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Tronox Holdings Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Tronox Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Tronox Holdings's Piotroski F-Score or its related term are showing as below:

TROX' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Tronox Holdings was 9. The lowest was 3. And the median was 5.


Tronox Holdings Piotroski F-Score Historical Data

The historical data trend for Tronox Holdings's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Tronox Holdings Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 4.00 6.00 6.00

Tronox Holdings Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 6.00 6.00 6.00

Competitive Comparison

For the Chemicals subindustry, Tronox Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Tronox Holdings Piotroski F-Score Distribution

For the Chemicals industry and Basic Materials sector, Tronox Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Tronox Holdings's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 111 + 83 + 16 + 375 = $585 Mil.
Cash Flow from Operations was 256 + 139 + 189 + 32 = $616 Mil.
Revenue was 870 + 884 + 965 + 945 = $3,664 Mil.
Gross Profit was 244 + 218 + 232 + 263 = $957 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(6182 + 6043 + 5987 + 6215 + 6220) / 5 = $6129.4 Mil.
Total Assets at the begining of this year (Jun21) was $6,182 Mil.
Long-Term Debt & Capital Lease Obligation was $2,507 Mil.
Total Current Assets was $2,004 Mil.
Total Current Liabilities was $885 Mil.
Net Income was 896 + 45 + 19 + 73 = $1,033 Mil.

Revenue was 675 + 783 + 891 + 927 = $3,276 Mil.
Gross Profit was 139 + 178 + 206 + 227 = $750 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(5482 + 6476 + 6568 + 6623 + 6182) / 5 = $6266.2 Mil.
Total Assets at the begining of last year (Jun20) was $5,482 Mil.
Long-Term Debt & Capital Lease Obligation was $2,829 Mil.
Total Current Assets was $2,185 Mil.
Total Current Liabilities was $793 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Tronox Holdings's current Net Income (TTM) was 585. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Tronox Holdings's current Cash Flow from Operations (TTM) was 616. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=585/6182
=0.09462957

ROA (Last Year)=Net Income/Total Assets (Jun20)
=1033/5482
=0.18843488

Tronox Holdings's return on assets of this year was 0.09462957. Tronox Holdings's return on assets of last year was 0.18843488. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Tronox Holdings's current Net Income (TTM) was 585. Tronox Holdings's current Cash Flow from Operations (TTM) was 616. ==> 616 > 585 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=2507/6129.4
=0.4090123

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=2829/6266.2
=0.45146979

Tronox Holdings's gearing of this year was 0.4090123. Tronox Holdings's gearing of last year was 0.45146979. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=2004/885
=2.26440678

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=2185/793
=2.75535939

Tronox Holdings's current ratio of this year was 2.26440678. Tronox Holdings's current ratio of last year was 2.75535939. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Tronox Holdings's number of shares in issue this year was 158.448. Tronox Holdings's number of shares in issue last year was 158.959. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=957/3664
=0.26118996

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=750/3276
=0.22893773

Tronox Holdings's gross margin of this year was 0.26118996. Tronox Holdings's gross margin of last year was 0.22893773. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=3664/6182
=0.59268845

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=3276/5482
=0.59759212

Tronox Holdings's asset turnover of this year was 0.59268845. Tronox Holdings's asset turnover of last year was 0.59759212. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Tronox Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Tronox Holdings  (NYSE:TROX) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Tronox Holdings Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Tronox Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Tronox Holdings Business Description

Tronox Holdings logo
Traded in Other Exchanges
Address
263 Tresser Boulevard, Suite 1100, Stamford, CT, USA, 06901
Tronox Holdings PLC mines, manufactures and sells titanium dioxide (TiO2) mineral sands and soda ash. The firm organizes itself into one reportable segment, TiO2. The TiO2 segment mines mineral sand deposits and products, TiO2 and titanium feedstock, which are used to produce primarily paints and coatings, as well as plastics, paper, and printing ink. Tronox has three pigment production facilities in the United States, the Netherlands, and Western Australia and three mining operations in Western Australia and South Africa. North America, Europe, Middle East, and Africa, and Asia-Pacific regions contribute the vast majority of revenue.
Executives
Flood Jonathan officer: Principal Accounting Officer 263 TRESSER BLVD., SUITE 1100 STAMFORD CT 06901
Srivisal John officer: SVP, Business Dev. and Finance C/O TRONOX HOLDINGS PLC 263 TRESSER BOULEVARD, SUITE 1100 STAMFORD CT 06901
Mancini Raoul Charles officer: SVP, Chief HR Officer 410 PARK AVE.; SUITE 1400 NEW YORK NY 10022
National Titanium Dioxide Co Ltd 10 percent owner SARI STREET, AL RABWAH DISTRICT 4284 JEDDAH T0 23446-6762
Cristal Inorganic Chemicals Netherlands Cooperatief W.a. director, 10 percent owner, other: Director by Deputization* WORLD TRADE CENTER, TOWER C 15TH FLOOR, STRAWINSKYLAAN 1543 AMSTERDAM P7 1077 XX
National Industrialization Co Ltd. 10 percent owner BUSINESS GATE, BLDG. C3 AIRPORT ROAD, P.O. BOX 26707 RIYADH T0 11496
Al-morished Mutlaq Hamad director 263 TRESSER BLVD., SUITE 1100 STAMFORD CT 06901
Khan Moazzam A. director 263 TRESSER BLVD., SUITE 1100 STAMFORD CT 06901
Jones Stephen J director 7201 HAMILTON BOULEVARD ALLENTOWN PA 18195-1501
Guthrie Vanessa Ann director 263 TRESSER BLVD., SUITE 1100 STAMFORD CT 06901
Neuman Jeffrey N officer: SVP, General Counsel & Sec. 115 TABOR ROAD MORRIS PLAINS NJ 07950
Jones Ginger M director 55 JEWELERS PARK DRIVE NEENAH WI 54956
Loughran Robert officer: VP, Corporate Controller C/O AVON PRODUCTS, INC. 1345 AVENUE OF THE AMERICAS NEW YORK NY 10105-0196
Khilnani Jogita officer: SVP & Corporate Controller 263 TRESSER BOULEVARD, SUITE 1100 STAMFORD CT 06901
Carlson Timothy C officer: Senior Vice President, CFO 263 TRESSER BOULEVARD SUITE 1100 STAMFORD CT 06901

Tronox Holdings Headlines

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