VHINYSEIndustrial Inorganic ChemicalsUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto2 077milj. USD
−1,3 %v/v
Liikevoitto (EBIT)63,3milj. USD
−70,0 %v/v
EBIT-marginaali3,0%
−7,0 %-yks.v/v
Nettotulos−57,6milj. USD
−153,3 %v/v
Vapaa kassavirta−82,1milj. USD
−726,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05001 0001 5002 0002 500milj. USD2020: 1 850 milj. USD2020: EBIT 186 milj. USD20202021: 2 296 milj. USD2021: EBIT 319 milj. USD20212022: 2 223 milj. USD2022: EBIT 239 milj. USD20222023: 1 922 milj. USD2023: EBIT 34 milj. USD20232024: 2 105 milj. USD2024: EBIT 211 milj. USD20242025: 2 077 milj. USD2025: EBIT 63 milj. USD20252 07763
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Valhi, Inc

Liiketoiminta

Osuus liikevaihdosta
Chemicals - Titanium Dioxide Pigments70 %

Kronos-branded TiO2 pigments used as whiteners and opacifiers in coatings, plastics, paper, and other applications.

Component Products - Security Products15 %

Cabinet locks, locking systems, and related security hardware sold to OEMs and distributors.

Component Products - Marine Components5 %

Marine and performance boating components including exhaust, rims, and related hardware.

Real Estate Management and Development10 %

Land holdings, development activities, and tax increment reimbursement-related real estate operations in Nevada.

Asiakkaat

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.

Industrial TiO2 customers

Coatings, plastics, paper, and other manufacturers that buy TiO2 pigments for whiteness, brightness, and durability.

OEM and industrial hardware customers

Original equipment manufacturers that buy security products and marine components for integration into finished goods.

Distributor and locksmith channels

Wholesale and specialty distributors that stock CompX security products for broad market reach and recurring replenishment.

Real estate and land development counterparties

Buyers, tenants, and development partners involved in Henderson, Nevada land and property transactions.

Strategia

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.

Preserve and optimize the subsidiary portfolioKeskipitkä aikaväli

Valhi’s value is driven by the performance of its operating companies and real estate assets.

Maintain manufacturing and product capabilityLyhyt aikaväli

Competitive position depends on reliable production, technical service, and product quality.

Advance land development and monetizationPitkä aikaväli

LandWell’s value depends on converting land holdings into saleable or developable parcels over time.

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Environmental and litigation liabilities1TiO2 market cyclicality2Customer concentration in Component Products3Supply chain and tariff exposure4Real estate development execution5Cybersecurity and IT disruption6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Environmental and litigation liabilitiesVaikutus: KorkeaTodennäköisyys: Korkea

    Legacy pigment operations and manufacturing activities can create remediation and legal exposure.

    Kohdistuu: NL and Chemicals Segment

  2. TiO2 market cyclicalityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Most Chemicals Segment sales come from TiO2, whose demand tracks global GDP and discretionary spending.

    Kohdistuu: Chemicals Segment

  3. Customer concentration in Component ProductsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A single customer represented 26% of Component Products net sales in 2025 and the top ten customers were 52%.

    Kohdistuu: CompX

  4. Supply chain and tariff exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    CompX relies on foreign suppliers, including China, for certain components and raw materials.

    Kohdistuu: CompX

  5. Real estate development executionVaikutus: KeskitasoTodennäköisyys: Matala

    LandWell depends on local land values, construction costs, permits, and infrastructure timing in Henderson, Nevada.

    Kohdistuu: LandWell

  6. Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Matala

    Operations rely on integrated systems for manufacturing, shipping, billing, and vendor payments.

    Kohdistuu: All segments

Kysy Clarifolta: Valhi, Inc

Kirjanpito

Harkinnanvaraiset erät
Over-time revenue recognition for land development

LandWell recognizes some residential/planned community revenue using cost-based input methods, affecting timing and comparability.

Vaikutus: Revenue and margin timing

Goodwill impairment

Chemicals Segment goodwill is tested with discounted cash flow and market approaches and depends on assumptions about demand, pricing, and discount rates.

Vaikutus: Potential non-cash impairment charges

Pension settlement accounting

Termination and buy-out of the U.S. pension plan created a non-cash settlement loss in 2025.

Vaikutus: Non-operating earnings volatility

Deferred tax assets and valuation allowances

German and Belgian tax asset adjustments can materially affect reported tax expense.

Vaikutus: Tax expense and net income

Environmental and litigation liabilities

Accruals depend on estimates of remediation costs and legal outcomes, which can change materially.

Vaikutus: Balance sheet reserves and expense recognition

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026