TITAN INTERNATIONAL INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TITAN INTERNATIONAL 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,265	1,469	1,602	1,449	1,259	1,780	2,169	1,822	1,846	1,828
Cost of revenue	1,124	1,299	1,404	1,320	1,130	1,543	1,809	1,516	1,588	1,575
Gross profit	141	160	198	129	114	238	361	306	258	253
Research and development	9.97	10.3	11.1	9.86	9.01	10.1	10.4	12.5	16.5	18.3
Selling, general and administrative	145	151	135	138	131	132	133	135	192	203
Operating income	-22.4	-11.2	42.2	-28.4	-35.4	85.2	206	149	33.2	20.8
Interest expense	32.5	30.2	28.3	32	30.6	32.2	29.8	18.8	36.4	38.7
Interest income	3.21	3.36	2.11	1.13			2.35	10.4	11	10.7
Other non-operating income	9.92	9.11	17.1	8.39	18.8	2.09	25.4	2.63	6.62	0.97
Pre-tax income	-36.5	-52.9	19.8	-48	-58.1	51	202	110	8.27	-11.3
Income tax	3.28	11.2	6.76	3.48	6.95	1.15	23.2	26	11.9	49.9
Net income to minority interests	-2.15	-4.04	-3.04	-3.09	-4.69	0.31	2.88	4.95	1.97	2.31
Net income	-37.6	-60	16.1	-48.4	-60.4	49.6	176	78.8	-5.56	-63.5
EBITDA	37.4	47.3	99.9	25.9	19.3	133	249	191	93.9	87.9
EPS, basic	-0.87	-1.12	0.06	-0.84	-0.99	0.80	2.80	1.26	-0.08	-1.00
EPS, diluted	-0.87	-1.12	0.06	-0.84	-0.99	0.79	2.77	1.25	-0.08	-1.00
Shares, basic (weighted)	53.9	59.3	59.8	60.1	60.8	62.1	63	62.5	68.7	63.7
Shares, diluted (weighted)	53.9	59.3	59.9	60.1	60.8	62.7	63.7	63	68.7	63.7
Dividend per share	0.02	0.02	0.02	0.02	0.01	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	148	144	81.7	66.8	117	98.1		220	196	203
Receivables	179	227	242	185	193	255	267	219	212	239
Inventory	272	340	396	333	294	393	397	365	437	471
Other current assets	7.72	5.48	5.32	0.34	2.42	3.35	1.29	7.02	6.25	7.77
Total current assets	729	783	779	651	659	813	910	877	912	986
Property, plant and equipment	437	421	385	368	320	301	297	322	421	449
Lease right-of-use assets			0	23.9	24.4	20.9	8.93	12	117	119
Goodwill								0	29.6	29.6
Intangible assets	16.4	15.3	11.6	9.77	1.98	1.5	1.61	1.43	12	10.9
Long-term investments	9.67	0
Other non-current assets	94.9	81.9	84	69	26.5	30.5
Total assets	1,266	1,290	1,251	1,114	1,032	1,183	1,285	1,289	1,585	1,673
Accounts payable	148	195	212	159	167	278	263	201	220	252
Accrued liabilities	24	27.5	27.5	25	44.1	46.6	45.4	47.5	47.7	48.8
Deferred revenue	5.79	4.69	0.69	1.22	4.8	9.31	16.3	15.5	15	9.9
Short-term debt	97.4	43.7	51.9	61.3	31.1	32.5	30.9	16.9	12.5	21.2
Total current liabilities	366	373	375	327	330	451	446	363	387	428
Long-term debt	409	407	410	438	434	452	415	409	553	565
Lease liabilities			0	17.4	17.1	11.4	2.41	6.15	106	111
Other non-current liabilities	80.2	73.2	67.3	78	63.4	48.3	37.1	41.8	38.5	40.9
Total liabilities	868	867	861	850	831	956	901	822	1,091	1,151
Total debt	506	451	461	500	465	485	446	426	568	588
Paid-in capital	479	532	519	532	533	562	566	569	740	739
Retained earnings	17.2	-44	-29	-74.3	-135	-85.4	90.9	170	164	101
Treasury stock	-10.1	-8.61	-7.83	-4.23	-1.2	-1.12	-23.4	-52.6	-122	-116
Other comprehensive income	-188	-157	-204	-219	-217	-246	-252	-219	-286	-209
Shareholders' equity	297	321	279	235	179	229	381	467	496	514
Minority interests	-3.94	-10.8	-8.95	4.14	-3	-2.13	1.9	0.36	-2.42	7.24
Total equity	293	310	270	239	176	227	383	467	494	522
Total liabilities and equity	1,266	1,290	1,251	1,114	1,032	1,183	1,285	1,289	1,585	1,673
Shares outstanding								60.7	63.1	64

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-39.8	-64.1	13	-51.5	-65.1	49.9	179	83.7	-3.59	-61.2
Depreciation and amortization	59.8	58.4	57.6	54.4	54.7	48	42.7	42.4	60.7	67.1
Stock-based compensation	1.99	1.54	1.13	1.38	2.46	3.44	4.28	5.24	5.4	3.28
Deferred income tax	-0.68	0.79	-2.29	-2.3	-3.01	-14.2	-23.4	-2.08	-6.36	31
Change in receivables	4.01	-38.5	-36.1	56.8	-15.2	-74.7	-27.2	42.9	73.8	-3.98
Change in inventory	7.99	-55.6	-77.9	63.7	37.7	-113	-19.6	31.6	51.5	-7.12
Change in payables	21	37.6	29.4	-53.2	11.9	121	-7.75	-62.7	-29.2	11.3
Cash from operations	43.5	-1.29	-36.2	45.4	57.2	10.7	161	179	141	30
Capital expenditures	-41.9	-32.6	-39	-36.4	-21.7	-38.8	-47	-60.8	-65.6	-54.6
Acquisitions	0						0	0	-144	0
Sales and maturities of investments		50	0
Cash from investing	-89.7	18.4	-36.9	-92.6	33.2	-37.6	-36.8	-56.9	-202	-59.6
Debt issued	17.3	448	57.3	134	91.6	497	88.9	6.67	213	117
Debt repaid						-413
Stock issued	0	0
Share buybacks					0	0	-25	-32.6
Dividends paid	-1.08	-1.17	-1.2	-1.2	-0.6	0	0
Cash from financing	-6.43	-24.1	17.5	32.1	-38.6	13.9	-61.3	-56	64.6	17.4
Exchange rate effect	0.3	2.75	-6.31	0.14	-1.25	-6.4	-1.15	-5.74	-28.7	19.1
Net change in cash	-52.4	-4.26	-61.9	-14.9	50.6	-19.3	61.5	60.7	-24.3	6.91
Free cash flow	1.55	-33.9	-75.2	9.03	35.5	-28.1	114	119	75.9	-24.6
Interest paid	34.4	38.2	30.8	32.5	29.2	34.6	31.6	30.3	37.2	42.1
Income taxes paid	5.46	4.59	12.4	10.4	12.4	16.3	24.1	21.8	20.4	20.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	14.0%	Gross profit / revenue.
Operating margin	-0.1%	Operating income / revenue.
EBITDA margin	3.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.6%	Pre-tax income / revenue.
Net margin	-4.1%	Net income / revenue.
FCF margin	-0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.5%	Cash from operations / revenue.
Return on equity (ROE)	-15.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.5%	Net income / average total assets.
Return on invested capital (ROIC)	-0.1%	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%.
R&D / revenue	1.1%	Research and development expense / revenue.
SG&A / revenue	11.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.1%	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	17.3%	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	-37.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-53.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-6.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-29.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	35.4%	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	-78.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-42.8%	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	-12.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-132.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	3.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.5%	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	23.5%	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	5.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.2%	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	10.1%	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	-7.2%	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	0.0%	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	0.9%	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	2.11x	Current assets / current liabilities.
Quick ratio	1.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.5%	Total debt / total assets.
Liabilities / assets	70.4%	Total liabilities / total assets.
Net debt	$415.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.44x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.04x	Operating income / interest expense.
Working capital	$554.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$461.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.08x	Revenue / average total assets.
Fixed asset turnover	4.25x	Revenue / average property, plant and equipment.
Inventory turnover	3.34x	Cost of revenue / average inventory.
Days inventory	109 days	365 x average inventory / cost of revenue.
Receivables turnover	5.88x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	104 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	118.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.19	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	$28.94	Revenue / diluted weighted shares.
FCF per share	-$0.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.73	Cash from operations / diluted weighted shares.
Book value per share	$7.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.16	Tangible book value / shares outstanding.
Cash per share	$2.79	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$456.3M	Share price x shares outstanding.
Enterprise value	$871.3M	Market cap + total debt - cash - short-term investments.
P/S	0.24x	Market cap / revenue.
P/B	0.91x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.99x	Market cap / tangible book value, when positive.
P/OCF	9.72x	Market cap / cash from operations, when positive.
EV/Sales	0.47x	Enterprise value / revenue.
EV/EBITDA	13.5x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.9%	Free cash flow / market cap.
Earnings yield	-16.8%	Net income / market cap (the inverse of P/E).

What was TITAN INTERNATIONAL INC's revenue in fiscal 2025?

TITAN INTERNATIONAL INC reported revenue of $1.83B for fiscal 2025, 0.9% lower than the year before.

Was TITAN INTERNATIONAL INC profitable in fiscal 2025?

No. It reported a net loss of $63.5M.

How much free cash flow did TITAN INTERNATIONAL INC generate in fiscal 2025?

Cash from operations of $30.0M minus capital expenditures of $54.6M left free cash flow of -$24.6M.

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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