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The Moat Index

TRONOX HOLDINGS PLC

TROX · Materials · $926.0M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

9/ 100
No moat

The four filters

Pricing power8

Median gross margin 20.0% over 10y, variable.

Returns on capital7

Median ROIC 3.6%, above the 9% hurdle in 20% of years.

Balance-sheet safety0

Net debt/EBITDA 61.7x, interest coverage -1x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$5.84
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

16 years of fundamentals

The business, in plain English

TRONOX HOLDINGS PLC booked $2.9B of revenue in FY2025 in the Materials sector and kept 9.3% of it as gross profit — a thin-margin business by that measure. After every other cost, −16.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.8B (FY2012) to $2.9B (FY2025) — about 3.6% a year compounded over 13 years.

It earned −4.5% on invested capital in FY2025, with a median of 2.4% across 14 filed years. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $3.2B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 210.0% between FY2012 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Capital Discipline is the strongest of the four filters (24/100) and Balance-Sheet Safety the weakest (0/100), which is how TROX lands at 9/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2010–FY2025 · 16 fiscal years, normalized from TROX’s SEC filings

RevenueSales, as filed$2.9B FY2025
$0$2B2010201520202025
Gross marginRevenue kept after cost of goods9.3% FY2025
0%10%20%2010201520202025
Return on invested capitalOperating profit on the capital employed−4.5% FY2025
0%10%2010201520202025
Owner earningsCash an owner could take out−$470.0M FY2025
$0$1B2010201520202025

Gaps in a line mean that item isn’t in TROX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale9.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TROX has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#209 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #207ITP IT TECH PACKAGING, INC.10.0No moat
  2. #208CLW Clearwater Paper Corp9.9No moat
  3. #210GEVO GEVO, INC.8.8No moat
  4. #211LXU LSB INDUSTRIES, INC.8.6No moat

Compare TROX with its nearest peers →All Materials companies on the Index →

Common questions about TROX

Does TRONOX HOLDINGS PLC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores TRONOX HOLDINGS PLC (TROX) 9.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 8, returns on capital 7, balance-sheet safety 0, capital discipline 24.
How has TROX's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 9.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TROX. See the disclaimer.

TRONOX HOLDINGS PLC (TROX) Moat Score — The Moat Index · Buy Like Buffett