olivLaw · US equity research
Titan International, Inc. TWI
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · SIC 3312 · Vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)
Titan International is a global maker of wheels, tires and undercarriage products for off-highway equipment, serving agricultural, earthmoving/construction and consumer markets. Revenue rose 5.2% in the second quarter of 2026 to 484 million USD and the company maintained its full-year guidance, while weak farm demand and tariff uncertainty persist.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Titan International, Inc. (TWI) stock was 4.70 USD (−3.49% on the day), with market capitalisation 303.7 m USD, dividend yield 0.00%, beta 1.67, 52-week range 4.65–11.40 USD. Latest reported quarter (Q3 2026): revenue of 335.2 m USD (−6.2% YoY), net income of -42.7 m USD, diluted EPS -0.66 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 23.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.42 – 7.95
- in the lower half of the band · %B 0.08 · band width 57.1%
- SMA 50 / 200
- 6.80 / 7.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.57 / -0.38
- MACD below 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −33.1% | −1.1% | −32.0 pp | — |
| 3 months | −34.8% | −0.5% | −34.4 pp | — |
| 6 months | −41.3% | +4.4% | −45.7 pp | — |
| Year to date | −40.0% | +12.3% | −52.3 pp | — |
| 1 year | −40.9% | +13.5% | −54.4 pp | +24.5% |
| 3 years | −62.4% | +76.4% | −138.8 pp | +30.2% |
| 5 years | −44.2% | +63.7% | −107.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 383.6 m | 490.7 m | 460.8 m | 357.3 m | 741.7 m | 505.1 m | 484.8 m | 335.2 m |
| Cost of revenue | 342.4 m | 422.1 m | 391.6 m | 301.2 m | 652.3 m | 433.6 m | 409.8 m | 285.8 m |
| Gross profit | 41.2 m | 68.6 m | 69.3 m | 56.1 m | 89.4 m | 71.4 m | 74.9 m | 49.4 m |
| Research & development | 4.4 m | 4.5 m | 4.3 m | 3.1 m | 9.6 m | 5.3 m | 5.4 m | 3.3 m |
| SG&A | 51.3 m | 49.9 m | 52.4 m | 45.8 m | 69.5 m | 52.4 m | 52.7 m | 43.0 m |
| Operating income | -17.0 m | 11.8 m | 10.2 m | 3.7 m | 7.5 m | -13.8 m | 13.3 m | -971.0 k |
| Depreciation & amortisation | 20.6 m | 15.9 m | 16.6 m ≈ | 7.4 m ≈ | 27.3 m | 17.1 m | 17.2 m ≈ | 6.3 m ≈ |
| Interest expense | 9.3 m | 9.5 m | 9.7 m | 9.7 m | 9.8 m | 9.9 m | 10.0 m | 9.8 m |
| Pre-tax income | -25.0 m | 4.3 m | 1.1 m | -7.8 m | 3.2 m | -19.6 m | 6.3 m | -8.6 m |
| Income tax | -26.2 m | 4.2 m | 4.7 m | -41.0 k | 45.9 m | 4.6 m | -4.0 k | 172.0 k |
| Net income | 1.3 m | -649.0 k | -4.5 m | -2.3 m | -56.0 m | -24.2 m | 5.8 m | -42.7 m |
| Diluted EPS | 0.02 ≈ | -0.01 | -0.07 | -0.04 | -0.88 ≈ | -0.38 | 0.09 | -0.66 |
| Operating cash flow | 8.7 m | -38.6 m | 14.3 m ≈ | 41.5 m ≈ | 12.8 m | -46.5 m | 39.1 m ≈ | 17.1 m ≈ |
| Capex | 13.3 m | 15.0 m | 10.1 m ≈ | 5.2 m ≈ | 24.3 m | 13.3 m | 12.8 m ≈ | -773.0 k ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.4 bn | 1.3 bn | 1.8 bn | 2.2 bn | 1.8 bn | 1.8 bn | 1.8 bn |
| Revenue YoY | +9.1% | −9.6% | −13.1% | +41.4% | +21.9% | −16.0% | +1.3% | −0.9% |
| Net income | 16.1 m | -48.4 m | -60.4 m | 49.6 m | 176.3 m | 78.8 m | -5.6 m | -63.5 m |
| Net income YoY | unavailable | −401.0% | unavailable | unavailable | +255.5% | −55.3% | −107.1% | unavailable |
| Diluted EPS | 0.06 | -0.84 | -0.99 | 0.79 | 2.77 | 1.25 | -0.08 | -1.00 |
| Diluted EPS YoY | unavailable | −1,500.0% | unavailable | unavailable | +250.6% | −54.9% | −106.4% | unavailable |
| net % | 1.0% | -3.3% | -4.8% | 2.8% | 8.1% | 4.3% | -0.3% | -3.5% |
| Free cash flow | -75.2 m | 9.0 m | 35.5 m | -28.1 m | 113.7 m | 118.6 m | 75.9 m | -24.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 202.9 m USD
- Financial debt
- 607.0 m USD
- Net debt
- 404.1 m USD
- Equity
- 521.6 m USD
- Total assets
- 1.7 bn USD
- Debt / equity
- 1.16x
- Current ratio
- 2.30x
- ROE
- -12.5%
- ROA
- -3.9%
- FCF margin
- -1.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.8 bn | 2.2 bn | 1.8 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 1.1 bn | 1.5 bn | 1.8 bn | 1.5 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 114.3 m | 237.5 m | 360.7 m | 305.8 m | 257.8 m | 253.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 9.0 m | 10.1 m | 10.4 m | 12.5 m | 16.5 m | 18.3 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 130.9 m | 131.8 m | 132.8 m | 134.9 m | 191.8 m | 203.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -35.4 m | 85.2 m | 205.8 m | 148.7 m | 33.2 m | 20.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 54.7 m | 48.0 m | 42.7 m | 42.4 m | 60.7 m | 67.1 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 19.3 m ≈ | 133.2 m ≈ | 248.5 m ≈ | 191.2 m ≈ | 93.9 m ≈ | 87.9 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 30.6 m | 32.2 m | 29.8 m | 18.8 m | 36.4 m | 38.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -58.1 m | 51.0 m | 202.4 m | 109.7 m | 8.3 m | -11.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 6.9 m | 1.1 m | 23.2 m | 26.0 m | 11.9 m | 49.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -60.4 m | 49.6 m | 176.3 m | 78.8 m | -5.6 m | -63.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.99 | 0.79 | 2.77 | 1.25 | -0.08 | -1.00 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 60.8 m | 62.7 m | 63.7 m | 63.0 m | 68.7 m | 63.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.01 | 0.00 | 0.00 | — | — | — | SEC (XBRL)· 27 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 117.4 m | 98.1 m | — | 220.3 m | 196.0 m | 202.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 193.0 m | 255.2 m | 266.8 m | 219.1 m | 211.7 m | 166.1 m | SEC (XBRL)· 29 Oct 2026verified |
| Inventories | 293.7 m | 392.6 m | 397.2 m | 365.2 m | 437.2 m | 330.6 m | SEC (XBRL)· 29 Oct 2026verified |
| Current assets | 658.6 m | 813.3 m | 909.6 m | 876.8 m | 912.0 m | 986.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 319.9 m | 301.1 m | 296.6 m | 321.7 m | 421.2 m | 351.8 m | SEC (XBRL)· 29 Oct 2026verified |
| Goodwill | — | — | — | 0 | 29.6 m | 29.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.0 m | 1.5 m | 1.6 m | 1.4 m | 12.0 m | 10.6 m | SEC (XBRL)· 29 Oct 2026verified |
| Total assets | 1.0 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 167.2 m | 278.1 m | 263.4 m | 201.2 m | 219.6 m | 174.0 m | SEC (XBRL)· 29 Oct 2026verified |
| Short-term debt | 31.1 m | 32.5 m | 30.9 m | 16.9 m | 12.5 m | 19.1 m | SEC (XBRL)· 29 Oct 2026verified |
| Long-term debt | 464.7 m | 485.0 m | 445.6 m | 426.1 m | 568.3 m | 587.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 329.7 m | 450.8 m | 446.2 m | 362.5 m | 387.4 m | 428.2 m | SEC (XBRL)· 29 Oct 2026verified |
| Total liabilities | 830.6 m | 955.5 m | 901.5 m | 821.8 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 176.3 m | 227.2 m | 383.1 m | 467.4 m | 493.7 m | 521.6 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 57.2 m | 10.7 m | 160.7 m | 179.4 m | 141.5 m | 30.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 21.7 m | 38.8 m | 47.0 m | 60.8 m | 65.6 m | 54.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 35.5 m ≈ | -28.1 m ≈ | 113.7 m ≈ | 118.6 m ≈ | 75.9 m ≈ | -24.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 33.2 m | -37.6 m | -36.8 m | -56.9 m | -201.6 m | -59.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -38.6 m | 13.9 m | -61.3 m | -56.0 m | 64.6 m | 17.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 603.0 k | 0 | 0 | — | — | — | SEC (XBRL)· 27 Feb 2023verified |
| Share repurchases | 0 | 0 | 25.0 m | 32.6 m | — | — | SEC (XBRL)· 29 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 17 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 303.7 m USD
Key indicators
Coverage and freshness
Score by group
- Quality12
- Growth0
- Balance sheet20
- Valuation26
Estimated value range
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: 2.97 – 8.05 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)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/EBITDA2.97 – 8.05 (Mid 4.95)4 companies used · median multiple 10.0x · quartiles 8.3x – 12.8xCRS, MT, STLD, SXC
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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
Unattractive profile · Score 17/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.5% | 14 (vs peers) | 16% |
| Net margin · Quality | -5.7% | 8 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.5% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.7x | 0 (vs peers) | 16% |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 9.8x | 47 (on a fixed band) | 16% |
| FCF yield · Valuation | -8.9% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality12/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation26/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TITAN INTERNATIONAL, INC. (TWI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth -0.9%; net margin -5.7%; ROE -22.9%; net debt/EBITDA 5.7x.
The estimated value range is 2.97–8.05 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.95 USD, the price of 4.70 USD leaves a potential of 5.2% (value / price − 1) and a margin of safety of 5.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 17/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
What contradicts it
- ROIC: 0.5%
- Net margin: -5.7%
- Revenue CAGR 3Y: -5.5%
- Net debt / EBITDA: 5.7x
- Interest coverage: 0.2x
- FCF yield: -8.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TXTernium S.A. | 97.5 bn | 221.1 | 3.6% | 2.7% | −11.6% | +32% / +23% |
| NUENucor Corp | 60.8 bn | 35.6 | 8.2% | 5.4% | +5.7% | +68% / +58% |
| TSTenaris SA | 60.6 bn | 31.4 | 11.6% | 16.1% | −4.3% | +41% / +63% |
| MTArcelorMittal | 46.0 bn | 14.7 | 6.1% | 5.1% | −1.7% | +40% / +140% |
| STLDSteel Dynamics, Inc. | 34.1 bn | 17.7 | 20.8% | 8.8% | +3.6% | +43% / +102% |
| CRSCarpenter Technology Corporation | 13.8 bn | 24.6 | 27.8% | 17.9% | +8.6% | −12% / +294% |
| CMCCommercial Metals Company | 6.8 bn | 10.6 | 14.8% | 7.0% | +20.5% | −2% / +37% |
| SXCSuncoke Energy, Inc. | 823.3 m | — | -8.5% | -2.9% | −5.1% | +49% / +4% |
| MTUSMetallus Inc. | 650.2 m | 30.8 | 3.4% | 1.9% | +6.9% | −7% / −22% |
| TWITitan International, Inc. | 303.7 m | — | -22.9% | -5.7% | −0.9% | −41% / −62% |
| PKXPosco Holdings Inc. | — | — | 2.1% | 1.5% | −4.7% | −8% / −48% |
| ASTLAlgoma Steel Group Inc. | — | — | -98.5% | -47.2% | −25.4% | +17% / −41% |
| SIMGRUPO SIMEC, S.A.B. de C.V. | — | — | 19.2% | 31.2% | −18.2% | −8% / −15% |
1- and 3-year price returns: for TWI 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Titan International is a global maker of wheels, tires and undercarriage products for off-highway equipment, serving agricultural, earthmoving/construction and consumer markets. Revenue rose 5.2% in the second quarter of 2026 to 484 million USD and the company maintained its full-year guidance, while weak farm demand and tariff uncertainty persist 123.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Customer concentrationhigh
A small number of OEM customers generates a large share of sales, and reduced purchases or loss of a major customer could hurt results 1.
- Raw material priceshigh
Rising steel and rubber prices that cannot be passed on to customers could compress margins 12.
- Tariffs and litigationhigh
The uncertain evolution of tariff policy and possible refunds could have a material effect on the financial position 1.
- Labor relationsmedium
If the collective agreement at US plants is not renewed, production could be disrupted 1.
- Debt and liquiditymedium
High net debt and negative operating cash flow in the first half reduce financial flexibility if demand weakens 3.
Investment thesis
What would need to be true (bull case)
- If farm income recovers alongside growth in the consumer segment, the company could gradually work through current pressures 23.
- Diversification across three segments and maintained 2026 guidance point to disciplined cost and cash management 3.
- Its position as a combined wheel and tire maker and its ability to serve the aftermarket could support margins over the long term 1.
What would break the thesis
- If agricultural and construction demand stays weak, revenue could remain below expectations and margins could be compressed 23.
- Dependence on a few large customers and competitor price pressure could affect results if a major contract changes 1.
- High net debt and absorbed working capital could limit investment capacity if results deteriorate 3.
What to watch
- Delivery against 2026 sales and Adjusted EBITDA guidanceQ3 2026
- Tariff developments and tariff refund recoveries2026
- Recovery of North American agricultural volumesQ4 2026
- Trend in operating cash flow and net debtnext 10-Q
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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Titan designs and manufactures wheels, tires, wheel-and-tire assemblies and undercarriage components for original equipment manufacturers (OEMs) and aftermarket customers in agriculture, earthmoving/construction and consumer markets 1. The company traces its roots to the Electric Wheel Company, founded in 1890 in Quincy, Illinois, and expanded through major acquisitions including Goodyear's farm tire assets in 2005 and Carlstar in 2024 1. A cited advantage is producing both wheels and tires, which lets it offer a one-stop solution to customers 1.
Sales depend on cyclical industries and seasonality, and the customer base is relatively concentrated, mainly OEMs 1. The company relies on raw materials such as steel and rubber, which it does not hedge with long-term contracts or derivatives 1. In fiscal 2025 net sales declined slightly to 1.83 billion USD, reflecting lower volumes in agriculture and construction, partly offset by pricing and the inclusion of Titan Specialty 1.
Guidance for 2026 calls for sales between 1.85 and 1.95 billion USD and Adjusted EBITDA between 105 and 115 million USD, maintained after second-quarter results 3. Over the longer term the strategy emphasizes growing the tire aftermarket, operating efficiency and LSW tire technology 1.
Segments
Agriculture
The agricultural segment makes wheels, tires and components for tractors, combines and irrigation equipment, sold directly to OEMs and through distributors and dealers 1. In the second quarter of 2026 segment sales fell 5% to 183.6 million USD, due to lower farm income, higher financing costs and OEM inventory reductions 23.
Market context
Agricultural demand in North America and Europe is mixed: orders for small agricultural products are favorable, while demand for large equipment has slowed significantly 1. In construction, OEM demand improved in 2025 on mining capital budgets and GDP forecasts in several countries 1. The second quarter of 2026 nonetheless showed moderation in construction 3.
Tariff uncertainty remains high: the US Supreme Court affirmed in February 2026 the ruling against IEEPA tariffs, and a new global tariff was announced, with effects still unclear for the company 1. Net IEEPA tariff refund recoveries of 6.0 million USD were recorded as a reduction of cost of sales in Q2 2026 3.
Trends
- Tariff uncertaintymixed
US tariffs and retaliation by other countries raise raw material costs and could reduce customer demand, while refund litigation could bring additional recoveries 13.
- Weak farm incomesheadwind
Lower farm incomes and higher financing costs have reduced agricultural volumes, particularly in the Americas, and OEM inventories have been cut 23.
- Consumer and Titan Specialty growthtailwind
Stronger demand for Titan Specialty products supported consumer segment sales and margins in the second quarter of 2026 3.
- Mining and infrastructure investment cycletailwind
Mining capital budgets and favorable GDP forecasts could support construction equipment demand over the medium to long term 1.
Competitive position
Titan competes with domestic and international companies, some larger and with greater financial resources, on price, quality, sales support, customer service and delivery time 1. Competitors include wheel makers such as Accuride, Trelleborg and Topy, and tire makers such as Bridgestone, Michelin and Pirelli 1. The company differentiates through combined wheel and tire production and strategically located plants 12.
Competitive risk grows if OEM customers decide to make their own wheels and tires or if rivals cut prices 1. Currency movements and tariffs can affect the ability to compete with international players 1.
- Bridgestone
Major tire maker for off-highway applications, listed outside the United States, cited as a significant tire competitor 1.
- Michelin
Tire maker cited as an important competitor in the off-highway segment 1.
- Pirelli
Italian tire maker named among the company's significant competitors 1.
- Trelleborg Group
Swedish group active in off-highway wheels, identified as a major competitor 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Backbone of a beast – charting Nvidia's rise to networking titanThe Register · 31 Oct 2026 · EN
- SAPE: Corpul de Control al Prim-ministrului nu a identificat prejudicii legate de activitatea companiei; Solvabilitatea societății susține construirea CET Titan, prima centrală nouă de termoficare din București după 46 de aniFinancial Intelligence (RO) · 26 Oct 2026 · RO
- Kyiv Independent: Forţele ucrainene au lovit uzina Avisma, unul dintre cei mai mari producători mondiali de burete de titan - Ziarul BursaBURSA.ro · 25 Oct 2026 · RO
- Russia develops advanced Titan robotic demining systemTASS (RU, EN) · 23 Oct 2026 · EN
- Voice actor Hiroshi Tsuchida, star of Attack On Titan and Kakuranger, dies at age 54CNA (Channel NewsAsia) · 21 Oct 2026 · EN
- 5 tone de dovleci pot fi sculptați pentru Halloween, la Titan Pumpkin Fest, în București. Ateliere, jocuri și concerte pentru întreaga familie, între 16 și 18 octombrieLibertatea.ro · 16 Oct 2026 · RO
- Titan Pumpkin Fest, cu cinci tone de dovleci, muzică și jocuri de Halloween, la sfârșitul acestei săptămâniAgerpres · 16 Oct 2026 · RO
- Și-a pierdut soțul și fiul în submersibilul Titan. Acum, la 3 ani de la tragedie, Christine Dawood dezvăluie: Cedase locul ei copiluluiAntena 3 CNN · 13 Oct 2026 · RO
- Attack On Titan: The Musical coming to Singapore in April 2027CNA (Channel NewsAsia) · 12 Oct 2026 · EN
- Dezvoltatorul MediaCity atrage 18,7 mil. euro de la antreprenorul belgian Peter De Cuyper, care preia 33,3% din business. Compania va începe lucrările la 451 de apartamente în zona Titan din CapitalăZiarul Financiar · 07 Oct 2026 · RO
- Tramvaiele mari Astra Imperio impun ca depourile de tramvai Colentina și Titan să fie modernizate, Două oferte, buget de aproape 650 milioane leiProfit.ro · 07 Oct 2026 · RO
- Titan International (TWI) Signs ITM Sale. How Much of the $285 Million is New Cash?Yahoo Finance — News · 23 Sept 2026 · EN
- India's Titan On What's Slowing Gold DemandYahoo Finance — News · 22 Sept 2026 · EN
- Dow Jones Tech Titan Amazon Eyes Buy Point Amid Battle With Key Support LevelYahoo Finance — News · 22 Sept 2026 · EN
- Tech titan unveils surprising new role for Slack in AI expansionYahoo Finance — News · 20 Sept 2026 · EN
- Seoul's streetwear titan Musinsa expands physical footprint to ShenzhenKorea Times — Business · 17 Sept 2026 · EN
- Dow Jones Tech Titan Apple, Nvidia Chipmaker TSMC, AMD, Bloom Energy In Or Near Buy ZonesYahoo Finance — News · 16 Sept 2026 · EN
- Titan Machinery’s (TITN) Margins Improve While Losses Keep GrowingYahoo Finance — News · 09 Sept 2026 · EN
- BofA stays bullish on a cloud titan that is down 25%Yahoo Finance — News · 07 Sept 2026 · EN
- La 1050 de ani de la moartea sa, un mare împărat a fost reînhumat în Germania. Sicriul este din titan, cu foiţe de aurAntena 3 CNN · 06 Sept 2026 · RO
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report16 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report25 Sept 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report22 Jun 2026Shareholder vote
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Proxy statement29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Titan International, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Titan International, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Titan International, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.