Valhi, Inc. (VHI): Business Model Canvas [Dec-2025 Updated]

You're looking at Valhi, Inc. (VHI) and seeing a tangle of titanium dioxide, security parts, and land development-it's a lot to untangle, I know. After twenty years analyzing these structures, the key is seeing the three distinct engines driving the whole operation. Honestly, the chemicals segment is the giant, booking roughly \$1.4 billion in net sales for the first nine months of 2025, supported by the smaller component business and the long-term play in real estate sales. This canvas strips away the holding company complexity to show you where the real money is made and where the cost pressures-like those big titanium ore bills-are hitting hardest right now. Let's map out this unique, multi-industry machine.

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

You're looking at the core relationships that keep Valhi, Inc.'s diverse operations running, from titanium dioxide (TiO2) pigment production to specialized component manufacturing. These aren't just casual contacts; they are structural dependencies, especially given the holding company nature of Valhi, Inc. itself.

The most fundamental partnership is internal, yet critical for governance and capital flow. Valhi, Inc. maintains a controlling interest in its key operating subsidiaries. As of early 2025 filings, Valhi, Inc. directly held 82.7% of the outstanding common stock of NL Industries, Inc.. This relationship flows down to the chemicals segment, where NL Industries, Inc. owns approximately 31% of Kronos Worldwide, Inc.. This structure means Valhi, Inc.'s financial performance is heavily influenced by the operational success and dividend capacity of these majority-owned entities.

Here is a breakdown of the key external and internal partnerships:

Partner Category	Entity/Subsidiary Focus	Key Data Point / Financial Context
Majority-Owned Affiliate	NL Industries, Inc.	Valhi, Inc. ownership: 82.7% of common stock.
Significant Affiliate	Kronos Worldwide, Inc. (KRO)	NL Industries, Inc. ownership: Approximately 31%. KRO Q1 2025 net sales: $489.8 million.
Distributors/Agents	KRONOS TiO2 Sales	Sells to approximately 3,000 customers in 100 countries via agents and distributors. Partnered with distributors like DKSH in specialty chemicals.
Raw Material Suppliers	KRONOS TiO2 Production	Dependence on availability of ore and energy; changes in ore and energy costs are noted risks. The global zinc market was valued at $20-25 billion (2023-2024).
Component Suppliers/Customers	CompX Security Products & Marine	CompX Marine supplies high-end components to manufacturers like Correct Craft, Malibu, and Intrepid. CompX Q2 2025 Revenue: $40.4M.
Regulatory/Permitting Bodies	The LandWell Company (Real Estate)	Development applications in Henderson, Nevada, are subject to City Council review processes, including a 'call up' option by Council members within nine days of Planning Commission action.

For Kronos Worldwide, the network of agents and distributors is essential for reaching its global customer base. The company, along with these partners, serves about 3,000 customers across 100 countries. This distribution strength is key, especially since TiO2 pricing is largely a product of negotiation rather than a commodity market.

The raw material side involves managing volatility. Kronos explicitly notes that changes in raw material costs, such as ore costs and energy costs, are factors that could cause actual results to differ materially from expectations. While specific supplier names aren't public, the scale of the input market is vast; for instance, the zinc market alone is estimated between $20 billion and $25 billion (2023-2024).

CompX International's partnerships are more focused on co-development and high-specification supply. CompX Security Products actively collaborates with customers from initial product design through manufacturing for both OEM and distribution channels. In the marine segment, Livorsi Marine, Inc., a unit within CompX Marine, supplies critical parts like gauges and throttle controls to major boat builders.

The real estate segment, managed by subsidiaries like The LandWell Company, relies on relationships with local governmental bodies. For example, development applications in Henderson, Nevada, must adhere to established Development Standards, where City Council members have the authority to 'call up' Planning Commission decisions within nine days of written notice. This highlights a necessary, though non-financial, partnership with municipal and city permitting authorities to advance land development activities.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core operational drivers for Valhi, Inc. as of late 2025, based on the most recent reported figures, primarily from the first nine months and third quarter of 2025. It's a story of managing a cyclical chemical business alongside more stable component and real estate operations.

Manufacturing and marketing of Titanium Dioxide (TiO2) pigments globally

The Chemicals Segment is the engine here, producing and marketing TiO2 pigments under the KRONOS name across Europe, North America, and Asia Pacific. This activity is highly sensitive to global demand, pricing, and production costs.

Here's a look at the Chemicals Segment performance through the first nine months of 2025:

Metric	Q3 2025 Value	9M 2025 Value	Comparison Point
Net Sales	Not explicitly stated for Q3	Decreased vs. 9M 2024	Lower average TiO2 selling prices and mix changes
Average TiO2 Selling Price YoY Change	-7%	-2%	Compared to the same prior year periods
Average TiO2 Selling Price Change During Period	Declined 6% during 9M 2025	Declined 6% during 9M 2025	Reflecting market pressure
FX Impact on Net Sales (vs. prior year)	Increased by $14 million	Increased by $11 million	Primarily due to the euro fluctuation

Operating chemical production facilities at high capacity

Capacity utilization is a direct measure of efficiency and cost absorption in the TiO2 business. You can see the push to run facilities harder in early 2025.

• Chemicals Segment operated facilities at an overall average capacity of 93% in Q1 2025.
• This 93% utilization compares to 87% in Q1 2024.
• TiO2 production volumes increased 18% year-over-year in Q1 2025.
• Q1 2025 operating income for the segment rose to $41.2 million from $22.8 million YoY, helped by improved operating rates.

Still, the later part of the year showed market softness; for the first nine months of 2025, the segment dealt with global uncertainty that impacted sales volumes and pricing momentum.

Designing and manufacturing specialized security and marine components

The Component Products Segment focuses on mechanical and electrical locks for security applications and marine hardware. This segment showed strength in the first nine months of 2025.

Here are the sales figures for this activity:

Period	Net Sales	Comparison to Prior Year Period
Q3 2025	$40.0 million	Increased vs. $33.6 million in Q3 2024
First Nine Months (9M) 2025	$120.6 million	Increased vs. $107.5 million in 9M 2024

The growth was driven by higher security products sales, especially to the government security market, and increased marine components sales across towboat, government, and industrial markets.

Managing and developing large-scale real estate holdings for land sales

The Real Estate Management and Development Segment involves owning properties and developing land for commercial, industrial, and residential use. Revenue recognition here is lumpy, dependent on development spending and approvals.

Net sales for this segment declined significantly in Q3 2025:

• Q3 2025 Net Sales were $6.6 million.
• This is down from $15.3 million in Q3 2024.
• Q1 2025 Net Sales were $8.5 million, down from $13.8 million in Q1 2024.

The pace of land sales revenue recognition is sensitive to delays in securing city permits and environmental approvals.

Corporate financial management and capital allocation across diverse subsidiaries

This activity involves overseeing the consolidated entity, managing debt, and allocating capital. The overall results reflect the performance of the underlying segments.

Key financial metrics for the consolidated Valhi, Inc. through late 2025:

• Total Net Sales in Q1 2025 were $538.6 million.
• Net Income attributable to stockholders in Q1 2025 was $16.9 million, or $0.59 per share.
• Net Loss attributable to stockholders in Q3 2025 was $22.2 million, or $0.78 per share.
• For the first nine months of 2025, Valhi reported a net loss of $4.4 million.
• The quarterly dividend per share was maintained at $0.08 as of the May 22, 2025 declaration.
• Interest expense increased by $1.9 million year-over-year in Q1 2025, reflecting higher debt levels following the LPC acquisition and other financings.

The company had 2,524 employees as of late 2025, and its market capitalization stood at $368.21M on December 3, 2025. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Valhi, Inc. (VHI) relies on to generate revenue across its diverse segments as of late 2025. These aren't just ideas; they are tangible and financial anchors for the business.

The most critical physical asset supporting the Chemicals Segment is the ownership of the Louisiana Pigment Company, L.P. (LPC), which became a wholly-owned subsidiary effective July 16, 2024. This facility is central to the production of titanium dioxide (TiO2).

The brand equity and associated intellectual property for the TiO2 pigment business, primarily housed under Kronos Worldwide, Inc., is a major intangible resource. For the first nine months of 2025, the Chemicals Segment generated net sales of $1.4 billion. Production capacity utilization reflects the operational strength of these facilities; for instance, TiO2 production volumes were 18% higher in the first quarter of 2025 than in the first quarter of 2024, with facilities running at an overall average capacity of 93% in Q1 2025.

Valhi, Inc. also holds significant land holdings managed through its Real Estate Management and Development Segment. The segment reported net sales of $20.8 million for the first nine months of 2025. Furthermore, this segment recognized tax increment infrastructure reimbursements totaling $34.2 million in the first nine months of 2025. The overall balance sheet strength, which underpins real estate and subsidiary financing, is reflected in the Total Assets figure, which stood at $2,715,700 thousand as of September 30, 2025 (TTM).

The specialized component product manufacturing plants and tooling support the Component Products Segment. Here's a quick look at the revenue contribution from this asset base through the first nine months of 2025:

Segment	Net Sales (First Nine Months 2025)	Net Sales (First Nine Months 2024)
Chemicals Segment	$1.4 billion	$1.4229 billion (Calculated from $1.4B minus $22.9M decrease)
Component Products Segment	$120.6 million	$107.5 million
Real Estate Management and Development Segment	$20.8 million	$52.4 million

Finally, financial capital and access to debt markets are key resources, enabling operations and acquisitions like the LPC purchase. Valhi, Inc.'s Total Debt as of September 30, 2025 (TTM) was reported at $683,200 thousand. The company's Book Value/Share peaked in June 2025 at $37.87.

These resources are deployed across the business, though recent performance shows the strain on the Chemicals Segment:

• Global TiO2 manufacturing facilities (LPC) are critical for the Chemicals Segment's $456.9 million in Q3 2025 net sales.
• Specialized component product manufacturing plants generated net sales of $40.0 million in Q3 2025.
• The company's overall financial position is supported by a Book Value/Share of $37.01 for the latest twelve months ending September 2025.
• Financial capital supports operations, even as the company reported a net loss attributable to stockholders of $4.4 million for the first nine months of 2025.

Finance: draft 13-week cash view by Friday.

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.