Short answer
VALHI INC /DE/ (VHI) filed its fiscal 2025 10-K annual report with the SEC on Mar 10, 2026. It reported revenue of $2.1B (−1.3% year over year) and net income of −$58M.
FY2025 key financial metrics · XBRL
- Revenue
- $2.1B
- −1.3% YoY
- Net income
- −$58M
- −153.3% YoY
- Operating margin
- 3.0%
- −7.0 pp YoY
- Gross margin
- 14.2%
- −5.9 pp YoY
- EPS (diluted)
- −$2.02
- −153.3% YoY
- ROE
- -5.6%
- −16.1 pp YoY
- Operating cash flow
- −$36M
- −180.7% YoY
Source: XBRL data from the VALHI INC /DE/ (VHI) FY2025 10-K on SEC EDGAR. USD.
VALHI INC /DE/ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacturing and selling component products (security and marine components) and real estate development, primarily in the U.S.
- New strategic emphasis on mitigating tariff impacts by increasing electronic component purchases and implementing pricing adjustments in 2025
- Shift in Real Estate segment focus due to sale of water utility assets and nearing completion of residential planned community development by end of 2027
- Land sales revenue declined to $59.3M in 2025 from $71.5M in 2024 amid slowed development pace, yet operating income rose to $65.2M from $55.2M
- Noteworthy pension plan settlement loss of $28.7M in Q4 2025 related to U.S. pension buy-out, significantly increasing net periodic pension expense for the year
Management Discussion & Analysis
- Revenue $1.86B in 2025, down 1% YoY from $1.89B in 2024; Chemicals segment net sales decreased $27.7M (1%)
- Chemicals segment operating loss $24.5M in 2025 vs operating income $138.5M in 2024; gross margin 11% vs 19%
- Best performing segment: Real Estate Management and Development (positive impact from tax increment reimbursements $34.2M in 2025)
- Worst performing segment: Chemicals with 2025 operating loss $24.5M vs income $138.5M in 2024, impacted by lower TiO2 prices and fixed costs
- Cash flow: Not explicitly detailed, but restructuring charges $10.3M, pension plan settlement loss $28.7M, no buybacks/dividends/capex disclosed
- 2026 outlook: Expect higher consolidated operating income driven by Chemicals segment due to higher sales volumes, selling prices, and lower costs; risks include economic uncertainty and geopolitical tensions
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