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Valhi (VHI) Financials

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$13.86 -0.23 (-1.60%)
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Annual Income Statements for Valhi

Annual Income Statements for Valhi

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -134 -16 208 262 49 55 127 87 -9.90 108 -58
Consolidated Net Income / (Loss)		 -171 -3.00 303 301 78 89 198 133 5.10 161 -55
Net Income / (Loss) Continuing Operations		 -149 21 412 267 78 85 198 133 5.10 161 -55
Total Pre-Tax Income 		-42 40 292 236 105 101 258 170 -20 244 -43
Total Operating Income		 -42 40 292 236 121 101 258 198 8.80 294 14
Total Gross Profit		 260 347 638 678 476 441 619 534 301 486 355
Total Revenue		 1,520 1,558 1,905 1,889 1,938 1,878 2,335 2,266 1,977 2,167 2,136
Operating Revenue		 1,488 1,519 1,879 1,820 1,898 1,850 2,296 2,223 1,922 2,105 2,077
Other Revenue		 32 39 25 69 41 28 39 44 55 62 59
Total Cost of Revenue		 1,260 1,212 1,267 1,211 1,463 1,438 1,716 1,732 1,677 1,680 1,782
Operating Cost of Revenue		 1,260 1,212 1,267 1,211 1,463 1,438 1,716 1,732 1,677 1,680 1,782
Total Operating Expenses		 302 307 346 442 354 340 361 336 292 192 340
Selling, General & Admin Expense		 249 233 263 310 294 284 312 304 277 256 312
Other Operating Expenses / (Income)		 54 70 84 70 41 56 50 16 14 -64 28
Total Other Income / (Expense), net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -28 -28 -50 -57
Interest Expense		 - - - - - - - 28 28 50 57
Income Tax Expense		 108 19 -120 -31 27 16 60 37 -25 83 12
Net Income / (Loss) Attributable to Noncontrolling Interest		 -38 13 95 39 29 34 71 46 15 53 2.70
Basic Earnings per Share		 ($0.39) ($0.05) $0.61 $9.20 $1.73 $1.94 $4.46 $3.06 ($0.35) $3.79 ($2.02)
Weighted Average Basic Shares Outstanding		 342M 342M 342M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M
Diluted Earnings per Share		 ($0.39) ($0.05) $0.61 $9.20 $1.73 $1.94 $4.46 $3.06 ($0.35) $3.79 ($2.02)
Weighted Average Diluted Shares Outstanding		 342M 342M 342M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M
Weighted Average Basic & Diluted Shares Outstanding		 342M 342M 342M 28.50M 28.50M 28.50M 28.28M 28.28M 28.29M 28.29M 28.30M
Cash Dividends to Common per Share		 $0.08 $0.08 $0.08 $0.08 $0.08 $0.48 $0.32 $0.32 $0.32 $0.32 $0.32

Quarterly Income Statements for Valhi

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -5.80 4.00 7.80 20 58 23 17 0.90 -22 -53 2.00
Consolidated Net Income / (Loss)		 -1.70 11 14 30 86 32 23 7.50 -22 -63 7.80
Net Income / (Loss) Continuing Operations		 -1.70 11 14 30 86 32 23 7.50 -22 -63 7.80
Total Pre-Tax Income 		-9.50 6.90 18 38 120 69 31 16 -7.60 -82 14
Total Operating Income		 -2.30 28 29 50 69 105 44 29 7.30 -67 29
Total Gross Profit		 68 89 99 125 142 121 123 109 81 41 107
Total Revenue		 476 477 543 563 559 502 539 572 524 501 564
Operating Revenue		 469 453 531 560 534 481 539 540 504 495 560
Other Revenue		 7.50 24 12 3.70 25 21 0.80 31 21 6.60 4.10
Total Cost of Revenue		 408 388 444 438 417 380 416 462 443 460 457
Operating Cost of Revenue		 408 388 444 438 417 380 416 462 443 460 457
Total Operating Expenses		 70 61 69 76 73 16 79 80 74 107 78
Selling, General & Admin Expense		 69 71 69 75 74 39 79 79 78 77 78
Other Operating Expenses / (Income)		 1.30 -9.80 0.60 0.60 -1.50 -22 0.80 0.70 -3.70 30 0.80
Total Other Income / (Expense), net		 -7.20 -21 -11 -12 51 -37 -13 -14 -15 -15 -15
Interest Expense		 7.20 - 11 12 13 - 13 14 15 15 15
Income Tax Expense		 -7.80 -3.90 4.40 7.90 34 36 8.00 8.00 14 -18 6.30
Net Income / (Loss) Attributable to Noncontrolling Interest		 4.10 6.80 5.80 9.80 28 9.60 5.90 6.60 0.30 -10 5.80
Basic Earnings per Share		 ($0.21) $0.14 $0.27 $0.70 $2.01 $0.81 $0.59 $0.03 ($0.78) ($1.86) $0.07
Weighted Average Basic Shares Outstanding		 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M
Diluted Earnings per Share		 ($0.21) $0.14 $0.27 $0.70 $2.01 $0.81 $0.59 $0.03 ($0.78) ($1.86) $0.07
Weighted Average Diluted Shares Outstanding		 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M
Weighted Average Basic & Diluted Shares Outstanding		 28.29M 28.29M 28.29M 28.29M 28.29M 28.29M 28.29M 28.30M 28.30M 28.30M 28.30M
Cash Dividends to Common per Share		 $0.08 - $0.08 $0.08 $0.08 - $0.08 $0.08 $0.08 - $0.08

Annual Cash Flow Statements for Valhi

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -43 -27 279 34 60 -27 233 -226 -101 -83 -154
Net Cash From Operating Activities		 22 80 259 166 177 152 460 35 3.90 44 -36
Net Cash From Continuing Operating Activities		 22 80 259 166 177 152 460 35 3.90 44 -36
Net Income / (Loss) Continuing Operations		 -171 -3.00 303 301 78 89 198 133 5.10 161 -55
Consolidated Net Income / (Loss)		 -171 -3.00 303 301 78 89 198 133 5.10 161 -55
Depreciation Expense		 70 68 59 58 57 69 59 59 54 67 66
Amortization Expense		 2.50 2.60 2.50 2.00 2.40 2.90 2.90 2.20 2.00 3.10 1.20
Non-Cash Adjustments To Reconcile Net Income		 42 47 221 -32 -0.20 18 27 57 -16 -71 1.10
Changes in Operating Assets and Liabilities, net		 79 -34 -326 -164 40 -26 173 -216 -41 -116 -49
Net Cash From Investing Activities		 -54 -62 -74 -57 -51 -57 -37 -147 -29 -125 -48
Net Cash From Continuing Investing Activities		 -54 -62 -74 -57 -51 -57 -37 -147 -29 -125 -48
Purchase of Property, Plant & Equipment		 -55 -59 -71 -61 -60 -66 -64 -68 -49 -31 -47
Acquisitions		 - - - -29 -0.50 - 0.00 0.00 0.00 -157 0.00
Purchase of Investments		 -14 -11 -9.70 -4.40 -4.90 -3.40 -4.00 -74 -66 -2.70 -3.10
Sale and/or Maturity of Investments		 - 11 9.00 38 8.90 4.30 29 2.90 88 63 1.90
Other Investing Activities, net		 14 -2.00 -2.40 0.00 2.80 2.70 2.10 -8.40 -1.60 2.80 0.00
Net Cash From Financing Activities		 -11 -46 94 -60 -64 -123 -189 -114 -76 -2.30 -71
Net Cash From Continuing Financing Activities		 -11 -46 94 -60 -64 -123 -189 -114 -76 -2.30 -71
Repayment of Debt		 -53 -309 -609 -13 -11 -59 -104 -62 -30 -260 -762
Repurchase of Common Equity		 - - - 0.00 -3.10 -1.00 -1.50 -4.00 -2.90 0.00 0.00
Payment of Dividends		 -42 -49 -45 -47 -65 -63 -83 -48 -43 -34 -36
Issuance of Debt		 85 312 748 0.00 15 - - 0.00 0.00 293 727
Cash Interest Paid		 57 61 59 54 38 33 29 26 27 45 52
Cash Income Taxes Paid		 10 20 62 69 33 24 66 44 27 42 52

Quarterly Cash Flow Statements for Valhi

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 26 62 -61 27 -67 18 -148 -11 0.80 4.40 -13
Net Cash From Operating Activities		 34 65 -49 34 14 46 -156 22 -1.90 101 -46
Net Cash From Continuing Operating Activities		 34 65 -49 34 14 46 -156 22 -1.70 100 -46
Net Income / (Loss) Continuing Operations		 -1.70 12 14 30 86 32 23 7.50 -22 -63 7.80
Consolidated Net Income / (Loss)		 -1.70 12 14 30 86 32 23 7.50 -22 -63 7.80
Depreciation Expense		 13 13 13 20 19 16 15 17 17 17 17
Non-Cash Adjustments To Reconcile Net Income		 23 -12 16 -5.50 -104 22 -53 -40 7.70 86 8.20
Changes in Operating Assets and Liabilities, net		 -0.30 50 -91 -11 7.10 -21 -141 38 -4.60 59 -79
Net Cash From Investing Activities		 8.60 19 20 15 -152 -7.40 -12 -12 -12 -11 -9.50
Net Cash From Continuing Investing Activities		 8.60 19 20 15 -152 -7.40 -12 -15 -13 -7.20 -9.50
Purchase of Property, Plant & Equipment		 -8.30 -5.80 -5.00 -3.80 -9.60 -13 -13 -16 -11 -7.00 -11
Sale and/or Maturity of Investments		 29 29 26 18 12 6.80 0.50 0.20 0.20 1.00 1.10
Net Cash From Financing Activities		 -17 -23 -32 -21 71 -20 20 -21 15 -85 43
Net Cash From Continuing Financing Activities		 -17 -23 -32 -21 71 -20 20 -21 15 -85 43
Repayment of Debt		 -7.90 -5.40 -78 -11 -145 -26 -118 -175 -242 -226 -111
Payment of Dividends		 -8.60 -17 -7.60 -9.80 -13 -4.50 -7.60 -6.50 -9.00 -13 -4.70
Issuance of Debt		 - - 54 - 229 10 145 161 266 154 158
Cash Interest Paid		 11 2.60 9.10 2.30 26 7.90 21 3.70 23 4.00 27
Cash Income Taxes Paid		 1.80 2.90 0.80 35 5.40 0.70 2.20 49 -2.00 3.40 1.10

Annual Balance Sheets for Valhi

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 2,537 2,443 2,908 2,710 2,794 2,889 3,005 2,836 2,737 2,800 2,632
Total Current Assets		 896 837 1,262 1,409 1,425 1,453 1,673 1,590 1,475 1,454 1,259
Cash & Equivalents		 202 160 436 500 524 519 698 479 407 348 214
Restricted Cash		 7.20 13 16 15 27 14 53 46 23 25 8.60
Short-Term Investments		 2.00 4.40 3.00 2.50 2.10 4.40 2.60 75 56 1.90 2.90
Accounts Receivable		 239 258 365 332 321 337 399 274 339 327 319
Inventories, net		 415 370 415 516 522 538 459 641 596 686 660
Prepaid Expenses		 - - - - - 36 57 67 53 65 55
Plant, Property, & Equipment, net		 666 516 589 564 563 590 564 524 517 723 752
Plant, Property & Equipment, gross		 1,575 1,366 1,553 1,525 1,549 1,648 1,607 1,554 1,609 1,787 1,992
Accumulated Depreciation		 909 850 964 962 986 1,057 1,043 1,030 1,091 1,064 1,241
Total Noncurrent Assets		 976 1,090 1,057 737 806 846 768 722 744 623 622
Long-Term Investments		 338 332 342 86 96 106 105 114 116 5.70 6.10
Noncurrent Note & Lease Receivables		 - - - - - - - - - - 116
Goodwill		 380 380 380 380 380 380 380 380 380 382 382
Noncurrent Deferred & Refundable Income Taxes		 1.30 - 120 101 106 120 87 41 67 54 35
Other Noncurrent Operating Assets		 255 165 170 168 217 231 188 179 174 162 82
Total Liabilities & Shareholders' Equity		 2,537 2,443 2,908 2,710 2,794 2,889 3,005 2,836 2,737 2,800 2,632
Total Liabilities		 2,011 1,999 2,141 1,721 1,814 1,882 1,847 1,529 1,461 1,421 1,269
Total Current Liabilities		 287 294 331 351 323 318 464 493 507 644 449
Short-Term Debt		 9.50 4.50 1.60 2.90 4.90 2.40 3.10 1.80 0.70 79 0.80
Accounts Payable		 150 113 132 138 165 145 172 199 229 250 434
Current Deferred & Payable Income Tax Liabilities		 5.70 5.10 25 9.10 10 16 12 13 16 23 14
Total Noncurrent Liabilities		 1,724 1,705 1,810 1,370 1,492 1,564 1,383 1,036 954 777 819
Long-Term Debt		 951 889 1,042 798 789 786 650 558 546 484 591
Asset Retirement Reserve & Litigation Obligation		 109 107 111 114 155 145 133 121 109 15 15
Noncurrent Deferred & Payable Income Tax Liabilities		 321 278 183 41 38 30 46 64 17 58 56
Noncurrent Employee Benefit Liabilities		 229 251 266 273 316 379 291 132 152 118 81
Other Noncurrent Operating Liabilities		 115 85 85 87 137 175 219 129 111 103 77
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - 0.00
Total Equity & Noncontrolling Interests		 527 444 767 989 980 1,007 1,158 1,307 1,276 1,379 1,364
Total Preferred & Common Equity		 269 201 424 635 640 683 830 959 951 1,036 1,023
Preferred Stock		 667 667 667 667 667 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -399 -466 -243 -32 -27 683 830 959 951 1,036 1,023
Common Stock		 3.60 3.60 3.60 3.60 3.60 669 669 670 670 670 671
Retained Earnings		 -156 -199 -18 220 239 283 401 482 476 575 508
Treasury Stock		 -50 -50 -50 -50 -50 -50 -50 -50 -50 -50 -50
Accumulated Other Comprehensive Income / (Loss)		 -197 -222 -179 -206 -221 -219 -191 -144 -146 -159 -106
Noncontrolling Interest		 258 244 342 354 340 324 329 348 326 343 341

Quarterly Balance Sheets for Valhi

This table presents Valhi'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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,844 2,718 2,651 2,607 2,559 2,533 2,787 2,757 2,763 2,716 2,610
Total Current Assets		 1,629 1,474 1,401 1,370 1,329 1,324 1,406 1,410 1,367 1,341 1,254
Cash & Equivalents		 579 298 298 342 341 373 315 195 189 184 194
Restricted Cash		 48 47 44 23 26 22 45 31 29 34 15
Short-Term Investments		 2.90 101 99 83 32 14 2.10 1.90 2.40 3.10 2.20
Accounts Receivable		 386 329 334 333 378 398 395 389 379 367 415
Inventories, net		 546 644 575 533 504 475 577 730 717 691 580
Prepaid Expenses		 67 55 52 56 48 42 73 64 52 63 47
Plant, Property, & Equipment, net		 484 528 526 512 494 476 751 734 760 754 739
Plant, Property & Equipment, gross		 1,429 1,547 1,580 1,561 1,558 1,552 1,876 1,855 1,968 1,978 1,983
Accumulated Depreciation		 945 1,019 1,054 1,049 1,064 1,076 1,125 1,121 1,208 1,224 1,244
Total Noncurrent Assets		 731 716 723 724 736 734 630 613 636 621 617
Long-Term Investments		 110 115 125 119 114 107 5.30 5.20 4.70 5.80 5.60
Noncurrent Note & Lease Receivables		 - - - - - - - - - - 112
Goodwill		 380 380 380 380 380 380 382 382 382 382 382
Noncurrent Deferred & Refundable Income Taxes		 66 43 56 66 66 67 69 54 59 31 29
Other Noncurrent Operating Assets		 175 178 163 160 176 181 174 172 190 202 89
Total Liabilities & Shareholders' Equity		 2,844 2,718 2,651 2,607 2,559 2,533 2,787 2,757 2,763 2,716 2,610
Total Liabilities		 1,620 1,429 1,374 1,341 1,309 1,246 1,421 1,344 1,333 1,315 1,239
Total Current Liabilities		 488 397 394 403 385 379 504 529 483 369 386
Short-Term Debt		 2.00 1.60 1.40 1.40 0.70 0.80 85 82 89 0.80 0.80
Accounts Payable		 479 388 386 393 367 368 401 416 381 359 370
Current Deferred & Payable Income Tax Liabilities		 6.30 7.60 6.90 9.10 18 10 18 27 9.40 5.20 15
Total Noncurrent Liabilities		 1,132 1,032 980 938 924 868 917 815 850 946 853
Long-Term Debt		 538 560 550 532 511 497 527 526 545 662 625
Asset Retirement Reserve & Litigation Obligation		 94 93 93 93 93 93 93 15 14 14 15
Noncurrent Deferred & Payable Income Tax Liabilities		 35 64 54 50 30 13 40 61 64 50 56
Noncurrent Employee Benefit Liabilities		 248 132 130 124 145 141 145 119 127 125 76
Other Noncurrent Operating Liabilities		 184 149 135 119 126 123 112 95 100 95 82
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		 1,225 1,289 1,276 1,265 1,250 1,287 1,367 1,413 1,430 1,401 1,371
Total Preferred & Common Equity		 891 946 941 932 928 963 1,023 1,063 1,072 1,048 1,026
Preferred Stock		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 891 946 941 932 928 963 1,023 1,063 1,072 1,048 1,026
Common Stock		 670 669 670 670 670 670 670 670 671 671 671
Retained Earnings		 494 475 468 460 467 499 554 589 588 564 508
Treasury Stock		 -50 -50 -50 -50 -50 -50 -50 -50 -50 -50 -50
Accumulated Other Comprehensive Income / (Loss)		 -224 -148 -147 -148 -159 -157 -152 -147 -138 -137 -103
Noncontrolling Interest		 334 342 336 333 322 324 344 351 359 353 345

Annual Metrics And Ratios for Valhi

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 339,142,949.00 339,158,949.00 339,170,949.00 339,185,449.00 339,235,449.00 28,273,093.00 28,277,093.00 - - - 28,302,293.00
DEI Adjusted Shares Outstanding		 28,261,912.00 28,263,246.00 28,264,246.00 28,265,454.00 28,269,621.00 28,273,093.00 28,277,093.00 - - - 28,302,293.00
DEI Earnings Per Adjusted Shares Outstanding		 -4.73 -0.56 7.34 9.28 1.74 1.95 4.50 - - - -2.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -20.20% 2.54% 22.22% -0.80% 2.60% -3.11% 24.35% -2.96% -12.76% 9.58% -1.41%
EBITDA Growth		 -84.17% 259.67% 222.06% -16.05% -39.18% -4.66% 86.05% -19.22% -74.89% 460.71% -77.55%
EBIT Growth		 -137.41% 194.51% 636.87% -19.05% -48.69% -17.00% 156.26% -23.27% -95.55% 3,242.05% -95.21%
NOPAT Growth		 -136.89% 171.60% 1,860.95% -35.19% -66.08% -6.43% 133.41% -21.62% -96.02% 2,361.95% -94.92%
Net Income Growth		 -315.22% 98.25% 10,186.67% -0.53% -74.02% 13.81% 122.13% -32.68% -96.17% 3,062.75% -134.04%
EPS Growth		 -343.75% 87.18% 1,320.00% -0.53% -74.02% 12.14% 129.90% -31.39% -111.44% 1,182.86% -153.30%
Operating Cash Flow Growth		 -67.16% 261.09% 224.94% -36.17% 7.07% -14.11% 202.04% -92.41% -88.83% 1,028.21% -180.68%
Free Cash Flow Firm Growth		 -11.60% 34.88% -90.10% 620.83% -2.75% -58.20% 537.28% -100.06% -25,709.99% -201.15% -3.96%
Invested Capital Growth		 -16.92% -21.02% 52.67% 9.83% -4.90% 1.81% -17.10% 15.57% 5.98% 27.89% 10.37%
Revenue Q/Q Growth		 -9.18% 5.76% 7.57% -5.37% 1.11% 5.15% 8.50% -11.21% 3.62% 1.13% -0.02%
EBITDA Q/Q Growth		 -55.08% 274.40% 13.89% -20.27% -1.04% 3.18% 37.58% -28.87% 335.57% 85.00% -64.02%
EBIT Q/Q Growth		 -755.10% 203.13% 17.85% -25.16% -4.27% 0.80% 50.94% -34.93% 122.00% 136.99% -91.33%
NOPAT Q/Q Growth		 -755.10% 178.13% 41.66% -33.49% -1.82% 4.74% 40.31% -34.49% 122.00% 62.11% -84.02%
Net Income Q/Q Growth		 -40.59% 94.68% 90.91% -31.44% -10.73% 31.85% 36.16% -43.36% 131.48% 17.31% -234.56%
EPS Q/Q Growth		 0.00% 70.59% 177.27% -31.44% -10.73% 32.88% 27.43% -42.48% 57.32% 24.26% -410.77%
Operating Cash Flow Q/Q Growth		 -73.94% 178.05% 6.10% -32.86% 103.68% 39.12% 55.20% -88.30% 107.20% -30.49% 60.69%
Free Cash Flow Firm Q/Q Growth		 -49.03% 1,255.72% -92.68% 16.80% 131.53% -22.68% 59.70% -100.08% 71.39% 29.54% 6.97%
Invested Capital Q/Q Growth		 -1.69% -21.70% 20.07% 2.67% -4.48% -2.67% -11.30% 8.89% -2.26% -3.07% -6.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 17.13% 22.26% 33.50% 35.91% 24.53% 23.45% 26.51% 23.57% 15.20% 22.45% 16.60%
EBITDA Margin		 2.01% 7.04% 18.55% 15.70% 9.31% 9.16% 13.70% 11.41% 3.28% 16.80% 3.82%
Operating Margin		 -2.76% 2.54% 15.32% 12.50% 6.25% 5.36% 11.04% 8.73% 0.45% 10.60% 0.66%
EBIT Margin		 -2.76% 2.54% 15.32% 12.50% 6.25% 5.36% 11.04% 8.73% 0.45% 13.57% 0.66%
Profit (Net Income) Margin		 -11.26% -0.19% 15.89% 15.93% 4.03% 4.74% 8.47% 5.87% 0.26% 7.44% -2.57%
Tax Burden Percent		 408.35% -7.58% 103.70% 127.43% 74.69% 88.47% 76.69% 78.34% -26.15% 66.05% 127.67%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 86.39% 100.00% 100.00% 85.89% -221.59% 83.03% -304.96%
Effective Tax Rate		 0.00% 46.97% -41.12% -13.00% 25.31% 15.81% 23.31% 21.66% 0.00% 33.95% 0.00%
Return on Invested Capital (ROIC)		 -2.84% 2.50% 44.00% 22.49% 7.47% 7.11% 17.97% 14.42% 0.52% 10.90% 0.60%
ROIC Less NNEP Spread (ROIC-NNEP)		 -41.87% -4.28% 10.95% 33.53% 2.05% 9.27% 17.97% 28.26% 1.53% 26.00% -23.26%
Return on Net Nonoperating Assets (RNNOA)		 -22.68% -3.12% 5.98% 11.80% 0.47% 1.85% 0.29% -3.62% -0.12% 1.25% -4.60%
Return on Equity (ROE)		 -25.52% -0.62% 49.97% 34.29% 7.94% 8.96% 18.26% 10.80% 0.39% 12.15% -4.00%
Cash Return on Invested Capital (CROIC)		 15.65% 25.99% 2.31% 13.12% 12.50% 5.31% 36.67% -0.02% -5.29% -13.58% -9.26%
Operating Return on Assets (OROA)		 -1.53% 1.59% 10.91% 8.41% 4.40% 3.54% 8.75% 6.77% 0.32% 10.62% 0.52%
Return on Assets (ROA)		 -6.24% -0.12% 11.31% 10.72% 2.84% 3.13% 6.71% 4.56% 0.18% 5.83% -2.02%
Return on Common Equity (ROCE)		 11.20% 0.55% -29.27% -5.37% -0.24% 2.95% 12.75% 7.83% 0.29% 9.09% -3.01%
Return on Equity Simple (ROE_SIMPLE)		 -63.68% -1.49% 71.30% 47.37% 12.22% 13.04% 23.83% 13.88% 0.54% 15.57% 0.00%
Net Operating Profit after Tax (NOPAT)		 -29 21 412 267 91 85 198 155 6.16 152 9.87
NOPAT Margin		 -1.93% 1.35% 21.62% 14.13% 4.67% 4.51% 8.47% 6.84% 0.31% 7.00% 0.46%
Net Nonoperating Expense Percent (NNEP)		 39.03% 6.78% 33.05% -11.04% 5.42% -2.17% 0.00% -13.84% -1.01% -15.10% 23.87%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 8.30% 0.34% 7.81% 0.50%
Cost of Revenue to Revenue		 82.87% 77.74% 66.50% 64.09% 75.47% 76.55% 73.49% 76.43% 84.80% 77.55% 83.40%
SG&A Expenses to Revenue		 16.36% 14.93% 13.79% 16.41% 15.18% 15.10% 13.36% 13.41% 14.03% 11.83% 14.62%
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		 19.88% 19.72% 18.18% 23.41% 18.28% 18.10% 15.47% 14.84% 14.76% 11.85% 15.94%
Earnings before Interest and Taxes (EBIT)		 -42 40 292 236 121 101 258 198 8.80 294 14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 110 353 297 180 172 320 259 65 364 82
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.60 0.94 0.63 0.44 0.64 0.33
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 1.34 1.73 1.03 0.74 1.01 0.53
Price to Revenue (P/Rev)		 0.24 0.63 0.95 0.31 0.30 0.22 0.33 0.26 0.21 0.31 0.16
Price to Earnings (P/E)		 0.00 0.00 8.72 2.21 11.80 7.36 6.12 6.87 0.00 6.13 0.00
Dividend Yield		 7.35% 2.74% 1.50% 4.69% 4.67% 3.34% 1.16% 1.51% 2.14% 1.37% 3.34%
Earnings Yield		 0.00% 0.00% 11.47% 45.34% 8.48% 13.58% 16.33% 14.56% 0.00% 16.32% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.82 3.08 2.71 1.45 1.47 0.73 0.90 0.69 0.57 0.76 0.60
Enterprise Value to Revenue (EV/Rev)		 1.12 1.47 1.61 0.95 0.89 0.47 0.39 0.35 0.35 0.55 0.49
Enterprise Value to EBITDA (EV/EBITDA)		 55.93 20.83 8.67 6.06 9.61 5.09 2.82 3.07 10.69 3.26 12.73
Enterprise Value to EBIT (EV/EBIT)		 0.00 57.70 10.50 7.60 14.30 8.71 3.50 4.01 78.82 4.04 73.73
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 108.81 7.44 6.73 19.14 10.35 4.56 5.12 112.60 7.83 105.33
Enterprise Value to Operating Cash Flow (EV/OCF)		 77.19 28.64 11.82 10.85 9.78 5.76 1.96 22.72 177.85 26.99 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.54 10.47 141.86 11.54 11.44 13.84 2.24 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.82 2.01 1.36 0.81 0.81 0.78 0.56 0.43 0.43 0.41 0.43
Long-Term Debt to Equity		 1.80 2.00 1.36 0.81 0.81 0.78 0.56 0.43 0.43 0.35 0.43
Financial Leverage		 0.54 0.73 0.55 0.35 0.23 0.20 0.02 -0.13 -0.08 0.05 0.20
Leverage Ratio		 4.09 5.13 4.42 3.20 2.80 2.86 2.72 2.37 2.16 2.09 1.98
Compound Leverage Factor		 4.09 5.13 4.42 3.20 2.41 2.86 2.72 2.04 -4.78 1.73 -6.04
Debt to Total Capital		 64.58% 66.79% 57.64% 44.73% 44.76% 43.92% 36.05% 29.98% 29.98% 29.00% 30.26%
Short-Term Debt to Total Capital		 0.64% 0.34% 0.09% 0.16% 0.28% 0.13% 0.17% 0.10% 0.04% 4.07% 0.04%
Long-Term Debt to Total Capital		 63.94% 66.45% 57.55% 44.57% 44.49% 43.79% 35.88% 29.88% 29.94% 24.94% 30.22%
Preferred Equity to Total Capital		 44.86% 49.87% 36.87% 37.29% 37.61% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 17.36% 18.20% 18.91% 19.76% 19.17% 18.07% 18.16% 18.66% 17.87% 17.66% 17.41%
Common Equity to Total Capital		 -26.80% -34.85% -13.42% -1.78% -1.54% 38.01% 45.79% 51.36% 52.15% 53.34% 52.33%
Debt to EBITDA		 31.49 8.15 2.95 2.70 4.40 4.58 2.04 2.16 8.42 1.55 7.24
Net Debt to EBITDA		 13.48 3.51 0.70 0.66 0.80 0.85 -0.64 -0.60 -0.85 0.50 4.41
Long-Term Debt to EBITDA		 31.18 8.11 2.95 2.69 4.38 4.57 2.03 2.16 8.41 1.33 7.23
Debt to NOPAT		 -32.75 42.56 2.53 3.00 8.77 9.31 3.30 3.61 88.72 3.72 59.95
Net Debt to NOPAT		 -14.02 18.32 0.60 0.74 1.60 1.72 -1.04 -1.00 -8.93 1.20 36.48
Long-Term Debt to NOPAT		 -32.42 42.35 2.53 2.99 8.72 9.28 3.29 3.60 88.60 3.19 59.87
Altman Z-Score		 0.86 1.14 1.87 1.77 1.62 1.50 1.98 1.97 1.57 2.03 1.63
Noncontrolling Interest Sharing Ratio		 143.88% 189.06% 158.57% 115.65% 103.01% 67.03% 30.17% 27.47% 26.09% 25.18% 24.92%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.13 2.85 3.81 4.01 4.42 4.57 3.61 3.23 2.91 2.26 2.80
Quick Ratio		 1.55 1.43 2.43 2.38 2.63 2.70 2.37 1.68 1.58 1.05 1.19
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 162 218 22 156 151 63 403 -0.24 -63 -189 -152
Operating Cash Flow to CapEx		 40.48% 135.48% 363.67% 269.54% 295.83% 232.37% 717.16% 51.63% 8.04% 142.39% -76.18%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -2.22 -3.79 -2.66
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.25 0.14 0.88 -0.62
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.17 -1.58 0.26 -1.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.55 0.63 0.71 0.67 0.70 0.66 0.79 0.78 0.71 0.78 0.79
Accounts Receivable Turnover		 5.69 6.28 6.12 5.42 5.94 5.71 6.35 6.73 6.46 6.52 6.62
Inventory Turnover		 2.89 3.09 3.23 2.60 2.82 2.71 3.44 3.15 2.71 2.62 2.65
Fixed Asset Turnover		 2.17 2.64 3.45 3.28 3.44 3.26 4.05 4.17 3.80 3.49 2.90
Accounts Payable Turnover		 7.58 9.20 10.33 8.95 9.65 9.27 10.84 9.34 7.84 7.02 5.21
Days Sales Outstanding (DSO)		 64.17 58.17 59.68 67.35 61.50 63.93 57.50 54.21 56.54 56.02 55.14
Days Inventory Outstanding (DIO)		 126.51 118.28 113.12 140.27 129.48 134.60 106.01 115.85 134.65 139.23 137.84
Days Payable Outstanding (DPO)		 48.18 39.66 35.35 40.77 37.84 39.39 33.68 39.08 46.58 51.97 70.08
Cash Conversion Cycle (CCC)		 142.50 136.79 137.45 166.85 153.14 159.14 129.83 130.97 144.60 143.28 122.90
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 938 741 1,131 1,242 1,181 1,203 997 1,152 1,221 1,562 1,724
Invested Capital Turnover		 1.47 1.86 2.03 1.59 1.60 1.58 2.12 2.11 1.67 1.56 1.30
Increase / (Decrease) in Invested Capital		 -191 -197 390 111 -61 21 -206 155 69 341 162
Enterprise Value (EV)		 1,706 2,285 3,064 1,796 1,733 876 902 793 694 1,188 1,040
Market Capitalization		 369 989 1,809 578 581 406 779 599 423 662 339
Book Value per Share		 ($1.18) ($1.38) ($0.72) ($0.09) ($0.08) $24.14 $29.33 $33.90 $33.60 $36.62 $36.15
Tangible Book Value per Share		 ($2.29) ($2.49) ($1.84) ($1.21) ($1.20) $10.71 $15.91 $20.47 $20.18 $23.11 $22.64
Total Capital		 1,487 1,338 1,810 1,789 1,774 1,796 1,811 1,866 1,823 1,943 1,955
Total Debt		 961 894 1,043 800 794 789 653 560 547 563 592
Total Long-Term Debt		 951 889 1,042 798 789 786 650 558 546 484 591
Net Debt		 411 385 246 197 145 146 -206 -155 -55 183 360
Capital Expenditures (CapEx)		 55 59 71 61 60 66 64 68 49 31 47
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 408 371 478 543 555 601 459 499 483 514 585
Debt-free Net Working Capital (DFNWC)		 619 548 933 1,061 1,108 1,138 1,213 1,099 969 889 811
Net Working Capital (NWC)		 610 543 931 1,058 1,103 1,135 1,210 1,097 968 810 810
Net Nonoperating Expense (NNE)		 142 24 109 -34 12 -4.30 0.00 22 1.06 -9.64 65
Net Nonoperating Obligations (NNO)		 411 297 364 253 201 196 -161 -155 -55 183 360
Total Depreciation and Amortization (D&A)		 72 70 62 60 59 71 62 61 56 70 68
Debt-free, Cash-free Net Working Capital to Revenue		 26.82% 23.82% 25.09% 28.76% 28.63% 31.99% 19.66% 22.00% 24.44% 23.72% 27.39%
Debt-free Net Working Capital to Revenue		 40.74% 35.15% 48.97% 56.14% 57.15% 60.58% 51.93% 48.47% 49.01% 41.03% 37.95%
Net Working Capital to Revenue		 40.11% 34.86% 48.89% 55.99% 56.90% 60.45% 51.80% 48.39% 48.98% 37.38% 37.91%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($4.68) ($0.60) $7.32 $9.24 $1.68 $1.94 $4.46 $3.16 ($0.42) $3.79 ($2.02)
Adjusted Weighted Average Basic Shares Outstanding		 28.26M 28.26M 28.26M 28.27M 28.27M 28.27M 28.50M 28.50M 28.50M 28.50M 28.50M
Adjusted Diluted Earnings per Share		 ($4.68) ($0.60) $7.32 $9.24 $1.68 $1.94 $4.46 $3.16 ($0.42) $3.79 ($2.02)
Adjusted Weighted Average Diluted Shares Outstanding		 28.26M 28.26M 28.26M 28.27M 28.27M 28.27M 28.50M 28.50M 28.50M 28.50M 28.50M
Adjusted Basic & Diluted Earnings per Share		 ($4.68) ($0.60) $7.32 $9.24 $1.68 $1.94 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 28.50M 28.50M 28.50M 28.50M 28.51M 28.50M 28.28M 28.28M 28.29M 28.29M 28.30M
Normalized Net Operating Profit after Tax (NOPAT)		 -29 24 204 209 105 85 198 168 6.16 152 9.87
Normalized NOPAT Margin		 -1.93% 1.52% 10.72% 11.05% 5.41% 4.51% 8.47% 7.40% 0.31% 7.00% 0.46%
Pre Tax Income Margin		 -2.76% 2.54% 15.32% 12.50% 5.40% 5.36% 11.04% 7.50% -0.99% 11.27% -2.01%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.09 0.31 5.89 0.25
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.55 0.22 3.04 0.17
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.67 -1.40 5.27 -0.57
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.13 -1.50 2.42 -0.64
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -24.61% -1,623.33% 14.97% 15.68% 82.74% 70.79% 42.19% 35.99% 845.10% 21.33% -65.76%
Augmented Payout Ratio		 -24.61% -1,623.33% 14.97% 15.68% 86.70% 71.91% 42.94% 38.99% 901.96% 21.33% -65.76%

Quarterly Metrics And Ratios for Valhi

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 28,294,793.00 28,294,793.00 28,302,293.00 28,302,293.00 28,302,293.00
DEI Adjusted Shares Outstanding		 - - - - - - 28,294,793.00 28,294,793.00 28,302,293.00 28,302,293.00 28,302,293.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.60 0.03 -0.78 -1.88 0.07
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -17.78% 16.93% 7.32% 8.85% 17.30% 5.09% -0.63% 1.44% -6.21% -0.10% 4.60%
EBITDA Growth		 -83.03% 103.76% 577.78% 874.58% 1,270.27% 171.43% 42.11% -34.01% -83.96% -130.31% -23.06%
EBIT Growth		 -104.51% 294.37% 283.67% 629.58% 5,895.65% 275.71% 50.17% -40.81% -94.52% -145.39% -34.55%
NOPAT Growth		 -103.79% 781.81% 298.25% 697.59% 3,150.82% 13.21% 47.13% -63.74% -89.60% -167.37% -51.09%
Net Income Growth		 -104.17% 180.00% 467.57% 10,000.00% 5,135.29% 200.00% 67.65% -74.75% -125.58% -295.37% -65.79%
EPS Growth		 -122.83% 132.56% 258.82% 736.36% 1,057.14% 478.57% 118.52% -95.71% -138.81% -329.63% -88.14%
Operating Cash Flow Growth		 33,800.00% 830.00% 61.51% 5.68% -60.18% -29.65% -219.47% -35.22% -114.07% 119.65% 70.43%
Free Cash Flow Firm Growth		 -278.02% 83.31% 138.62% 116.98% -62.04% -1,060.51% -629.15% -1,201.84% 29.56% 23.19% 104.94%
Invested Capital Growth		 18.08% 5.98% -5.57% -0.88% 28.95% 27.89% 43.23% 44.85% 13.98% 10.37% -0.51%
Revenue Q/Q Growth		 -7.96% 0.19% 13.72% 3.80% -0.82% -10.24% 7.54% 5.95% -8.29% -4.39% 12.59%
EBITDA Q/Q Growth		 88.14% 290.99% 50.25% 88.52% 164.52% -22.55% -63.33% -22.90% -46.72% -301.23% 193.08%
EBIT Q/Q Growth		 67.61% 1,317.39% 160.87% 108.89% 254.52% -21.08% -69.97% -33.41% -75.09% -1,010.96% 143.31%
NOPAT Q/Q Growth		 67.61% 2,822.12% 54.55% 118.38% 65.38% 1.01% -52.86% -56.47% -63.96% -1,010.96% 134.23%
Net Income Q/Q Growth		 -466.67% 735.29% 54.55% 118.38% 188.22% -62.15% -29.63% -67.11% -392.00% -189.04% 112.32%
EPS Q/Q Growth		 -90.91% 166.67% 285.71% 159.26% 187.14% -59.70% -27.16% -94.92% -2,700.00% -138.46% 103.76%
Operating Cash Flow Q/Q Growth		 6.94% 92.04% -174.96% 168.65% -59.70% 239.26% -440.39% 113.92% -108.76% 5,394.74% -145.83%
Free Cash Flow Firm Q/Q Growth		 20.11% 87.00% 245.26% -53.04% -862.39% 6.91% -86.78% -9.50% 60.35% 5.29% 112.00%
Invested Capital Q/Q Growth		 -2.47% -2.26% 2.24% 1.71% 26.88% -3.07% 14.50% 2.86% -0.16% -6.14% 3.21%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 14.29% 18.71% 18.15% 22.19% 25.32% 24.18% 22.86% 19.11% 15.49% 8.14% 18.98%
EBITDA Margin		 2.33% 9.09% 5.62% 10.21% 27.22% 23.48% 11.01% 8.01% 4.66% -9.80% 8.10%
Operating Margin		 -0.48% 5.87% 3.32% 6.67% 12.31% 20.97% 8.16% 5.13% 1.39% -13.27% 5.10%
EBIT Margin		 -0.48% 5.87% 3.32% 6.67% 23.85% 20.97% 8.16% 5.13% 1.39% -13.27% 5.10%
Profit (Net Income) Margin		 -0.36% 2.26% 2.51% 5.27% 15.32% 6.46% 4.23% 1.31% -4.18% -12.63% 1.38%
Tax Burden Percent		 17.89% 156.52% 75.56% 78.99% 71.39% 47.16% 74.03% 48.39% 288.16% 77.48% 55.32%
Interest Burden Percent		 413.04% 24.64% 100.00% 100.00% 89.95% 65.30% 70.00% 52.90% -104.11% 122.86% 48.96%
Effective Tax Rate		 0.00% -56.52% 24.44% 21.01% 28.61% 52.84% 25.97% 51.61% 0.00% 0.00% 44.68%
Return on Invested Capital (ROIC)		 -0.56% 15.30% 3.93% 8.51% 13.17% 15.40% 8.60% 3.46% 1.21% -12.08% 3.42%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.46% 46.83% 3.93% 8.51% 45.04% -11.56% 3.37% 0.06% -6.73% -18.25% 1.34%
Return on Net Nonoperating Assets (RNNOA)		 0.03% -3.80% 0.05% -0.04% 3.92% -0.56% 0.47% 0.01% -1.65% -3.61% 0.38%
Return on Equity (ROE)		 -0.53% 11.50% 3.98% 8.47% 17.08% 14.84% 9.08% 3.47% -0.45% -15.69% 3.80%
Cash Return on Invested Capital (CROIC)		 -19.01% -5.29% 7.31% 4.82% -18.75% -13.58% -22.05% -27.53% -9.49% -9.26% 0.47%
Operating Return on Assets (OROA)		 -0.34% 4.16% 2.53% 5.30% 18.95% 16.41% 6.64% 4.20% 1.08% -10.44% 4.11%
Return on Assets (ROA)		 -0.25% 1.61% 1.91% 4.19% 12.17% 5.05% 3.44% 1.08% -3.24% -9.93% 1.11%
Return on Common Equity (ROCE)		 -0.38% 8.50% 2.94% 6.29% 12.69% 11.11% 6.78% 2.60% -0.33% -11.78% 2.85%
Return on Equity Simple (ROE_SIMPLE)		 -1.74% 0.00% 2.18% 5.22% 13.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.61 44 14 30 49 50 33 14 5.11 -47 16
NOPAT Margin		 -0.34% 9.18% 2.51% 5.27% 8.79% 9.89% 6.04% 2.48% 0.98% -9.29% 2.82%
Net Nonoperating Expense Percent (NNEP)		 -0.10% -31.53% 0.00% 0.00% -31.88% 26.96% 5.23% 3.40% 7.94% 6.17% 2.08%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.40% - - - 2.55% 1.61% 0.69% 0.25% -2.38% 0.80%
Cost of Revenue to Revenue		 85.71% 81.29% 81.85% 77.81% 74.68% 75.82% 77.14% 80.89% 84.51% 91.86% 81.02%
SG&A Expenses to Revenue		 14.50% 14.90% 12.64% 13.29% 13.28% 7.68% 14.55% 13.86% 14.81% 15.37% 13.74%
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		 14.78% 12.84% 14.83% 15.51% 13.01% 3.21% 14.70% 13.98% 14.10% 21.41% 13.88%
Earnings before Interest and Taxes (EBIT)		 -2.30 28 18 38 133 105 44 29 7.30 -67 29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11 43 31 58 152 118 59 46 24 -49 46
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.40 0.44 0.52 0.52 0.92 0.64 0.42 0.43 0.43 0.33 0.39
Price to Tangible Book Value (P/TBV)		 0.67 0.74 0.88 0.87 1.47 1.01 0.66 0.66 0.67 0.53 0.63
Price to Revenue (P/Rev)		 0.19 0.21 0.24 0.24 0.44 0.31 0.21 0.21 0.21 0.16 0.19
Price to Earnings (P/E)		 0.00 0.00 806.53 21.28 10.85 6.13 3.84 4.66 24.27 0.00 0.00
Dividend Yield		 2.46% 2.14% 1.87% 1.79% 0.96% 1.37% 2.02% 1.98% 2.03% 3.34% 2.24%
Earnings Yield		 0.00% 0.00% 0.12% 4.70% 9.21% 16.32% 26.06% 21.45% 4.12% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.53 0.57 0.64 0.64 0.95 0.76 0.66 0.67 0.67 0.60 0.65
Enterprise Value to Revenue (EV/Rev)		 0.35 0.35 0.40 0.39 0.72 0.55 0.54 0.56 0.58 0.49 0.54
Enterprise Value to EBITDA (EV/EBITDA)		 44.78 10.69 13.27 7.23 7.79 3.26 3.11 3.45 5.44 12.73 17.34
Enterprise Value to EBIT (EV/EBIT)		 0.00 78.82 96.89 15.31 12.35 4.04 3.81 4.25 7.60 73.73 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 112.60 39.81 16.17 16.39 7.83 5.74 8.66 20.00 105.33 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 177.85 9.82 9.70 24.22 26.99 0.00 0.00 0.00 0.00 15.59
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 8.56 13.20 0.00 0.00 0.00 0.00 0.00 0.00 139.02
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.42 0.43 0.41 0.39 0.45 0.41 0.43 0.44 0.47 0.43 0.46
Long-Term Debt to Equity		 0.42 0.43 0.41 0.39 0.39 0.35 0.37 0.38 0.47 0.43 0.46
Financial Leverage		 -0.07 -0.08 0.01 0.00 0.09 0.05 0.14 0.14 0.25 0.20 0.28
Leverage Ratio		 2.19 2.16 2.08 2.02 2.05 2.09 2.00 1.95 1.99 1.98 1.93
Compound Leverage Factor		 9.04 0.53 2.08 2.02 1.84 1.36 1.40 1.03 -2.07 2.43 0.94
Debt to Total Capital		 29.66% 29.98% 29.06% 27.91% 30.91% 29.00% 30.07% 30.70% 32.10% 30.26% 31.33%
Short-Term Debt to Total Capital		 0.08% 0.04% 0.04% 0.04% 4.28% 4.07% 4.05% 4.30% 0.04% 0.04% 0.04%
Long-Term Debt to Total Capital		 29.58% 29.94% 29.02% 27.86% 26.62% 24.94% 26.02% 26.40% 32.06% 30.22% 31.29%
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		 18.53% 17.87% 18.26% 18.17% 17.40% 17.66% 17.36% 17.37% 17.13% 17.41% 17.28%
Common Equity to Total Capital		 51.81% 52.15% 52.69% 53.92% 51.70% 53.34% 52.57% 51.93% 50.77% 52.33% 51.39%
Debt to EBITDA		 35.80 8.42 8.45 4.44 3.11 1.55 1.61 1.79 2.92 7.24 9.36
Net Debt to EBITDA		 -2.30 -0.85 -0.02 -0.15 1.24 0.50 0.99 1.15 1.92 4.41 6.11
Long-Term Debt to EBITDA		 35.70 8.41 8.44 4.43 2.68 1.33 1.39 1.54 2.91 7.23 9.35
Debt to NOPAT		 -19.05 88.72 25.34 9.92 6.53 3.72 2.97 4.48 10.72 59.95 -812.08
Net Debt to NOPAT		 1.22 -8.93 -0.06 -0.34 2.61 1.20 1.83 2.89 7.05 36.48 -530.39
Long-Term Debt to NOPAT		 -19.00 88.60 25.31 9.91 5.63 3.19 2.57 3.85 10.71 59.87 -811.04
Altman Z-Score		 1.59 1.60 1.73 1.83 1.99 1.81 1.72 1.71 1.72 1.53 1.73
Noncontrolling Interest Sharing Ratio		 26.78% 26.09% 26.16% 25.75% 25.74% 25.18% 25.25% 25.13% 25.20% 24.92% 24.99%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.40 2.91 3.45 3.49 2.79 2.26 2.67 2.83 3.64 2.80 3.25
Quick Ratio		 1.88 1.58 1.95 2.07 1.41 1.05 1.11 1.18 1.50 1.19 1.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -193 -25 87 41 -313 -291 -507 -555 -220 -209 25
Operating Cash Flow to CapEx		 408.43% 1,122.41% -976.00% 881.58% 140.63% 366.40% -1,217.97% 139.10% -16.96% 1,437.14% -434.91%
Free Cash Flow to Firm to Interest Expense		 -26.79 0.00 0.00 0.00 -23.33 0.00 -38.42 -40.24 -14.78 -13.72 1.70
Operating Cash Flow to Interest Expense		 4.71 0.00 0.00 0.00 1.01 0.00 -11.81 1.57 -0.13 6.62 -3.14
Operating Cash Flow Less CapEx to Interest Expense		 3.56 0.00 0.00 0.00 0.29 0.00 -12.78 0.44 -0.88 6.16 -3.86
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.70 0.71 0.76 0.79 0.79 0.78 0.81 0.82 0.78 0.79 0.81
Accounts Receivable Turnover		 5.31 6.46 5.70 5.64 5.89 6.52 5.64 5.59 5.61 6.62 5.38
Inventory Turnover		 3.04 2.71 2.93 3.20 3.04 2.62 2.68 2.81 2.68 2.65 2.78
Fixed Asset Turnover		 3.83 3.80 3.94 4.11 3.39 3.49 3.52 3.51 2.84 2.90 2.93
Accounts Payable Turnover		 3.76 7.84 4.46 4.46 4.25 7.02 4.22 4.48 4.48 5.21 4.63
Days Sales Outstanding (DSO)		 68.76 56.54 64.03 64.77 61.95 56.02 64.67 65.29 65.03 55.14 67.86
Days Inventory Outstanding (DIO)		 120.15 134.65 124.53 114.21 120.04 139.23 136.29 129.86 136.03 137.84 131.15
Days Payable Outstanding (DPO)		 97.14 46.58 81.87 81.87 85.87 51.97 86.52 81.49 81.54 70.08 78.75
Cash Conversion Cycle (CCC)		 91.77 144.60 106.69 97.11 96.12 143.28 114.44 113.66 119.51 122.90 120.26
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,250 1,221 1,249 1,270 1,611 1,562 1,788 1,839 1,837 1,724 1,779
Invested Capital Turnover		 1.65 1.67 1.57 1.61 1.50 1.56 1.42 1.40 1.24 1.30 1.21
Increase / (Decrease) in Invested Capital		 191 69 -74 -11 362 341 540 570 225 162 -9.10
Enterprise Value (EV)		 667 694 804 812 1,533 1,188 1,175 1,225 1,236 1,040 1,158
Market Capitalization		 368 423 484 504 944 662 449 457 447 339 405
Book Value per Share		 $32.94 $33.60 $32.81 $34.03 $36.14 $36.62 $37.55 $37.87 $37.01 $36.15 $36.24
Tangible Book Value per Share		 $19.52 $20.18 $19.39 $20.61 $22.63 $23.11 $24.04 $24.36 $23.50 $22.64 $22.74
Total Capital		 1,799 1,823 1,762 1,785 1,978 1,943 2,021 2,064 2,063 1,955 1,996
Total Debt		 533 547 512 498 611 563 608 634 662 592 625
Total Long-Term Debt		 532 546 511 497 527 484 526 545 662 591 625
Net Debt		 -34 -55 -1.30 -17 245 183 375 409 436 360 408
Capital Expenditures (CapEx)		 8.30 5.80 5.00 3.80 9.60 13 13 16 11 7.00 11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 519 483 545 537 626 514 736 754 752 585 657
Debt-free Net Working Capital (DFNWC)		 968 969 944 946 987 889 963 973 973 811 868
Net Working Capital (NWC)		 967 968 943 945 902 810 881 884 972 810 868
Net Nonoperating Expense (NNE)		 0.09 33 0.00 0.00 -36 17 9.77 6.68 27 17 8.13
Net Nonoperating Obligations (NNO)		 -16 -55 -1.30 -17 245 183 375 409 436 360 408
Total Depreciation and Amortization (D&A)		 13 15 13 20 19 13 15 17 17 17 17
Debt-free, Cash-free Net Working Capital to Revenue		 27.22% 24.44% 27.06% 26.07% 29.20% 23.72% 34.01% 34.71% 35.21% 27.39% 30.41%
Debt-free Net Working Capital to Revenue		 50.74% 49.01% 46.87% 45.91% 46.07% 41.03% 44.53% 44.81% 45.55% 37.95% 40.19%
Net Working Capital to Revenue		 50.67% 48.98% 46.83% 45.88% 42.12% 37.38% 40.75% 40.73% 45.51% 37.91% 40.15%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.21) $0.14 $0.27 $0.70 $2.01 $0.81 $0.59 $0.03 ($0.78) ($1.86) $0.07
Adjusted Weighted Average Basic Shares Outstanding		 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M
Adjusted Diluted Earnings per Share		 ($0.21) $0.14 $0.27 $0.70 $2.01 $0.81 $0.59 $0.03 ($0.78) ($1.86) $0.07
Adjusted Weighted Average Diluted Shares Outstanding		 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M 28.50M
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		 28.29M 28.29M 28.29M 28.29M 28.29M 28.29M 28.29M 28.30M 28.30M 28.30M 28.30M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.61 20 14 30 49 74 33 21 5.11 -47 16
Normalized NOPAT Margin		 -0.34% 4.11% 2.51% 5.27% 8.79% 14.68% 6.04% 3.59% 0.98% -9.29% 2.82%
Pre Tax Income Margin		 -1.99% 1.45% 3.32% 6.67% 21.46% 13.70% 5.71% 2.71% -1.45% -16.30% 2.50%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.32 0.00 0.00 0.00 9.95 0.00 3.33 2.12 0.49 -4.38 1.96
NOPAT to Interest Expense		 -0.22 0.00 0.00 0.00 3.67 0.00 2.47 1.03 0.34 -3.06 1.08
EBIT Less CapEx to Interest Expense		 -1.47 0.00 0.00 0.00 9.23 0.00 2.36 0.99 -0.26 -4.84 1.24
NOPAT Less CapEx to Interest Expense		 -1.38 0.00 0.00 0.00 2.95 0.00 1.50 -0.10 -0.41 -3.52 0.36
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -243.83% 845.10% 213.86% 86.26% 34.33% 21.33% 20.18% 20.97% 67.65% -65.76% -47.50%
Augmented Payout Ratio		 -269.14% 901.96% 221.29% 86.26% 34.33% 21.33% 20.18% 20.97% 67.65% -65.76% -47.50%

Financials Breakdown Chart

Key Financial Trends

Valhi’s latest quarter shows a sharp improvement in profitability versus the prior quarter, but cash flow remains weak and leverage is still a key watch item. In Q1 2026, revenue rose year over year, gross profit improved, and the company returned to a modest profit. However, operating cash flow was negative because working capital consumed a large amount of cash, and Valhi financed part of its balance sheet through additional debt.

  • Revenue growth resumed in Q1 2026. Total revenue increased to $564.2 million from $501.1 million in Q4 2025, and operating revenue also improved from $494.5 million to $560.1 million.
  • Operating income rebounded sharply from the prior quarter. Valhi posted operating income of $28.8 million in Q1 2026, versus an operating loss of $66.5 million in Q4 2025.
  • Net income turned positive again. Consolidated net income was $7.8 million in Q1 2026, compared with a loss of $63.3 million in Q4 2025.
  • Balance sheet equity improved. Total common equity increased to $1.026 billion from $1.047 billion at the end of Q3 2025, while total equity and noncontrolling interests rose to $1.371 billion.
  • Cash on hand remains substantial. Valhi ended Q1 2026 with $193.7 million of cash and equivalents, plus $15.4 million of restricted cash and $2.2 million of short-term investments.
  • Gross margin improved quarter over quarter. Gross profit rose to $107.1 million in Q1 2026 from $40.8 million in Q4 2025, reflecting better revenue and cost mix.
  • Noncontrolling interests still absorb a large share of earnings. Q1 2026 net income attributable to common shareholders was only $2.0 million versus total net income of $7.8 million.
  • Capital spending was modest. Property, plant and equipment purchases were $10.6 million in Q1 2026, which is manageable relative to revenue.
  • Operating cash flow was negative. Net cash from operations was $(46.1) million in Q1 2026, driven by a $(79.0) million working-capital outflow.
  • Debt remains elevated and financing needs are ongoing. Long-term debt was $624.5 million at quarter-end, and Valhi issued $158.1 million of debt while repaying $110.9 million in the quarter.

Longer-term trend: Valhi’s last four years show a business that can generate strong quarters, but results are volatile. Q1 2024 and Q3 2024 were both profitable and cash-generative, while several 2025 quarters weakened materially, including negative operating income in Q4 2025. Q1 2026 looks like a meaningful recovery in earnings, but not yet a full recovery in cash generation.

Bottom line: Valhi’s Q1 2026 results were better than the prior quarter on revenue, margins, and earnings, but the negative operating cash flow and meaningful debt load mean investors should view the improvement cautiously. The next few quarters will be important for showing whether the operating rebound is durable and whether cash generation can catch up.

07/14/26 09:59 AM ETAI Generated. May Contain Errors.

Valhi Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Valhi's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Below is a breakdown of Valhi's net income over the past 5 years:
  • 2021: $197.70 million
  • 2022: $133.10 million
  • 2023: $5.10 million
  • 2024: $161.30 million
  • 2025: -$54.90 million
Check out Valhi's forecast to explore projected trends and price targets.

Valhi's total operating income in 2025 was $14.10 million, based on the following breakdown:
  • Total Gross Profit: $354.50 million
  • Total Operating Expenses: $340.40 million

Over the last 10 years, Valhi's total revenue changed from $1.52 billion in 2015 to $2.14 billion in 2025, a change of 40.6%.

Valhi's total liabilities were at $1.27 billion at the end of 2025, a 10.7% decrease from 2024, and a 36.9% decrease since 2015.

In the past 10 years, Valhi's cash and equivalents has ranged from $159.70 million in 2016 to $698.40 million in 2021, and is currently $214 million as of their latest financial filing in 2025.

Over the last 10 years, Valhi's book value per share changed from -1.18 in 2015 to 36.15 in 2025, a change of -3,176.0%.


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Financial statements for NYSE:VHI last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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