Titan International (TWI) Financials

$7.42 -0.16 (-2.11%)

Closing price 03:59 PM Eastern

Extended Trading

$7.45 +0.03 (+0.40%)

As of 04:05 PM Eastern

Annual Income Statements for Titan International

This table shows Titan International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	176	79	-5.56
Consolidated Net Income / (Loss)	179	84	-3.59
Net Income / (Loss) Continuing Operations	179	84	-3.59
Total Pre-Tax Income	202	110	8.27
Total Operating Income	206	149	33
Total Gross Profit	361	306	258
Total Revenue	2,169	1,822	1,846
Operating Revenue	2,169	1,822	1,846
Total Cost of Revenue	1,809	1,516	1,588
Operating Cost of Revenue	1,809	1,516	1,588
Total Operating Expenses	155	157	225
Selling, General & Admin Expense	133	135	192
Research & Development Expense	10	13	17
Other Operating Expenses / (Income)	12	9.65	10
Restructuring Charge	0.00	0.00	6.20
Total Other Income / (Expense), net	-3.45	-39	-25
Interest Expense	32	29	36
Interest & Investment Income	2.35	10	11
Other Income / (Expense), net	26	-20	0.49
Income Tax Expense	23	26	12
Net Income / (Loss) Attributable to Noncontrolling Interest	2.88	4.95	1.97
Basic Earnings per Share	$2.80	$1.26	($0.08)
Weighted Average Basic Shares Outstanding	63.04M	62.45M	68.66M
Diluted Earnings per Share	$2.77	$1.25	($0.08)
Weighted Average Diluted Shares Outstanding	63.69M	62.96M	68.66M
Weighted Average Basic & Diluted Shares Outstanding	62.87M	60.65M	63.20M

This table shows Titan International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	43	42	32	30	19	-2.57	9.20	2.15	-18	1.34
Consolidated Net Income / (Loss)	43	43	33	32	20	-1.28	9.97	3.42	-18	1.21
Net Income / (Loss) Continuing Operations	43	43	33	32	20	-1.28	9.97	3.42	-18	1.21
Total Pre-Tax Income	54	27	48	41	24	-3.60	20	19	-5.28	-25
Total Operating Income	50	41	55	46	27	21	25	22	2.81	-17
Total Gross Profit	88	77	96	86	66	58	77	80	59	41
Total Revenue	531	510	549	481	402	390	482	532	448	384
Operating Revenue	531	510	549	481	402	390	482	532	448	384
Total Cost of Revenue	443	433	453	395	336	332	405	452	389	342
Operating Cost of Revenue	443	433	453	395	336	332	405	452	389	342
Total Operating Expenses	37	36	40	40	39	38	52	58	56	58
Selling, General & Admin Expense	31	30	34	35	34	32	39	52	50	51
Research & Development Expense	2.43	2.81	3.01	3.22	3.17	3.14	3.65	4.22	4.20	4.45
Other Operating Expenses / (Income)	3.30	2.50	2.94	1.92	2.34	2.45	3.03	2.32	2.27	2.50
Total Other Income / (Expense), net	3.67	-14	-7.49	-4.57	-2.59	-24	-5.36	-3.45	-8.09	-8.01
Interest Expense	7.22	9.31	6.49	5.76	7.23	9.67	5.49	7.19	9.01	15
Other Income / (Expense), net	11	-6.93	-1.00	1.19	1.34	-22	0.13	3.74	-2.15	-1.23
Income Tax Expense	11	-16	14	9.43	4.72	-2.32	9.74	15	13	-26
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.46	0.93	1.59	1.69	0.38	1.28	0.77	1.27	0.05	-0.13
Weighted Average Basic Shares Outstanding	62.80M	63.04M	62.91M	62.93M	62.60M	62.45M	64.93M	72.74M	72.01M	68.66M
Weighted Average Diluted Shares Outstanding	63.23M	63.69M	63.62M	63.23M	63.10M	62.96M	65.70M	73.08M	72.01M	68.66M
Weighted Average Basic & Diluted Shares Outstanding	62.84M	62.87M	63.13M	62.73M	61.89M	60.65M	72.87M	72.16M	63.14M	63.20M

This table details how cash moves in and out of Titan International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	61	61	-24
Net Cash From Operating Activities	161	179	141
Net Cash From Continuing Operating Activities	161	179	141
Net Income / (Loss) Continuing Operations	179	84	-3.59
Consolidated Net Income / (Loss)	179	84	-3.59
Depreciation Expense	43	42	61
Non-Cash Adjustments To Reconcile Net Income	-13	23	2.26
Changes in Operating Assets and Liabilities, net	-48	30	82
Net Cash From Investing Activities	-37	-57	-202
Net Cash From Continuing Investing Activities	-37	-57	-202
Purchase of Property, Plant & Equipment	-47	-61	-66
Acquisitions	0.00	0.00	-144
Sale and/or Maturity of Investments	9.29	2.09	1.79
Other Investing Activities, net	0.93	1.79	5.88
Net Cash From Financing Activities	-61	-56	65
Net Cash From Continuing Financing Activities	-61	-56	65
Repayment of Debt	-125	-30	-75
Repurchase of Common Equity	-25	-33	-74
Issuance of Debt	89	6.67	213
Other Net Changes in Cash	-1.15	-5.74	-29
Cash Interest Paid	32	30	37
Cash Income Taxes Paid	24	22	20

This table details how cash moves in and out of Titan International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-0.12	43	4.54	32	15	8.35	-17	20	3.19	-31
Net Cash From Operating Activities	53	58	24	65	51	39	2.01	71	60	8.74
Net Cash From Continuing Operating Activities	51	58	24	65	51	39	2.01	71	60	8.74
Net Income / (Loss) Continuing Operations	43	43	33	32	20	-1.28	9.97	3.42	-18	1.21
Consolidated Net Income / (Loss)	43	43	33	32	20	-1.28	9.97	3.42	-18	1.21
Depreciation Expense	10	10	11	11	10	11	12	15	13	21
Non-Cash Adjustments To Reconcile Net Income	-7.65	8.49	0.89	-3.09	1.38	24	0.11	-2.40	5.69	-1.13
Changes in Operating Assets and Liabilities, net	5.62	-3.49	-21	25	20	5.86	-20	54	60	-12
Net Cash From Investing Activities	-13	-14	-11	-16	-12	-17	-159	-13	-18	-13
Net Cash From Continuing Investing Activities	-13	-14	-11	-16	-12	-17	-159	-13	-18	-13
Purchase of Property, Plant & Equipment	-13	-14	-12	-16	-14	-19	-17	-18	-18	-13
Other Investing Activities, net	-	-	-	-	-	1.79	-	-	-	2.34
Net Cash From Financing Activities	-35	-3.77	-10	-15	-14	-16	146	-32	-41	-8.50
Net Cash From Continuing Financing Activities	-35	-3.77	-10	-15	-14	-16	146	-32	-41	-8.50
Repayment of Debt	-35	-3.80	-12	-12	-3.78	-2.55	-7.66	-30	-33	-4.18
Repurchase of Common Equity	-	-	-1.29	-5.10	-13	-14	-1.40	-6.36	-8.34	-58
Issuance of Debt	-0.11	0.03	2.36	2.01	2.26	0.04	155	4.77	0.08	54
Cash Interest Paid	0.79	15	0.86	15	0.49	14	0.84	17	2.54	17
Cash Income Taxes Paid	19	-3.62	3.77	8.92	4.90	4.22	5.55	6.27	4.61	3.94

This table presents Titan International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	1,285	1,289	1,585
Total Current Assets	910	877	912
Cash & Equivalents	-	220	196
Accounts Receivable	267	219	212
Inventories, net	397	365	437
Prepaid Expenses	86	72	67
Plant, Property, & Equipment, net	297	322	421
Total Noncurrent Assets	78	91	252
Long-Term Investments	31	39	51
Goodwill	-	0.00	30
Intangible Assets	-	1.43	12
Noncurrent Deferred & Refundable Income Taxes	39	38	42
Other Noncurrent Operating Assets	8.93	12	117
Total Liabilities & Shareholders' Equity	1,285	1,289	1,585
Total Liabilities	901	822	1,091
Total Current Liabilities	446	363	387
Short-Term Debt	31	17	12
Accounts Payable	263	201	220
Other Current Liabilities	152	144	155
Total Noncurrent Liabilities	455	459	704
Long-Term Debt	415	409	553
Capital Lease Obligations	-	6.15	106
Noncurrent Deferred & Payable Income Tax Liabilities	3.43	2.23	6.42
Other Noncurrent Operating Liabilities	37	42	39
Commitments & Contingencies	-	0.00	0.00
Total Equity & Noncontrolling Interests	383	467	494
Total Preferred & Common Equity	381	467	496
Total Common Equity	381	467	496
Common Stock	566	569	740
Retained Earnings	91	170	164
Treasury Stock	-23	-53	-122
Accumulated Other Comprehensive Income / (Loss)	-252	-219	-286
Noncontrolling Interest	1.90	0.36	-2.42

This table presents Titan International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	1,247	1,345	1,305	1,258	1,814	1,734	1,687
Total Current Assets	901	970	934	881	1,155	1,092	1,026
Cash & Equivalents	117	164	196	212	204	224	227
Accounts Receivable	282	326	281	239	356	317	273
Inventories, net	413	389	378	360	505	465	454
Prepaid Expenses	89	91	79	71	91	87	72
Plant, Property, & Equipment, net	288	300	308	302	450	448	440
Total Noncurrent Assets	59	74	63	74	208	194	221
Long-Term Investments	33	31	30	31	43	43	43
Goodwill	-	-	-	-	13	13	36
Intangible Assets	-	-	-	-	17	17	13
Noncurrent Deferred & Refundable Income Taxes	16	35	27	32	26	16	8.11
Other Noncurrent Operating Assets	9.53	7.81	7.00	11	109	105	120
Total Liabilities & Shareholders' Equity	1,247	1,345	1,305	1,258	1,814	1,734	1,687
Total Liabilities	926	922	854	825	1,183	1,120	1,089
Total Current Liabilities	471	468	403	375	495	454	431
Short-Term Debt	32	24	19	18	19	15	15
Accounts Payable	257	276	232	195	288	257	234
Other Current Liabilities	182	168	153	163	188	182	182
Total Noncurrent Liabilities	456	454	455	455	688	666	657
Long-Term Debt	415	413	412	410	554	536	503
Capital Lease Obligations	-	-	-	-	95	94	109
Noncurrent Deferred & Payable Income Tax Liabilities	4.24	3.44	3.31	2.83	4.71	4.56	2.52
Other Noncurrent Operating Liabilities	37	37	40	42	33	32	42
Total Equity & Noncontrolling Interests	321	423	451	433	631	614	598
Total Preferred & Common Equity	316	421	450	433	630	609	598
Total Common Equity	316	424	450	433	630	609	598
Common Stock	564	564	566	567	736	737	738
Retained Earnings	49	123	153	172	179	181	163
Treasury Stock	-24	-19	-27	-39	-51	-57	-64
Accumulated Other Comprehensive Income / (Loss)	-274	-244	-242	-267	-233	-252	-239
Noncontrolling Interest	5.22	2.40	0.86	-0.03	0.79	4.28	0.29

This table displays calculated financial ratios and metrics derived from Titan International's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	21.86%	-16.02%	1.32%
EBITDA Growth	86.66%	-37.81%	-44.80%
EBIT Growth	133.83%	-44.63%	-73.80%
NOPAT Growth	118.89%	-37.75%	-112.70%
Net Income Growth	259.16%	-53.29%	-104.29%
EPS Growth	250.63%	-54.87%	-106.40%
Operating Cash Flow Growth	1,398.02%	11.62%	-21.11%
Free Cash Flow Firm Growth	163.71%	-12.16%	-361.21%
Invested Capital Growth	9.41%	0.25%	43.39%
Revenue Q/Q Growth	1.03%	-6.16%	-0.36%
EBITDA Q/Q Growth	8.28%	-16.83%	-7.30%
EBIT Q/Q Growth	10.57%	-21.39%	-33.86%
NOPAT Q/Q Growth	14.08%	-26.33%	0.88%
Net Income Q/Q Growth	8.93%	-34.59%	41.00%
EPS Q/Q Growth	9.06%	-35.90%	33.33%
Operating Cash Flow Q/Q Growth	39.41%	-9.67%	-17.74%
Free Cash Flow Firm Q/Q Growth	19.70%	-29.74%	18.11%
Invested Capital Q/Q Growth	3.31%	4.44%	-3.90%
Profitability Metrics	-	-	-
Gross Margin	16.63%	16.79%	13.97%
EBITDA Margin	12.67%	9.38%	5.11%
Operating Margin	9.49%	8.16%	1.80%
EBIT Margin	10.70%	7.06%	1.82%
Profit (Net Income) Margin	8.26%	4.59%	-0.19%
Tax Burden Percent	88.55%	76.27%	-43.40%
Interest Burden Percent	87.17%	85.39%	24.56%
Effective Tax Rate	11.45%	23.73%	143.40%
Return on Invested Capital (ROIC)	29.83%	17.75%	-1.85%
ROIC Less NNEP Spread (ROIC-NNEP)	28.83%	3.85%	1.78%
Return on Net Nonoperating Assets (RNNOA)	28.89%	1.94%	1.10%
Return on Equity (ROE)	58.72%	19.68%	-0.75%
Cash Return on Invested Capital (CROIC)	20.84%	17.49%	-37.50%
Operating Return on Assets (OROA)	18.82%	9.99%	2.34%
Return on Assets (ROA)	14.52%	6.50%	-0.25%
Return on Common Equity (ROCE)	58.74%	19.63%	-0.75%
Return on Equity Simple (ROE_SIMPLE)	47.00%	17.92%	-0.72%
Net Operating Profit after Tax (NOPAT)	182	113	-14
NOPAT Margin	8.40%	6.23%	-0.78%
Net Nonoperating Expense Percent (NNEP)	1.00%	13.89%	-3.62%
Return On Investment Capital (ROIC_SIMPLE)	21.99%	12.61%	-1.24%
Cost of Revenue to Revenue	83.37%	83.21%	86.03%
SG&A Expenses to Revenue	6.12%	7.41%	10.39%
R&D to Revenue	0.48%	0.69%	0.89%
Operating Expenses to Revenue	7.14%	8.62%	12.17%
Earnings before Interest and Taxes (EBIT)	232	129	34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	275	171	94
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	2.53	1.97	0.86
Price to Tangible Book Value (P/TBV)	2.53	1.98	0.94
Price to Revenue (P/Rev)	0.44	0.51	0.23
Price to Earnings (P/E)	5.46	11.69	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	18.31%	8.55%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.91	1.71	0.93
Enterprise Value to Revenue (EV/Rev)	0.56	0.60	0.46
Enterprise Value to EBITDA (EV/EBITDA)	4.44	6.40	9.01
Enterprise Value to EBIT (EV/EBIT)	5.26	8.51	25.25
Enterprise Value to NOPAT (EV/NOPAT)	6.69	9.64	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.59	6.10	6.01
Enterprise Value to Free Cash Flow (EV/FCFF)	9.58	9.78	0.00
Leverage & Solvency	-	-	-
Debt to Equity	1.16	0.92	1.36
Long-Term Debt to Equity	1.08	0.89	1.33
Financial Leverage	1.00	0.50	0.62
Leverage Ratio	4.04	3.03	2.99
Compound Leverage Factor	3.52	2.58	0.73
Debt to Total Capital	53.77%	48.05%	57.63%
Short-Term Debt to Total Capital	3.72%	1.88%	1.07%
Long-Term Debt to Total Capital	50.05%	46.17%	56.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.23%	0.04%	-0.21%
Common Equity to Total Capital	46.00%	51.92%	42.58%
Debt to EBITDA	1.62	2.53	7.11
Net Debt to EBITDA	0.93	1.01	4.49
Long-Term Debt to EBITDA	1.51	2.43	6.98
Debt to NOPAT	2.45	3.81	-46.62
Net Debt to NOPAT	1.40	1.52	-29.44
Long-Term Debt to NOPAT	2.28	3.66	-45.75
Altman Z-Score	3.46	3.08	2.01
Noncontrolling Interest Sharing Ratio	-0.04%	0.27%	-0.21%
Liquidity Ratios	-	-	-
Current Ratio	2.04	2.42	2.35
Quick Ratio	0.60	1.21	1.05
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	127	112	-292
Operating Cash Flow to CapEx	342.06%	294.99%	215.60%
Free Cash Flow to Firm to Interest Expense	3.96	3.84	-8.02
Operating Cash Flow to Interest Expense	5.00	6.15	3.88
Operating Cash Flow Less CapEx to Interest Expense	3.54	4.07	2.08
Efficiency Ratios	-	-	-
Asset Turnover	1.76	1.42	1.28
Accounts Receivable Turnover	8.31	7.50	8.57
Inventory Turnover	4.58	3.98	3.96
Fixed Asset Turnover	7.26	5.89	4.97
Accounts Payable Turnover	6.68	6.53	7.55
Days Sales Outstanding (DSO)	43.91	48.68	42.60
Days Inventory Outstanding (DIO)	79.70	91.78	92.20
Days Payable Outstanding (DPO)	54.64	55.93	48.35
Cash Conversion Cycle (CCC)	68.97	84.53	86.44
Capital & Investment Metrics	-	-	-
Invested Capital	638	640	918
Invested Capital Turnover	3.55	2.85	2.37
Increase / (Decrease) in Invested Capital	55	1.61	278
Enterprise Value (EV)	1,220	1,094	850
Market Capitalization	963	921	429
Book Value per Share	$6.07	$7.55	$7.86
Tangible Book Value per Share	$6.07	$7.52	$7.20
Total Capital	829	900	1,165
Total Debt	446	432	671
Total Long-Term Debt	415	415	659
Net Debt	255	173	424
Capital Expenditures (CapEx)	47	61	66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	335	311	341
Debt-free Net Working Capital (DFNWC)	494	531	537
Net Working Capital (NWC)	463	514	525
Net Nonoperating Expense (NNE)	3.05	30	-11
Net Nonoperating Obligations (NNO)	255	173	424
Total Depreciation and Amortization (D&A)	43	42	61
Debt-free, Cash-free Net Working Capital to Revenue	15.43%	17.07%	18.48%
Debt-free Net Working Capital to Revenue	22.79%	29.16%	29.10%
Net Working Capital to Revenue	21.36%	28.23%	28.42%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$2.80	$1.26	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	63.04M	62.45M	68.66M
Adjusted Diluted Earnings per Share	$2.77	$1.25	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	63.69M	62.96M	68.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.87M	60.65M	63.20M
Normalized Net Operating Profit after Tax (NOPAT)	182	113	28
Normalized NOPAT Margin	8.40%	6.23%	1.49%
Pre Tax Income Margin	9.33%	6.02%	0.45%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	7.22	4.41	0.92
NOPAT to Interest Expense	5.67	3.89	-0.40
EBIT Less CapEx to Interest Expense	5.76	2.32	-0.88
NOPAT Less CapEx to Interest Expense	4.21	1.81	-2.20
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	13.95%	38.92%	-2,061.81%

This table displays calculated financial ratios and metrics derived from Titan International's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.84%	4.53%	-1.32%	-16.01%	-24.30%	-23.46%	-12.11%	10.60%	11.50%	-1.70%
EBITDA Growth	101.80%	89.74%	23.72%	-45.72%	-46.31%	-77.87%	-42.74%	-28.26%	-65.33%	-75.58%
EBIT Growth	156.13%	188.55%	31.51%	-50.76%	-53.87%	-102.95%	-53.45%	-44.65%	-97.68%	-1,718.94%
NOPAT Growth	159.87%	84.50%	17.09%	-35.16%	-45.37%	-77.71%	-67.20%	-88.58%	-90.97%	-182.14%
Net Income Growth	295.34%	51.91%	36.02%	-53.72%	-53.96%	-102.98%	-70.16%	-89.27%	-192.55%	194.62%
EPS Growth	277.78%	53.49%	35.14%	-54.72%	-54.41%	-106.06%	-72.00%	-93.75%	-180.65%	0.00%
Operating Cash Flow Growth	250.87%	348.97%	230.08%	-3.90%	-3.95%	-32.85%	-91.68%	9.32%	16.97%	-77.74%
Free Cash Flow Firm Growth	47.88%	3,441.74%	118.78%	278.57%	298.35%	27.19%	-3,107.24%	-1,523.56%	-1,363.33%	-2,345.81%
Invested Capital Growth	9.46%	9.41%	4.10%	1.86%	-0.84%	0.25%	58.30%	52.12%	55.83%	43.39%
Revenue Q/Q Growth	-7.36%	-3.95%	7.63%	-12.30%	-16.50%	-2.88%	23.58%	10.36%	-15.82%	-14.38%
EBITDA Q/Q Growth	-32.96%	-37.78%	46.20%	-11.00%	-33.68%	-74.36%	278.35%	11.50%	-67.96%	-81.94%
EBIT Q/Q Growth	-35.81%	-44.65%	59.35%	-13.03%	-39.87%	-103.54%	2,612.66%	3.41%	-97.48%	-2,876.86%
NOPAT Q/Q Growth	-27.12%	63.41%	-40.55%	-8.43%	-38.59%	-33.34%	-12.52%	-68.10%	-51.45%	-706.23%
Net Income Q/Q Growth	-38.03%	0.61%	-22.21%	-4.59%	-38.35%	-106.52%	878.00%	-65.69%	-631.82%	106.67%
EPS Q/Q Growth	-35.85%	-2.94%	-24.24%	-4.00%	-35.42%	-112.90%	450.00%	-78.57%	-933.33%	0.00%
Operating Cash Flow Q/Q Growth	-20.93%	9.59%	-58.78%	169.05%	-20.97%	-23.38%	-94.89%	3,433.22%	-15.44%	-85.42%
Free Cash Flow Firm Q/Q Growth	-2.90%	174.68%	23.02%	88.90%	14.30%	-52.11%	-3,008.51%	10.58%	-1.43%	14.87%
Invested Capital Q/Q Growth	-3.35%	3.31%	4.18%	-2.08%	-5.90%	4.44%	64.50%	-5.90%	-3.61%	-3.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.51%	15.05%	17.42%	17.85%	16.45%	14.95%	16.04%	15.12%	13.13%	10.74%
EBITDA Margin	13.46%	8.72%	11.84%	12.02%	9.54%	2.52%	7.72%	7.80%	2.97%	0.63%
Operating Margin	9.51%	8.02%	10.05%	9.54%	6.71%	5.31%	5.20%	4.19%	0.63%	-4.44%
EBIT Margin	11.57%	6.66%	9.87%	9.79%	7.05%	-0.26%	5.23%	4.90%	0.15%	-4.76%
Profit (Net Income) Margin	8.05%	8.43%	6.09%	6.63%	4.89%	-0.33%	2.07%	0.64%	-4.06%	0.32%
Tax Burden Percent	78.87%	159.09%	70.16%	77.18%	80.65%	35.58%	50.60%	18.13%	344.42%	-4.85%
Interest Burden Percent	88.24%	79.51%	88.01%	87.76%	86.12%	359.22%	78.21%	72.42%	-804.26%	137.19%
Effective Tax Rate	21.13%	-59.09%	29.84%	22.82%	19.35%	0.00%	49.40%	81.87%	0.00%	0.00%
Return on Invested Capital (ROIC)	27.25%	45.32%	23.38%	23.62%	17.08%	10.59%	5.38%	1.67%	1.04%	-7.36%
ROIC Less NNEP Spread (ROIC-NNEP)	28.12%	38.10%	21.73%	22.30%	16.20%	3.22%	4.56%	1.46%	-6.48%	-2.96%
Return on Net Nonoperating Assets (RNNOA)	35.76%	38.18%	20.63%	15.74%	10.24%	1.62%	2.87%	0.79%	-3.37%	-1.84%
Return on Equity (ROE)	63.01%	83.50%	44.01%	39.36%	27.32%	12.21%	8.25%	2.46%	-2.33%	-9.20%
Cash Return on Invested Capital (CROIC)	17.99%	20.84%	24.75%	24.63%	25.86%	17.49%	-34.97%	-35.15%	-45.50%	-37.50%
Operating Return on Assets (OROA)	20.77%	11.72%	16.32%	15.62%	10.92%	-0.36%	5.81%	5.82%	0.18%	-6.11%
Return on Assets (ROA)	14.45%	14.82%	10.08%	10.58%	7.59%	-0.47%	2.30%	0.76%	-5.11%	0.41%
Return on Common Equity (ROCE)	59.75%	83.54%	44.25%	38.98%	27.13%	12.18%	8.25%	2.45%	-2.33%	-9.22%
Return on Equity Simple (ROE_SIMPLE)	52.10%	0.00%	44.69%	33.55%	29.54%	0.00%	9.56%	5.22%	-1.02%	0.00%
Net Operating Profit after Tax (NOPAT)	40	65	39	35	22	15	13	4.05	1.96	-12
NOPAT Margin	7.50%	12.76%	7.05%	7.36%	5.41%	3.72%	2.63%	0.76%	0.44%	-3.11%
Net Nonoperating Expense Percent (NNEP)	-0.87%	7.22%	1.66%	1.32%	0.88%	7.38%	0.82%	0.22%	7.52%	-4.40%
Return On Investment Capital (ROIC_SIMPLE)	-	7.85%	-	-	-	1.61%	-	-	-	-1.02%
Cost of Revenue to Revenue	83.49%	84.95%	82.58%	82.15%	83.56%	85.05%	83.96%	84.88%	86.87%	89.26%
SG&A Expenses to Revenue	5.92%	5.98%	6.28%	7.24%	8.36%	8.21%	8.17%	9.69%	11.06%	13.36%
R&D to Revenue	0.46%	0.55%	0.55%	0.67%	0.79%	0.80%	0.76%	0.79%	0.94%	1.16%
Operating Expenses to Revenue	7.00%	7.02%	7.37%	8.31%	9.73%	9.64%	10.85%	10.92%	12.50%	15.17%
Earnings before Interest and Taxes (EBIT)	61	34	54	47	28	-1.00	25	26	0.66	-18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	71	44	65	58	38	9.83	37	41	13	2.40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.41	2.53	1.55	1.61	1.94	1.97	1.20	0.89	0.98	0.86
Price to Tangible Book Value (P/TBV)	2.41	2.53	1.55	1.61	1.94	1.98	1.26	0.93	1.07	0.94
Price to Revenue (P/Rev)	0.36	0.44	0.30	0.35	0.43	0.51	0.43	0.30	0.32	0.23
Price to Earnings (P/E)	4.71	5.46	3.58	4.92	6.83	11.69	13.46	19.24	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	21.23%	18.31%	27.96%	20.32%	14.64%	8.55%	7.43%	5.20%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.72	1.91	1.36	1.43	1.68	1.71	1.12	0.93	0.99	0.93
Enterprise Value to Revenue (EV/Rev)	0.50	0.56	0.42	0.45	0.53	0.60	0.67	0.51	0.51	0.46
Enterprise Value to EBITDA (EV/EBITDA)	4.19	4.44	3.14	3.90	5.00	6.40	8.23	7.26	9.27	9.01
Enterprise Value to EBIT (EV/EBIT)	5.07	5.26	3.68	4.73	6.28	8.51	11.83	11.73	18.54	25.25
Enterprise Value to NOPAT (EV/NOPAT)	6.66	6.69	4.81	5.44	6.67	9.64	13.48	18.10	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.24	7.59	4.44	4.63	5.17	6.10	7.49	5.64	5.49	6.01
Enterprise Value to Free Cash Flow (EV/FCFF)	10.01	9.58	5.60	5.85	6.45	9.78	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.39	1.16	1.03	0.95	0.99	0.92	1.06	1.05	1.05	1.36
Long-Term Debt to Equity	1.29	1.08	0.98	0.91	0.95	0.89	1.03	1.03	1.02	1.33
Financial Leverage	1.27	1.00	0.95	0.71	0.63	0.50	0.63	0.54	0.52	0.62
Leverage Ratio	4.59	4.04	3.91	3.43	3.32	3.03	3.00	2.85	2.86	2.99
Compound Leverage Factor	4.05	3.21	3.44	3.01	2.86	10.87	2.34	2.07	-22.96	4.10
Debt to Total Capital	58.20%	53.77%	50.81%	48.82%	49.66%	48.05%	51.45%	51.22%	51.21%	57.63%
Short-Term Debt to Total Capital	4.21%	3.72%	2.77%	2.10%	2.04%	1.88%	1.44%	1.16%	1.23%	1.07%
Long-Term Debt to Total Capital	53.99%	50.05%	48.04%	46.72%	47.62%	46.17%	50.01%	50.06%	49.98%	56.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.68%	0.23%	0.28%	0.10%	0.00%	0.04%	0.06%	0.34%	0.02%	-0.21%
Common Equity to Total Capital	41.12%	46.00%	49.31%	51.08%	50.35%	51.92%	48.49%	48.44%	48.77%	42.58%
Debt to EBITDA	1.76	1.62	1.52	1.80	2.08	2.53	4.67	5.08	6.16	7.11
Net Debt to EBITDA	1.17	0.93	0.84	0.86	0.90	1.01	2.95	2.97	3.51	4.49
Long-Term Debt to EBITDA	1.63	1.51	1.44	1.73	1.99	2.43	4.54	4.96	6.02	6.98
Debt to NOPAT	2.80	2.45	2.33	2.52	2.77	3.81	7.65	12.66	-43.19	-46.62
Net Debt to NOPAT	1.86	1.40	1.29	1.20	1.20	1.52	4.83	7.41	-24.56	-29.44
Long-Term Debt to NOPAT	2.60	2.28	2.20	2.41	2.66	3.66	7.44	12.37	-42.16	-45.75
Altman Z-Score	2.85	2.95	2.75	2.87	2.91	2.75	1.97	1.97	1.98	1.90
Noncontrolling Interest Sharing Ratio	5.17%	-0.04%	-0.55%	0.95%	0.69%	0.27%	-0.02%	0.48%	0.03%	-0.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.91	2.04	2.07	2.32	2.35	2.42	2.33	2.40	2.38	2.35
Quick Ratio	0.85	0.60	1.05	1.18	1.20	1.21	1.13	1.19	1.16	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-14	10	12	24	27	13	-375	-335	-340	-290
Operating Cash Flow to CapEx	401.19%	410.99%	210.54%	409.17%	412.80%	203.14%	12.11%	441.46%	330.73%	65.65%
Free Cash Flow to Firm to Interest Expense	-1.88	1.09	1.92	4.09	3.73	1.33	-68.29	-46.67	-37.78	-19.64
Operating Cash Flow to Interest Expense	7.38	6.27	3.71	11.25	7.08	4.06	0.37	9.86	6.65	0.59
Operating Cash Flow Less CapEx to Interest Expense	5.54	4.75	1.95	8.50	5.37	2.06	-2.65	7.62	4.64	-0.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.80	1.76	1.65	1.60	1.55	1.42	1.11	1.19	1.26	1.28
Accounts Receivable Turnover	7.90	8.31	6.81	7.14	7.46	7.50	5.15	6.05	7.24	8.57
Inventory Turnover	4.58	4.58	4.41	4.31	4.18	3.98	3.28	3.62	3.88	3.96
Fixed Asset Turnover	7.28	7.26	7.22	6.85	6.58	5.89	4.68	4.78	4.99	4.97
Accounts Payable Turnover	7.05	6.68	6.20	6.68	7.17	6.53	5.20	6.23	7.36	7.55
Days Sales Outstanding (DSO)	46.20	43.91	53.63	51.11	48.95	48.68	70.86	60.35	50.38	42.60
Days Inventory Outstanding (DIO)	79.66	79.70	82.79	84.77	87.25	91.78	111.15	100.93	94.14	92.20
Days Payable Outstanding (DPO)	51.74	54.64	58.89	54.68	50.92	55.93	70.13	58.57	49.60	48.35
Cash Conversion Cycle (CCC)	74.12	68.97	77.53	81.20	85.28	84.53	111.88	102.71	94.92	86.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	618	638	665	651	613	640	1,053	991	955	918
Invested Capital Turnover	3.63	3.55	3.32	3.21	3.15	2.85	2.04	2.20	2.36	2.37
Increase / (Decrease) in Invested Capital	53	55	26	12	-5.17	1.61	388	339	342	278
Enterprise Value (EV)	1,065	1,220	903	930	1,027	1,094	1,178	921	944	850
Market Capitalization	762	963	659	725	842	921	756	540	587	429
Book Value per Share	$5.03	$6.07	$6.75	$7.13	$6.91	$7.55	$10.39	$8.36	$8.28	$7.86
Tangible Book Value per Share	$5.03	$6.07	$6.75	$7.13	$6.91	$7.52	$9.90	$7.96	$7.61	$7.20
Total Capital	768	829	860	881	860	900	1,300	1,258	1,226	1,165
Total Debt	447	446	437	430	427	432	669	644	628	671
Total Long-Term Debt	415	415	413	412	410	415	650	630	613	659
Net Debt	297	255	242	204	184	173	422	377	357	424
Capital Expenditures (CapEx)	13	14	11	16	12	19	17	16	18	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	345	335	362	353	312	311	475	429	382	341
Debt-free Net Working Capital (DFNWC)	462	494	526	550	524	531	679	653	609	537
Net Working Capital (NWC)	430	463	503	531	507	514	660	638	594	525
Net Nonoperating Expense (NNE)	-2.89	22	5.26	3.53	2.09	16	2.71	0.63	20	-13
Net Nonoperating Obligations (NNO)	297	255	242	200	180	173	422	377	357	424
Total Depreciation and Amortization (D&A)	10	10	11	11	10	11	12	15	13	21
Debt-free, Cash-free Net Working Capital to Revenue	16.09%	15.43%	16.76%	17.06%	16.08%	17.07%	27.07%	23.73%	20.63%	18.48%
Debt-free Net Working Capital to Revenue	21.52%	22.79%	24.35%	26.54%	26.99%	29.16%	38.67%	36.14%	32.90%	29.10%
Net Working Capital to Revenue	20.01%	21.36%	23.25%	25.65%	26.09%	28.23%	37.60%	35.33%	32.09%	28.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.69	$0.67	$0.51	$0.48	$0.31	($0.04)	$0.14	$0.03	($0.25)	$0.00
Adjusted Weighted Average Basic Shares Outstanding	62.80M	63.04M	62.91M	62.93M	62.60M	62.45M	64.93M	72.74M	72.01M	68.66M
Adjusted Diluted Earnings per Share	$0.68	$0.66	$0.50	$0.48	$0.31	($0.04)	$0.14	$0.03	($0.25)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	63.23M	63.69M	63.62M	63.23M	63.10M	62.96M	65.70M	73.08M	72.01M	68.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.84M	62.87M	63.13M	62.73M	61.89M	60.65M	72.87M	72.16M	63.14M	63.20M
Normalized Net Operating Profit after Tax (NOPAT)	40	29	39	35	22	15	16	16	1.96	-12
Normalized NOPAT Margin	7.50%	5.62%	7.05%	7.36%	5.41%	3.72%	3.28%	2.94%	0.44%	-3.11%
Pre Tax Income Margin	10.20%	5.30%	8.68%	8.59%	6.07%	-0.92%	4.09%	3.55%	-1.18%	-6.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.50	3.65	8.34	8.17	3.92	-0.10	4.59	3.63	0.07	-1.24
NOPAT to Interest Expense	5.51	6.99	5.96	6.15	3.01	1.50	2.31	0.56	0.22	-0.81
EBIT Less CapEx to Interest Expense	6.66	2.12	6.58	5.42	2.20	-2.10	1.57	1.39	-1.94	-2.14
NOPAT Less CapEx to Interest Expense	3.67	5.46	4.20	3.40	1.29	-0.50	-0.70	-1.67	-1.79	-1.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	15.20%	13.95%	0.69%	4.23%	14.90%	38.92%	54.25%	106.84%	-486.79%	-2,061.81%

Frequently Asked Questions About Titan International's Financials

When does Titan International's financial year end?

According to the most recent income statement we have on file, Titan International's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Titan International's net income changed over the last 2 years?

Titan International's net income appears to be on a downward trend, with a most recent value of -$3.59 million in 2024, falling from $179.19 million in 2022. The previous period was $83.71 million in 2023.

What is Titan International's operating income?

Titan International's total operating income in 2024 was $33.18 million, based on the following breakdown:

Total Gross Profit: $257.80 million
Total Operating Expenses: $224.62 million

How has Titan International revenue changed over the last 2 years?

Over the last 2 years, Titan International's total revenue changed from $2.17 billion in 2022 to $1.85 billion in 2024, a change of -14.9%.

How much debt does Titan International have?

Titan International's total liabilities were at $1.09 billion at the end of 2024, a 32.8% increase from 2023, and a 21.1% increase since 2022.

How much cash does Titan International have?

In the past 2 years, Titan International's cash and equivalents has ranged from $0.00 in 2022 to $220.25 million in 2023, and is currently $195.97 million as of their latest financial filing in 2024.

How has Titan International's book value per share changed over the last 2 years?

Over the last 2 years, Titan International's book value per share changed from 6.07 in 2022 to 7.86 in 2024, a change of 29.5%.

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This page (NYSE:TWI) was last updated on 4/25/2025 by MarketBeat.com Staff

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Titan International (TWI) Financials

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Titan International (TWI) Financials

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