Valhi Inc

valhi.net

What Do They Do?

Makes titanium dioxide pigment for makers of paints, plastics and paper, security and marine components for industrial customers, and develops land for builders.

How Do They Make Money?

Buyers pay for chemicals and component products when goods ship or arrive; consignment sales are completed when the customer uses the product. Land sales bring in all or a substantial part of the price, while revenue follows development work.

FY2025 revenue by reportable segment revenue

Segment	Share	How money arrives
Chemicals Sold outright	90% FY2022: 87%	Sold outright
Component products Sold outright	7.6% FY2022: 7.5%	Sold outright
Real estate management and development Sold outright	2.9% FY2022: 5.7%	Sold outright

Who Are Their Customers?

Chemical products reach paint, plastics and paper makers through direct sales, agents and distributors. Component products go directly to large manufacturers or through security-product distributors; LandWell sells land to home builders.

Do Revenues Turn Into Profits?

No. It lost $57.6M in FY2025.

Operating income, FY2025

3% of revenue

▼ −70% vs FY2024 ($210.7M, 10%)

Net income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($108M, 5%)

Free cash flow, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($13.1M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +12%; vs $540.4M in Q2 FY2025
Net income: ▲ +2378%; vs $900K in Q2 FY2025

Chemicals share of revenue vs 91.5% in Q2 FY2025

Shrinking. Revenue fell 10% in 4 years, from $2.3B in FY2021 to $2.1B in FY2025, about 2% a year.

Revenue over time

Chemicals Component products Real estate management and development

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Chemours, Tronox, and LB Group

Comments