Key Highlights

  • Tronox Holdings (NYSE:TROX) traded near USD 3.32 early in the session on Wednesday, October 21, 2026, down about 2.21%, after Goldman Sachs cut its target to USD 4.00 from USD 6.50 on Friday, October 9.
  • Second-quarter 2026 revenue rose 19% to USD 868.0 million, but the net loss attributable to the company reached USD 171.0 million, including a USD 103.0 million valuation allowance.
  • A screen of US-listed companies below USD 2 billion with basic EPS growth above 25% shows a 133.02% change, computed on a loss per share rather than profit.
  • Management guided third-quarter adjusted EBITDA of USD 95 million to USD 115 million, against USD 73.0 million in the second quarter, ahead of results on Wednesday, November 4, 2026.

What Has Moved the Shares in October

Tronox Holdings (NYSE:TROX) is a vertically integrated producer of titanium dioxide, the white pigment used in paints, plastics and paper, and it also mines zircon and other minerals. Goldman Sachs kept a Sell rating and cut its price target to USD 4.00 from USD 6.50 on Friday, October 9, 2026. Truist Securities also lowered its target to USD 4.00 in October, according to market data. The shares closed at USD 3.47 on Friday, October 16, 2026, with a market value near USD 554 million, and traded near USD 3.32 early on Wednesday, October 21. On Tuesday, September 29, 2026, the company signed a cooperation agreement with JX Advanced Metals to fund a USD 32.0 million rare earth study on a 50/50 basis. The quarterly dividend is USD 0.05 per share.

Why the EPS Change Reflects Losses and Tax Charges

For Tronox Holdings (NYSE:TROX), the 133.02% EPS change is computed across a negative base, so it describes a change in the size of losses rather than an improvement. When a company loses money, a larger loss can still register as a large percentage change. The second-quarter loss of USD 171.0 million included a USD 103.0 million valuation allowance, a non-cash charge that writes down tax assets the company may not be able to use. That one-off item explains most of the loss. The underlying business is weak but improving: adjusted EBITDA, earnings before interest, tax, depreciation and amortisation, was USD 73.0 million, an 8.4% margin. Guidance of USD 95 million to USD 115 million relies on price increases and higher plant utilisation.

Risks and What to Watch

The main risk for Tronox Holdings (NYSE:TROX) is that titanium dioxide price increases fail to hold, because guidance for the third quarter depends on pricing actions. Demand is a second risk: pigment sales follow construction and housing, and September housing starts were weak while mortgage rates stayed above 7%. Leverage is a third risk, since debt is large relative to an equity value near USD 533 million and interest costs rise with Treasury yields near 5.12%. The rare earth study adds optionality but no near-term revenue. Investors should watch third-quarter results after the close on Wednesday, November 4, 2026, with a webcast at 9:00 a.m. ET on Thursday, November 5.

Where Things Stand

The answer is that Tronox Holdings (NYSE:TROX) shows a 133.02% EPS change because losses moved on a negative base, with a USD 103.0 million tax charge inflating the second-quarter loss. Revenue grew 19%, but margins remain thin. The shares sit near the bottom of a 52-week range of about USD 2.86 to USD 10.59. The next catalysts are the October 28 Federal Reserve decision and November 4 results against guidance of USD 95 million to USD 115 million. Guidance is not a guarantee, and this is not investment advice.