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1. Company Snapshot

1.a. Company Description

Titan International, Inc., together with its subsidiaries, manufactures and sells wheels, tires, and undercarriage systems and components for off-highway vehicles in North America, Europe, Latin America, the Commonwealth of Independent States region, the Middle East, Africa, Russia, and internationally.The company operates in Agricultural, Earthmoving/Construction, and Consumer segments.It offers rims, wheels, tires, and undercarriage systems and components for various agricultural equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment.


The company also offers rims, wheels, tires, and undercarriage systems and components for off-the-road earthmoving, mining, military, construction, and forestry equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, backhoe loaders, crawler tractors, lattice cranes, shovels, and hydraulic excavators.In addition, it provides bias and light truck tires; and products for ATVs, turf, and golf cart applications, as well as specialty and train brakes.It sells its products directly to original equipment manufacturers, as well as to the aftermarket through independent distributors, equipment dealers, and own distribution centers.


Titan International, Inc.was founded in 1890 and is headquartered in Quincy, Illinois.

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1.b. Last Insights on TWI

Titan International, Inc.'s recent performance was negatively impacted by a challenging fourth quarter 2025 earnings report. The company's financial results, announced on February 26, 2026, revealed a difficult operating environment. Additionally, the departure of Kim Marvin from the Board of Directors on February 12, 2026, due to time constraints and other professional commitments, may have contributed to investor uncertainty. The company's earnings call transcript on February 27, 2026, likely provided further insight into the challenges faced by the business.

1.c. Company Highlights

2. Titan International's Q4 2025 Earnings: A Resilient Performance Amidst a Challenging Ag Sector

Titan International, Incorporated reported a robust Q4 2025, with revenues growing 7% year-over-year to $472 million, and adjusted EBITDA increasing 17% to $11 million. The company's earnings per share (EPS) came in at -$0.27, slightly missing estimates of -$0.26. The company's gross margin also expanded, driven by its diverse business and product offerings, as well as its one-stop shop distribution capabilities. As Paul Reitz, President and CEO, noted, "Titan's results exceeded prior year in revenue, gross margin, and adjusted EBITDA for Q4 2025."

Publication Date: Mar -05

📋 Highlights
  • Q4 2025 Financial Outperformance: Revenue grew 7% YoY, adjusted EBITDA surged 17% to $11 million.
  • 2026 Guidance: Full-year revenue projected at $1.85–1.95 billion; adjusted EBITDA forecasted at $105–115 million.
  • EMC Segment Growth: Q1 2026 EBITDA guidance of $28–33 million driven by infrastructure and mineral demand.
  • CapEx Allocation: 2026 CapEx of $55 million, with $30–35 million allocated to maintenance and plant efficiencies.
  • Tax Guidance: Q1 2026 taxes estimated at $4–5 billion, reflecting U.S. and Luxembourg segment structures.

Segment Performance

The ag segment performed better in 2025, driven by higher demand from livestock producers, while row crop farmers faced challenges due to depressed grain prices and higher input costs. The EMC segment, which serves construction and earthmoving markets, is expected to perform well in 2026, driven by infrastructure spend and demand for minerals. The consumer segment is also expected to see improvement on the top line and bottom line, driven by new business wins and product innovations.

Guidance and Outlook

Titan reintroduced its fiscal year guidance for 2026, with revenues expected to range from $1.85 billion to $1.95 billion and adjusted EBITDA of $105 million to $115 million. The company's guidance reflects improvement compared to 2025 on both the top and bottom line, with confidence that its sectors are starting to move past the cyclical trough. Analysts estimate next year's revenue growth at 4.8%.

Valuation and Metrics

With a P/E Ratio of -9.52, P/B Ratio of 1.18, and EV/EBITDA of 12.67, Titan's valuation multiples suggest that the market is pricing in a moderate level of growth. The company's ROE (%) is -11.61, and ROIC (%) is 1.62, indicating that the company is still facing challenges in generating returns on equity and invested capital. The Net Debt / EBITDA ratio of 5.78x highlights the company's leverage, which may be a concern for investors.

Tariffs and Competitive Advantage

Titan's multi-sourcing strategy is expected to continue providing a competitive advantage in managing through the fluid nature of tariff policy. The company's business model, which involves converting raw materials into finished goods on a global basis, makes it difficult to quantify the impact of tariffs on earnings. As Paul Reitz explained, the chaotic nature of tariffs implementation in '25 created discrepancies in raw material prices, making it difficult to price products.

3. NewsRoom

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Titan International, Inc. Announces Consolidation of Tire Production to Improve Operational Efficiency of US Manufacturing

Mar -18

Source: prnewswire.com

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Titan International, Inc. (TWI) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

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TITAN INTERNATIONAL, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 FINANCIAL PERFORMANCE

Feb -26

Source: prnewswire.com

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Kim Marvin Steps Down from Titan International Inc. Board of Directors

Feb -12

Source: prnewswire.com

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Titan International, Inc. to Announce Fourth Quarter 2025 Financial Results on February 26

Feb -04

Source: prnewswire.com

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Titan International Inc. Announces Executive Leadership Transitions Including New Role of Chief Transformation Officer to Accelerate Strategic Objectives

Dec -04

Source: prnewswire.com

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Bailard Inc. Acquires 13,731 Shares of Titan International, Inc. $TWI

Nov -15

Source: defenseworld.net

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Titan International, Inc. (TWI) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.63%)

6. Segments

Agricultural

Expected Growth: 10%

Titan International's Agricultural segment growth is driven by increasing global demand for food, government initiatives supporting sustainable farming practices, and rising adoption of precision agriculture technology. Additionally, the company's focus on innovative products, such as low-compaction tires, and strategic partnerships with major OEMs contribute to its 10% growth.

Earthmoving/Construction

Expected Growth: 11%

Titan International's 11% growth in Earthmoving/Construction is driven by increasing infrastructure spending, rising demand for heavy equipment, and growing adoption of advanced tire technologies. Additionally, the company's focus on product innovation, expansion into emerging markets, and strategic partnerships are contributing to its growth momentum.

Consumer

Expected Growth: 13%

Titan International, Inc.'s 13% growth in the Consumer segment is driven by increasing demand for outdoor recreational activities, rising popularity of off-highway vehicles, and growing adoption of Titan's innovative wheel and tire products in the agriculture and construction industries.

7. Detailed Products

Agricultural Tires

Titan International, Inc. offers a wide range of agricultural tires designed for tractors, combines, and other farm equipment, providing superior traction, durability, and fuel efficiency.

Construction and Mining Tires

Titan International, Inc. provides high-quality construction and mining tires designed for heavy-duty equipment, offering excellent durability, traction, and load-carrying capacity.

Forestry Tires

Titan International, Inc. offers specialized forestry tires designed for logging and forestry equipment, providing superior traction, flotation, and durability in challenging terrain.

Industrial Tires

Titan International, Inc. provides a range of industrial tires designed for forklifts, skid-steer loaders, and other material handling equipment, offering excellent durability, traction, and load-carrying capacity.

OEM and Aftermarket Wheels

Titan International, Inc. offers a range of OEM and aftermarket wheels designed for agricultural, construction, and industrial equipment, providing superior strength, durability, and corrosion resistance.

8. Titan International, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Titan International, Inc. faces moderate threat from substitutes due to the availability of alternative products in the market.

Bargaining Power Of Customers

Titan International, Inc. has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Titan International, Inc. relies on a few key suppliers, which gives them some bargaining power, but the company's large scale of operations helps to mitigate this risk.

Threat Of New Entrants

The high capital requirements and regulatory barriers to entry in the industry make it difficult for new entrants to compete with Titan International, Inc.

Intensity Of Rivalry

The industry in which Titan International, Inc. operates is highly competitive, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.35%
Debt Cost 5.63%
Equity Weight 51.65%
Equity Cost 14.36%
WACC 10.14%
Leverage 93.62%

11. Quality Control: Titan International, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Astec Industries

A-Score: 4.7/10

Value: 5.2

Growth: 3.4

Quality: 5.0

Yield: 2.0

Momentum: 7.0

Volatility: 5.7

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Titan International

A-Score: 4.2/10

Value: 8.6

Growth: 4.7

Quality: 2.3

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

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A-Score: 4.1/10

Value: 7.0

Growth: 4.3

Quality: 3.7

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

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Manitex International

A-Score: 3.2/10

Value: 3.5

Growth: 4.7

Quality: 3.0

Yield: 0.0

Momentum: 7.0

Volatility: 1.0

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Columbus McKinnon

A-Score: 3.0/10

Value: 5.7

Growth: 2.1

Quality: 3.5

Yield: 3.0

Momentum: 0.5

Volatility: 3.0

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Hydrofarm Holdings

A-Score: 2.9/10

Value: 10.0

Growth: 2.3

Quality: 3.2

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.81$

Current Price

6.81$

Potential

-0.00%

Expected Cash-Flows