Valhi (VHI) Financials

$13.78 -0.02 (-0.14%)

As of 03:56 PM Eastern

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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	87	-9.90	108
Consolidated Net Income / (Loss)	133	5.10	161
Net Income / (Loss) Continuing Operations	133	5.10	161
Total Pre-Tax Income	170	-20	244
Total Operating Income	198	8.80	230
Total Gross Profit	534	301	486
Total Revenue	2,266	1,977	2,167
Operating Revenue	2,223	1,922	2,105
Other Revenue	44	55	62
Total Cost of Revenue	1,732	1,677	1,680
Operating Cost of Revenue	1,732	1,677	1,680
Total Operating Expenses	336	292	257
Selling, General & Admin Expense	304	277	256
Other Operating Expenses / (Income)	16	14	0.50
Impairment Charge	16	0.00	0.00
Total Other Income / (Expense), net	-28	-28	15
Interest Expense	28	28	50
Other Income / (Expense), net	0.00	0.00	65
Income Tax Expense	37	-25	83
Net Income / (Loss) Attributable to Noncontrolling Interest	46	15	53
Basic Earnings per Share	$3.06	($0.35)	$3.79
Weighted Average Basic Shares Outstanding	28.50M	28.50M	28.50M
Diluted Earnings per Share	$3.06	($0.35)	$3.79
Weighted Average Diluted Shares Outstanding	28.50M	28.50M	28.50M
Weighted Average Basic & Diluted Shares Outstanding	28.28M	28.29M	28.29M
Cash Dividends to Common per Share	$0.32	$0.32	$0.32

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 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
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
Net Income / (Loss) Attributable to Common Shareholders	26	-12	-4.90	-3.20	-5.80	4.00	7.80	20	58	23
Consolidated Net Income / (Loss)	41	-14	-3.70	-0.30	-1.70	11	14	30	86	32
Net Income / (Loss) Continuing Operations	41	-14	-3.70	-0.30	-1.70	11	14	30	86	32
Total Pre-Tax Income	49	-19	-9.80	-7.10	-9.50	6.90	18	38	120	69
Total Operating Income	51	7.10	-9.80	-7.10	-2.30	28	18	38	69	105
Total Gross Profit	144	58	67	76	68	89	99	125	142	121
Total Revenue	579	408	506	518	476	477	543	563	559	502
Operating Revenue	556	403	493	507	469	453	531	560	534	481
Other Revenue	23	5.60	13	11	7.50	24	12	3.70	25	21
Total Cost of Revenue	436	350	439	442	408	388	444	438	417	380
Operating Cost of Revenue	436	350	439	442	408	388	444	438	417	380
Total Operating Expenses	93	51	77	83	70	61	81	87	73	16
Selling, General & Admin Expense	82	66	69	68	69	71	69	75	74	39
Other Operating Expenses / (Income)	10	-15	8.20	15	1.30	-9.80	12	13	-1.50	-22
Total Other Income / (Expense), net	-2.00	-26	0.00	0.00	-7.20	-21	0.00	0.00	51	-37
Income Tax Expense	8.20	-5.30	-6.10	-6.80	-7.80	-3.90	4.40	7.90	34	36
Net Income / (Loss) Attributable to Noncontrolling Interest	15	-1.10	1.20	2.90	4.10	6.80	5.80	9.80	28	9.60
Basic Earnings per Share	$0.92	($0.43)	($0.17)	($0.11)	($0.21)	$0.14	$0.27	$0.70	$2.01	$0.81
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
Diluted Earnings per Share	$0.92	($0.43)	($0.17)	($0.11)	($0.21)	$0.14	$0.27	$0.70	$2.01	$0.81
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
Weighted Average Basic & Diluted Shares Outstanding	28.28M	28.28M	28.28M	28.29M	28.29M	28.29M	28.29M	28.29M	28.29M	28.29M

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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-226	-101	-83
Net Cash From Operating Activities	35	3.90	44
Net Cash From Continuing Operating Activities	35	3.90	44
Net Income / (Loss) Continuing Operations	133	5.10	161
Consolidated Net Income / (Loss)	133	5.10	161
Depreciation Expense	59	54	67
Amortization Expense	2.20	2.00	3.10
Non-Cash Adjustments To Reconcile Net Income	57	-16	-71
Changes in Operating Assets and Liabilities, net	-216	-41	-116
Net Cash From Investing Activities	-147	-29	-125
Net Cash From Continuing Investing Activities	-147	-29	-125
Purchase of Property, Plant & Equipment	-68	-49	-31
Acquisitions	0.00	0.00	-157
Purchase of Investments	-74	-66	-2.70
Sale and/or Maturity of Investments	2.90	88	63
Other Investing Activities, net	-8.40	-1.60	2.80
Net Cash From Financing Activities	-114	-76	-2.30
Net Cash From Continuing Financing Activities	-114	-76	-2.30
Repayment of Debt	-62	-30	-260
Repurchase of Common Equity	-4.00	-2.90	0.00
Payment of Dividends	-48	-43	-34
Issuance of Debt	0.00	0.00	293
Cash Interest Paid	26	27	45
Cash Income Taxes Paid	44	27	42

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 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
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
Net Change in Cash & Equivalents	-63	-112	-185	-3.40	26	62	-61	27	-67	18
Net Cash From Operating Activities	0.10	7.00	-127	32	34	65	-49	34	14	46
Net Cash From Continuing Operating Activities	0.10	7.00	-127	32	34	65	-49	34	14	46
Net Income / (Loss) Continuing Operations	41	-14	-3.70	-1.20	-1.70	12	14	30	86	32
Consolidated Net Income / (Loss)	41	-14	-3.70	-1.20	-1.70	12	14	30	86	32
Depreciation Expense	14	14	14	13	13	13	13	20	19	16
Amortization Expense	-	-	-	-	-	2.00	-	-	-	-2.90
Non-Cash Adjustments To Reconcile Net Income	12	10	-25	-2.50	23	-12	16	-5.50	-104	22
Changes in Operating Assets and Liabilities, net	-67	-5.90	-113	22	-0.30	50	-91	-11	7.10	-21
Net Cash From Investing Activities	-24	-89	-42	-15	8.60	19	20	15	-152	-7.40
Net Cash From Continuing Investing Activities	-24	-89	-42	-15	8.60	19	20	15	-152	-7.40
Purchase of Property, Plant & Equipment	-15	-20	-17	-18	-8.30	-5.80	-5.00	-3.80	-9.60	-13
Purchase of Investments	-1.30	-70	-34	-18	-12	-2.70	-1.00	-	-	-1.70
Sale and/or Maturity of Investments	0.50	0.50	8.50	21	29	29	26	18	12	6.80
Net Cash From Financing Activities	-39	-30	-16	-20	-17	-23	-32	-21	71	-20
Net Cash From Continuing Financing Activities	-39	-30	-16	-20	-17	-23	-32	-21	71	-20
Repayment of Debt	-26	-15	-7.40	-9.20	-7.90	-5.40	-78	-11	-145	-26
Payment of Dividends	-13	-14	-7.50	-9.70	-8.60	-17	-7.60	-9.80	-13	-4.50
Issuance of Debt	-	-	0.00	-	-	-	54	-	229	10
Cash Interest Paid	9.90	2.90	11	2.80	11	2.60	9.10	2.30	26	7.90
Cash Income Taxes Paid	7.40	6.40	-2.40	25	1.80	2.90	0.80	35	5.40	0.70

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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,836	2,737	2,800
Total Current Assets	1,590	1,475	1,454
Cash & Equivalents	479	407	348
Restricted Cash	46	23	25
Short-Term Investments	75	56	1.90
Note & Lease Receivable	-	-	0.00
Accounts Receivable	274	339	327
Inventories, net	641	596	686
Prepaid Expenses	67	53	65
Current Deferred & Refundable Income Taxes	8.00	1.80	1.30
Plant, Property, & Equipment, net	524	517	723
Plant, Property & Equipment, gross	1,554	1,609	1,787
Accumulated Depreciation	1,030	1,091	1,064
Total Noncurrent Assets	722	744	623
Long-Term Investments	114	116	5.70
Goodwill	380	380	382
Noncurrent Deferred & Refundable Income Taxes	41	67	54
Employee Benefit Assets	9.30	8.10	20
Other Noncurrent Operating Assets	179	174	162
Total Liabilities & Shareholders' Equity	2,836	2,737	2,800
Total Liabilities	1,529	1,461	1,421
Total Current Liabilities	493	507	644
Short-Term Debt	1.80	0.70	79
Accounts Payable	199	229	250
Accrued Expenses	244	220	259
Current Deferred & Payable Income Tax Liabilities	13	16	23
Other Current Liabilities	35	42	34
Total Noncurrent Liabilities	1,036	954	777
Long-Term Debt	558	546	484
Asset Retirement Reserve & Litigation Obligation	121	109	15
Noncurrent Deferred Revenue	33	19	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	64	17	58
Noncurrent Employee Benefit Liabilities	132	152	118
Other Noncurrent Operating Liabilities	129	111	103
Total Equity & Noncontrolling Interests	1,307	1,276	1,379
Total Preferred & Common Equity	959	951	1,036
Preferred Stock	0.00	0.00	0.00
Total Common Equity	959	951	1,036
Common Stock	670	670	670
Retained Earnings	482	476	575
Treasury Stock	-50	-50	-50
Accumulated Other Comprehensive Income / (Loss)	-144	-146	-159
Noncontrolling Interest	348	326	343

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
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	2,844	2,718	2,651	2,607	2,559	2,533	2,787
Total Current Assets	1,629	1,474	1,401	1,370	1,329	1,324	1,406
Cash & Equivalents	579	298	298	342	341	373	315
Restricted Cash	48	47	44	23	26	22	45
Short-Term Investments	2.90	101	99	83	32	14	2.10
Accounts Receivable	386	329	334	333	378	398	395
Inventories, net	546	644	575	533	504	475	577
Prepaid Expenses	67	55	52	56	48	42	73
Plant, Property, & Equipment, net	484	528	526	512	494	476	751
Plant, Property & Equipment, gross	1,429	1,547	1,580	1,561	1,558	1,552	1,876
Accumulated Depreciation	945	1,019	1,054	1,049	1,064	1,076	1,125
Total Noncurrent Assets	731	716	723	724	736	734	630
Long-Term Investments	110	115	125	119	114	107	5.30
Goodwill	380	380	380	380	380	380	382
Noncurrent Deferred & Refundable Income Taxes	66	43	56	66	66	67	69
Other Noncurrent Operating Assets	175	178	163	160	176	181	174
Total Liabilities & Shareholders' Equity	2,844	2,718	2,651	2,607	2,559	2,533	2,787
Total Liabilities	1,620	1,429	1,374	1,341	1,309	1,246	1,421
Total Current Liabilities	488	397	394	403	385	379	504
Short-Term Debt	2.00	1.60	1.40	1.40	0.70	0.80	85
Accounts Payable	479	388	386	393	367	368	401
Current Deferred & Payable Income Tax Liabilities	6.30	7.60	6.90	9.10	18	10	18
Total Noncurrent Liabilities	1,132	1,032	980	938	924	868	917
Long-Term Debt	538	560	550	532	511	497	527
Asset Retirement Reserve & Litigation Obligation	94	93	93	93	93	93	93
Noncurrent Deferred Revenue	-	-	-	-	19	0.00	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	35	64	54	50	30	13	40
Noncurrent Employee Benefit Liabilities	248	132	130	124	145	141	145
Other Noncurrent Operating Liabilities	184	149	135	119	126	123	112
Commitments & Contingencies	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
Total Preferred & Common Equity	891	946	941	932	928	963	1,023
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00
Total Common Equity	891	946	941	932	928	963	1,023
Common Stock	670	669	670	670	670	670	670
Retained Earnings	494	475	468	460	467	499	554
Treasury Stock	-50	-50	-50	-50	-50	-50	-50
Accumulated Other Comprehensive Income / (Loss)	-224	-148	-147	-148	-159	-157	-152
Noncontrolling Interest	334	342	336	333	322	324	344

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

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	-2.96%	-12.76%	9.58%
EBITDA Growth	-19.22%	-74.89%	460.71%
EBIT Growth	-23.27%	-95.55%	3,242.05%
NOPAT Growth	-21.62%	-96.02%	2,361.95%
Net Income Growth	-32.68%	-96.17%	3,062.75%
EPS Growth	-31.39%	-111.44%	1,182.86%
Operating Cash Flow Growth	-92.41%	-88.83%	1,028.21%
Free Cash Flow Firm Growth	-100.06%	-25,709.99%	-201.15%
Invested Capital Growth	15.57%	5.98%	27.89%
Revenue Q/Q Growth	-11.21%	3.62%	1.13%
EBITDA Q/Q Growth	-28.87%	335.57%	85.00%
EBIT Q/Q Growth	-34.93%	122.00%	136.99%
NOPAT Q/Q Growth	-34.49%	122.00%	62.11%
Net Income Q/Q Growth	-43.36%	131.48%	17.31%
EPS Q/Q Growth	-42.48%	57.32%	24.26%
Operating Cash Flow Q/Q Growth	-88.30%	107.20%	-30.49%
Free Cash Flow Firm Q/Q Growth	-100.08%	71.39%	29.54%
Invested Capital Q/Q Growth	8.89%	-2.26%	-3.07%
Profitability Metrics	-	-	-
Gross Margin	23.57%	15.20%	22.45%
EBITDA Margin	11.41%	3.28%	16.80%
Operating Margin	8.73%	0.45%	10.60%
EBIT Margin	8.73%	0.45%	13.57%
Profit (Net Income) Margin	5.87%	0.26%	7.44%
Tax Burden Percent	78.34%	-26.15%	66.05%
Interest Burden Percent	85.89%	-221.59%	83.03%
Effective Tax Rate	21.66%	0.00%	33.95%
Return on Invested Capital (ROIC)	14.42%	0.52%	10.90%
ROIC Less NNEP Spread (ROIC-NNEP)	28.26%	1.53%	26.00%
Return on Net Nonoperating Assets (RNNOA)	-3.62%	-0.12%	1.25%
Return on Equity (ROE)	10.80%	0.39%	12.15%
Cash Return on Invested Capital (CROIC)	-0.02%	-5.29%	-13.58%
Operating Return on Assets (OROA)	6.77%	0.32%	10.62%
Return on Assets (ROA)	4.56%	0.18%	5.83%
Return on Common Equity (ROCE)	7.83%	0.29%	9.09%
Return on Equity Simple (ROE_SIMPLE)	13.88%	0.54%	15.57%
Net Operating Profit after Tax (NOPAT)	155	6.16	152
NOPAT Margin	6.84%	0.31%	7.00%
Net Nonoperating Expense Percent (NNEP)	-13.84%	-1.01%	-15.10%
Return On Investment Capital (ROIC_SIMPLE)	8.30%	0.34%	7.81%
Cost of Revenue to Revenue	76.43%	84.80%	77.55%
SG&A Expenses to Revenue	13.41%	14.03%	11.83%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.84%	14.76%	11.85%
Earnings before Interest and Taxes (EBIT)	198	8.80	294
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	259	65	364
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.63	0.44	0.64
Price to Tangible Book Value (P/TBV)	1.03	0.74	1.01
Price to Revenue (P/Rev)	0.26	0.21	0.31
Price to Earnings (P/E)	6.87	0.00	6.13
Dividend Yield	1.51%	2.14%	1.37%
Earnings Yield	14.56%	0.00%	16.32%
Enterprise Value to Invested Capital (EV/IC)	0.69	0.57	0.76
Enterprise Value to Revenue (EV/Rev)	0.35	0.35	0.55
Enterprise Value to EBITDA (EV/EBITDA)	3.07	10.69	3.26
Enterprise Value to EBIT (EV/EBIT)	4.01	78.82	4.04
Enterprise Value to NOPAT (EV/NOPAT)	5.12	112.60	7.83
Enterprise Value to Operating Cash Flow (EV/OCF)	22.72	177.85	26.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.43	0.43	0.41
Long-Term Debt to Equity	0.43	0.43	0.35
Financial Leverage	-0.13	-0.08	0.05
Leverage Ratio	2.37	2.16	2.09
Compound Leverage Factor	2.04	-4.78	1.73
Debt to Total Capital	29.98%	29.98%	29.00%
Short-Term Debt to Total Capital	0.10%	0.04%	4.07%
Long-Term Debt to Total Capital	29.88%	29.94%	24.94%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	18.66%	17.87%	17.66%
Common Equity to Total Capital	51.36%	52.15%	53.34%
Debt to EBITDA	2.16	8.42	1.55
Net Debt to EBITDA	-0.60	-0.85	0.50
Long-Term Debt to EBITDA	2.16	8.41	1.33
Debt to NOPAT	3.61	88.72	3.72
Net Debt to NOPAT	-1.00	-8.93	1.20
Long-Term Debt to NOPAT	3.60	88.60	3.19
Altman Z-Score	1.97	1.57	2.03
Noncontrolling Interest Sharing Ratio	27.47%	26.09%	25.18%
Liquidity Ratios	-	-	-
Current Ratio	3.23	2.91	2.26
Quick Ratio	1.68	1.58	1.05
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-0.24	-63	-189
Operating Cash Flow to CapEx	51.63%	8.04%	142.39%
Free Cash Flow to Firm to Interest Expense	-0.01	-2.22	-3.79
Operating Cash Flow to Interest Expense	1.25	0.14	0.88
Operating Cash Flow Less CapEx to Interest Expense	-1.17	-1.58	0.26
Efficiency Ratios	-	-	-
Asset Turnover	0.78	0.71	0.78
Accounts Receivable Turnover	6.73	6.46	6.52
Inventory Turnover	3.15	2.71	2.62
Fixed Asset Turnover	4.17	3.80	3.49
Accounts Payable Turnover	9.34	7.84	7.02
Days Sales Outstanding (DSO)	54.21	56.54	56.02
Days Inventory Outstanding (DIO)	115.85	134.65	139.23
Days Payable Outstanding (DPO)	39.08	46.58	51.97
Cash Conversion Cycle (CCC)	130.97	144.60	143.28
Capital & Investment Metrics	-	-	-
Invested Capital	1,152	1,221	1,562
Invested Capital Turnover	2.11	1.67	1.56
Increase / (Decrease) in Invested Capital	155	69	341
Enterprise Value (EV)	793	694	1,188
Market Capitalization	599	423	662
Book Value per Share	$33.90	$33.60	$36.62
Tangible Book Value per Share	$20.47	$20.18	$23.11
Total Capital	1,866	1,823	1,943
Total Debt	560	547	563
Total Long-Term Debt	558	546	484
Net Debt	-155	-55	183
Capital Expenditures (CapEx)	68	49	31
Debt-free, Cash-free Net Working Capital (DFCFNWC)	499	483	514
Debt-free Net Working Capital (DFNWC)	1,099	969	889
Net Working Capital (NWC)	1,097	968	810
Net Nonoperating Expense (NNE)	22	1.06	-9.64
Net Nonoperating Obligations (NNO)	-155	-55	183
Total Depreciation and Amortization (D&A)	61	56	70
Debt-free, Cash-free Net Working Capital to Revenue	22.00%	24.44%	23.72%
Debt-free Net Working Capital to Revenue	48.47%	49.01%	41.03%
Net Working Capital to Revenue	48.39%	48.98%	37.38%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$3.16	($0.42)	$3.79
Adjusted Weighted Average Basic Shares Outstanding	28.50M	28.50M	28.50M
Adjusted Diluted Earnings per Share	$3.16	($0.42)	$3.79
Adjusted Weighted Average Diluted Shares Outstanding	28.50M	28.50M	28.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.28M	28.29M	28.29M
Normalized Net Operating Profit after Tax (NOPAT)	168	6.16	152
Normalized NOPAT Margin	7.40%	0.31%	7.00%
Pre Tax Income Margin	7.50%	-0.99%	11.27%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	7.09	0.31	5.89
NOPAT to Interest Expense	5.55	0.22	3.04
EBIT Less CapEx to Interest Expense	4.67	-1.40	5.27
NOPAT Less CapEx to Interest Expense	3.13	-1.50	2.42
Payout Ratios	-	-	-
Dividend Payout Ratio	35.99%	845.10%	21.33%
Augmented Payout Ratio	38.99%	901.96%	21.33%

This table displays calculated financial ratios and metrics derived from Valhi'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
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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.13%	-41.21%	-19.59%	-20.32%	-17.78%	16.93%	7.32%	8.85%	17.30%	5.09%
EBITDA Growth	-24.04%	-83.41%	-95.41%	-91.75%	-83.03%	103.76%	577.78%	874.58%	1,270.27%	171.43%
EBIT Growth	-28.57%	-93.73%	-111.76%	-112.59%	-104.51%	294.37%	283.67%	629.58%	5,895.65%	275.71%
NOPAT Growth	-22.08%	-94.38%	-110.82%	-111.72%	-103.79%	781.81%	298.25%	697.59%	3,150.82%	13.21%
Net Income Growth	-25.14%	-115.27%	-105.84%	-100.71%	-104.17%	180.00%	467.57%	10,000.00%	5,135.29%	200.00%
EPS Growth	-32.35%	-123.63%	-110.69%	-111.22%	-122.83%	132.56%	258.82%	736.36%	1,057.14%	478.57%
Operating Cash Flow Growth	-99.91%	-97.41%	-456.14%	-37.35%	33,800.00%	830.00%	61.51%	5.68%	-60.18%	-29.65%
Free Cash Flow Firm Growth	-34.80%	-151.08%	-270.48%	-224.98%	-278.02%	83.31%	138.62%	116.98%	-62.04%	-1,060.51%
Invested Capital Growth	-5.86%	15.57%	19.87%	22.64%	18.08%	5.98%	-5.57%	-0.88%	28.95%	27.89%
Revenue Q/Q Growth	-10.81%	-29.55%	23.91%	2.33%	-7.96%	0.19%	13.72%	3.80%	-0.82%	-10.24%
EBITDA Q/Q Growth	-8.53%	-67.43%	168.18%	31.11%	88.14%	290.99%	50.25%	88.52%	164.52%	-22.55%
EBIT Q/Q Growth	-9.57%	-86.08%	52.88%	27.55%	67.61%	1,317.39%	160.87%	108.89%	254.52%	-21.08%
NOPAT Q/Q Growth	0.15%	-88.30%	52.88%	27.55%	67.61%	2,822.12%	54.55%	118.38%	65.38%	1.01%
Net Income Q/Q Growth	-3.77%	-133.09%	64.76%	91.89%	-466.67%	735.29%	54.55%	118.38%	188.22%	-62.15%
EPS Q/Q Growth	-6.12%	-146.74%	48.48%	35.29%	-90.91%	166.67%	285.71%	159.26%	187.14%	-59.70%
Operating Cash Flow Q/Q Growth	-99.80%	6,900.00%	-1,911.43%	125.00%	6.94%	92.04%	-174.96%	168.65%	-59.70%	239.26%
Free Cash Flow Firm Q/Q Growth	-43.91%	-238.63%	-33.16%	-6.82%	20.11%	87.00%	245.26%	-53.04%	-862.39%	6.91%
Invested Capital Q/Q Growth	1.29%	8.89%	14.74%	-3.10%	-2.47%	-2.26%	2.24%	1.71%	26.88%	-3.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.77%	14.26%	13.29%	14.68%	14.29%	18.71%	18.15%	22.19%	25.32%	24.18%
EBITDA Margin	11.29%	5.22%	0.89%	1.14%	2.33%	9.09%	5.62%	10.21%	27.22%	23.48%
Operating Margin	8.80%	1.74%	-1.94%	-1.37%	-0.48%	5.87%	3.32%	6.67%	12.31%	20.97%
EBIT Margin	8.80%	1.74%	-1.94%	-1.37%	-0.48%	5.87%	3.32%	6.67%	23.85%	20.97%
Profit (Net Income) Margin	7.04%	-3.31%	-0.73%	-0.06%	-0.36%	2.26%	2.51%	5.27%	15.32%	6.46%
Tax Burden Percent	83.27%	71.81%	37.76%	4.23%	17.89%	156.52%	75.56%	78.99%	71.39%	47.16%
Interest Burden Percent	96.08%	-264.79%	100.00%	100.00%	413.04%	24.64%	100.00%	100.00%	89.95%	65.30%
Effective Tax Rate	16.73%	0.00%	0.00%	0.00%	0.00%	-56.52%	24.44%	21.01%	28.61%	52.84%
Return on Invested Capital (ROIC)	17.14%	2.57%	-2.40%	-1.66%	-0.56%	15.30%	3.93%	8.51%	13.17%	15.40%
ROIC Less NNEP Spread (ROIC-NNEP)	20.12%	14.26%	-9.87%	-7.21%	-0.46%	46.83%	3.93%	8.51%	45.04%	-11.56%
Return on Net Nonoperating Assets (RNNOA)	-0.98%	-1.83%	0.33%	0.49%	0.03%	-3.80%	0.05%	-0.04%	3.92%	-0.56%
Return on Equity (ROE)	16.16%	0.74%	-2.06%	-1.17%	-0.53%	11.50%	3.98%	8.47%	17.08%	14.84%
Cash Return on Invested Capital (CROIC)	27.72%	-0.02%	-12.39%	-18.07%	-19.01%	-5.29%	7.31%	4.82%	-18.75%	-13.58%
Operating Return on Assets (OROA)	7.85%	1.35%	-1.45%	-0.99%	-0.34%	4.16%	2.53%	5.30%	18.95%	16.41%
Return on Assets (ROA)	6.28%	-2.57%	-0.55%	-0.04%	-0.25%	1.61%	1.91%	4.19%	12.17%	5.05%
Return on Common Equity (ROCE)	11.61%	0.54%	-1.50%	-0.86%	-0.38%	8.50%	2.94%	6.29%	12.69%	11.11%
Return on Equity Simple (ROE_SIMPLE)	26.37%	0.00%	7.29%	2.80%	-1.74%	0.00%	2.18%	5.22%	13.45%	0.00%
Net Operating Profit after Tax (NOPAT)	42	4.97	-6.86	-4.97	-1.61	44	14	30	49	50
NOPAT Margin	7.33%	1.22%	-1.36%	-0.96%	-0.34%	9.18%	2.51%	5.27%	8.79%	9.89%
Net Nonoperating Expense Percent (NNEP)	-2.98%	-11.70%	7.47%	5.55%	-0.10%	-31.53%	0.00%	0.00%	-31.88%	26.96%
Return On Investment Capital (ROIC_SIMPLE)	-	0.27%	-	-	-	2.40%	-	-	-	2.55%
Cost of Revenue to Revenue	75.23%	85.74%	86.71%	85.32%	85.71%	81.29%	81.85%	77.81%	74.68%	75.82%
SG&A Expenses to Revenue	14.14%	16.14%	13.60%	13.21%	14.50%	14.90%	12.64%	13.29%	13.28%	7.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.96%	12.52%	15.22%	16.05%	14.78%	12.84%	14.83%	15.51%	13.01%	3.21%
Earnings before Interest and Taxes (EBIT)	51	7.10	-9.80	-7.10	-2.30	28	18	38	133	105
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	65	21	4.50	5.90	11	43	31	58	152	118
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.77	0.63	0.51	0.38	0.40	0.44	0.52	0.52	0.92	0.64
Price to Tangible Book Value (P/TBV)	1.34	1.03	0.84	0.63	0.67	0.74	0.88	0.87	1.47	1.01
Price to Revenue (P/Rev)	0.27	0.26	0.22	0.18	0.19	0.21	0.24	0.24	0.44	0.31
Price to Earnings (P/E)	4.53	6.87	12.00	40.86	0.00	0.00	806.53	21.28	10.85	6.13
Dividend Yield	1.32%	1.51%	1.89%	2.55%	2.46%	2.14%	1.87%	1.79%	0.96%	1.37%
Earnings Yield	22.08%	14.56%	8.34%	2.45%	0.00%	0.00%	0.12%	4.70%	9.21%	16.32%
Enterprise Value to Invested Capital (EV/IC)	0.78	0.69	0.62	0.53	0.53	0.57	0.64	0.64	0.95	0.76
Enterprise Value to Revenue (EV/Rev)	0.32	0.35	0.38	0.34	0.35	0.35	0.40	0.39	0.72	0.55
Enterprise Value to EBITDA (EV/EBITDA)	2.26	3.07	6.09	9.79	44.78	10.69	13.27	7.23	7.79	3.26
Enterprise Value to EBIT (EV/EBIT)	2.70	4.01	10.69	50.93	0.00	78.82	96.89	15.31	12.35	4.04
Enterprise Value to NOPAT (EV/NOPAT)	3.47	5.12	11.90	25.76	0.00	112.60	39.81	16.17	16.39	7.83
Enterprise Value to Operating Cash Flow (EV/OCF)	2.75	22.72	0.00	0.00	0.00	177.85	9.82	9.70	24.22	26.99
Enterprise Value to Free Cash Flow (EV/FCFF)	2.71	0.00	0.00	0.00	0.00	0.00	8.56	13.20	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.43	0.44	0.43	0.42	0.43	0.41	0.39	0.45	0.41
Long-Term Debt to Equity	0.44	0.43	0.43	0.43	0.42	0.43	0.41	0.39	0.39	0.35
Financial Leverage	-0.05	-0.13	-0.03	-0.07	-0.07	-0.08	0.01	0.00	0.09	0.05
Leverage Ratio	2.49	2.37	2.29	2.23	2.19	2.16	2.08	2.02	2.05	2.09
Compound Leverage Factor	2.40	-6.27	2.29	2.23	9.04	0.53	2.08	2.02	1.84	1.36
Debt to Total Capital	30.61%	29.98%	30.35%	30.16%	29.66%	29.98%	29.06%	27.91%	30.91%	29.00%
Short-Term Debt to Total Capital	0.11%	0.10%	0.09%	0.08%	0.08%	0.04%	0.04%	0.04%	4.28%	4.07%
Long-Term Debt to Total Capital	30.50%	29.88%	30.26%	30.08%	29.58%	29.94%	29.02%	27.86%	26.62%	24.94%
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%
Noncontrolling Interests to Total Capital	18.90%	18.66%	18.51%	18.36%	18.53%	17.87%	18.26%	18.17%	17.40%	17.66%
Common Equity to Total Capital	50.49%	51.36%	51.15%	51.48%	51.81%	52.15%	52.69%	53.92%	51.70%	53.34%
Debt to EBITDA	1.49	2.16	4.17	7.97	35.80	8.42	8.45	4.44	3.11	1.55
Net Debt to EBITDA	-0.55	-0.60	0.00	-0.20	-2.30	-0.85	-0.02	-0.15	1.24	0.50
Long-Term Debt to EBITDA	1.48	2.16	4.15	7.95	35.70	8.41	8.44	4.43	2.68	1.33
Debt to NOPAT	2.28	3.61	8.14	20.96	-19.05	88.72	25.34	9.92	6.53	3.72
Net Debt to NOPAT	-0.84	-1.00	0.00	-0.52	1.22	-8.93	-0.06	-0.34	2.61	1.20
Long-Term Debt to NOPAT	2.28	3.60	8.11	20.90	-19.00	88.60	25.31	9.91	5.63	3.19
Altman Z-Score	1.94	1.74	1.70	1.61	1.59	1.60	1.73	1.83	1.99	1.81
Noncontrolling Interest Sharing Ratio	28.19%	27.47%	27.23%	26.89%	26.78%	26.09%	26.16%	25.75%	25.74%	25.18%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.34	3.23	3.71	3.56	3.40	2.91	3.45	3.49	2.79	2.26
Quick Ratio	1.99	1.68	1.83	1.85	1.88	1.58	1.95	2.07	1.41	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	108	-150	-226	-241	-193	-25	87	41	-313	-291
Operating Cash Flow to CapEx	0.68%	35.71%	-759.28%	179.10%	408.43%	1,122.41%	-976.00%	881.58%	140.63%	366.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-26.79	0.00	0.00	0.00	-23.33	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	4.71	0.00	0.00	0.00	1.01	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	3.56	0.00	0.00	0.00	0.29	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.78	0.75	0.72	0.70	0.71	0.76	0.79	0.79	0.78
Accounts Receivable Turnover	6.39	6.73	5.55	5.25	5.31	6.46	5.70	5.64	5.89	6.52
Inventory Turnover	3.77	3.15	3.01	3.19	3.04	2.71	2.93	3.20	3.04	2.62
Fixed Asset Turnover	4.87	4.17	3.93	3.87	3.83	3.80	3.94	4.11	3.39	3.49
Accounts Payable Turnover	4.67	9.34	4.19	4.09	3.76	7.84	4.46	4.46	4.25	7.02
Days Sales Outstanding (DSO)	57.12	54.21	65.75	69.50	68.76	56.54	64.03	64.77	61.95	56.02
Days Inventory Outstanding (DIO)	96.90	115.85	121.17	114.40	120.15	134.65	124.53	114.21	120.04	139.23
Days Payable Outstanding (DPO)	78.09	39.08	87.04	89.23	97.14	46.58	81.87	81.87	85.87	51.97
Cash Conversion Cycle (CCC)	75.93	130.97	99.88	94.67	91.77	144.60	106.69	97.11	96.12	143.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,058	1,152	1,322	1,281	1,250	1,221	1,249	1,270	1,611	1,562
Invested Capital Turnover	2.34	2.11	1.77	1.73	1.65	1.67	1.57	1.61	1.50	1.56
Increase / (Decrease) in Invested Capital	-66	155	219	237	191	69	-74	-11	362	341
Enterprise Value (EV)	820	793	821	677	667	694	804	812	1,533	1,188
Market Capitalization	687	599	479	355	368	423	484	504	944	662
Book Value per Share	$31.51	$33.90	$33.47	$33.27	$32.94	$33.60	$32.81	$34.03	$36.14	$36.62
Tangible Book Value per Share	$18.08	$20.47	$20.04	$19.84	$19.52	$20.18	$19.39	$20.61	$22.63	$23.11
Total Capital	1,765	1,866	1,850	1,828	1,799	1,823	1,762	1,785	1,978	1,943
Total Debt	540	560	562	551	533	547	512	498	611	563
Total Long-Term Debt	538	558	560	550	532	546	511	497	527	484
Net Debt	-200	-155	0.00	-14	-34	-55	-1.30	-17	245	183
Capital Expenditures (CapEx)	15	20	17	18	8.30	5.80	5.00	3.80	9.60	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	514	499	633	569	519	483	545	537	626	514
Debt-free Net Working Capital (DFNWC)	1,144	1,099	1,079	1,009	968	969	944	946	987	889
Net Working Capital (NWC)	1,142	1,097	1,077	1,008	967	968	943	945	902	810
Net Nonoperating Expense (NNE)	1.67	18	-3.16	-4.67	0.09	33	0.00	0.00	-36	17
Net Nonoperating Obligations (NNO)	-166	-155	33	4.80	-16	-55	-1.30	-17	245	183
Total Depreciation and Amortization (D&A)	14	14	14	13	13	15	13	20	19	13
Debt-free, Cash-free Net Working Capital to Revenue	20.14%	22.00%	29.52%	28.27%	27.22%	24.44%	27.06%	26.07%	29.20%	23.72%
Debt-free Net Working Capital to Revenue	44.80%	48.47%	50.35%	50.17%	50.74%	49.01%	46.87%	45.91%	46.07%	41.03%
Net Working Capital to Revenue	44.72%	48.39%	50.27%	50.10%	50.67%	48.98%	46.83%	45.88%	42.12%	37.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.92	($0.43)	($0.17)	($0.18)	($0.21)	$0.14	$0.27	$0.70	$2.01	$0.81
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
Adjusted Diluted Earnings per Share	$0.92	($0.43)	($0.17)	($0.18)	($0.21)	$0.14	$0.27	$0.70	$2.01	$0.81
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
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.28M	28.28M	28.28M	28.29M	28.29M	28.29M	28.29M	28.29M	28.29M	28.29M
Normalized Net Operating Profit after Tax (NOPAT)	43	4.97	-6.86	-4.97	-1.61	20	14	30	49	74
Normalized NOPAT Margin	7.39%	1.22%	-1.36%	-0.96%	-0.34%	4.11%	2.51%	5.27%	8.79%	14.68%
Pre Tax Income Margin	8.46%	-4.61%	-1.94%	-1.37%	-1.99%	1.45%	3.32%	6.67%	21.46%	13.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-0.32	0.00	0.00	0.00	9.95	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-0.22	0.00	0.00	0.00	3.67	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-1.47	0.00	0.00	0.00	9.23	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-1.38	0.00	0.00	0.00	2.95	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.87%	35.99%	69.57%	166.92%	-243.83%	845.10%	213.86%	86.26%	34.33%	21.33%
Augmented Payout Ratio	29.36%	38.99%	75.80%	182.51%	-269.14%	901.96%	221.29%	86.26%	34.33%	21.33%

Financials Breakdown Chart

Key Financial Trends

Valhi (VHI) has shown a mix of improving top-line results and ongoing cash-flow variability over the last four years of quarterly data. Below are the key takeaways, with the most positive items listed first, followed by neutral observations and the few negatives observed.

Revenue trend improving in 2024 vs 2023: 2024 quarterly totals show continued strength relative to 2023, with examples such as Q3 2024 Total Revenue of $558.8M and Q4 2024 Total Revenue of $501.6M, up meaningfully from the prior-year periods.
Net income to common shareholders turned positive in 2024: quarterly earnings per share reached notable levels, including diluted EPS of $2.01 in Q3 2024 and $0.81 in Q4 2024.
Diluted EPS peaked in Q3 2024: quarterly diluted earnings per share of $2.01 reflects a period of strong per-share profitability.
Cash flow from operations improves toward year-end 2024: net cash from continuing operating activities was $13.5M in Q3 2024 and $45.8M in Q4 2024, signaling stronger cash generation in the latest quarter(s).
Healthy liquidity in 2024: in Q3 2024, current assets were about $1.406B against current liabilities of $0.504B, implying a working-capital cushion near 2.8x.
Stable and growing equity base: total common equity rose to about $946.4M in early 2024 and approached $1.02B later in 2024, indicating a solid and expanding capital base.
Dividend policy remains steady: cash dividends per share are consistently $0.08 per quarter, providing predictable income for shareholders.
Quarterly earnings per share show variability in 2024: EPS ranged from about $0.27 to $2.01 across 2024 quarters, highlighting quarterly profitability volatility.
Notable quarterly cash-flow weakness in early 2024: Q1 2024 saw negative net cash from continuing operating activities ($-48.8M) and a large negative net change in cash (about $-185.1M) for that quarter, indicating a cash-flow hiccup.
Leverage edged higher in 2024: long-term debt hovered around the mid-$0.5B level, rising to about $526.6M by Q3 2024, suggesting modestly increased leverage.

05/14/26 03:57 PM ETAI Generated. May Contain Errors.

Valhi Financials - Frequently Asked Questions

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

Valhi's net income appears to be on an upward trend, with a most recent value of $161.30 million in 2024, rising from $133.10 million in 2022. The previous period was $5.10 million in 2023. See Valhi's forecast for analyst expectations on what's next for the company.

Valhi's total operating income in 2024 was $229.60 million, based on the following breakdown:

Total Gross Profit: $486.30 million
Total Operating Expenses: $256.70 million

Over the last 2 years, Valhi's total revenue changed from $2.27 billion in 2022 to $2.17 billion in 2024, a change of -4.4%.

Valhi's total liabilities were at $1.42 billion at the end of 2024, a 2.7% decrease from 2023, and a 7.1% decrease since 2022.

In the past 2 years, Valhi's cash and equivalents has ranged from $348.30 million in 2024 to $478.50 million in 2022, and is currently $348.30 million as of their latest financial filing in 2024.

Over the last 2 years, Valhi's book value per share changed from 33.90 in 2022 to 36.62 in 2024, a change of 8.0%.

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Financial statements for NYSE:VHI last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Valhi (VHI) Financials

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Valhi (VHI) Financials

Annual Income Statements for Valhi

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Valhi Financials - Frequently Asked Questions

When does Valhi's fiscal year end?

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

What is Valhi's operating income?

How has Valhi's revenue changed over the last 2 years?

How much debt does Valhi have?

How much cash does Valhi have?

How has Valhi's book value per share changed over the last 2 years?

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