Latest Ratios: P/E Ratio -7.0x · EV/EBITDA 16.0x · ROE -4.2%. (1996–2025 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 | $403M | $343M | $667M | $433M | $627M | $819M | $433M | $640M | $660M | $2.1B | $1.2B |
| Enterprise Value | $792M | $732M | $902M | $595M | $729M | $793M | $729M | $939M | $961M | $2.7B | $2.0B |
| P/E Ratio → | -7.05 | — | 6.17 | — | 6.96 | 6.45 | 7.84 | 8.19 | 2.52 | 10.11 | — |
| P/S Ratio | 0.19 | 0.17 | 0.32 | 0.23 | 0.28 | 0.36 | 0.23 | 0.34 | 0.36 | 1.12 | 0.76 |
| P/B Ratio | 0.30 | 0.25 | 0.48 | 0.34 | 0.48 | 0.71 | 0.43 | 0.65 | 0.67 | 2.75 | 2.66 |
| P/FCF | — | — | 50.89 | — | — | 2.07 | 5.00 | 5.45 | 6.34 | 11.36 | 61.00 |
| P/OCF | — | — | 15.15 | 111.00 | 17.97 | 1.78 | 2.85 | 3.61 | 3.99 | 8.14 | 14.83 |
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 | — | 0.35 | 0.43 | 0.31 | 0.33 | 0.35 | 0.39 | 0.49 | 0.53 | 1.45 | 1.27 |
| EV / EBITDA | 16.00 | 14.80 | 3.88 | 58.90 | 2.98 | 2.42 | 3.70 | 5.81 | 2.24 | 1.18 | 14.87 |
| EV / EBIT | — | 51.95 | 3.07 | 67.60 | 3.69 | 2.73 | 5.33 | 7.05 | 3.29 | 7.75 | 20.35 |
| EV / FCF | — | — | 68.88 | — | — | 2.01 | 8.40 | 8.00 | 9.23 | 14.63 | 102.50 |
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 | 14.2% | 14.2% | 20.2% | 12.8% | 22.1% | 25.3% | 22.3% | 22.9% | 33.5% | 32.0% | 18.6% |
| Operating Margin | -0.8% | -0.8% | 7.9% | -2.3% | 8.4% | 11.7% | 6.9% | 5.6% | 20.4% | 119.0% | 4.2% |
| Net Profit Margin | -2.8% | -2.8% | 5.1% | -0.5% | 3.9% | 5.5% | 3.0% | 2.6% | 14.4% | 11.0% | -1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.2% | -4.2% | 8.2% | -0.8% | 7.1% | 11.7% | 5.6% | 5.0% | 29.9% | 34.3% | -3.3% |
| ROA | -2.1% | -2.1% | 3.9% | -0.4% | 3.0% | 4.3% | 1.9% | 1.8% | 9.3% | 7.8% | -0.6% |
| ROIC | -0.8% | -0.8% | 8.2% | -2.3% | 11.0% | 16.5% | 7.5% | 6.2% | 20.9% | 127.9% | 3.9% |
| ROCE | -0.8% | -0.8% | 7.6% | -1.9% | 7.6% | 10.5% | 5.1% | 4.4% | 15.0% | 94.7% | 3.0% |
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 | 0.45 | 0.45 | 0.42 | 0.45 | 0.44 | 0.58 | 0.81 | 0.84 | 0.81 | 1.36 | 2.17 |
| Debt / EBITDA | 12.36 | 12.36 | 2.51 | 56.34 | 2.37 | 2.05 | 4.13 | 5.09 | 1.87 | 0.45 | 7.22 |
| Net Debt / Equity | — | 0.29 | 0.17 | 0.13 | 0.08 | -0.02 | 0.29 | 0.30 | 0.30 | 0.79 | 1.81 |
| Net Debt / EBITDA | 7.86 | 7.86 | 1.01 | 16.04 | 0.42 | -0.08 | 1.50 | 1.85 | 0.70 | 0.26 | 6.02 |
| Debt / FCF | — | — | 17.99 | — | — | -0.07 | 3.41 | 2.55 | 2.89 | 3.27 | 41.51 |
| Interest Coverage | 0.25 | 0.25 | 5.89 | 0.31 | 7.09 | 8.93 | 3.78 | 3.26 | 5.24 | 5.95 | 1.68 |
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 | 2.80 | 2.80 | 2.26 | 2.91 | 3.23 | 3.61 | 4.57 | 4.42 | 4.01 | 3.81 | 2.85 |
| Quick Ratio | 2.80 | 2.80 | 1.19 | 1.73 | 1.93 | 2.62 | 2.88 | 2.80 | 2.54 | 2.61 | 1.62 |
| Cash Ratio | 0.50 | 0.50 | 0.54 | 0.91 | 1.12 | 1.51 | 1.64 | 1.63 | 1.43 | 1.32 | 0.56 |
| Asset Turnover | — | 0.79 | 0.75 | 0.70 | 0.78 | 0.76 | 0.64 | 0.68 | 0.67 | 0.65 | 0.64 |
| Inventory Turnover | — | — | 2.45 | 2.81 | 2.70 | 3.74 | 2.67 | 2.80 | 2.35 | 3.21 | 3.53 |
| Days Sales Outstanding | — | 56.04 | 56.84 | 64.65 | 46.30 | 64.17 | 67.55 | 63.32 | 67.70 | 71.04 | 55.00 |
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 | 2.2% | 2.6% | 1.4% | 2.1% | 1.4% | 1.1% | 3.1% | 4.2% | 4.1% | 1.3% | 2.3% |
| Payout Ratio | — | — | 8.4% | — | 10.3% | 7.1% | 24.6% | 55.1% | 10.3% | 13.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 16.2% | — | 14.4% | 15.5% | 12.8% | 12.2% | 39.7% | 9.9% | — |
| FCF Yield | — | — | 2.0% | — | — | 48.3% | 20.0% | 18.3% | 15.8% | 8.8% | 1.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.7% | 0.6% | 0.2% | 0.2% | 0.5% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 2.6% | 1.4% | 2.8% | 2.1% | 1.3% | 3.4% | 4.7% | 4.1% | 1.3% | 2.3% |
| Shares Outstanding | — | $29M | $29M | $29M | $29M | $29M | $29M | $29M | $29M | $28M | $28M |
Cyclical TiO2 margin compression
According to recent market data, VHI trades at a P/B ratio of 0.31, which suggests that the market is pricing the company significantly below its book value, likely reflecting deep skepticism regarding the near-term recovery of its core chemical pigment segment's profitability.
The negative TTM P/E ratio highlights the current earnings vacuum, yet the forward P/E of 4.25 implies that investors are anticipating a rapid return to profitability. This valuation gap suggests that the market may be valuing VHI as a liquidation play on its underlying assets rather than a going concern, warranting caution regarding the sustainability of these multiples.
Based on reported figures, VHI's ROIC has trended downward from 2.8% in 2024Q4 to 1.1% in 2026Q1, indicating that the company is struggling to generate meaningful returns on its invested capital as cyclical headwinds erode the efficiency of its manufacturing operations.
The decline in ROIC appears to be driven by the inability to maintain adequate operating margins in the high-fixed-cost TiO2 business. Investors should monitor whether management can optimize capacity utilization, as current returns remain insufficient to cover the cost of capital, suggesting a potential destruction of shareholder value in the near term.
As reported in financial statements, VHI's cash conversion cycle has fluctuated significantly, with recent data showing a CCC of 177 days in 2025Q3, which highlights the company's difficulty in managing inventory and receivables during periods of softening demand for chemical products.
The high DIO and variable DSO suggest that the company is carrying excess inventory, which may be a strategic choice to maintain supply chain reliability or a symptom of slowing sales velocity. This inefficiency in working capital management appears to be a structural drag on cash flow, requiring further investigation into inventory turnover trends.
According to recent SEC filings, VHI maintains a disciplined debt-to-equity ratio of 0.47, which provides a critical defensive buffer that allows the company to navigate the extreme volatility of the global titanium dioxide pigment market without immediate risk of insolvency.
The company's ability to maintain low leverage despite negative operating margins is a testament to its conservative capital allocation strategy. While this provides stability, it may also limit the firm's ability to pursue aggressive growth, suggesting that the balance sheet is positioned for survival rather than expansion.
Based on an analysis of VHI's business model, the P/E ratio is a fundamentally flawed metric for this entity, as it fails to account for the lumpy nature of real estate development and the non-cash charges inherent in its complex, consolidated chemical manufacturing structure.
Investors should instead focus on Net Asset Value (NAV) and the market value of its publicly traded equity stakes, as these provide a more accurate reflection of the company's worth. Relying on P/E multiples in a cyclical trough likely leads to an overestimation of risk and an underestimation of the underlying asset base.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VHI stock.
Valhi, Inc.'s current P/E ratio is -7.0x. The historical average is 11.0x.
Valhi, Inc.'s current EV/EBITDA is 16.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
Valhi, Inc.'s return on equity (ROE) is -4.2%. The historical average is 8.6%.
Based on historical data, Valhi, Inc. is trading at a P/E of -7.0x. Compare with industry peers and growth rates for a complete picture.
Valhi, Inc.'s current dividend yield is 2.24%.
Valhi, Inc. has 14.2% gross margin and -0.8% operating margin.
Valhi, Inc.'s Debt/EBITDA ratio is 12.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.