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Valhi, Inc. engages in the chemicals, component products, and real estate management and development businesses in Europe, North America, the Asia Pacific, and internationally. The Chemicals segment produces and markets titanium dioxide pigments (TiO2), which are white inorganic pigments used in various applications by paint, plastics, paper, fibers and ceramics, decorative laminate, and paper manufacturers. This segment also provides TiO2 under the KRONOS name through agents and distributors. The Component Products segment manufactures mechanical and electrical cabinet locks, and other locking mechanisms for use in mailboxes, ignition systems, file cabinets, desk drawers, tool storage cabinets, medical cabinetry security, integrated inventory and access control secured narcotics boxes, electronic circuit panels, storage compartments, gas station security, and vending and cash containment machine applications. This segment also provides stainless steel exhaust components, gauges, throttle controls, wake enhancement systems, trim tabs, and related hardware and accessories primarily for performance and ski/wakeboard boats. The Real Estate Management and Development segment offers utility services to industrial customers; owns real properties; and develops land holdings for commercial, industrial, and residential purposes. This segment also holds marketable securities and other investments. The company was incorporated in 1932 and is based in Dallas, Texas. Valhi, Inc. is a subsidiary of Dixie Rice Agricultural L.L.C.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.1B | $81M | $-58M | $-82M | -5.6% | -1.3% | -153.3% |
| 2024 | $2.1B | $361M | $108M | $13M | 10.4% | 9.5% | -1190.9% |
| 2023 | $1.9B | $63M | $-10M | $-45M | -1.0% | -13.5% | -111.4% |
| 2022 | $2.2B | $256M | $87M | $-33M | 9.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,222.50 | 1,921.70 | 2,104.80 | 2,077 |
| Operating Revenue | - | 2,222.50 | 1,921.70 | 2,104.80 | 2,077 |
| Cost Of Revenue | - | 1,732.10 | 1,676.50 | 1,680.30 | 1,781.60 |
| Gross Profit | - | 490.40 | 245.20 | 424.50 | 295.40 |
| Operating Expense | - | 304 | 277.40 | 256.20 | 312.30 |
| Selling General And Administration | - | 304 | 277.40 | 256.20 | 312.30 |
| Total Expenses | - | 2,036.10 | 1,953.90 | 1,936.50 | 2,093.90 |
| Operating Income | - | 186.40 | -32.20 | 168.30 | -16.90 |
| EBITDA | - | 256.30 | 62.90 | 360.80 | 80.50 |
| Normalized EBITDA | - | 258.90 | 56.70 | 292.60 | 70.40 |
| EBIT | - | 197.80 | 8.80 | 294.10 | 14.10 |
| Interest Income | - | 10.90 | 21 | 21.80 | 16.50 |
| Interest Expense | - | 27.90 | 28.30 | 49.90 | 57.10 |
| Net Interest Income | - | -17 | -7.30 | -28.10 | -40.60 |
| Other Non Operating Income Expenses | - | 3.10 | 13.80 | 35.80 | 4.40 |
| Other Income Expense | - | 0.50 | 20 | 104 | 14.50 |
| Interest Income Non Operating | - | 10.90 | 21 | 21.80 | 16.50 |
| Interest Expense Non Operating | - | 27.90 | 28.30 | 49.90 | 57.10 |
| Net Non Operating Interest Income Expense | - | -17 | -7.30 | -28.10 | -40.60 |
| Pretax Income | - | 169.90 | -19.50 | 244.20 | -43 |
| Tax Provision | - | 36.80 | -24.60 | 82.90 | 11.90 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.56 | 1.30 | 23.12 | 2.12 |
| Net Income Continuous Operations | - | 133.10 | 5.10 | 161.30 | -54.90 |
| Net Income From Continuing And Discontinued Operation | - | 87.20 | -9.90 | 108 | -57.60 |
| Net Income From Continuing Operation Net Minority Interest | - | 87.20 | -9.90 | 108 | -57.60 |
| Net Income | - | 87.20 | -9.90 | 108 | -57.60 |
| Net Income Common Stockholders | - | 87.20 | -9.90 | 108 | -57.60 |
| Net Income Including Noncontrolling Interests | - | 133.10 | 5.10 | 161.30 | -54.90 |
| Normalized Income | - | 89.24 | -14.80 | 62.92 | -65.58 |
| Diluted NI Availto Com Stockholders | - | 87.20 | -9.90 | 108 | -57.60 |
| Basic Average Shares | - | 28.50 | 28.50 | 28.50 | 28.50 |
| Diluted Average Shares | - | 28.50 | 28.50 | 28.50 | 28.50 |
| Reconciled Depreciation | - | 58.50 | 54.10 | 66.70 | 66.40 |
| Reconciled Cost Of Revenue | - | 1,732.10 | 1,676.50 | 1,680.30 | 1,781.60 |
| Total Unusual Items | - | -2.60 | 6.20 | 68.20 | 10.10 |
| Total Unusual Items Excluding Goodwill | - | -2.60 | 6.20 | 68.20 | 10.10 |
| Minority Interests | - | -45.90 | -15 | -53.30 | -2.70 |
| Net Income Discontinuous Operations | 0 | 0 | - | - | - |
| Special Income Charges | - | -13.60 | 4.50 | 1.90 | 4.60 |
| Gain On Sale Of Business | 0 | -2 | -2.60 | - | - |
| Other Special Charges | -0.10 | -2.80 | -3 | -1.40 | - |
| Impairment Of Capital Assets | 0 | 16.40 | 0 | 0 | - |
| Restructuring And Mergern Acquisition | - | - | 0 | 0 | -4.60 |
| Gain On Sale Of Security | - | 11 | 1.70 | 66.30 | 5.50 |
| General And Administrative Expense | - | 304 | 277.40 | 256.20 | 312.30 |
| Other Gand A | - | 304 | 277.40 | 256.20 | 312.30 |
| Salaries And Wages | 17 | 13.90 | 11.80 | 2.60 | - |
| Gain On Sale Of Ppe | - | 0 | 1.50 | 0.50 | 0 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Valhi, Inc.this co. | VHI | $410M | -7.12 | 0.40 | -5.6% | 10.03 |
| Intrepid Potash, Inc. | IPI | $499M | 44.65 | 1.02 | 2.3% | 8.06 |
| Lifezone Metals Limited | LZM | $464M | -34.07 | 6.29 | -18.5% | -200.38 |
| Gevo, Inc. | GEVO | $431M | -12.73 | 0.92 | -7.3% | 42.14 |
| Mativ Holdings, Inc. | MATV | $423M | -1.25 | 0.85 |
| - |
| - |
| - |
| - |
| -67.7% |
| -5.67 |
| Caledonia Mining Corporation Plc | CMCL | $411M | 7.45 | 1.59 | 21.3% | 3.24 |
| Orion S.A. | OEC | $405M | -5.78 | 1.05 | -18.2% | 9.14 |
| Vox Royalty Corp. | VOXR | $395M | 67.19 | 3.69 | 5.5% | 27.50 |
| U.S. Gold Corp. | USAU | $259M | -12.58 | 22.32 | -177.4% | -19.39 |
| Peer Median | - | -3.52 | 1.32 | -12.7% | 5.65 | |