Titan America SA financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Titan America SA 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

	FY2022	FY2024	FY2024	FY2025
Revenue	1,364	1,592	1,634	1,664
Cost of revenue	1,143	1,228	1,218	1,229
Gross profit	221	363	417	435
Selling and marketing	29.9	31	33.6	34.3
Operating income	97	226	251	268
Interest expense	19.1	22.2	26.2	22.6
Interest income	0.44	0.95	1.47	5.77
Pre-tax income	79.7	202	224	245
Income tax	17	47.1	57.5	59.4
Net income	62.7	155	166	185
EBITDA	185	317	351	377
EPS, basic	0.36	0.89	0.95	1.01
EPS, diluted	0.36	0.89	0.95	1.01

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	29.8	22	12.1	212
Inventory		190	228	226
Total current assets		373	384	610
Property, plant and equipment	748	801	852	930
Lease right-of-use assets		61.4	64.7	66.2
Goodwill		222	222	222
Intangible assets	36	33.2	30.2	29
Total assets		1,499	1,566	1,894
Accounts payable		151	140	131
Total current liabilities		492	239	201
Lease liabilities		53.7	56	55.4
Total liabilities		779	816	860
Paid-in capital		169	852	866
Retained earnings		519	597	778
Total equity	593	720	750	1,034
Total liabilities and equity		1,499	1,566	1,894

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	62.7	155	166	185
Depreciation and amortization	87.7	91.1	99.9	109
Cash from operations	178	227	248	295
Capital expenditures	-125	-117	-135	-161
Cash from investing	-127	-118	-136	-152
Debt issued	95.2	45.5	85.2	0
Debt repaid	-96.7	-37.8	-39.7	-21.1
Stock issued		0	0	144
Share buybacks	0	0	-51.6	0
Dividends paid	0	-33.8	-85.1	0
Cash from financing	-21.7	-118	-123	56.4
Exchange rate effect	0.23	0.5	1.18	0
Free cash flow	53	110	113	135
Income taxes paid	5.31	53.1	67.9	55.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $13.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.1%	Gross profit / revenue.
Operating margin	16.1%	Operating income / revenue.
EBITDA margin	22.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.7%	Pre-tax income / revenue.
Net margin	11.1%	Net income / revenue.
FCF margin	8.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.8%	Cash from operations / revenue.
Effective tax rate	24.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	10.7%	Net income / average total assets.
Capex / revenue	9.6%	Capital expenditures / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	4.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	25.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	6.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	40.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	7.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	26.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	11.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	43.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	6.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	41.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	19.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	36.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	20.9%	Total assets vs the same period a year earlier. Only from a positive base.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.03x	Current assets / current liabilities.
Quick ratio	1.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.05x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.4%	Total liabilities / total assets.
Interest coverage	11.9x	Operating income / interest expense.
Working capital	$408.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	1.87x	Revenue / average property, plant and equipment.
Inventory turnover	5.41x	Cost of revenue / average inventory.
Days inventory	67 days	365 x average inventory / cost of revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
FCF conversion	72.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	54.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.01	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.
EPS, basic	$1.01	Net income per basic share, as reported (split-adjusted).
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.55B	Share price x shares outstanding.
Enterprise value	$2.34B	Market cap + total debt - cash - short-term investments.
P/E	13.8x	Market cap / net income. Only when net income is positive.
P/S	1.53x	Market cap / revenue.
P/FCF	18.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.64x	Market cap / cash from operations, when positive.
EV/Sales	1.41x	Enterprise value / revenue.
EV/EBIT	8.73x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.21x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	7.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.34x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Titan America SA's revenue in fiscal 2025?

Titan America SA reported revenue of $1.66B for fiscal 2025, 1.8% higher than the year before.

Was Titan America SA profitable in fiscal 2025?

Yes. Net income was $185.4M, a net margin of 11.1%.

How much free cash flow did Titan America SA generate in fiscal 2025?

Cash from operations of $295.4M minus capital expenditures of $160.5M left free cash flow of $134.9M.

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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