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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#2929
Positioning
Market Dominance
Manufacturing
Chemicals
$660M
James M. Buch
Kronos Worldwide, Inc. produces and markets titanium dioxide pigments (TiO2) in Europe, North America, the Asia Pacific, and internationally. The company produces TiO2 in two crystalline forms, rutile and anatase to impart whiteness, brightness, opacity, and durability for various products.
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Dates updated upon official exchange announcement.
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = KRO ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$KRO KRONOS WORLDWIDE INC | 44 | 39 | 40 | 35 | 16.1x | 14.1x | 5.4% | 2.3% | 16.4% | 3.3% | 2.1% | -8.7% | 3.5% | 78.0x | $660M | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
KRONOS WORLDWIDE INC (KRO) receives a "Reduce" rating with a composite score of 44.2/100. It ranks #2929 out of 7,333 stocks in our coverage universe and carries a 2-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
James M. Buch
Chief Executive Officer
Labor Force
2,250
39
40
55
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for KRO
Lagging peers — losers tend to keep underperforming
Fair valuation relative to peers
Average quality profile
Average volatility — neutral timing signal
Moderate investment profile
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
Projection based on user-defined inputs. Re-calculated daily against current market data.
Reverse DCF Framework — Mauboussin Methodology
Institutional-grade Reverse DCF analysis. This model identifies the growth hurdles embedded in current market prices. When implied growth is significantly lower than historical or projected rates, a margin of safety may exist. Re-audited daily.
No analyst ratings for KRO.
View All RatingsMaterial decline in asset turnover efficiency detected
High margin volatility — erratic forensic earnings quality
| Factor | Global | Sector | Tilt |
|---|---|---|---|
| PROFITABILITY | 39 | 16 | +23ALPHA |
| MOMENTUM | 35 | 16 | +19ALPHA |
| VALUATION | 40 | 19 | +21ALPHA |
| INVESTMENT | 40 | 71 | -31DRAG |
| STABILITY | 55 | 42 | +13ALPHA |
| SHORT INT | 45 | 41 | +4NEUTRAL |
Global = full universe. Sector = relative to industry peers. Positive tilt indicates idiosyncratic strength.
ROIC -2.5% vs WACC 6.0% (spread -8.5%)
GM 16% vs sector 43%, OM 3% vs sector 1%
Capital turnover 0.76x
Rev growth -9%, 10yr history
Interest coverage -1.4x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
KRONOS WORLDWIDE INC receives a Reduce rating from our analysis, with a composite score of 44.2/100 and 2 out of 5 stars, ranking #2929 out of 7,333 stocks. KRO's factor profile shows weakness across multiple dimensions, suggesting the stock may underperform going forward. Existing holders may want to consider trimming positions or tightening stop-losses.
KRO's quality score of 39/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of 5.4% (sector avg: -2.5%), gross margins of 16.4% (sector avg: 42.5%), net margins of 2.1% (sector avg: -0.2%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
With a value score of 40/100, KRO appears somewhat expensive relative to its fundamentals. Key valuation metrics include a P/E ratio of 16.06x, an EV/EBITDA of 14.05x, a P/B ratio of 0.87x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
With an investment score of 40/100, KRO exhibits moderate growth-oriented spending. Key growth metrics include revenue growth of -8.7% vs. a sector average of 5.9% and a return on assets of 2.3% (sector: -0.1%). The company appears to be balancing growth investments with capital returns, though the pace of investment may not be enough to accelerate top-line growth meaningfully.
KRO is currently showing below-average momentum at 35/100, which may indicate weakening institutional interest or negative sentiment shifts. Revenue growth stands at -8.7% year-over-year, while a beta of 1.32 reflects its sensitivity to broader market moves. Investors should note that declining momentum can precede further price weakness, though contrarian opportunities sometimes emerge at these levels.
With a stability score of 55/100, KRO exhibits average financial resilience. Key stability metrics include a beta of 1.32 and a debt-to-equity ratio of 78.00x (sector avg: 0.2x). While the balance sheet is not a major concern, the stock is subject to typical market volatility and may experience sharper drawdowns during risk-off episodes.
The short interest score of 45/100 for KRO suggests somewhat elevated bearish positioning by institutional traders. Specific risk factors include above-average market sensitivity (beta: 1.32), elevated leverage (D/E: 78.00x), small-cap liquidity risk. With a $660M market cap (small-cap), KRONOS WORLDWIDE INC may experience above-average volatility. Investors should consider whether the short thesis has merit or if it creates a potential short-squeeze opportunity.
KRO pays a solid dividend yield of 3.5%, contributing an income component to total returns. This moderate yield suggests a balance between returning capital to shareholders and retaining earnings for reinvestment — a common profile among quality compounders.
KRONOS WORLDWIDE INC is a small-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #2929 of 7,333 overall (60th percentile). Key comparisons include ROE of 5.4% exceeding the -2.5% sector median and operating margins of 3.3% above the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While KRO currently exhibits a REDUCE profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
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Improvement in Momentum (35) would have the largest impact on the composite score.
EV/EBITDA 23% ABOVE SECTOR MEDIAN
ROE 319% BELOW SECTOR MEDIAN
Gross Margin 61% BELOW SECTOR MEDIAN
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate KRONOS WORLDWIDE INC (KRO) as a Reduce with a composite score of 44.2/100 at a current price of $5.95. The quantitative profile shows weakness across multiple dimensions, suggesting limited upside potential and elevated risk of underperformance relative to peers over the next 12 months.
The rating is primarily driven by strength in stability (55th percentile) and value (40th percentile), which together account for the majority of the composite score. Offsetting weakness in momentum (35th percentile) and quality (39th percentile) tempers our overall conviction. We assign a No Moat rating (23/100), Medium uncertainty, and Standard capital allocation.
Key items to watch: momentum to confirm whether the current price trend has legs. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
KRONOS WORLDWIDE INC holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 44.2/100 places it at rank #2929 in our full 7,333-stock universe. At $660M in market capitalization, KRONOS WORLDWIDE INC is a small-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Revenue contraction of -9% combined with momentum at the 35th percentile paints a cautious picture of the near-term business outlook. The market appears to be pricing in continued challenges, and a catalyst for reversal is not clearly visible from current data.
The margin cascade tells an important story: gross margins of 16% (-26.1pp vs sector) narrow to operating margins of 3% (+2.0pp vs sector) and net margins of 2.1%, yielding a gross-to-net conversion rate of 13%. The significant margin erosion from gross to net suggests elevated operating expenses, high interest costs, or other structural drags that warrant monitoring.
At a current price of $5.95, KRONOS WORLDWIDE INC is trading near fair value based on current fundamentals. Our value factor score of 40/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. Valuation metrics are mixed, with no strong signal of mispricing in either direction.
The stock currently trades at a P/E of 16.1x (a 28% discount to the sector median of 22.3x), EV/EBITDA of 14.1x (at a premium), P/B of 0.9x, P/S of 0.4x. The below-sector P/E suggests possible undervaluation or the market pricing in near-term headwinds.
A 3.48% dividend yield provides income while you wait, and dividends historically account for a significant portion of total equity returns.
The Reduce rating (composite 44.2/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
Revenue decline of -9% signals business deterioration — declining revenues make it difficult to grow into the current valuation and often precede further negative revisions.
Thin net margins of 2.1% provide limited cushion against cost pressures, competitive pricing, or macroeconomic headwinds — even small changes in costs could swing the company to a loss.
We assign a Medium uncertainty rating to KRONOS WORLDWIDE INC. The stock presents a balanced risk profile: elevated market sensitivity (beta of 1.32) and the combination of leverage (78% D/E) and thin margins (2.1% net) amplifies downside risk. While not risk-free, the core business fundamentals are adequate to withstand moderate economic stress, and the range of potential outcomes around our fair value estimate is manageable.
Specific risk factors that inform our assessment include: elevated market sensitivity (beta of 1.32); the combination of leverage (78% D/E) and thin margins (2.1% net) amplifies downside risk. Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 55th percentile and quality factor at the 39th percentile provide a quantitative summary of the overall risk landscape.
Key risk mitigants include: a 3.48% dividend yield anchors total return. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate KRONOS WORLDWIDE INC's capital allocation as Standard. Management has shown adequate — though not exceptional — stewardship of shareholder capital. Returns on equity stand at 5.4%, and the balance sheet is managed within acceptable parameters (D/E: 78%). Exemplary allocators typically sustain ROE above 20% and D/E below 50%; KRONOS WORLDWIDE INC falls short on at least one dimension.
There is room for improvement in optimizing the capital structure or enhancing shareholder returns. The 3.48% dividend yield provides some income return, but the overall capital allocation framework would benefit from either higher reinvestment returns, improved balance sheet efficiency, or increased shareholder distributions. We will monitor for signs of strategic improvement that could warrant an upgrade.
In summary, KRONOS WORLDWIDE INC receives a Reduce rating with a composite score of 44.2/100 (rank #2929 of 7,333). Our quantitative framework assigns a No Moat (23/100, trend: stable), Medium uncertainty, and Standard capital allocation. The average factor score across quality, value, momentum, stability, and investment is 42/100.
Our analysis does not support a constructive view on KRONOS WORLDWIDE INC at this time. The combination of limited competitive advantages, medium uncertainty, and standard capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We do not assign KRONOS WORLDWIDE INC a meaningful economic moat, scoring 23/100 on our composite assessment. The ROIC-WACC spread of -8.5% is the primary signal of economic value creation. Current fundamentals do not demonstrate the kind of durable competitive advantages — such as superior returns on invested capital, margin superiority, or reinvestment efficiency — that would protect the company from competitive erosion over the long term. The highest-scoring pillar, financial resilience, reached only 9.3/20.
The strongest moat sources are financial resilience (9.3/20) and margin superiority (7.2/20). Interest coverage -1.4x. GM 16% vs sector 43%, OM 3% vs sector 1%. These pillars form the core of KRONOS WORLDWIDE INC's competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include reinvestment efficiency (0.6/20) and economic value creation (2.5/20). Capital turnover 0.76x. Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect KRONOS WORLDWIDE INC's moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include declining revenues (-9%) that pressure the earnings outlook. The margin cascade from 16% gross to 3% operating to 2.1% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality raises some durability concerns, with the quality factor at the 39th percentile.
The margin profile shows gross margins of 16%, operating margins of 3%, net margins of 2.1%. Return metrics include ROE of 5.4% and ROA of 2.3%. Relative to the Manufacturing sector, gross margins are 26.1 percentage points below the sector median of 43%, and ROE of 5.4% compares to a sector median of -2.5%.
The balance sheet reflects moderate leverage with D/E of 78%, a dividend yield of 3.48%, revenue growth of -9%. The sector median D/E is 0%, putting KRONOS WORLDWIDE INC at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
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