Kronos Worldwide, Inc. (KRO) 10-Year Financial Performance & Capital Metrics

KRO • • Industrial / General

Basic MaterialsSpecialty ChemicalsPerformance Coatings & PaintsIndustrial & Automotive Coatings

AboutKronos Worldwide, Inc. produces and markets titanium dioxide pigments (TiO2) in Europe, North America, the Asia Pacific, and internationally. The company produces TiO2 in two crystalline forms, rutile and anatase to impart whiteness, brightness, opacity, and durability for various products, including paints, coatings, plastics, paper, fibers, and ceramics, as well as for various specialty products, such as inks, foods, and cosmetics. It also produces ilmenite, a raw material used directly as a feedstock by sulfate-process TiO2 plants; iron-based chemicals, which are used as treatment and conditioning agents for industrial effluents and municipal wastewater, as well as in the manufacture of iron pigments, cement, and agricultural products; specialty chemicals for use in the formulation of pearlescent pigments, and production of electroceramic capacitors for cell phones and other electronic devices, as well as for use in pearlescent pigments, natural gas pipe, and other specialty applications. In addition, the company provides technical services for its products. It sells its products under the KRONOS brand through agents and distributors to paint, plastics, decorative laminate, and paper manufacturers. The company was founded in 1916 and is headquartered in Dallas, Texas. Kronos Worldwide, Inc. operates as a subsidiary of Valhi, Inc.Show more

Revenue $1.89B +13.2%
EBITDA $187M +6558.6%
Net Income $86M +275.6%
EPS (Diluted) 0.75 +274.4%
Gross Margin 19.04% +92.4%
EBITDA Margin 9.93% +5804.2%
Operating Margin 6.51% +293.8%
Net Margin 4.57% +255.0%
ROE 10.61% +290.7%
ROIC 7.96% +304.1%
Debt/Equity 0.65 +12.7%
Interest Coverage 2.86 +187.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.34%

5Y1.74%

3Y-0.91%

TTM0.01%

Profit (Net Income) CAGR

10Y-1.39%

5Y-0.21%

3Y-8.6%

TTM-143.89%

EPS CAGR

10Y-1.36%

5Y0%

3Y-8.53%

TTM-143%

ROCE

10Y Avg9.41%

5Y Avg6.36%

3Y Avg4.8%

Latest8.46%

Peer Comparison

Industrial & Automotive Coatings

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CCThe Chemours Company	2.33B	15.56	27.30	-4.87%	-5.67%	-111%		7.20
AXTAAxalta Coating Systems Ltd.	7.17B	33.61	18.88	1.77%	8.81%	19.57%	6.08%	1.80
KROKronos Worldwide, Inc.	636.24M	5.53	7.37	13.24%	-2.22%	-5.13%	6.76%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.35B	1.36B	1.73B	1.66B	1.73B	1.64B	1.94B	1.93B	1.67B	1.89B
Revenue Growth %	-0.18%	0.01%	0.27%	-0.04%	0.04%	-0.05%	0.18%	-0%	-0.14%	0.13%
Cost of Goods Sold+	1.16B	1.11B	1.17B	1.1B	1.34B	1.29B	1.49B	1.54B	1.5B	1.53B
COGS % of Revenue	0.86%	0.81%	0.68%	0.66%	0.78%	0.79%	0.77%	0.8%	0.9%	0.81%
Gross Profit+	192.3M	257M	558.9M	562.2M	386.2M	351.2M	446.2M	391.1M	164.9M	359.3M
Gross Margin %	0.14%	0.19%	0.32%	0.34%	0.22%	0.21%	0.23%	0.2%	0.1%	0.19%
Gross Profit Growth %	-0.45%	0.34%	1.17%	0.01%	-0.31%	-0.09%	0.27%	-0.12%	-0.58%	1.18%
Operating Expenses+	193.3M	181.4M	221M	242.2M	240.4M	235M	259.1M	231.5M	220.9M	236.4M
OpEx % of Revenue	0.14%	0.13%	0.13%	0.15%	0.14%	0.14%	0.13%	0.12%	0.13%	0.13%
Selling, General & Admin	191.6M	185.3M	221.1M	242.8M	258.5M	251.8M	248.9M	231.3M	211.2M	225.6M
SG&A % of Revenue	0.14%	0.14%	0.13%	0.15%	0.15%	0.15%	0.13%	0.12%	0.13%	0.12%
Research & Development	16M	13M	18M	16M	0	0	0	0	18M	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	-	-	-	-	0.01%	-
Other Operating Expenses	900K	-4.2M	-500K	-15M	-18.1M	-16.8M	10.2M	200K	-8.3M	10.8M
Operating Income+	-1.1M	81.1M	330.4M	330.1M	145.8M	116.2M	187.1M	159.6M	-56M	122.9M
Operating Margin %	-0%	0.06%	0.19%	0.2%	0.08%	0.07%	0.1%	0.08%	-0.03%	0.07%
Operating Income Growth %	-1.01%	74.73%	3.07%	-0%	-0.56%	-0.2%	0.61%	-0.15%	-1.35%	3.19%
EBITDA+	41M	121.6M	371.6M	379.8M	200.7M	180.8M	245M	215.8M	-2.9M	187.3M
EBITDA Margin %	0.03%	0.09%	0.21%	0.23%	0.12%	0.11%	0.13%	0.11%	-0%	0.1%
EBITDA Growth %	-0.79%	1.97%	2.06%	0.02%	-0.47%	-0.1%	0.36%	-0.12%	-1.01%	65.59%
D&A (Non-Cash Add-back)	42.1M	40.5M	41.2M	49.7M	54.9M	64.6M	57.9M	56.2M	53.1M	64.4M
EBIT	-11.7M	71.6M	324.7M	305.2M	139.8M	99M	173M	150.8M	-55.8M	192.5M
Net Interest Income+	-17.7M	-19.9M	-17.6M	-14M	-12M	-17.2M	-19.2M	-11.8M	-10.2M	-37.4M
Interest Income	800K	600K	1.4M	5.5M	6.7M	1.8M	400K	5.1M	6.9M	5.5M
Interest Expense	18.5M	20.5M	19M	19.5M	18.7M	19M	19.6M	16.9M	17.1M	42.9M
Other Income/Expense	-29.7M	-31.7M	-42.1M	-36.3M	-24.7M	-36.2M	-33.7M	-25.7M	-16.9M	26.7M
Pretax Income+	-30.8M	61.2M	305.7M	293.8M	121.1M	80M	153.4M	133.9M	-72.9M	149.6M
Pretax Margin %	-0.02%	0.04%	0.18%	0.18%	0.07%	0.05%	0.08%	0.07%	-0.04%	0.08%
Income Tax+	142.8M	17.9M	-48.8M	88.8M	34M	16.1M	40.5M	29.4M	-23.8M	63.4M
Effective Tax Rate %	5.64%	0.71%	1.16%	0.7%	0.72%	0.8%	0.74%	0.78%	0.67%	0.58%
Net Income+	-173.6M	43.3M	354.5M	205M	87.1M	63.9M	112.9M	104.5M	-49.1M	86.2M
Net Margin %	-0.13%	0.03%	0.21%	0.12%	0.05%	0.04%	0.06%	0.05%	-0.03%	0.05%
Net Income Growth %	-2.75%	1.25%	7.19%	-0.42%	-0.58%	-0.27%	0.77%	-0.07%	-1.47%	2.76%
Net Income (Continuing)	-173.6M	43.3M	354.5M	205M	87.1M	63.9M	112.9M	104.5M	-49.1M	86.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.50	0.37	3.06	1.77	0.75	0.55	0.98	0.90	-0.43	0.75
EPS Growth %	-2.74%	1.25%	7.27%	-0.42%	-0.58%	-0.27%	0.78%	-0.08%	-1.48%	2.74%
EPS (Basic)	-1.50	0.37	3.06	1.77	0.75	0.55	0.98	0.90	-0.43	0.75
Diluted Shares Outstanding	115.9M	115.9M	115.9M	115.9M	115.8M	115.6M	115.5M	115.5M	115.1M	115M
Basic Shares Outstanding	115.9M	115.9M	115.9M	115.9M	115.8M	115.6M	115.5M	115.5M	115.1M	115M
Dividend Payout Ratio	-	1.61%	0.2%	0.38%	0.96%	1.3%	0.74%	0.84%	-	0.64%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	710.8M	650.4M	1.06B	1.2B	1.22B	1.22B	1.26B	1.24B	1.12B	1.11B
Cash & Short-Term Investments	92.5M	50.7M	322M	373.3M	390.8M	355.3M	406M	327.8M	194.7M	106.7M
Cash Only	92.5M	50.7M	322M	373.3M	390.8M	355.3M	406M	327.8M	194.7M	106.7M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	220.8M	244.6M	346.5M	312.5M	309.4M	323M	379.1M	255.1M	312.5M	291.6M
Days Sales Outstanding	59.75	65.44	73.15	68.63	65.24	71.94	71.35	48.24	68.44	56.4
Inventory	387.2M	343.5M	382.3M	497.9M	503M	519M	432.3M	608.7M	564.6M	656.7M
Days Inventory Outstanding	122.2	113.23	119.25	165.26	136.51	147.12	105.67	144.35	137.24	156.89
Other Current Assets	1.8M	1.6M	1.7M	1.4M	1.5M	2M	2.1M	50.6M	45.6M	50.3M
Total Non-Current Assets+	531.9M	529.2M	761.9M	696.7M	746.1M	818.4M	754.8M	692.2M	720.6M	808.2M
Property, Plant & Equipment	429.5M	434M	506.4M	486.4M	519.6M	550.7M	523.3M	506M	505.6M	714.7M
Fixed Asset Turnover	3.14x	3.14x	3.41x	3.42x	3.33x	2.98x	3.71x	3.81x	3.30x	2.64x
Goodwill	0	0	0	0	0	0	0	0	0	2.6M
Intangible Assets	220.8M	244.6M	346.5M	312.5M	0	0	0	0	0	0
Long-Term Investments	85.3M	84.9M	97.2M	84.7M	93.5M	105.5M	106.1M	116.1M	113.2M	3.4M
Other Non-Current Assets	1.7M	1.2M	2.8M	1.9M	5.3M	11.2M	18.6M	18.1M	18.5M	32.4M
Total Assets+	1.24B	1.18B	1.82B	1.9B	1.97B	2.04B	2.01B	1.93B	1.84B	1.91B
Asset Turnover	1.09x	1.16x	0.95x	0.88x	0.88x	0.80x	0.96x	1.00x	0.91x	0.99x
Asset Growth %	-0.24%	-0.05%	0.55%	0.04%	0.04%	0.04%	-0.01%	-0.04%	-0.05%	0.04%
Total Current Liabilities+	201.7M	182.1M	231.5M	233.4M	270.6M	260.2M	288.8M	326.7M	370.8M	476.6M
Accounts Payable	115.6M	99.6M	124.1M	119.9M	137.2M	111M	143.6M	177.2M	218.7M	232.4M
Days Payables Outstanding	36.48	32.83	38.71	39.8	37.24	31.47	35.1	42.02	53.16	55.52
Short-Term Debt	3.8M	3.6M	700K	1.5M	1.5M	700K	1.4M	1.1M	0	78.3M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	62.4M	56.2M	54.7M	54.4M	21.1M	27.8M	28.9M	108.4M	81.1M	27.6M
Current Ratio	3.52x	3.57x	4.59x	5.15x	4.51x	4.68x	4.36x	3.80x	3.01x	2.32x
Quick Ratio	1.60x	1.69x	2.94x	3.01x	2.65x	2.69x	2.86x	1.94x	1.49x	0.94x
Cash Conversion Cycle	145.47	145.84	153.69	194.1	164.51	187.6	141.92	150.57	152.52	157.77
Total Non-Current Liabilities+	579.1M	602.5M	838.6M	824.9M	879.1M	980M	853.8M	650.5M	658.9M	619.9M
Long-Term Debt	337.2M	335.4M	473.8M	455.1M	444M	486.7M	449.8M	424.1M	440.9M	429.1M
Capital Lease Obligations	0	0	0	0	22.2M	18.8M	15.8M	17.4M	18.6M	17.1M
Deferred Tax Liabilities	8.1M	10.5M	11.3M	21.5M	20.7M	24.6M	28.1M	26.4M	9M	24.5M
Other Non-Current Liabilities	233.8M	256.6M	353.5M	348.3M	392.2M	449.9M	360.1M	182.6M	190.4M	149.2M
Total Liabilities	780.8M	784.6M	1.07B	1.06B	1.15B	1.24B	1.14B	977.2M	1.03B	1.1B
Total Debt+	341M	339M	474.5M	456.6M	473.9M	512.9M	470.7M	446.4M	463.4M	528M
Net Debt	248.5M	288.3M	152.5M	83.3M	83.1M	157.6M	64.7M	118.6M	268.7M	421.3M
Debt / Equity	0.74x	0.86x	0.63x	0.54x	0.58x	0.64x	0.54x	0.47x	0.57x	0.65x
Debt / EBITDA	8.32x	2.79x	1.28x	1.20x	2.36x	2.84x	1.92x	2.07x	-	2.82x
Net Debt / EBITDA	6.06x	2.37x	0.41x	0.22x	0.41x	0.87x	0.26x	0.55x	-	2.25x
Interest Coverage	-0.06x	3.96x	17.39x	16.93x	7.80x	6.12x	9.55x	9.44x	-3.27x	2.86x
Total Equity+	461.9M	395M	754.3M	839.8M	816.1M	796.5M	870.2M	957.2M	808.3M	817M
Equity Growth %	-0.41%	-0.14%	0.91%	0.11%	-0.03%	-0.02%	0.09%	0.1%	-0.16%	0.01%
Book Value per Share	3.99	3.41	6.51	7.25	7.05	6.89	7.53	8.29	7.02	7.10
Total Shareholders' Equity	461.9M	395M	754.3M	839.8M	816.1M	796.5M	870.2M	957.2M	808.3M	817M
Common Stock	1.2M	1.2M	1.2M	1.2M	1.2M	1.2M	1.2M	1.2M	1.2M	1.2M
Retained Earnings	-526M	-552.2M	-267.2M	-136.2M	-132.5M	-151.8M	-122.1M	-105.4M	-242M	-211M
Treasury Stock	0	0	0	0	0	0	-200K	-1.4M	0	0
Accumulated OCI	-412M	-452.8M	-378.7M	-424.3M	-448.8M	-448.2M	-404.1M	-331.5M	-341.1M	-363.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	52.1M	89.6M	276.1M	188.5M	160.3M	102.5M	206.5M	81.7M	5.5M	72.5M
Operating CF Margin %	0.04%	0.07%	0.16%	0.11%	0.09%	0.06%	0.11%	0.04%	0%	0.04%
Operating CF Growth %	-0.41%	0.72%	2.08%	-0.32%	-0.15%	-0.36%	1.01%	-0.6%	-0.93%	12.18%
Net Income	-173.6M	43.3M	354.5M	205M	87.1M	63.9M	112.9M	104.5M	-49.1M	86.2M
Depreciation & Amortization	42.1M	40.5M	41.2M	49.7M	54.9M	64.6M	57.9M	56.2M	53.1M	64.4M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	138.5M	7.7M	-151.6M	27.3M	6.5M	-3.2M	14.3M	-1.4M	-39.3M	31.3M
Other Non-Cash Items	6.3M	3M	-900K	2.8M	4.4M	4.9M	14.5M	2.7M	4.6M	-67.1M
Working Capital Changes	15.2M	-14.3M	19.8M	-116M	7.4M	-27.7M	6.9M	-80.3M	36.2M	-42.3M
Change in Receivables	20.1M	-37.4M	-52.7M	4.1M	-6.8M	-4.7M	-58.6M	85.7M	-43.9M	-8.4M
Change in Inventory	-9.5M	38.8M	-4.9M	-135.5M	-7.1M	13.3M	65.8M	-198.4M	56.3M	-43.1M
Change in Payables	-12M	-12.9M	20.7M	16.4M	24.6M	-33.2M	0	36.7M	33.9M	11.6M
Cash from Investing+	-46.8M	-53M	-77.9M	-42.7M	-52.5M	-61.3M	-58.6M	-63.1M	-47.4M	-186.3M
Capital Expenditures	-47.1M	-53M	-64.3M	-56.3M	-55.1M	-62.8M	-58.6M	-63.2M	-47.4M	-29.5M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	300K	0	-13.6M	13.6M	2.6M	1.5M	0	100K	0	0
Cash from Financing+	-72.1M	-73.3M	58.8M	-80.4M	-87.9M	-85.3M	-86.7M	-91.5M	-91.6M	26.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-69.5M	-69.5M	-69.5M	-78.8M	-83.4M	-83.2M	-83.2M	-87.8M	-87.5M	-55.2M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	-8.9M	-100K	0	0	-1.9M	-100K	-100K	-9.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5M	36.6M	211.8M	132.2M	105.2M	39.7M	147.9M	18.5M	-41.9M	43M
FCF Margin %	0%	0.03%	0.12%	0.08%	0.06%	0.02%	0.08%	0.01%	-0.03%	0.02%
FCF Growth %	-0.81%	6.32%	4.79%	-0.38%	-0.2%	-0.62%	2.73%	-0.87%	-3.26%	2.03%
FCF per Share	0.04	0.32	1.83	1.14	0.91	0.34	1.28	0.16	-0.36	0.37
FCF Conversion (FCF/Net Income)	-0.30x	2.07x	0.78x	0.92x	1.84x	1.60x	1.83x	0.78x	-0.11x	0.84x
Interest Paid	16.6M	18.4M	15.2M	18.5M	17.4M	18M	18M	15.7M	15.8M	38.2M
Taxes Paid	1.4M	6.6M	37.1M	67.9M	35.8M	15.3M	41.6M	37.3M	17.3M	34.5M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-27.93%	10.11%	61.69%	25.72%	10.52%	7.93%	13.55%	11.44%	-5.56%	10.61%
Return on Invested Capital (ROIC)	-0.1%	8.73%	31.17%	27.06%	12%	9.4%	14.86%	11.91%	-3.9%	7.96%
Gross Margin	14.26%	18.84%	32.32%	33.83%	22.31%	21.43%	23.01%	20.26%	9.89%	19.04%
Net Margin	-12.87%	3.17%	20.5%	12.34%	5.03%	3.9%	5.82%	5.41%	-2.95%	4.57%
Debt / Equity	0.74x	0.86x	0.63x	0.54x	0.58x	0.64x	0.54x	0.47x	0.57x	0.65x
Interest Coverage	-0.06x	3.96x	17.39x	16.93x	7.80x	6.12x	9.55x	9.44x	-3.27x	2.86x
FCF Conversion	-0.30x	2.07x	0.78x	0.92x	1.84x	1.60x	1.83x	0.78x	-0.11x	0.84x
Revenue Growth	-18.35%	1.15%	26.73%	-3.88%	4.16%	-5.33%	18.34%	-0.47%	-13.66%	13.24%

Revenue by Segment

	2012	2013	2014
Point Of Destination	1.98B	1.73B	1.65B
Point Of Destination Growth	-	-12.34%	-4.65%

Revenue by Geography

	2012	2013	2014
Europe	1.01B	904.6M	882.9M
Europe Growth	-	-10.56%	-2.40%
D E	977.7M	915.8M	844.1M
D E Growth	-	-6.33%	-7.83%
U S	1.04B	830.4M	783.1M
U S Growth	-	-20.37%	-5.70%
North America	652.5M	560.7M	544.3M
North America Growth	-	-14.07%	-2.92%
N O	284M	261.2M	256.8M
N O Growth	-	-8.03%	-1.68%
C A	339.1M	246.5M	252.3M
C A Growth	-	-27.31%	2.35%
Other Geographical Area	312.4M	267.1M	224.7M
Other Geographical Area Growth	-	-14.50%	-15.87%

Frequently Asked Questions

Valuation & Price

Kronos Worldwide, Inc. (KRO) has a price-to-earnings (P/E) ratio of 7.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Kronos Worldwide, Inc. (KRO) reported $1.86B in revenue for fiscal year 2024. This represents a 4% decrease from $1.94B in 2011.

Kronos Worldwide, Inc. (KRO) grew revenue by 13.2% over the past year. This is steady growth.

Kronos Worldwide, Inc. (KRO) reported a net loss of $41.3M for fiscal year 2024.

Dividend & Returns

Yes, Kronos Worldwide, Inc. (KRO) pays a dividend with a yield of 8.68%. This makes it attractive for income-focused investors.

Kronos Worldwide, Inc. (KRO) has a return on equity (ROE) of 10.6%. This is reasonable for most industries.

Kronos Worldwide, Inc. (KRO) had negative free cash flow of $62.1M in fiscal year 2024, likely due to heavy capital investments.

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