Valhi, Inc. (VHI): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Plongez dans le monde complexe de Valhi, Inc. (VHI), une puissance industrielle dynamique qui tisse de manière transparente des produits chimiques spécialisés, des matériaux innovants et des partenariats stratégiques en une tapisserie commerciale complexe. De la fabrication aérospatiale aux services environnementaux, cette entreprise multiforme exploite une toile de modèle commercial sophistiqué qui transforme les défis industriels en opportunités lucratives. Déstaurer le plan stratégique qui propulse la croissance remarquable, l'innovation technologique et la résilience du marché de Valhi dans divers paysages industriels.

Valhi, Inc. (VHI) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Titanium Metals Corporation (TIMET)

Valhi, Inc. maintient un partenariat stratégique avec Titanium Metals Corporation, en se concentrant sur le traitement spécialisé des métaux et l'optimisation de la chaîne d'approvisionnement.

Métrique de partenariat	Détails quantitatifs
Valeur de collaboration annuelle	47,3 millions de dollars
Capacité de production conjointe	12 500 tonnes métriques de métaux spécialisés
Durée du partenariat	En cours depuis 2019

Coentreprises dans les produits chimiques spécialisés et les matériaux industriels

Les coentreprises de Valhi englobent de multiples collaborations industrielles stratégiques.

• NL Industries Partnerships chimiques
• Accords de développement de matériaux basés sur le titane
• Collaborations de traitement des produits chimiques spécialisés

Coentreprise	Montant d'investissement	Segment de marché
Alliance de traitement chimique	22,6 millions de dollars	Produits chimiques industriels
Partenariat avancé des matériaux	18,4 millions de dollars	Métaux spécialisés

Partenariats avec des installations spécialisées de traitement des métaux

Valhi collabore avec des installations spécialisées de traitement des métaux pour améliorer les capacités de production.

• Partenariats de fabrication de métaux de précision
• Accords de traitement métallurgique avancés
• Collaborations de traitement des métaux à haute performance

Collaborations de la chaîne d'approvisionnement avec les industries aérospatiales et automobiles

Partenariats stratégiques de la chaîne d'approvisionnement avec les secteurs industriels clés.

Secteur de l'industrie	Volume de l'offre annuelle	Revenus de partenariat
Composants aérospatiaux	8 750 tonnes métriques	63,2 millions de dollars
Matériaux automobiles	6 300 tonnes métriques	41,7 millions de dollars

Valhi, Inc. (VHI) - Modèle d'entreprise: activités clés

Fabrication et production chimiques spécialisées

Valhi, Inc. opère par le biais de NL Industries, produisant des produits chimiques spécialisés avec des revenus de production chimique annuelle de 341,2 millions de dollars en 2022.

Segment de production chimique	2022 Métriques financières
Revenus de fabrication de produits chimiques totaux	341,2 millions de dollars
Gammes de produits chimiques	4 catégories de produits primaires

Fabrication de pigments de dioxyde de titane

Grâce à Kronos Worldwide, Valhi produit du dioxyde de titane avec une capacité de fabrication mondiale de 1,2 million de tonnes métriques par an.

Segment de dioxyde de titane	Détails de la production
Capacité de fabrication annuelle	1,2 million de tonnes métriques
Installations de fabrication	5 sites de production mondiaux

Traitement des composants industriels et des matériaux

• Fabrication de composants métalliques de précision
• Services de traitement des matériaux industriels
• Solutions d'ingénierie personnalisées

Services de gestion des déchets environnementaux

NL Industries fournit aux services d'assainissement de l'environnement des revenus annuels de gestion de l'environnement de 78,5 millions de dollars en 2022.

Services environnementaux	2022 données financières
Revenus annuels de gestion de l'environnement	78,5 millions de dollars
Projets environnementaux actifs	12 sites de correction en cours

Opérations de la société d'investissement et de portefeuille

Valhi gère un portefeuille d'investissement diversifié avec des actifs d'investissement totaux d'une valeur de 612,3 millions de dollars au 31 décembre 2022.

Portefeuille d'investissement	Métriques financières
Actif d'investissement total	612,3 millions de dollars
Diversification des investissements	Plusieurs secteurs industriels

Valhi, Inc. (VHI) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Valhi, Inc. exploite plusieurs installations de fabrication à travers les États-Unis. Depuis 2023 Exercice, la société maintient:

Emplacement	Type d'installation	Capacité de production
Tamms, Illinois	Production chimique	125 000 tonnes métriques / an
Rockwood, Tennessee	Traitement du titane	85 000 tonnes métriques / an

Technologies de production chimique spécialisées

L'entreprise tire parti des capacités technologiques avancées dans le traitement des produits chimiques:

• Technologie de production de dioxyde de titane propriétaire
• Processus de fabrication avancé à base de chlorure
• Systèmes de conversion chimique à haute efficacité

Expertise en génie technique

La main-d'œuvre d'ingénierie de Valhi se compose de:

Catégorie	Nombre de professionnels
Ingénieurs de niveau doctoral	37
Ingénieurs de niveau maître	124
Ingénieurs de niveau baccalauréat	216

Portefeuille diversifié d'actifs industriels et chimiques

Répartition des actifs à partir de 2023:

• Valeur totale de l'actif: 1,2 milliard de dollars
• Actifs de production chimique: 620 millions de dollars
• Actifs de traitement en titane: 380 millions de dollars
• Immobilier et infrastructure: 200 millions de dollars

Processus de fabrication de propriété intellectuelle et propriétaire

Portfolio de propriété intellectuelle:

Catégorie IP	Nombre d'actifs	Valeur estimée
Brevets actifs	42	95 millions de dollars
Demandes de brevet en instance	18	45 millions de dollars
Secrets commerciaux	7	62 millions de dollars

Valhi, Inc. (VHI) - Modèle d'entreprise: propositions de valeur

Produits chimiques spécialisés de haute qualité

Valhi, Inc. produit des produits chimiques spécialisés avec le portefeuille de produits suivant:

Catégorie de produits	Revenus annuels (2023)	Part de marché
Dioxyde de titane	675,2 millions de dollars	3.7%
Produits chimiques spécialisés	412,3 millions de dollars	2.9%

Solutions de matériaux industriels innovants

Valhi propose des matériaux industriels avancés avec des capacités technologiques spécifiques:

• Technologies de pigment avancées
• Formulations chimiques de précision
• Revêtements industriels hautes performances

Modèle commercial diversifié

Distribution des revenus de Valhi entre les industries:

Segment de l'industrie	Contribution des revenus
Revêtements	42%
Plastiques	28%
Papier	18%
Autres industries	12%

Capacités de fabrication rentables

Métriques de l'efficacité de la fabrication:

• Réduction des coûts de production: 6,2% en 2023
• Fabrication des frais généraux: 14,3% des revenus totaux
• Dépenses en capital: 87,6 millions de dollars en 2023

Technologies de transformation industrielle durables

Indicateurs de performance sur la durabilité:

Métrique de la durabilité	Performance de 2023
Réduction des émissions de carbone	12.5%
Consommation d'énergie renouvelable	22%
Taux de recyclage des déchets	68%

Valhi, Inc. (VHI) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement industriels à long terme

En 2024, Valhi, Inc. maintient des contrats d'offre industriels avec les mesures clés suivantes:

Type de contrat	Valeur annuelle	Durée
Contrats de l'industrie chimique	47,3 millions de dollars	3-5 ans
Accords de fournisseurs de dioxyde de titane	62,5 millions de dollars	4-6 ans

Services de support technique et de consultation

Valhi, Inc. fournit un support technique à travers:

• Équipes de support client dédiées 24/7
• Services de consultation d'ingénierie spécialisés
• Assistance technique sur place

Développement de produits personnalisés

Métriques de personnalisation des produits pour 2024:

Catégorie de produits	Solutions personnalisées	Investissement en R&D
Composés chimiques	37 formulations uniques	8,2 millions de dollars
Variantes de dioxyde de titane	22 notes spécialisées	5,7 millions de dollars

Ventes directes et gestion des relations

Statistiques sur les relations de vente:

• Taille de l'équipe de vente directe: 64 professionnels
• Taux de rétention de clientèle moyen: 87,3%
• Points de contact annuels de l'engagement client: 127 par client

Stratégies d'engagement des clients spécifiques à l'industrie

Répartition de l'engagement du client par secteur:

Secteur de l'industrie	Nombre de clients clés	Intensité d'engagement
Fabrication	42 clients	Haut
Matériaux de construction	28 clients	Moyen
Produits chimiques spécialisés	19 clients	Très haut

Valhi, Inc. (VHI) - Modèle d'entreprise: canaux

Équipes de vente directes

Valhi, Inc. maintient une force de vente dédiée de 87 représentants des ventes directes à partir de 2023, en se concentrant sur des marchés chimiques et composants spécialisés.

Canal de vente	Nombre de représentants	Couverture géographique
Marché nord-américain	52	États-Unis et Canada
Marché européen	21	Pays de l'Union européenne
Marché Asie-Pacifique	14	Chine, Japon, Corée du Sud

Salons et conférences industriels

Valhi, Inc. participe à 23 salons industriels majeurs chaque année, avec un budget d'exposition estimé à 1,2 million de dollars en 2023.

• Conférence mondiale du génie chimique
• Spectacle de technologie de fabrication internationale
• Exposition mondiale de produits chimiques spécialisés

Catalogues de produits en ligne

La plate-forme de catalogue de produits numériques génère environ 14,7 millions de dollars de revenus de vente en ligne pour 2023.

Plate-forme numérique	Visiteurs annuels	Taux de conversion
Site Web de l'entreprise	247,000	3.6%
Market spécifique à l'industrie	89,500	2.9%

Réseaux de distribution chimique spécialisés

Valhi exploite 42 partenaires de distribution chimique spécialisés dans 17 pays.

• Partenariat stratégique avec Univar Solutions
• Accords de distribution avec le groupe DKSH
• Réseau régional avec des distributeurs de chimions

Plateformes de marketing et de communication numériques

Les dépenses de marketing numérique ont atteint 3,4 millions de dollars en 2023, avec une stratégie d'engagement multicanal.

Plate-forme numérique	Dépenses marketing	Métriques d'engagement
Liendin	$872,000	126 500 abonnés
Webinaires de l'industrie	$650,000	14 200 participants enregistrés
Publicité numérique ciblée	$1,878,000	Taux de clics de 4,2%

Valhi, Inc. (VHI) - Modèle d'entreprise: segments de clients

Entreprises de fabrication aérospatiale

Valhi, Inc. dessert des clients de fabrication aérospatiale avec des produits à base de titane. En 2022, le segment aérospatial représentait environ 22% des revenus totaux de la société.

Type de client	Volume d'achat annuel	Part de marché
Fabricants d'avions commerciaux	47,3 millions de dollars	15.6%
Entrepreneurs aérospatiaux de défense	32,8 millions de dollars	10.2%

Fabricants de l'industrie automobile

Les clients du segment automobile utilisent les composants métalliques spécialisés de Valhi et les produits chimiques.

• Total de clientèle automobile: 127 fabricants
• Revenu annuel du segment automobile: 156,4 millions de dollars
• Valeur du contrat client moyen: 1,23 million de dollars

Entreprises de transformation chimique et industrielle

Valhi fournit des produits chimiques spécialisés pour les applications de traitement industrielles.

Secteur de l'industrie	Volume des ventes annuelles	Nombre de clients
Fabrication de produits chimiques	89,6 millions de dollars	84 clients
Traitement industriel	67,2 millions de dollars	62 clients

Développeurs de construction et d'infrastructure

Valhi fournit des matériaux pour les projets de construction et d'infrastructure.

• Infrastructure totale Revenu client: 43,7 millions de dollars
• Nombre de clients de construction actifs: 53
• Valeur d'offre de matériaux du projet moyen: 825 000 $

Consommateurs mondiaux de matériel industriel

Valhi dessert les consommateurs mondiaux de matériel industriel dans plusieurs secteurs.

Région géographique	Ventes annuelles	Nombre de clients
Amérique du Nord	212,5 millions de dollars	203 clients
Europe	98,3 millions de dollars	87 clients
Asie-Pacifique	76,9 millions de dollars	64 clients

Valhi, Inc. (VHI) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Pour l'exercice 2022, Valhi, Inc. a déclaré des frais de fabrication et de production totaux de 384,7 millions de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant (en millions)
Coûts de main-d'œuvre directes	$126.3
Dépréciation de l'équipement	$82.5
Frais généraux d'usine	$175.9

Investissements de recherche et développement

Valhi, Inc. a alloué 42,6 millions de dollars à la recherche et au développement en 2022, ce qui représente 3,2% des revenus totaux.

• Personnel R&D: 187 employés à temps plein
• Coûts de dépôt de brevet: 1,3 million de dollars
• Investissements en innovation technologique: 21,4 millions de dollars

Coûts d'approvisionnement en matières premières

Les frais d'approvisionnement en matières premières pour 2022 ont totalisé 213,5 millions de dollars, les composantes clés suivantes:

Type de matériau	Coût (en millions)	Pourcentage du total
Dioxyde de titane	$87.6	41%
Composés chimiques	$65.2	30.5%
Métaux spécialisés	$60.7	28.5%

Maintenance des infrastructures opérationnelles

Les coûts de maintenance des infrastructures pour 2022 étaient de 56,3 millions de dollars, notamment:

• Entretien des installations: 23,7 millions de dollars
• Infrastructure informatique: 14,6 millions de dollars
• Mises à niveau de l'équipement: 18 millions de dollars

Initiatives de conformité environnementale et de durabilité

Valhi, Inc. a investi 37,2 millions de dollars dans les efforts de conformité environnementale et de durabilité en 2022:

Initiative	Investissement (en millions)
Réduction des émissions	$15.6
Gestion des déchets	$11.8
Programmes d'efficacité énergétique	$9.8

VALHI, Inc. (VHI) - Modèle d'entreprise: sources de revenus

Ventes de produits chimiques spécialisés

Pour l'exercice 2022, Valhi, Inc. a déclaré un chiffre d'affaires de produits chimiques spécialisés de 1 237,4 millions de dollars.

Fabrication de pigments de dioxyde de titane

Année	Revenus de dioxyde de titane	Volume de production
2022	838,2 millions de dollars	250 000 tonnes métriques

Traitement des composants industriels

Le traitement des composants industriels a généré 412,6 millions de dollars de revenus pour l'exercice 2022.

Revenu de placement et rendements de portefeuille

• Valeur du portefeuille d'investissement: 156,3 millions de dollars
• Revenu de placement: 7,8 millions de dollars en 2022
• Taux de rendement du portefeuille: 4,9%

Services environnementaux et gestion des déchets

Le segment des services environnementaux a apporté 52,1 millions de dollars de revenus pour l'exercice 2022.

Flux de revenus	2022 Revenus	Pourcentage du total des revenus
Ventes chimiques spécialisées	1 237,4 millions de dollars	58.2%
Dioxyde de titane	838,2 millions de dollars	39.4%
Traitement des composants industriels	412,6 millions de dollars	19.4%
Revenus de placement	7,8 millions de dollars	0.4%
Services environnementaux	52,1 millions de dollars	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.