Valhi, Inc. (VHI) 10-Year Financial Performance & Capital Metrics

VHI • • Industrial / General

Basic MaterialsChemicalsPigments & Specialty MaterialsTitanium Dioxide Pigment Producers

AboutValhi, Inc. engages in the chemicals, component products, and real estate management and development businesses in the Asia Pacific, Europe, North America, and internationally. The company's Chemicals segment produces and markets titanium dioxide pigments (TiO2), which are white inorganic pigments used in various applications by paint, plastics, decorative laminate, and paper manufacturers. It offers TiO2 under the KRONOS name through agents and distributors. The company's Component Products segment manufactures mechanical and electrical cabinet locks, and other locking mechanisms for use in ignition systems, mailboxes, file cabinets, desk drawers, tool storage cabinets, vending and cash containment machines, integrated inventory and access control secured narcotics boxes, medical cabinetry security, electronic circuit panels, storage compartments, and gas station security applications. It also provides stainless steel exhaust components, gauges, throttle controls, wake enhancement systems, trim tabs, and related hardware and accessories primarily for performance and ski/wakeboard boats. The company's Real Estate Management and Development segment offers utility services to industrial and municipal customers; owns real properties; and develops land holdings for commercial, industrial, and residential purposes. It also holds marketable securities and other investments. The company was incorporated in 1932 and is based in Dallas, Texas. Valhi, Inc. is a subsidiary of Contran Corporation.Show more

Revenue $2.1B +9.5%
EBITDA $232M +2201.0%
Net Income $108M +1190.9%
EPS (Diluted) 3.79 +1002.4%
Gross Margin 20.17% +58.1%
EBITDA Margin 11.04% +2000.7%
Operating Margin 7.87% +443.8%
Net Margin 5.13% +1095.9%
ROE 8.18% +1161.1%
ROIC 8.18% +451.1%
Debt/Equity 0.42 -6.1%
Interest Coverage 3.32 +313.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 17.0%
✓Healthy dividend yield of 2.2%
✓Trading at only 0.3x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.8%
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.23%

5Y2.1%

3Y-2.86%

TTM-0.65%

Profit (Net Income) CAGR

10Y7.22%

5Y17.03%

3Y-5.31%

TTM-79.35%

EPS CAGR

10Y7.04%

5Y6.7%

3Y-5.28%

TTM-79.5%

ROCE

10Y Avg14.54%

5Y Avg5.77%

3Y Avg4.42%

Latest7.56%

Peer Comparison

Titanium Dioxide Pigment Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VHIValhi, Inc.	405.85M	14.34	3.78	9.53%	0.89%	1.31%	3.23%	0.42
TROXTronox Holdings plc	927.53M	5.85	-19.50	7.86%	-11.39%	-203.39%		1.67

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.53B	1.57B	1.88B	1.82B	1.9B	1.85B	2.3B	2.22B	1.92B	2.1B
Revenue Growth %	-0.18%	0.02%	0.2%	-0.03%	0.04%	-0.03%	0.24%	-0.03%	-0.14%	0.1%
Cost of Goods Sold+	1.31B	1.27B	1.28B	1.21B	1.46B	1.44B	1.72B	1.73B	1.68B	1.68B
COGS % of Revenue	0.85%	0.81%	0.68%	0.67%	0.77%	0.78%	0.75%	0.78%	0.87%	0.8%
Gross Profit+	222.9M	292.1M	602M	609.2M	434.6M	412.1M	580.2M	490.4M	245.2M	424.5M
Gross Margin %	0.15%	0.19%	0.32%	0.33%	0.23%	0.22%	0.25%	0.22%	0.13%	0.2%
Gross Profit Growth %	-0.45%	0.31%	1.06%	0.01%	-0.29%	-0.05%	0.41%	-0.15%	-0.5%	0.73%
Operating Expenses+	5.4M	-81.2M	-362.9M	-370.7M	327.7M	283.6M	311.9M	304M	289.2M	258.8M
OpEx % of Revenue	0%	-0.05%	-0.19%	-0.2%	0.17%	0.15%	0.14%	0.14%	0.15%	0.12%
Selling, General & Admin	269.7M	260.2M	269.4M	324.5M	310.7M	303.7M	328.9M	317.9M	289.2M	258.8M
SG&A % of Revenue	0.18%	0.17%	0.14%	0.18%	0.16%	0.16%	0.14%	0.14%	0.15%	0.12%
Research & Development	16M	13M	19M	16M	17M	16M	17M	16M	0	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	-	-
Other Operating Expenses	2.7M	1.5M	2.3M	2.8M	0	-36.1M	-34M	-29.9M	0	0
Operating Income+	-14.8M	66.2M	2.24B	370.7M	106.9M	128.5M	268.3M	186.4M	-44M	165.7M
Operating Margin %	-0.01%	0.04%	1.19%	0.2%	0.06%	0.07%	0.12%	0.08%	-0.02%	0.08%
Operating Income Growth %	-1.09%	5.47%	32.79%	-0.83%	-0.71%	0.2%	1.09%	-0.31%	-1.24%	4.77%
EBITDA+	55.1M	133.7M	2.3B	429.1M	161.5M	197M	327.6M	244.9M	10.1M	232.4M
EBITDA Margin %	0.04%	0.09%	1.22%	0.24%	0.09%	0.11%	0.14%	0.11%	0.01%	0.11%
EBITDA Growth %	-0.78%	1.43%	16.17%	-0.81%	-0.62%	0.22%	0.66%	-0.25%	-0.96%	22.01%
D&A (Non-Cash Add-back)	69.9M	67.5M	59M	58.4M	54.6M	68.5M	59.3M	58.5M	54.1M	66.7M
EBIT	11.7M	97.7M	350.7M	291.9M	133.1M	136.8M	290.3M	197.8M	8.8M	294.1M
Net Interest Income+	-27.2M	-31.4M	-29.5M	-29.6M	-29.9M	-31.4M	-28.5M	-17M	-7.3M	-28.1M
Interest Income	26.4M	26.7M	29.4M	26.1M	10.9M	4.8M	4M	10.9M	21M	21.8M
Interest Expense	53.6M	58.1M	58.9M	55.7M	40.8M	36.2M	32.5M	27.9M	28.3M	49.9M
Other Income/Expense	-59.3M	-26.6M	-22.8M	-30.7M	-2.2M	-27.9M	-10.5M	-16.5M	24.5M	78.5M
Pretax Income+	-73.8M	3M	291.8M	236.2M	104.7M	100.6M	257.8M	169.9M	-19.5M	244.2M
Pretax Margin %	-0.05%	0%	0.16%	0.13%	0.06%	0.05%	0.11%	0.08%	-0.01%	0.12%
Income Tax+	97.3M	6M	-120M	-30.7M	26.5M	15.9M	60.1M	36.8M	-24.6M	82.9M
Effective Tax Rate %	1.81%	-5.3%	0.71%	1.11%	0.47%	0.55%	0.49%	0.51%	0.51%	0.44%
Net Income+	-133.6M	-15.9M	207.5M	262.2M	49.2M	55.2M	127.2M	87.2M	-9.9M	108M
Net Margin %	-0.09%	-0.01%	0.11%	0.14%	0.03%	0.03%	0.06%	0.04%	-0.01%	0.05%
Net Income Growth %	-3.48%	0.88%	14.05%	0.26%	-0.81%	0.12%	1.3%	-0.31%	-1.11%	11.91%
Net Income (Continuing)	-149.4M	21M	411.8M	266.9M	78.2M	84.7M	197.7M	133.1M	5.1M	161.3M
Discontinued Operations	0	0	0	34.1M	0	4.3M	0	0	0	0
Minority Interest	258.2M	243.5M	342.3M	353.6M	340.1M	324.4M	328.9M	348.2M	325.7M	343M
EPS (Diluted)+	-4.69	-0.56	7.32	9.20	2.74	1.94	4.46	3.16	-0.42	3.79
EPS Growth %	-3.44%	0.88%	14.07%	0.26%	-0.7%	-0.29%	1.3%	-0.29%	-1.13%	10.02%
EPS (Basic)	-4.73	-0.56	7.32	9.20	2.74	1.94	4.46	3.16	-0.42	3.79
Diluted Shares Outstanding	28.5M	28.5M	28.5M	28.5M	28.51M	28.5M	28.5M	28.5M	28.5M	28.5M
Basic Shares Outstanding	28.26M	28.5M	28.5M	28.5M	28.51M	28.5M	28.5M	28.5M	28.5M	28.5M
Dividend Payout Ratio	-	-	0.13%	0.1%	0.55%	0.25%	0.07%	0.1%	-	0.08%

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+	896.2M	837.4M	1.26B	1.41B	1.43B	1.45B	1.67B	1.59B	1.48B	1.45B
Cash & Short-Term Investments	204.3M	164.2M	438.7M	502.3M	525.9M	523M	701M	553.6M	463.1M	350.2M
Cash Only	202.3M	159.8M	435.7M	499.8M	523.8M	518.6M	698.4M	478.5M	407M	348.3M
Short-Term Investments	2M	4.4M	3M	2.5M	2.1M	4.4M	2.6M	75.1M	56.1M	1.9M
Accounts Receivable	246.6M	236.1M	365.8M	337.6M	329.2M	342.3M	403.7M	281.9M	340.4M	327.8M
Days Sales Outstanding	58.72	55	71.04	67.7	63.32	67.55	64.17	46.3	64.65	56.84
Inventory	405.2M	360.6M	398.4M	515.8M	522.1M	538.2M	458.7M	640.8M	596.1M	685.8M
Days Inventory Outstanding	112.9	103.25	113.84	155.48	130.27	136.65	97.56	135.03	129.78	148.97
Other Current Assets	40.1M	67.1M	59.3M	94.3M	48.2M	13.9M	52.6M	113.2M	75.8M	89.9M
Total Non-Current Assets+	1.64B	1.61B	1.65B	1.3B	1.37B	1.44B	1.33B	1.25B	1.26B	1.35B
Property, Plant & Equipment	665.7M	654.5M	588.7M	563.5M	592M	616.5M	583.5M	545.3M	559.4M	744M
Fixed Asset Turnover	2.30x	2.39x	3.19x	3.23x	3.21x	3.00x	3.94x	4.08x	3.44x	2.83x
Goodwill	379.7M	379.7M	379.7M	379.7M	379.7M	379.7M	379.7M	379.7M	379.7M	382.3M
Intangible Assets	53.2M	42.9M	0	0	0	0	0	0	0	0
Long-Term Investments	337.8M	332.4M	342.2M	86.1M	96.4M	106.2M	105.2M	114.1M	115.8M	5.7M
Other Non-Current Assets	203.5M	195.1M	214.9M	170.5M	194.9M	213.3M	176.8M	166.6M	139.7M	160.7M
Total Assets+	2.54B	2.44B	2.91B	2.71B	2.79B	2.89B	3.01B	2.84B	2.74B	2.8B
Asset Turnover	0.60x	0.64x	0.65x	0.67x	0.68x	0.64x	0.76x	0.78x	0.70x	0.75x
Asset Growth %	-0.14%	-0.04%	0.19%	-0.07%	0.03%	0.03%	0.04%	-0.06%	-0.03%	0.02%
Total Current Liabilities+	286.6M	294.1M	331.1M	351M	322.5M	318.1M	463.5M	492.8M	507.1M	643.8M
Accounts Payable	104.8M	107.5M	132.3M	111.5M	144.7M	117.6M	152.7M	199.4M	258.6M	250M
Days Payables Outstanding	29.2	30.78	37.8	33.61	36.1	29.86	32.48	42.02	56.3	54.31
Short-Term Debt	9.5M	7.3M	1.6M	2.9M	4.9M	2.4M	3.1M	1.8M	700K	79M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	74.6M	151.3M	107.5M	135M	35.1M	90.5M	107.2M	106.5M	39.9M	38.7M
Current Ratio	3.13x	2.85x	3.81x	4.01x	4.42x	4.57x	3.61x	3.23x	2.91x	2.26x
Quick Ratio	1.71x	1.62x	2.61x	2.54x	2.80x	2.88x	2.62x	1.93x	1.73x	1.19x
Cash Conversion Cycle	142.42	127.47	147.08	189.57	157.49	174.33	129.25	139.31	138.13	151.51
Total Non-Current Liabilities+	1.72B	1.7B	1.81B	1.37B	1.49B	1.56B	1.38B	1.04B	968.4M	777.3M
Long-Term Debt	951M	889.3M	1.04B	797.5M	789.4M	786.2M	649.9M	557.7M	545.8M	484.4M
Capital Lease Obligations	0	0	0	0	22.2M	18.8M	15.8M	17.4M	18.6M	17.1M
Deferred Tax Liabilities	353.9M	310.7M	199.7M	60.3M	51.7M	36.4M	49.7M	63.8M	31.8M	57.7M
Other Non-Current Liabilities	431.7M	489M	569.3M	515.1M	581.1M	664M	586.3M	371.3M	356.7M	206.3M
Total Liabilities	2.01B	2B	2.14B	1.72B	1.81B	1.88B	1.85B	1.53B	1.48B	1.42B
Total Debt+	960.5M	965M	1.04B	800.4M	822.7M	814.1M	672.5M	580.7M	569M	584M
Net Debt	758.2M	805.2M	607.4M	300.6M	298.9M	295.5M	-25.9M	102.2M	162M	235.7M
Debt / Equity	1.82x	2.17x	1.36x	0.81x	0.84x	0.81x	0.58x	0.44x	0.45x	0.42x
Debt / EBITDA	17.43x	7.22x	0.45x	1.87x	5.09x	4.13x	2.05x	2.37x	56.34x	2.51x
Net Debt / EBITDA	13.76x	6.02x	0.26x	0.70x	1.85x	1.50x	-0.08x	0.42x	16.04x	1.01x
Interest Coverage	-0.28x	1.14x	37.98x	6.66x	2.62x	3.55x	8.26x	6.68x	-1.55x	3.32x
Total Equity+	526.9M	444.4M	766.7M	989M	980.1M	1.01B	1.16B	1.31B	1.26B	1.38B
Equity Growth %	-0.35%	-0.16%	0.73%	0.29%	-0.01%	0.03%	0.15%	0.13%	-0.03%	0.09%
Book Value per Share	18.49	15.59	26.90	34.70	34.38	35.33	40.65	45.85	44.26	48.39
Total Shareholders' Equity	268.7M	200.9M	424.4M	635.4M	640M	682.5M	829.5M	958.6M	935.8M	1.04B
Common Stock	3.6M	3.6M	3.6M	3.6M	300K	300K	300K	300K	300K	300K
Retained Earnings	-155.6M	-198.5M	-17.9M	220.3M	239.4M	282.9M	401.1M	482.3M	461.1M	574.7M
Treasury Stock	-49.6M	-49.6M	-49.6M	-49.6M	-49.6M	-49.6M	-49.6M	-49.6M	-49.6M	-49.6M
Accumulated OCI	-197M	-221.9M	-179M	-206.2M	-220.7M	-219.4M	-191.3M	-143.9M	-145.5M	-159.2M
Minority Interest	258.2M	243.5M	342.3M	353.6M	340.1M	324.4M	328.9M	348.2M	325.7M	343M

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+	22.5M	79.8M	259.3M	165.5M	177.2M	152.2M	459.7M	34.9M	3.9M	44M
Operating CF Margin %	0.01%	0.05%	0.14%	0.09%	0.09%	0.08%	0.2%	0.02%	0%	0.02%
Operating CF Growth %	-0.67%	2.55%	2.25%	-0.36%	0.07%	-0.14%	2.02%	-0.92%	-0.89%	10.28%
Net Income	-171.1M	-3M	302.6M	301M	78.2M	89M	197.7M	136.1M	-12.1M	161.3M
Depreciation & Amortization	69.9M	67.5M	59M	58.4M	56.8M	68.5M	59.3M	58.5M	54.1M	66.7M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	85.7M	-39.1M	-293.2M	-73.5M	7.4M	-7M	12.1M	600K	-48.1M	43.5M
Other Non-Cash Items	10.3M	4.5M	-800K	15.9M	2.3M	8.2M	4.4M	28.8M	27.6M	-66.9M
Working Capital Changes	17.5M	36.8M	9.1M	-63M	32.5M	-6.5M	186.2M	-189.1M	-17.6M	-160.6M
Change in Receivables	22.2M	-47.4M	-47.5M	-11.1M	9.7M	-3.1M	-64.6M	81.1M	-44.6M	-16.7M
Change in Inventory	-8.4M	39.6M	-5.5M	-137.3M	-8.5M	13.1M	58.3M	-204.2M	56.7M	-41M
Change in Payables	-13.9M	-300K	12.9M	65.7M	-14.6M	-32.8M	154.3M	3.9M	11.2M	-60.2M
Cash from Investing+	-57M	-61.6M	-74.4M	-57M	-50.7M	-57M	-37.4M	-146.7M	-29M	-125M
Capital Expenditures	-55.9M	-60.4M	-73.5M	-61.4M	-59.9M	-65.5M	-64.1M	-67.6M	-48.5M	-30.9M
CapEx % of Revenue	0.04%	0.04%	0.04%	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-58.4M	-60.9M	-73.7M	-70.8M	6.9M	2.7M	25.5M	200K	1.9M	8.4M
Cash from Financing+	-10.6M	-45.5M	93.6M	-59.8M	-64.1M	-122.5M	-189.1M	-114M	-75.9M	-2.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-27.1M	-27.1M	-27.2M	-27.1M	-27.1M	-13.6M	-9M	-9M	-9.1M	-9.1M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-15M	-21.6M	-27.1M	-20.1M	-37.6M	-49.4M	-76.3M	-39M	-34.1M	-34.6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-33.4M	19.4M	185.8M	104.1M	117.3M	86.7M	395.6M	-32.7M	-44.6M	13.1M
FCF Margin %	-0.02%	0.01%	0.1%	0.06%	0.06%	0.05%	0.17%	-0.01%	-0.02%	0.01%
FCF Growth %	-4.86%	1.58%	8.58%	-0.44%	0.13%	-0.26%	3.56%	-1.08%	-0.36%	1.29%
FCF per Share	-1.17	0.68	6.52	3.65	4.11	3.04	13.88	-1.15	-1.56	0.46
FCF Conversion (FCF/Net Income)	-0.17x	-5.02x	1.25x	0.63x	3.60x	2.76x	3.61x	0.40x	-0.39x	0.41x
Interest Paid	56.6M	60.6M	59.3M	53.9M	37.9M	33.1M	29.2M	25.8M	26.6M	45.1M
Taxes Paid	10.2M	20.3M	62.3M	68.5M	33.4M	24.1M	65.9M	43.7M	27.4M	41.8M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-19.93%	-3.27%	34.27%	29.87%	5%	5.56%	11.75%	7.07%	-0.77%	8.18%
Return on Invested Capital (ROIC)	-0.8%	3.92%	127.9%	20.88%	6.24%	7.47%	16.53%	11%	-2.33%	8.18%
Gross Margin	14.54%	18.64%	32.03%	33.47%	22.9%	22.28%	25.27%	22.07%	12.76%	20.17%
Net Margin	-8.72%	-1.01%	11.04%	14.41%	2.59%	2.98%	5.54%	3.92%	-0.52%	5.13%
Debt / Equity	1.82x	2.17x	1.36x	0.81x	0.84x	0.81x	0.58x	0.44x	0.45x	0.42x
Interest Coverage	-0.28x	1.14x	37.98x	6.66x	2.62x	3.55x	8.26x	6.68x	-1.55x	3.32x
FCF Conversion	-0.17x	-5.02x	1.25x	0.63x	3.60x	2.76x	3.61x	0.40x	-0.39x	0.41x
Revenue Growth	-17.7%	2.21%	19.95%	-3.16%	4.25%	-2.52%	24.15%	-3.22%	-13.53%	9.53%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Chemicals	1.35B	1.36B	1.73B	-	1.73B	1.64B	1.94B	1.93B	1.67B	1.89B
Chemicals Growth	-	1.15%	26.73%	-	-	-5.34%	18.34%	-0.47%	-13.66%	13.24%
Component Products	109M	108.9M	112M	118.2M	124.2M	-	-	-	161.3M	145.9M
Component Products Growth	-	-0.09%	2.85%	5.54%	5.08%	-	-	-	-	-9.55%
Real Estate Management And Development	30.1M	46.2M	38.4M	100K	-	-	-	-	93.9M	71.8M
Real Estate Management And Development Growth	-	53.49%	-16.88%	-99.74%	-	-	-	-	-	-23.54%
Venator Investments LLC	-	-	-	-	-	-	189.6M	225.9M	-	-
Venator Investments LLC Growth	-	-	-	-	-	-	-	19.15%	-	-
Kronos	176.5M	157.9M	157.5M	165.9M	176.2M	167.8M	-	225.6M	-	-
Kronos Growth	-	-10.54%	-0.25%	5.33%	6.21%	-4.77%	-	-	-	-
Kronos Worldwide, Inc.	-	-	-	-	-	-	188.6M	-	-	-
Kronos Worldwide, Inc. Growth	-	-	-	-	-	-	-	-	-	-
Venator Investments L L C	-	-	-	-	177M	168.3M	-	-	-	-
Venator Investments L L C Growth	-	-	-	-	-	-4.92%	-	-	-	-
Tioxide	162.5M	157.5M	-	-	-	-	-	-	-	-
Tioxide Growth	-	-3.08%	-	-	-	-	-	-	-	-
Waste Management	45M	47.4M	-	-	-	-	-	-	-	-
Waste Management Growth	-	5.33%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Valuation & Price

Valhi, Inc. (VHI) has a price-to-earnings (P/E) ratio of 3.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Valhi, Inc. (VHI) reported $2.06B in revenue for fiscal year 2024. This represents a 2% decrease from $2.11B in 2011.

Valhi, Inc. (VHI) grew revenue by 9.5% over the past year. This is steady growth.

Yes, Valhi, Inc. (VHI) is profitable, generating $18.4M in net income for fiscal year 2024 (5.1% net margin).

Dividend & Returns

Yes, Valhi, Inc. (VHI) pays a dividend with a yield of 2.23%. This makes it attractive for income-focused investors.

Valhi, Inc. (VHI) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

Valhi, Inc. (VHI) had negative free cash flow of $138.6M in fiscal year 2024, likely due to heavy capital investments.

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