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Valhi cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$43.6M in Q3 2026 · $119M over twelve months

Operating cash flow$58.7M
Capital spending−$15.1M
Free cash flow+$43.6M
Cash / net income1.4×

Analysis

In Q3 2026, Valhi generated $58.7M of operating cash flow and spent $15.1M on capital projects, leaving free cash flow of $43.6M. That is $55.9M more than in Q3 2025 (−$12.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $172M; the largest uses were net borrowing (+) / repaid (−) ($90.3M), capital spending ($53.7M), partners ($19.9M); besides operations, cash came from other investing ($6.0M); the cash balance rose by $5.0M.

Operating cash flow was $58.7M against net income of $40.8M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: other operating capital −$20.0M, depreciation & amortization +$16.8M, inventory +$16.8M.

Free cash flow

Valhi: free cash flow by quarterValhi: free cash flow by quarter$33.3MQ4 2024−$169MQ1 2025$9.1MQ2 2025−$12.3MQ3 2025$89.8MQ4 2025−$56.7MQ1 2026$41.9MQ2 2026$43.6MQ3 2026
Operating cash flow less capital spending.
Valhi: operating cash flow against capital spendingValhi: operating cash flow against capital spendingOperating cash flowCapital spending$45.8M$12.5MQ4 2024−$156M$12.8MQ1 2025$21.7M$12.6MQ2 2025−$1.9M$10.4MQ3 2025$101M$10.8MQ4 2025−$46.1M$10.6MQ1 2026$59.1M$17.2MQ2 2026$58.7M$15.1MQ3 2026
Latest (Q3 2026): Operating cash flow $58.7M, Capital spending $15.1M.

Capital allocation, year by year

Valhi: where the cash came from (up) and went (down), by fiscal yearValhi: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $460MFY2021: Net borrowing −$102MFY2021: Capital spending −$64.1MFY2021: Buybacks −$1.5MFY2021: Dividends −$9.0M$460MFY2021FY2022: Operating cash flow $34.9MFY2022: Net borrowing −$62.0MFY2022: Capital spending −$67.6MFY2022: Buybacks −$4.0MFY2022: Dividends −$9.0M$34.9MFY2022FY2023: Operating cash flow $3.9MFY2023: Net borrowing −$29.8MFY2023: Capital spending −$48.5MFY2023: Buybacks −$2.9MFY2023: Dividends −$9.1M$3.9MFY2023FY2024: Operating cash flow $44.0MFY2024: Net borrowing −$38.8MFY2024: Capital spending −$30.9MFY2024: Acquisitions −$157MFY2024: Dividends −$9.1M$44.0MFY2024FY2025: Operating cash flow −$35.5MFY2025: Net borrowing −$121MFY2025: Capital spending −$46.6MFY2025: Dividends −$9.1MFY2025
Over these 5 years operating cash flow totalled $507M; the largest uses were net borrowing ($354M) and capital spending ($258M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$220M
Debt$556M
Net debt$336M
Due within a year$800K

Valhi funds itself: free cash flow was $119M over the last twelve months, and $220M of cash and investments stands against $556M of debt ($800K due within a year, 274.8× covered by cash).

Where the cash came from and went

Valhi: sources (+) and uses (−) of cash, Q3 2026Valhi: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$58.7MNet borrowing (+) / repaid (−)−$30.6MCapital spending−$15.1MCash drawn (+) / kept (−)−$6.6MPartners−$4.1MDividends−$2.3MExchange rates$400KOther investing−$400K
Valhi: sources (+) and uses (−) of cash, TTM to Q3 2026Valhi: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$172MNet borrowing (+) / repaid (−)−$90.3MCapital spending−$53.7MPartners−$19.9MDividends−$9.1MOther investing$6.0MCash drawn (+) / kept (−)−$5.0MOther financing−$500KExchange rates$200K

From profit to cash

Valhi: net income to operating cash flow, Q3 2026Valhi: net income to operating cash flow, Q3 2026Net income$40.8MDepreciation & amortization$16.8MDeferred taxes−$12.1MOther non-cash−$1.7MReceivables−$7.0MInventory$16.8MPayables$8.7MIncome taxes payable$4.8MOther operating capital−$20.0MOperating cash flow$58.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$58.7M−$15.1M−$2.3M−$30.6M−$6.6M$43.6M
Q2 2026$59.1M−$17.2M−$2.2M−$35.2M−$7.2M$41.9M
Q1 2026−$46.1M−$10.6M−$2.3M$47.2M$13.6M−$56.7M
Q4 2025$101M−$10.8M−$2.3M−$71.7M−$4.8M$89.8M
Q3 2025−$1.9M−$10.4M−$2.3M−$62.7M−$900K−$12.3M
Q2 2025$21.7M−$12.6M−$2.2M−$14.1M$8.5M$9.1M
Q1 2025−$156M−$12.8M−$2.3M$27.5M$147M−$169M
Q4 2024$45.8M−$12.5M−$2.3M−$15.9M−$13.5M$33.3M

Valhi: income statement and cash flow

Valhi, Q3 2026: revenue $589M (+17% year over year), operating margin 11.4%. The chart follows the revenue to costs, profit and cash.

Valhi: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.