Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Tronox Holdings plc (TROX)
A forensic read on Tronox Holdings plc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.5
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-31.2%
ROE
$1.1B
Market cap
2.72%
Dividend yield
Tronox Holdings plc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.5, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4%Return on invested capital.Return on invested capital is -4% and slipping from 9% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
36d DSOReceivables vs revenue.Days sales outstanding moved from 32 to 36 days FY2024→FY2025 (receivables +9% vs revenue -6%). Receivables are creeping up relative to sales — watch the trend.
229dInventory days.Days inventory outstanding moved from 221 to 229 FY2024→FY2025 (against cost of goods sold; inventory +7% vs +3% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
+0.3%/yrShare-count dilution.Diluted share count changed +1% over the last 3 years to FY2025 (+0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
-40%Dividend — cut.The payout was CUT ~40% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-16.2%
Debt / Equity2.24x
Free Cash Flow$-281.0M
Latest Revenue$2.90B
Return on Equity-33.1%
Revenue Growth YoY-5.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Tronox Holdings plc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TROX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown