Titan Machinery Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Titan Machinery Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,202	1,193	1,262	1,305	1,411	1,712	2,209	2,758	2,702	2,427
Cost of revenue	988	977	1,030	1,054	1,150	1,379	1,769	2,227	2,306	2,045
Gross profit	214	215	232	251	261	333	440	531	396	383
Operating expenses	211	203	202	226	221	241	302	363	390	385
Operating income	-2.37	0.93	27.5	21.3	37.4	90.2	138	169	4.01	-6.71
Interest expense	21.9	17	13.9	9.81	7.18	5.71	6.94		9.65	0
Interest income	0.57	0.5	0.33	0.33	0.27	0.33	0.34
Other non-operating income	1.52	1.64	2.55	3.13	0.53	2.43	3.86	3.3	-4.18	4.39
Pre-tax income	-22.7	-14.4	16.2	14.7	30.8	86.9	135	151	-50	-45.4
Income tax	-8.18	-7.39	3.97	0.7	11.4	20.9	33.4	38.6	-13.1	8.77
Net income to minority interests	-0.36
Net income	-14.2	-7.05	12.2	14	19.4	66	102	112	-36.9	-54.2
EBITDA	24.5	26	51.1	49.4	61.1	112	164	200	42.6	30.9
EPS, basic	-0.65	-0.32	0.55	0.63	0.86	2.93	4.50	4.93	-1.63	-2.38
EPS, diluted	-0.65	-0.32	0.55	0.63	0.86	2.92	4.49	4.93	-1.63	-2.38
Shares, basic (weighted)	21.3	21.5	21.8	21.9	22.1	22.2	22.4	22.5	22.6	22.7
Shares, diluted (weighted)	21.3	21.5	21.8	22	22.1	22.2	22.4	22.5	22.6	22.7

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	53.2	53.4	56.7	43.7	79	146	43.9	38.1	35.9	28.2
Receivables	60.1	60.7	77.5	47.4	41.6	94.3	95.8	154	120	127
Inventory	478	472	491	597	418	422	704	1,303	1,109	903
Other current assets	11	12.6	15.6	13.7	13.7	28.1	25.6	24.3	28.2	31.7
Total current assets	608	599	641	728	580	690	869	1,519	1,293	1,090
Property, plant and equipment	157	151	139	146	147	178	218	299	380	361
Lease right-of-use assets				88.3	74.4	56.2	50.2	54.7	27.9	47.2
Goodwill	0	0.25	1.16	2.33	1.43	8.95	30.6	64.1	61.2	65.6
Intangible assets	5	5.19	7.25	8.37	7.79	10.6	18.4	53.4	48.3	51.2
Other non-current assets	164	161	152	1.11	1.09	1.04	1.18	1.78	1.58	0.63
Total assets	771	760	792	975	816	947	1,189	1,992	1,814	1,617
Accounts payable	17.3	15.1	16.6	17	20	25.6	40.8	43.8	37.2	35.2
Accrued liabilities	30.5	31.9	35.1	38.4	48.8	59.3	58.2	74.4	59.5	75.2
Deferred revenue	1.63			41	59.4	134	120	116	91.9	82.3
Short-term debt					4.59	5.88	7.24	13.7	10.9	21.4
Total current liabilities	309	328	420	494	318	375	498	1,152	961	772
Long-term debt					44.9	74.8	90	106	158	159
Lease liabilities				88.4	73.6	55.6	48.5	51	25.6	46.1
Other non-current liabilities	5.18	10.5	11	7.85	8.54	4.37	6.21	0.83	1.84	8.76
Total liabilities	450	438	457	630	471	511	652	1,335	1,200	1,038
Total debt					49.5	80.6	97.2	120	169	180
Paid-in capital	241	247	248	251	253	254	257	259	262	267
Retained earnings	85.3	77	89.2	97.7	117	183	285	397	360	306
Other comprehensive income	-4.78	-1.7	-2.34	-3.22	1.5	-2.17	-5.02	1.76	-8.33	6.25
Shareholders' equity	321	322	335	345	345	435	536	658	614	579
Total equity	321	322	335	345	345	435	536	658	614	579
Total liabilities and equity	771	760	792	975	816	947	1,189	1,992	1,814	1,617
Shares outstanding	21.8	22.1	22.2	22.3	22.6	22.6	22.7	22.8	23.1	23.4

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-14.5	-7.05	12.2	14	19.4	66	102	112	-36.9	-54.2
Depreciation and amortization	26.9	25.1	23.6	28.1	23.7	22.1	25.2	31.5	38.6	37.6
Stock-based compensation	2.15	3.44	2.54	2.69	2.52	2.55	3.23	3.12	4.29	5.57
Deferred income tax	-2.84	-8.92	2.51	-1.66	-3.54	4.32	7.64	2.91	-15.8	2.56
Change in inventory	212	20.3	5	-99.5	199	5.8	-181	-476	166	236
Cash from operations	141	95.8	46.6	0.96	173	159	10.8	-32.3	70.3	137
Capital expenditures	-9.29	-13.5	-6.29	-10.7
Acquisitions		-3.65	-15.3	-13.9	-6.79	-33.6	-100	-108	-0.26	-19.8
Cash from investing	-9.13	-24.6	-25.8	-36.5	-20.3	-55.2	-134	-163	-47.7	-22.7
Debt issued	14	33	3.25	23.4	5.33	10.3	8.42	19.6	37.3	25.3
Debt repaid	-17.2	-36.8	-16.1	-4.49
Cash from financing	-168	-71.5	-16.7	22.9	-118	-35.3	22	189	-23.6	-124
Exchange rate effect			-0.7	-0.38	0.51	-1.22	-0.95	1.23	-1.09	1.23
Net change in cash			3.35	-13	35.3	67.2	-102	-5.85	-2.17	-7.73
Free cash flow	132	82.3	40.3	-9.76
Interest paid	20.8	13.6	11.1	9.69	7.36	5.4	6.52	19.4	48.3	42.9
Income taxes paid	-13.1	-5.56	3.68	3.66	2.79	22.9	26.6	39.8	6.56	-1.85

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $23.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.5%	Gross profit / revenue.
Operating margin	-0.4%	Operating income / revenue.
EBITDA margin	1.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.8%	Pre-tax income / revenue.
Net margin	-2.5%	Net income / revenue.
Operating cash flow margin	2.7%	Cash from operations / revenue.
Return on equity (ROE)	-10.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.5%	Net income / average total assets.
Return on invested capital (ROIC)	-1.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-267.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-27.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-42.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-12.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	95.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	133.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	0.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.6%	Total debt / total assets.
Liabilities / assets	65.7%	Total liabilities / total assets.
Net debt	$143.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$283.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$439.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.42x	Revenue / average total assets.
Fixed asset turnover	6.40x	Revenue / average property, plant and equipment.
Inventory turnover	2.07x	Cost of revenue / average inventory.
Days inventory	177 days	365 x average inventory / cost of revenue.
Receivables turnover	20.4x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	187 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.47	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$100.39	Revenue / diluted weighted shares.
Operating cash flow per share	$2.72	Cash from operations / diluted weighted shares.
Book value per share	$23.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.67	Tangible book value / shares outstanding.
Cash per share	$1.25	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$547.4M	Share price x shares outstanding.
Enterprise value	$691.2M	Market cap + total debt - cash - short-term investments.
P/S	0.24x	Market cap / revenue.
P/B	0.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.25x	Market cap / tangible book value, when positive.
P/OCF	8.76x	Market cap / cash from operations, when positive.
EV/Sales	0.30x	Enterprise value / revenue.
EV/EBITDA	24.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-10.4%	Net income / market cap (the inverse of P/E).

What was Titan Machinery Inc.'s revenue in fiscal 2026?

Titan Machinery Inc. reported revenue of $2.43B for fiscal 2026, 10.2% lower than the year before.

Was Titan Machinery Inc. profitable in fiscal 2026?

No. It reported a net loss of $54.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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