TROXTronox Holdings plc
Is it safe?
Mixed picture: clean books, but quality weak and heavy debt (BB).
Mixed, watch the balance sheet Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Reported earnings show no manipulation flags Beneish M-score, a forensic model that detects earnings-manipulation patterns (receivables outrunning sales, margins slipping, accrual-heavy profit).
Weak, deteriorating fundamentals Piotroski F-score, nine pass/fail tests of year-over-year financial health across profitability, balance sheet and efficiency. 7 to 9 is strong, 0 to 3 weak.
Moderately leveraged. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -87% · now 65% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can TROX take a bad year?
Tronox Holdings plc carries $3.04B of net debt at 54.2× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 54.2×
Net debt / EBITDA · 11.4× a year ago · the load is going up
- Altman Z-score
- 0.74
Altman Z-score · distress zone, below 1.8
- Cash runway
- 1.2 years
Cash runway · burning $40M a quarter at the current rate
Details›
- Total debtQ2 2026
- $3.23B
- Cash and short-term investments
- $194M
- Net debt
- $3.04B
- EBITDA, trailing twelve months
- $56M
- Operating profit, trailing twelve months
- −$219M
- Debt / equity
- 2.78×
- Total debt / EBITDA
- 57.7×
- Annualised volatilitytwo years of daily moves
- 78%
- Worst drawdown on file
- −87%
- Below its 52-week high
- 65%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.