Cash conversion remains conservative with an OCF/NI ratio of 1.74, though capital expenditure requirements remain elevated at 8.0% of revenue to support essential infrastructure.
| Cash from Operations | 310.31M | 277.63M | 248.04M | 227.13M | 178.37M |
| Operating CF Margin % | - | 16.68% | 15.18% | 14.27% | 13.08% |
| Operating CF Growth % | 138.2% | 11.93% | 9.21% | 27.33% | - |
| Net Income | 185.08M | 185.44M | 166.07M | 202.38M | 79.69M |
| Depreciation & Amortization | 113.09M | 108.72M | 99.94M | 91.08M | 87.73M |
| Stock-Based Compensation | 586K | 0 | 3.84M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 19.72M | 10.54M | 5.62M | -24.01M | 16.59M |
| Working Capital Changes | -8.17M | -27.06M | -27.44M | -42.33M | -5.64M |
| Change in Receivables | 0 | 0 | 7.14M | -4.24M | -12.98M |
| Change in Inventory | 0 | 0 | -37.65M | -9.19M | -40.64M |
| Change in Payables | 0 | 0 | 0 | -29.53M | 57.27M |
| Cash from Investing | -163.67M | -157.95M | -135.8M | -117.65M | -127.3M |
| Capital Expenditures | -165.2M | -164.38M | -135.42M | -117.14M | -125.37M |
| CapEx % of Revenue | 9.89% | 9.88% | 8.29% | 7.36% | 9.19% |
| Acquisitions | 61.1K | 1.07M | 0 | 0 | 272K |
| Investments | - | - | - | - | - |
| Other Investing | 1.38M | 0 | -382K | -509K | -2.2M |
| Cash from Financing | -58.57M | 79.94M | -123.33M | -117.78M | -21.66M |
| Debt Issued (Net) | -22.88M | -46.08M | 15.51M | -82.15M | 10.65M |
| Equity Issued (Net) | 3.06M | 134.57M | -51.59M | 0 | 0 |
| Dividends Paid | -14.99M | -29.5M | -85.07M | -33.79M | 0 |
| Share Repurchases | 9.17M | 0 | -51.59M | 0 | 0 |
| Other Financing | -23.76M | 20.95M | -2.18M | -1.84M | -32.31M |
| Net Change in Cash | 85M | 199.63M | -9.91M | -7.8M | 29.64M |
| Free Cash Flow | 147.68M | 117.09M | 112.62M | 108.38M | 50.1M |
| FCF Margin % | 8.84% | 7.04% | 6.89% | 6.81% | 3.67% |
| FCF Growth % | 89.25% | 3.97% | 3.91% | 116.31% | - |
| FCF per Share | 0.80 | 0.64 | 0.61 | 0.59 | 0.27 |
| FCF Conversion (FCF/Net Income) | 0.80x | 1.50x | 1.49x | 1.46x | 2.84x |
| Interest Paid | 6.18M | 0 | 25.38M | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Energy cost volatility exposure
According to quarterly financial data, Titan America consistently reports operating cash flow exceeding net income, with an OCF/NI ratio peaking at 2.11 in 2024Q3, suggesting that reported earnings are conservative and potentially bolstered by non-cash depreciation charges inherent in its heavy industrial asset base.
The persistent gap between net income and operating cash flow indicates that the company's accounting practices are heavily influenced by significant depreciation and amortization expenses. Investors should monitor whether this cash conversion strength is sustainable or if it masks underlying volatility in working capital requirements that could compress cash flow in future periods.
As reported in financial statements, free cash flow margins have fluctuated significantly, ranging from a low of 0.7% in 2025Q1 to a high of 15.7% in 2025Q3, highlighting the sensitivity of Titan America's cash generation to seasonal demand and periodic capital expenditure spikes.
The erratic nature of free cash flow suggests that the company's ability to generate surplus cash is highly dependent on the timing of large-scale infrastructure projects and seasonal construction cycles. This volatility warrants caution, as it may limit the company's ability to maintain consistent capital returns during periods of lower capacity utilization.
Based on reported figures, Titan America’s capital expenditure as a percentage of revenue reached 12.3% in 2025Q2, reflecting the heavy maintenance requirements of its cement kilns and the ongoing need to invest in infrastructure to maintain its competitive position in the US Eastern Seaboard.
The high capital intensity suggests that a substantial portion of operating cash flow is effectively 'trapped' in maintaining existing assets rather than funding growth. This structural reality implies that the company must maintain high operational efficiency to ensure that its maintenance capex does not erode the cash available for shareholders.
Data from recent filings reveals significant quarterly swings in working capital, including a notable $29.6 million outflow in 2025Q1, which suggests that Titan America’s cash flow is susceptible to the timing of inventory build-ups and the collection cycles associated with large-scale construction contracts.
These fluctuations indicate that the company's cash position is sensitive to the operational realities of its ready-mix and cement segments, where inventory management and receivables collection are critical. Investors should monitor these shifts closely, as they may indicate potential bottlenecks in the supply chain or delays in project payments.
Quick answers to the most common questions about buying TTAM stock.
Titan America S.A. (TTAM) generated $277.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Titan America S.A. (TTAM) generated $117.1M in free cash flow in 2025. 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 America S.A. (TTAM) spent $164.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Titan America S.A. (TTAM) returned $29.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.