TROXTronox Holdings plc

Industrial Inorganic Chemicals

Revenue: $2.9B; 5.7% YoY
Operating margin: -8.7%; 223% YoY
EBITDA: $49M; 90% YoY
Market cap: $575M
Employees: 5,700; $508K revenue each
Net debt / EBITDA: 59.8×; $2.9B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
80% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$508K · 57th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
59.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$575M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.6B	$3.5B	$2.9B	$3.1B	$2.9B	5.7%
Operating income	$577M	$458M	$186M	$219M	−$253M	216%
Net income	$286M	$497M	−$316M	−$48M	−$470M	879%
Operating cash flow	$740M	$598M	$184M	$300M	$60M	80%
Capex	$272M	$428M	$261M	$370M	$341M	7.8%
Stock-based comp	$3M	$26M	$4M	$21M	$20M	4.8%
Buybacks	$0	$50M	$0	$0	—
Dividends	$65M	$87M	$89M	$80M	$48M	40%

Deal filings

Filed	Form	Acquirer	Price	Premium
Aug 31, 2017	DEFM14A	The National Titanium Dioxide Company Limited (Cristal)	$18.68	30%
Jun 30, 2017	PREM14A	The National Titanium Dioxide Company Limited (Cristal)	$14.10	54.2%

13D filers

Filed	Filer	Form	Stake	Intent
Mar 1, 2021	EXXARO RESOURCES LTD	SC 13D/A	0.0%	Passive
May 10, 2019	EXXARO RESOURCES LTD	SC 13D/A	9.9%	Passive
Apr 19, 2019	Cristal Inorganic Chemicals Netherlands Cooperatief W.A.	SC 13D	23.4%	Passive
Mar 27, 2019	EXXARO RESOURCES LTD	SC 13D	23.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 7
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.