VALHI INC /DE/

Listed Company

VHICIK 0000059255NYSENon-AcceleratedIndustrial Inorganic ChemicalsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.08B

Net Income

$-57.60M

Total Assets

$2.63B

Equity

$1.02B

Shares Out

28.30M

Op. Cash Flow

$-35.50M

Business

VALHI INC /DE/ is primarily a holding company that operates through wholly‑owned and majority‑owned subsidiaries across chemicals, engineered components and real estate. It offers titanium dioxide pigments and related chemicals through Kronos, security and marine component products through CompX, and real property development and management services through Basic Management, Inc. and The LandWell Company, as well as holding investments through NL and other entities. Its reportable segments are Chemicals (Kronos), Component Products (CompX) and Real Estate Management and Development (BMI/LandWell). VALHI’s subsidiaries sell TiO2 and chemicals, engineered components and developed land worldwide, with principal TiO2 sales concentrated in Europe, North America and the Asia Pacific region and distribution via direct sales forces, agents and distributors; real estate activities are concentrated in Henderson, Nevada.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	2,077	2,105	1,922	2,223	2,296
Other income, net	59	62	55	44	39
Total revenues and other income	2,136	2,167	1,977	2,266	2,335
Cost of sales	1,782	1,680	1,677	1,732	1,716
Selling, general and administrative	312	256	277	304	312
Gain on remeasurement of investment in TiO2 manufacturing joint venture	—	−65	—	—	—
Gain on remeasurement of earn-out liability	−5	—	—	—	—
Other components of net periodic pension and OPEB expense	33	3	12	14	17
Interest	57	50	28	28	—
Other	—	−2	3	2	—
Total costs and other expense	2,179	1,922	1,997	2,096	2,078
Income (loss) before income taxes	−43	244	−20	170	258
Income tax expense (benefit)	12	83	−25	37	60
Net income (loss)	−55	161	5	133	198
Noncontrolling interest in net income of subsidiaries	3	53	15	46	71
Net income (loss) attributable to Valhi stockholders	−58	108	−10	87	127
Basic net income (loss) per share (in dollars per share)	−2.02	3.79	−0.35	3.06	4.46
Diluted net income (loss) per share (in dollars per share)	−2.02	3.79	−0.35	3.06	4.46
Weighted average shares outstanding - basic (in shares)	28.5	28.5	28.5	28.5	29
Weighted average shares outstanding - diluted (in shares)	28.5	28.5	28.5	28.5	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	214	348	407	479	698
Restricted cash equivalents	9	25	23	46	53
Marketable securities	3	2	56	75	3
Accounts and other receivables, net	314	326	321	271	381
Receivables from affiliates	3	800,000	18	3	—
Refundable income taxes	2	1	2	8	5
Inventories, net	660	686	596	641	459
Prepaid expenses and other	55	65	53	67	57
Total current assets	1,259	1,454	1,475	1,590	1,673
Marketable securities	6	6	5	1	3
Goodwill	382	382	380	380	380
Deferred income taxes	35	54	67	41	87
Pension asset	20	20	8	9	9
Other assets	178	162	174	179	188
Total other assets	622	623	744	722	768
Land	79	75	45	43	50
Buildings	312	283	271	249	253
Equipment	1,464	1,312	1,179	1,107	1,195
Mining properties	92	76	89	79	26
Construction in progress	45	42	24	77	83
Gross property and equipment	1,992	1,787	1,609	1,554	1,607
Less accumulated depreciation and amortization	1,241	1,064	1,091	1,030	1,043
Net property and equipment	752	723	517	524	564
Total assets	2,632	2,800	2,737	2,836	3,005
Current maturities of long-term debt	800,000	79	700,000	2	3
Accounts payable	231	250	229	199	153
Accrued liabilities	199	199	217	244	265
Accrued environmental remediation and related costs	3	60	4	4	—
Accrued litigation settlement	—	16	12	12	12
Payables to affiliates	1	17	30	23	—
Income taxes	14	23	16	13	12
Total current liabilities	449	644	507	493	464
Long-term debt	591	484	546	558	650
Accrued pension costs	81	118	152	132	291
Accrued environmental remediation and related costs	15	15	93	94	94
Deferred income taxes	56	58	17	64	46
Other liabilities	77	103	111	129	219
Total noncurrent liabilities	819	777	954	1,036	1,383
Preferred stock, $.01 par value; 500,000 shares authorized, none issued	—	—	—	—	—
Common stock, $.01 par value; 50.0 million shares authorized; 29.6 million shares issued and outstanding	300,000	300,000	300,000	300,000	300,000
Additional paid-in capital	670	670	670	670	669
Retained earnings	508	575	476	482	401
Accumulated other comprehensive loss	−106	−159	−146	−144	−191
Treasury stock, at cost - 1.1 million shares	−50	−50	−50	−50	−50
Total Valhi stockholders' equity	1,023	1,036	951	959	830
Noncontrolling interest in subsidiaries	341	343	326	348	329
Total equity	1,364	1,379	1,276	1,319	1,174
Total liabilities and equity	2,632	2,800	2,737	2,836	3,005

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	66	67	54	59	59
Premium on issuance of senior secured notes	4	6	—	—	—
Deferred income taxes	−10	44	−50	4	12
Benefit plan expense less than cash funding	−8	−8	−6	9	11
Settlement loss on pension plan termination and buy-out	29	—	6	—	—
Fixed asset impairment	—	—	4	—	—
Noncash interest expense	1	3	2	2	—
Distributions from (contributions to) TiO2 manufacturing joint venture, net	—	−3	3	−11	4
Gain from sale of land	—	−500,000	−2	—	—
Other, net	5	−200,000	5	12	2
Accounts and other receivables, net	37	−17	−45	81	−65
Inventories, net	75	−41	57	−204	58
Land held for development, net	5	5	800,000	21	50
Accounts payable and accrued liabilities	−106	−60	11	4	154
Income taxes	−12	9	9	−500,000	−2
Accounts with affiliates	−30	−7	−28	9	−24
Other noncurrent assets	−22	−30	−10	−3	−16
Other noncurrent liabilities	−24	−15	−19	−84	54
Other, net	13	−6	6	−13	−23
Net cash provided by (used in) operating activities	−36	44	4	35	460
Capital expenditures	−47	−31	−49	−68	−64
Acquisition of remaining TiO2 manufacturing joint venture interest, net of cash acquired	—	−157	—	—	—
Cash, cash equivalents and restricted cash of BWC	—	3	—	−9	—
Purchases of marketable securities	−3	−3	−66	−74	−4
Proceeds from disposal of marketable securities	2	57	86	3	5
Proceeds from land sales	—	6	2	—	23
Other, net	—	200,000	−2	200,000	2
Net cash used in investing activities	−48	−125	−29	−147	−37
Borrowings	639	159	—	—	—
Payments	−650	−149	—	—	—
Payments on long-term debt	−110	−102	−30	−62	−102
Kronos term loan from Contran	—	54	—	—	—
Proceeds from issuance of Kronos senior secured notes	88	80	—	—	—
Deferred financing fees	−2	−9	—	—	−2
Valhi cash dividends paid	−9	−9	−9	−9	−9
Distributions to noncontrolling interest in subsidiaries	−27	−25	−34	−39	−74
Subsidiary treasury stock acquired	—	—	−3	−4	−2
Other, net	—	—	−100,000	−100,000	−2
Net cash used in financing activities	−71	−2	−76	−114	−189
Operating, investing and financing activities	−154	−83	−101	−226	233
Effect of exchange rates on cash	5	−100,000	1	−5	−11
Interest, net of amounts capitalized	52	45	27	26	29
Income taxes, net	52	42	27	44	66
Change in accruals for capital expenditures	6	7	1	7	5

Filings

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