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VALHI INC /DE/

VHI Clue Score27
United States Fiscal year ends December CIK 0000059255
$14.21 -4.69% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $14.21 −41.62% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,519.4Operating income119.2Net income−15.9Fiscal year 2017Revenue1,879.4 +23.7%Operating income380.3Net income207.5Fiscal year 2018Revenue1,820.1 −3.2%Operating income370.7Net income262.2 +26.4%Fiscal year 2019Revenue1,897.5 +4.3%Operating income192.7Net income49.2 −81.2%EPS, diluted1.73Fiscal year 2020Revenue1,849.7 −2.5%Operating income186.1Net income55.2 +12.2%EPS, diluted1.94Fiscal year 2021Revenue2,296.4 +24.1%Operating income318.6Net income127.2 +130.4%EPS, diluted4.46Fiscal year 2022Revenue2,222.5 −3.2%Operating income239.4Net income87.2 −31.4%EPS, diluted3.06Fiscal year 2023Revenue1,921.7 −13.5%Operating income34.2Net income−9.9 −111.4%EPS, diluted−0.35Fiscal year 2024Revenue2,104.8 +9.5%Operating income210.7Net income108.0EPS, diluted3.79Fiscal year 2025Revenue2,077.0 −1.3%Operating income63.3Net income−57.6 −153.3%EPS, diluted−2.02
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,519.4 1,879.4 1,820.1 1,897.5 1,849.7 2,296.4 2,222.5 1,921.7 2,104.8 2,077.0
Growth +23.7% −3.2% +4.3% −2.5% +24.1% −3.2% −13.5% +9.5% −1.3%
Operating income 119.2 380.3 370.7 192.7 186.1 318.6 239.4 34.2 210.7 63.3
Net income −15.9 207.5 262.2 49.2 55.2 127.2 87.2 −9.9 108.0 −57.6
Growth +26.4% −81.2% +12.2% +130.4% −31.4% −111.4% −153.3%
EPS, diluted n/a n/a n/a 1.73 1.94 4.46 3.06 −0.35 3.79 −2.02

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin20.3%Operating margin7.8%Net margin−1.0%Free cash flow margin1.4%Fiscal year 2017Gross margin32.6%Operating margin20.2%Net margin11.0%Free cash flow margin10.0%Fiscal year 2018Gross margin33.5%Operating margin20.4%Net margin14.4%Free cash flow margin5.7%Fiscal year 2019Gross margin22.9%Operating margin10.2%Net margin2.6%Free cash flow margin6.2%Fiscal year 2020Gross margin22.3%Operating margin10.1%Net margin3.0%Free cash flow margin4.7%Fiscal year 2021Gross margin25.3%Operating margin13.9%Net margin5.5%Free cash flow margin17.2%Fiscal year 2022Gross margin22.1%Operating margin10.8%Net margin3.9%Free cash flow margin−1.5%Fiscal year 2023Gross margin12.8%Operating margin1.8%Net margin−0.5%Free cash flow margin−2.3%Fiscal year 2024Gross margin20.2%Operating margin10.0%Net margin5.1%Free cash flow margin0.6%Fiscal year 2025Gross margin14.2%Operating margin3.0%Net margin−2.8%Free cash flow margin−4.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 20.3% 32.6% 33.5% 22.9% 22.3% 25.3% 22.1% 12.8% 20.2% 14.2%
Operating margin 7.8% 20.2% 20.4% 10.2% 10.1% 13.9% 10.8% 1.8% 10.0% 3.0%
Net margin −1.0% 11.0% 14.4% 2.6% 3.0% 5.5% 3.9% −0.5% 5.1% −2.8%
Free cash flow margin 1.4% 10.0% 5.7% 6.2% 4.7% 17.2% −1.5% −2.3% 0.6% −4.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow79.8Capital expenditure−58.9Free cash flow20.9Dividends paid−27.1Fiscal year 2017Operating cash flow259.3Capital expenditure−71.3Free cash flow188.0 +799.5%Dividends paid−27.2Fiscal year 2018Operating cash flow165.5Capital expenditure−61.4Free cash flow104.1 −44.6%Dividends paid−27.1Fiscal year 2019Operating cash flow177.2Capital expenditure−59.9Free cash flow117.3 +12.7%Buybacks−3.1Dividends paid−27.1Fiscal year 2020Operating cash flow152.2Capital expenditure−65.5Free cash flow86.7 −26.1%Buybacks−1.0Dividends paid−13.6Fiscal year 2021Operating cash flow459.7Capital expenditure−64.1Free cash flow395.6 +356.3%Buybacks−1.5Dividends paid−9.0Fiscal year 2022Operating cash flow34.9Capital expenditure−67.6Free cash flow−32.7 −108.3%Buybacks−4.0Dividends paid−9.0Fiscal year 2023Operating cash flow3.9Capital expenditure−48.5Free cash flow−44.6Buybacks−2.9Dividends paid−9.1Fiscal year 2024Operating cash flow44.0Capital expenditure−30.9Free cash flow13.1Dividends paid−9.1Fiscal year 2025Operating cash flow−35.5Capital expenditure−46.6Free cash flow−82.1 −726.7%Dividends paid−9.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 79.8 259.3 165.5 177.2 152.2 459.7 34.9 3.9 44.0 −35.5
Capital expenditure −58.9 −71.3 −61.4 −59.9 −65.5 −64.1 −67.6 −48.5 −30.9 −46.6
Free cash flow 20.9 188.0 104.1 117.3 86.7 395.6 −32.7 −44.6 13.1 −82.1
Growth +799.5% −44.6% +12.7% −26.1% +356.3% −108.3% −726.7%
Buybacks n/a n/a n/a −3.1 −1.0 −1.5 −4.0 −2.9 n/a n/a
Dividends paid −27.1 −27.2 −27.1 −27.1 −13.6 −9.0 −9.0 −9.1 −9.1 −9.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash159.7Shareholders’ equity200.9Fiscal year 2017Cash435.7Shareholders’ equity424.4Fiscal year 2018Cash499.8Shareholders’ equity635.4Fiscal year 2019Cash523.8Shareholders’ equity640.0Fiscal year 2020Cash518.6Shareholders’ equity682.5Fiscal year 2021Cash698.4Shareholders’ equity829.5Fiscal year 2022Cash478.5Shareholders’ equity958.6Fiscal year 2023Cash407.0Shareholders’ equity950.5Fiscal year 2024Cash348.3Shareholders’ equity1,036.1Fiscal year 2025Cash214.0Shareholders’ equity1,023.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 159.7 435.7 499.8 523.8 518.6 698.4 478.5 407.0 348.3 214.0
Shareholders’ equity 200.9 424.4 635.4 640.0 682.5 829.5 958.6 950.5 1,036.1 1,023.2

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
159.7 435.7 499.8 523.8 518.6 698.4 478.5 407.0 348.3 214.0
359.2 398.4 515.8 522.1 538.2 458.7 640.8 596.1 685.8 659.8
516.0 588.7 563.5 563.0 590.4 563.6 523.8 517.3 723.4 751.6
379.7 379.7 379.7 379.7 379.7 379.7 379.7 379.7 382.3 382.3
2,443.2 2,907.5 2,709.6 2,794.4 2,889.3 3,005.2 2,835.7 2,737.0 2,800.2 2,632.3
Growth +19.0% −6.8% +3.1% +3.4% +4.0% −5.6% −3.5% +2.3% −6.0%
Equity
−198.5 −17.9 220.3 239.4 282.9 401.1 482.3 475.8 574.7 508.0
200.9 424.4 635.4 640.0 682.5 829.5 958.6 950.5 1,036.1 1,023.2
Growth +111.2% +49.7% +0.7% +6.6% +21.5% +15.6% −0.8% +9.0% −1.2%
Per share and net cash
355.3 355.3 355.3 29.6 29.6 29.6 29.6 29.6 29.6 29.6
calc 0.57 1.19 1.79 21.62 23.06 28.02 32.39 32.11 35.00 34.57

† The diluted share count jumps at 2022, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.