KRO
Kronos Worldwide, Inc.Kronos Worldwide, Inc. produces and markets titanium dioxide pigments (TiO2) in Europe, North America, the Asia Pacific, and internationally. The company produces TiO2 in two crystalline forms, rutile and anatase to impart whiteness, brightness, opacity, and durability for various products, including paints, coatings, plastics, paper, fibers, and ceramics, as well as for various specialty products, such as inks, foods, and cosmetics. It also produces ilmenite, a raw material used directly as a f
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 520.0 | 67.6 | -- | 20.8 | -- | 39.0 | -10.4 | 100.4 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 510.0 | 58.7 | -- | 15.3 | -- | 30.6 | -10.2 | 61.4 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 480.0 | 43.2 | -- | 2.4 | -- | -38.4 | -9.6 | 30.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 460.0 | 32.2 | -- | -6.9 | -- | 27.6 | -11.5 | 69.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 500.0 | 47.5 | -- | 5.0 | -- | 27.5 | -10.0 | 41.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 490.0 | 39.2 | -- | -2.5 | -- | 19.6 | -7.4 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 460.0 | 25.3 | -- | -13.8 | -- | -55.2 | -6.9 | -5.5 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 509.8 | 34.6 | 18.0 | -4.8 | -51.3 | -61.5 | -10.2 | 28.2 | 621.5 | 115.0 | 8.7% | 2.4x | -- |
| Est | 2025-Q4 | 430.0 | 12.9 | -- | -23.7 | -- | 21.5 | -10.8 | 49.7 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 418.3 | -56.8 | -65.3 | -82.8 | 93.6 | 83.4 | -10.2 | 37.0 | 577.3 | 115.0 | -36.1% | -3.9x | 61.5x |
| Act | 2025-Q3 | 456.9 | 0.6 | -19.2 | -37.0 | -7.9 | -17.4 | -9.5 | 27.7 | 647.1 | 115.0 | -9.7% | 0.0x | 11.4x |
| Act | 2025-Q2 | 494.4 | 23.2 | 7.4 | -9.2 | 20.7 | 20.7 | -0.0 | 18.9 | 610.6 | 115.0 | 2.4% | 1.8x | 5.8x |
| Act | 2025-Q1 | 489.8 | 52.2 | 38.4 | 18.1 | -102.4 | -102.4 | -0.0 | 20.5 | 578.1 | 115.0 | 16.0% | 4.5x | 5.8x |
| Act | 2024-Q4 | 423.1 | 42.7 | 28.6 | -13.2 | 49.3 | 37.0 | -12.3 | 106.7 | 528.0 | 115.0 | 10.8% | 3.5x | 7.0x |
| Act | 2024-Q3 | 484.7 | 128.4 | 38.9 | 71.8 | 28.3 | 19.2 | -9.1 | 94.8 | 576.1 | 115.0 | 13.1% | 10.9x | 8.4x |
| Act | 2024-Q2 | 500.5 | 57.2 | 35.9 | 19.5 | 37.3 | 33.9 | -3.4 | 133.8 | 445.5 | 115.0 | 19.2% | 5.8x | 19.6x |
| Act | 2024-Q1 | 478.8 | 32.8 | 19.5 | 8.1 | -43.3 | -48.0 | -4.7 | 120.7 | 448.4 | 115.0 | 11.1% | 3.6x | 42.8x |
| Act | 2023-Q4 | 400.1 | 8.0 | -5.7 | -5.3 | 64.4 | 59.1 | -5.3 | 194.7 | 463.4 | 115.0 | -2.4% | 1.9x | -- |
| Act | 2023-Q3 | 396.9 | -11.6 | -25.3 | -20.4 | 17.7 | 9.5 | -8.2 | 155.3 | 443.9 | 115.0 | -10.5% | -2.7x | -- |
| Act | 2023-Q2 | 443.2 | 4.8 | -6.7 | -8.2 | 33.2 | 15.7 | -17.5 | 169.4 | 454.3 | 115.1 | -2.5% | 1.1x | 39.1x |
| Act | 2023-Q1 | 426.3 | -3.9 | -18.3 | -15.2 | -109.8 | -126.2 | -16.4 | 177.8 | 455.3 | 115.3 | -6.5% | -0.9x | 12.8x |
| Act | 2022-Q4 | 342.4 | -7.1 | -19.7 | -19.9 | 22.6 | 3.8 | -18.8 | 327.8 | 446.4 | 115.4 | -7.7% | -1.8x | 6.0x |
| Act | 2022-Q3 | 459.6 | 40.4 | 30.8 | 21.0 | 9.8 | -4.1 | -13.9 | 338.5 | 412.2 | 115.5 | 17.8% | 9.6x | -- |
| Act | 2022-Q2 | 565.3 | 79.1 | 65.2 | 45.9 | 67.9 | 51.6 | -16.3 | 371.2 | 436.2 | 115.5 | 28.1% | 18.4x | -- |
| Act | 2022-Q1 | 562.9 | 94.6 | 83.3 | 57.5 | -18.6 | -32.8 | -14.2 | 350.0 | 466.3 | 115.5 | 34.1% | 21.0x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 7.92 | — | 10.7% | 207 | 6.0× | 66.9× | 10.7× | 0.6× |
| 2023 | 9.11 | -13.7% | -0.2% | -3 | n/m | n/m | n/m | 0.5× |
| 2024 | 9.33 | +13.2% | 13.8% | 261 | 7.0× | 43.6× | 16.4× | 0.8× |
| 2025 | 4.38 | -1.5% | 1.0% | 19 | 61.5× | n/m | n/m | 0.3× |
| TTM | 7.19 | -1.0% | 0.1% | 2 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 7.19 | +1.6% | 0.1% | 1 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Kronos is a deeply cyclical commodity chemical company at trough earnings, but the bear case is far from exhausted. The company refinanced into 9.5% debt (from 3.75%), nearly tripling its interest burden just as margins collapsed. Plant utilization at ~80% means massive unabsorbed fixed costs. European operations face structural unprofitability with German tax asset write-downs signaling management pessimism. While Venator's exit is a genuine positive for industry supply, Chinese capacity expansion and export aggression offset much of this benefit. The Contran/Valhi control structure means minority shareholders have no governance leverage, and the bloated receivables/inventory suggest further working capital headwinds. Even in a recovery scenario, the higher cost of capital means mid-cycle earnings power is significantly lower than the prior cycle. With only 5.4 months cash runway, negative TTM FCF, and 8% short interest with 6+ days to cover, this is a name where the risk/reward skews negatively at current prices. Insider buying is modestly supportive but insufficient to offset structural concerns.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $3.70/$4.90 | 0 | --/$0.75 | 0 |
| $5.00 | $1.55/$2.30 | 0 | --/$0.75 | 0 |
| $7.50 | --/$0.75 | 4 | --/$1.40 | 1 |
| $10.00 | --/$0.75 | 0 | $2.70/$3.90 | 0 |
| $12.50 | --/$0.75 | 0 | $5.00/$6.50 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 8.7% of float, sold 2.2%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LPPassive | $20.5M | $9.00 | −$286K | −$824K | -0.4% | $480.92B |
| Boston Partners | $19.6M | $8.19 | +$164K | +$9.3M | +0.5% | $95.40B |
| BlackRock, Inc.Passive | $10.8M | $11.69 | −$185K | −$686K | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $6.4M | $6.57 | +$6.4M | +$6.4M | — | $4.04T |
| Bank of New York Mellon Corp | $5.3M | $6.72 | +$231K | +$1.3M | -0.2% | $543.21B |
| Russell Investments Group, Ltd. | $4.8M | $9.49 | +$1.2M | +$1.9M | +1.5% | $93.03B |
| RENAISSANCE TECHNOLOGIES LLC | $3.8M | $8.13 | −$585K | −$1.2M | +1.2% | $63.91B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $3.7M | $8.23 | +$134K | +$302K | +2.3% | $1.61T |
| STATE STREET CORPPassive | $3.3M | $9.07 | +$9K | −$405K | -0.2% | $2.89T |
| BANK OF AMERICA CORP /DE/ | $2.7M | $7.47 | +$159K | +$368K | -0.1% | $1.36T |
| MORGAN STANLEY | $2.7M | $11.56 | +$1.1M | +$930K | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $2.2M | $8.02 | +$647K | +$796K | -0.2% | $760.93B |
| AQR CAPITAL MANAGEMENT LLC | $2.0M | $7.24 | +$422K | +$1.2M | -0.2% | $218.19B |
| LUMINUS MANAGEMENT LLC | $1.8M | $7.21 | −$1.1M | −$1.8M | -4.5% | $166M |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1.5M | $11.30 | −$13K | −$554K | +0.4% | $23.79B |
| BNP PARIBAS FINANCIAL MARKETS | $1.4M | $7.54 | +$325K | +$1.0M | -0.2% | $149.31B |
| JANE STREET GROUP, LLCMM | $1.3M | $7.59 | +$243K | +$1.2M | -0.1% | $92.10B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.3M | $6.57 | +$1.3M | +$1.3M | — | $1.91T |
| Monaco Asset Management SAM | $1.2M | $6.09 | +$935K | +$1.2M | +1.9% | $315M |
| NORTHERN TRUST CORPPassive | $1.2M | $7.72 | +$95K | −$152K | -0.2% | $755.34B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 54.2%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2024 Q3 | 570M | 42M | 29M | $0.25 | $0.25 – $0.25 | 2 |
| 2024 Q4 | 464M | 35M | 13M | $0.11 | $0.11 – $0.11 | 2 |
| 2025 Q1 | 467M | 35M | 20M | $0.17 | $0.17 – $0.17 | 2 |
| 2025 Q2 | 505M | 38M | 16M | $0.14 | $0.13 – $0.14 | 2 |
| 2025 Q3 | 473M | 35M | -7M | $-0.06 | $-0.06 – $-0.06 | 1 |
| 2025 Q4 | 373M | 28M | -28M | $-0.24 | $-0.25 – $-0.24 | 1 |
| 2026 Q1 | 524M | 39M | -38M | $-0.33 | $-0.33 – $-0.33 | 1 |
| 2026 Q2 | 520M | 39M | -5M | $-0.04 | $-0.04 – $-0.04 | 1 |
| 2026 Q3 | 513M | 38M | 8M | $0.07 | $0.07 – $0.07 | 1 |
| 2026 Q4 | 467M | 35M | -3M | $-0.03 | $-0.03 – $-0.03 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | BUY | Kramer Kevin B | director | 14,601 | $6.75 | $99K | $300K |
| 2025-08-15 | BUY | McCoy Kristin B | officer: Executive VP, Global Tax | 2,000 | $6.05 | $12K | $12K |
| 2025-08-13 | BUY | NACE ANDREW B | officer: Executive Vice President | 3,000 | $5.83 | $18K | $113K |
| 2025-08-11 | BUY | Hanley Bryan A. | officer: Senior VP and Treasurer | 2,500 | $4.90 | $12K | $29K |
| 2025-08-11 | BUY | Reichert Bart W | officer: Vice President, Internal Audit | 20,000 | $4.96 | $99K | $99K |
| 2025-08-11 | BUY | Samford Amy A. | officer: Executive VP, Finance | 3,000 | $4.83 | $14K | $24K |
| 2025-08-11 | BUY | Simmons Michael Shawn | director, officer: Vice Chairman of the Board | 5,000 | $4.87 | $24K | $24K |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Kronos Worldwide, Inc.: Negative Cash Flows and Ballooning Receivables Mask Sustained Insider Wealth Extraction
Counter-Thesis
Counter-Thesis & Recent News
In late 2025 and early 2026, Kronos reported significant quarterly losses ($37M in Q3 2025) and a dividend cut from $0.19 to $0.05. However, the company completed the 100% acquisition of the Louisiana Pigment Company (LPC) in July 2024, which provides full operational control over a major low-cost production site. Notably, global supply-side tightening began in late 2025 as competitor Venator filed for bankruptcy and closed facilities in Germany and Italy, potentially reducing global TiO2 capacity by over 130,000 tons annually and easing the glut that fueled the bear case (Sources: Seeking Alpha Jan 2026, Echemi Jan 2026).
The bear case centers on 'stressed cyclical' status: KRO is grappling with margin compression, high leverage (total debt rose to $626M by Q3 2025), and poor plant utilization (dropping from 93% to ~80% in late 2025). Bears argue that structural unprofitability in European operations—evidenced by valuation allowances in Belgium—and the collapse of 2026 EPS estimates from $1.13 to $0.07 make the stock a 'value trap' (Sources: DeepValue Feb 2026, GuruFocus March 2026).
Severe unabsorbed fixed production costs ($27M in Q3 2025 alone) due to low operating rates; a 1.09x interest coverage ratio indicating thin margins for error; and a 7.8% drop in Chinese TiO2 prices in 2025 that forced global price realization downward. The persistence of the $0.05 dividend despite negative earnings is viewed by some as an unsustainable drain on liquidity (Sources: Stock Titan, Seeking Alpha).
Intense competition from Chinese suppliers who benefit from less stringent environmental regulations and a 3.6% capacity expansion in 2025. While Western markets are sluggish, Chinese exports are shifting toward international markets to offset domestic weakness. Furthermore, the industry is transitioning toward the chloride process; while KRO has these assets, Chemours' proprietary low-temperature chlorination tech provides a significant energy-cost advantage over standard processes (Sources: Mordor Intelligence, Echemi).
Sentiment is currently bifurcated: while European and export markets remain depressed due to 'general hesitancy' to build inventory, North American sales volumes actually increased in 2025, suggesting resilient underlying demand in US construction and automotive sectors. Analysts expect a 'slight price rise' after the Spring Festival in 2026 as customer destocking cycles finally bottom out, potentially providing a catalyst for a short squeeze if volume recovery surprises to the upside (Sources: Barchart, Metal.com Jan 2026).