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. 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 It is headquartered in Dallas.1 Its shares trade on NYSE under the symbol VHI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1987Founded1

Compare with MINERALS TECHNOLOGIES INC, KRONOS WORLDWIDE INC or Tronox, or pick any stock.

  • 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

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 margin7
3.0%Operating margin7
-2.8%Net margin7
-1.3%Revenue growth, 20257
-5.6%Return on equity7
-$82.1MFree cash flow7

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.

  1. Chemicals$1.9B790%down 1% from 2024
  2. Component Products$158.3M78%up 8% from 2024
  3. Real Estate Management & Development$59.3M73%down 17% from 2024
Business segments by year
Business segments202320242025
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 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.7 The company lost money this year.

Financial statements

Revenue8910117$2.1B in 2025+9% since 2019
0$1.0B$2.0B$3.0B2019: $1.9B$1.9B20192020: $1.8B$1.8B2020−3%2021: $2.3B$2.3B2021+24%2022: $2.2B$2.2B2022−3%2023: $1.9B$1.9B2023−14%2024: $2.1B$2.1B2024+10%2025: $2.1B$2.1B2025−1%
Gross profit8910117$295.4M in 2025−32% since 2019
0$200.0M$400.0M$600.0M2019: $434.6M$434.6M20192020: $412.1M$412.1M2020−5%2021: $580.2M$580.2M2021+41%2022: $490.4M$490.4M2022−15%2023: $245.2M$245.2M2023−50%2024: $424.5M$424.5M2024+73%2025: $295.4M$295.4M2025−30%
Operating income8910117$63.3M in 2025−67% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $192.7M$192.7M20192020: $186.1M$186.1M2020−3%2021: $318.6M$318.6M2021+71%2022: $239.4M$239.4M2022−25%2023: $34.2M$34.2M2023−86%2024: $210.7M$210.7M2024+516%2025: $63.3M$63.3M2025−70%
Net income8910117-$57.6M in 2025
-$100.0M-$50.0M0$50.0M$100.0M$150.0M2019: $49.2M$49.2M20192020: $55.2M$55.2M2020+12%2021: $127.2M$127.2M2021+130%2022: $87.2M$87.2M2022−31%2023: -$9.9M-$9.9M20232024: $108.0M$108.0M20242025: -$57.6M-$57.6M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
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 shares28 shares28 shares
Weighted average shares outstanding - diluted (in shares)28 shares28 shares28 shares

Compare Valhi, Inc. with another company

Corporate structure

Valhi, Inc. sits at the top of its group. 16 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Valhi, Inc. Dallas
    • ASC Holdings, Inc. Subsidiary · Utah, United States
    • Basic Environmental Company LLC Subsidiary · Nevada, United States
    • Basic Land Company Subsidiary · Nevada, United States
    • Basic Management, Inc. Subsidiary · Nevada, United States
    • Basic Remediation Company LLC Subsidiary · Nevada, United States
    • CompX International Inc. Subsidiary · Delaware, United States
    • Henderson Interchange Sign LLC Subsidiary · Nevada, United States
    • Kronos Worldwide, Inc. Subsidiary · Delaware, United States
    • Medite Corporation Subsidiary · Delaware, United States
    • NL Industries, Inc. (2), (3), Subsidiary · New Jersey, United States
    • Tall Pines Insurance Company Subsidiary · Vermont, United States
    • The LandWell Company LP Subsidiary · Delaware, United States
    • TRE Management Company Subsidiary · Delaware, United States
    • TRECO LLC Subsidiary · Nevada, United States
    • Tremont LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Valhi, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$79.4M7 Dec 31, 2025$74.7M7 Dec 31, 2024+6.3%
Buildings and improvements$311.7M7 Dec 31, 2025$282.6M7 Dec 31, 2024+10.3%
Machinery and equipment$1.5B7 Dec 31, 2025$1.3B7 Dec 31, 2024+11.6%
Construction in progress$45.0M7 Dec 31, 2025$41.7M7 Dec 31, 2024+7.9%
Property and equipment, before depreciation$2.0B7 Dec 31, 2025$1.8B7 Dec 31, 2024+11.5%
Accumulated depreciation$1.2B7 Dec 31, 2025$1.1B7 Dec 31, 2024+16.6%
Property and equipment, net$751.6M7 Dec 31, 2025$723.4M7 Dec 31, 2024+3.9%
Operating-lease assets (leased space)$19.9M7 Dec 31, 2025$20.6M7 Dec 31, 2024−3.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$214.0M7 Dec 31, 2025$348.3M7 Dec 31, 2024−38.6%
Marketable securities, current$2.9M7 Dec 31, 2025$1.9M7 Dec 31, 2024+52.6%
Marketable securities, non-current$6.1M7 Dec 31, 2025$5.7M7 Dec 31, 2024+7.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$382.3M7 Dec 31, 2025$382.3M7 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$659.8M7 Dec 31, 2025$685.8M7 Dec 31, 2024−3.8%
Raw materials$185.3M7 Dec 31, 2025$182.5M7 Dec 31, 2024+1.5%
Work in process$67.2M7 Dec 31, 2025$70.1M7 Dec 31, 2024−4.1%
Finished goods$273.6M7 Dec 31, 2025$313.4M7 Dec 31, 2024−12.7%
Supplies$133.7M7 Dec 31, 2025$119.8M7 Dec 31, 2024+11.6%

Properties, in its own words

We along with our subsidiaries, Kronos, CompX and NL lease office space through Contran for our principal executive offices in Dallas, Texas. Our BMI and LandWell subsidiaries’ principal offices are in an owned building in Henderson, Nevada. A list of principal operating facilities for each of our subsidiaries is described in the applicable business sections of Item 1 – “Business.” We believe our facilities are generally adequate and suitable for their respective uses.

Item 2 of the 10-K filed Mar 10, 2026.15

Leadership

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

Board members and other officers (37)

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

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ASC Holdings, Inc. Utah6
  • Basic Environmental Company LLC Nevada6
  • Basic Land Company Nevada6
  • Basic Management, Inc. Nevada6
  • Basic Remediation Company LLC Nevada6
  • CompX International Inc. Delaware6
  • Henderson Interchange Sign LLC Nevada6
  • Kronos Worldwide, Inc. Delaware6
  • Medite Corporation Delaware6
  • NL Industries, Inc. (2), (3), New Jersey6
  • TRE Management Company Delaware6
  • TRECO LLC Nevada6
  • Tall Pines Insurance Company Vermont6
  • The LandWell Company LP Delaware6
  • Tremont LLC Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 6, 20268-K Results of operations; Regulation FD disclosure55
  2. Jun 22, 20268-K Executive or director change56
  3. May 21, 20268-K Executive or director change; Shareholder vote; Regulation FD disclosure57
  4. May 7, 20268-K Results of operations58
  5. Mar 10, 20268-K Results of operations59
  6. Mar 5, 20268-K Regulation FD disclosure60
  7. Dec 15, 20258-K Executive or director change61
  8. Nov 6, 20258-K Results of operations; Regulation FD disclosure62
  9. Sep 15, 20258-K Entered a material agreement; New debt or obligation63
  10. Aug 7, 20258-K Results of operations; Regulation FD disclosure64
  11. Jul 17, 20258-K Entered a material agreement; New debt or obligation65
  12. May 22, 20258-K Shareholder vote; Regulation FD disclosure66
  13. Jun 2, 2020New chief executive Robert D. Graham becomes CEO16
  14. Oct 9, 2008New chief executive Steven L. Watson becomes CEO17
  15. May 19, 2004New chief executive Harold C. Simmons becomes CEO18
  16. 1987Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/202667

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results55
  2. May 7, 2026Reported quarterly or annual results58
  3. Mar 10, 2026Reported quarterly or annual results59
  4. Nov 6, 2025Reported quarterly or annual results62
  5. Aug 7, 2025Reported quarterly or annual results64
  6. May 8, 2025Reported quarterly or annual results68
  7. Mar 6, 2025Reported quarterly or annual results69
  8. Nov 7, 2024Reported quarterly or annual results70

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

121 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 38 insider forms, 19 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. Aug 6, 20268-K EDGAR
  3. Jun 22, 20268-K EDGAR
  4. May 22, 20264 EDGAR
  5. May 22, 20264 EDGAR
  6. May 22, 20264 EDGAR
  7. May 22, 20264 EDGAR
  8. May 22, 20264 EDGAR
  9. May 22, 20264 EDGAR
  10. May 21, 20263 EDGAR
  11. May 21, 20268-K EDGAR
  12. May 19, 2026SD EDGAR
  13. May 7, 202610-Q EDGAR
  14. May 7, 20268-K EDGAR
  15. Apr 1, 2026ARS EDGAR
  16. Apr 1, 2026DEFA14A EDGAR
  17. Apr 1, 2026DEF 14A EDGAR
  18. Mar 10, 202610-K EDGAR
  19. Mar 10, 20268-K EDGAR
  20. Mar 5, 20268-K EDGAR

The 121 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

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

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 11, 2025Hanley Bryan A.Senior VP and TreasurerBuy250$17.50$4.4KForm 4
Dec 6, 2022Samford Amy A.Executive VP and CFOBuy1,000$23.96$24.0KForm 4

From Forms 4 filed with the SEC.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael S. Simmons54$3.7M$3.7M71
2025Amy A. Samford51$2.0M$2.0M71
2025Courtney J. Riley$1.7M$1.7M71
2025John A. Sunny63$1.2M$1.2M71
2025Andrew B. Nace61$1.2M$1.2M71
2024Vice Chairman of the BoardPresident and$2.5M$2.5M71
2024Former Executive VicePresident$1.7M$1.7M71
2024Executive VicePresident and General Counsel$1.2M$1.2M71
2023Chief Executive Officer$2.1M$2.1M71
2023Former Executive VicePresident$1.7M$1.7M71
2023Executive VicePresident and General Counsel$1.2M$1.2M71

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 58. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bridgeway Capital Management, LLC219,967$3.2M0.1%−9,500
BlackRock, Inc.189,224$2.8M0.0%+21,868
Empowered Funds, LLC140,076$2.1M0.0%−3,000
Renaissance Technologies LLC129,117$1.9M0.0%+700
National Philanthropic Trust87,717$1.3M0.0%No change
Geode Capital Management, LLC64,248$942.5K0.0%−6,259
Bank of New York Mellon Corp46,819$686.8K0.0%−196
Northern Trust Corp40,227$590.1K0.0%−40
State Street Corp38,283$561.6K0.0%+454
Jacobs Levy Equity Management, Inc31,426$461.0K0.0%−3,043
Millennium Management LLC21,995$322.7K0.0%+2,169
Charles Schwab Investment Management Inc19,323$283.5K0.0%+2,824
Vanguard Portfolio Management LLC16,574$243.1K0.0%+2,734
Citadel Advisors LLC14,055$206.2K0.0%+4,024
Nuveen, LLC10,546$154.7K0.0%New
Connor, Clark & Lunn Investment Management Ltd.10,107$148.3K0.0%New
American Century Companies Inc10,018$147.0K0.0%−2,188
Howland Capital Management LLC10,000$146.7K0.0%No change
Russell Investments Group, Ltd.9,054$132.8K0.0%+1,140
Strs Ohio9,000$132.0K0.0%+1,600
Nano Cap New Millennium Growth Fund L P7,000$102.7K0.1%+1,000
Rhumbline Advisers4,679$68.6K0.0%−152
Morgan Stanley3,689$54.1K0.0%−1,998
UBS Group AG3,232$47.4K0.0%−2,700
New York State Common Retirement Fund2,622$38.5K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Valhi, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVALHI INC /DE/2
  • CIK0000059255
  • Employer ID (EIN)87-011015015
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company15
  • Incorporated inDelaware15
  • Fiscal year endsDecember 312
  • Industry code (SIC)2810 Industrial Inorganic Chemicals2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business address5430 Lbj Frwy, Ste 1700, Dallas, TX 752402
  • Mailing addressThree Lincoln Center, 5430 Lbj Freeway Suite 1700, Dallas, TX 75240-26202
  • Phone97223317002
  • Shares outstanding28,321,193 as of Jul 31, 202613
  • Public float$39.4M as of Jun 30, 202515
  • AuditorPricewaterhouseCoopers LLP, Dallas, Texas PCAOB ID 238; no auditor attestation of internal control over financial reporting15
  • On EDGAR sinceFeb 14, 19942
  • Filings1,836 in all: 4 (1,009), 8-K (336), SC 13D/A (111), 10-Q (98), 4/A (42), DEF 14A (33), 3 (31), 10-K (28)2
    All 45 form types

    UPLOAD (17), ARS (14), CORRESP (14), SD (13), SC 13D (10), DEFA14A (9), SC 13G/A (9), S-8 POS (7), 8-K/A (6), 10-K405 (5), 5 (4), S-8 (4), DEFR14A (3), PRE 14A (3), SC TO-T/A (3), 10-K/A (2), 10-Q/A (2), 144 (2), 425 (2), NT 10-K (2), 15-12B (1), 25 (1), 3/A (1), 424B3 (1), DEF 14C (1), DFAN14A (1), EFFECT (1), NT 10-Q (1), PRE 14C (1), S-3 (1), S-4 (1), S-4/A (1), SC 13G (1), SC 14D9 (1), SC 14D9/A (1), SC TO-I (1), SC TO-I/A (1)

  • Latest filingsAnnual report (10-K) Mar 10, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common stockVHINYSE

From the cover page of the 10-K filed Mar 10, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks Valhi, Inc. names in Item 1A of its 10-K filed Mar 10, 2026: 18 risks under these headings, as written.15

  • Operational Risk Factors
  • Demand for, and prices of, certain of our Chemicals Segment’s products are influenced by changing market conditions for its products, which may result in reduced earnings or operating losses.
  • The TiO2 industry is concentrated and highly competitive and our Chemical Segment faces price pressures in the markets in which it operates, which may result in reduced earnings or operating losses.
  • Many of the markets in which our Component Products Segment operates are mature and highly competitive resulting in pricing pressure and the need to continuously reduce costs.
  • Our development of innovative features for current products is critical to sustaining and growing our Component Product Segment’s sales.
  • Higher costs or limited availability of our raw materials may reduce our earnings and decrease our liquidity. In addition, many of our raw material contracts contain fixed quantities we are required to purchase.
  • Dependence on our Component Product Segment’s significant customers could adversely affect their business and results of operations.
  • Kronos’ acquisition of the remaining 50% interest in LPC may not generate benefits we anticipate and may otherwise affect our business and prospects.
  • Our Real Estate Management and Development Segment has significant development obligations related to a residential/planned community in Henderson, Nevada. Increases in labor or construction costs related to the completion of such development obligations may reduce our earnings and decrease our liquidity.
  • Financial Risk Factors
  • Our assets consist primarily of investments in our operating subsidiaries, and we are dependent upon distributions from our subsidiaries to service our liabilities.
  • Our leverage may impair our financial condition or limit our ability to operate our businesses.
The other 8 risks
  • Changes in currency exchange rates and interest rates can adversely affect our net sales, profits, and cash flows.
  • Legal, Compliance and Regulatory Risk Factors
  • We could incur significant costs related to legal and environmental remediation matters.
  • Environmental, health and safety laws and regulations may result in increased regulatory scrutiny which could decrease demand for our products, increase our manufacturing and compliance costs or obligations and result in unanticipated losses which could negatively impact our financial results or limit our ability to operate our Chemicals Segment’s business.
  • If some or all of our intellectual property were to be declared invalid, held to be unenforceable or copied by competitors or some or all of our confidential information become known to competitors, or if our competitors were to develop similar or superior intellectual property or technology, our ability to compete could be adversely impacted.
  • Global climate change laws and regulations could negatively impact our financial results or limit our ability to operate our businesses.
  • General Risk Factors
  • Operating as a global business presents risks associated with global and regional economic, political and regulatory environments.
  • Technology failures or cybersecurity breaches could have a material adverse effect on our operations.
  • Physical impacts of climate change could have a material adverse effect on our costs and operations.

Legal proceedings

We are involved in various legal proceedings. In addition to information included below, certain information called for by this Item is included in Note 18 to our Consolidated Financial Statements, which is incorporated herein by reference.

Lead Pigment Litigation – NL

NL’s former operations included the manufacture of lead pigments for use in paint and lead-based paint. NL, other former manufacturers of lead pigments for use in paint and lead-based paint (together, the “former pigment manufacturers”), and the Lead Industries Association (“LIA”), which discontinued business operations in 2002, have previously been named as defendants in various legal proceedings seeking damages for personal injury, property damage and governmental expenditures allegedly caused by the use of lead-based paints. Certain of these actions were filed by or on behalf of states, counties, cities or their public housing authorities and school districts, and certain others were asserted as class actions. NL currently has no pending lead paint class action cases or pending lead paint cases brought by housing authorities, school districts or other government entities.

The opening of Item 3, Legal Proceedings.15

Sources

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