MeritValue

Tronox Holdings plc

TROXdata completeness 100%15 fiscal years on file
The thesis, from the filings

Tronox Holdings plc earns about 8% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.57B1$3.45B2$2.85B3$3.07B3$2.9B3
Net income$286M4$497M5−$316M6−$48M6−$470M6
Operating cash flow$740M7$598M8$184M9$300M9$60M9
Capital expenditure$272M10$428M11$261M12$370M12$341M12
Free cash flow (derived)$468M7$170M8−$77M9−$70M9−$281M9
Total debt$18M13$74M14$38M15$100M16$90M16
Cash & equivalents$228M17$164M18$273M19$151M20$199M20
Diluted shares157.9M157.1M156.4M157.8M158.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$89.47
your share of equity
Profit it earned you last year
−$29.66
Free cash flow it threw off
−$17.73
Debt you’d be carrying
$5.68

10 shares is a claim on $89.47 of net worth that earned you −$29.66 and generated −$17.73 of cash last year, against $5.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY21 24%FY22 19%FY23 6%FY24 7%FY25 -16%

It earned an average 8% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 400% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001530804-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001530804-25-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001530804-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001530804-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001530804-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001530804-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001530804-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001530804-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001530804-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001530804-24-000009 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001530804-25-000004 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001530804-26-000006 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001530804-23-000004 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001530804-24-000009 (LongTermDebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001530804-25-000004 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001530804-26-000006 (LongTermDebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001530804-23-000004 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001530804-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001530804-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001530804-26-000006 (CashAndCashEquivalentsAtCarryingValue)