Titan America S.A. (TTAM) 10-Year Financial Performance & Capital Metrics

TTAM • • Industrial / General

Basic MaterialsConstruction MaterialsCement & Concrete ProductsRegional Cement Specialists

AboutTitan America SA manufactures building materials. The Company produces and sells cement, ready-mix concrete, aggregates, dry mortars, building blocks, and other concrete products. Titan America serves customers worldwide.Show more

Revenue $1.63B +2.7%
EBITDA $351M +10.9%
Net Income $166M +7.0%
EPS (Diluted) 0.90 +7.1%
Gross Margin 25.49% +11.6%
EBITDA Margin 21.5% +8.0%
Operating Margin 15.38% +8.5%
Net Margin 10.16% +4.2%
ROE 22.6% -4.5%
ROIC 16.36% +3.0%
Debt/Equity 0.61 +7.9%
Interest Coverage 10.00 -7.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 18.9%
✓Healthy dividend yield of 2.6%
✓Trading near 52-week high
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg17.13%

5Y Avg17.13%

3Y Avg17.13%

Latest21.54%

Peer Comparison

Regional Cement Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TTAMTitan America S.A.	3.26B	17.70	19.67	2.69%	10.83%	17.94%	3.45%	0.61
CPACCementos Pacasmayo S.A.A.	897.75M	10.59	4.60	1.44%	10.51%	16.22%	28.61%	1.24
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	1.45B	12.39	0.00	-23.95%	6%	4.64%	100%	0.22

Profit & Loss

	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.36B	1.59B	1.63B
Revenue Growth %	-	0.17%	0.03%
Cost of Goods Sold+	1.14B	1.23B	1.22B
COGS % of Revenue	0.84%	0.77%	0.75%
Gross Profit+	221.27M	363.49M	416.65M
Gross Margin %	0.16%	0.23%	0.25%
Gross Profit Growth %	-	0.64%	0.15%
Operating Expenses+	124.22M	137.85M	165.27M
OpEx % of Revenue	0.09%	0.09%	0.1%
Selling, General & Admin	110.56M	122.25M	153.58M
SG&A % of Revenue	0.08%	0.08%	0.09%
Research & Development	0	0	0
R&D % of Revenue	-	-	-
Other Operating Expenses	13.67M	15.6M	11.69M
Operating Income+	97.04M	225.64M	251.39M
Operating Margin %	0.07%	0.14%	0.15%
Operating Income Growth %	-	1.33%	0.11%
EBITDA+	184.77M	316.71M	351.33M
EBITDA Margin %	0.14%	0.2%	0.21%
EBITDA Growth %	-	0.71%	0.11%
D&A (Non-Cash Add-back)	87.73M	91.08M	99.94M
EBIT	101.08M	223.16M	248.77M
Net Interest Income+	-20.95M	-19.83M	-23.68M
Interest Income	436K	950K	1.47M
Interest Expense	21.39M	20.78M	25.15M
Other Income/Expense	-17.35M	-23.26M	-27.77M
Pretax Income+	79.69M	202.38M	223.62M
Pretax Margin %	0.06%	0.13%	0.14%
Income Tax+	16.97M	47.13M	57.54M
Effective Tax Rate %	0.79%	0.77%	0.74%
Net Income+	62.72M	155.24M	166.07M
Net Margin %	0.05%	0.1%	0.1%
Net Income Growth %	-	1.48%	0.07%
Net Income (Continuing)	62.72M	155.24M	166.07M
Discontinued Operations	0	0	0
Minority Interest	0	0	0
EPS (Diluted)+	0.34	0.84	0.90
EPS Growth %	-	1.47%	0.07%
EPS (Basic)	0.34	0.84	0.90
Diluted Shares Outstanding	184.36M	184.36M	184.36M
Basic Shares Outstanding	184.36M	184.36M	184.36M
Dividend Payout Ratio	-	0.22%	0.51%

Balance Sheet

	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	356.89M	372.9M	384.26M
Cash & Short-Term Investments	29.84M	22.04M	12.12M
Cash Only	29.84M	22.04M	12.12M
Short-Term Investments	0	0	0
Accounts Receivable	114.99M	127.38M	128.41M
Days Sales Outstanding	30.77	29.21	28.68
Inventory	180.8M	189.99M	227.64M
Days Inventory Outstanding	57.74	56.47	68.23
Other Current Assets	13.46M	17.11M	2.1M
Total Non-Current Assets+	1.09B	1.13B	1.18B
Property, Plant & Equipment	809.94M	862.47M	916.42M
Fixed Asset Turnover	1.68x	1.85x	1.78x
Goodwill	221.56M	221.56M	221.56M
Intangible Assets	36.02M	33.21M	30.17M
Long-Term Investments	0	0	3.77M
Other Non-Current Assets	22.82M	8.66M	10.08M
Total Assets+	1.45B	1.5B	1.57B
Asset Turnover	0.94x	1.06x	1.04x
Asset Growth %	-	0.04%	0.05%
Total Current Liabilities+	325.46M	491.97M	239.05M
Accounts Payable	175.37M	151.23M	139.83M
Days Payables Outstanding	56.01	44.95	41.91
Short-Term Debt	74.34M	267.67M	33.61M
Deferred Revenue (Current)	1000K	1000K	1000K
Other Current Liabilities	32.85M	39.02M	28.47M
Current Ratio	1.10x	0.76x	1.61x
Quick Ratio	0.54x	0.37x	0.66x
Cash Conversion Cycle	32.5	40.73	55
Total Non-Current Liabilities+	529.05M	287.06M	577.19M
Long-Term Debt	320.17M	76.26M	358.22M
Capital Lease Obligations	54.05M	53.74M	55.97M
Deferred Tax Liabilities	92.94M	94.38M	98.21M
Other Non-Current Liabilities	60.47M	61.81M	64.79M
Total Liabilities	854.5M	779.03M	816.24M
Total Debt+	462.09M	409.41M	460.18M
Net Debt	432.25M	387.38M	448.06M
Debt / Equity	0.78x	0.57x	0.61x
Debt / EBITDA	2.50x	1.29x	1.31x
Net Debt / EBITDA	2.34x	1.22x	1.28x
Interest Coverage	4.54x	10.86x	10.00x
Total Equity+	592.73M	719.77M	750.01M
Equity Growth %	-	0.21%	0.04%
Book Value per Share	3.22	3.90	4.07
Total Shareholders' Equity	592.73M	719.77M	750.01M
Common Stock	25.22M	25.22M	1.75B
Retained Earnings	398.69M	518.62M	597.3M
Treasury Stock	0	0	0
Accumulated OCI	2.84M	7.14M	-2.45B
Minority Interest	0	0	0

Cash Flow

	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	178.37M	227.13M	248.04M
Operating CF Margin %	0.13%	0.14%	0.15%
Operating CF Growth %	-	0.27%	0.09%
Net Income	79.69M	202.38M	166.07M
Depreciation & Amortization	87.73M	91.08M	99.94M
Stock-Based Compensation	0	0	3.84M
Deferred Taxes	0	0	0
Other Non-Cash Items	16.59M	-24.01M	5.62M
Working Capital Changes	-5.64M	-42.33M	-27.44M
Change in Receivables	-12.98M	-4.24M	7.14M
Change in Inventory	-40.64M	-9.19M	-37.65M
Change in Payables	57.27M	-29.53M	0
Cash from Investing+	-127.3M	-117.65M	-135.8M
Capital Expenditures	-125.37M	-117.14M	-135.42M
CapEx % of Revenue	0.09%	0.07%	0.08%
Acquisitions	-	-	-
Investments	-	-	-
Other Investing	-2.2M	-509K	-382K
Cash from Financing+	-21.66M	-117.78M	-123.33M
Debt Issued (Net)	-	-	-
Equity Issued (Net)	-	-	-
Dividends Paid	0	-33.79M	-85.07M
Share Repurchases	-	-	-
Other Financing	-32.31M	-1.84M	-2.18M
Net Change in Cash	-	-	-
Free Cash Flow+	50.1M	108.38M	112.62M
FCF Margin %	0.04%	0.07%	0.07%
FCF Growth %	-	1.16%	0.04%
FCF per Share	0.27	0.59	0.61
FCF Conversion (FCF/Net Income)	2.84x	1.46x	1.49x
Interest Paid	0	0	25.38M
Taxes Paid	0	0	0

Key Ratios

Metric	2022	2023	2024
Return on Equity (ROE)	10.58%	23.66%	22.6%
Return on Invested Capital (ROIC)	7.1%	15.87%	16.36%
Gross Margin	16.22%	22.84%	25.49%
Net Margin	4.6%	9.75%	10.16%
Debt / Equity	0.78x	0.57x	0.61x
Interest Coverage	4.54x	10.86x	10.00x
FCF Conversion	2.84x	1.46x	1.49x
Revenue Growth	-	16.67%	2.69%

Revenue by Segment

	2024
Ready-Mix Concrete	735.17M
Ready-Mix Concrete Growth	-
Cement	639.31M
Cement Growth	-
Aggregates	82.19M
Aggregates Growth	-
Equipment And Related Services	1.87M
Equipment And Related Services Growth	-
Other Goods And Services	417K
Other Goods And Services Growth	-

Frequently Asked Questions

Valuation & Price

Titan America S.A. (TTAM) has a price-to-earnings (P/E) ratio of 19.7x. This is roughly in line with market averages.

Growth & Financials

Titan America S.A. (TTAM) reported $1.65B in revenue for fiscal year 2024. This represents a 21% increase from $1.36B in 2022.

Titan America S.A. (TTAM) grew revenue by 2.7% over the past year. Growth has been modest.

Yes, Titan America S.A. (TTAM) is profitable, generating $178.5M in net income for fiscal year 2024 (10.2% net margin).

Dividend & Returns

Yes, Titan America S.A. (TTAM) pays a dividend with a yield of 2.61%. This makes it attractive for income-focused investors.

Titan America S.A. (TTAM) has a return on equity (ROE) of 22.6%. This is excellent, indicating efficient use of shareholder capital.

Titan America S.A. (TTAM) generated $117.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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