Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Tronox Holdings plcTROX · chemicals | |
|---|---|
| Grade |  Eweakest fifth of 331 graded peers; percentile 91.5, sampling error 2.7 points; lower is stronger |
| Rank | 300 of 331 |
| Profitability | Dpercentile 66.8 |
| Solvency | Dpercentile 70.7 |
| Growth and financing | Dpercentile 70.2 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $6.2B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Feb 20, 2026231 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $3.792026-10-08; market equity $605.3M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 20, 2026; the document on sec.gov.
Tronox is the world’s leading vertically integrated manufacturer of TiO2 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 TiO2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and ultrafine TiO2 used in certain specialty applications. Our strategy is to be vertically integrated and produce enough feedstock materials to be as self-sufficient as possible in the production of TiO2 at our seven pigment facilities located in the United States, Australia, Brazil, UK, France, and the Kingdom of Saudi Arabia.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 66.8 | |||||||
| Gross profitability | 4.3% | [1,3] | 21.3% | 89.4 | 359 | 2025-12-31 | |
| Return on invested capital | not computable | 9.5% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (8.6%) | [1,4-6] | (4.2%) | 26.1 | 400 | 2025-12-31 | |
| Gross margin stability, five years | 5.8 pts | [2-3,7-14] | 2.2 pts | 85.0 | 301 | 2025-12-31 | |
| Solvency, sleeve percentile 70.7 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 1.47 | [1,15-20] | 3.41 | 66.0 | 301 | 2025-12-31 | |
| Net debt to EBITDA | 59.86x | [18,21-23] | 1.88x | 100.0 | 150 | 2025-12-31 | |
| Interest coverage | (1.34x) | [18,24] | 4.16x | 77.0 | 88 | 2025-12-31 | |
| Current ratio | 2.46x | [15-16] | 2.20x | 39.8 | 423 | 2025-12-31 | |
| Growth and financing, sleeve percentile 70.2 | |||||||
| Revenue growth, three-year compound | (5.7%) | [2,8,10,12] | 1.2% | 79.7 | 350 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 12.6% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 24.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (0.5%) | [1,6,25-26] | 2.9% | 67.1 | 369 | 2025-12-31 | |
| Net share issuance, one year | 0.4% | [27-28] | 0.0% | 63.7 | 321 | 2026-01-30 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.416; sampling error 2.7 percentile points on 331 peers.
Among 331 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 295 | Albemarle Corp. (ALB-PA) Albemarle Corp. (ALB-PA) Eweakest fifth; percentile 90.2 NYSE · Plastic Materials, Synth Resins & Nonvulcan Elastomers No active warnings; 8 of 14 inputs | 90.2 | E | |
| 296 | Metallus Inc. (MTUS) Metallus Inc. (MTUS) Eweakest fifth; percentile 90.6 NYSE · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) market equity $814.1M; last close $19.66 Warnings: fortress balance sheet; 7 of 14 inputs | 90.6 | E | fortress balance sheet |
| 297 | Celanese Corp. (CE) Celanese Corp. (CE) Eweakest fifth; percentile 90.6 NYSE · Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) market equity $4.9B; last close $44.85 No active warnings; 9 of 14 inputs | 90.6 | E | |
| 298 | Greif, Inc. (GEF) Greif, Inc. (GEF) Eweakest fifth; percentile 91.1 NYSE · Metal Shipping Barrels, Drums, Kegs & Pails last close $81.83 No active warnings; 8 of 14 inputs | 91.1 | E | |
| 299 | Greif, Inc. (GEF-B) Greif, Inc. (GEF-B) Eweakest fifth; percentile 91.1 NYSE · Metal Shipping Barrels, Drums, Kegs & Pails last close $107.78 No active warnings; 8 of 14 inputs | 91.1 | E | |
| 300 | Tronox Holdings plc (TROX) Tronox Holdings plc (TROX) Eweakest fifth; percentile 91.5 NYSE · Industrial Inorganic Chemicals market equity $603.7M; last close $3.79 No active warnings; 10 of 14 inputs | 91.5 | E | |
| 301 | Emerson Electric Co. (EMR) Emerson Electric Co. (EMR) Eweakest fifth; percentile 91.7 NYSE · Electronic & Other Electrical Equipment (No Computer Equip) market equity $88.7B; last close $159.05 No active warnings; 8 of 14 inputs | 91.7 | E | |
| 302 | Aemetis, Inc. (AMTX) Aemetis, Inc. (AMTX) Eweakest fifth; percentile 91.8 Nasdaq · Industrial Organic Chemicals market equity $124.9M; last close $1.73 Warnings: short runway; 8 of 14 inputs | 91.8 | E | short runway |
| 303 | DOW Inc. (DOW) DOW Inc. (DOW) Eweakest fifth; percentile 92.1 NYSE · Plastic Materials, Synth Resins & Nonvulcan Elastomers market equity $20.6B; last close $28.61 No active warnings; 7 of 14 inputs | 92.1 | E | |
| 304 | Techprecision Corp. (TPCS) Techprecision Corp. (TPCS) Eweakest fifth; percentile 92.1 Nasdaq · Fabricated Structural Metal Products market equity $58.8M; last close $5.80 Warnings: late filer, fortress balance sheet; 8 of 14 inputs | 92.1 | E | late filer, fortress balance sheet |
| 305 | Tomi Environmental Solutions, Inc. (TOMZ) Tomi Environmental Solutions, Inc. (TOMZ) Eweakest fifth; percentile 92.4 Nasdaq · Industrial Organic Chemicals market equity $12.8M; last close $1.55 Warnings: short runway, late filer; 8 of 14 inputs | 92.4 | E | short runway, late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 88.0 | 2204 |
| sector peers, equal sleeves (the grade) | E | 91.5 | 331 |
| same exchange, equal sleeves | E | 93.3 | 984 |
| sector peers, equal inputs | E | 89.7 | 331 |
Each letter is one fifth of the 331 graded peers, about 66 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 36.3% | 13.8% | 71 | hotter than 71 of 100 peers |
| Distance from 52-week high | (63.9%) | (24.2%) | 7 | closer to its high than 7 of 100 peers |
| EBIT to enterprise value | (7.2%) | 3.9% | 11 | pricier than 89 of 100 peers |
| Free cash flow yield | (46.5%) | 3.2% | 2 | pricier than 98 of 100 peers |
| Book value to price | 1.92 | 0.39 | 96 | pricier than 4 of 100 peers |
| Sales to price | 4.80 | 0.57 | 96 | pricier than 4 of 100 peers |
| Composite equity issuance, five years | (10.8%) | (9.9%) | 46 | more equity-funded than 46 of 100 peers |
| Relative strength against the sector, log excess return | 0.14 | (0.02) | 67 | ahead of 67 of 100 peers |
Inputs: market equity $603.7M; EBIT -$253.0M; free cash flow -$281.0M; book equity $1.2B; sales $2.9B; debt $3.1B; cash $194.0M[29].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 2 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (7.8%) | ✗ fail[4,6] |
| Operating cash flow above zero | $60.0M | ✓ pass[5] |
| Return on assets improved | (7.0 pts) | ✗ fail[4,6,25,30] |
| Operating cash flow exceeds net income | $530.0M | ✓ pass[4-5] |
| Long-term leverage fell | 5.8 pts | ✗ fail[1,6,21,25,31] |
| Current ratio improved | (0.1 pts) | ✗ fail[15-16,32-33] |
| No new shares issued | 0.4% | ✗ fail[27-28] |
| Gross margin improved | (7.5 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | (2.1 pts) | ✗ fail[2,6,8,25] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $194.0M[34] |
| Operating cash flow, four quarters | $101.0M[5,34-38] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $12.0M |
| 63 sessions | |
| Days since newest grade input | 231 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $6.2B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.9B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $269.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$470.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $60.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $6.0B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $515.0M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.1B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $462.0M | 2023-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.9B | 2023-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $832.0M | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.5B | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $895.0M | 2021-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.6B | 2021-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $2.3B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $919.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $30.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$253.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $1.4B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $4.8B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 21 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $3.1B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 22 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $199.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $302.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 24 | interest expense | us-gaap:InterestAndDebtExpense | $189.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $6.1B | 2023-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $6.3B | 2022-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 158,557,858 | 2026-01-30 | 2026-02-20 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 157,938,056 | 2025-01-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 159,700,029 | 2026-07-20 | 2026-08-06 | 10-Q | filing · viewer · series |
| 30 | net income | us-gaap:NetIncomeLoss | -$48.0M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $2.8B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 32 | current assets | us-gaap:AssetsCurrent | $2.2B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 33 | current liabilities | us-gaap:LiabilitiesCurrent | $874.0M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 34 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $194.0M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $37.0M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$68.0M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$61.0M | 2025-09-30 | 2025-11-06 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.0M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 91.5 is 11.5 points from the nearest band edge; sampling error is 2.7 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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