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olivLaw · US equity research

Titan America SA TTAM

Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)

14.30USD+4.53% · 1 dayClose 04 Nov 2026

Titan America SA is a vertically integrated producer of heavy building materials, active in Florida and the Mid-Atlantic region of the United States, with cement, aggregates and concrete. The company reported revenue of 1664.188 million USD and adjusted EBITDA of 389.664 million USD for 2025, relevant for investors following US construction and the decarbonization of materials.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Titan America SA (TTAM) stock was 14.30 USD (+4.53% on the day), with market capitalisation 2.6 bn USD, P/E 14.2 on diluted EPS of 1.01 USD over the last 12 months, dividend yield 0.00%, beta 1.33, 52-week range 13.07–19.32 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.6 bn USD
shares as of 31 Dec 2025
P/E (TTM)
14.2
Diluted EPS TTM 1.01 · TTM to 31 Dec 2025
E/P (TTM)
7.06%
TTM to 31 Dec 2025
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
1.33
Volatility (1y) 37%
52-week range
13.0719.32

Price history

Loading chart…

Technical reading

RSI (14)
58.5
strong (55–70)
Bollinger (20, 2)
12.87 – 14.25
above the upper band · %B 1.03 · band width 10.2%
SMA 50 / 200
13.95 / 15.98
mixed trend
MACD (12, 26, 9)
0.03 / -0.08
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+5.9%−1.1%+7.0 pp—
3 months−10.9%−0.5%−10.5 pp—
6 months−15.9%+4.4%−20.3 pp—
Year to date−13.2%+12.3%−25.5 pp—
1 year−3.5%+13.5%−17.1 pp−12.8%
3 yearsunavailable+76.4%unavailable+19.8%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−32.3%
26 Jun 2026 → 12 Oct 2026
Max drawdown (5y)
−34.4%
07 Feb 2025 → 10 Apr 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 1-quarter history (min 16.3, median 16.3, max 16.3; quarters with earnings only).

Fiscal years

Fiscal year2022202320242025
Revenue1.4 bn1.6 bn1.6 bn1.7 bn
Revenue YoYunavailable+16.7%+2.7%+1.8%
Net income62.7 m155.2 m166.1 m185.4 m
Net income YoYunavailable+147.5%+7.0%+11.7%
Diluted EPS0.360.890.951.01
Diluted EPS YoYunavailable+147.2%+6.7%+6.3%
net %4.6%9.8%10.2%11.1%
Free cash flow53.0 m110.0 m112.6 m134.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
211.8 m USD
Financial debt
395.8 m USD
Net debt
184.1 m USD
Equity
1.0 bn USD
Total assets
1.9 bn USD
Debt / equity
0.38x
Current ratio
3.03x
ROE
20.8%
ROA
10.7%
FCF margin
8.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.6 bn
2024
1.6 bn
2025
1.7 bn

SEC (XBRL)· 24 Mar 2026verified

Cost of revenue
2023
1.2 bn
2024
1.2 bn
2025
1.2 bn

SEC (XBRL)· 24 Mar 2026verified

Gross profit
2023
363.5 m
2024
416.7 m
2025
435.0 m

SEC (XBRL)· 24 Mar 2026verified

Operating income
2023
225.6 m
2024
251.4 m
2025
268.1 m

SEC (XBRL)· 24 Mar 2026verified

Depreciation & amortisation
2023
91.1 m
2024
99.9 m
2025
108.7 m

SEC (XBRL)· 24 Mar 2026verified

EBITDA
2023
316.7 m ≈
2024
351.3 m ≈
2025
376.8 m ≈

SEC (XBRL)· 24 Mar 2026derived

Interest expense
2023
22.2 m
2024
26.2 m
2025
22.6 m

SEC (XBRL)· 24 Mar 2026verified

Pre-tax income
2023
202.4 m
2024
223.6 m
2025
244.8 m

SEC (XBRL)· 24 Mar 2026verified

Income tax
2023
47.1 m
2024
57.5 m
2025
59.4 m

SEC (XBRL)· 24 Mar 2026verified

Net income
2023
155.2 m
2024
166.1 m
2025
185.4 m

SEC (XBRL)· 24 Mar 2026verified

Diluted EPS
2023
0.89
2024
0.95
2025
1.01

SEC (XBRL)· 24 Mar 2026verified

Weighted average diluted shares
2023
175.4 m
2024
175.4 m
2025
183.5 m

SEC (XBRL)· 24 Mar 2026verified

Dividend per share
2023
—
2024
—
2025
0.00

SEC (XBRL)· 24 Mar 2026derived

Balance sheet · USD

Cash
2023
22.0 m
2024
12.1 m
2025
211.8 m

SEC (XBRL)· 24 Mar 2026verified

Inventories
2023
190.0 m
2024
227.6 m
2025
226.4 m

SEC (XBRL)· 24 Mar 2026verified

Current assets
2023
372.9 m
2024
384.3 m
2025
610.0 m

SEC (XBRL)· 24 Mar 2026verified

Property, plant & equipment, net
2023
801.0 m
2024
851.7 m
2025
930.0 m

SEC (XBRL)· 24 Mar 2026verified

Goodwill
2023
221.6 m
2024
221.6 m
2025
221.6 m

SEC (XBRL)· 24 Mar 2026verified

Intangibles (excl. goodwill)
2023
33.2 m
2024
30.2 m
2025
29.0 m

SEC (XBRL)· 24 Mar 2026verified

Total assets
2023
1.5 bn
2024
1.6 bn
2025
1.9 bn

SEC (XBRL)· 24 Mar 2026verified

Accounts payable
2023
151.2 m
2024
139.8 m
2025
130.5 m

SEC (XBRL)· 24 Mar 2026verified

Short-term debt
2023
267.7 m
2024
33.6 m
2025
5.4 m

SEC (XBRL)· 24 Mar 2026verified

Long-term debt
2023
76.3 m
2024
358.2 m
2025
390.4 m

SEC (XBRL)· 24 Mar 2026verified

Current liabilities
2023
492.0 m
2024
239.0 m
2025
201.2 m

SEC (XBRL)· 24 Mar 2026verified

Total liabilities
2023
779.0 m
2024
816.2 m
2025
859.8 m

SEC (XBRL)· 24 Mar 2026verified

Equity
2023
719.8 m
2024
750.0 m
2025
1.0 bn

SEC (XBRL)· 24 Mar 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
184.4 m

SEC (XBRL)· 24 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
227.1 m
2024
248.0 m
2025
295.4 m

SEC (XBRL)· 24 Mar 2026verified

Capex
2023
117.1 m
2024
135.4 m
2025
160.5 m

SEC (XBRL)· 24 Mar 2026verified

Free cash flow
2023
110.0 m ≈
2024
112.6 m ≈
2025
134.9 m ≈

SEC (XBRL)· 24 Mar 2026derived

Investing cash flow
2023
-117.7 m
2024
-135.8 m
2025
-152.2 m

SEC (XBRL)· 24 Mar 2026verified

Financing cash flow
2023
-117.8 m
2024
-123.3 m
2025
56.4 m

SEC (XBRL)· 24 Mar 2026verified

Dividends paid
2023
33.8 m
2024
85.1 m
2025
0

SEC (XBRL)· 24 Mar 2026verified

Share repurchases
2023
0
2024
51.6 m
2025
0

SEC (XBRL)· 24 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
1.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
6.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
6.7%
computed by olivLawFY 2025
Net income growth (YoY)
11.7%
computed by olivLawFY 2025
Net income CAGR 3Y
43.5%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
6.3%
computed by olivLawFY 2025
EPS CAGR 3Y
41.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
19.8%
computed by olivLawFY 2025

Profitability

Gross margin
26.1%
computed by olivLawFY 2025
EBITDA margin
22.6%
computed by olivLawFY 2025
EBIT margin
16.1%
computed by olivLawFY 2025
Net margin
11.1%
computed by olivLawFY 2025
FCF margin
8.1%
computed by olivLawFY 2025

Returns

ROE
20.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
10.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
17.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
15.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
0.0%
computed by olivLawFY 2025
Payout ratio (FCF)
0.0%
computed by olivLawFY 2025

Balance sheet

Net debt
184.1 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
0.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
11.9x
computed by olivLawFY 2025

Liquidity

Current ratio
3.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
295.4 m USD
computed by olivLawFY 2025
Capital expenditure
160.5 m USD
computed by olivLawFY 2025
Free cash flow
134.9 m USD
computed by olivLawFY 2025
FCF conversion
72.7%
computed by olivLawFY 2025
Cash conversion
78.4%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
67 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
40 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
2.8 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
14.2x
computed by olivLawFY 2025
P/E (TTM)
14.2x
computed by olivLawFY 2025
Earnings yield
7.1%
computed by olivLawFY 2025
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
7.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
10.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
19.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
5.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 74 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

14.30 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.6 bn USD

Key indicators

Market capitalisation
2.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
14.2x
computed by olivLawFY 2025
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
7.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
20.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
11.1%
computed by olivLawFY 2025
Revenue growth (YoY)
1.8%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawFY 2025

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 24 Mar 2026
verified 121derived 1

Score by group

  • Valuation85
  • Returns40
  • Quality71
  • Balance sheet75
  • Growth79

Estimated value range

Low
19.02
USD per share
Mid
26.72
USD per share
High
33.44
USD per share
Price: 14.30 USD
The price is below the range
Potential to the central value: 86.9% (value / price − 1)
Margin of safety: 46.5% (1 − price / value)
Agreement between methods: low · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.33 – 43.73 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)11.33 – 18.61 (Mid 14.09)
    WACC 8.7% · starting FCFF 152.0 m USD · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 7.5%
  • Peers: EV/EBITDA26.65 – 43.73 (Mid 36.04)
    7 companies used · median multiple 18.1x · quartiles 13.5x – 21.9x
    CMP, KNF, LEU, MLM, SND, USLM, VMC
  • Peers: P/E19.02 – 33.44 (Mid 26.72)
    10 companies used · median multiple 26.5x · quartiles 18.8x – 33.1x
    CMP, HL, IPI, KNF, LEU, MLM, SND, SQM, USLM, VMC
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive
Multiple comparisons use the SIC vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 74/100

FactorValueScoreWeight used
ROIC · Quality17.3%82 (vs peers)10%
Net margin · Quality11.1%65 (vs peers)6%
FCF conversion · Quality72.7%61 (on a fixed band)6%
Revenue CAGR 3Y · Growth6.9%57 (on a fixed band)8%
EPS CAGR 3Y · Growth41.0%100 (on a fixed band)8%
Net debt / EBITDA · Balance sheet0.5x50 (vs peers)10%
Interest coverage · Balance sheet11.9x100 (on a fixed band)6%
Current ratio · Balance sheet3.0x100 (on a fixed band)4%
P/E (TTM) · Valuation14.2x100 (vs peers)10%
EV/EBITDA · Valuation7.5x86 (vs peers)10%
FCF yield · Valuation5.1%64 (on a fixed band)8%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)6%
Payout ratio (FCF) · Returns0.0%100 (on a fixed band)4%

Score groups

  • Balance sheet75/100 · 3/3 factors with a value
  • Growth79/100 · 2/2 factors with a value
  • Quality71/100 · 3/3 factors with a value
  • Returns40/100 · 2/2 factors with a value
  • Valuation85/100 · 3/3 factors with a value

Memo

TITAN AMERICA SA (TTAM). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth 1.8%; net margin 11.1%; ROE 20.8%; net debt/EBITDA 0.5x.

The estimated value range is 19.02–33.44 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 26.72 USD, the price of 14.30 USD leaves a potential of 86.9% (value / price − 1) and a margin of safety of 46.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 17.3%
  • EPS CAGR 3Y: 41.0%
  • Interest coverage: 11.9x
  • Current ratio: 3.0x
  • P/E (TTM): 14.2x
  • EV/EBITDA: 7.5x
  • Payout ratio (FCF): 0.0%
  • The price is below the estimated value range

What contradicts it

  • Shareholder yield (distributions): 0.0%
  • The valuation methods diverge

Versus the vertical median

Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies

Multiples and returns vs the median

P/E
14.2x
vertical median 26.5x
below median (−46.5%)
EV/EBITDA
7.5x
vertical median 18.1x
below median (−58.7%)
P/S
1.6x
vertical median 3.3x
below median (−52.6%)
P/B
2.5x
vertical median 2.1x
above median (+19.6%)
ROE
20.8%
vertical median 5.1%
above median (+303.9%)
Net margin
11.1%
vertical median 4.0%
above median (+179.7%)
EBIT margin
16.1%
vertical median 8.1%
above median (+98.0%)
Revenue YoY
1.8%
vertical median 8.6%
below median (−78.8%)
Net debt/EBITDA
0.5x
vertical median 1.1x
below median (−56.1%)
Dividend yield
0.0%
vertical median 0.6%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MLMMartin Marietta Materials, Inc.39.6 bn14.716.8%31.9%+8.6%−11% / +20%
VMCVulcan Materials Company38.2 bn35.212.9%13.8%+7.1%+0% / +39%
SQMChemical & Mining Co Of Chile Inc15.1 bn24.014.3%15.1%−39.4%−11% / +15%
HLHecla Mining Company10.0 bn26.714.5%21.0%+53.0%−11% / +200%
IONRIoneer Ltd7.2 bn—-4.3%—unavailable−44% / −35%
USLMUnited States Lime & Minerals Inc3.5 bn26.620.0%35.1%+17.3%+1% / +191%
KNFKnife River Corporation3.5 bn26.38.0%4.0%+8.5%−17% / +4%
TTAMTitan America SA2.6 bn14.220.8%11.1%+1.8%−4% / unavailable
UUUUEnergy Fuels Inc.1.9 bn—-14.1%-100.0%−15.6%−50% / −10%
LEUCentrus Energy Corp1.3 bn42.28.1%10.2%+1.5%−64% / +85%
CMPCompass Minerals International, Inc.976.5 m54.27.2%1.4%+11.3%+22% / −4%
GAUGaliano Gold Inc.540.4 m—-12.7%-6.5%+93.6%−14% / +220%
IPIIntrepid Potash, Inc.418.0 m17.14.8%8.0%+17.1%+24% / +52%
SNDSmart Sand, Inc.185.3 m16.94.4%2.7%+6.0%+48% / +124%
ABATAmerican Battery Technology Company183.9 m—-74.5%-337.5%+406.8%−66% / −70%
ATLXAtlas Lithium Corporation52.1 m—-103.0%-33,954.4%−86.1%−65% / −93%
LGOLargo Inc.27.7 m—-46.4%-62.3%−12.0%−67% / −84%
ELVRElevra Lithium Limited——-54.2%-131.8%+11.2%−40% / unavailable
TECKTeck Resources Limited——5.5%13.0%+18.7%+50% / +71%

1- and 3-year price returns: for TTAM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
8.62
Total return -40% · Per year -40%
15.22
Total return 6% · Per year 6%
22.90
Total return 60% · Per year 60%
3 years
8.76
Total return -39% · Per year -15%
17.37
Total return 21% · Per year 7%
28.65
Total return 100% · Per year 26%
5 years
8.91
Total return -38% · Per year -9%
19.84
Total return 39% · Per year 7%
35.84
Total return 151% · Per year 20%
What moves the 3-year price the most
  • Exit P/E± 4.34
  • Net margin± 3.04
  • Annual revenue growth± 2.44
  • Annual dilution± 0.26

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 24 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (29 Oct 2026), 6-K (12 Aug 2026), 6-K (28 Jul 2026), 6-K (05 May 2026).

In brief

Titan America SA is a vertically integrated producer of heavy building materials, active in Florida and the Mid-Atlantic region of the United States, with cement, aggregates and concrete. The company reported revenue of 1664.188 million USD and adjusted EBITDA of 389.664 million USD for 2025, relevant for investors following US construction and the decarbonization of materials.

SWOT

Strengths

  • Strong vertical integration, from quarry to concrete, with owned mineral reserves next to plants.
  • Owned marine terminals in Florida and Virginia that support cement imports and multimodal distribution.
  • Lower leverage than the prior year and solid operating cash generation 1.

Weaknesses

  • Relatively commoditized products with limited ability to charge premium prices in competitive markets.
  • High dependence on energy and transport costs, without long-term hedging.
  • Activity is strongly seasonal and sensitive to weather, especially in the Mid-Atlantic region.

Opportunities

  • Demand for lower-carbon cement and recycled materials could grow in public and private projects.
  • The announced acquisition of a cement producer could expand capacity and geographic reach if completed.
  • Investments in alternative fuels and logistics could lower costs over the longer term.

Threats

  • A weaker construction cycle or delays in infrastructure projects could significantly reduce demand.
  • Substitute materials and new construction techniques could reduce demand for cement.
  • Rising energy, fuel and transport costs could compress margins if they cannot be passed on to customers.

Risks

  • Construction cyclicalityhigh

    Activity depends on financing, interest rates and infrastructure projects, which are hard to predict 1.

  • Energy and transport costshigh

    The company does not use long-term hedging instruments, and freight rates can rise quickly 1.

  • Competitive intensitymedium

    The market is fragmented and price pressure could reduce volumes and profitability 1.

  • Operational disruptionmedium

    Plant or supply chain failures could prevent deliveries and create unplanned costs 1.

  • Access to resourcesmedium

    Closure of a quarry or loss of mining rights could affect costs and production 1.

Investment thesis

What would need to be true (bull case)

  • If aggregates growth and concrete pricing hold, the company could keep improving profitability and reducing debt.
  • The integrated position in Florida and Virginia, with owned terminals, could offer cost advantages that are hard for competitors to replicate.
  • The focus on lower-emission materials could attract public and private projects that prioritize decarbonization.

What would break the thesis

  • A drop in residential construction or delays in infrastructure projects could reduce volumes and prices.
  • Rising energy and transport costs, without long-term hedging, could compress margins.
  • Majority control by Titan SA could limit the influence of minority shareholders over strategic decisions.

What to watch

  • Completion of the Keystone Cement acquisition and its effect on capacity2026
  • Trend in cement volumes and aggregates pricing in FloridaQ1 2027
  • Level of capital investment and completion of Pennsuco upgrades2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 24 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (29 Oct 2026), 6-K (12 Aug 2026), 6-K (28 Jul 2026), 6-K (05 May 2026).

The business

Titan America SA is a Belgian company majority owned by Titan SA, operating as a vertically integrated producer of cement, aggregates, ready-mix concrete, concrete block and fly ash. The company reports results in two segments, Florida and Mid-Atlantic, and describes its products as among those with lower carbon emissions than traditional materials. Operations are supported by port import terminals, rail and truck logistics and owned mineral reserves.

The company listed on the New York Stock Exchange in February 2025 under the symbol TTAM, and capital investments aim to expand cement and aggregates capacity, logistics and downstream product lines 1. It also announced a pending acquisition of Keystone Cement Company, with related costs reported separately 1.

Segments

Florida

The Florida segment includes the Pennsuco plant, the largest cement plant in the state by capacity, with 2.4 million tons of capacity, along with aggregate quarries and import terminals. Segment external revenue reached 1024.415 million USD in 2025 1.

Mid-Atlantic

The Mid-Atlantic segment operates the only cement plant in Virginia, at Roanoke, with 1.5 million tons of capacity, and marine terminals in Norfolk and Essex. Segment external revenue was 639.773 million USD in 2025 1.

Market context

The core market is US residential and non-residential construction, infrastructure and large projects in Florida and the Mid-Atlantic, areas with strong population and economic growth 1. Demand depends on credit costs, general economic conditions and infrastructure funding, and seasonality and weather affect quarterly volumes 1.

The market is fragmented, with regional and national producers, importers and international competitors, and prices can move quickly with supply and demand 1. Energy and transport costs are significant, and the company does not use long-term hedging instruments for them 1.

Trends

  • Decarbonization and lower-carbon cementtailwind

    Demand for lower-emission materials could support the company, which states that all production at Pennsuco meets a minimum CO2 reduction standard 1.

  • Circular economy and alternative fuelstailwind

    Using industrial waste and alternative fuels reduces reliance on virgin raw materials but requires continued facility investment 1.

  • Sensitivity to the construction cycleheadwind

    A slowdown in residential construction or delays in infrastructure projects could reduce volumes and prices, affecting profitability 1.

  • Energy and transport costsmixed

    Higher fuel prices and freight rates could compress margins, especially if prices cannot be passed on to customers 1.

Competitive position

The company competes with domestic and international cement producers, importers, and regional or national aggregates and concrete companies. Larger competitors may have greater financial resources, and the market is characterized by price pressure 1.

Competitive advantages rest on vertical integration, proximity to growing markets and owned marine terminals, which offer lower import costs in Florida and Virginia 1.

  • Regional cement producers and importers

    Competitors supplying cement in Florida and the Mid-Atlantic, mainly through imports and regional distribution, with pressure on prices.

  • National aggregates and concrete producers

    Companies with national or regional presence competing in aggregates, ready-mix concrete and concrete block.

  • International cement producers

    Foreign competitors that can export or import cement into the US market.

  • Substitute construction materials

    Wood, steel, gypsum and other materials can replace concrete in some applications, an indirect pressure on cement demand.

News & filings

In the press

The latest news item in our archive is from 31 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Titan America SA · 24 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.