64	5.57	5.13	6.74
Long-Term Debt to EBITDA	2.94	3.41	3.12	3.60	5.14	5.89	6.18	6.02	5.81	5.23	6.54
Debt to NOPAT	3.32	3.41	3.09	-10.01	-2.28	-2.37	-0.83	-4.92	-5.12	-17.65	36.31
Net Debt to NOPAT	3.20	3.19	2.96	-9.38	-2.08	-2.14	-0.79	-4.57	-4.81	-16.71	34.63
Long-Term Debt to NOPAT	3.18	3.31	2.86	-9.16	-2.25	-2.34	-0.82	-4.88	-5.02	-17.03	33.61
Altman Z-Score	1.43	1.34	1.30	1.25	1.26	1.20	1.35	1.33	1.26	1.15	0.96
Noncontrolling Interest Sharing Ratio	2.31%	2.11%	2.39%	2.18%	2.16%	2.05%	2.15%	1.94%	1.91%	1.96%	2.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.35	2.31	2.21	2.22	3.32	2.84	3.12	2.98	2.72	2.47	2.28
Quick Ratio	0.81	0.64	0.57	0.57	0.83	0.75	0.77	0.78	0.66	0.48	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-290	-318	-480	-271	201	252	176	72	-1,325	-63	-2.70
Operating Cash Flow to CapEx	124.55%	230.77%	-86.81%	251.85%	31.48%	196.43%	-38.16%	266.67%	96.67%	70.09%	-29.09%
Free Cash Flow to Firm to Interest Expense	-9.06	-4.88	-14.56	-7.14	4.80	5.59	4.18	1.71	-29.44	-1.54	-0.06
Operating Cash Flow to Interest Expense	4.28	3.69	-2.39	3.58	0.40	2.44	-0.69	3.81	1.93	2.00	-0.76
Operating Cash Flow Less CapEx to Interest Expense	0.84	2.09	-5.15	2.16	-0.88	1.20	-2.50	2.38	-0.07	-0.85	-3.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.56	0.51	0.50	0.46	0.46	0.47	0.48	0.50	0.51	0.50
Accounts Receivable Turnover	5.98	6.85	6.02	6.04	6.47	8.55	7.39	7.80	9.36	11.06	8.72
Inventory Turnover	1.83	2.25	2.65	2.52	2.39	1.77	1.79	1.77	1.80	1.72	1.69
Fixed Asset Turnover	2.09	1.95	1.78	1.72	1.60	1.56	1.61	1.62	1.66	1.63	1.63
Accounts Payable Turnover	4.79	5.68	7.10	6.67	7.68	5.04	6.11	5.59	6.05	5.33	5.81
Days Sales Outstanding (DSO)	61.04	53.26	60.62	60.39	56.44	42.71	49.38	46.77	39.00	33.01	41.87
Days Inventory Outstanding (DIO)	199.23	161.90	137.52	145.10	152.47	206.27	204.32	206.15	203.21	211.95	215.79
Days Payable Outstanding (DPO)	76.24	64.31	51.38	54.72	47.52	72.37	59.77	65.26	60.32	68.46	62.84
Cash Conversion Cycle (CCC)	184.03	150.84	146.76	150.78	161.39	176.61	193.93	187.66	181.89	176.50	194.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,800	4,777	4,942	4,595	4,621	4,531	4,582	4,537	4,596	4,498	4,542
Invested Capital Turnover	0.79	0.75	0.68	0.65	0.60	0.61	0.61	0.64	0.67	0.68	0.67
Increase / (Decrease) in Invested Capital	432	391	526	-155	-179	-246	-360	-58	-25	-33	-40
Enterprise Value (EV)	4,285	4,388	4,713	4,476	4,662	4,741	5,403	5,115	4,993	4,327	3,980
Market Capitalization	1,756	1,968	2,120	1,922	2,034	2,146	2,703	2,476	2,310	1,590	1,112
Book Value per Share	$14.71	$15.26	$15.20	$13.02	$12.71	$12.35	$11.96	$12.02	$12.11	$11.15	$10.60
Tangible Book Value per Share	$13.08	$13.64	$13.59	$11.45	$11.15	$10.80	$10.42	$10.47	$10.55	$9.61	$9.06
Total Capital	4,891	4,941	5,057	4,762	4,867	4,804	4,736	4,738	4,764	4,650	4,680
Total Debt	2,569	2,538	2,658	2,676	2,831	2,824	2,811	2,807	2,818	2,859	2,974
Total Long-Term Debt	2,463	2,464	2,458	2,450	2,788	2,786	2,780	2,781	2,767	2,759	2,753
Net Debt	2,478	2,374	2,543	2,509	2,585	2,551	2,657	2,606	2,650	2,707	2,836
Capital Expenditures (CapEx)	110	104	91	54	54	56	76	60	90	117	110
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,144	1,020	1,194	1,203	1,286	1,147	1,345	1,305	1,285	1,229	1,315
Debt-free Net Working Capital (DFNWC)	1,235	1,184	1,309	1,370	1,532	1,420	1,499	1,506	1,453	1,381	1,453
Net Working Capital (NWC)	1,129	1,110	1,109	1,144	1,489	1,382	1,468	1,480	1,402	1,281	1,232
Net Nonoperating Expense (NNE)	19	88	21	-157	36	62	-176	3.82	-1,325	-66	68
Net Nonoperating Obligations (NNO)	2,478	2,374	2,543	2,509	2,585	2,551	2,657	2,606	2,650	2,707	2,836
Total Depreciation and Amortization (D&A)	68	70	73	70	69	72	74	75	72	74	73
Debt-free, Cash-free Net Working Capital to Revenue	31.65%	29.53%	37.35%	39.49%	45.72%	40.25%	46.12%	44.36%	41.67%	39.98%	43.29%
Debt-free Net Working Capital to Revenue	34.16%	34.28%	40.94%	44.98%	54.46%	49.82%	51.41%	51.19%	47.11%	44.93%	47.83%
Net Working Capital to Revenue	31.23%	32.14%	34.69%	37.56%	52.93%	48.49%	50.34%	50.31%	45.46%	41.67%	40.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.78	($0.07)	$0.15	($1.72)	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)
Adjusted Weighted Average Basic Shares Outstanding	154.55M	154.87M	155.18M	156.78M	156.82M	156.40M	157.33M	158.12M	158.10M	157.82M	158.14M
Adjusted Diluted Earnings per Share	$0.77	($0.08)	$0.15	($1.72)	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)
Adjusted Weighted Average Diluted Shares Outstanding	156.95M	157.11M	156.64M	156.78M	156.82M	156.40M	157.33M	159.29M	158.10M	157.82M	158.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	154.47M	154.50M	156.73M	156.79M	156.79M	156.79M	157.84M	157.92M	157.92M	157.94M	158.46M
Normalized Net Operating Profit after Tax (NOPAT)	142	74	46	59	22	5.60	29	53	38	34	18
Normalized NOPAT Margin	15.89%	11.33%	6.44%	7.41%	3.38%	0.82%	3.71%	6.49%	4.70%	4.97%	2.37%
Pre Tax Income Margin	15.75%	-2.93%	4.80%	6.68%	-0.91%	-4.66%	0.26%	6.71%	0.12%	2.22%	-14.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.34	1.17	1.94	2.32	0.76	0.11	0.95	2.26	0.96	1.34	-1.57
NOPAT to Interest Expense	4.44	1.13	1.38	-11.22	0.53	0.12	-4.39	0.33	-30.00	-2.34	-1.02
EBIT Less CapEx to Interest Expense	1.91	-0.43	-0.82	0.89	-0.52	-1.13	-0.86	0.83	-1.04	-1.51	-4.19
NOPAT Less CapEx to Interest Expense	1.01	-0.47	-1.38	-12.64	-0.75	-1.12	-6.20	-1.10	-32.00	-5.20	-3.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.93%	17.40%	17.29%	-71.11%	-35.29%	-28.34%	-25.29%	-115.94%	-101.25%	-148.15%	-50.64%
Augmented Payout Ratio	21.11%	27.40%	17.29%	-71.11%	-35.29%	-28.34%	-25.29%	-115.94%	-101.25%	-148.15%	-50.64%

Key Financial Trends

Key Trends and Takeaways for Q1 2025

Raised $121 M of debt in Q1 2025, boosting cash reserves and liquidity
Price-to-book ratio of 0.66 vs. 0.90 in Q4 2024 suggests shares remain attractively valued
Dividend yield climbed to 7.1% in Q1 2025 from 5.0% in Q4 2024
Free cash flow to firm loss narrowed to $2.7 M in Q1 2025 vs. a $63 M loss in Q4 2024
Revenue rose sequentially by 9.2% Q/Q in Q1 2025, though down 4.7% Y/Y
Capital expenditures of $110 M in Q1 2025 fall within recent quarterly ranges
Current ratio remains healthy at 2.28x, down slightly from 2.47x in Q4 2024
Net loss widened to $111 M in Q1 2025 vs. a $30 M loss in Q4 2024
Operating income swung to a $61 M loss in Q1 2025 from a $48 M gain in Q4 2024
Operating cash flow fell to –$32 M in Q1 2025 compared with +$82 M in Q4 2024

07/07/25 01:31 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Tronox's Financials

When does Tronox's fiscal year end?

According to the most recent income statement we have on file, Tronox's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Tronox's net income changed over the last 10 years?

Tronox's net income appears to be on an upward trend, with a most recent value of -$54 million in 2024, falling from -$417 million in 2014. The previous period was -$314 million in 2023. See Tronox's forecast for analyst expectations on what’s next for the company.

What is Tronox's operating income?

Tronox's total operating income in 2024 was $219 million, based on the following breakdown:

Total Gross Profit: $515 million
Total Operating Expenses: $296 million

How has Tronox's revenue changed over the last 10 years?

Over the last 10 years, Tronox's total revenue changed from $1.74 billion in 2014 to $3.07 billion in 2024, a change of 77.0%.

How much debt does Tronox have?

Tronox's total liabilities were at $4.25 billion at the end of 2024, a 2.2% increase from 2023, and a 29.6% increase since 2014.

How much cash does Tronox have?

In the past 10 years, Tronox's cash and equivalents has ranged from $151 million in 2024 to $1.28 billion in 2014, and is currently $151 million as of their latest financial filing in 2024.

How has Tronox's book value per share changed over the last 10 years?

Over the last 10 years, Tronox's book value per share changed from 14.03 in 2014 to 11.15 in 2024, a change of -20.5%.

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This page (NYSE:TROX) was last updated on 7/7/2025 by MarketBeat.com Staff

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