Titan International (TWI) Financials

$7.00 -0.04 (-0.50%)

Closing price 03:59 PM Eastern

Extended Trading

$6.96 -0.04 (-0.57%)

As of 07:30 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	-5.56	79	176
Consolidated Net Income / (Loss)	-3.59	84	179
Net Income / (Loss) Continuing Operations	-3.59	84	179
Total Pre-Tax Income	8.27	110	202
Total Operating Income	33	149	206
Total Gross Profit	258	306	361
Total Revenue	1,846	1,822	2,169
Operating Revenue	1,846	1,822	2,169
Total Cost of Revenue	1,588	1,516	1,809
Operating Cost of Revenue	1,588	1,516	1,809
Total Operating Expenses	225	157	155
Selling, General & Admin Expense	192	135	133
Research & Development Expense	17	13	10
Other Operating Expenses / (Income)	10	9.65	12
Restructuring Charge	6.20	0.00	0.00
Total Other Income / (Expense), net	-25	-39	-3.45
Interest Expense	36	29	32
Interest & Investment Income	11	10	2.35
Other Income / (Expense), net	0.49	-20	26
Income Tax Expense	12	26	23
Net Income / (Loss) Attributable to Noncontrolling Interest	1.97	4.95	2.88
Basic Earnings per Share	($0.08)	$1.26	$2.80
Weighted Average Basic Shares Outstanding	68.66M	62.45M	63.04M
Diluted Earnings per Share	($0.08)	$1.25	$2.77
Weighted Average Diluted Shares Outstanding	68.66M	62.96M	63.69M
Weighted Average Basic & Diluted Shares Outstanding	63.20M	60.65M	62.87M

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	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1.34	-18	2.15	9.20	-2.57	19	30	32	42	43
Consolidated Net Income / (Loss)	1.21	-18	3.42	9.97	-1.28	20	32	33	43	43
Net Income / (Loss) Continuing Operations	1.21	-18	3.42	9.97	-1.28	20	32	33	43	43
Total Pre-Tax Income	-25	-5.28	19	20	-3.60	24	41	48	27	54
Total Operating Income	-17	2.81	22	25	21	27	46	55	41	50
Total Gross Profit	41	59	80	77	58	66	86	96	77	88
Total Revenue	384	448	532	482	390	402	481	549	510	531
Operating Revenue	384	448	532	482	390	402	481	549	510	531
Total Cost of Revenue	342	389	452	405	332	336	395	453	433	443
Operating Cost of Revenue	342	389	452	405	332	336	395	453	433	443
Total Operating Expenses	58	56	58	52	38	39	40	40	36	37
Selling, General & Admin Expense	51	50	52	39	32	34	35	34	30	31
Research & Development Expense	4.45	4.20	4.22	3.65	3.14	3.17	3.22	3.01	2.81	2.43
Other Operating Expenses / (Income)	2.50	2.27	2.32	3.03	2.45	2.34	1.92	2.94	2.50	3.30
Total Other Income / (Expense), net	-8.01	-8.09	-3.45	-5.36	-24	-2.59	-4.57	-7.49	-14	3.67
Interest Expense	15	9.01	7.19	5.49	9.67	7.23	5.76	6.49	9.31	7.22
Other Income / (Expense), net	-1.23	-2.15	3.74	0.13	-22	1.34	1.19	-1.00	-6.93	11
Income Tax Expense	-26	13	15	9.74	-2.32	4.72	9.43	14	-16	11
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.13	0.05	1.27	0.77	1.28	0.38	1.69	1.59	0.93	-0.46
Weighted Average Basic Shares Outstanding	68.66M	72.01M	72.74M	64.93M	62.45M	62.60M	62.93M	62.91M	63.04M	62.80M
Weighted Average Diluted Shares Outstanding	68.66M	72.01M	73.08M	65.70M	62.96M	63.10M	63.23M	63.62M	63.69M	63.23M
Weighted Average Basic & Diluted Shares Outstanding	63.20M	63.14M	72.16M	72.87M	60.65M	61.89M	62.73M	63.13M	62.87M	62.84M

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	-24	61	61
Net Cash From Operating Activities	141	179	161
Net Cash From Continuing Operating Activities	141	179	161
Net Income / (Loss) Continuing Operations	-3.59	84	179
Consolidated Net Income / (Loss)	-3.59	84	179
Depreciation Expense	61	42	43
Non-Cash Adjustments To Reconcile Net Income	2.26	23	-13
Changes in Operating Assets and Liabilities, net	82	30	-48
Net Cash From Investing Activities	-202	-57	-37
Net Cash From Continuing Investing Activities	-202	-57	-37
Purchase of Property, Plant & Equipment	-66	-61	-47
Acquisitions	-144	0.00	0.00
Sale and/or Maturity of Investments	1.79	2.09	9.29
Other Investing Activities, net	5.88	1.79	0.93
Net Cash From Financing Activities	65	-56	-61
Net Cash From Continuing Financing Activities	65	-56	-61
Repayment of Debt	-75	-30	-125
Repurchase of Common Equity	-74	-33	-25
Issuance of Debt	213	6.67	89
Other Net Changes in Cash	-29	-5.74	-1.15
Cash Interest Paid	37	30	32
Cash Income Taxes Paid	20	22	24

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	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-31	3.19	20	-17	8.35	15	32	4.54	43	-0.12
Net Cash From Operating Activities	8.74	60	71	2.01	39	51	65	24	58	53
Net Cash From Continuing Operating Activities	8.74	60	71	2.01	39	51	65	24	58	51
Net Income / (Loss) Continuing Operations	1.21	-18	3.42	9.97	-1.28	20	32	33	43	43
Consolidated Net Income / (Loss)	1.21	-18	3.42	9.97	-1.28	20	32	33	43	43
Depreciation Expense	21	13	15	12	11	10	11	11	10	10
Non-Cash Adjustments To Reconcile Net Income	-1.13	5.69	-2.40	0.11	24	1.38	-3.09	0.89	8.49	-7.65
Changes in Operating Assets and Liabilities, net	-12	60	54	-20	5.86	20	25	-21	-3.49	5.62
Net Cash From Investing Activities	-13	-18	-13	-159	-17	-12	-16	-11	-14	-13
Net Cash From Continuing Investing Activities	-13	-18	-13	-159	-17	-12	-16	-11	-14	-13
Purchase of Property, Plant & Equipment	-13	-18	-18	-17	-19	-14	-16	-12	-14	-13
Other Investing Activities, net	2.34	-	-	-	1.79	-	-	-	-	-
Net Cash From Financing Activities	-8.50	-41	-32	146	-16	-14	-15	-10	-3.77	-35
Net Cash From Continuing Financing Activities	-8.50	-41	-32	146	-16	-14	-15	-10	-3.77	-35
Repayment of Debt	-4.18	-33	-30	-7.66	-2.55	-3.78	-12	-12	-3.80	-35
Repurchase of Common Equity	-58	-8.34	-6.36	-1.40	-14	-13	-5.10	-1.29	-	-
Issuance of Debt	54	0.08	4.77	155	0.04	2.26	2.01	2.36	0.03	-0.11
Cash Interest Paid	17	2.54	17	0.84	14	0.49	15	0.86	15	0.79
Cash Income Taxes Paid	3.94	4.61	6.27	5.55	4.22	4.90	8.92	3.77	-3.62	19

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

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 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,687	1,734	1,814	1,258	1,305	1,345	1,247
Total Current Assets	1,026	1,092	1,155	881	934	970	901
Cash & Equivalents	227	224	204	212	196	164	117
Accounts Receivable	273	317	356	239	281	326	282
Inventories, net	454	465	505	360	378	389	413
Prepaid Expenses	72	87	91	71	79	91	89
Plant, Property, & Equipment, net	440	448	450	302	308	300	288
Total Noncurrent Assets	221	194	208	74	63	74	59
Long-Term Investments	43	43	43	31	30	31	33
Goodwill	36	13	13	-	-	-	-
Intangible Assets	13	17	17	-	-	-	-
Noncurrent Deferred & Refundable Income Taxes	8.11	16	26	32	27	35	16
Other Noncurrent Operating Assets	120	105	109	11	7.00	7.81	9.53
Total Liabilities & Shareholders' Equity	1,687	1,734	1,814	1,258	1,305	1,345	1,247
Total Liabilities	1,089	1,120	1,183	825	854	922	926
Total Current Liabilities	431	454	495	375	403	468	471
Short-Term Debt	15	15	19	18	19	24	32
Accounts Payable	234	257	288	195	232	276	257
Other Current Liabilities	182	182	188	163	153	168	182
Total Noncurrent Liabilities	657	666	688	455	455	454	456
Long-Term Debt	503	536	554	410	412	413	415
Capital Lease Obligations	109	94	95	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	2.52	4.56	4.71	2.83	3.31	3.44	4.24
Other Noncurrent Operating Liabilities	42	32	33	42	40	37	37
Total Equity & Noncontrolling Interests	598	614	631	433	451	423	321
Total Preferred & Common Equity	598	609	630	433	450	421	316
Total Common Equity	598	609	630	433	450	424	316
Common Stock	738	737	736	567	566	564	564
Retained Earnings	163	181	179	172	153	123	49
Treasury Stock	-64	-57	-51	-39	-27	-19	-24
Accumulated Other Comprehensive Income / (Loss)	-239	-252	-233	-267	-242	-244	-274
Noncontrolling Interest	0.29	4.28	0.79	-0.03	0.86	2.40	5.22

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

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	1.32%	-16.02%	21.86%
EBITDA Growth	-44.80%	-37.81%	86.66%
EBIT Growth	-73.80%	-44.63%	133.83%
NOPAT Growth	-112.70%	-37.75%	118.89%
Net Income Growth	-104.29%	-53.29%	259.16%
EPS Growth	-106.40%	-54.87%	250.63%
Operating Cash Flow Growth	-21.11%	11.62%	1,398.02%
Free Cash Flow Firm Growth	-361.21%	-12.16%	163.71%
Invested Capital Growth	43.39%	0.25%	9.41%
Revenue Q/Q Growth	-0.36%	-6.16%	1.03%
EBITDA Q/Q Growth	-7.30%	-16.83%	8.28%
EBIT Q/Q Growth	-33.86%	-21.39%	10.57%
NOPAT Q/Q Growth	0.88%	-26.33%	14.08%
Net Income Q/Q Growth	41.00%	-34.59%	8.93%
EPS Q/Q Growth	33.33%	-35.90%	9.06%
Operating Cash Flow Q/Q Growth	-17.74%	-9.67%	39.41%
Free Cash Flow Firm Q/Q Growth	18.11%	-29.74%	19.70%
Invested Capital Q/Q Growth	-3.90%	4.44%	3.31%
Profitability Metrics	-	-	-
Gross Margin	13.97%	16.79%	16.63%
EBITDA Margin	5.11%	9.38%	12.67%
Operating Margin	1.80%	8.16%	9.49%
EBIT Margin	1.82%	7.06%	10.70%
Profit (Net Income) Margin	-0.19%	4.59%	8.26%
Tax Burden Percent	-43.40%	76.27%	88.55%
Interest Burden Percent	24.56%	85.39%	87.17%
Effective Tax Rate	143.40%	23.73%	11.45%
Return on Invested Capital (ROIC)	-1.85%	17.75%	29.83%
ROIC Less NNEP Spread (ROIC-NNEP)	1.78%	3.85%	28.83%
Return on Net Nonoperating Assets (RNNOA)	1.10%	1.94%	28.89%
Return on Equity (ROE)	-0.75%	19.68%	58.72%
Cash Return on Invested Capital (CROIC)	-37.50%	17.49%	20.84%
Operating Return on Assets (OROA)	2.34%	9.99%	18.82%
Return on Assets (ROA)	-0.25%	6.50%	14.52%
Return on Common Equity (ROCE)	-0.75%	19.63%	58.74%
Return on Equity Simple (ROE_SIMPLE)	-0.72%	17.92%	47.00%
Net Operating Profit after Tax (NOPAT)	-14	113	182
NOPAT Margin	-0.78%	6.23%	8.40%
Net Nonoperating Expense Percent (NNEP)	-3.62%	13.89%	1.00%
Return On Investment Capital (ROIC_SIMPLE)	-1.24%	12.61%	21.99%
Cost of Revenue to Revenue	86.03%	83.21%	83.37%
SG&A Expenses to Revenue	10.39%	7.41%	6.12%
R&D to Revenue	0.89%	0.69%	0.48%
Operating Expenses to Revenue	12.17%	8.62%	7.14%
Earnings before Interest and Taxes (EBIT)	34	129	232
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	94	171	275
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.86	1.97	2.53
Price to Tangible Book Value (P/TBV)	0.94	1.98	2.53
Price to Revenue (P/Rev)	0.23	0.51	0.44
Price to Earnings (P/E)	0.00	11.69	5.46
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	8.55%	18.31%
Enterprise Value to Invested Capital (EV/IC)	0.93	1.71	1.91
Enterprise Value to Revenue (EV/Rev)	0.46	0.60	0.56
Enterprise Value to EBITDA (EV/EBITDA)	9.01	6.40	4.44
Enterprise Value to EBIT (EV/EBIT)	25.25	8.51	5.26
Enterprise Value to NOPAT (EV/NOPAT)	0.00	9.64	6.69
Enterprise Value to Operating Cash Flow (EV/OCF)	6.01	6.10	7.59
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.78	9.58
Leverage & Solvency	-	-	-
Debt to Equity	1.36	0.92	1.16
Long-Term Debt to Equity	1.33	0.89	1.08
Financial Leverage	0.62	0.50	1.00
Leverage Ratio	2.99	3.03	4.04
Compound Leverage Factor	0.73	2.58	3.52
Debt to Total Capital	57.63%	48.05%	53.77%
Short-Term Debt to Total Capital	1.07%	1.88%	3.72%
Long-Term Debt to Total Capital	56.56%	46.17%	50.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.21%	0.04%	0.23%
Common Equity to Total Capital	42.58%	51.92%	46.00%
Debt to EBITDA	7.11	2.53	1.62
Net Debt to EBITDA	4.49	1.01	0.93
Long-Term Debt to EBITDA	6.98	2.43	1.51
Debt to NOPAT	-46.62	3.81	2.45
Net Debt to NOPAT	-29.44	1.52	1.40
Long-Term Debt to NOPAT	-45.75	3.66	2.28
Altman Z-Score	2.01	3.08	3.46
Noncontrolling Interest Sharing Ratio	-0.21%	0.27%	-0.04%
Liquidity Ratios	-	-	-
Current Ratio	2.35	2.42	2.04
Quick Ratio	1.05	1.21	0.60
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-292	112	127
Operating Cash Flow to CapEx	215.60%	294.99%	342.06%
Free Cash Flow to Firm to Interest Expense	-8.02	3.84	3.96
Operating Cash Flow to Interest Expense	3.88	6.15	5.00
Operating Cash Flow Less CapEx to Interest Expense	2.08	4.07	3.54
Efficiency Ratios	-	-	-
Asset Turnover	1.28	1.42	1.76
Accounts Receivable Turnover	8.57	7.50	8.31
Inventory Turnover	3.96	3.98	4.58
Fixed Asset Turnover	4.97	5.89	7.26
Accounts Payable Turnover	7.55	6.53	6.68
Days Sales Outstanding (DSO)	42.60	48.68	43.91
Days Inventory Outstanding (DIO)	92.20	91.78	79.70
Days Payable Outstanding (DPO)	48.35	55.93	54.64
Cash Conversion Cycle (CCC)	86.44	84.53	68.97
Capital & Investment Metrics	-	-	-
Invested Capital	918	640	638
Invested Capital Turnover	2.37	2.85	3.55
Increase / (Decrease) in Invested Capital	278	1.61	55
Enterprise Value (EV)	850	1,094	1,220
Market Capitalization	429	921	963
Book Value per Share	$7.86	$7.55	$6.07
Tangible Book Value per Share	$7.20	$7.52	$6.07
Total Capital	1,165	900	829
Total Debt	671	432	446
Total Long-Term Debt	659	415	415
Net Debt	424	173	255
Capital Expenditures (CapEx)	66	61	47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	341	311	335
Debt-free Net Working Capital (DFNWC)	537	531	494
Net Working Capital (NWC)	525	514	463
Net Nonoperating Expense (NNE)	-11	30	3.05
Net Nonoperating Obligations (NNO)	424	173	255
Total Depreciation and Amortization (D&A)	61	42	43
Debt-free, Cash-free Net Working Capital to Revenue	18.48%	17.07%	15.43%
Debt-free Net Working Capital to Revenue	29.10%	29.16%	22.79%
Net Working Capital to Revenue	28.42%	28.23%	21.36%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($0.08)	$1.26	$2.80
Adjusted Weighted Average Basic Shares Outstanding	68.66M	62.45M	63.04M
Adjusted Diluted Earnings per Share	($0.08)	$1.25	$2.77
Adjusted Weighted Average Diluted Shares Outstanding	68.66M	62.96M	63.69M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.20M	60.65M	62.87M
Normalized Net Operating Profit after Tax (NOPAT)	28	113	182
Normalized NOPAT Margin	1.49%	6.23%	8.40%
Pre Tax Income Margin	0.45%	6.02%	9.33%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.92	4.41	7.22
NOPAT to Interest Expense	-0.40	3.89	5.67
EBIT Less CapEx to Interest Expense	-0.88	2.32	5.76
NOPAT Less CapEx to Interest Expense	-2.20	1.81	4.21
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2,061.81%	38.92%	13.95%

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

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.70%	11.50%	10.60%	-12.11%	-23.46%	-24.30%	-16.01%	-1.32%	4.53%	17.84%
EBITDA Growth	-75.58%	-65.33%	-28.26%	-42.74%	-77.87%	-46.31%	-45.72%	23.72%	89.74%	101.80%
EBIT Growth	-1,718.94%	-97.68%	-44.65%	-53.45%	-102.95%	-53.87%	-50.76%	31.51%	188.55%	156.13%
NOPAT Growth	-182.14%	-90.97%	-88.58%	-67.20%	-77.71%	-45.37%	-35.16%	17.09%	84.50%	159.87%
Net Income Growth	194.62%	-192.55%	-89.27%	-70.16%	-102.98%	-53.96%	-53.72%	36.02%	51.91%	295.34%
EPS Growth	0.00%	-180.65%	-93.75%	-72.00%	-106.06%	-54.41%	-54.72%	35.14%	53.49%	277.78%
Operating Cash Flow Growth	-77.74%	16.97%	9.32%	-91.68%	-32.85%	-3.95%	-3.90%	230.08%	348.97%	250.87%
Free Cash Flow Firm Growth	-2,345.81%	-1,363.33%	-1,523.56%	-3,107.24%	27.19%	298.35%	278.57%	118.78%	3,441.74%	47.88%
Invested Capital Growth	43.39%	55.83%	52.12%	58.30%	0.25%	-0.84%	1.86%	4.10%	9.41%	9.46%
Revenue Q/Q Growth	-14.38%	-15.82%	10.36%	23.58%	-2.88%	-16.50%	-12.30%	7.63%	-3.95%	-7.36%
EBITDA Q/Q Growth	-81.94%	-67.96%	11.50%	278.35%	-74.36%	-33.68%	-11.00%	46.20%	-37.78%	-32.96%
EBIT Q/Q Growth	-2,876.86%	-97.48%	3.41%	2,612.66%	-103.54%	-39.87%	-13.03%	59.35%	-44.65%	-35.81%
NOPAT Q/Q Growth	-706.23%	-51.45%	-68.10%	-12.52%	-33.34%	-38.59%	-8.43%	-40.55%	63.41%	-27.12%
Net Income Q/Q Growth	106.67%	-631.82%	-65.69%	878.00%	-106.52%	-38.35%	-4.59%	-22.21%	0.61%	-38.03%
EPS Q/Q Growth	0.00%	-933.33%	-78.57%	450.00%	-112.90%	-35.42%	-4.00%	-24.24%	-2.94%	-35.85%
Operating Cash Flow Q/Q Growth	-85.42%	-15.44%	3,433.22%	-94.89%	-23.38%	-20.97%	169.05%	-58.78%	9.59%	-20.93%
Free Cash Flow Firm Q/Q Growth	14.87%	-1.43%	10.58%	-3,008.51%	-52.11%	14.30%	88.90%	23.02%	174.68%	-2.90%
Invested Capital Q/Q Growth	-3.90%	-3.61%	-5.90%	64.50%	4.44%	-5.90%	-2.08%	4.18%	3.31%	-3.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.74%	13.13%	15.12%	16.04%	14.95%	16.45%	17.85%	17.42%	15.05%	16.51%
EBITDA Margin	0.63%	2.97%	7.80%	7.72%	2.52%	9.54%	12.02%	11.84%	8.72%	13.46%
Operating Margin	-4.44%	0.63%	4.19%	5.20%	5.31%	6.71%	9.54%	10.05%	8.02%	9.51%
EBIT Margin	-4.76%	0.15%	4.90%	5.23%	-0.26%	7.05%	9.79%	9.87%	6.66%	11.57%
Profit (Net Income) Margin	0.32%	-4.06%	0.64%	2.07%	-0.33%	4.89%	6.63%	6.09%	8.43%	8.05%
Tax Burden Percent	-4.85%	344.42%	18.13%	50.60%	35.58%	80.65%	77.18%	70.16%	159.09%	78.87%
Interest Burden Percent	137.19%	-804.26%	72.42%	78.21%	359.22%	86.12%	87.76%	88.01%	79.51%	88.24%
Effective Tax Rate	0.00%	0.00%	81.87%	49.40%	0.00%	19.35%	22.82%	29.84%	-59.09%	21.13%
Return on Invested Capital (ROIC)	-7.36%	1.04%	1.67%	5.38%	10.59%	17.08%	23.62%	23.38%	45.32%	27.25%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.96%	-6.48%	1.46%	4.56%	3.22%	16.20%	22.30%	21.73%	38.10%	28.12%
Return on Net Nonoperating Assets (RNNOA)	-1.84%	-3.37%	0.79%	2.87%	1.62%	10.24%	15.74%	20.63%	38.18%	35.76%
Return on Equity (ROE)	-9.20%	-2.33%	2.46%	8.25%	12.21%	27.32%	39.36%	44.01%	83.50%	63.01%
Cash Return on Invested Capital (CROIC)	-37.50%	-45.50%	-35.15%	-34.97%	17.49%	25.86%	24.63%	24.75%	20.84%	17.99%
Operating Return on Assets (OROA)	-6.11%	0.18%	5.82%	5.81%	-0.36%	10.92%	15.62%	16.32%	11.72%	20.77%
Return on Assets (ROA)	0.41%	-5.11%	0.76%	2.30%	-0.47%	7.59%	10.58%	10.08%	14.82%	14.45%
Return on Common Equity (ROCE)	-9.22%	-2.33%	2.45%	8.25%	12.18%	27.13%	38.98%	44.25%	83.54%	59.75%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.02%	5.22%	9.56%	0.00%	29.54%	33.55%	44.69%	0.00%	52.10%
Net Operating Profit after Tax (NOPAT)	-12	1.96	4.05	13	15	22	35	39	65	40
NOPAT Margin	-3.11%	0.44%	0.76%	2.63%	3.72%	5.41%	7.36%	7.05%	12.76%	7.50%
Net Nonoperating Expense Percent (NNEP)	-4.40%	7.52%	0.22%	0.82%	7.38%	0.88%	1.32%	1.66%	7.22%	-0.87%
Return On Investment Capital (ROIC_SIMPLE)	-1.02%	-	-	-	1.61%	-	-	-	7.85%	-
Cost of Revenue to Revenue	89.26%	86.87%	84.88%	83.96%	85.05%	83.56%	82.15%	82.58%	84.95%	83.49%
SG&A Expenses to Revenue	13.36%	11.06%	9.69%	8.17%	8.21%	8.36%	7.24%	6.28%	5.98%	5.92%
R&D to Revenue	1.16%	0.94%	0.79%	0.76%	0.80%	0.79%	0.67%	0.55%	0.55%	0.46%
Operating Expenses to Revenue	15.17%	12.50%	10.92%	10.85%	9.64%	9.73%	8.31%	7.37%	7.02%	7.00%
Earnings before Interest and Taxes (EBIT)	-18	0.66	26	25	-1.00	28	47	54	34	61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2.40	13	41	37	9.83	38	58	65	44	71
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.86	0.98	0.89	1.20	1.97	1.94	1.61	1.55	2.53	2.41
Price to Tangible Book Value (P/TBV)	0.94	1.07	0.93	1.26	1.98	1.94	1.61	1.55	2.53	2.41
Price to Revenue (P/Rev)	0.23	0.32	0.30	0.43	0.51	0.43	0.35	0.30	0.44	0.36
Price to Earnings (P/E)	0.00	0.00	19.24	13.46	11.69	6.83	4.92	3.58	5.46	4.71
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	5.20%	7.43%	8.55%	14.64%	20.32%	27.96%	18.31%	21.23%
Enterprise Value to Invested Capital (EV/IC)	0.93	0.99	0.93	1.12	1.71	1.68	1.43	1.36	1.91	1.72
Enterprise Value to Revenue (EV/Rev)	0.46	0.51	0.51	0.67	0.60	0.53	0.45	0.42	0.56	0.50
Enterprise Value to EBITDA (EV/EBITDA)	9.01	9.27	7.26	8.23	6.40	5.00	3.90	3.14	4.44	4.19
Enterprise Value to EBIT (EV/EBIT)	25.25	18.54	11.73	11.83	8.51	6.28	4.73	3.68	5.26	5.07
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	18.10	13.48	9.64	6.67	5.44	4.81	6.69	6.66
Enterprise Value to Operating Cash Flow (EV/OCF)	6.01	5.49	5.64	7.49	6.10	5.17	4.63	4.44	7.59	9.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	9.78	6.45	5.85	5.60	9.58	10.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.36	1.05	1.05	1.06	0.92	0.99	0.95	1.03	1.16	1.39
Long-Term Debt to Equity	1.33	1.02	1.03	1.03	0.89	0.95	0.91	0.98	1.08	1.29
Financial Leverage	0.62	0.52	0.54	0.63	0.50	0.63	0.71	0.95	1.00	1.27
Leverage Ratio	2.99	2.86	2.85	3.00	3.03	3.32	3.43	3.91	4.04	4.59
Compound Leverage Factor	4.10	-22.96	2.07	2.34	10.87	2.86	3.01	3.44	3.21	4.05
Debt to Total Capital	57.63%	51.21%	51.22%	51.45%	48.05%	49.66%	48.82%	50.81%	53.77%	58.20%
Short-Term Debt to Total Capital	1.07%	1.23%	1.16%	1.44%	1.88%	2.04%	2.10%	2.77%	3.72%	4.21%
Long-Term Debt to Total Capital	56.56%	49.98%	50.06%	50.01%	46.17%	47.62%	46.72%	48.04%	50.05%	53.99%
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	-0.21%	0.02%	0.34%	0.06%	0.04%	0.00%	0.10%	0.28%	0.23%	0.68%
Common Equity to Total Capital	42.58%	48.77%	48.44%	48.49%	51.92%	50.35%	51.08%	49.31%	46.00%	41.12%
Debt to EBITDA	7.11	6.16	5.08	4.67	2.53	2.08	1.80	1.52	1.62	1.76
Net Debt to EBITDA	4.49	3.51	2.97	2.95	1.01	0.90	0.86	0.84	0.93	1.17
Long-Term Debt to EBITDA	6.98	6.02	4.96	4.54	2.43	1.99	1.73	1.44	1.51	1.63
Debt to NOPAT	-46.62	-43.19	12.66	7.65	3.81	2.77	2.52	2.33	2.45	2.80
Net Debt to NOPAT	-29.44	-24.56	7.41	4.83	1.52	1.20	1.20	1.29	1.40	1.86
Long-Term Debt to NOPAT	-45.75	-42.16	12.37	7.44	3.66	2.66	2.41	2.20	2.28	2.60
Altman Z-Score	1.90	1.98	1.97	1.97	2.75	2.91	2.87	2.75	2.95	2.85
Noncontrolling Interest Sharing Ratio	-0.21%	0.03%	0.48%	-0.02%	0.27%	0.69%	0.95%	-0.55%	-0.04%	5.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.35	2.38	2.40	2.33	2.42	2.35	2.32	2.07	2.04	1.91
Quick Ratio	1.05	1.16	1.19	1.13	1.21	1.20	1.18	1.05	0.60	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-290	-340	-335	-375	13	27	24	12	10	-14
Operating Cash Flow to CapEx	65.65%	330.73%	441.46%	12.11%	203.14%	412.80%	409.17%	210.54%	410.99%	401.19%
Free Cash Flow to Firm to Interest Expense	-19.64	-37.78	-46.67	-68.29	1.33	3.73	4.09	1.92	1.09	-1.88
Operating Cash Flow to Interest Expense	0.59	6.65	9.86	0.37	4.06	7.08	11.25	3.71	6.27	7.38
Operating Cash Flow Less CapEx to Interest Expense	-0.31	4.64	7.62	-2.65	2.06	5.37	8.50	1.95	4.75	5.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.28	1.26	1.19	1.11	1.42	1.55	1.60	1.65	1.76	1.80
Accounts Receivable Turnover	8.57	7.24	6.05	5.15	7.50	7.46	7.14	6.81	8.31	7.90
Inventory Turnover	3.96	3.88	3.62	3.28	3.98	4.18	4.31	4.41	4.58	4.58
Fixed Asset Turnover	4.97	4.99	4.78	4.68	5.89	6.58	6.85	7.22	7.26	7.28
Accounts Payable Turnover	7.55	7.36	6.23	5.20	6.53	7.17	6.68	6.20	6.68	7.05
Days Sales Outstanding (DSO)	42.60	50.38	60.35	70.86	48.68	48.95	51.11	53.63	43.91	46.20
Days Inventory Outstanding (DIO)	92.20	94.14	100.93	111.15	91.78	87.25	84.77	82.79	79.70	79.66
Days Payable Outstanding (DPO)	48.35	49.60	58.57	70.13	55.93	50.92	54.68	58.89	54.64	51.74
Cash Conversion Cycle (CCC)	86.44	94.92	102.71	111.88	84.53	85.28	81.20	77.53	68.97	74.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	918	955	991	1,053	640	613	651	665	638	618
Invested Capital Turnover	2.37	2.36	2.20	2.04	2.85	3.15	3.21	3.32	3.55	3.63
Increase / (Decrease) in Invested Capital	278	342	339	388	1.61	-5.17	12	26	55	53
Enterprise Value (EV)	850	944	921	1,178	1,094	1,027	930	903	1,220	1,065
Market Capitalization	429	587	540	756	921	842	725	659	963	762
Book Value per Share	$7.86	$8.28	$8.36	$10.39	$7.55	$6.91	$7.13	$6.75	$6.07	$5.03
Tangible Book Value per Share	$7.20	$7.61	$7.96	$9.90	$7.52	$6.91	$7.13	$6.75	$6.07	$5.03
Total Capital	1,165	1,226	1,258	1,300	900	860	881	860	829	768
Total Debt	671	628	644	669	432	427	430	437	446	447
Total Long-Term Debt	659	613	630	650	415	410	412	413	415	415
Net Debt	424	357	377	422	173	184	204	242	255	297
Capital Expenditures (CapEx)	13	18	16	17	19	12	16	11	14	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	341	382	429	475	311	312	353	362	335	345
Debt-free Net Working Capital (DFNWC)	537	609	653	679	531	524	550	526	494	462
Net Working Capital (NWC)	525	594	638	660	514	507	531	503	463	430
Net Nonoperating Expense (NNE)	-13	20	0.63	2.71	16	2.09	3.53	5.26	22	-2.89
Net Nonoperating Obligations (NNO)	424	357	377	422	173	180	200	242	255	297
Total Depreciation and Amortization (D&A)	21	13	15	12	11	10	11	11	10	10
Debt-free, Cash-free Net Working Capital to Revenue	18.48%	20.63%	23.73%	27.07%	17.07%	16.08%	17.06%	16.76%	15.43%	16.09%
Debt-free Net Working Capital to Revenue	29.10%	32.90%	36.14%	38.67%	29.16%	26.99%	26.54%	24.35%	22.79%	21.52%
Net Working Capital to Revenue	28.42%	32.09%	35.33%	37.60%	28.23%	26.09%	25.65%	23.25%	21.36%	20.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.25)	$0.03	$0.14	($0.04)	$0.31	$0.48	$0.51	$0.67	$0.69
Adjusted Weighted Average Basic Shares Outstanding	68.66M	72.01M	72.74M	64.93M	62.45M	62.60M	62.93M	62.91M	63.04M	62.80M
Adjusted Diluted Earnings per Share	$0.00	($0.25)	$0.03	$0.14	($0.04)	$0.31	$0.48	$0.50	$0.66	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	68.66M	72.01M	73.08M	65.70M	62.96M	63.10M	63.23M	63.62M	63.69M	63.23M
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	63.20M	63.14M	72.16M	72.87M	60.65M	61.89M	62.73M	63.13M	62.87M	62.84M
Normalized Net Operating Profit after Tax (NOPAT)	-12	1.96	16	16	15	22	35	39	29	40
Normalized NOPAT Margin	-3.11%	0.44%	2.94%	3.28%	3.72%	5.41%	7.36%	7.05%	5.62%	7.50%
Pre Tax Income Margin	-6.53%	-1.18%	3.55%	4.09%	-0.92%	6.07%	8.59%	8.68%	5.30%	10.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.24	0.07	3.63	4.59	-0.10	3.92	8.17	8.34	3.65	8.50
NOPAT to Interest Expense	-0.81	0.22	0.56	2.31	1.50	3.01	6.15	5.96	6.99	5.51
EBIT Less CapEx to Interest Expense	-2.14	-1.94	1.39	1.57	-2.10	2.20	5.42	6.58	2.12	6.66
NOPAT Less CapEx to Interest Expense	-1.71	-1.79	-1.67	-0.70	-0.50	1.29	3.40	4.20	5.46	3.67
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	-2,061.81%	-486.79%	106.84%	54.25%	38.92%	14.90%	4.23%	0.69%	13.95%	15.20%

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. Find out what analysts predict for Titan International in the coming months.

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 5/23/2025 by MarketBeat.com Staff

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Titan International (TWI) Financials

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Titan International (TWI) Financials

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