Is the business good?
How good a business is TROX?
Tronox Holdings plc earns −4.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−4.1%
Return on invested capital · cost of capital 9.0% · 13 points below what the capital costs: growth destroys value
- Operating margin
- −8.0%
Operating margin · Chemicals median −1.7% · 12 months to Q1 2026
- Share count, year on year
- +0.47%
Share count, year on year · flat: no meaningful dilution
- Gross margin
- 7.3%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 9.8% |
| FY2021 | 16% |
| FY2022 | 13% |
| FY2023 | 6.5% |
| FY2024 | 7.1% |
| FY2025 | −8.7% |
Details›
- Gross margin12 months to Q1 2026
- 7.3%
- Operating margin12 months to Q1 2026
- −8.0%
- Net margin12 months to Q1 2026
- −16%
- Free cash flow margin
- −9.4%
- Revenue, trailing twelve months
- $2.92B
- Free cash flow, trailing twelve months
- −$274M
- Net income, trailing twelve months
- −$462M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −4.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.