Breaking Down The Chemours Company (CC) Financial Health: Key Insights for Investors

You're looking at The Chemours Company, and the numbers from the Q3 2025 report defintely paint a mixed picture, which is why we need to dig deeper than the headline revenue of $1.50 billion. Honestly, the story here is a tale of two companies: the soaring Thermal & Specialized Solutions (TSS) segment, where Opteon™ Refrigerant sales surged by 80% year-over-year, driving that segment's net sales to $560 million, versus the continued drag from Titanium Technologies, which saw sales fall 9% as global demand for TiO2 stayed soft. While the reported Net Income was a positive $60 million, the Adjusted EPS of only $0.20 missed consensus, and the company's full-year revenue guidance is now a tighter $5.7 billion to $5.8 billion, slightly below prior analyst expectations, plus that $4.2 billion in gross debt means the balance sheet still demands respect. We need to map out if the regulatory tailwinds in refrigerants can truly offset the cyclical pressure and high leverage, so let's break down what this means for your investment thesis right now.

Revenue Analysis

You need a clear picture of where The Chemours Company (CC) is making its money, and the story for 2025 is one of regulatory tailwinds balancing out cyclical pressures. The company is guiding for full-year 2025 Net Sales between $5.9 billion and $6.0 billion, a modest but important increase driven by a strategic shift in their refrigerants business.

The core of The Chemours Company's revenue comes from three distinct segments, each serving different industrial end-markets. For the third quarter of 2025, the consolidated revenue was $1.50 billion. The biggest shift you should note is the increasing dominance of their low Global Warming Potential (GWP) products, especially in the Thermal & Specialized Solutions (TSS) segment. That's where the growth is right now.

Here's the quick math on where the revenue is flowing, based on Q3 2025 performance and company guidance:

• Thermal & Specialized Solutions (TSS): This segment is the primary growth engine, contributing approximately 37% of Q3 2025 revenue. The growth is fueled by their Opteon™ Refrigerant blends, which saw a 40% year-over-year growth in Q1 2025.
• Titanium Technologies (TT): Historically the largest segment, TT is facing pricing pressures, but it remains a major contributor. Its products, primarily titanium dioxide (TiO2) pigment, serve the coatings and plastics markets.
• Advanced Performance Materials (APM): This segment, which includes products like Teflon™ fluoropolymers, is critical for high-value applications like semiconductors, and it is benefiting from capacity expansions, though it saw a 3% decrease in Net Sales in Q1 2025 due to currency and volume headwinds.

The overall year-over-year revenue growth rate is forecast by analysts to be around 3.85% for the 2025 fiscal year, which is slower than the broader US Specialty Chemicals industry average of 6.2%. Still, the 4% Net Sales increase reported in the second quarter of 2025 over the prior-year quarter shows they are executing on their core strategy.

A look at the geographical breakdown shows a strong reliance on the domestic market, with North America accounting for 46.63% of total revenue in Q3 2025. This concentration is a double-edged sword: it provides stability but also exposes the company to US-specific regulatory and economic cycles. For a deeper dive into who is betting on this strategy, check out Exploring The Chemours Company (CC) Investor Profile: Who's Buying and Why?

What this estimate hides is the massive shift in product mix. The U.S. AIM Act, which mandates the transition to lower GWP refrigerants, is a huge catalyst. This regulatory change means Opteon™ Refrigerants now make up 75% of total refrigerants revenue, up from 57% in the prior year quarter. This is a defintely a significant change in the revenue stream, moving away from older Freon™ products and into higher-margin, next-generation solutions. The table below illustrates the segment sales performance from the first half of 2025.

The TSS segment's 15% increase in Q2 2025 Net Sales, driven by an 11% increase in volume, is the clear standout. This growth offsets the 3% decrease in the TT segment, which is struggling with global pricing softness. Your action is to watch the Opteon™ adoption rate; it's the single most important variable for Chemours' near-term top-line performance.

Profitability Metrics

You need to know if The Chemours Company (CC) is actually making money, not just moving product. The short answer is that profitability is highly uneven, with a significant drag from non-operational factors, but recent quarterly net income turned positive. For the trailing twelve months (TTM) ending September 30, 2025, the company reported a net loss of $333.0 million on $5.9 billion in revenue, which translates to a TTM Net Profit Margin of -5.7%.

Here's the quick math on the core margins, using TTM data to smooth out quarterly noise. This gives a clearer picture of their operational efficiency and cost management over a full cycle.

• Gross Profit Margin: 17.3% (TTM Sep 2025)
• Operating Profit Margin: -3.2% (TTM Sep 2025)
• Net Profit Margin: -5.7% (TTM Sep 2025)

The gross margin of 17.3% means for every dollar of sales, $0.17 is left after paying for raw materials and direct production costs. That's a thin cushion, but the real issue is what happens next. The operating margin is negative at -3.2%, meaning the company is losing money before even accounting for interest and taxes. This points to high selling, general, and administrative (SG&A) costs or other significant operating expenses that are eroding the gross profit. For the third quarter of 2025 alone, the company reported a net income of $60 million, a sharp improvement from the TTM loss, but quarterly revenue was flat at $1.5 billion.

To be fair, the specialty chemicals industry is tough right now. Comparing The Chemours Company's (CC) margins to industry medians for the broader Chemicals And Allied Products sector shows a mixed bag. The industry median gross margin is high, around 50.3% in 2024, which makes Chemours' 17.3% look weak. However, the median operating margin for the industry is also deeply negative, at -56.9%, suggesting many peers are facing similar, or even worse, structural cost challenges. The company's segment performance tells the real story of operational efficiency:

The Thermal & Specialized Solutions segment is defintely the profit engine, with a 35% Adjusted EBITDA margin in Q3 2025, driven by strong demand for Opteon refrigerants. This strength is currently masking significant weakness and operational disruptions in Titanium Technologies and Advanced Performance Materials, where margins are in the single digits. Your action here is to watch for stabilization in the weaker segments; if the core business can't cover its operating costs, the reliance on the TSS segment becomes a major risk. For a full picture of the company's financial standing, you should review our comprehensive analysis on Breaking Down The Chemours Company (CC) Financial Health: Key Insights for Investors.

Debt vs. Equity Structure

When you look at The Chemours Company (CC)'s balance sheet, the first thing that jumps out is the sheer scale of their debt relative to their equity. This isn't a company that shies away from using debt to finance its operations and growth, but the current structure suggests a serious tilt toward leverage.

As of the first quarter of 2025, The Chemours Company (CC)'s consolidated gross debt stood at approximately $4.1 billion. This figure is substantial, and it's important to see how it breaks down. Looking at the liabilities from the March 2025 reporting, you see a total of about $1.67 billion due within 12 months (short-term liabilities) and a significant $5.14 billion due beyond 12 months (long-term liabilities). Here's the quick math: the company is carrying a heavy debt load, and a large portion of it is long-dated, meaning the repayment pressure is spread out, but the total obligation is massive.

The most telling metric here is the Debt-to-Equity (D/E) ratio, which measures total liabilities against shareholder equity. For The Chemours Company (CC), the D/E ratio as of June 30, 2025, was an eye-watering 18.59. This is defintely a red flag. For context, the Specialty Chemicals industry typically sees an average D/E ratio in the range of 0.65 to 0.78. A ratio of 18.59 means the company is relying almost entirely on debt and other liabilities, with its equity base being extremely low, likely due to significant environmental and contingent liabilities weighing it down. It's a highly leveraged position.

• Gross Debt (Q1 2025): $4.1 billion.
• D/E Ratio (June 2025): 18.59.
• Industry D/E Benchmark: ~0.65 to 0.78.

In terms of recent financing, The Chemours Company (CC) has been active in managing its maturity schedule. In November 2024, the company issued $600 million of new 8.000% Senior Notes due 2033. The net proceeds were primarily used to redeem all of its outstanding euro-denominated 4.000% senior notes due 2026. This move extended the maturity but came at a higher interest rate, reflecting the market's view of their credit risk.

This risk is mirrored in their credit ratings. As of April 2025, S&P Global affirmed a 'BB-' credit rating with a negative outlook, citing weak credit metrics and macroeconomic uncertainty. The company is clearly prioritizing debt financing to fund operations and manage liabilities, but the cost of that debt is rising, and the balance sheet is stretched. This heavy reliance on debt over equity funding is a key factor to consider when evaluating their long-term financial stability. You can dive deeper into who is buying and why at Exploring The Chemours Company (CC) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You need to know if The Chemours Company (CC) can cover its near-term bills, and the simple answer is: yes, but with a reliance on inventory. The company's liquidity position is generally adequate, backed by a significant cash cushion, but the Quick Ratio signals a tight squeeze if sales slow down. The overall liquidity picture is strengthened by a recent credit facility amendment.

The standard measure of short-term financial health is the Current Ratio (Current Assets divided by Current Liabilities). As of late 2025, The Chemours Company (CC)'s Current Ratio stood at approximately 1.71. This means the company has $1.71 in current assets for every $1.00 in current liabilities, which is a comfortable position above the typical 1.0 benchmark.

However, the Quick Ratio (or Acid-Test Ratio), which excludes inventory-a less liquid asset-tells a more cautious story. The Chemours Company (CC)'s Quick Ratio is notably lower at 0.88. This is below the ideal 1.0, suggesting that without selling inventory, the company would have to scramble slightly to cover all its short-term debt. Honestly, for a chemical manufacturer, a Quick Ratio under 1.0 isn't a red flag, but it's defintely something to watch.

Working capital trends show the impact of managing those current assets and liabilities. The cash flow statement for the trailing twelve months (TTM) ending September 2025 shows a mixed picture on working capital components, which ultimately impacted operating cash flow. While the overall TTM Operating Cash Flow was positive at $265 million, the first quarter of 2025 saw an operating cash usage of $112 million, primarily due to the unwinding of year-end working capital actions. This volatility is a key working capital trend.

• Current Ratio: 1.71 (Adequate short-term coverage).
• Quick Ratio: 0.88 (Reliance on inventory for full coverage).
• Total Liquidity: $1.1 billion as of March 31, 2025 (Strong buffer).

Looking at the full cash flow statement for the TTM period ending September 2025, we see the following:

The Investing Cash Flow of -$277 million reflects capital expenditures, which is a necessary investment back into the business. When you net the Operating Cash Flow against the capital expenditures, the resulting Free Cash Flow (FCF) is roughly -$12 million (a slight usage), indicating the company is not generating substantial cash after necessary reinvestment right now. This is a near-term risk. However, the company's total liquidity position remains strong at $1.1 billion, comprised of $464 million in unrestricted cash and cash equivalents and $623 million in available revolving credit facility capacity as of March 31, 2025. This access to capital is a major strength, plus they have projected FCF conversion to be in the range of 60-80% in the second half of 2025, which would improve the FCF number significantly. You can find more on the strategic drivers behind these numbers in the Mission Statement, Vision, & Core Values of The Chemours Company (CC).

Valuation Analysis

You're looking at The Chemours Company (CC) right now, and the stock's recent performance is defintely a head-scratcher. The core question is simple: Is the market pricing in the company's near-term operational challenges, or is it overlooking the long-term value in their Opteon™ refrigerants business? The data suggests a mixed signal, but the valuation ratios point toward a potential undervaluation if you believe in the analyst consensus.

Over the last 12 months leading up to November 2025, The Chemours Company (CC)'s stock price has taken a significant hit, decreasing 37.15%. This puts the stock near the lower end of its 52-week range of $9.13 to $22.38. Trading around $11.89 as of mid-November 2025, the market is clearly reacting to recent net losses, which is why the trailing Price-to-Earnings (P/E) ratio is negative (or not applicable). A negative P/E is a red flag, but the forward-looking metrics offer a different view. The market cap sits around $1.78 billion.

• Stock is down 37.15% over the last 12 months.
• Current price is near the $9.13 52-week low.
• Forward P/E ratio suggests a cheap multiple of 7.13 to 7.77.

When we look past the statutory net loss-which drives the negative trailing P/E-the forward-looking Price-to-Earnings (Forward P/E) ratio is a much more palatable 7.13 to 7.77, based on 2025 earnings estimates. This is quite low for the specialty chemicals sector. Plus, the Enterprise Value-to-EBITDA (EV/EBITDA) ratio is sitting at about 8.33 to 8.48 on a trailing twelve-month basis. Here's the quick math: an EV/EBITDA under 10.0 is often seen as a sign of undervaluation in cyclical industries, especially when a turnaround is expected.

The Price-to-Book (P/B) ratio, however, is high, ranging from 5.66 to 7.44. This tells you the market is valuing the company at a significant premium to its book value (assets minus liabilities), likely due to the intangible value of its intellectual property and future growth in the Thermal & Specialized Solutions (TSS) segment, particularly with Opteon™ refrigerants. It's a classic chemical stock tension: low earnings multiples but a high book value multiple. Mission Statement, Vision, & Core Values of The Chemours Company (CC).

The dividend story is mixed, too. The Chemours Company (CC) pays an annual dividend of $0.35 per share, giving a trailing dividend yield of approximately 3.11% to 5.75%. But, because of the recent net loss, the dividend payout ratio is negative, meaning they are paying the dividend from sources other than current net income. You must keep an eye on their cash flow to ensure the dividend is sustainable, even if the yield looks attractive.

Analyst consensus is leaning toward an opportunity here. The most recent consensus from November 2025 is a Buy rating, with an average price target of $17.50. This target implies a substantial upside from the current price, suggesting that Wall Street believes the market is over-discounting the near-term headwinds and under-appreciating the long-term growth from their 'Pathway to Thrive' plan, which aims to generate over $250 million in incremental run-rate cost savings through 2027.

So, the stock is cheap on an earnings multiple basis (Forward P/E and EV/EBITDA), but expensive on a book value basis. The clear action is to understand the risk: if the turnaround in the Titanium Technologies segment stalls or the environmental liabilities worsen, the downside from the $17.50 target is real. Still, a Buy consensus with a $17.50 price target suggests the risk/reward is skewed positively right now.

Risk Factors

You need to know the clear-cut risks facing The Chemours Company (CC) right now, because the headline numbers-like the Q3 2025 revenue of $1.5 billion-don't tell the whole story. The biggest near-term risks are a combination of legacy environmental costs, cyclical market weakness in a core segment, and a heavily leveraged balance sheet.

The company's financial health is defintely strained by its legacy environmental liabilities. For instance, the second quarter of 2025 saw a massive Net Loss attributable to Chemours of $381 million, driven primarily by litigation-related charges, including a settlement with the State of New Jersey to resolve all statewide environmental claims related to PFAS (per- and polyfluoroalkyl substances). This kind of cost is unpredictable and can hit earnings hard, even when operations are performing well.

Operationally, the Titanium Technologies (TT) segment is a significant headwind. Weak global demand and customer destocking have forced production cuts, which management expects will result in a $25 million Adjusted EBITDA headwind in Q4 2025 alone. This is a core business, and its struggles are a big reason why the full-year 2025 Adjusted EBITDA guidance was cut, now ranging between $745 million and $770 million.

• Financial: High debt-to-equity ratio of 13.66.
• Operational: Operational disruptions at U.S. TT sites.
• External: New capacity in the TiO2 market threatening pricing.

On the financial side, the debt-to-equity ratio sits at a high 13.66. That's a lot of leverage. The management team clearly recognized the pressure, cutting the dividend by 65% in a move to enhance balance sheet flexibility and conserve cash. You can see the cash strain in their outlook: while they expect full-year 2025 capital expenditures to be around $220 million, the Free Cash Flow (FCF) conversion is only projected to be between 50% and 70%. That's the tightrope they are walking.

The company is fighting back with its 'Pathway to Thrive' strategy. Their biggest mitigation effort is 'Operational Excellence,' targeting incremental run-rate cost savings of over $250 million through 2027, with half of that expected to be realized by the end of 2025. Also, they're leaning into their high-growth Thermal & Specialized Solutions (TSS) segment, particularly Opteon™ refrigerants, which saw sales jump 80% year-over-year in Q3 2025. This shift to high-margin, low-GWP (global warming potential) products is their long-term hedge against cyclical downturns in other areas. If you want a deeper dive on the ownership structure, check out Exploring The Chemours Company (CC) Investor Profile: Who's Buying and Why?

Growth Opportunities

You're looking for where The Chemours Company (CC) will find its next gear, and the answer is clear: it's in the regulatory-driven shift toward sustainable chemistry, especially in cooling. This pivot is the core of their 'Pathway to Thrive' strategy, which is already showing results in their Thermal & Specialized Solutions (TSS) segment. The company is actively moving away from lower-margin, legacy business lines to focus on high-value, high-growth applications.

The biggest near-term driver is the global phase-down of hydrofluorocarbons (HFCs), mandated by regulations like the U.S. AIM Act. This is a massive tailwind for their Opteon™ Refrigerants, which are low-Global Warming Potential (GWP) alternatives. In the second quarter of 2025, Opteon™ sales grew a staggering 65% year-over-year, now making up 75% of their total refrigerant revenue. That's a huge shift in the revenue mix toward a differentiated, high-margin product.

For the full 2025 fiscal year, analysts project The Chemours Company's revenue to land around $5.88 billion. This comes with a wide range of earnings per share (EPS) estimates, with the consensus at approximately $1.17, reflecting the volatility of their cyclical segments. Still, management is guiding for full-year Adjusted EBITDA between $775 million and $825 million, which shows a healthy underlying profitability despite market pressures. Here's the quick math on profitability:

• Full-Year 2025 Revenue Estimate: $5.88 billion
• Full-Year 2025 Adjusted EBITDA Guidance: $775 million to $825 million
• Implied Adjusted EBITDA Margin: 13.2% to 14.0%

The company is also unlocking value through aggressive cost discipline, targeting over $250 million in incremental run-rate cost savings through 2027, with half of that expected to be delivered by the end of 2025. Plus, they are exiting the low-margin Surface Protection Solutions (SPS Capstone™) product line in the third quarter of 2025, which cleans up the portfolio and improves overall margin quality. You can dive deeper into the market perception of this move in Exploring The Chemours Company (CC) Investor Profile: Who's Buying and Why?

Beyond refrigerants, the Advanced Performance Materials (APM) segment is investing in three high-growth areas. These are data center cooling-specifically immersion cooling fluid technology for AI servers-next-generation Electric Vehicle (EV) batteries, and semiconductor fabrication. This is a smart move to diversify into markets with long-term structural growth. They have a massive competitive advantage in TSS, holding a patented duopoly with Honeywell on the next-generation hydrofluoroolefin (HFO) refrigerant technology. That patent protection is a powerful moat. Their Titanium Technologies (TT) segment also maintains a dominant position in the TiO2 pigment market, which provides a stable, though cyclical, revenue base. They defintely have the right pieces in place for growth.

The company's strategic focus is clear, as shown in the table below: