VHI on NYSE

Valhi, Inc.

Valhi, Inc. is an American holding company operating through wholly and majority-owned subsidiaries in a number of different industries.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1987Founded¹

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TickerVHI on NYSE¹
Industryholding company¹
HeadquartersDallas¹
Websitewww.valhi.net
Legal formpublic company¹
Incorporated inDE⁴
Business address5430 Lbj Frwy, Ste 1700, Dallas, Tx 75240⁴
Filer categoryNon-accelerated filer⁴

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Valhi, Inc. is an American holding company operating through wholly and majority-owned subsidiaries in a number of different industries. It was founded in 1987 as a result of the merger of the LLC Corporation and Amalgamated Sugar Company. As of 2014 it was a Fortune 1000 company.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.2%Gross margin⁶

3.0%Operating margin⁶

-2.8%Net margin⁶

-1.3%Revenue growth, 2025⁶

-5.6%Return on equity⁶

-$82.1MFree cash flow⁶

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Chemicals brought in 90% of the revenue Valhi, Inc. broke down this way in fiscal 2025.

Chemicals$1.9B⁶90%down 1% from 2024
Component Products$158.3M⁶8%up 8% from 2024
Real Estate Management & Development$59.3M⁶3%down 17% from 2024

Business segments by year

Business segments	2023	2024	2025
Chemicals	$1.7B	$1.9B	$1.9B
Component Products	$161.3M	$145.9M	$158.3M
Real Estate Management & Development	$93.9M	$71.8M	$59.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and admin

Cost of revenue82¢$1.8B
Research and development1¢$17.0M
Selling, general and admin14¢$312.3M
Interest3¢$57.1M
Income tax1¢$11.9M

Out of $2.1B in revenue.⁶ The company lost money this year.

Financial statements

Revenue⁷⁸⁹¹⁰⁶$2.1B in 2025+9% since 2019

Gross profit⁷⁸⁹¹⁰⁶$295.4M in 2025−32% since 2019

Operating income⁷⁸⁹¹⁰⁶$63.3M in 2025−67% since 2019

Net income⁷⁸⁹¹⁰⁶-$57.6M in 2025

Every line of the income statement in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Net sales	$2.1B	$2.1B	$1.9B
Other income, net	$59.1M	$61.8M	$55.4M
Total revenues and other income	$2.1B	$2.2B	$2.0B
Cost of sales	$1.8B	$1.7B	$1.7B
Selling, general and administrative	$312.3M	$256.2M	$277.4M
Gain on remeasurement of investment in TiO2 manufacturing joint venture		-$64.5M
Gain on remeasurement of earn-out liability	-$4.6M
Other components of net periodic pension and OPEB expense	$32.7M	$2.6M	$11.8M
Interest	$57.1M	$49.9M	$28.3M
Other		-$2.1M	$2.6M
Total costs and other expense	$2.2B	$1.9B	$2.0B
Income (loss) before income taxes	-$43.0M	$244.2M	-$19.5M
Income tax expense (benefit)	$11.9M	$82.9M	-$24.6M
Net income (loss)	-$54.9M	$161.3M	$5.1M
Noncontrolling interest in net income of subsidiaries	$2.7M	$53.3M	$15.0M
Net income (loss) attributable to Valhi stockholders	-$57.6M	$108.0M	-$9.9M
Basic net income (loss) per share (in dollars per share)	-$2.02	$3.79	-$0.35
Diluted net income (loss) per share (in dollars per share)	-$2.02	$3.79	-$0.35
Weighted average shares outstanding - basic (in shares)	28 shares	28 shares	28 shares
Weighted average shares outstanding - diluted (in shares)	28 shares	28 shares	28 shares

Total assets⁷⁸⁹¹⁰⁶$2.6B in 2025−6% since 2019

Shareholders’ equity¹³⁷⁸⁹¹⁰⁶$1.0B in 2025+60% since 2019

Cash¹³⁷⁸⁹¹⁰⁶$214.0M in 2025−59% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$214.0M	$348.3M
Restricted cash equivalents	$8.6M	$24.8M
Marketable securities	$2.9M	$1.9M
Accounts and other receivables, net	$313.9M	$325.7M
Receivables from affiliates	$3.1M	$800.0K
Refundable income taxes	$1.9M	$1.3M
Inventories, net	$659.8M	$685.8M
Prepaid expenses and other	$54.9M	$65.1M
Total current assets	$1.3B	$1.5B
Marketable securities	$6.1M	$5.7M
Goodwill	$382.3M	$382.3M	$379.7M
Deferred income taxes	$35.2M	$53.8M
Pension asset	$20.4M	$19.8M
Other assets	$177.6M	$161.5M
Total other assets	$621.6M	$623.1M
Land	$79.4M	$74.7M
Buildings	$311.7M	$282.6M
Equipment	$1.5B	$1.3B
Mining properties	$91.8M	$76.0M
Construction in progress	$45.0M	$41.7M
Gross property and equipment	$2.0B	$1.8B
Less accumulated depreciation and amortization	$1.2B	$1.1B
Net property and equipment	$751.6M	$723.4M	$517.3M
Total assets	$2.6B	$2.8B
Current maturities of long-term debt	$800.0K	$79.0M
Accounts payable	$231.3M	$250.0M
Accrued liabilities	$198.6M	$199.1M
Accrued environmental remediation and related costs	$2.8M	$59.7M	$3.7M
Accrued litigation settlement		$16.4M
Payables to affiliates	$1.4M	$17.1M
Income taxes	$14.4M	$22.5M
Total current liabilities	$449.3M	$643.8M
Long-term debt	$590.9M	$484.4M
Accrued pension costs	$80.9M	$117.6M
Accrued environmental remediation and related costs	$14.7M	$14.9M	$93.2M
Deferred income taxes	$55.8M	$57.7M
Other liabilities	$77.0M	$102.7M
Total noncurrent liabilities	$819.3M	$777.3M
Common stock, $.01 par value; 50.0 million shares authorized; 29.6 million shares issued and outstanding	$300.0K	$300.0K
Additional paid-in capital	$670.3M	$669.9M
Retained earnings	$508.0M	$574.7M
Accumulated other comprehensive loss	-$105.8M	-$159.2M
Treasury stock, at cost - 1.1 million shares	-$49.6M	-$49.6M
Total Valhi stockholders' equity	$1.0B	$1.0B
Noncontrolling interest in subsidiaries	$340.5M	$343.0M
Total equity	$1.4B	$1.4B	$1.3B
Total liabilities and equity	$2.6B	$2.8B
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	500.0K shares	500.0K shares
Preferred stock, shares issued	0 shares	0 shares
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	50.0M shares	50.0M shares
Common stock, shares issued	29.6M shares	29.6M shares	29.6M shares
Common stock, shares outstanding	29.6M shares	29.6M shares
Treasury stock, shares	1.1M shares	1.1M shares	1.1M shares

Cash from operations⁷⁸⁹¹⁰⁶-$35.5M in 2025

Capital spending⁷⁸⁹¹⁰⁶$46.6M in 2025−22% since 2019

Free cash flow⁷⁸⁹¹⁰⁶-$82.1M in 2025

Dividends paid⁷⁸⁹¹⁰⁶$9.1M in 2025−66% since 2019

Share buybacks⁷⁸⁹¹⁰⁶$2.9M in 2023−6% since 2019

Every line of the cash flow in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	-$54.9M	$161.3M	$5.1M
Depreciation and amortization	$66.4M	$66.7M	$54.1M
Gain on remeasurement of investment in TiO2 manufacturing joint venture		-$64.5M
Gain on remeasurement of earn-out liability	-$4.6M
Premium on issuance of senior secured notes	$4.4M	$6.0M
Deferred income taxes	-$9.5M	$43.5M	-$50.3M
Benefit plan expense less than cash funding	-$7.7M	-$8.1M	-$6.2M
Settlement loss on pension plan termination and buy-out	$28.7M		$6.2M
Fixed asset impairment			$3.8M
Noncash interest expense	$1.2M	$3.1M	$2.0M
Distributions from (contributions to) TiO2 manufacturing joint venture, net		-$2.7M	$3.1M
Gain from sale of land		-$500.0K	-$1.5M
Other, net	$4.7M	-$200.0K	$5.2M
Accounts and other receivables, net	$37.1M	-$16.7M	-$44.6M
Inventories, net	$74.7M	-$41.0M	$56.7M
Land held for development, net	$5.2M	$5.3M	$800.0K
Accounts payable and accrued liabilities	-$106.3M	-$60.2M	$11.2M
Income taxes	-$11.8M	$9.2M	$9.3M
Accounts with affiliates	-$29.6M	-$6.6M	-$27.8M
Other noncurrent assets	-$22.3M	-$29.5M	-$9.5M
Other noncurrent liabilities	-$24.0M	-$15.1M	-$19.3M
Other, net	$12.8M	-$6.0M	$5.6M
Net cash provided by (used in) operating activities	-$35.5M	$44.0M	$3.9M
Capital expenditures	-$46.6M	-$30.9M	-$48.5M
Acquisition of remaining TiO2 manufacturing joint venture interest, net of cash acquired		-$156.8M
Cash, cash equivalents and restricted cash of BWC		$2.6M
Purchases of marketable securities	-$3.1M	-$2.7M	-$66.4M
Proceeds from disposal of marketable securities	$1.9M	$57.0M	$85.7M
Proceeds from land sales		$5.6M	$1.8M
Other, net		$200.0K	-$1.6M
Net cash used in investing activities	-$47.8M	-$125.0M	-$29.0M
Borrowings	$638.5M	$158.6M
Payments	-$649.8M	-$148.9M
Payments on long-term debt	-$109.7M	-$102.2M	-$29.8M
Kronos term loan from Contran		$53.7M
Proceeds from issuance of Kronos senior secured notes	$88.0M	$80.2M
Deferred financing fees	-$2.0M	-$9.3M
Valhi cash dividends paid	-$9.1M	-$9.1M	-$9.1M
Distributions to noncontrolling interest in subsidiaries	-$27.0M	-$25.3M	-$34.0M
Subsidiary treasury stock acquired			-$2.9M
Other, net			-$100.0K
Net cash used in financing activities	-$71.1M	-$2.3M	-$75.9M
Operating, investing and financing activities	-$154.4M	-$83.3M	-$101.0M
Effect of exchange rates on cash	$4.5M	-$100.0K	$1.0M
Interest, net of amounts capitalized	$51.8M	$45.1M	$26.6M
Income taxes, net	$52.1M	$41.8M	$27.4M
Change in accruals for capital expenditures	$6.4M	$7.0M	$1.1M

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Leadership

Who has led Valhi, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

President

Chief financial officer

19901995200020052010201520202025

Chief executive officerRobert D. Graham Jun 2, 2020 to Nov 17, 2020¹⁴
Chief executive officerSteven L. Watson Oct 9, 2008 to Jun 2, 2016¹⁵
Chief executive officerHarold C. Simmons May 19, 2004 to Dec 17, 2008¹⁶
ChairSteven L. Watson May 29, 2014 to Jun 2, 2016¹⁷
ChairHarold C. Simmons Aug 19, 2003 to Dec 12, 2013¹⁸
PresidentRobert D. Graham Jun 2, 2020 to Nov 17, 2020¹⁴
PresidentBrien Bobby D. O. May 26, 2016 to May 26, 2016¹⁹
PresidentSteven L. Watson Oct 9, 2008 to May 29, 2015¹⁵
Chief financial officerAmy A. Samford Dec 6, 2022 to Dec 6, 2022²⁰
Chief financial officerBrien Bobby D. O. May 30, 2014 to May 26, 2016²¹

Board members and other officers (24)

Vice President and TreasurerBryan A. Hanley Aug 31, 2017 to now²²
Vice President and ControllerAmy A. Samford Jun 2, 2016 to Jun 2, 2016²³
Executive VPWilliam J. Lindquist May 29, 2014 to May 29, 2015²⁴
Vice chairSteven L. Watson May 26, 2011 to May 30, 2013²⁵
Vice chairGlenn R. Simmons Apr 13, 2004 to Aug 27, 2012²⁶
Vice chairHarold C. Simmons Sep 3, 2004 to Apr 18, 2005²⁷
Board memberRandy L. Hill May 21, 2026 to now²⁸
Board memberGina A. Norris Nov 2, 2023 to now²⁹
Board memberKevin B. Kramer May 26, 2022 to May 26, 2023³⁰
Board memberTerri Herrington Mar 26, 2018 to now³¹
Board memberElisabeth C. Fisher Mar 23, 2016 to May 26, 2017³²
Board memberRobert D. Graham May 26, 2016 to Nov 17, 2020³³
Board memberLoretta J. Feehan Mar 11, 2014 to now³⁴
Board memberMary A. Tidlund May 29, 2014 to now³⁵
Board memberWilliam J. Lindquist May 29, 2014 to May 29, 2015²⁴
Board memberBrien Bobby D. O. May 30, 2014 to May 26, 2016²¹
Board memberSteven L. Watson Oct 9, 2008 to May 30, 2013¹⁵
Board memberGlenn R. Simmons Apr 13, 2004 to Aug 27, 2012²⁶
Board memberNorman S. Edelcup May 26, 2004 to May 29, 2015³⁶
Board memberThomas E. Barry May 26, 2004 to now³⁷
Board memberW. Hayden McIlroy May 26, 2004 to now³⁸
Board memberWalter J. Tucker Jr. May 26, 2004 to May 26, 2011³⁹
Board memberHarold C. Simmons Sep 3, 2004 to Feb 5, 2008²⁷
General counselRobert D. Graham May 26, 2016 to May 25, 2017³³

Products and brands

Wholly and majority-owned subsidiaries include 80% of Kronos Worldwide, 86% of CompX International Inc., 83% of NL Industries, Basic Management, Inc. and The LandWell Company. Former subsidiaries include Amalgamated Sugar Company, oilfield services firm Baroid, forest products firm Medford, and Arby's franchise Sybra.

From Wikipedia’s article on Valhi, Inc., shared under CC BY-SA 4.0.⁵

Timeline

Jun 2, 2020New chief executive Robert D. Graham becomes CEO¹⁴
Oct 9, 2008New chief executive Steven L. Watson becomes CEO¹⁵
May 19, 2004New chief executive Harold C. Simmons becomes CEO¹⁶
1987Founded Founded¹

Recent filings

Aug 6, 202610-Q
Aug 6, 20268-K
Jun 22, 20268-K
May 22, 20264
May 22, 20264
May 22, 20264
May 22, 20264
May 22, 20264
May 22, 20264
May 21, 20268-K
May 21, 20263
May 19, 2026SD
May 7, 202610-Q
May 7, 20268-K
Apr 1, 2026DEF 14A

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataValhi, Inc. on Wikidata
2
SEC EDGARValhi, Inc. filings on SEC EDGAR
3
WikipediaValhi, Inc. on Wikipedia
4
SEC EDGARValhi, Inc. filings on SEC EDGAR
5
WikipediaValhi, Inc. on Wikipedia (revision used)
6
SEC EDGARValhi, Inc. 10-K for fiscal 2025
7
SEC EDGARValhi, Inc. 10-K for fiscal 2019
8
SEC EDGARValhi, Inc. 10-K for fiscal 2020
9
SEC EDGARValhi, Inc. 10-K for fiscal 2021
10
SEC EDGARValhi, Inc. 10-K for fiscal 2022
11
SEC EDGARValhi, Inc. 10-Q for fiscal 2026
12
SEC EDGARValhi, Inc. 10-Q for fiscal 2026
13
SEC EDGARValhi, Inc. 10-K for fiscal 2019
14
SEC EDGARRobert D. Graham, Chief executive officer
15
SEC EDGARSteven L. Watson, Chief executive officer
16
SEC EDGARHarold C. Simmons, Chief executive officer
17
SEC EDGARSteven L. Watson, Chair
18
SEC EDGARHarold C. Simmons, Chair
19
SEC EDGARBrien Bobby D. O., President
20
SEC EDGARAmy A. Samford, Chief financial officer
21
SEC EDGARBrien Bobby D. O., Chief financial officer
22
SEC EDGARBryan A. Hanley, Vice President and Treasurer
23
SEC EDGARAmy A. Samford, Vice President and Controller
24
SEC EDGARWilliam J. Lindquist, Executive VP
25
SEC EDGARSteven L. Watson, Vice chair
26
SEC EDGARGlenn R. Simmons, Vice chair
27
SEC EDGARHarold C. Simmons, Vice chair
28
SEC EDGARRandy L. Hill, Board member
29
SEC EDGARGina A. Norris, Board member
30
SEC EDGARKevin B. Kramer, Board member
31
SEC EDGARTerri Herrington, Board member
32
SEC EDGARElisabeth C. Fisher, Board member
33
SEC EDGARRobert D. Graham, Board member
34
SEC EDGARLoretta J. Feehan, Board member
35
SEC EDGARMary A. Tidlund, Board member
36
SEC EDGARNorman S. Edelcup, Board member
37
SEC EDGARThomas E. Barry, Board member
38
SEC EDGARW. Hayden McIlroy, Board member
39
SEC EDGARWalter J. Tucker Jr., Board member