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Critical MaterialsPublic

Tronox Holdings

catalyst tomorrowNo base rate yet — TROX has 0 graded prints on the record, and the bar is 3.Website
Ticker
TROX
Beat
critical materials
Size
Public Company
Revenue
$868M
as of Jun 2026
Cash
$194M
as of Jun 2026
Burn
$171M/qtr
as of Jun 2026
Runway
~1 qtr at this rate
as of Jun 2026
Researched · Fresh
7 days ago

The world's #1 vertically-integrated TiO2 producer is a high-quality asset trapped under an 11.1x-levered balance sheet in the worst pigment down-cycle in a decade — the equity is a leveraged call option on a 2027 cyclical recovery (plus a free rare-earth lottery ticket), not an investment, and the 2029 maturity wall is the clock.

Orbit · who it trades with and competes with
1 on the rings · 1 trade · 1 rival
2 mentions across our dossiers
Focus · Critical materials
Tronox Holdings
TROX · public
No published house view
Trades and competes with
Links · 1 company · 1 trade · 1 rival
“- Titanium feedstocks → TiO₂ pigment producers (the named buyer class — Western pigment majors; competitors/peers Chemours, Tronox are also customers' competitors), titanium-metal customers.”Iluka Resources · BOTH · from Iluka Resources’s dossier
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Price

Weekly closes

TROX · weekly close
3.60 USD+4.0%
Friday 30 Oct 2026 · last 52 Fridays 3.15–10.33
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 18,746,363 sh · 8.79 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 1 days, Scheduled · 4 Nov 2026, scheduled
3.60USD+4.0%critical-materials +0.7%TROX · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
18,746,363 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
8.79
see the whole series
Financials

The reported figures

Revenue · quarterly
$868M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$868M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Tronox Holdings, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$662M USD4.8% share of revenue$246M USD156.8M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$686M USD1.2% share of revenue$273M USD156.8M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$774M USD5.3% share of revenue$152M USD157.8M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$820M USD9.3% share of revenue$201M USD157.9M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$804M USD6.7% share of revenue$167M USD157.9M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$676M USD7.1% share of revenue$151M USD157.9M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$738M USD-8.3% share of revenue$138M USD158.5M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$731M USD-4.8% share of revenue$132M USD158.5M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$699M USD-6.2% share of revenue$185M USD158.6M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$730M USD-15.6% share of revenue$199M USD158.6M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$760M USD-5.4% share of revenue$126M USD159.5M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$868M USD-2.4% share of revenue$194M USD159.7M sharesFiled · primarysec.gov

Tronox Holdings’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$868M+19% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $662M, as of Sep 2023Revenue Q4 ’23: $686M, as of Dec 2023Revenue Q1 ’24: $774M, as of Mar 2024Revenue Q2 ’24: $820M, as of Jun 2024Revenue Q3 ’24: $804M, as of Sep 2024Revenue Q4 ’24: $676M, as of Dec 2024Revenue Q1 ’25: $738M, as of Mar 2025Revenue Q2 ’25: $731M, as of Jun 2025Revenue Q3 ’25: $699M, as of Sep 2025Revenue Q4 ’25: $730M, as of Dec 2025Revenue Q1 ’26: $760M, as of Mar 2026Revenue Q2 ’26: $868M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-2.4%+2.4 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 4.8%, as of Sep 2023Operating margin Q4 ’23: 1.2%, as of Dec 2023Operating margin Q1 ’24: 5.3%, as of Mar 2024Operating margin Q2 ’24: 9.3%, as of Jun 2024Operating margin Q3 ’24: 6.7%, as of Sep 2024Operating margin Q4 ’24: 7.1%, as of Dec 2024Operating margin Q1 ’25: -8.3%, as of Mar 2025Operating margin Q2 ’25: -4.8%, as of Jun 2025Operating margin Q3 ’25: -6.2%, as of Sep 2025Operating margin Q4 ’25: -15.6%, as of Dec 2025Operating margin Q1 ’26: -5.4%, as of Mar 2026Operating margin Q2 ’26: -2.4%, as of Jun 2026
Free cash flow · annualFY21 – FY25
-$281M

FY25 · as of Dec 2025

Free cash flow FY21: $468M, as of Dec 2021Free cash flow FY22: $170M, as of Dec 2022Free cash flow FY23: -$77.0M, as of Dec 2023Free cash flow FY24: -$70.0M, as of Dec 2024Free cash flow FY25: -$281M, as of Dec 2025

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$194M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $246M, as of Sep 2023Cash Q4 ’23: $273M, as of Dec 2023Cash Q1 ’24: $152M, as of Mar 2024Cash Q2 ’24: $201M, as of Jun 2024Cash Q3 ’24: $167M, as of Sep 2024Cash Q4 ’24: $151M, as of Dec 2024Cash Q1 ’25: $138M, as of Mar 2025Cash Q2 ’25: $132M, as of Jun 2025Cash Q3 ’25: $185M, as of Sep 2025Cash Q4 ’25: $199M, as of Dec 2025Cash Q1 ’26: $126M, as of Mar 2026Cash Q2 ’26: $194M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
159.7M+1.9% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 156.8M, as of Sep 2023Shares outstanding Q4 ’23: 156.8M, as of Dec 2023Shares outstanding Q1 ’24: 157.8M, as of Mar 2024Shares outstanding Q2 ’24: 157.9M, as of Jun 2024Shares outstanding Q3 ’24: 157.9M, as of Sep 2024Shares outstanding Q4 ’24: 157.9M, as of Dec 2024Shares outstanding Q1 ’25: 158.5M, as of Mar 2025Shares outstanding Q2 ’25: 158.5M, as of Jun 2025Shares outstanding Q3 ’25: 158.6M, as of Sep 2025Shares outstanding Q4 ’25: 158.6M, as of Dec 2025Shares outstanding Q1 ’26: 159.5M, as of Mar 2026Shares outstanding Q2 ’26: 159.7M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-28filing8-K: Tronox appoints Yasser Al-Daajani to boardBoard approved appointment of Yasser Al-Daajani as director effective 27 Oct 2026, nominated by Cristal International Holdings B.V. under the 2019 Shareholders Agreement. Annual cash retainer $100,000.agent:company-events · SEC EDGAR 8-K
2026-10-27editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteCapex figure revised: $67M → $45MCapex moved from $67M (deep-dive-2026-06-20.md) to $45M (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 12.5% → 8.4%Margin moved from 12.5% (deep-dive-2026-06-20.md) to 8.4% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: $2,898M → $868MRevenue moved from $2,898M (deep-dive-2026-06-20.md) to $868M (deep-dive-2026-10-27.md).dossier
dossier age
7 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 10 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 555 words, 7 filing mentions
  2. The dossier: What held, 69 words, 3 filing mentions
Research

The Tronox Holdings dossier

The verdict

The world's #1 vertically-integrated TiO2 producer is a high-quality asset trapped under an 11.1x-levered balance sheet in the worst pigment down-cycle in a decade — the equity is a leveraged call option on a 2027 cyclical recovery (plus a free rare-earth lottery ticket), not an investment, and the 2029 maturity wall is the clock.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Revenue $868M, up 14% on Q1 2026 ($760M) and 19% on Q2 2025 ($731M): TiO2 $700M (+19%), zircon $97M (+43%), other $71M (-7%). Loss from operations $21M; net loss attributable to Tronox $171M (including a $103M tax valuation allowance), $(1.07) per diluted share; adjusted net loss $82M ($(0.51) per share). Adjusted EBITDA $73M (Q2 2025: $93M), margin 8.4%. Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $45M; Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $60M (Q1 2026: $(135)M). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-06, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1530804/000114036126031551/ef20079573_ex99-1.htm; quarter ended 2026-06-30]
  2. Volumes and prices. TiO2 volumes +18% year on year and +9% on Q1, with average price and mix flat year on year and +5% on Q1; zircon volumes +61% year on year with price and mix -18%. The CEO says TiO2 volumes were the highest since Q2 2022 and inventory was cut about $120M from Q1 to its lowest since June 2024. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL as item 1]
  3. Q3 2026 outlook. Adjusted EBITDA $95M to $115M; TiO2 volumes down moderately (mid-single digits), TiO2 pricing up mid-single digits and zircon pricing up mid- to high single digits sequentially; Q3 free cash flow relatively neutral and meaningful positive free cash flow expected for full-year 2026. The company also says its cost programme is on track for the higher end of $125M to $175M annual run-rate savings by end-2026. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL as item 1]
  4. Balance sheet. Total debt $3.2bn, net debt $3.0bn and net leverage 11.4x trailing twelve months at 2026-06-30. Liquidity $527M ($194M cash and $333M revolver availability). The release says the next significant maturity is not until 2029 and that the term loans and bonds carry no financial covenants. A short-term revolver that expired was replaced with a new long-term financing arrangement. 159,700,029 ordinary shares outstanding at 2026-07-20. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL as item 1; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1530804/000153080426000015/trox-20260630.htm]
  5. Rare earths. The release says the definitive feasibility study for the cracking and leaching facility is expected to conclude by Q3 2027, with development pathways chosen to prioritise returns and limit incremental leverage; it mentions no EXIM or Export Finance Australia commitment. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL as item 1]
  6. Board and dividend. On 2026-07-29 the board appointed Keith Schwarz, a former KPMG partner and CPA, as an independent director and audit committee member, and declared a quarterly dividend of $0.05 per share payable 2026-10-09 to holders of record 2026-08-10. [sec.gov: 8-K filed 2026-07-29, https://www.sec.gov/Archives/edgar/data/1530804/000114036126030058/ef20078936_8k.htm]
  7. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q2 2026 print — TiO2/zircon price + volume trajectory, FCF, leverage ratio, any guidance" meets items 1 to 4. The carried verdict and bear case cite "11.1x" leverage; the release reports 11.4x at 2026-06-30 (item 4). The carried bear case cites a "$1.8B 2029 maturity wall"; the release says the next significant maturity is 2029 (item 4) and the filings read give no new refinancing action. The carried catalyst on "$600M EXIM/Export Finance Australia letters converting to a binding commitment; definitive feasibility... 2026" meets item 5: the release gives a Q3 2027 conclusion for the feasibility study and does not mention the letters. The carried seed's price figures (~$7.34) and targets rest on market data this delta does not refresh.

What held

  • The pigment business remains loss-making on a GAAP basis, with leverage above 11x (items 1, 4). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]
  • No new refinancing, rating action or equity raise appears in the filings read; the next significant debt maturity is still 2029 (item 4). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]
  • The rare-earth plan remains at feasibility stage (item 5). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on Tronox Holdings, newest first.

  1. current

    The world's #1 vertically-integrated TiO2 producer is a high-quality asset trapped under an 11.1x-levered balance sheet in the worst pigment down-cycl…

  2. The world's #1 vertically-integrated TiO2 producer is a high-quality asset trapped under an 11.1x-levered balance sheet in the worst pigment down-cycl…

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit Tronox Holdings

Others in critical materials

5 names

Where Tronox Holdings sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.