Tronox Holdings plc — Earnings Quality Grade F
TROX · Basic Materials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 36 days, change +5 days YoY
AR growth 8.6% vs revenue growth -5.7%
Revenue -5.7%, CFFO -80.0%. Cash follows revenue
Expense Quality
Inventory 6.5% vs COGS 2.7%. Normal
CapEx growth -7.8% vs revenue -5.7%. Normal
SG&A/Gross Profit = 107.8%, exceeds 70%
Gross margin swung -7.5pp (16.8% → 9.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.3B)
Accruals ratio = -8.5%. Low accruals
Cash $0.2B covers only 6% of debt $3.4B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 15% of equity. Manageable
Debt/EBITDA = 161.5x (>4x). Interest coverage = -0.1x (<2x). Financial stress
Other assets -7.1% vs revenue -5.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -12% YoY. Normal
Manipulation Score
M-Score = -2.42 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25