Tronox (TROX) Financials

$5.30 -0.07 (-1.30%)

As of 03:05 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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	497	-316	-48
Consolidated Net Income / (Loss)	500	-314	-54
Net Income / (Loss) Continuing Operations	500	-314	-54
Total Pre-Tax Income	308	49	73
Total Operating Income	458	186	219
Total Gross Profit	832	462	515
Total Revenue	3,454	2,850	3,074
Operating Revenue	3,454	2,850	3,074
Total Cost of Revenue	2,622	2,388	2,559
Operating Cost of Revenue	2,622	2,388	2,559
Total Operating Expenses	374	276	296
Selling, General & Admin Expense	289	276	296
Other Special Charges / (Income)	85	0.00	0.00
Total Other Income / (Expense), net	-150	-137	-146
Interest Expense	146	158	170
Interest & Investment Income	9.00	18	10
Other Income / (Expense), net	-13	3.00	14
Income Tax Expense	-192	363	127
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	2.00	-6.00
Basic Earnings per Share	$3.21	($2.02)	($0.31)
Weighted Average Basic Shares Outstanding	154.87M	156.40M	157.82M
Diluted Earnings per Share	$3.16	($2.02)	($0.31)
Weighted Average Diluted Shares Outstanding	157.11M	156.40M	157.82M
Weighted Average Basic & Diluted Shares Outstanding	154.50M	156.79M	157.94M
Cash Dividends to Common per Share	$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	-	-	-	-	-	-	-	-	-	-	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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-68	109	-121
Net Cash From Operating Activities	598	184	300
Net Cash From Continuing Operating Activities	598	184	300
Net Income / (Loss) Continuing Operations	500	-314	-54
Consolidated Net Income / (Loss)	500	-314	-54
Depreciation Expense	269	275	285
Amortization Expense	8.00	9.00	10
Non-Cash Adjustments To Reconcile Net Income	97	58	52
Changes in Operating Assets and Liabilities, net	-276	156	7.00
Net Cash From Investing Activities	-415	-255	-343
Net Cash From Continuing Investing Activities	-415	-255	-343
Purchase of Property, Plant & Equipment	-428	-261	-370
Sale of Property, Plant & Equipment	13	6.00	27
Net Cash From Financing Activities	-250	176	-71
Net Cash From Continuing Financing Activities	-250	176	-71
Repayment of Debt	-633	-168	-262
Repurchase of Common Equity	-50	0.00	0.00
Payment of Dividends	-87	-89	-80
Issuance of Debt	538	433	272
Other Financing Activities, net	-18	0.00	-1.00
Other Net Changes in Cash	-1.00	-	-7.00
Cash Interest Paid	114	143	151
Cash Income Taxes Paid	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	-	-	-	-	-	-	-	-	-	-	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	-	-	-	-	-	-	-	-	-	-	-1.00
Effect of Exchange Rate Changes	-	-	-	-	1.00	4.00	-2.00	-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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	6,306	6,134	6,038
Total Current Assets	1,960	2,135	2,155
Cash & Equivalents	164	273	151
Restricted Cash	-	0.00	1.00
Accounts Receivable	377	290	266
Inventories, net	1,278	1,421	1,551
Prepaid Expenses	135	141	184
Current Deferred & Refundable Income Taxes	6.00	10	2.00
Plant, Property, & Equipment, net	1,830	1,835	1,927
Total Noncurrent Assets	2,516	2,164	1,956
Intangible Assets	250	243	244
Noncurrent Deferred & Refundable Income Taxes	1,233	917	830
Other Noncurrent Operating Assets	1,033	1,004	882
Total Liabilities & Shareholders' Equity	6,306	6,134	6,038
Total Liabilities	3,903	4,154	4,247
Total Current Liabilities	850	753	874
Short-Term Debt	74	38	100
Accounts Payable	486	461	499
Accrued Expenses	252	230	247
Current Deferred & Payable Income Tax Liabilities	18	0.00	4.00
Other Current Liabilities	20	24	24
Total Noncurrent Liabilities	3,053	3,401	3,373
Long-Term Debt	2,464	2,786	2,759
Asset Retirement Reserve & Litigation Obligation	204	220	212
Noncurrent Deferred & Payable Income Tax Liabilities	153	149	174
Noncurrent Employee Benefit Liabilities	89	104	85
Other Noncurrent Operating Liabilities	143	142	143
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,403	1,980	1,791
Total Preferred & Common Equity	2,357	1,936	1,761
Total Common Equity	2,357	1,936	1,761
Common Stock	2,045	2,066	2,086
Retained Earnings	1,080	684	555
Accumulated Other Comprehensive Income / (Loss)	-768	-814	-880
Noncontrolling Interest	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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	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	6,159	6,359	6,055	6,040	6,022	6,096	6,191	6,069
Total Current Assets	1,967	2,024	2,084	2,132	2,159	2,226	2,219	2,193
Cash & Equivalents	91	115	167	246	152	201	167	138
Restricted Cash	0.00	-	-	-	2.00	-	1.00	0.00
Accounts Receivable	584	411	372	286	378	382	373	319
Inventories, net	1,132	1,359	1,400	1,422	1,403	1,424	1,482	1,605
Prepaid Expenses	155	134	145	175	214	210	187	129
Current Deferred & Refundable Income Taxes	5.00	5.00	0.00	3.00	10	9.00	9.00	2.00
Plant, Property, & Equipment, net	1,749	1,820	1,790	1,770	1,804	1,841	1,938	1,922
Total Noncurrent Assets	2,443	2,515	2,181	2,138	2,059	2,029	2,034	1,954
Intangible Assets	251	249	246	245	243	246	247	243
Noncurrent Deferred & Refundable Income Taxes	1,216	1,243	929	923	915	888	874	831
Other Noncurrent Operating Assets	976	1,023	1,006	970	901	895	913	880
Total Liabilities & Shareholders' Equity	6,159	6,359	6,055	6,040	6,022	6,096	6,191	6,069
Total Liabilities	3,837	3,960	3,969	4,004	4,097	4,165	4,245	4,363
Total Current Liabilities	838	915	940	643	691	746	817	961
Short-Term Debt	106	200	226	43	31	26	51	221
Accounts Payable	426	410	437	370	398	457	492	478
Accrued Expenses	262	263	244	199	240	243	243	239
Current Deferred & Payable Income Tax Liabilities	26	20	10	11	-	-	11	0.00
Other Current Liabilities	18	22	23	20	22	20	20	23
Total Noncurrent Liabilities	2,999	3,045	3,029	3,361	3,406	3,419	3,428	3,402
Long-Term Debt	2,463	2,458	2,450	2,788	2,780	2,781	2,767	2,753
Asset Retirement Reserve & Litigation Obligation	200	201	202	202	224	229	236	232
Noncurrent Deferred & Payable Income Tax Liabilities	143	152	142	143	156	171	183	181
Noncurrent Employee Benefit Liabilities	108	91	91	90	103	101	102	86
Other Noncurrent Operating Liabilities	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
Total Equity & Noncontrolling Interests	2,322	2,399	2,086	2,036	1,925	1,931	1,946	1,706
Total Preferred & Common Equity	2,271	2,349	2,041	1,993	1,882	1,898	1,913	1,674
Total Common Equity	2,271	2,349	2,041	1,993	1,882	1,898	1,913	1,674
Common Stock	2,040	2,051	2,056	2,060	2,072	2,076	2,082	2,091
Retained Earnings	1,116	1,083	794	760	655	651	606	425
Accumulated Other Comprehensive Income / (Loss)	-885	-785	-809	-827	-845	-829	-775	-842
Noncontrolling Interest	51	50	45	43	43	33	33	32

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

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	-3.30%	-17.49%	7.86%
EBITDA Growth	-19.51%	-34.49%	11.63%
EBIT Growth	-24.45%	-57.53%	23.28%
NOPAT Growth	59.05%	-260.31%	86.41%
Net Income Growth	65.02%	-162.80%	82.80%
EPS Growth	74.59%	-163.92%	84.65%
Operating Cash Flow Growth	-19.19%	-69.23%	63.04%
Free Cash Flow Firm Growth	-43.64%	-368.34%	86.36%
Invested Capital Growth	8.91%	-5.15%	-0.73%
Revenue Q/Q Growth	-4.45%	1.32%	-0.32%
EBITDA Q/Q Growth	-13.95%	-12.73%	10.92%
EBIT Q/Q Growth	-20.39%	-27.31%	27.32%
NOPAT Q/Q Growth	-3.86%	4.00%	70.59%
Net Income Q/Q Growth	-18.17%	-15.44%	32.50%
EPS Q/Q Growth	-16.62%	-16.09%	35.42%
Operating Cash Flow Q/Q Growth	20.32%	-41.40%	-8.54%
Free Cash Flow Firm Q/Q Growth	3.26%	10.98%	75.46%
Invested Capital Q/Q Growth	-0.48%	-1.95%	-2.13%
Profitability Metrics	-	-	-
Gross Margin	24.09%	16.21%	16.75%
EBITDA Margin	20.90%	16.60%	17.18%
Operating Margin	13.26%	6.53%	7.12%
EBIT Margin	12.88%	6.63%	7.58%
Profit (Net Income) Margin	14.48%	-11.02%	-1.76%
Tax Burden Percent	162.34%	-640.82%	-73.97%
Interest Burden Percent	69.21%	25.93%	31.33%
Effective Tax Rate	-62.34%	740.82%	173.97%
Return on Invested Capital (ROIC)	16.23%	-25.61%	-3.59%
ROIC Less NNEP Spread (ROIC-NNEP)	5.91%	10.04%	0.52%
Return on Net Nonoperating Assets (RNNOA)	6.27%	11.28%	0.72%
Return on Equity (ROE)	22.50%	-14.33%	-2.86%
Cash Return on Invested Capital (CROIC)	7.69%	-20.32%	-2.86%
Operating Return on Assets (OROA)	7.24%	3.04%	3.83%
Return on Assets (ROA)	8.13%	-5.05%	-0.89%
Return on Common Equity (ROCE)	22.02%	-14.03%	-2.81%
Return on Equity Simple (ROE_SIMPLE)	21.21%	-16.22%	-3.07%
Net Operating Profit after Tax (NOPAT)	744	-1,192	-162
NOPAT Margin	21.53%	-41.82%	-5.27%
Net Nonoperating Expense Percent (NNEP)	10.32%	-35.65%	-4.11%
Return On Investment Capital (ROIC_SIMPLE)	15.05%	-24.81%	-3.48%
Cost of Revenue to Revenue	75.91%	83.79%	83.25%
SG&A Expenses to Revenue	8.37%	9.68%	9.63%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.83%	9.68%	9.63%
Earnings before Interest and Taxes (EBIT)	445	189	233
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	722	473	528
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.84	1.11	0.90
Price to Tangible Book Value (P/TBV)	0.93	1.27	1.05
Price to Revenue (P/Rev)	0.57	0.75	0.52
Price to Earnings (P/E)	3.96	0.00	0.00
Dividend Yield	4.91%	3.65%	4.97%
Earnings Yield	25.25%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.92	1.05	0.96
Enterprise Value to Revenue (EV/Rev)	1.27	1.66	1.41
Enterprise Value to EBITDA (EV/EBITDA)	6.08	10.02	8.20
Enterprise Value to EBIT (EV/EBIT)	9.86	25.09	18.57
Enterprise Value to NOPAT (EV/NOPAT)	5.90	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.34	25.77	14.42
Enterprise Value to Free Cash Flow (EV/FCFF)	12.45	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	1.06	1.43	1.60
Long-Term Debt to Equity	1.03	1.41	1.54
Financial Leverage	1.06	1.12	1.39
Leverage Ratio	2.77	2.84	3.23
Compound Leverage Factor	1.91	0.74	1.01
Debt to Total Capital	51.37%	58.78%	61.48%
Short-Term Debt to Total Capital	1.50%	0.79%	2.15%
Long-Term Debt to Total Capital	49.87%	57.99%	59.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.93%	0.92%	0.65%
Common Equity to Total Capital	47.70%	40.30%	37.87%
Debt to EBITDA	3.52	5.97	5.41
Net Debt to EBITDA	3.29	5.39	5.13
Long-Term Debt to EBITDA	3.41	5.89	5.23
Debt to NOPAT	3.41	-2.37	-17.65
Net Debt to NOPAT	3.19	-2.14	-16.71
Long-Term Debt to NOPAT	3.31	-2.34	-17.03
Altman Z-Score	1.53	1.30	1.24
Noncontrolling Interest Sharing Ratio	2.11%	2.05%	1.96%
Liquidity Ratios	-	-	-
Current Ratio	2.31	2.84	2.47
Quick Ratio	0.64	0.75	0.48
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	353	-946	-129
Operating Cash Flow to CapEx	144.10%	72.16%	87.46%
Free Cash Flow to Firm to Interest Expense	2.41	-5.99	-0.76
Operating Cash Flow to Interest Expense	4.10	1.16	1.76
Operating Cash Flow Less CapEx to Interest Expense	1.25	-0.45	-0.25
Efficiency Ratios	-	-	-
Asset Turnover	0.56	0.46	0.51
Accounts Receivable Turnover	6.85	8.55	11.06
Inventory Turnover	2.25	1.77	1.72
Fixed Asset Turnover	1.95	1.56	1.63
Accounts Payable Turnover	5.68	5.04	5.33
Days Sales Outstanding (DSO)	53.26	42.71	33.01
Days Inventory Outstanding (DIO)	161.90	206.27	211.95
Days Payable Outstanding (DPO)	64.31	72.37	68.46
Cash Conversion Cycle (CCC)	150.84	176.61	176.50
Capital & Investment Metrics	-	-	-
Invested Capital	4,777	4,531	4,498
Invested Capital Turnover	0.75	0.61	0.68
Increase / (Decrease) in Invested Capital	391	-246	-33
Enterprise Value (EV)	4,388	4,741	4,327
Market Capitalization	1,968	2,146	1,590
Book Value per Share	$15.26	$12.35	$11.15
Tangible Book Value per Share	$13.64	$10.80	$9.61
Total Capital	4,941	4,804	4,650
Total Debt	2,538	2,824	2,859
Total Long-Term Debt	2,464	2,786	2,759
Net Debt	2,374	2,551	2,707
Capital Expenditures (CapEx)	415	255	343
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,020	1,147	1,229
Debt-free Net Working Capital (DFNWC)	1,184	1,420	1,381
Net Working Capital (NWC)	1,110	1,382	1,281
Net Nonoperating Expense (NNE)	244	-878	-108
Net Nonoperating Obligations (NNO)	2,374	2,551	2,707
Total Depreciation and Amortization (D&A)	277	284	295
Debt-free, Cash-free Net Working Capital to Revenue	29.53%	40.25%	39.98%
Debt-free Net Working Capital to Revenue	34.28%	49.82%	44.93%
Net Working Capital to Revenue	32.14%	48.49%	41.67%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$3.21	($2.02)	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	154.87M	156.40M	157.82M
Adjusted Diluted Earnings per Share	$3.16	($2.02)	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	157.11M	156.40M	157.82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	154.50M	156.79M	157.94M
Normalized Net Operating Profit after Tax (NOPAT)	380	130	153
Normalized NOPAT Margin	11.00%	4.57%	4.99%
Pre Tax Income Margin	8.92%	1.72%	2.37%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	3.05	1.20	1.37
NOPAT to Interest Expense	5.09	-7.54	-0.95
EBIT Less CapEx to Interest Expense	0.21	-0.42	-0.65
NOPAT Less CapEx to Interest Expense	2.25	-9.16	-2.97
Payout Ratios	-	-	-
Dividend Payout Ratio	17.40%	-28.34%	-148.15%
Augmented Payout Ratio	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%

Frequently Asked Questions About Tronox's Financials

When does Tronox's financial year end?

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

How has Tronox's net income changed over the last 2 years?

Tronox's net income appears to be on a downward trend, with a most recent value of -$54 million in 2024, falling from $500 million in 2022. The previous period was -$314 million in 2023. Check out Tronox's forecast to explore projected trends and price targets.

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 revenue changed over the last 2 years?

Over the last 2 years, Tronox's total revenue changed from $3.45 billion in 2022 to $3.07 billion in 2024, a change of -11.0%.

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 8.8% increase since 2022.

How much cash does Tronox have?

In the past 2 years, Tronox's cash and equivalents has ranged from $151 million in 2024 to $273 million in 2023, 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 2 years?

Over the last 2 years, Tronox's book value per share changed from 15.26 in 2022 to 11.15 in 2024, a change of -26.9%.

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This page (NYSE:TROX) was last updated on 5/6/2025 by MarketBeat.com Staff

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Tronox (TROX) Financials

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