Latest Ratios: P/E Ratio -1.4x · EV/EBITDA 13.9x · ROE -29.0%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $686M | $661M | $1.6B | $2.2B | $2.2B | $3.8B | $2.1B | $1.6B | $956M | $2.5B | $1.2B |
| Enterprise Value | $4.1B | $4.0B | $4.4B | $4.9B | $4.7B | $6.2B | $4.9B | $4.4B | $3.1B | $4.5B | $4.0B |
| P/E Ratio → | -1.45 | — | — | — | 4.34 | 13.28 | 2.19 | — | — | — | — |
| P/S Ratio | 0.24 | 0.23 | 0.52 | 0.78 | 0.62 | 1.06 | 0.77 | 0.60 | 0.53 | 1.44 | 0.57 |
| P/B Ratio | 0.47 | 0.46 | 0.89 | 1.12 | 0.90 | 1.86 | 1.13 | 1.74 | 1.11 | 2.41 | 1.03 |
| P/FCF | — | — | — | — | 12.67 | 8.11 | 13.24 | 6.57 | 18.04 | 13.47 | 13.02 |
| P/OCF | 9999.00 | 11014.64 | 5.30 | 12.04 | 3.60 | 5.13 | 5.97 | 3.62 | 5.62 | 8.98 | 5.68 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.40 | 1.44 | 1.72 | 1.35 | 1.74 | 1.77 | 1.67 | 1.69 | 2.64 | 1.91 |
| EV / EBITDA | 13.87 | 13.79 | 8.79 | 10.61 | 6.30 | 7.03 | 8.47 | 11.79 | 7.71 | 13.66 | 32.29 |
| EV / EBIT | — | — | 18.45 | 24.71 | 10.76 | 11.72 | 16.63 | 42.11 | 13.06 | 44.38 | — |
| EV / FCF | — | — | — | — | 27.40 | 13.30 | 30.45 | 18.19 | 58.17 | 24.63 | 43.52 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.9% | 7.9% | 16.8% | 16.2% | 24.1% | 25.1% | 22.5% | 17.6% | 27.4% | 22.9% | 11.8% |
| Operating Margin | -1.0% | -1.0% | 7.1% | 6.5% | 13.3% | 16.2% | 9.8% | 3.6% | 11.0% | 8.3% | -2.5% |
| Net Profit Margin | -16.3% | -16.3% | -1.6% | -11.1% | 14.4% | 8.0% | 35.1% | -4.1% | -0.4% | -16.8% | -2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -29.0% | -29.0% | -2.5% | -14.4% | 22.4% | 14.6% | 69.5% | -12.3% | -0.7% | -26.2% | -5.4% |
| ROA | -7.7% | -7.7% | -0.8% | -5.1% | 8.1% | 4.6% | 16.4% | -2.2% | -0.1% | -5.8% | -1.2% |
| ROIC | -0.5% | -0.5% | 3.5% | 2.9% | 7.3% | 9.5% | 4.9% | 2.1% | 5.0% | 3.0% | -1.0% |
| ROCE | -0.6% | -0.6% | 4.2% | 3.4% | 8.6% | 10.6% | 5.2% | 2.1% | 4.5% | 3.2% | -1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.48 | 2.48 | 1.67 | 1.49 | 1.11 | 1.30 | 1.82 | 3.41 | 3.67 | 3.10 | 2.63 |
| Debt / EBITDA | 12.25 | 12.25 | 5.93 | 6.40 | 3.61 | 3.00 | 5.91 | 8.34 | 7.90 | 9.59 | 24.63 |
| Net Debt / Equity | — | 2.33 | 1.59 | 1.35 | 1.04 | 1.19 | 1.47 | 3.08 | 2.47 | 2.00 | 2.42 |
| Net Debt / EBITDA | 11.53 | 11.53 | 5.63 | 5.81 | 3.39 | 2.74 | 4.79 | 7.53 | 5.32 | 6.19 | 22.63 |
| Debt / FCF | — | — | — | — | 14.73 | 5.19 | 17.21 | 11.62 | 40.13 | 11.16 | 30.50 |
| Interest Coverage | -1.42 | -1.42 | 1.44 | 1.25 | 3.46 | 3.38 | 1.55 | 0.52 | 1.22 | 0.54 | -0.43 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.46 | 2.46 | 2.47 | 2.84 | 2.31 | 2.49 | 3.14 | 2.95 | 8.48 | 7.48 | 4.85 |
| Quick Ratio | 0.67 | 0.67 | 0.69 | 0.95 | 0.80 | 1.22 | 1.73 | 1.34 | 6.88 | 6.14 | 3.97 |
| Cash Ratio | 0.23 | 0.23 | 0.17 | 0.36 | 0.19 | 0.28 | 0.80 | 0.43 | 3.45 | 3.16 | 0.44 |
| Asset Turnover | — | 0.46 | 0.51 | 0.46 | 0.55 | 0.60 | 0.42 | 0.50 | 0.39 | 0.35 | 0.42 |
| Inventory Turnover | 1.61 | 1.61 | 1.65 | 1.68 | 2.05 | 2.55 | 1.88 | 1.93 | 2.76 | 2.77 | 3.70 |
| Days Sales Outstanding | — | 36.66 | 31.82 | 38.42 | 40.47 | 65.09 | 74.24 | 67.42 | 64.01 | 72.23 | 50.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.0% | 7.3% | 5.0% | 4.0% | 4.0% | 1.7% | 1.9% | 1.7% | 2.4% | 0.9% | 3.8% |
| Payout Ratio | — | — | — | — | 17.5% | 22.7% | 4.1% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 23.0% | 7.5% | 45.8% | — | — | — | — |
| FCF Yield | — | — | — | — | 7.9% | 12.3% | 7.6% | 15.2% | 5.5% | 7.4% | 7.7% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 2.3% | 0.0% | 0.1% | 18.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 7.0% | 7.3% | 5.1% | 4.0% | 6.4% | 1.7% | 2.0% | 19.7% | 2.4% | 0.9% | 3.9% |
| Shares Outstanding | — | $158M | $158M | $156M | $157M | $158M | $145M | $140M | $123M | $120M | $116M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying TROX stock.
Tronox Holdings plc's current P/E ratio is -1.4x. The historical average is 5.4x.
Tronox Holdings plc's current EV/EBITDA is 13.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
Tronox Holdings plc's return on equity (ROE) is -29.0%. The historical average is 0.8%.
Based on historical data, Tronox Holdings plc is trading at a P/E of -1.4x. Compare with industry peers and growth rates for a complete picture.
Tronox Holdings plc's current dividend yield is 7.04%.
Tronox Holdings plc has 7.9% gross margin and -1.0% operating margin.
Tronox Holdings plc's Debt/EBITDA ratio is 12.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage rising amid operational losses
Metrics are mathematically derived from official filings.
Deep Discount Reflects Profitability Crisis
TROX trades at a significant discount to peers with a P/B of 0.60 and P/S of 0.30, implying the market has severely discounted its asset base and is pricing in continued losses, according to current valuation multiples.
The negative P/E of -1.84 renders the metric meaningless, but the P/B of 0.60 suggests the market values Tronox's assets at only 60% of their carrying value, a severe discount reflecting impaired earning power. The EV/EBITDA of 14.51 appears elevated only because EBITDA itself is depressed, but the forward multiple of 8.30 indicates the market expects some recovery. The 5.5% dividend yield is likely unsustainable given the negative free cash flow.
Gross Margin Collapse Undermines Viability
Gross margins have deteriorated to an unsustainable 6.3% in 2026Q2 from 17.4% just two years ago, indicating a severe and likely structural loss of pricing power or cost control that is rendering core operations unprofitable.
The collapse from healthy double-digit to single-digit gross margins within eight quarters points to a fundamental shift in the cost or pricing structure, likely driven by aggressive pricing concessions or persistent input cost inflation. The operating margin of -2.4% confirms that even with volume recovery, the company cannot cover its fixed cost base. Net margin losses are exacerbated by non-operational items, but the core business is currently cash-destructive.
Capital Incineration Amid Asset Intensity
Return on invested capital has been persistently negative, reaching -0.7% in 2026Q2, confirming the company's heavy asset base is destroying value rather than compounding it, as reported in quarterly financial statements.
The negative ROIC trend, which turned negative in 2025Q1, indicates a complete failure to generate returns above the cost of capital. This is a direct consequence of the gross margin collapse and negative operating leverage. ROE is deeply negative due to both operational losses and the eroding equity base, signaling severe shareholder value destruction.
Leverage Surges on Eroding Equity
The debt-to-equity ratio surged to 2.62 in 2026Q1, a significant increase from 1.53 in early 2024, as accumulated losses have eaten away at the equity base while debt levels have remained high, based on balance sheet data.
This leverage spike is not from debt-financed growth but from equity erosion, making it particularly concerning. The D/EBITDA ratio becomes uninformative when EBITDA is near zero or negative, but the negative interest coverage of -0.20 in 2026Q2 indicates the company is not generating enough earnings to service its interest obligations. This dynamic significantly increases refinancing and covenant risk.
Volatile Working Capital Obscures Core Cash Need
The cash conversion cycle was a volatile 82 days in 2026Q2, dramatically improved from 182 days in 2026Q1, primarily due to a massive reduction in days inventory outstanding to 88 from 201, suggesting large non-recurring inventory movements.
The extreme volatility in DIO and the overall CCC quarter-over-quarter indicates that working capital management is being driven by irregular events rather than sustainable operational efficiency. While a shorter CCC improves liquidity temporarily, it does not resolve the underlying issue of negative operating margins. The DSO remains stable, suggesting no significant change in customer payment behavior.
The Peril of the P/B Ratio in a Burn Scenario
The Price-to-Book ratio of 0.60 is the most commonly misapplied metric for TROX, as it suggests a value opportunity while obscuring the critical fact that the company's book value is actively eroding due to persistent operational losses and capital destruction.
A P/B below 1.0 is typically a value indicator, but for a capital-intensive industrial company with negative ROIC and negative free cash flow, it is a potential value trap. The book value represents historical cost, not necessarily liquidation or reproduction value. Investors should focus instead on cash flow generation and return on capital, as the declining equity base means the P/B ratio is chasing a moving, downward target. The true alternative metric is free cash flow yield, which is negative and uninformative at this stage.