NYSE : TWI
Titan International, Inc. — Financial statements
Industrials · Farm & Heavy Construction Machinery · United States
Last price 4.75 USD (Oct 30, 2026, 1:36 PM EDT) · Market cap 306.88M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Titan International, Inc. (TWI) reported revenue of 1.84B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.84B | 1.83B | 1.85B | 1.82B | 2.17B | 1.78B |
| Cost of Revenue | 1.60B | 1.59B | 1.60B | 1.53B | 1.82B | 1.55B |
| Gross Profit | 243.08M | 242.35M | 247.69M | 296.20M | 349.00M | 227.05M |
| Selling, General & Admin | 199.64M | 201.62M | 190.57M | 135.49M | 130.93M | 131.34M |
| Research & Development | 19.74M | 18.32M | 16.52M | 12.54M | 10.40M | 10.10M |
| Operating Expenses | 219.38M | 219.94M | 207.09M | 148.03M | 141.34M | 141.44M |
| Operating Income | 23.70M | 22.41M | 40.60M | 148.18M | 207.66M | 85.61M |
| Interest Expense | -39.48M | -38.71M | -36.43M | -29.16M | -32.15M | -32.22M |
| Interest & Investment Income | 10.70M | 10.70M | 11.02M | 10.37M | 2.35M | |
| Earnings From Equity Investments | 2.12M | 1.18M | 1.02M | 1.16M | 859.00K | 806.00K |
| Currency Exchange Gain (Loss) | -1.37M | -5.02M | -6.12M | -22.82M | 927.00K | 12.02M |
| Other Non Operating Income (Expenses) | 155.00K | 928.00K | 1.51M | 1.78M | 32.05M | -1.16M |
| EBT Excluding Unusual Items | -4.19M | -8.50M | 11.61M | 109.50M | 211.70M | 65.05M |
| Merger & Restructuring Charges | -27.42M | -6.20M | ||||
| Gain (Loss) on Sale of Investments | -379.00K | |||||
| Gain (Loss) on Sale of Assets | -583.00K | 54.00K | 806.00K | 246.00K | -10.67M | 257.00K |
| Legal Settlements | 1.75M | |||||
| Other Unusual Items | 1.00K | -2.85M | 1.32M | -16.02M | ||
| Pretax Income | -32.19M | -11.30M | 8.27M | 109.75M | 202.35M | 51.04M |
| Income Tax Expense | 48.39M | 49.89M | 11.86M | 26.04M | 23.17M | 1.15M |
| Earnings From Continuing Operations | -80.57M | -61.19M | -3.59M | 83.71M | 179.19M | 49.89M |
| Minority Interest in Earnings | -1.72M | -2.31M | -1.97M | -4.95M | -2.88M | -305.00K |
| Net Income | -117.23M | -63.49M | -5.56M | 78.76M | 176.30M | 49.59M |
| Net Income to Common | -117.23M | -63.49M | -5.56M | 78.76M | 176.30M | 49.59M |
| Shares Outstanding (Basic) | 64.24M | 63.71M | 68.66M | 62.45M | 63.04M | 62.10M |
| Shares Outstanding (Diluted) | 64.24M | 63.71M | 68.66M | 62.96M | 63.69M | 62.69M |
| EPS (Basic) | -1.82 | -1.00 | -0.08 | 1.26 | 2.80 | 0.80 |
| EPS (Diluted) | -1.84 | -1.00 | -0.08 | 1.25 | 2.77 | 0.79 |
| Free Cash Flow | -26.96M | -24.59M | 75.86M | 118.55M | 113.70M | -28.08M |
| Free Cash Flow Per Share | -0.42 | -0.39 | 1.10 | 1.88 | 1.78 | -0.45 |
| Gross Margin | 13.22% | 13.26% | 13.42% | 16.26% | 16.09% | 12.75% |
| Operating Margin | 1.29% | 1.23% | 2.20% | 8.13% | 9.57% | 4.81% |
| Profit Margin | -6.38% | -3.47% | -0.30% | 4.32% | 8.13% | 2.79% |
| Free Cash Flow Margin | -1.47% | -1.34% | 4.11% | 6.51% | 5.24% | -1.58% |
| EBITDA | 91.59M | 89.52M | 101.31M | 190.61M | 250.41M | 133.60M |
| EBITDA Margin | 4.98% | 4.90% | 5.49% | 10.46% | 11.54% | 7.51% |
| D&A For EBITDA | 67.89M | 67.11M | 60.70M | 42.43M | 42.75M | 47.99M |
| EBIT | 23.70M | 22.41M | 40.60M | 148.18M | 207.66M | 85.61M |
| EBIT Margin | 1.29% | 1.23% | 2.20% | 8.13% | 9.57% | 4.81% |
| Effective Tax Rate | 143.41% | 23.73% | 11.45% | 2.25% | ||
| Advertising Expenses | 4.90M | 4.80M | 3.30M | 3.00M | 2.70M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 172.79M | 202.88M | 195.97M | 220.25M | 159.58M | 98.11M |
| Short-Term Investments | 2.99M | 2.73M | 1.34M | 1.39M | 1.30M | |
| Cash & Short-Term Investments | 172.79M | 205.87M | 198.70M | 221.59M | 160.97M | 99.40M |
| Accounts Receivable | 187.39M | 240.21M | 213.45M | 220.36M | 267.34M | 256.41M |
| Other Receivables | 9.70M | 8.35M | 15.26M | 38.60M | 23.25M | |
| Receivables | 187.39M | 249.92M | 221.80M | 235.61M | 305.94M | 279.65M |
| Inventory | 327.24M | 470.55M | 437.19M | 365.16M | 397.22M | 392.62M |
| Prepaid Expenses | 60.13M | 22.18M | 22.31M | 22.93M | 21.66M | 16.04M |
| Other Current Assets | 351.27M | 37.45M | 32.03M | 31.50M | 23.84M | 25.59M |
| Total Current Assets | 1.10B | 985.97M | 912.04M | 876.78M | 909.63M | 813.30M |
| Property, Plant & Equipment | 417.50M | 568.13M | 538.25M | 333.65M | 305.54M | 322.05M |
| Long-Term Investments | 15.33M | 7.92M | 7.13M | 6.95M | 6.52M | |
| Goodwill | 29.56M | 29.56M | 29.56M | |||
| Other Intangible Assets | 9.70M | 10.89M | 11.98M | 1.43M | 1.61M | 1.50M |
| Long-Term Deferred Tax Assets | 17.65M | 10.71M | 41.73M | 38.03M | 38.74M | 16.83M |
| Long-Term Deferred Charges | 2.01M | 2.65M | 195.00K | 264.00K | 333.00K | |
| Other Long-Term Assets | 71.15M | 50.04M | 40.83M | 32.03M | 21.91M | 22.14M |
| Total Assets | 1.64B | 1.67B | 1.58B | 1.29B | 1.28B | 1.18B |
| Accounts Payable | 178.27M | 251.72M | 219.59M | 201.20M | 263.38M | 278.10M |
| Accrued Expenses | 83.80M | 84.28M | 88.60M | 87.15M | 87.86M | 75.12M |
| Current Portion of Long-Term Debt | 28.50M | 21.18M | 12.48M | 16.91M | 30.86M | 32.50M |
| Current Portion of Leases | 11.99M | 15.34M | 12.98M | 6.11M | 3.85M | 6.18M |
| Current Income Taxes Payable | 16.34M | 16.69M | 12.14M | 13.76M | 18.55M | 9.27M |
| Current Unearned Revenue | 3.53M | 3.67M | 4.51M | 1.89M | 4.38M | |
| Other Current Liabilities | 190.16M | 35.51M | 37.89M | 32.86M | 39.78M | 45.26M |
| Total Current Liabilities | 509.07M | 428.24M | 387.36M | 362.51M | 446.16M | 450.81M |
| Long-Term Debt | 537.64M | 564.72M | 552.97M | 409.18M | 414.76M | 452.45M |
| Long-Term Leases | 97.11M | 113.09M | 107.50M | 7.47M | 2.41M | 11.35M |
| Long-Term Unearned Revenue | 12.09M | 11.30M | 12.38M | 11.80M | 9.02M | |
| Pension & Post-Retirement Benefits | 10.64M | 10.15M | 12.79M | 13.88M | 19.12M | |
| Long-Term Deferred Tax Liabilities | 4.50M | 6.14M | 6.42M | 2.23M | 3.42M | 3.98M |
| Other Long-Term Liabilities | 32.80M | 16.13M | 15.61M | 15.25M | 9.06M | 8.78M |
| Total Liabilities | 1.18B | 1.15B | 1.09B | 821.83M | 901.49M | 955.51M |
| Additional Paid-In Capital | 738.32M | 738.71M | 740.22M | 569.07M | 565.55M | 562.34M |
| Retained Earnings | 39.38M | 100.57M | 164.06M | 169.62M | 90.86M | -85.44M |
| Treasury Stock | -111.17M | -115.87M | -122.34M | -52.59M | -23.42M | -1.12M |
| Comprehensive Income & Other | -210.49M | -209.03M | -285.88M | -219.04M | -251.75M | -246.48M |
| Total Common Equity | 456.05M | 514.38M | 496.07M | 467.06M | 381.24M | 229.30M |
| Minority Interest | 7.23M | 7.24M | -2.42M | 355.00K | 1.90M | -2.13M |
| Shareholders' Equity | 463.28M | 521.62M | 493.66M | 467.42M | 383.14M | 227.17M |
| Total Liabilities & Equity | 1.64B | 1.67B | 1.58B | 1.29B | 1.28B | 1.18B |
| Total Debt | 675.24M | 714.34M | 685.93M | 439.68M | 451.88M | 502.48M |
| Net Cash (Debt) | -502.45M | -508.46M | -487.23M | -218.09M | -290.91M | -403.08M |
| Net Cash Per Share | -7.82 | -7.98 | -7.10 | -3.46 | -4.57 | -6.43 |
| Filing Date Shares Outstanding | 64.61M | 64.02M | 63.20M | 60.65M | 62.87M | 62.42M |
| Total Common Shares Outstanding | 64.54M | 63.95M | 63.14M | 60.72M | 62.84M | 66.41M |
| Working Capital | 589.75M | 557.73M | 524.68M | 514.27M | 463.47M | 362.49M |
| Book Value Per Share | 7.07 | 8.04 | 7.86 | 7.69 | 6.07 | 3.45 |
| Tangible Book Value | 416.78M | 473.93M | 454.52M | 465.63M | 379.63M | 227.80M |
| Tangible Book Value Per Share | 6.46 | 7.41 | 7.20 | 7.67 | 6.04 | 3.43 |
| Land | 31.55M | 47.45M | 42.53M | 42.14M | 40.33M | 41.01M |
| Buildings | 203.47M | 285.54M | 260.26M | 243.24M | 237.51M | 236.37M |
| Machinery | 784.31M | 893.23M | 822.47M | 745.30M | 701.85M | 689.99M |
| Construction In Progress | 27.03M | 50.63M | 47.00M | 29.74M | 29.29M | 20.29M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -117.23M | -63.49M | -5.56M | 78.76M | 176.30M | 49.59M |
| Depreciation & Amortization | 67.89M | 67.11M | 60.70M | 42.43M | 42.75M | 47.99M |
| Loss (Gain) From Sale of Assets | -29.00K | -54.00K | -425.00K | -644.00K | 10.67M | -569.00K |
| Asset Writedown & Restructuring Costs | 27.42M | |||||
| Stock-Based Compensation | 6.14M | 4.96M | 6.73M | 7.01M | 5.91M | 4.68M |
| Other Operating Activities | 69.02M | 43.27M | -8.43M | 19.50M | -49.88M | -6.79M |
| Change in Accounts Receivable | 12.13M | -3.98M | 73.83M | 42.87M | -27.20M | -74.74M |
| Change in Inventory | 3.45M | -7.12M | 51.48M | 31.64M | -19.60M | -112.85M |
| Change in Accounts Payable | -6.48M | 11.30M | -29.17M | -62.73M | -7.75M | 121.19M |
| Change in Other Net Operating Assets | -14.82M | -21.97M | -7.67M | 20.50M | 29.48M | -17.78M |
| Operating Cash Flow | 22.54M | 30.03M | 141.49M | 179.35M | 160.68M | 10.73M |
| Capital Expenditures | -49.51M | -54.62M | -65.62M | -60.80M | -46.97M | -38.80M |
| Cash Acquisitions | -143.64M | |||||
| Investment in Securities | -5.67M | -5.67M | 1.79M | 2.08M | 9.29M | |
| Other Investing Activities | -1.14M | 649.00K | 5.88M | 1.79M | 930.00K | 1.20M |
| Investing Cash Flow | -55.02M | -59.65M | -201.60M | -56.92M | -36.75M | -37.60M |
| Long-Term Debt Issued | 116.95M | 213.20M | 6.67M | 88.94M | 497.15M | |
| Long-Term Debt Repaid | -99.52M | -70.29M | -27.61M | -124.74M | -482.18M | |
| Net Debt Issued (Repaid) | -6.22M | 17.44M | 142.91M | -20.94M | -35.80M | 14.97M |
| Repurchase of Common Stock | -74.02M | -32.58M | -25.00M | |||
| Other Financing Activities | 6.53M | 6.00K | -4.34M | -2.50M | -511.00K | -1.02M |
| Financing Cash Flow | 314.00K | 17.45M | 64.55M | -56.02M | -61.31M | 13.95M |
| Foreign Exchange Rate Adjustments | -435.00K | 19.08M | -28.72M | -5.74M | -1.15M | -6.40M |
| Net Cash Flow | -32.59M | 6.91M | -24.28M | 60.67M | 61.47M | -19.32M |
| Free Cash Flow | -26.96M | -24.59M | 75.86M | 118.55M | 113.70M | -28.08M |
| Free Cash Flow Margin | -1.47% | -1.34% | 4.11% | 6.51% | 5.24% | -1.58% |
| Free Cash Flow Per Share | -0.42 | -0.39 | 1.10 | 1.88 | 1.78 | -0.45 |
| Levered Free Cash Flow | -28.64M | -27.14M | -28.94M | 85.32M | 75.93M | -5.08M |
| Unlevered Free Cash Flow | -3.96M | -2.95M | -6.17M | 103.55M | 96.03M | 15.06M |
| Cash Interest Paid | 41.66M | 42.07M | 37.18M | 30.27M | 31.60M | 34.58M |
| Cash Income Tax Paid | 18.43M | 20.49M | 20.36M | 21.80M | 24.11M | 16.26M |
| Change in Working Capital | -5.72M | -21.76M | 88.47M | 32.29M | -25.07M | -84.17M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 320.45M | 500.74M | 428.72M | 920.92M | 962.77M | 727.87M |
| Enterprise Value | 822.90M | 1.01B | 845.04M | 1.15B | 1.31B | 1.16B |
| Last Close Price | 4.65 | 7.83 | 6.79 | 14.88 | 15.32 | 10.96 |
| PE Ratio | 11.69 | 5.46 | 14.68 | |||
| Forward PE | 65.25 | 71.47 | 8.83 | 6.86 | 12.04 | |
| PS Ratio | 0.17 | 0.27 | 0.23 | 0.51 | 0.44 | 0.41 |
| PB Ratio | 0.66 | 0.96 | 0.87 | 1.97 | 2.51 | 3.20 |
| P/TBV Ratio | 0.77 | 1.06 | 0.94 | 1.98 | 2.54 | 3.19 |
| P/FCF Ratio | 5.65 | 7.77 | 8.47 | |||
| P/OCF Ratio | 14.17 | 16.68 | 3.03 | 5.13 | 5.99 | 67.86 |
| PEG Ratio | 5.04 | 5.04 | 5.04 | 5.04 | 5.04 | |
| EV/Sales Ratio | 0.45 | 0.55 | 0.46 | 0.63 | 0.60 | 0.65 |
| EV/EBITDA Ratio | 8.97 | 11.28 | 8.34 | 6.03 | 5.24 | 8.70 |
| EV/EBIT Ratio | 34.68 | 45.07 | 20.81 | 7.75 | 6.32 | 13.57 |
| EV/FCF Ratio | 11.14 | 9.69 | 11.53 | |||
| Debt / Equity Ratio | 1.46 | 1.37 | 1.39 | 0.94 | 1.18 | 2.21 |
| Debt / EBITDA Ratio | 5.59 | 6.12 | 5.45 | 2.24 | 1.80 | 3.76 |
| Debt / FCF Ratio | 9.04 | 3.71 | 3.97 | |||
| Net Debt / Equity Ratio | 1.08 | 0.97 | 0.99 | 0.47 | 0.76 | 1.77 |
| Net Debt / EBITDA Ratio | 5.49 | 5.68 | 4.81 | 1.14 | 1.16 | 3.02 |
| Net Debt / FCF Ratio | -18.63 | -20.68 | 6.42 | 1.84 | 2.56 | -14.36 |
| Asset Turnover | 1.08 | 1.12 | 1.28 | 1.42 | 1.76 | 1.61 |
| Inventory Turnover | 4.02 | 3.50 | 3.98 | 4.00 | 4.61 | 4.53 |
| Quick Ratio | 0.71 | 1.06 | 1.09 | 1.26 | 1.05 | 0.84 |
| Current Ratio | 2.16 | 2.30 | 2.35 | 2.42 | 2.04 | 1.80 |
| Return on Equity (ROE) | -15.53% | -12.05% | -0.75% | 19.68% | 58.72% | 23.29% |
| Return on Assets (ROA) | 0.87% | 0.86% | 1.77% | 7.20% | 10.52% | 4.83% |
| Return on Invested Capital (ROIC) | 2.35% | 2.23% | -2.11% | 16.62% | 28.20% | 13.91% |
| Return on Capital Employed (ROCE) | 2.10% | 1.80% | 3.40% | 16.00% | 24.80% | 11.70% |
| Earnings Yield | -37.08% | -12.68% | -1.30% | 8.55% | 18.31% | 6.81% |
| FCF Yield | -8.44% | -4.91% | 17.70% | 12.87% | 11.81% | -3.86% |
| Buyback Yield / Dilution | -0.43% | 7.21% | -9.05% | 1.15% | -1.60% | -3.07% |
| Total Shareholder Return | -0.43% | 7.21% | -9.05% | 1.15% | -1.60% | -3.07% |