Liquidity is under extreme pressure as evidenced by the cash position falling to $126,000 in 2026Q1, while the company continues to struggle with a -18.0% free cash flow margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 |
|---|
| Cash from Operations | 23M | 60K | 300M | 184M | 598M | 740M | 355M | 441M | 170M | 273M | 211M | 216M | 141M | 337M | 118M | 76.9M | -54.5M | 95.3M | 111.6M | 61.5M | 190.8M | 0 | 0 |
| Operating CF Margin % | - | 0% | 9.76% | 6.46% | 17.31% | 20.72% | 12.87% | 16.69% | 9.35% | 16.08% | 10.08% | 10.23% | 8.12% | 17.53% | 6.44% | 6.32% | -5.09% | 6.68% | 7.91% | 4.51% | 14.66% | - | - |
| Operating CF Growth % | -318.06% | -99.98% | 63.04% | -69.23% | -19.19% | 108.45% | -19.5% | 159.41% | -37.73% | 29.38% | -2.31% | 53.19% | -58.16% | 185.59% | 53.45% | 241.1% | -157.19% | -14.61% | 81.46% | -67.77% | - | - | - |
| Net Income | -359.1M | -473K | -48M | -316M | 500M | 286M | 995M | -102M | 30M | -93M | -58M | -307M | -417M | -90M | 1.13B | 5.8M | -38.5M | -106.4M | -200K | 18.8M | -127.6M | -92.7M | -107.4M |
| Depreciation & Amortization | 311M | 302K | 254M | 245M | 240M | 309M | 306M | 312M | 195M | 182K | 294K | 294M | 333K | 333K | 211M | 50.1M | 61.1M | 112.3M | 103M | 103.1M | 104.6M | 0 | 119.9M |
| Stock-Based Compensation | 4M | 20K | 21M | 21M | 26M | 0 | 30M | 32M | 21M | 31M | 25M | 22M | 22M | 17M | 31M | 500K | 200K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 8M | 12K | 110M | 330M | -261M | 15M | -899M | -9M | -21M | 2M | -116M | 14M | 237M | 33M | -162M | -5.1M | -1.9M | 24.8M | -5.5M | -31.9M | -38.2M | 0 | 0 |
| Other Non-Cash Items | 217M | 102.2M | 66M | 78M | 108M | 148M | 75M | 150M | 63M | 311.82M | 280.71M | -6M | 329.67M | 287.67M | -870M | -79.5M | -173.3M | 44.4M | 29M | 128.1M | 275.5M | 92.7M | -12.5M |
| Working Capital Changes | -54M | -102M | -103M | -174M | -15M | -18M | -152M | 58M | -118M | 21M | 79M | 199M | -31M | 89M | -225M | 105.1M | 97.9M | 20.2M | -14.7M | -156.6M | -23.5M | 0 | 0 |
| Change in Receivables | -3M | -9M | 11M | 84M | 233M | -108M | -49M | 78M | -11M | -50M | -27M | 20M | 23M | 58M | 83M | -11.9M | -22.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 76M | -26M | -115M | -151M | -255M | 53M | -21M | -59M | -47M | 60M | 111M | 157M | -101M | 75M | -222M | -6.6M | 55.4M | -20.7M | -1.5M | -42.7M | 59.9M | 0 | 0 |
| Change in Payables | -83M | -26M | -11M | -84M | -5M | 53M | -12M | 67M | -51M | 1M | 8M | -12M | 22M | -11M | -107M | -364.5M | -418.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -300M | -328K | -343M | -255M | -415M | -269M | -229M | -1.19B | -174M | 558M | -117M | -1.84B | -187M | -171M | -52M | -45M | -22.8M | -69.2M | -75M | 83.3M | -91.4M | -99.4M | -153.3M |
| Capital Expenditures | -298M | -341K | -370M | -261M | -428M | -272M | -195M | -198M | -117M | -91M | -119M | -191M | -187M | -172M | -166M | -45M | -24M | -70.9M | -79.5M | -87.6M | -92.5M | -99.4M | -153.3M |
| CapEx % of Revenue | 10.21% | 0.01% | 12.04% | 9.16% | 12.39% | 7.61% | 7.07% | 7.49% | 6.43% | 5.36% | 5.69% | 9.04% | 10.77% | 8.95% | 9.06% | 3.7% | 2.24% | 4.97% | 5.63% | 6.42% | 7.11% | 8.54% | 14.99% |
| Acquisitions | 2M | 0 | 0 | 0 | 0 | 2M | 1M | -974M | 6M | 1.32B | -1.65M | -1.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2M | 19K | 27M | 6M | 13M | 1M | -35M | -14M | -63M | -676M | 3.65M | 1M | 1K | 1M | 114M | 0 | 1.2M | 1.7M | 4.5M | 170.9M | 1.1M | 0 | 0 |
| Cash from Financing | 281M | 321K | -71M | 176M | -250M | -877M | 214M | -638M | -46M | 24M | -77M | 603M | -132M | 614M | 490M | -32.2M | 171.6M | -71.9M | -19.6M | -103.3M | -131.1M | 0 | 0 |
| Debt Issued (Net) | 338M | 370M | 26M | 268M | -91M | -777M | 267M | -165M | 9M | 97M | -31M | 732M | -20M | 756M | 1.12B | -15.4M | 217.2M | -64.9M | -11.1M | 550M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | -1M | 0 | -50M | 8M | -3M | -288M | -6M | -12M | 0 | 0 | 0 | 0 | -340M | 0 | 0 | 1.6M | 0 | 226M | 0 | 0 | 0 |
| Dividends Paid | -56M | -48M | -80M | -89M | -87M | -65M | -40M | -27M | -23M | -23M | -46M | -117M | -116M | -115M | -61M | 0 | 0 | -8.3M | -6.2M | -761.8M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1M | 0 | -50M | 0 | -3M | -288M | 0 | 0 | -1M | -1M | 0 | 0 | -341M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1M | -321.68M | -16M | -3M | -22M | -43M | -10M | -158M | -26M | -38M | -1M | -12M | 4M | -27M | -231M | -16.6M | -45.6M | -300K | -2.3M | -117.5M | -131.1M | 0 | 0 |
| Net Change in Cash | 0 | 59K | -121M | 109M | -68M | -416M | 337M | -1.39B | -73M | 868M | 19M | -1.05B | -199M | 762M | 562M | -1.6M | 93.5M | -55.6M | 7.6M | 45.2M | -35.5M | -99.4M | -153.3M |
| Free Cash Flow | -275M | -281K | -70M | -77M | 170M | 468M | 160M | 243M | 53M | 182M | 92M | 25M | -46M | 165M | -48M | 31.9M | -78.5M | 24.4M | 32.1M | -26.1M | 98.3M | -99.4M | -153.3M |
| FCF Margin % | -9.42% | -0.01% | -2.28% | -2.7% | 4.92% | 13.1% | 5.8% | 9.2% | 2.91% | 10.72% | 4.4% | 1.18% | -2.65% | 8.58% | -2.62% | 2.62% | -7.34% | 1.71% | 2.27% | -1.91% | 7.55% | -8.54% | -14.99% |
| FCF Growth % | -157.01% | 99.6% | 9.09% | -145.29% | -63.68% | 192.5% | -34.16% | 358.49% | -70.88% | 97.83% | 268% | 154.35% | -127.88% | 443.75% | -250.47% | 140.64% | -421.72% | -23.99% | 222.99% | -126.55% | 198.89% | 35.16% | - |
| FCF per Share | -1.73 | -0.00 | -0.44 | -0.49 | 1.08 | 2.96 | 1.10 | 1.74 | 0.43 | 1.52 | 0.79 | 0.22 | -0.40 | 1.45 | -0.47 | 0.19 | -0.38 | 0.12 | 0.16 | -0.21 | 0.86 | -0.45 | -0.74 |
| FCF Conversion (FCF/Net Income) | 0.77x | -0.00x | -6.25x | -0.58x | 1.20x | 2.59x | 0.37x | -4.05x | -24.29x | -0.96x | -3.46x | -0.68x | -0.33x | -2.67x | 0.10x | 12.82x | 1.42x | -0.90x | -558.00x | 3.27x | -1.50x | - | - |
| Interest Paid | 82M | 0 | 151M | 143M | 114M | 0 | 0 | 188M | 84M | 186M | 171M | 152M | 126M | 123M | 34M | 40M | 24.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 10M | 54M | 60M | 0 | 17M | 34M | 28M | 10M | 2M | 23M | 3M | 25M | 26M | 6M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, evidenced by a 2026Q1 operating cash flow to net income ratio of 679.61, which highlights a profound disconnect between accounting losses and actual cash generation capabilities.
The extreme volatility in the OCF/NI ratio suggests that accruals and non-cash adjustments are masking the underlying cash-burning nature of the business. Investors should monitor whether this divergence is driven by aggressive inventory accounting or simply the inability to convert operational activity into realized liquidity.
Based on the company's reported quarterly data, free cash flow margins have remained largely negative, with the firm recording a -18.0% FCF margin in 2026Q1, underscoring a persistent inability to fund operations and capital expenditures through internal cash generation alone.
The consistent failure to achieve positive free cash flow suggests that the company's capital-intensive mining and smelting operations are currently consuming more cash than they produce. This trajectory warrants further investigation into whether management can rationalize the cost base or if external financing will be required to sustain current operations.
According to historical cash flow filings, Tronox maintains a significant capital expenditure burden, with CapEx/Revenue ratios frequently exceeding 10%, which appears disproportionately high given the recent 5.73% revenue contraction and the company's inability to maintain positive operating margins.
The high level of capital intensity suggests that the company is locked into a maintenance cycle that it cannot easily scale back without risking long-term asset degradation. This creates a rigid cost structure that leaves little room for error during periods of cyclical demand weakness.
As indicated by the quarterly cash flow statements, working capital changes have been a major source of volatility, with a $78.0M cash outflow in 2026Q1 following a $114.0M inflow in 2025Q4, suggesting significant instability in inventory management and receivables collection cycles.
The rapid swings in working capital suggest that the company is struggling to align its production schedules with fluctuating end-market demand. This instability may indicate that the firm is forced to carry excess inventory, which ties up critical liquidity and increases the risk of future write-downs.
Based on reported figures, the company continued to pay dividends totaling $8.0M in 2026Q1 despite reporting a net loss of $103.0M, a decision that appears difficult to reconcile with the firm's current cash-burning status and strained operational performance.
The persistence of dividend payments during a period of negative free cash flow may indicate a management priority that is misaligned with the current financial reality. Investors should monitor whether this capital allocation strategy is sustainable or if it will eventually necessitate a reduction in shareholder returns to preserve liquidity.
Quick answers to the most common questions about buying TROX stock.
Tronox Holdings plc (TROX) generated $0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tronox Holdings plc (TROX) reported negative free cash flow of $0.3M in 2025, indicating capital requirements exceeded cash from operations.
Tronox Holdings plc (TROX) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tronox Holdings plc (TROX) returned $48.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.