VHI
VALHI INC /DE/
Next earnings Aug 5, 2026
Last earnings -2.9% on 2026-05-07
$14.40
▼ -2.96%$14.40▼ -8.91%
over 1Y
L $11.42H $18.59
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-3.0%
1W+8.6%
1M+0.6%
3M+3.2%
YTD+19.8%
1Y-8.9%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 8 analysts
Sell
Deep-discount holding-co at 0.2x sales and ~0.4x book, but a TiO2 trough and cash burn cap the upside — cheap, not a catalyst.
Net income -$57.6M · FY2025
Valhi is a leveraged holding-company proxy on Kronos TiO2 (plus CompX components and Henderson, NV real estate), and 2025 was an ugly cyclical trough. Revenue slipped 1.3% to $2.08B while the swing to a $57.6M net loss (-$2.02 diluted, vs +$108M/+$3.79 in 2024) was driven mostly by the Chemicals segment flipping from $138.5M operating income to a $24.5M operating loss. Gross profit collapsed 30.4% to $295M (14.2% margin) and operating income fell 70% to $63.3M — this is a genuine pricing/volume downturn in TiO2, not an accounting artifact.
That said, the headline loss overstates the operating damage. Management itemizes a stack of one-time/non-cash hits: a $28.7M pension buy-out settlement loss (-$0.62), $19.3M + $8.5M of German deferred-tax charges (-$0.45 and -$0.20), and $10.3M of restructuring (-$0.18), partly offset by $34.2M of recurring tax-increment infrastructure reimbursement from the real-estate segment (+$0.62) and a $4.6M earn-out remeasurement gain. Normalize those and the core is loss-making but not as dire as -$2.02 implies. The balance sheet still carries $1.02B of equity against a $408M market cap (~0.4x book) and current assets of $1.26B cover current liabilities of $449M by 2.8x — real downside cushion.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 1:28 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is VHI a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $2.30B | $2.22B | $1.92B | $2.10B | $2.08B |
| Gross profit | $580M | $490M | $245M | $425M | $295M |
| Operating income | $319M | $239M | $34.2M | $211M | $63.3M |
| Net income | $127M | $87.2M | -$9.90M | $108M | -$57.6M |
| Diluted EPS | $4.46 | $3.06 | -$0.35 | $3.79 | -$2.02 |
| Net margin | 5.5% | 3.9% | -0.5% | 5.1% | -2.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$194M
EV / EBITDA1.5
EV / Sales0.1
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-14.1%
FCF yield-20.1%
Quality & risk
ROIC (est.)4.9%
Free cash flow-$82.1M
Total debt—
Net cash$214M
Piotroski F-Score3/8
Capital returns
Buyback yield0.7%
Dividend yield (est.)2.2%
Shareholder yield2.9%
Shares Δ YoY+0.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Officer / director change2026-06-22
Board/officer transition disclosed (Item 5.02); no financial impact stated
- 8-K Officer / director change2026-05-21
Annual meeting vote results plus a board/officer update and Reg FD disclosure
- 8-K Earnings results2026-05-07
Q1 2026 10-Q; holding co results still pressured by soft TiO2 demand
- 10-Q Quarterly report2026-05-07
Q1 2026 10-Q; holding co results still pressured by soft TiO2 demand
- DEF 14A Proxy statement2026-04-01
Annual proxy: director slate and executive comp for shareholder vote
- 8-K Earnings results2026-03-10
FY2025 net loss $2.02/sh; pension buy-out, German tax hits, TiO2 loss
- 10-K Annual report2026-03-10
FY2025 net loss $2.02/sh; pension buy-out, German tax hits, TiO2 loss
- 8-K Reg FD disclosure2026-03-05
Reg FD/other disclosure with exhibit; no direct financial change
- 8-K Officer / director change2025-12-15
Officer/director change disclosed (Item 5.02)
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-172026-06-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗3Period ending 2026-05-212026-05-21open ↗8-KPeriod ending 2026-05-212026-05-21open ↗SDFiling2026-05-19open ↗8-KPeriod ending 2026-05-072026-05-07open ↗10-QPeriod ending 2026-03-312026-05-07open ↗
Frequently asked
- Is VALHI INC /DE/ (VHI) a buy?
- VHI currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Deep-discount holding-co at 0.2x sales and ~0.4x book, but a TiO2 trough and cash burn cap the upside — cheap, not a catalyst.
- What is VALHI INC /DE/'s quality score?
- VHI scores 49.20481013380931/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000059255, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 7/3/2026, 5:28:31 AM.
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