Valhi, Inc
Valhi, Inc. is a Delaware-based holding company that operates through a portfolio of majority-owned and wholly owned subsidiaries. Its businesses include titanium dioxide pigments, security products, marine components, and real estate management and development, with operations and customers primarily in the United States and international markets through its subsidiaries.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueKronos-branded TiO2 pigments used as whiteners and opacifiers in coatings, plastics, paper, and other applications.
Cabinet locks, locking systems, and related security hardware sold to OEMs and distributors.
Marine and performance boating components including exhaust, rims, and related hardware.
Land holdings, development activities, and tax increment reimbursement-related real estate operations in Nevada.
Customers
Valhi serves a mix of industrial, commercial, and real estate-related customers through its subsidiaries. Kronos sells TiO2 to coatings, plastics, paper, and other industrial end markets through direct sales, agents, and distributors, while CompX sells security and marine products to OEMs, distributors, and end users. LandWell’s customers are primarily land buyers and development counterparties in Henderson, Nevada.
Coatings, plastics, paper, and other manufacturers that buy TiO2 pigments for whiteness, brightness, and durability.
Original equipment manufacturers that buy security products and marine components for integration into finished goods.
Wholesale and specialty distributors that stock CompX security products for broad market reach and recurring replenishment.
Buyers, tenants, and development partners involved in Henderson, Nevada land and property transactions.
Strategy
Valhi’s strategy is centered on managing a portfolio of operating subsidiaries and real estate assets rather than running a single standalone business. Across the group, priorities include maintaining production and service capabilities, supporting customer relationships, and funding capital spending and land development through operating cash flow and credit facilities.
Valhi’s value is driven by the performance of its operating companies and real estate assets.
Competitive position depends on reliable production, technical service, and product quality.
LandWell’s value depends on converting land holdings into saleable or developable parcels over time.
Geography
Kronos sells to customers in about 100 countries, with the majority of sales in Europe, North America, and the Asia Pacific region. CompX’s security products have a significant North American presence, while Valhi’s real estate activities are concentrated in Henderson, Nevada. The group’s operating footprint therefore combines global industrial exposure with a U.S.-anchored real estate base.
Risks
Valhi is exposed to cyclical demand in TiO2, customer concentration in Component Products, and supply-chain and tariff risk tied to imported components. Its real estate and development activities also depend on local land values, construction costs, permits, and infrastructure reimbursement timing, while the group faces litigation, environmental, cybersecurity, and tax-related risks common to diversified industrial companies.
- Environmental and litigation liabilitiesImpact: HighLikelihood: High
Legacy pigment operations and manufacturing activities can create remediation and legal exposure.
Exposure: NL and Chemicals Segment
- TiO2 market cyclicalityImpact: HighLikelihood: Medium
Most Chemicals Segment sales come from TiO2, whose demand tracks global GDP and discretionary spending.
Exposure: Chemicals Segment
- Customer concentration in Component ProductsImpact: HighLikelihood: Medium
A single customer represented 26% of Component Products net sales in 2025 and the top ten customers were 52%.
Exposure: CompX
- Supply chain and tariff exposureImpact: MediumLikelihood: Medium
CompX relies on foreign suppliers, including China, for certain components and raw materials.
Exposure: CompX
- Real estate development executionImpact: MediumLikelihood: Low
LandWell depends on local land values, construction costs, permits, and infrastructure timing in Henderson, Nevada.
Exposure: LandWell
- Cybersecurity and IT disruptionImpact: MediumLikelihood: Low
Operations rely on integrated systems for manufacturing, shipping, billing, and vendor payments.
Exposure: All segments
Accounting
Judgemental itemsLandWell recognizes some residential/planned community revenue using cost-based input methods, affecting timing and comparability.
Impact: Revenue and margin timing
Chemicals Segment goodwill is tested with discounted cash flow and market approaches and depends on assumptions about demand, pricing, and discount rates.
Impact: Potential non-cash impairment charges
Termination and buy-out of the U.S. pension plan created a non-cash settlement loss in 2025.
Impact: Non-operating earnings volatility
German and Belgian tax asset adjustments can materially affect reported tax expense.
Impact: Tax expense and net income
Accruals depend on estimates of remediation costs and legal outcomes, which can change materially.
Impact: Balance sheet reserves and expense recognition
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Last updated: 24/09/2026