KRO

Kronos is a commodity TiO2 producer caught in a vicious down-cycle, and the FY2025 10-K confirms the damage is structural, not transitory. Revenue slipped 1.5% to $1.86B but the real story is below the top line: gross profit collapsed 40.7% to $213M (11.5% gross margin), operating income flipped to -$36.5M, and net income swung from +$86.2M to -$111M. Management explicitly attributes the loss to 'unabsorbed fixed production costs due to production curtailments, lower average TiO2 selling prices, and higher distribution and warehousing costs' — i.e., they idled plants because demand and pricing weren't there, and the operating leverage worked in reverse. The Q4 'workforce reductions and other measures' tell you management itself sees this as a longer reset, not a blip.