Valhi, Inc. (VHI): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Valhi, Inc. (VHI), einem dynamischen Industrieunternehmen, das Spezialchemikalien, innovative Materialien und strategische Partnerschaften nahtlos zu einem komplexen Geschäftsgefüge verbindet. Von der Luft- und Raumfahrtfertigung bis hin zu Umweltdienstleistungen nutzt dieses vielseitige Unternehmen ein ausgefeiltes Business Model Canvas, das industrielle Herausforderungen in lukrative Chancen verwandelt. Entschlüsseln Sie den strategischen Plan, der Valhis bemerkenswertes Wachstum, technologische Innovation und Marktstabilität in verschiedenen Industrielandschaften vorantreibt.

Valhi, Inc. (VHI) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Titanium Metals Corporation (TIMET)

Valhi, Inc. unterhält eine strategische Partnerschaft mit Titanium Metals Corporation, die sich auf die spezialisierte Metallverarbeitung und die Optimierung der Lieferkette konzentriert.

Partnerschaftsmetrik	Quantitative Details
Jährlicher Kooperationswert	47,3 Millionen US-Dollar
Gemeinsame Produktionskapazität	12.500 Tonnen Spezialmetalle
Dauer der Partnerschaft	Laufend seit 2019

Joint Ventures in den Bereichen Spezialchemikalien und Industriematerialien

Die Joint Ventures von Valhi umfassen mehrere strategische Industriekooperationen.

• Chemiepartnerschaften von NL Industries
• Entwicklungsvereinbarungen für Materialien auf Titanbasis
• Kooperationen in der Spezialchemieverarbeitung

Joint Venture	Investitionsbetrag	Marktsegment
Allianz für chemische Verarbeitung	22,6 Millionen US-Dollar	Industriechemikalien
Partnerschaft für fortgeschrittene Materialien	18,4 Millionen US-Dollar	Spezialmetalle

Partnerschaften mit Spezialmetallverarbeitungsbetrieben

Valhi arbeitet mit spezialisierten Metallverarbeitungsbetrieben zusammen, um die Produktionskapazitäten zu verbessern.

• Partnerschaften in der Präzisionsmetallfertigung
• Erweiterte metallurgische Verarbeitungsvereinbarungen
• Leistungsstarke Kooperationen in der Metallbearbeitung

Lieferkettenkooperationen mit der Luft- und Raumfahrt- und Automobilindustrie

Strategische Lieferkettenpartnerschaften mit wichtigen Industriesektoren.

Industriesektor	Jährliches Liefervolumen	Partnerschaftseinnahmen
Luft- und Raumfahrtkomponenten	8.750 Tonnen	63,2 Millionen US-Dollar
Automobilmaterialien	6.300 Tonnen	41,7 Millionen US-Dollar

Valhi, Inc. (VHI) – Geschäftsmodell: Hauptaktivitäten

Herstellung und Produktion von Spezialchemikalien

Valhi, Inc. ist über NL Industries tätig und produziert Spezialchemikalien mit einem jährlichen Chemieproduktionsumsatz von 341,2 Millionen US-Dollar im Jahr 2022.

Segment Chemieproduktion	Finanzkennzahlen 2022
Gesamtertrag aus der Chemieproduktion	341,2 Millionen US-Dollar
Chemische Produktlinien	4 Hauptproduktkategorien

Herstellung von Titandioxidpigmenten

Über Kronos Worldwide produziert Valhi Titandioxid mit einer weltweiten Produktionskapazität von 1,2 Millionen Tonnen pro Jahr.

Titandioxid-Segment	Produktionsdetails
Jährliche Produktionskapazität	1,2 Millionen Tonnen
Produktionsanlagen	5 globale Produktionsstandorte

Industrielle Komponenten- und Materialverarbeitung

• Präzisionsfertigung von Metallkomponenten
• Dienstleistungen im Bereich der industriellen Materialverarbeitung
• Maßgeschneiderte Engineering-Lösungen

Umweltabfallmanagementdienste

NL Industries bietet Umweltsanierungsdienste mit einem jährlichen Umweltmanagementumsatz von 78,5 Millionen US-Dollar im Jahr 2022 an.

Umweltdienste	Finanzdaten 2022
Jährlicher Umsatz aus dem Umweltmanagement	78,5 Millionen US-Dollar
Aktive Umweltprojekte	12 laufende Sanierungsstandorte

Betrieb von Investment- und Holdinggesellschaften

Valhi verwaltet ein vielfältiges Anlageportfolio mit einem Gesamtanlagevermögen von 612,3 Millionen US-Dollar (Stand: 31. Dezember 2022).

Anlageportfolio	Finanzkennzahlen
Gesamtinvestitionsvermögen	612,3 Millionen US-Dollar
Diversifizierung der Investitionen	Mehrere Branchen

Valhi, Inc. (VHI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Valhi, Inc. betreibt mehrere Produktionsstätten in den Vereinigten Staaten. Ab dem Geschäftsjahr 2023 unterhält das Unternehmen:

Standort	Einrichtungstyp	Produktionskapazität
Tamms, Illinois	Chemische Produktion	125.000 Tonnen/Jahr
Rockwood, Tennessee	Titanverarbeitung	85.000 Tonnen/Jahr

Spezialisierte chemische Produktionstechnologien

Das Unternehmen nutzt fortschrittliche technologische Fähigkeiten in der chemischen Verarbeitung:

• Proprietäre Titandioxid-Produktionstechnologie
• Fortschrittlicher Herstellungsprozess auf Chloridbasis
• Hocheffiziente chemische Umwandlungssysteme

Technisches Ingenieurswissen

Die technische Belegschaft von Valhi besteht aus:

Kategorie	Anzahl der Fachkräfte
Ingenieure auf PhD-Niveau	37
Ingenieure auf Master-Niveau	124
Ingenieure auf Bachelor-Niveau	216

Vielfältiges Portfolio an Industrie- und Chemieanlagen

Vermögensaufteilung ab 2023:

• Gesamtvermögenswert: 1,2 Milliarden US-Dollar
• Chemieproduktionsanlagen: 620 Millionen US-Dollar
• Titanverarbeitungsvermögen: 380 Millionen US-Dollar
• Immobilien und Infrastruktur: 200 Millionen US-Dollar

Geistiges Eigentum und proprietäre Herstellungsprozesse

Portfolio an geistigem Eigentum:

IP-Kategorie	Anzahl der Vermögenswerte	Geschätzter Wert
Aktive Patente	42	95 Millionen Dollar
Ausstehende Patentanmeldungen	18	45 Millionen Dollar
Geschäftsgeheimnisse	7	62 Millionen Dollar

Valhi, Inc. (VHI) – Geschäftsmodell: Wertversprechen

Hochwertige Spezialchemieprodukte

Valhi, Inc. produziert Spezialchemikalien mit folgendem Produktportfolio:

Produktkategorie	Jahresumsatz (2023)	Marktanteil
Titandioxid	675,2 Millionen US-Dollar	3.7%
Spezialchemikalien	412,3 Millionen US-Dollar	2.9%

Innovative industrielle Materiallösungen

Valhi bietet fortschrittliche Industriematerialien mit spezifischen technologischen Fähigkeiten:

• Fortschrittliche Pigmenttechnologien
• Präzise chemische Formulierungen
• Hochleistungsfähige Industriebeschichtungen

Diversifiziertes Geschäftsmodell

Valhis Umsatzverteilung nach Branchen:

Branchensegment	Umsatzbeitrag
Beschichtungen	42%
Kunststoffe	28%
Papier	18%
Andere Branchen	12%

Kostengünstige Fertigungsmöglichkeiten

Kennzahlen zur Fertigungseffizienz:

• Reduzierung der Produktionskosten: 6,2 % im Jahr 2023
• Fertigungsgemeinkosten: 14,3 % des Gesamtumsatzes
• Kapitalausgaben: 87,6 Millionen US-Dollar im Jahr 2023

Nachhaltige industrielle Verarbeitungstechnologien

Nachhaltigkeitsleistungsindikatoren:

Nachhaltigkeitsmetrik	Leistung 2023
Reduzierung der Kohlenstoffemissionen	12.5%
Nutzung erneuerbarer Energien	22%
Abfallrecyclingquote	68%

Valhi, Inc. (VHI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Industrielieferverträge

Ab 2024 unterhält Valhi, Inc. industrielle Lieferverträge mit den folgenden Schlüsselkennzahlen:

Vertragstyp	Jährlicher Wert	Dauer
Verträge für die chemische Industrie	47,3 Millionen US-Dollar	3-5 Jahre
Lieferantenvereinbarungen für Titandioxid	62,5 Millionen US-Dollar	4-6 Jahre

Technischer Support und Beratungsdienste

Valhi, Inc. bietet technischen Support durch:

• Engagierte Kundendienstteams rund um die Uhr
• Spezialisierte technische Beratungsdienste
• Technische Unterstützung vor Ort

Maßgeschneiderte Produktentwicklung

Kennzahlen zur Produktanpassung für 2024:

Produktkategorie	Maßgeschneiderte Lösungen	F&E-Investitionen
Chemische Verbindungen	37 einzigartige Formulierungen	8,2 Millionen US-Dollar
Titandioxid-Varianten	22 Spezialklassen	5,7 Millionen US-Dollar

Direktvertrieb und Beziehungsmanagement

Statistiken zu Vertriebsbeziehungen:

• Größe des Direktvertriebsteams: 64 Fachleute
• Durchschnittliche Kundenbindungsrate: 87,3 %
• Jährliche Kundenkontaktpunkte: 127 pro Kunde

Branchenspezifische Strategien zur Kundenbindung

Aufschlüsselung des Kundenengagements nach Sektor:

Industriesektor	Anzahl der Schlüsselkunden	Engagement-Intensität
Herstellung	42 Kunden	Hoch
Baumaterialien	28 Kunden	Mittel
Spezialchemikalien	19 Kunden	Sehr hoch

Valhi, Inc. (VHI) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Valhi, Inc. unterhält ab 2023 ein eigenes Vertriebsteam von 87 Direktvertriebsmitarbeitern, das sich auf spezialisierte Chemie- und Komponentenmärkte konzentriert.

Vertriebskanal	Anzahl der Vertreter	Geografische Abdeckung
Nordamerikanischer Markt	52	Vereinigte Staaten und Kanada
Europäischer Markt	21	Länder der Europäischen Union
Asien-Pazifik-Markt	14	China, Japan, Südkorea

Industriemessen und Konferenzen

Valhi, Inc. nimmt jährlich an 23 großen Industriemessen teil, mit einem geschätzten Ausstellungsbudget von 1,2 Millionen US-Dollar im Jahr 2023.

• Weltkonferenz für Chemieingenieurwesen
• Internationale Ausstellung für Fertigungstechnologie
• Globale Fachmesse für Spezialchemikalien

Online-Produktkataloge

Die Plattform für digitale Produktkataloge generiert im Jahr 2023 einen Online-Umsatz von rund 14,7 Millionen US-Dollar.

Digitale Plattform	Jährliche Besucher	Conversion-Rate
Unternehmenswebsite	247,000	3.6%
Branchenspezifischer Marktplatz	89,500	2.9%

Spezialisierte Vertriebsnetze für Chemikalien

Valhi ist über 42 spezialisierte Chemievertriebspartner in 17 Ländern tätig.

• Strategische Partnerschaft mit Univar Solutions
• Vertriebsvereinbarungen mit der DKSH-Gruppe
• Regionales Netzwerk mit ChemOne-Distributoren

Digitale Marketing- und Kommunikationsplattformen

Die Ausgaben für digitales Marketing erreichten im Jahr 2023 3,4 Millionen US-Dollar, mit einer Multi-Channel-Engagement-Strategie.

Digitale Plattform	Marketingausgaben	Engagement-Kennzahlen
LinkedIn	$872,000	126.500 Follower
Branchen-Webinare	$650,000	14.200 angemeldete Teilnehmer
Gezielte digitale Werbung	$1,878,000	4,2 % Klickrate

Valhi, Inc. (VHI) – Geschäftsmodell: Kundensegmente

Unternehmen der Luft- und Raumfahrtindustrie

Valhi, Inc. beliefert Kunden aus der Luft- und Raumfahrtindustrie mit Produkten auf Titanbasis. Im Jahr 2022 machte das Luft- und Raumfahrtsegment etwa 22 % des Gesamtumsatzes des Unternehmens aus.

Kundentyp	Jährliches Einkaufsvolumen	Marktanteil
Hersteller von Verkehrsflugzeugen	47,3 Millionen US-Dollar	15.6%
Auftragnehmer für Verteidigungsluft- und Raumfahrt	32,8 Millionen US-Dollar	10.2%

Hersteller der Automobilindustrie

Kunden im Automobilsegment nutzen die speziellen Metallkomponenten und chemischen Produkte von Valhi.

• Gesamter Automobilkundenstamm: 127 Hersteller
• Jährlicher Umsatz im Automobilsegment: 156,4 Millionen US-Dollar
• Durchschnittlicher Kundenvertragswert: 1,23 Millionen US-Dollar

Chemie- und Industrieverarbeitungsunternehmen

Valhi bietet spezielle chemische Produkte für industrielle Verarbeitungsanwendungen.

Industriesektor	Jährliches Verkaufsvolumen	Kundenanzahl
Herstellung von Chemikalien	89,6 Millionen US-Dollar	84 Kunden
Industrielle Verarbeitung	67,2 Millionen US-Dollar	62 Kunden

Bau- und Infrastrukturentwickler

Valhi liefert Materialien für Bau- und Infrastrukturprojekte.

• Gesamtumsatz mit Infrastrukturkunden: 43,7 Millionen US-Dollar
• Anzahl aktiver Baukunden: 53
• Durchschnittlicher Wert der Projektmateriallieferung: 825.000 US-Dollar

Globale industrielle Materialverbraucher

Valhi beliefert globale Industriematerialverbraucher in verschiedenen Sektoren.

Geografische Region	Jährlicher Verkauf	Anzahl der Kunden
Nordamerika	212,5 Millionen US-Dollar	203 Kunden
Europa	98,3 Millionen US-Dollar	87 Kunden
Asien-Pazifik	76,9 Millionen US-Dollar	64 Kunden

Valhi, Inc. (VHI) – Geschäftsmodell: Kostenstruktur

Herstellungs- und Produktionskosten

Für das Geschäftsjahr 2022 meldete Valhi, Inc. Gesamtherstellungs- und Produktionskosten in Höhe von 384,7 Millionen US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag (in Millionen)
Direkte Arbeitskosten	$126.3
Abschreibung der Ausrüstung	$82.5
Fabrik-Overhead	$175.9

Forschungs- und Entwicklungsinvestitionen

Valhi, Inc. stellte im Jahr 2022 42,6 Millionen US-Dollar für Forschung und Entwicklung bereit, was 3,2 % des Gesamtumsatzes entspricht.

• F&E-Personal: 187 Vollzeitmitarbeiter
• Kosten für die Patentanmeldung: 1,3 Millionen US-Dollar
• Investitionen in technologische Innovationen: 21,4 Millionen US-Dollar

Kosten für die Beschaffung von Rohstoffen

Die Ausgaben für die Beschaffung von Rohstoffen beliefen sich im Jahr 2022 auf insgesamt 213,5 Millionen US-Dollar und setzten sich aus folgenden Schlüsselkomponenten zusammen:

Materialtyp	Kosten (in Millionen)	Prozentsatz der Gesamtsumme
Titandioxid	$87.6	41%
Chemische Verbindungen	$65.2	30.5%
Spezialmetalle	$60.7	28.5%

Wartung der betrieblichen Infrastruktur

Die Wartungskosten für die Infrastruktur beliefen sich im Jahr 2022 auf 56,3 Millionen US-Dollar, darunter:

• Wartung der Anlage: 23,7 Millionen US-Dollar
• IT-Infrastruktur: 14,6 Millionen US-Dollar
• Ausrüstungs-Upgrades: 18 Millionen US-Dollar

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Valhi, Inc. investierte im Jahr 2022 37,2 Millionen US-Dollar in Umweltschutz- und Nachhaltigkeitsbemühungen:

Initiative	Investition (in Millionen)
Emissionsreduzierung	$15.6
Abfallmanagement	$11.8
Energieeffizienzprogramme	$9.8

Valhi, Inc. (VHI) – Geschäftsmodell: Einnahmequellen

Verkauf von Spezialchemikalienprodukten

Für das Geschäftsjahr 2022 meldete Valhi, Inc. einen Umsatz mit Spezialchemikalienprodukten in Höhe von 1.237,4 Millionen US-Dollar.

Herstellung von Titandioxidpigmenten

Jahr	Umsatz mit Titandioxid	Produktionsvolumen
2022	838,2 Millionen US-Dollar	250.000 Tonnen

Industrielle Komponentenbearbeitung

Die industrielle Komponentenverarbeitung erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 412,6 Millionen US-Dollar.

Anlageerträge und Portfoliorenditen

• Wert des Anlageportfolios: 156,3 Millionen US-Dollar
• Kapitalertrag: 7,8 Millionen US-Dollar im Jahr 2022
• Portfoliorendite: 4,9 %

Umweltdienstleistungen und Abfallmanagement

Das Segment Umweltdienstleistungen trug im Geschäftsjahr 2022 52,1 Millionen US-Dollar zum Umsatz bei.

Einnahmequelle	Umsatz 2022	Prozentsatz des Gesamtumsatzes
Vertrieb von Spezialchemikalien	1.237,4 Millionen US-Dollar	58.2%
Titandioxid	838,2 Millionen US-Dollar	39.4%
Industrielle Komponentenbearbeitung	412,6 Millionen US-Dollar	19.4%
Kapitalerträge	7,8 Millionen US-Dollar	0.4%
Umweltdienste	52,1 Millionen US-Dollar	2.5%

Valhi, Inc. (VHI) - Canvas Business Model: Value Propositions

Chemicals: High-quality, essential white pigment (TiO2) for industrial applications.

Valhi, Inc. provides titanium dioxide (TiO2) pigments, which are white inorganic pigments used by paint, plastics, decorative laminate, and paper manufacturers. These pigments are essential for enhancing brightness and opacity, and providing UV resistance in end products. The Chemicals Segment generated net sales of approximately $1.4 billion over the first nine months of 2025. Average TiO2 selling prices in the first quarter of 2025 were 2% higher than the average prices during the first quarter of 2024.

Component Products: Specialized security solutions and durable recreational marine components.

The Component Products Segment manufactures security products, including mechanical and electrical cabinet locks for use in mailboxes, file cabinets, tool storage, and medical cabinetry security applications. This segment also provides durable recreational marine components such as stainless steel exhaust components, gauges, throttle controls, wake enhancement systems, and trim tabs, primarily for performance and ski/wakeboard boats. Net sales for this segment reached $120.6 million for the first nine months of 2025.

Real Estate: Long-term value creation through strategic land development and sales.

The Real Estate Management and Development Segment offers utility services to industrial customers, owns real properties, and develops land holdings for commercial, industrial, and residential purposes. For the first nine months of 2025, this segment recorded net sales of $20.8 million.

Diversified business model mitigating cyclical risk across three distinct industries.

Valhi, Inc. operates across the chemicals, component products, and real estate management and development industries, which provides a hedge against downturns in any single sector. The performance of the segments in the first nine months of 2025 illustrates this interplay: lower operating results from the Chemicals Segment were partially offset by higher operating results from the Component Products and Real Estate Management and Development Segments.

Segment	Net Sales (9 Months Ended September 30, 2025)	Net Sales (9 Months Ended September 30, 2024)
Chemicals	Approximately $1.4 billion	Net sales for the first nine months of 2025 were $22.9 million, or 2%, lower than in the first nine months of 2024
Component Products	$120.6 million	$107.5 million
Real Estate Management and Development	$20.8 million	$52.4 million

The consolidated results for the first nine months of 2025 showed a net loss attributable to Valhi stockholders of $4.4 million, a significant change from the net income of $85.2 million reported for the same period in 2024.

• The Chemicals Segment's operating income for the first nine months of 2025 was $51.5 million.
• The Chemicals Segment's Q3 2025 net sales were $456.9 million.
• The Component Products Segment's Q3 2025 net sales were $40.0 million.
• The Real Estate Management and Development Segment's Q3 2025 net sales were $6.6 million.

Finance: Reconcile the sum of segment sales for 9M 2025 against the reported total net sales from the Q2 2025 report for consistency by next Tuesday.

Valhi, Inc. (VHI) - Canvas Business Model: Customer Relationships

You're looking at how Valhi, Inc. (VHI) manages its connections with the diverse buyers across its Chemicals, Component Products, and Real Estate segments as of late 2025. The relationship style clearly shifts based on the revenue driver.

Dedicated B2B sales teams and technical support for large chemical customers.

The Chemicals Segment is the core revenue generator, making up 89.7% of total revenue, or \$1.89B based on one reported total revenue figure, and \$1.4 billion for the first nine months of 2025. This scale necessitates deep, specialized relationships. While no single customer hit 10% of Chemicals Segment net sales in 2021, the largest ten customers still accounted for approximately 39% of that segment's net sales in 2024, pointing to a concentrated, high-touch sales effort for these key accounts. Technical support is implied by the focus on production, with Q1 2025 TiO2 production volumes up 18% YoY and capacity utilization at 93%.

Direct sales and account management for government security contracts.

The Component Products Segment, which includes security products, relies on direct account management for specific large buyers. Net sales for this segment in the third quarter of 2025 were \$40.0 million, an increase from \$33.6 million in the third quarter of 2024. This growth was explicitly driven by 'higher security products sales primarily to the government security market'. For the first nine months of 2025, net sales reached \$120.6 million.

Long-term, high-touch relationships with residential/planned community developers.

The Real Estate Management and Development Segment operates on project timelines, which demands close coordination with developers and permitting bodies. This segment recorded net sales of \$6.6 million in the third quarter of 2025, down from \$15.3 million in the third quarter of 2024. For the first nine months of 2025, net sales were \$20.8 million compared to \$52.4 million in the same period of 2024, reflecting the project-dependent nature of this revenue stream.

Transactional and repeat business models through distributors for smaller component sales.

The Component Products Segment also serves broader markets through marine components, suggesting a mix of transactional and repeat business, likely utilizing distributor channels for smaller industrial and towboat customers. Component Products net sales for the first six months of 2025 were \$80.6 million. The segment expects marine components sales to increase in 2025 due to higher expected sales to the government and industrial markets.

Here's a quick look at how the segments, which define the customer relationship types, performed in the third quarter of 2025:

Segment	Q3 2025 Net Sales (Millions USD)	YoY Change in Net Sales	Implied Relationship Focus
Chemicals	\$456.9	Decreased 6% YoY	Dedicated B2B/Technical Support
Component Products	\$40.0	Increased 19.0% YoY	Direct Sales (Govt) / Distributor (Marine)
Real Estate Management and Development	\$6.6	Decreased 56.9% YoY	Long-term Developer Coordination

The Component Products Segment's operating income increased to \$4.8 million in Q3 2025 from \$3.3 million in Q3 2024, driven by higher sales and gross margin at both security products and marine components units.

The Chemicals Segment saw its operating income decrease in the first nine months of 2025 compared to 2024, partly due to approximately \$45 million in additional unabsorbed fixed production costs from operating at reduced rates.

• Chemicals Segment capacity utilization in Q1 2025 was 93%.
• The Component Products Segment expects gross margin percentages in 2025 to be slightly above 2024 due to pricing improvements on the security products mix.
• Corporate expenses in the first nine months of 2025 were comparable to the same period in 2024.

Finance: review the Q3 2025 segment operating income variance against the Q3 2024 results by Friday.

Valhi, Inc. (VHI) - Canvas Business Model: Channels

You see how Valhi, Inc. (VHI) uses distinct pathways to get its products-from titanium dioxide (TiO2) pigment to security hardware-to its diverse customer base across the globe. The structure reflects the different needs of the Chemicals Segment versus the Component Products Segment.

To give you a sense of the scale these channels are moving, here are the net sales figures for the first nine months of 2025 across the main business areas:

Segment	Net Sales (First Nine Months 2025)	Primary Geographic Focus Mentioned
Chemicals Segment (TiO2)	$1.4 billion	North America, Europe, Asia
Component Products Segment	$120.6 million	Americas (Government, Marine)
Real Estate Management and Development Segment	$20.8 million	Henderson, Nevada (Implied)

The Chemicals Segment, which produces TiO2 under the KRONOS name, relies on a mix of direct and indirect routes to serve its global industrial customers.

• Direct sales force for large-volume TiO2 pigment contracts globally, serving industrial customers in coatings, plastics, and paper manufacturing.
• Independent agents and distributors for reaching smaller chemical and export markets.
• Export markets saw lower sales volumes in the third quarter of 2025 compared to the third quarter of 2024.

For the Component Products Segment, which includes CompX International and NL Industries, the channels are highly targeted based on the product line.

• Direct sales channels to government security and towboat markets for components, driving net sales increases in the third quarter of 2025.
• Distribution through original equipment manufacturers (OEMs) and aftermarket channels primarily in the Americas for security hardware.
• Direct sales channels to government and towboat markets for marine components.
• NL Industries products (metal finishing chemicals, surface treatments) are sold to automotive and industrial customers across North America.

The Real Estate Management and Development Segment utilizes its own dedicated teams to manage land transactions.

• Real estate sales teams managing land parcel transactions, though land sales revenue recognition is dependent on development spending and faced delays in Q1 2025 due to permitting issues.
• Net sales for this segment in the first nine months of 2025 were $20.8 million.

Finance: draft 13-week cash view by Friday.

Valhi, Inc. (VHI) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Valhi, Inc. (VHI) serves across its operating segments as of late 2025, based on the latest reported figures.

The Chemicals Segment, which is the largest revenue driver, primarily serves customers needing titanium dioxide ($\text{TiO}_2$) pigment, which are the global manufacturers of coatings, plastics, and paper products. For the full year 2024, this segment generated $1.89 Billion in revenue, representing 89.7% of Valhi, Inc.'s total revenue of $2.10 Billion. Looking at 2025 year-to-date figures, the Chemicals Segment's net sales for the first nine months reached $984.2 million.

The Component Products Segment targets more specialized industrial and government clients. You see direct sales activity to government security agencies and recreational transportation manufacturers. For instance, first quarter 2025 net sales for Component Products hit $40.3 million. This was driven by higher marine components sales to the towboat and government markets and higher security products sales to the government security market. The full-year 2024 revenue for this segment was $145.90 million.

The Real Estate Management and Development Segment serves the residential and commercial real estate developers/builders. This segment contributed $71.80 million to the 2024 total revenue. For the first nine months of 2025, this segment recorded net sales of $20.8 million.

Here is a breakdown of the revenue contribution by segment based on the 2024 full-year results, which gives you the clearest picture of the customer base scale:

Customer Group Proxy / Segment	2024 Revenue Amount	Percentage of Total 2024 Revenue
Global Paint, Plastics, Paper Manufacturers (Chemicals)	$1.89 Billion	89.7%
Government/Recreational Transport (Component Products)	$145.90 Million	6.9%
Real Estate Developers/Builders (Real Estate)	$71.80 Million	3.4%

The customer base for Component Products also includes industrial, office, and institutional furniture manufacturers, though specific revenue allocation within that segment isn't broken out separately from the $145.90 million total for 2024.

You should note the recent performance trends impacting these segments:

• Chemicals Segment net sales in Q2 2025 were $494.4 million.
• Component Products Segment net sales in Q1 2025 were $40.3 million.
• Real Estate Segment net sales in Q2 2025 were $5.7 million.

Finance: draft 13-week cash view by Friday.

Valhi, Inc. (VHI) - Canvas Business Model: Cost Structure

You're looking at the core expenses Valhi, Inc. is dealing with as of late 2025, which is crucial for understanding their margins, especially with the ongoing market dynamics in the Chemicals Segment. Here is the breakdown of the major cost components based on the latest filings.

High raw material costs (e.g., titanium ore, energy) for the Chemicals Segment

The Chemicals Segment has seen fluctuations in input costs. While the segment noted lower production costs, primarily raw materials, offsetting some operating income pressure in the first nine months of 2025, the risk remains present. The segment specifically cited changes in raw material and energy costs as a factor impacting performance. For instance, in the first quarter of 2025, decreases in per metric ton production costs (primarily raw materials, utilities) contributed to higher operating income compared to Q1 2024.

Manufacturing and fixed costs related to operating global chemical plants

Operating global chemical plants at reduced rates has directly impacted fixed cost absorption. The Chemicals Segment recognized significant unabsorbed fixed production costs due to lower operating rates at its facilities. This cost is a major drag on profitability when volumes are down. For the third quarter of 2025, these unabsorbed fixed costs were approximately $27 million. For the second quarter of 2025, this figure was approximately $20 million. Over the first nine months of 2025, the segment recognized approximately $45 million in additional unabsorbed fixed production costs compared to the prior year period.

Increased interest expense due to higher debt levels post-LPC acquisition

Higher overall debt levels, largely stemming from the 2024 Louisiana Pigment Company, L.P. (LPC) acquisition and associated debt transactions, have pushed interest expense higher. For the first nine months of 2025, interest expense increased by $5.3 million compared to the same period in 2024. This was driven by both higher overall debt levels and higher average interest rates. At September 30, 2025, Valhi, Inc.'s total debt stood at $662.3 million. For the third quarter of 2025 alone, interest expense was $1.5 million higher than in Q3 2024.

Here's a quick look at the interest expense trend for the periods reported:

Period Ended September 30, 2025	Interest Expense (Millions USD)	Change vs. Prior Year Period
Third Quarter 2025	Not explicitly stated, but increased by $1.5 million	Increased $1.5 million vs. Q3 2024
First Nine Months 2025	Not explicitly stated, but increased by $5.3 million	Increased $5.3 million vs. 9M 2024

Development costs for real estate parcels (e.g., infrastructure, permits)

Costs associated with real estate development are often offset by revenue recognition, which is dependent on spending for those activities. While direct development cost figures aren't detailed as an expense line item here, the Real Estate Management and Development Segment did report receiving significant infrastructure reimbursement. Year-to-date through Q3 2025, this segment aided consolidated results by recognizing $34.2 million in tax-increment infrastructure reimbursement.

Selling, general, and administrative (SG&A) expenses for corporate overhead

Corporate overhead, which includes Selling, General, and Administrative (SG&A) expenses, has shown variability. For the first nine months of 2025, corporate expenses were comparable to the same period in 2024. However, the third quarter of 2025 saw corporate expenses rise by 11% compared to Q3 2024, primarily due to higher litigation fees and related costs. This contrasts with the first six months of 2025, where corporate expenses were 5% lower year-over-year.

The overall corporate expense profile for the year-to-date periods looks like this:

• First Quarter 2025: Comparable to Q1 2024.
• First Six Months 2025: 5% lower than H1 2024.
• Third Quarter 2025: 11% higher than Q3 2024.
• First Nine Months 2025: Comparable to 9M 2024.

To be fair, the 2024 annual figure for Total Operating Expenses was $256.70 million, giving you a baseline for the overall overhead structure.

Finance: draft 13-week cash view by Friday.

Valhi, Inc. (VHI) - Canvas Business Model: Revenue Streams

You're looking at how Valhi, Inc. (VHI) actually brings in the money across its different operations as of late 2025. It's not just one thing; it's a mix of industrial chemicals, manufactured components, and real estate activity.

The bulk of the revenue comes from the Chemicals Segment, which is primarily through its majority-controlled subsidiary, Kronos Worldwide, Inc. For the first nine months of 2025, net sales from this segment totaled approximately $1.4 billion. This figure reflects the sales of value-added titanium dioxide pigments, or TiO2, used in various applications. To be fair, this was slightly lower than the prior year, with net sales for the first nine months of 2025 being 2% lower than the same period in 2024.

Next up is the Component Products Segment, operated through CompX International, Inc. This segment brought in net sales of $120.6 million for the first nine months of 2025. This revenue stream is built on manufacturing security products and marine components.

The third main source of revenue comes from the Real Estate Management and Development Segment, which includes operations through Basic Management, Inc. and The LandWell Company. Land sales revenue, which is recognized over time based on development activity, totaled $20.8 million for the first nine months of 2025. This was a decrease from the $52.4 million recognized in the first nine months of 2024.

Here's a quick look at the segment sales performance for the first nine months of 2025:

Revenue Stream Source	Net Sales (First Nine Months of 2025)
Chemicals Segment	$1.4 billion
Component Products Segment	$120.6 million
Real Estate Management and Development Segment (Land Sales)	$20.8 million

Finally, there is the stream related to subsidiary holdings, which manifests as dividend income received by Valhi, Inc. While the exact income amount received by the holding company isn't explicitly detailed in the segment breakdown, the regular cash flow from these ownership stakes is a key part of the model. For instance, the quarterly dividend declared to Valhi, Inc. shareholders was $0.0800 per share recently, with an annual dividend of $0.32 per share reported.

You can see the quarterly dividend pattern clearly:

• Payout Frequency: Quarterly
• Last Paid Amount (per share): $0.0800
• Upcoming Ex-Dividend Date (as of late 2025): November 21, 2025
• Annual Dividend (per share): $0.32

Finance: draft 13-week cash view by Friday.