Tronox Holdings PLC (TROX) intrinsic value & 10-year financials
Tronox Holdings PLC (TROX) has a Graham intrinsic value of $66.79 per share. At $3.47 on Oct 17, 2026, the stock trades 95% below that value. Over the last 10 fiscal years revenue grew 9.2% a year to $2.9B, with an average return on invested capital of 3.7%.
- Graham intrinsic value
- $66.79
- Share price (Oct 17, 2026)
- $3.47
- Price vs Graham value
- 95% below
- Market cap
- $549.9M
- Revenue (FY2025)
- $2.9B
- Revenue growth (10-yr CAGR)
- 9.2%
- ROIC (10-yr avg)
- 3.7%
- Free cash flow (FY2025)
- -$281.0M
TROX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.9B | -$470.0M | -$2.97 | -$281.0M | -8.7% | -5.7% |
| FY2024 | $3.1B | -$48.0M | -$0.31 | -$70.0M | 7.1% | 2.4% |
| FY2023 | $2.9B | -$316.0M | -$2.02 | -$77.0M | 6.5% | 2.0% |
| FY2022 | $3.5B | $497.0M | $3.16 | $170.0M | 13.3% | 10.1% |
| FY2021 | $3.6B | $286.0M | $1.81 | $468.0M | 16.2% | 10.5% |
| FY2020 | $2.8B | $969.0M | $6.69 | $160.0M | 9.8% | 6.8% |
| FY2019 | $2.6B | -$109.0M | -$0.78 | $214.0M | 3.6% | 3.0% |
| FY2018 | $1.8B | -$7.0M | -$0.06 | $53.0M | 11.0% | 3.5% |
| FY2017 | $1.7B | -$285.0M | — | $75.0M | 8.1% | 4.2% |
| FY2016 | $1.3B | -$59.0M | — | $92.0M | 2.8% | 0.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Tronox Holdings plc is a consistent compounder, expanding top-line revenue at 9.2% annually over the past decade.
Tronox Holdings plc has historically struggled to out-earn its cost of capital, averaging just 3.7% ROIC.
Tronox Holdings plc has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Tronox Holdings plc is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $66.79 per share.