Revenue growth remains highly erratic, fluctuating from a 13.8% year-over-year increase in 2024Q3 to a 5.6% contraction by 2025Q3, while gross margins experienced a sharp decline to 6.9% in 2025Q4.
| 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 | 2.1B | 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 % | -0.68% | -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 | 1.82B | 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 | 275.9M | 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 % | 13.15% | 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 | 310.7M | 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 | 310M | 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 | 700K | 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 | -34.8M | -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 % | -1.66% | -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 | 33.1M | 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 % | 1.58% | 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 % | -87.34% | -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) | 67.9M | 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 | -3.1M | 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 | -47.2M | -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 | 11.4M | 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 | 58.6M | 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 | -24.9M | -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 | -59.7M | -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 % | -2.84% | -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 | 10.2M | 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 % | -17.09% | -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 | -72.5M | -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 % | -3.45% | -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 % | -161.91% | -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) | -69.9M | -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 | 344.9M | 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) | -2.54 | -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 % | -162% | -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% |
Cyclical TiO2 margin compression
According to the provided quarterly data, VHI's revenue growth has exhibited significant volatility, fluctuating from a 13.8% year-over-year increase in 2024Q3 to a 5.6% contraction by 2025Q3, reflecting the inherent instability of the company's primary chemical pigment markets and lumpy real estate development cycles.
The inconsistency in revenue performance suggests that the company lacks a reliable organic growth engine, leaving it highly susceptible to external commodity price fluctuations. Investors should monitor whether the recent 4.0% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the depressed levels observed throughout 2025.
As reported in financial statements, VHI's gross margin compressed from a peak of 22.7% in 2025Q1 to a low of 6.9% by 2025Q4, highlighting the company's inability to maintain pricing power when faced with rising feedstock costs and softening global demand for titanium dioxide.
The sharp contraction in margins indicates that the high fixed-cost nature of chemical manufacturing is currently working against the company, as lower volumes fail to absorb production overhead. This trend suggests that profitability is highly sensitive to the spread between raw material inputs and finished pigment prices, which appears to have narrowed significantly.
Based on reported figures, VHI's operating income swung from a positive $43.2 million in 2025Q1 to a loss of $42.8 million in 2025Q4, demonstrating that the company's operating leverage acts as a double-edged sword during periods of declining revenue and rising cost structures.
The inability to scale SG&A expenses downward in proportion to gross profit declines suggests a rigid cost structure that may hinder a rapid return to profitability. This lack of operational flexibility warrants further investigation into whether management can effectively rationalize overhead during prolonged cyclical downturns.
Data from the last ten quarters indicates that VHI's net income is highly inconsistent, with a $53.2 million loss in 2025Q4 followed by a return to profitability in 2026Q1, suggesting that the company's bottom line is heavily influenced by non-operating items and cyclical timing.
Short-sellers may focus on the recurring nature of these operating losses, which imply that the core chemical business may be structurally challenged rather than just cyclically depressed. The reliance on non-operating factors to achieve positive net income suggests that the underlying quality of earnings remains weak and potentially unsustainable.
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.