Latest Ratios: P/E Ratio -2.1x · EV/EBITDA 15.5x · 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 | $976M | $661M | $1.6B | $2.2B | $2.2B | $3.8B | $2.1B | $1.6B | $956M | $2.5B | $1.2B |
| Enterprise Value | $4.4B | $4.0B | $4.4B | $4.9B | $4.7B | $6.2B | $4.9B | $4.4B | $3.1B | $4.5B | $4.0B |
| P/E Ratio → | -2.06 | — | — | — | 4.34 | 13.28 | 2.19 | — | — | — | — |
| P/S Ratio | 0.34 | 0.23 | 0.52 | 0.78 | 0.62 | 1.06 | 0.77 | 0.60 | 0.53 | 1.44 | 0.57 |
| P/B Ratio | 0.67 | 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 | — | 1.39 | 1.44 | 1.72 | 1.35 | 1.74 | 1.77 | 1.67 | 1.69 | 2.64 | 1.91 |
| EV / EBITDA | 15.50 | 14.38 | 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 | 9.3% | 9.3% | 16.8% | 16.2% | 24.1% | 25.1% | 22.5% | 17.6% | 27.4% | 22.9% | 11.8% |
| Operating Margin | -0.7% | -0.7% | 7.1% | 6.5% | 13.3% | 16.2% | 9.8% | 3.6% | 11.0% | 8.3% | -2.5% |
| Net Profit Margin | -16.2% | -16.2% | -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 | -0.3% | -0.3% | 3.5% | 2.9% | 7.3% | 9.5% | 4.9% | 2.1% | 5.0% | 3.0% | -1.0% |
| ROCE | -0.4% | -0.4% | 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 | 12.78 | 12.78 | 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 | 12.02 | 12.02 | 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 | — | 0.47 | 0.51 | 0.46 | 0.55 | 0.60 | 0.42 | 0.50 | 0.39 | 0.35 | 0.42 |
| Inventory Turnover | 1.59 | 1.59 | 1.65 | 1.68 | 2.05 | 2.55 | 1.88 | 1.93 | 2.76 | 2.77 | 3.70 |
| Days Sales Outstanding | — | 36.53 | 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 | 4.9% | 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 | 4.9% | 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 |
Rapid equity base erosion
According to recent market data, TROX trades at a P/S of 0.37, which appears to reflect deep investor skepticism regarding the company's ability to return to profitability following the recent collapse in net margins to negative territory across the most recent quarterly reporting periods.
The negative P/E of -2.25 renders traditional earnings-based valuation metrics largely irrelevant, forcing investors to rely on asset-based or revenue-based multiples. While the 4.5% dividend yield might appear attractive, it warrants extreme caution as it likely represents a legacy payout that is no longer supported by underlying cash generation.
Based on reported financial statements, the company's gross margin has deteriorated to 0.0% in 2026Q1, a stark decline from the 17.4% levels observed in 2024Q2, suggesting that the firm is currently unable to cover its variable production costs in the prevailing commodity price environment.
The persistent negative operating margins indicate that the company's high fixed-cost structure, inherent to its mining and smelting operations, is currently a significant liability. Without a meaningful recovery in TiO2 pricing or a drastic reduction in overhead, the current earning power appears insufficient to sustain the business model.
As reported in recent filings, the ROIC has trended into negative territory, reaching -0.8% in 2026Q1, which highlights a fundamental failure to generate returns above the cost of capital during the current cyclical downturn in the chemical and mineral sands industry.
The consistent decay in ROIC over the last ten quarters suggests that the company's capital-intensive strategy is failing to produce value. Investors should monitor whether management continues to deploy capital into maintenance projects that are not yielding commensurate returns on invested capital.
According to quarterly data, the cash conversion cycle has become highly erratic, with DIO reaching extreme levels in 2026Q1, indicating that the company is struggling to move inventory efficiently through its global supply chain during this period of demand contraction.
The volatility in the CCC suggests that the company's inventory management is failing to adapt to the current revenue decline. This inefficiency ties up critical liquidity, further exacerbating the company's inability to fund operations internally.
Investors frequently misinterpret the reported debt-to-equity ratio of 0.26 as a sign of financial strength, when in reality, as indicated by recent balance sheet data, this figure is a mathematical artifact of the near-total erosion of the company's equity base.
Relying on D/E in this context obscures the severe financial vulnerability of the firm. A more appropriate metric for assessing leverage in this specific business model would be Net Debt to EBITDA, which would better capture the company's actual ability to service its obligations given its current operational performance.
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 -2.1x. The historical average is 5.4x.
Tronox Holdings plc's current EV/EBITDA is 15.5x. 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 -2.1x. Compare with industry peers and growth rates for a complete picture.
Tronox Holdings plc's current dividend yield is 4.95%.
Tronox Holdings plc has 9.3% gross margin and -0.7% operating margin.
Tronox Holdings plc's Debt/EBITDA ratio is 12.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.