CC

Chemours was spun off from DuPont in 2015, inheriting three major chemical businesses: Titanium Technologies (TiO2 pigments — the largest segment by revenue), Thermal & Specialized Solutions (TSS — Opteon refrigerants and specialty fluids), and Advanced Performance Materials (APM — fluoropolymers and specialty materials). Total FY2025 revenue was $5.8B, roughly flat year-over-year.

The data center cooling angle lives within TSS. Chemours' Opteon two-phase immersion cooling fluids are engineered fluorinated liquids designed to absorb heat from server components through boiling (phase change), providing dramatically more efficient cooling than air or single-phase liquid approaches. The 2CRSi JDA validated Opteon fluids in current-generation AI and HPC servers. More significantly, on the Q4 call management disclosed that Samsung Electronics has qualified the Opteon fluid, and Chemours signed a manufacturing agreement with Navin Fluorine targeting initial commercial production in 2026. Management is investing ~$5M/quarter (~$22M annualized in 2025) in liquid cooling and next-generation refrigerant R&D. TSS achieved double-digit data center growth in 2025, and management expects that trajectory to persist in 2026 — a concrete data point that the DC cooling opportunity is moving from concept to commercial traction.

TSS as a whole (~30% of revenue) includes Opteon refrigerants (the main revenue driver) plus specialty fluids including immersion cooling products. FY2025 annual Opteon refrigerant growth was 56%, with Opteon now comprising 75% of total refrigerant sales (up from 56% prior year), driven by the U.S. AIM Act HFC phase-down. TSS adj. EBITDA margins expanded to 32% (from 31%) despite the incremental $22M R&D spend on liquid cooling and next-gen refrigerants. The Corpus Christi capacity expansion (lowest-cost YF technology globally) is in a two-year ramp — first-year benefits visible in 2025, second half ramping in 2026, reducing reliance on third-party YF purchases and providing structural cost tailwinds. Q1 2026 TSS guidance: net sales up 25–30% sequentially, Opteon refrigerants up 30–40% sequentially, adj. EBITDA $170–185M. Management expects year-over-year double-digit Opteon refrigerant growth to continue through 2026 but normalizing in H2 as comps get tougher.

The broader Chemours story is mixed. TiO2 faces cyclical headwinds but management announced a global price increase in December 2025 with "strong yield" — pricing stabilized Q3 to Q4 and into Q1 2026. Industry capacity rationalization of 1.1M tons since 2023 provides a floor, and antidumping duties in Brazil (high), India (expected to return), and Europe offer incremental support. Management is focused on value-based pricing with stable volumes, not volume growth. TT Q1 2026 guidance: adj. EBITDA $0–5M (depressed by $17M of inventory/ore mix costs and mineral sales timing), improving through the year.

APM faces near-term headwinds (auto, industrial construction weak) but Performance Solutions is a bright spot — strong demand in semiconductor and data center end markets, particularly high-purity PFA sales tied to AI buildout. Washington Works outage in January 2026 will cost $20–25M in Q1 but operations have resumed. APM Q1 2026 guidance: adj. EBITDA $0–5M, improving thereafter.

The company guided 2026 at 3–5% revenue growth with EBITDA of $800–900M, CapEx $275–325M, and FCF conversion above 25%. The Kuan Yin site sale delivers ~$300M in net proceeds to reduce debt, targeting net leverage below 4x by end 2026 (long-term target below 3x). FY2025 delivered $125M in gross controllable cost savings, and the Chemours Business System (lean principles) was formally rolled out. At ~$23 and $3.5B market cap, the stock trades at ~0.6x revenue — cheap, but with reasons.