Free cash flow remains highly volatile, swinging from a $174.3M surplus in 2026Q4 to a $25.6M deficit in 2027Q1, highlighting a heavy reliance on inventory liquidation for cash generation.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 |
|---|
| Cash from Operations | 232.88M | 137.45M | 70.29M | -32.28M | 10.82M | 158.92M | 173M | 955K | 46.6M | 95.81M | 141M | 231.88M | 41.06M | -82.24M | -115.33M | -182.19M | -35.01M | -47.66M | 4.22M | 12.46M | 6.51M | 8.81M |
| Operating CF Margin % | - | 5.66% | 2.6% | -1.17% | 0.49% | 9.28% | 12.26% | 0.07% | 3.69% | 7.96% | 11.62% | 16.95% | 2.16% | -3.69% | -5.25% | -10.98% | -3.2% | -5.68% | 0.61% | 2.88% | 2.22% | 3.86% |
| Operating CF Growth % | 444.3% | 95.55% | 317.75% | -398.45% | -93.19% | -8.14% | 18014.76% | -97.95% | -51.36% | -32.05% | -39.2% | 464.77% | 149.92% | 28.69% | 36.7% | -420.41% | 26.55% | -1230.62% | -66.17% | 91.53% | -26.19% | - |
| Net Income | -53.59M | -54.17M | -36.91M | 112.44M | 101.87M | 66.05M | 19.36M | 13.95M | 12.18M | -7.05M | -14.54M | -38.23M | -33.42M | 8.1M | 42.56M | 44.15M | 22.34M | 15.74M | 18.07M | 5.21M | 3.64M | 2.73M |
| Depreciation & Amortization | 37.68M | 37.56M | 38.6M | 31.48M | 25.2M | 22.14M | 23.7M | 28.07M | 23.61M | 25.11M | 26.87M | 28.54M | 31.77M | 30.79M | 23.46M | 15.26M | 8.97M | 7.95M | 4.58M | 2.52M | 1.77M | 1.2M |
| Stock-Based Compensation | -1.59M | 0 | 0 | 3.3M | 3.23M | 2.55M | 2.52M | 2.69M | 2.54M | 3.44M | 2.15M | 2.1M | 2.13M | 2.13M | 1.63M | 1.37M | 1.16M | 962K | 692.47K | 141.46K | 58.11K | 0 |
| Deferred Taxes | 18.55M | 0 | 0 | 2.91M | 7.64M | 4.32M | -3.54M | -1.66M | 2.51M | -8.92M | -2.84M | -9.17M | -14.84M | -4.94M | 6.11M | 16.03M | 1.68M | 1.85M | 967.95K | -181.05K | 74K | -23K |
| Other Non-Cash Items | -100.44M | -91.03M | -73.63M | -26.66M | 9.13M | 7.78M | 13.52M | 16.02M | 6.2M | 1.9M | 5.67M | 12.92M | 41.83M | 13.48M | 2.27M | 302K | -111K | -15K | -8.5K | 3.26M | -26.21K | 1.64K |
| Working Capital Changes | 332.27M | 245.09M | 142.23M | -155.75M | -136.24M | 56.08M | 117.45M | -58.11M | -426K | 81.34M | 123.69M | 235.72M | 13.58M | -131.82M | -191.35M | -259.29M | -69.04M | -74.14M | -20.09M | 1.51M | 993.52K | 4.9M |
| Change in Receivables | 23.3M | -499K | 28.8M | -48.09M | 1.2M | -37.04M | 4.47M | 6.22M | -13.47M | -1M | -1.89M | 24.33M | 25.39M | 13.07M | -41.6M | -293.27M | -196.27M | -164.85M | 0 | 0 | 0 | 0 |
| Change in Inventory | 204.59M | 235.73M | 166.18M | -476.39M | -180.93M | 5.8M | 199.25M | -99.47M | 5M | 20.34M | 211.79M | 196.98M | 171.59M | -182.37M | -144.02M | -261.6M | -63.11M | -61.24M | -34.84M | -3.17M | -285.69K | -5.37M |
| Change in Payables | -8.46M | 0 | 0 | 0 | -13.93M | 9.69M | 36.2M | -1.89M | 10.69M | 8.45M | 1.82M | -14.32M | -29.6M | 10.17M | -2.74M | 36.43M | 23.25M | -6.65M | 0 | 0 | -1.47M | 0 |
| Cash from Investing | -16.42M | -22.71M | -47.75M | -163.37M | -134.06M | -55.2M | -20.3M | -36.47M | -25.83M | -24.59M | -9.13M | -126K | 4.4M | -7.08M | -64.11M | -66.63M | -48.45M | 25.73M | -87.28M | -16.34M | -13.96M | -3.77M |
| Capital Expenditures | -12.95M | -22.36M | -51.84M | -62.36M | -37.21M | -37.63M | -20.09M | -25.02M | -11.95M | -26.11M | -12.43M | -8.41M | -17.6M | -23.86M | -71.71M | -69.87M | -49.04M | -19.66M | -42.75M | -6.5M | -1.99M | -1.22M |
| CapEx % of Revenue | 0.55% | 0.92% | 1.92% | 2.26% | 1.68% | 2.2% | 1.42% | 1.92% | 0.95% | 2.17% | 1.02% | 0.61% | 0.93% | 1.07% | 3.26% | 4.21% | 4.48% | 2.34% | 6.19% | 1.5% | 0.68% | 0.53% |
| Acquisitions | -13.37M | -19.8M | -260K | -107.55M | -100.47M | -33.64M | -6.79M | -13.89M | -15.3M | -3.65M | 2.39M | 7.46M | 11.88M | -4.85M | 0 | 0 | 0 | 0 | -44.99M | -10.1M | -12.09M | -2.58M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 9.89M | 19.44M | 4.36M | 6.54M | 3.62M | 16.07M | 6.58M | 2.43M | 1.42M | 5.18M | 3.3M | 508K | 5.2M | 16.78M | 7.6M | 3.24M | 596K | 396K | 461.98K | 269.64K | 119.67K | 21.93K |
| Cash from Financing | -209.19M | -123.7M | -23.62M | 188.58M | 21.96M | -35.34M | -117.94M | 22.87M | -16.73M | -71.47M | -167.98M | -268.96M | 9M | 39.8M | 224.23M | 252.57M | 83.38M | 57.07M | 81.31M | 39.11M | 6.35M | 2.52M |
| Debt Issued (Net) | -225.17M | -222.7M | 18.79M | 6.55M | 778K | -20.07M | -117.03M | 23.38M | -18.71M | -32.88M | -165.76M | -224.27M | 13.39M | 41.35M | 222.12M | 175.88M | 82.85M | 57.08M | 2.43M | -3M | 6.24M | 2.22M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.9M | 0 | 0 | 78.88M | 42.88M | 226K | 602K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -441.03K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 15.97M | 98.99M | -42.41M | 182.02M | 21.18M | -15.26M | -909K | -509K | 1.98M | -38.59M | -2.21M | -44.68M | -4.38M | -1.55M | 2.1M | 1.79M | 534K | -7K | -597 | -330.44K | -113K | -301K |
| Net Change in Cash | 8.06M | -7.73M | -2.17M | -5.85M | -102.24M | 67.16M | 35.27M | -13.02M | 3.35M | 245K | -36.31M | -38.06M | 53.29M | -50.12M | 44.52M | 3.73M | -73K | 35.14M | -1.76M | 35.23M | -1.1M | 7.56M |
| Free Cash Flow | 215.97M | 115.09M | 18.45M | -94.64M | -26.39M | 121.29M | 152.91M | -24.06M | 34.65M | 69.7M | 128.57M | 223.47M | 23.46M | -106.1M | -187.03M | -252.06M | -84.05M | -67.32M | -38.53M | 5.96M | 4.52M | 7.59M |
| FCF Margin % | 9.17% | 4.74% | 0.68% | -3.43% | -1.19% | 7.08% | 10.84% | -1.84% | 2.75% | 5.79% | 10.6% | 16.34% | 1.23% | -4.77% | -8.51% | -15.19% | -7.68% | -8.03% | -5.58% | 1.38% | 1.54% | 3.32% |
| FCF Growth % | 39.5% | 523.96% | 119.49% | -258.56% | -121.76% | -20.68% | 735.5% | -169.43% | -50.28% | -45.79% | -42.47% | 852.49% | 122.11% | 43.27% | 25.8% | -199.88% | -24.85% | -74.71% | -747.04% | 31.81% | -40.51% | - |
| FCF per Share | 9.45 | 5.05 | 0.82 | -4.21 | -1.18 | 5.45 | 6.92 | -1.10 | 1.59 | 3.24 | 5.89 | 10.34 | 1.10 | -4.99 | -8.87 | -12.53 | -4.68 | -3.75 | -2.30 | 0.72 | 0.71 | 1.20 |
| FCF Conversion (FCF/Net Income) | -4.03x | -2.54x | -1.90x | -0.29x | 0.11x | 2.41x | 8.94x | 0.07x | 3.83x | -13.59x | -9.94x | -6.12x | -1.28x | -9.29x | -2.72x | -4.13x | -1.57x | -3.03x | 0.23x | 2.39x | 1.79x | 3.23x |
| Interest Paid | 22.2M | 0 | 48.29M | 0 | 6.52M | 5.4M | 7.36M | 9.69M | 11.06M | 0 | 0 | 25.84M | 30.04M | 26.13M | 17.73M | 9M | 9.1M | 0 | 0 | 0 | 5.54M | 3.33M |
| Taxes Paid | 771K | 0 | 6.56M | 0 | 26.57M | 22.95M | 2.79M | 3.66M | 3.68M | 0 | 0 | 7.32M | 6.37M | 15.73M | 18.63M | 18.73M | 9.23M | 0 | 0 | 0 | 2.35M | 2.08M |
Cyclical inventory liquidation pressure
As reported in recent financial statements, TITN exhibits a volatile relationship between net income and operating cash flow, with the 2026Q4 period showing a massive $178.3M operating cash inflow despite a $36.2M net loss, suggesting that cash generation is currently driven by inventory liquidation rather than operations.
The extreme divergence between net income and operating cash flow indicates that the company's cash position is highly sensitive to working capital swings rather than core profitability. Investors should monitor this trend, as the reliance on inventory reduction to fund operations may be unsustainable if the current cyclical downturn persists.
Based on the provided quarterly data, TITN's free cash flow trajectory remains highly erratic, swinging from a $174.3M surplus in 2026Q4 to a $25.6M deficit in 2027Q1, reflecting the company's inability to maintain consistent cash generation amidst a challenging agricultural equipment sales environment.
The lack of a stable free cash flow profile suggests that the business model is currently struggling to cover its fixed costs and capital requirements during periods of low demand. This volatility warrants further investigation into whether the company can achieve positive cash flow without significant inventory liquidation events.
According to recent SEC filings, TITN's operating cash flow is heavily dictated by working capital changes, which contributed a significant $190.0M inflow in 2026Q4, highlighting the company's aggressive efforts to manage inventory levels in response to softening demand across its core agricultural and construction segments.
The heavy reliance on working capital management to offset operational losses suggests that the company is effectively 'harvesting' cash from its balance sheet. This strategy appears to be a temporary measure that may limit future growth potential if inventory levels are depleted below optimal levels for customer service.
As indicated by the company's financial data, TITN maintains a relatively low capital intensity, with CapEx as a percentage of revenue peaking at 2.8% in 2025Q4, suggesting that the firm is currently prioritizing cash preservation over significant investments in its physical dealership footprint or rental fleet.
The reduction in capital expenditures appears to be a defensive response to the current negative operating margin environment. While this preserves liquidity in the short term, it may indicate a deferral of necessary maintenance or fleet upgrades that could impact long-term operational efficiency.
Quick answers to the most common questions about buying TITN stock.
Titan Machinery Inc. (TITN) generated $137.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Titan Machinery Inc. (TITN) generated $115.1M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Titan Machinery Inc. (TITN) spent $22.4M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.