MeritValue

VALHI INC /DE/

VHIdata completeness 100%17 fiscal years on file
The thesis, from the filings

VALHI INC /DE/ earns about 12% on invested capital, and has bought back 100% of its shares over 5 years. The applicable estimate puts fair value near $30.6M a share. 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$2.3B1$2.22B2$1.92B3$2.1B3$2.08B3
Net income$127.2M4$87.2M5−$9.9M6$108M6−$57.6M6
Operating cash flow$459.7M7$34.9M8$3.9M9$44M9−$35.5M9
Capital expenditure$64.1M10$67.6M11$48.5M12$30.9M12$46.6M12
Free cash flow (derived)$395.6M7,10−$32.7M8,11−$44.6M9,12$13.1M9,12−$82.1M9,12
Total debt$653M13$559.5M14$546.5M15$563.4M16$591.7M16
Cash & equivalents$698.4M17$478.5M18$407M19$348.3M20$214M20
Diluted shares28.5M28.528.528.528.5

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$359M
your share of equity
Profit it earned you last year
−$20.2M
Free cash flow it threw off
−$28.8M
Debt you’d be carrying
$207.6M

10 shares is a claim on $359M of net worth that earned you −$20.2M and generated −$28.8M of cash last year, against $207.6M of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 28%FY22 15%FY23 1%FY24 16%FY25 1%

It earned an average 12% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 v0.6.0
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
$30.6M
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$87.2M
  • Growth assumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-03-07 · period ending 2021-12-31 · accession 0001558370-24-002728 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0001558370-25-002409 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-03-10 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025847 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2024-03-07 · period ending 2021-12-31 · accession 0001558370-24-002728 (NetIncomeLoss)
  5. 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0001558370-25-002409 (NetIncomeLoss)
  6. 10-K filed 2026-03-10 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025847 (NetIncomeLoss)
  7. 10-K filed 2024-03-07 · period ending 2021-12-31 · accession 0001558370-24-002728 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0001558370-25-002409 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-03-10 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025847 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-03-07 · period ending 2021-12-31 · accession 0001558370-24-002728 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0001558370-25-002409 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-03-10 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025847 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-03-09 · period ending 2021-12-31 · accession 0001558370-23-003319 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
  14. 10-K filed 2024-03-07 · period ending 2022-12-31 · accession 0001558370-24-002728 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
  15. 10-K filed 2025-03-06 · period ending 2023-12-31 · accession 0001558370-25-002409 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
  16. 10-K filed 2026-03-10 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-025847 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
  17. 10-K filed 2023-03-09 · period ending 2021-12-31 · accession 0001558370-23-003319 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2024-03-07 · period ending 2022-12-31 · accession 0001558370-24-002728 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2025-03-06 · period ending 2023-12-31 · accession 0001558370-25-002409 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2026-03-10 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-025847 (CashAndCashEquivalentsAtCarryingValue)