Tronox (TROX) Financials

$4.83 -0.29 (-5.66%)

Closing price 05/28/2025 03:59 PM Eastern

Extended Trading

$4.95 +0.12 (+2.57%)

As of 09:19 AM 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	-48	-316	497
Consolidated Net Income / (Loss)	-54	-314	500
Net Income / (Loss) Continuing Operations	-54	-314	500
Total Pre-Tax Income	73	49	308
Total Operating Income	219	186	458
Total Gross Profit	515	462	832
Total Revenue	3,074	2,850	3,454
Operating Revenue	3,074	2,850	3,454
Total Cost of Revenue	2,559	2,388	2,622
Operating Cost of Revenue	2,559	2,388	2,622
Total Operating Expenses	296	276	374
Selling, General & Admin Expense	296	276	289
Other Special Charges / (Income)	0.00	0.00	85
Total Other Income / (Expense), net	-146	-137	-150
Interest Expense	170	158	146
Interest & Investment Income	10	18	9.00
Other Income / (Expense), net	14	3.00	-13
Income Tax Expense	127	363	-192
Net Income / (Loss) Attributable to Noncontrolling Interest	-6.00	2.00	3.00
Basic Earnings per Share	($0.31)	($2.02)	$3.21
Weighted Average Basic Shares Outstanding	157.82M	156.40M	154.87M
Diluted Earnings per Share	($0.31)	($2.02)	$3.16
Weighted Average Diluted Shares Outstanding	157.82M	156.40M	157.11M
Weighted Average Basic & Diluted Shares Outstanding	157.94M	156.79M	154.50M
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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	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	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-111	-30	-25	16	-9.00	-56	-14	-269	23	-945	121
Consolidated Net Income / (Loss)	-111	-30	-25	10	-9.00	-56	-14	-269	25	-14	123
Net Income / (Loss) Continuing Operations	-111	-30	-25	10	-9.00	-56	-14	-269	25	-944	123
Total Pre-Tax Income	-106	15	1.00	55	2.00	-32	-6.00	53	34	-19	141
Total Operating Income	-61	48	54	76	41	8.00	32	84	62	105	163
Total Gross Profit	99	117	128	150	120	78	94	157	133	337	232
Total Revenue	738	676	804	820	774	686	662	794	708	649	895
Operating Revenue	738	676	804	820	774	686	662	794	708	649	895
Total Cost of Revenue	639	559	676	670	654	608	568	637	575	1,277	663
Other Cost of Revenue	639	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	160	69	74	74	79	70	62	73	71	232	69
Selling, General & Admin Expense	74	69	74	74	79	70	62	73	71	147	69
Restructuring Charge	86	-	-	-	-	-	-	-	-	-	-
Total Other Income / (Expense), net	-45	-33	-53	-21	-39	-40	-38	-31	-28	-89	-22
Interest Expense	42	41	45	42	42	45	42	38	33	65	32
Interest & Investment Income	2.00	1.00	3.00	2.00	4.00	8.00	4.00	3.00	3.00	5.00	2.00
Other Income / (Expense), net	-5.00	7.00	-11	19	-1.00	-3.00	0.00	4.00	2.00	-29	8.00
Income Tax Expense	5.00	45	26	45	11	24	8.00	322	9.00	-5.00	18
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	0.00	-6.00	0.00	-	0.00	0.00	2.00	1.00	2.00
Basic Earnings per Share	($0.70)	($0.19)	($0.16)	$0.10	($0.06)	($0.36)	($0.09)	($1.72)	$0.15	($0.07)	$0.78
Weighted Average Basic Shares Outstanding	158.14M	157.82M	158.10M	158.12M	157.33M	156.40M	156.82M	156.78M	155.18M	154.87M	154.55M
Diluted Earnings per Share	($0.70)	($0.19)	($0.16)	$0.10	($0.06)	($0.36)	($0.09)	($1.72)	$0.15	($0.08)	$0.77
Weighted Average Diluted Shares Outstanding	158.14M	157.82M	158.10M	159.29M	157.33M	156.40M	156.82M	156.78M	156.64M	157.11M	156.95M
Weighted Average Basic & Diluted Shares Outstanding	158.46M	157.94M	157.92M	157.92M	157.84M	156.79M	156.79M	156.79M	156.73M	154.50M	154.47M

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	-121	109	-68
Net Cash From Operating Activities	300	184	598
Net Cash From Continuing Operating Activities	300	184	598
Net Income / (Loss) Continuing Operations	-54	-314	500
Consolidated Net Income / (Loss)	-54	-314	500
Depreciation Expense	285	275	269
Amortization Expense	10	9.00	8.00
Non-Cash Adjustments To Reconcile Net Income	52	58	97
Changes in Operating Assets and Liabilities, net	7.00	156	-276
Net Cash From Investing Activities	-343	-255	-415
Net Cash From Continuing Investing Activities	-343	-255	-415
Purchase of Property, Plant & Equipment	-370	-261	-428
Sale of Property, Plant & Equipment	27	6.00	13
Net Cash From Financing Activities	-71	176	-250
Net Cash From Continuing Financing Activities	-71	176	-250
Repayment of Debt	-262	-168	-633
Repurchase of Common Equity	0.00	0.00	-50
Payment of Dividends	-80	-89	-87
Issuance of Debt	272	433	538
Other Financing Activities, net	-1.00	0.00	-18
Other Net Changes in Cash	-7.00	-	-1.00
Cash Interest Paid	151	143	114
Cash Income Taxes Paid	10	54	60

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	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	9/30/2022
Net Change in Cash & Equivalents	-14	-16	-33	47	-119	27	79	52	-49	73	-23
Net Cash From Operating Activities	-32	82	87	160	-29	110	17	136	-79	240	137
Net Cash From Continuing Operating Activities	-32	82	87	160	-29	110	17	136	-79	240	137
Net Income / (Loss) Continuing Operations	-111	-30	-25	10	-9.00	-56	-14	-269	25	-14	123
Consolidated Net Income / (Loss)	-111	-30	-25	10	-9.00	-56	-14	-269	25	-14	123
Depreciation Expense	71	71	70	72	72	69	67	68	71	68	66
Amortization Expense	2.00	3.00	2.00	3.00	2.00	3.00	2.00	2.00	2.00	2.00	2.00
Non-Cash Adjustments To Reconcile Net Income	103	8.00	21	1.00	22	9.00	12	15	22	4.00	36
Changes in Operating Assets and Liabilities, net	-97	30	19	74	-116	85	-50	320	-199	180	-90
Net Cash From Investing Activities	-95	-117	-90	-60	-76	-56	-54	-54	-91	-104	-110
Net Cash From Continuing Investing Activities	-95	-117	-90	-60	-76	-56	-54	-54	-91	-104	-110
Purchase of Property, Plant & Equipment	-110	-117	-101	-76	-76	-59	-54	-55	-93	-114	-112
Sale and/or Maturity of Investments	15	-	-	-	-	-	-	-	-	-	-
Net Cash From Financing Activities	108	26	-34	-51	-12	-31	115	-28	120	-66	-41
Net Cash From Continuing Financing Activities	108	26	-34	-51	-12	-31	115	-28	120	-66	-41
Repayment of Debt	-12	-15	-225	-11	-11	-16	-93	-29	-30	-94	-13
Payment of Dividends	0.00	-19	-20	-40	-1.00	-20	-19	-48	-2.00	-27	-19
Issuance of Debt	121	60	212	-	0.00	5.00	227	49	152	55	-
Other Financing Activities, net	-1.00	-	-	-	-	-	-	-	-	-	-
Effect of Exchange Rate Changes	5.00	-	4.00	-2.00	-2.00	4.00	1.00	-	-	-	-
Cash Interest Paid	51	22	51	26	52	30	52	27	34	15	39
Cash Income Taxes Paid	4.00	-1.00	-	8.00	3.00	25	5.00	17	7.00	23	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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	6,038	6,134	6,306
Total Current Assets	2,155	2,135	1,960
Cash & Equivalents	151	273	164
Restricted Cash	1.00	0.00	-
Accounts Receivable	266	290	377
Inventories, net	1,551	1,421	1,278
Prepaid Expenses	184	141	135
Current Deferred & Refundable Income Taxes	2.00	10	6.00
Plant, Property, & Equipment, net	1,927	1,835	1,830
Total Noncurrent Assets	1,956	2,164	2,516
Intangible Assets	244	243	250
Noncurrent Deferred & Refundable Income Taxes	830	917	1,233
Other Noncurrent Operating Assets	882	1,004	1,033
Total Liabilities & Shareholders' Equity	6,038	6,134	6,306
Total Liabilities	4,247	4,154	3,903
Total Current Liabilities	874	753	850
Short-Term Debt	100	38	74
Accounts Payable	499	461	486
Accrued Expenses	247	230	252
Current Deferred & Payable Income Tax Liabilities	4.00	0.00	18
Other Current Liabilities	24	24	20
Total Noncurrent Liabilities	3,373	3,401	3,053
Long-Term Debt	2,759	2,786	2,464
Asset Retirement Reserve & Litigation Obligation	212	220	204
Noncurrent Deferred & Payable Income Tax Liabilities	174	149	153
Noncurrent Employee Benefit Liabilities	85	104	89
Other Noncurrent Operating Liabilities	143	142	143
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,791	1,980	2,403
Total Preferred & Common Equity	1,761	1,936	2,357
Total Common Equity	1,761	1,936	2,357
Common Stock	2,086	2,066	2,045
Retained Earnings	555	684	1,080
Accumulated Other Comprehensive Income / (Loss)	-880	-814	-768
Noncontrolling Interest	30	44	46

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

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

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	7.86%	-17.49%	-3.30%
EBITDA Growth	11.63%	-34.49%	-19.51%
EBIT Growth	23.28%	-57.53%	-24.45%
NOPAT Growth	86.41%	-260.31%	59.05%
Net Income Growth	82.80%	-162.80%	65.02%
EPS Growth	84.65%	-163.92%	74.59%
Operating Cash Flow Growth	63.04%	-69.23%	-19.19%
Free Cash Flow Firm Growth	86.36%	-368.34%	-43.64%
Invested Capital Growth	-0.73%	-5.15%	8.91%
Revenue Q/Q Growth	-0.32%	1.32%	-4.45%
EBITDA Q/Q Growth	10.92%	-12.73%	-13.95%
EBIT Q/Q Growth	27.32%	-27.31%	-20.39%
NOPAT Q/Q Growth	70.59%	4.00%	-3.86%
Net Income Q/Q Growth	32.50%	-15.44%	-18.17%
EPS Q/Q Growth	35.42%	-16.09%	-16.62%
Operating Cash Flow Q/Q Growth	-8.54%	-41.40%	20.32%
Free Cash Flow Firm Q/Q Growth	75.46%	10.98%	3.26%
Invested Capital Q/Q Growth	-2.13%	-1.95%	-0.48%
Profitability Metrics	-	-	-
Gross Margin	16.75%	16.21%	24.09%
EBITDA Margin	17.18%	16.60%	20.90%
Operating Margin	7.12%	6.53%	13.26%
EBIT Margin	7.58%	6.63%	12.88%
Profit (Net Income) Margin	-1.76%	-11.02%	14.48%
Tax Burden Percent	-73.97%	-640.82%	162.34%
Interest Burden Percent	31.33%	25.93%	69.21%
Effective Tax Rate	173.97%	740.82%	-62.34%
Return on Invested Capital (ROIC)	-3.59%	-25.61%	16.23%
ROIC Less NNEP Spread (ROIC-NNEP)	0.52%	10.04%	5.91%
Return on Net Nonoperating Assets (RNNOA)	0.72%	11.28%	6.27%
Return on Equity (ROE)	-2.86%	-14.33%	22.50%
Cash Return on Invested Capital (CROIC)	-2.86%	-20.32%	7.69%
Operating Return on Assets (OROA)	3.83%	3.04%	7.24%
Return on Assets (ROA)	-0.89%	-5.05%	8.13%
Return on Common Equity (ROCE)	-2.81%	-14.03%	22.02%
Return on Equity Simple (ROE_SIMPLE)	-3.07%	-16.22%	21.21%
Net Operating Profit after Tax (NOPAT)	-162	-1,192	744
NOPAT Margin	-5.27%	-41.82%	21.53%
Net Nonoperating Expense Percent (NNEP)	-4.11%	-35.65%	10.32%
Return On Investment Capital (ROIC_SIMPLE)	-3.48%	-24.81%	15.05%
Cost of Revenue to Revenue	83.25%	83.79%	75.91%
SG&A Expenses to Revenue	9.63%	9.68%	8.37%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.63%	9.68%	10.83%
Earnings before Interest and Taxes (EBIT)	233	189	445
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	528	473	722
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.90	1.11	0.84
Price to Tangible Book Value (P/TBV)	1.05	1.27	0.93
Price to Revenue (P/Rev)	0.52	0.75	0.57
Price to Earnings (P/E)	0.00	0.00	3.96
Dividend Yield	4.97%	3.65%	4.91%
Earnings Yield	0.00%	0.00%	25.25%
Enterprise Value to Invested Capital (EV/IC)	0.96	1.05	0.92
Enterprise Value to Revenue (EV/Rev)	1.41	1.66	1.27
Enterprise Value to EBITDA (EV/EBITDA)	8.20	10.02	6.08
Enterprise Value to EBIT (EV/EBIT)	18.57	25.09	9.86
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	5.90
Enterprise Value to Operating Cash Flow (EV/OCF)	14.42	25.77	7.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	12.45
Leverage & Solvency	-	-	-
Debt to Equity	1.60	1.43	1.06
Long-Term Debt to Equity	1.54	1.41	1.03
Financial Leverage	1.39	1.12	1.06
Leverage Ratio	3.23	2.84	2.77
Compound Leverage Factor	1.01	0.74	1.91
Debt to Total Capital	61.48%	58.78%	51.37%
Short-Term Debt to Total Capital	2.15%	0.79%	1.50%
Long-Term Debt to Total Capital	59.33%	57.99%	49.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.65%	0.92%	0.93%
Common Equity to Total Capital	37.87%	40.30%	47.70%
Debt to EBITDA	5.41	5.97	3.52
Net Debt to EBITDA	5.13	5.39	3.29
Long-Term Debt to EBITDA	5.23	5.89	3.41
Debt to NOPAT	-17.65	-2.37	3.41
Net Debt to NOPAT	-16.71	-2.14	3.19
Long-Term Debt to NOPAT	-17.03	-2.34	3.31
Altman Z-Score	1.24	1.30	1.53
Noncontrolling Interest Sharing Ratio	1.96%	2.05%	2.11%
Liquidity Ratios	-	-	-
Current Ratio	2.47	2.84	2.31
Quick Ratio	0.48	0.75	0.64
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-129	-946	353
Operating Cash Flow to CapEx	87.46%	72.16%	144.10%
Free Cash Flow to Firm to Interest Expense	-0.76	-5.99	2.41
Operating Cash Flow to Interest Expense	1.76	1.16	4.10
Operating Cash Flow Less CapEx to Interest Expense	-0.25	-0.45	1.25
Efficiency Ratios	-	-	-
Asset Turnover	0.51	0.46	0.56
Accounts Receivable Turnover	11.06	8.55	6.85
Inventory Turnover	1.72	1.77	2.25
Fixed Asset Turnover	1.63	1.56	1.95
Accounts Payable Turnover	5.33	5.04	5.68
Days Sales Outstanding (DSO)	33.01	42.71	53.26
Days Inventory Outstanding (DIO)	211.95	206.27	161.90
Days Payable Outstanding (DPO)	68.46	72.37	64.31
Cash Conversion Cycle (CCC)	176.50	176.61	150.84
Capital & Investment Metrics	-	-	-
Invested Capital	4,498	4,531	4,777
Invested Capital Turnover	0.68	0.61	0.75
Increase / (Decrease) in Invested Capital	-33	-246	391
Enterprise Value (EV)	4,327	4,741	4,388
Market Capitalization	1,590	2,146	1,968
Book Value per Share	$11.15	$12.35	$15.26
Tangible Book Value per Share	$9.61	$10.80	$13.64
Total Capital	4,650	4,804	4,941
Total Debt	2,859	2,824	2,538
Total Long-Term Debt	2,759	2,786	2,464
Net Debt	2,707	2,551	2,374
Capital Expenditures (CapEx)	343	255	415
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,229	1,147	1,020
Debt-free Net Working Capital (DFNWC)	1,381	1,420	1,184
Net Working Capital (NWC)	1,281	1,382	1,110
Net Nonoperating Expense (NNE)	-108	-878	244
Net Nonoperating Obligations (NNO)	2,707	2,551	2,374
Total Depreciation and Amortization (D&A)	295	284	277
Debt-free, Cash-free Net Working Capital to Revenue	39.98%	40.25%	29.53%
Debt-free Net Working Capital to Revenue	44.93%	49.82%	34.28%
Net Working Capital to Revenue	41.67%	48.49%	32.14%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($0.31)	($2.02)	$3.21
Adjusted Weighted Average Basic Shares Outstanding	157.82M	156.40M	154.87M
Adjusted Diluted Earnings per Share	($0.31)	($2.02)	$3.16
Adjusted Weighted Average Diluted Shares Outstanding	157.82M	156.40M	157.11M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	157.94M	156.79M	154.50M
Normalized Net Operating Profit after Tax (NOPAT)	153	130	380
Normalized NOPAT Margin	4.99%	4.57%	11.00%
Pre Tax Income Margin	2.37%	1.72%	8.92%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	1.37	1.20	3.05
NOPAT to Interest Expense	-0.95	-7.54	5.09
EBIT Less CapEx to Interest Expense	-0.65	-0.42	0.21
NOPAT Less CapEx to Interest Expense	-2.97	-9.16	2.25
Payout Ratios	-	-	-
Dividend Payout Ratio	-148.15%	-28.34%	17.40%
Augmented Payout Ratio	-148.15%	-28.34%	27.40%

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

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

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 5/29/2025 by MarketBeat.com Staff

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Tronox (TROX) Financials

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