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Kronos Worldwide, Inc. (NYSE: KRO) ( Kronos ), incorporated in Delaware in 1989, is a leading global producer and marketer of value-added titanium dioxide pigments, or TiO 2 , a base industrial product used in a wide range of applications. We, along with our distributors and agents, sell and provide technical services for our products to approximately 3,000 customers in 100 countries with the m…
The business is unprofitable at the operating level (-1.96% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 1.5% YoY. Margins deteriorated 8.5pp alongside, both lines moving the wrong way.
Free cash flow declined 194% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.42% to -2.16%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.88B
▼ -1.5% YoY
Net Income (TTM)
-$134M
▼ -228.7% YoY
Op. Margin
-3.31%
▼ -8.5pp YoY
ROIC
-3.51%
▼ -9.6pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$40M
▼ -194.0% YoY
Op. Cash Flow (TTM)
$54M
▼ -96.6% YoY
Net Debt
$596M
Cash & Equiv.
$26M
5Y CAGR: +2.6%
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