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Tronox is the world s leading vertically integrated manufacturer of TiO 2 pigment. We operate titanium-bearing mineral sand mines and beneficiation and smelting operations in Australia and South Africa to produce feedstock materials that can be processed into TiO 2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and ultrafine TiO 2 used in certain specialty applic…
The business is unprofitable at the operating level (-8.73% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.7% YoY. Margins deteriorated 15.9pp alongside, both lines moving the wrong way.
ROIC dropped from 3.56% to -4.15%, capital efficiency is deteriorating. Negative free cash flow of -$281M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2.92B
▼ -5.7% YoY
Net Income (TTM)
-$462M
▼ -879.2% YoY
Op. Margin
-7.98%
▼ -15.9pp YoY
ROIC
-3.77%
▼ -7.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$274M
▼ -301.4% YoY
Op. Cash Flow (TTM)
$24M
▼ -80.0% YoY
Net Debt
$3.38B
Cash & Equiv.
$126M
5Y CAGR: +1.0%
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