VALHI INC /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VALHI INC /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,519	1,879	1,820	1,898	1,850	2,296	2,223	1,922	2,105	2,077
Cost of revenue	1,212	1,267	1,211	1,463	1,438	1,716	1,732	1,677	1,680	1,782
Gross profit	308	613	609	435	412	580	490	245	425	295
Research and development	13	19	16	17	16	17	16	18	14	17
Selling, general and administrative	233	263	310	294	284	312	304	277	256	312
General and administrative	37.6	34.7	42.4	37.5	34.3	34.6	36.6	35.2	4.3	35
Operating income	119	380	371	193	186	319	239	34.2	211	63.3
Interest expense	58.1	58.9	55.7	40.8	36.2	32.5	27.9	28.3	49.9	57.1
Interest income					4.7	4	10.4	21.3	22	16.6
Other non-operating income					1.9	2	3	2.7	4.6	2.5
Pre-tax income	39.6	292	236	105	101	258	170	-19.5	244	-43
Income tax	18.6	-120	-30.7	26.5	15.9	60.1	36.8	-24.6	82.9	11.9
Income from continuing operations	8.1	317	228	49.2	50.9	127	90.2
Net income to minority interests	12.9	95.1	38.8	29	33.8	70.5	45.9	15	53.3	2.7
Net income	-15.9	208	262	49.2	55.2	127	87.2	-9.9	108	-57.6
EBITDA	187	439	429	250	255	378	298	88.3	277	130
EPS, basic	-0.60	7.29	9.20	1.73	1.94	4.46	3.06	-0.35	3.79	-2.02
EPS, diluted	-0.60	7.29	9.20	1.73	1.94	4.46	3.06	-0.35	3.79	-2.02
Shares, basic (weighted)	28.6	28.6	28.5	28.5	28.5	28.5	0	0	0	0
Shares, diluted (weighted)	28.6	28.6	28.5	28.5	28.5	28.5	0	0	0	0
Dividend per share	0.96	0.96	0.96	0.96	0.48	0.32	0.32	0.32	0.32	0.32

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	160	436	500	524	519	698	479	407	348	214
Short-term investments		3	2.5	2.1	4.4	2.6	75.1	56.1	1.9	2.9
Inventory	359	398	516	522	538	459	641	596	686	660
Other current assets	15	15.5	23.1	21.2	36	57.2	66.9	53.2	65.1	54.9
Total current assets	837	1,262	1,409	1,425	1,453	1,673	1,590	1,475	1,454	1,259
Property, plant and equipment	516	589	564	563	590	564	524	517	723	752
Lease right-of-use assets				29	26.1	19.9	21.5	22.7	20.6	19.9
Goodwill	380	380	380	380	380	380	380	380	382	382
Long-term investments		256	4.8	6.2	2.9	3.3	1.2	4.8	5.7	6.1
Other non-current assets	165	170	168	217	231	188	179	174	162	81.9
Total assets	2,443	2,908	2,710	2,794	2,889	3,005	2,836	2,737	2,800	2,632
Accounts payable	92.8	116	112	145	118	153	199	229	250	231
Accrued liabilities	125	125	141	131	143	265	244	217	199	199
Deferred revenue		28.3	28.3	10.3	20.1	126	111	88.8	28.2	25.9
Short-term debt	4.5	1.6	2.9	4.9	2.4	3.1	1.8	0.7	79	0.8
Total current liabilities	294	331	351	323	318	464	493	507	644	449
Long-term debt	889	1,042	798	789	786	650	558	546	484	591
Lease liabilities				22.2	18.8	15.8	17.4	18.6	17.1	15.7
Other non-current liabilities	84.5	84.9	87.4	137	175	219	129	111	103	77
Total liabilities	1,999	2,141	1,721	1,814	1,882	1,831	1,516	1,461	1,421	1,269
Total debt	894	1,043	800	794	789	653	560	547	563	592
Paid-in capital				3.3	668	669	670	670	670	670
Retained earnings	-199	-17.9	220	239	283	401	482	476	575	508
Treasury stock	-49.6	-49.6	-49.6	-49.6	-49.6	-49.6	-49.6	-49.6	-49.6	-49.6
Other comprehensive income	-222	-179	-206	-221	-219	-191	-144	-146	-159	-106
Shareholders' equity	201	424	635	640	683	830	959	951	1,036	1,023
Minority interests	244	342	354	340	324	329	348	326	343	341
Total equity	444	767	989	980	1,007	1,174	1,319	1,276	1,379	1,364
Total liabilities and equity	2,443	2,908	2,710	2,794	2,889	3,005	2,836	2,737	2,800	2,632
Shares outstanding	29.7	29.7	355	29.6	29.6	29.6	29.6	29.6	29.6	29.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-3	303	301	78.2	89	198	133	5.1	161	-54.9
Depreciation and amortization	67.5	59	58.4	56.8	68.5	59.3	58.5	54.1	66.7	66.4
Deferred income tax	-26.4	-246	-116	0.2	-12.3	8.9	0.4	-50.7	43.4	-9.5
Change in inventory	39.6	-5.5	-137	-8.5	13.1	58.3	-204	56.7	-41	74.7
Change in payables	-0.3	12.9	65.7	-14.6	-32.8	154	3.9	11.2	-60.2	-106
Cash from operations	79.8	259	166	177	152	460	34.9	3.9	44	-35.5
Capital expenditures	-58.9	-71.3	-61.4	-59.9	-65.5	-64.1	-67.6	-48.5	-30.9	-46.6
Acquisitions									-157
Purchases of investments	-11.4	-9.7	-4.4	-4.9	-3.4	-4	-73.6	-66.4	-2.7	-3.1
Sales and maturities of investments	10.7	9	18.2	4.3	4.3	5.2	2.9	85.7	57	1.9
Cash from investing	-61.6	-74.4	-57	-50.7	-57	-37.4	-147	-29	-125	-47.8
Debt issued	312	748		14.9
Debt repaid	-309	-600	-12.6	-11.2	-58.5	-102	-62	-29.8	-102	-110
Share buybacks				-3.1	-1	-1.5	-4	-2.9
Dividends paid	-27.1	-27.2	-27.1	-27.1	-13.6	-9	-9	-9.1	-9.1	-9.1
Cash from financing	-45.5	93.6	-59.8	-64.1	-123	-189	-114	-75.9	-2.3	-71.1
Exchange rate effect	-5.3	14.4
Net change in cash	-32.6	293	34.3	60.1	-13.5	223	-226	-101	-83.3	-154
Free cash flow	20.9	188	104	117	86.7	396	-32.7	-44.6	13.1	-82.1
Interest paid	60.6	59.3	53.9	37.9	33.1	29.2	25.8	26.6	45.1	51.8
Income taxes paid	20.3	62.3	68.5	33.4	24.1	65.9	43.7	27.4	41.8	52.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	14.7%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	6.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.3%	Pre-tax income / revenue.
Net margin	-2.4%	Net income / revenue.
FCF margin	2.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Return on equity (ROE)	-4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.0%	Net income / average total assets.
Return on invested capital (ROIC)	4.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.4%	Selling, general and administrative expense / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-30.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-15.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-6.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-70.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-35.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-19.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-53.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-24.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-12.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-153.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-153.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-180.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-726.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-7.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-93.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.37x	Current assets / current liabilities.
Quick ratio	0.59x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.8%	Total debt / total assets.
Liabilities / assets	45.7%	Total liabilities / total assets.
Net debt	$375.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.32x	Operating income / interest expense.
Working capital	$855.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$661.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	2.95x	Revenue / average property, plant and equipment.
Inventory turnover	3.48x	Cost of revenue / average inventory.
Days inventory	105 days	365 x average inventory / cost of revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	43.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$75.94	Revenue / diluted weighted shares.
FCF per share	$2.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.92	Cash from operations / diluted weighted shares.
Book value per share	$36.64	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$23.22	Tangible book value / shares outstanding.
Cash per share	$7.45	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	14.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$452.9M	Share price x shares outstanding.
Enterprise value	$828.0M	Market cap + total debt - cash - short-term investments.
P/S	0.21x	Market cap / revenue.
P/B	0.43x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.68x	Market cap / tangible book value, when positive.
P/FCF	7.22x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.05x	Market cap / cash from operations, when positive.
EV/Sales	0.38x	Enterprise value / revenue.
EV/EBIT	10.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.64x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.8%	Free cash flow / market cap.
Earnings yield	-11.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.

What was VALHI INC /DE/'s revenue in fiscal 2025?

VALHI INC /DE/ reported revenue of $2.08B for fiscal 2025, 1.3% lower than the year before.

Was VALHI INC /DE/ profitable in fiscal 2025?

No. It reported a net loss of $57.6M.

How much free cash flow did VALHI INC /DE/ generate in fiscal 2025?

Cash from operations of $35.5M minus capital expenditures of $46.6M left free cash flow of -$82.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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