Revenue growth has reaccelerated to 12.2% year-over-year in 2026Q2, driving a significant gross margin expansion to 19.8% from a cyclical low of 6.9% in 2025Q4.
Valhi, Inc. (VHI) annual income statement — 30-year revenue, gross profit & net income history
| 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'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.16B | 2.08B | 2.1B | 1.92B | 2.22B | 2.3B | 1.85B | 1.9B | 1.82B | 1.88B | 1.57B | 1.53B | 1.86B | 1.86B | 2.09B | 2.11B | 1.34B | 1.34B | 1.58B | 1.56B | 1.68B | 1.53B | 1.36B | 1.26B | 1.14B | 1.06B | 1.19B | 1.15B | 1.06B | 1.09B | 1.19B |
| Revenue Growth % | 3.38% | -1.32% | 9.53% | -13.53% | -3.22% | 24.15% | -2.52% | 4.25% | -3.16% | 19.95% | 2.21% | -17.7% | -0.05% | -10.72% | -1.16% | 57.39% | 0% | -14.97% | 0.95% | -6.75% | 9.61% | 12.09% | 8.31% | 10.5% | 7.6% | -11.11% | 4.08% | 8.1% | -3.08% | -8.2% | -39.27% |
| Cost of Goods Sold | 1.85B | 1.78B | 1.68B | 1.68B | 1.73B | 1.72B | 1.44B | 1.46B | 1.21B | 1.28B | 1.27B | 1.31B | 1.46B | 1.73B | 1.51B | 1.33B | 1.14B | 1.14B | 1.24B | 1.21B | 1.14B | 1.04B | 1.04B | 935.62M | 857.43M | 774.98M | 753.3M | 775.6M | 677.7M | 742.1M | 839.4M |
| COGS % of Revenue | - | 85.78% | 79.83% | 87.24% | 77.93% | 74.73% | 77.72% | 77.1% | 66.53% | 67.97% | 81.36% | 85.46% | 78.37% | 92.8% | 72.44% | 62.81% | 84.64% | 84.64% | 78.52% | 77.17% | 67.98% | 68.19% | 76% | 74.27% | 75.21% | 73.15% | 63.2% | 67.73% | 63.97% | 67.89% | 70.49% |
| Gross Profit | 317.9M | 295.4M | 424.5M | 245.2M | 490.4M | 580.2M | 412.1M | 434.6M | 609.2M | 602M | 292.1M | 222.9M | 402.8M | 134.2M | 575.2M | 785.4M | 206.1M | 206.1M | 338.9M | 356.8M | 536.8M | 486.47M | 327.42M | 324.07M | 282.57M | 284.49M | 438.58M | 369.6M | 381.7M | 351M | 351.4M |
| Gross Margin % | 14.69% | 14.22% | 20.17% | 12.76% | 22.07% | 25.27% | 22.28% | 22.9% | 33.47% | 32.03% | 18.64% | 14.54% | 21.63% | 7.2% | 27.56% | 37.19% | 15.36% | 15.36% | 21.48% | 22.83% | 32.02% | 31.81% | 24% | 25.73% | 24.79% | 26.85% | 36.8% | 32.27% | 36.03% | 32.11% | 29.51% |
| Gross Profit Growth % | - | -30.41% | 73.12% | -50% | -15.48% | 40.79% | -5.18% | -28.66% | 1.2% | 106.09% | 31.05% | -44.66% | 200.15% | -76.67% | -26.76% | 281.08% | 0% | -39.19% | -5.02% | -33.53% | 10.35% | 48.58% | 1.03% | 14.69% | -0.68% | -35.13% | 18.66% | -3.17% | 8.75% | -0.11% | -44.04% |
| Operating Expenses | 325.1M | 312.3M | 258.8M | 289.2M | 304M | 311.9M | 283.6M | 327.7M | -370.7M | -362.9M | -81.2M | 5.4M | 276.1M | 138.7M | 273.3M | 281.7M | 227.6M | 227.6M | 238.5M | 238.4M | 229.42M | 219.64M | 208.1M | 229.75M | 191.35M | 195.17M | 272.82M | 253.7M | 271.1M | 289.4M | 281.6M |
| OpEx % of Revenue | - | 15.04% | 12.3% | 15.05% | 13.68% | 13.58% | 15.33% | 17.27% | -20.37% | -19.31% | -5.18% | 0.35% | 14.82% | 7.44% | 13.09% | 13.34% | 16.96% | 16.96% | 15.11% | 15.25% | 13.69% | 14.36% | 15.25% | 18.24% | 16.79% | 18.42% | 22.89% | 22.15% | 25.59% | 26.48% | 23.65% |
| Selling, General & Admin | 308.9M | 312.3M | 258.8M | 289.2M | 317.9M | 328.9M | 303.7M | 310.7M | 324.5M | 269.4M | 260.2M | 269.7M | 276.1M | 375.1M | 273.3M | 278.6M | 227.6M | 227.6M | 238.5M | 238.4M | 229.42M | 219.64M | 208.1M | 229.75M | 191.35M | 195.17M | 201.73M | 189M | 212.1M | 227.1M | 211.7M |
| SG&A % of Revenue | - | 15.04% | 12.3% | 15.05% | 14.3% | 14.32% | 16.42% | 16.37% | 17.83% | 14.33% | 16.61% | 17.59% | 14.82% | 20.13% | 13.09% | 13.19% | 16.96% | 16.96% | 15.11% | 15.25% | 13.69% | 14.36% | 15.25% | 18.24% | 16.79% | 18.42% | 16.93% | 16.5% | 20.02% | 20.78% | 17.78% |
| Research & Development | 0 | 0 | 0 | 0 | 16M | 17M | 16M | 17M | 16M | 19M | 13M | 16M | 19M | 18M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.72% | 0.74% | 0.86% | 0.9% | 0.88% | 1.01% | 0.83% | 1.04% | 1.02% | 0.97% | 0.91% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.7M | 0 | 0 | 0 | -29.9M | -34M | -36.1M | 0 | 2.8M | 2.3M | 1.5M | 2.7M | 1.6M | 1.2M | 2.1M | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71.09M | 64.7M | 59M | 62.3M | 69.9M |
| Operating Income | -7.2M | -16.9M | 165.7M | -44M | 186.4M | 268.3M | 128.5M | 106.9M | 370.7M | 2.24B | 66.2M | -14.8M | 168.7M | 1.75B | 372.5M | 531.8M | -21.5M | -21.5M | 100.4M | 118.4M | 307.39M | 266.83M | 119.32M | 94.33M | 91.22M | 89.33M | 165.76M | 115.9M | 110.6M | 61.6M | 69.8M |
| Operating Margin % | -0.33% | -0.81% | 7.87% | -2.29% | 8.39% | 11.68% | 6.95% | 5.63% | 20.37% | 119.04% | 4.23% | -0.97% | 9.06% | 93.9% | 17.85% | 25.18% | -1.6% | -1.6% | 6.36% | 7.57% | 18.34% | 17.45% | 8.75% | 7.49% | 8% | 8.43% | 13.91% | 10.12% | 10.44% | 5.64% | 5.86% |
| Operating Income Growth % | - | -110.2% | 476.59% | -123.61% | -30.53% | 108.79% | 20.21% | -71.16% | -83.43% | 3279.46% | 547.3% | -108.77% | -90.36% | 369.77% | -29.95% | 2573.49% | 0% | -121.41% | -15.2% | -61.48% | 15.2% | 123.62% | 26.5% | 3.41% | 2.12% | -46.11% | 43.02% | 4.79% | 79.55% | -11.75% | -65.7% |
| EBITDA | 80.4M | 49.5M | 232.4M | 10.1M | 244.9M | 327.6M | 197M | 161.5M | 429.1M | 2.3B | 133.7M | 55.1M | 247.1M | 1.82B | 441.9M | 595.6M | 45.9M | 45.9M | 166.5M | 184.7M | 379.9M | 341.36M | 197.67M | 167.29M | 152.99M | 163.82M | 236.85M | 180.6M | 169.6M | 123.9M | 139.7M |
| EBITDA Margin % | 3.72% | 2.38% | 11.04% | 0.53% | 11.02% | 14.27% | 10.65% | 8.51% | 23.58% | 122.18% | 8.53% | 3.59% | 13.27% | 97.9% | 21.17% | 28.2% | 3.42% | 3.42% | 10.55% | 11.82% | 22.66% | 22.32% | 14.49% | 13.28% | 13.42% | 15.46% | 19.87% | 15.77% | 16.01% | 11.33% | 11.73% |
| EBITDA Growth % | -61.79% | -78.7% | 2200.99% | -95.88% | -25.24% | 66.29% | 21.98% | -62.36% | -81.31% | 1617.43% | 142.65% | -77.7% | -86.46% | 312.85% | -25.81% | 1197.6% | 0% | -72.43% | -9.85% | -51.38% | 11.29% | 72.69% | 18.16% | 9.35% | -6.61% | -30.84% | 31.15% | 6.49% | 36.88% | -11.31% | -53.03% |
| D&A (Non-Cash Add-back) | 51.4M | 66.4M | 66.7M | 54.1M | 58.5M | 59.3M | 68.5M | 54.6M | 58.4M | 59M | 67.5M | 69.9M | 78.4M | 74.5M | 69.4M | 63.8M | 67.4M | 67.4M | 66.1M | 66.3M | 72.51M | 74.53M | 78.35M | 72.97M | 61.78M | 74.49M | 71.09M | 64.7M | 59M | 62.3M | 69.9M |
| EBIT | 31.6M | 14.1M | 294.1M | 8.8M | 197.8M | 290.3M | 136.8M | 133.1M | 291.9M | 350.7M | 97.7M | 11.7M | 168.7M | -161.8M | 357.7M | 522.6M | 147.2M | -22.2M | 90.3M | 118.4M | 307.4M | 266.83M | 143.04M | 101.2M | 91.74M | 89.33M | 165.76M | 115.9M | 110.6M | 61.6M | 61.1M |
| Net Interest Income | -51.6M | -40.6M | -28.1M | -7.3M | -17M | -28.5M | -31.4M | -29.9M | -29.6M | -29.5M | -31.4M | -27.2M | -30.1M | -29.7M | -27.9M | -32.6M | -42.4M | -42.4M | -36.8M | -64.4M | -67.61M | -69.19M | -62.9M | -58.53M | -60.16M | -62.28M | -70.35M | 0 | -91.2M | 0 | -100.2M |
| Interest Income | 7.9M | 16.5M | 21.8M | 21M | 10.9M | 4M | 4.8M | 10.9M | 26.1M | 29.4M | 26.7M | 26.4M | 26.6M | 26.4M | 28.4M | 29.2M | 26.3M | 26.3M | 31.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 59.5M | 57.1M | 49.9M | 28.3M | 27.9M | 32.5M | 36.2M | 40.8M | 55.7M | 58.9M | 58.1M | 53.6M | 56.7M | 56.1M | 56.3M | 61.9M | 66.7M | 66.7M | 68.7M | 64.4M | 67.61M | 69.19M | 62.9M | 58.53M | 60.16M | 62.28M | 70.35M | 0 | 91.2M | 0 | 100.2M |
| Other Income/Expense | -20.7M | -26.1M | 78.5M | 24.5M | -16.5M | -10.5M | -27.9M | -2.2M | -30.7M | -22.8M | -26.6M | -59.3M | -56.7M | 6M | -71.1M | -61.9M | -3.5M | -67.4M | -78.8M | -64.4M | 104.96M | -69.19M | -86.63M | -73.39M | -92.99M | 83.13M | 5.77M | -139.8M | 307.4M | -6.9M | -59.9M |
| Pretax Income | -27.9M | -43M | 244.2M | -19.5M | 169.9M | 257.8M | 100.6M | 104.7M | 236.2M | 291.8M | 3M | -73.8M | 112M | -217.9M | 301.4M | 469.9M | -88.9M | -88.9M | 21.6M | 54M | 217.47M | 197.64M | 78.1M | 27.81M | -1.25M | 172.46M | 171.53M | -23.9M | 418M | 54.7M | 7.7M |
| Pretax Margin % | -1.29% | -2.07% | 11.6% | -1.01% | 7.64% | 11.23% | 5.44% | 5.52% | 12.98% | 15.53% | 0.19% | -4.81% | 6.01% | -11.69% | 14.44% | 22.25% | -6.63% | -6.63% | 1.37% | 3.45% | 12.97% | 12.92% | 5.72% | 2.21% | -0.11% | 16.28% | 14.39% | -2.09% | 39.46% | 5% | 0.65% |
| Income Tax | 14M | 11.9M | 82.9M | -24.6M | 36.8M | 60.1M | 15.9M | 26.5M | -30.7M | -120M | 6M | 97.3M | 32.5M | -91M | 104.8M | 174.9M | -50.8M | -50.8M | 16.7M | 103.2M | 63.84M | 104.16M | -288.06M | -11.09M | -6.13M | 53.18M | 94.44M | -71.3M | 192.2M | 27.6M | 3.5M |
| Effective Tax Rate % | -50.18% | -27.67% | 33.95% | 126.15% | 21.66% | 23.31% | 15.81% | 25.31% | -13% | -41.12% | 200% | -131.84% | 29.02% | 41.76% | 34.77% | 37.22% | 57.14% | 57.14% | 77.31% | 191.11% | 29.35% | 52.7% | -368.84% | -39.86% | 491.26% | 30.84% | 55.06% | 298.33% | 45.98% | 50.46% | 45.45% |
| Net Income | -37.9M | -57.6M | 108M | -9.9M | 87.2M | 127.2M | 55.2M | 49.2M | 262.2M | 207.5M | -15.9M | -133.6M | 53.8M | -98M | 159.8M | 217.5M | -34.2M | -34.2M | -800K | -45.7M | 141.68M | 81.45M | 312.39M | 39.49M | 1.24M | 93.2M | 76.61M | 49.4M | 219.6M | 56.4M | 42M |
| Net Margin % | -1.75% | -2.77% | 5.13% | -0.52% | 3.92% | 5.54% | 2.98% | 2.59% | 14.41% | 11.04% | -1.01% | -8.72% | 2.89% | -5.26% | 7.66% | 10.3% | -2.55% | -2.55% | -0.05% | -2.92% | 8.45% | 5.33% | 22.9% | 3.13% | 0.11% | 8.8% | 6.43% | 4.31% | 20.73% | 5.16% | 3.53% |
| Net Income Growth % | -138.63% | -153.33% | 1190.91% | -111.35% | -31.45% | 130.43% | 12.2% | -81.24% | 26.36% | 1405.03% | 88.1% | -348.33% | 154.9% | -161.33% | -26.53% | 735.96% | 0% | -4175% | 98.25% | -132.26% | 73.95% | -73.93% | 691.15% | 3092.08% | -98.67% | 21.65% | 55.09% | -77.5% | 289.36% | 34.29% | -38.69% |
| Net Income (Continuing) | -41.9M | -54.9M | 161.3M | 5.1M | 133.1M | 197.7M | 84.7M | 78.2M | 266.9M | 411.8M | 21M | -149.4M | 79.5M | -126.9M | 196.6M | 290.9M | 64.3M | -38.1M | 4.9M | -49.2M | 141.7M | 82.1M | 249.76M | 41.77M | 1.44M | 93.2M | 77.09M | 47.4M | 225.8M | 27.1M | 100K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 4.3M | 0 | 34.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 355.1M | 340.5M | 343M | 325.7M | 348.2M | 328.9M | 324.4M | 340.1M | 353.6M | 342.3M | 243.5M | 258.2M | 336.3M | 391.5M | 358.1M | 335.8M | 69.7M | 69.7M | 73.3M | 90.5M | 123.7M | 125.05M | 158.24M | 99.79M | 120.85M | 153.15M | 156.28M | 200.8M | 111.7M | 300K | 200K |
| EPS (Diluted) | -1.33 | -2.02 | 3.79 | -0.42 | 3.16 | 4.46 | 1.94 | 2.74 | 9.20 | 7.32 | -0.56 | -4.69 | 1.92 | -3.44 | 5.64 | 7.68 | -1.20 | -1.20 | -0.03 | -1.59 | 4.80 | 2.76 | 7.60 | -2.92 | 0.04 | 3.23 | 2.64 | 1.72 | 7.56 | 1.96 | 1.48 |
| EPS Growth % | -152.3% | -153.3% | 1002.38% | -113.29% | -29.15% | 129.9% | -29.2% | -70.22% | 25.68% | 1407.14% | 88.06% | -344.27% | 155.81% | -160.99% | -26.56% | 740% | 0% | -4185.71% | 98.24% | -133.13% | 73.91% | -63.68% | 360.27% | -6906.53% | -98.67% | 22.35% | 53.49% | -77.25% | 285.71% | 32.43% | -38.33% |
| EPS (Basic) | - | -2.02 | 3.79 | -0.42 | 3.16 | 4.46 | 1.94 | 2.74 | 9.20 | 7.32 | -0.56 | -4.73 | 1.92 | -3.48 | 5.64 | 7.68 | -1.20 | -1.20 | -0.03 | -1.59 | 4.88 | 2.76 | 7.63 | 1.31 | 0.04 | 3.23 | 2.68 | 1.72 | 7.64 | 1.96 | 1.48 |
| Diluted Shares Outstanding | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.51M | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.51M | 28.58M | 28.57M | 28.6M | 28.67M | 29.12M | 29.62M | 30.1M | 29.97M | 28.95M | 28.79M | 29.07M | 29.05M | 29.03M | 28.78M | 28.45M |
| Basic Shares Outstanding | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.5M | 28.51M | 28.5M | 28.5M | 28.5M | 28.26M | 28.5M | 28.16M | 28.5M | 28.51M | 28.58M | 28.57M | 28.6M | 28.67M | 29.02M | 29.55M | 30.05M | 29.88M | 28.84M | 28.79M | 28.78M | 28.76M | 28.75M | 28.78M | 28.45M |
| Dividend Payout Ratio | - | - | 8.43% | - | 10.32% | 7.08% | 24.64% | 55.08% | 10.34% | 13.11% | - | - | 69.33% | - | 40.68% | 24.69% | - | - | - | - | 33.87% | 59.92% | 9.54% | 75.46% | 2253.19% | 29.85% | 31.75% | 46.76% | 10.52% | 40.96% | 55% |
Quick answers to the most common questions about buying VHI stock.
For fiscal year 2025, Valhi, Inc. (VHI) reported total revenue of $2.08B. This represents a 74.4% increase compared to $1.19B in 1996.
Valhi, Inc. (VHI) reported a net loss of $57.6M for the fiscal year ending 2025.
Valhi, Inc. (VHI) reported an operating income of $-16.9M, resulting in an operating profit margin of -0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Valhi, Inc. (VHI) generated $295.4M in gross profit for the year, representing a gross profit margin of 14.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and earnings instability
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates on Cyclical Rebound
Valhi's revenue growth has reaccelerated to 12.2% year-over-year in 2026Q2, a significant improvement from the negative growth seen in mid-2025, suggesting a cyclical upturn in its chemical markets.
The company's top line has shown a clear inflection, moving from year-over-year declines in 2025Q2 and 2025Q3 to positive growth in 2025Q4 and a strong acceleration in 2026Q1 and 2026Q2. This pattern indicates the business is highly cyclical and appears to be recovering from a trough. The durability of this recovery will depend on broader industrial demand, as the company's historical growth has been volatile.
Gross Margin Recovery Drives Profitability
Gross margin expanded significantly to 19.8% in 2026Q2 from a low of 6.9% in 2025Q4, indicating that pricing power or cost management is improving as volumes recover.
The dramatic swing in gross margin from the 2025Q4 trough suggests the company's profitability is highly sensitive to volume leverage and input costs. The current margin level is approaching the 2024 range but remains below the 22.7% peak in 2025Q1, implying that while the worst may be over, full margin recovery is not yet complete. Investors should monitor whether this margin expansion is sustainable or merely a cyclical bounce.
Operating Leverage Amplifies Margin Recovery
Operating income swung from a loss of $42.8M in 2025Q4 to a profit of $25.8M in 2026Q2, demonstrating strong operating leverage as gross profit recovered while SG&A remained relatively stable.
The company's fixed cost structure, particularly in SG&A, has allowed operating income to recover more sharply than gross profit. SG&A expenses have fluctuated within a narrow band ($75.5M to $79.9M) over the last six quarters, regardless of revenue swings. This operating leverage is a double-edged sword: it amplifies profits during upturns but exacerbates losses during downturns, as seen in the negative operating margins of 2025.
Net Income Volatility Masks Underlying Performance
Net income has been highly volatile, swinging from a loss of $53.2M in 2025Q4 to a profit of $35.5M in 2026Q2, with EPS growth rates ranging from -138.6% to 118.5% quarter-over-quarter.
The extreme volatility in net income and EPS suggests that non-operating items, such as taxes or interest, may be distorting the underlying operational performance. The absence of stock-based compensation simplifies the analysis, but the erratic EPS growth rates indicate that investors should focus on operating income trends rather than bottom-line results. The quality of earnings appears low due to this instability.
2025Q4 Marked the Cyclical Trough
The 2025Q4 period represented the clear operational inflection point, with gross margin hitting a low of 6.9% and the company posting its largest operating loss of $42.8M.
This quarter appears to be the bottom of the cycle, characterized by severe margin compression and negative operating income. The subsequent quarters show a steady recovery in both revenue and margins, suggesting that the company's cost structure and market conditions have improved. The lasting impact of this trough is a reset in profitability expectations, as the company is now rebuilding from a lower base.
Sustainability of Recovery in Question
The strongest challenge to the positive narrative is that Valhi's recovery is occurring in a sector where peers like Kronos and Huntsman remain unprofitable, raising questions about the durability of its margin expansion.
While Valhi's margins are improving, its peers are still reporting negative operating and net margins, which suggests the broader chemical industry remains under pressure. Valhi's 2026Q2 operating margin of 4.3% is better than its peers but still modest in absolute terms. This divergence could indicate company-specific factors, but it also raises the risk that Valhi's recovery may be more fragile than it appears if industry headwinds persist.