Kronos Worldwide, Inc. (KRO) 株式分析

企業概要

Kronos Worldwide, Inc. operates as a leading manufacturer and marketer of titanium dioxide pigments, specifically focusing on TiO2 which is supplied in two crystalline forms, namely rutile and anatase, to provide whiteness, brightness, opacity, and durability across various global markets. The company functions within the Basic Materials sector, specifically inside the Specialty Chemicals industry, positioning itself as a critical supplier for industries requiring high-quality chemical additives. As of the latest data, the firm possesses a market capitalization of $750.15M and generates annual revenue totaling $1.86B, employing a workforce of 2,263 individuals. These valuation and revenue figures indicate that while the company maintains a significant operational scale in the specialty chemical market, its market cap relative to its revenue suggests a valuation environment that reflects current profitability challenges rather than pure growth expansion. The combination of a large revenue base of $1.86B with a market cap of $750.15M highlights a disconnect between top-line volume and market pricing, often seen in cyclical material sectors facing margin compression.

財務健全性

The company reports a trailing twelve-month revenue of $1.86B, yet it recorded a net income loss of $110.9M, while its EBITDA stands at $16.80M, revealing a significant disparity between operational cash generation and bottom-line profitability due to substantial non-operating expenses or interest costs. The free cash flow stands at -$31.4375M, which indicates that the company is currently burning cash rather than generating surplus liquidity, thereby limiting its immediate financial flexibility for capital expenditures or acquisitions without external financing. Profitability metrics show a gross margin of 11.7%, an operating margin of -15.7%, and a profit margin of -6.0%, illustrating that while the cost of goods sold is managed to keep gross margins positive, high operating expenses and interest burdens are eroding overall profitability. Regarding liquidity and leverage, the company holds $33.20M in cash against $577.30M in debt, resulting in a debt-to-equity ratio of 76.86, which characterizes the balance sheet as highly leveraged and sensitive to interest rate fluctuations. Despite the heavy debt load, the current ratio is a healthy 2.70, suggesting that the company maintains sufficient current assets to cover its short-term liabilities comfortably. Return on Equity is negative at -14.1% and return on assets is -1.5%, metrics that collectively reveal that management has struggled to generate returns on the capital invested by shareholders and creditors during the reporting period.

バリュエーション評価

Valuation multiples present a mixed picture, with the trailing P/E ratio listed as N/A due to the negative net income, while the forward P/E is 15.52, implying that the market expects earnings to recover and turn positive in the future to justify current pricing. The price-to-book ratio is exactly 1.00, indicating that the market values the company at par with its book value, offering no premium for intangible assets or future growth prospects at this moment. Alternative valuation measures include a price-to-sales ratio of 0.40 and an EV/EBITDA of 77.04, suggesting that the stock is priced at a significant discount relative to sales but carries a high enterprise value multiple relative to its adjusted earnings, reflecting the market's cautious stance on its path to profitability. In terms of trading range, the 52-week high is $7.90 and the 52-week low is $4.08, meaning the current price sits somewhere within this band, with the stock having demonstrated volatility consistent with a mid-cap specialty chemical producer. The beta value of 0.97 indicates that the stock's price volatility moves in line with the broader market, suggesting it does not exhibit excessive defensive characteristics nor aggressive growth beta behavior.

Growth & Income

Revenue growth year-over-year is negative at -1.1%, while earnings growth is N/A due to the reported losses, indicating that the company is currently in a contraction phase where top-line declines are compounded by operating inefficiencies or cost pressures. Regarding income distribution, the company offers a dividend yield of 3.1% with a payout ratio of 33.9%, which presents a sustainability challenge given the negative net income and negative free cash flow, as the company must rely on debt or cash reserves to fund these payouts. The negative earnings growth and negative revenue growth imply a cyclical downturn or a specific market headwind affecting the titanium dioxide demand or pricing power. Overall, the growth and income profile is characterized by negative revenue momentum and a high yield that is structurally risky given the company's inability to generate positive net income or free cash flow to support the dividend payments without external capital support.