Tronox Holdings plc

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 10✗ 18▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio0.3x

  ✓Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-7.5%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-7.5%, ROC=-8.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)6.9x

  ✓Dreman< 8x

  Price / Book Value per Share0.3x

  ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-122.5%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-67.2%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=0.3x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($2.62)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-120.69%; #5485/6340 (top 86.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+2.6886; #510/6449 (top 7.9%)

  ✓AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share0.35x

  ✓SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-24.4%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+7.6119; #396/5247 (top 7.5%)

  ✓OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-4.06%; #2905/4519 (top 64.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-71.15%; #5687/6202 (top 91.7%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 1✗ 12▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)-135.4%

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -15.0% vs Rev: 12.0%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$11.10 (2012) -> $-2.97 (2025)

  ✗DremanPositive over recent years

  EPS CAGR-11.8% CAGR over 10 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency5/15 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-5.7%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/5 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 16.2% -> 9.3%, operating margin 6.5% -> -8.7%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR1.0%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Profitability6% pass✓ 3✗ 32▾

  15 of 16 flag TROX's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)4/15 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)-135.4%

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)5/15 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-3.4%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-8.7% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-509.0M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)9.07

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-44.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value-7.5%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-7.5%, ROC=-8.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-7.56%

  ✗PiotroskiROA > 0

  ROA Change YoY-0.79% -> -7.56% (delta: -6.76%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=0.97%, ROA=-7.56%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY16.8% -> 9.3%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-12.6%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-44.9%

  ✗Dreman> 12%

  Margin of SafetyP/B=0.3x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-17.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency5/15 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-5.1%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-44.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend6.5% (2023) -> -8.7% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 16.2% -> 9.3%, operating margin 6.5% -> -8.7%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-120.69%; #5485/6340 (top 86.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+3.65%; #3179/3702 (top 85.9%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-44.89%; #4146/5226 (top 79.3%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0582; #2768/5884 (top 47.0%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts6% pass✓ 1✗ 15▾

  Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #2078✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (1/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1875/2370 (Top 79.1%))✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)✗OshaughnessyFAIL (Rank #759/963 (Top 78.8%))
• Debt & Leverage8% pass✓ 3✗ 12▾

  11 of 12 flag TROX's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 2.80, IC: -0.7x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity2.80

  ✗Lynch< 0.33

  Cash - Long-term Debt

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities2.52

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity2.80

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels2.80

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-0.7x, D/EBITDA=21.8x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity2.80

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-2.8044; #3907/4210 (top 92.8%)

  ✗AsnessTop 30% of eligible cross-section
• Efficiency25% pass✓ 2✗ 9▾

  6 of 8 flag TROX's efficiency — Buffett, Greenblatt, Piotroski +3 more

  Current Ratio2.52

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)4.2%

  ✗Buffett> 10%

  ROIC - WACC-5.8%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-8.0%

  ✗Greenblatt> 25%

  Current Ratio Change YoY2.47 -> 2.46

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.51x -> 0.47x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities2.52

  ✓Dreman> 1.5

  Return on Invested Capital-3.0%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=3.1%; FY2024: ROIC=3.8%; FY2025: ROIC=-4.4%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -4.4%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag TROX's cash flow — Buffett, Lynch, Pabrai +3 more

  Free Cash Flow Proxy$-509.0M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-17.0M

  ✗LynchPositive and growing

  Operating Cash Flow$60.0M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=0.97%, ROA=-7.56%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)6.9x

  ✓Dreman< 8x

  P/E or FCF YieldFCF Yield=-67.2%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive8/15 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-4.1%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency15/15 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-17.0M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-4.06%; #2905/4519 (top 64.3%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models50% pass✓ 1✗ 1▾

  Models split on TROX at $2.62 — fair values range $2.52–$3.92

  Greenblatt fair value$2.52

  ✗Greenblatt-4.0% margin vs $2.62

  Marks fair value$3.92

  ✓Marks+33.2% margin vs $2.62