Revenue growth has normalized to 1.5% year-over-year as of 2026Q1, while the company maintains a gross margin of 23.1% that remains sensitive to energy-related input costs.
| Sales/Revenue | 1.67B | 1.66B | 1.63B | 1.59B | 1.36B |
| Revenue Growth % | 4.79% | 1.82% | 2.69% | 16.67% | - |
| Cost of Goods Sold | 1.23B | 1.23B | 1.22B | 1.23B | 1.14B |
| COGS % of Revenue | - | 73.86% | 74.51% | 77.16% | 83.78% |
| Gross Profit | 435.47M | 434.99M | 416.65M | 363.49M | 221.27M |
| Gross Margin % | 26.07% | 26.14% | 25.49% | 22.84% | 16.22% |
| Gross Profit Growth % | - | 4.4% | 14.63% | 64.28% | - |
| Operating Expenses | 167.2M | 163.49M | 165.27M | 137.85M | 124.22M |
| OpEx % of Revenue | - | 9.82% | 10.11% | 8.66% | 9.11% |
| Selling, General & Admin | 165.41M | 163.49M | 153.58M | 122.25M | 110.56M |
| SG&A % of Revenue | - | 9.82% | 9.4% | 7.68% | 8.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 1.65M | 0 | 11.69M | 15.6M | 13.67M |
| Operating Income | 268.27M | 271.5M | 251.39M | 225.64M | 97.04M |
| Operating Margin % | 16.06% | 16.31% | 15.38% | 14.18% | 7.11% |
| Operating Income Growth % | - | 8% | 11.41% | 132.51% | - |
| EBITDA | 381.36M | 380.21M | 351.33M | 316.71M | 184.77M |
| EBITDA Margin % | 22.83% | 22.85% | 21.5% | 19.9% | 13.54% |
| EBITDA Growth % | 20.68% | 8.22% | 10.93% | 71.41% | - |
| D&A (Non-Cash Add-back) | 113.09M | 108.72M | 99.94M | 91.08M | 87.73M |
| EBIT | 265.02M | 267.4M | 248.77M | 223.16M | 101.08M |
| Net Interest Income | -20.73M | -22.56M | -23.68M | -19.83M | -20.95M |
| Interest Income | 0 | 0 | 1.47M | 950K | 436K |
| Interest Expense | 20.73M | 22.56M | 25.15M | 20.78M | 21.39M |
| Other Income/Expense | -23.97M | -26.66M | -27.77M | -23.26M | -17.35M |
| Pretax Income | 244.29M | 244.84M | 223.62M | 202.38M | 79.69M |
| Pretax Margin % | 14.63% | 14.71% | 13.68% | 12.72% | 5.84% |
| Income Tax | 59.21M | 59.4M | 57.54M | 47.13M | 16.97M |
| Effective Tax Rate % | 24.24% | 24.26% | 25.73% | 23.29% | 21.3% |
| Net Income | 185.08M | 185.44M | 166.07M | 155.24M | 62.72M |
| Net Margin % | 11.08% | 11.14% | 10.16% | 9.75% | 4.6% |
| Net Income Growth % | 33.03% | 11.66% | 6.98% | 147.52% | - |
| Net Income (Continuing) | 185.08M | 185.44M | 166.07M | 155.24M | 62.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.00 | 1.01 | 0.90 | 0.84 | 0.34 |
| EPS Growth % | 29.49% | 12.22% | 7.14% | 147.06% | - |
| EPS (Basic) | - | 1.01 | 0.90 | 0.84 | 0.34 |
| Diluted Shares Outstanding | 184.51M | 183.46M | 184.36M | 184.36M | 184.36M |
| Basic Shares Outstanding | 184.36M | 183.35M | 184.36M | 184.36M | 184.36M |
| Dividend Payout Ratio | - | 15.91% | 51.22% | 21.76% | - |
Energy cost volatility exposure
According to the latest quarterly filings, Titan America's revenue growth has decelerated to 1.82% year-over-year, suggesting that the company is transitioning away from the aggressive price-driven gains observed in previous periods toward a more challenging environment where volume growth is required to sustain top-line momentum.
The recent revenue trajectory indicates that the tailwinds from post-pandemic pricing power are fading, leaving the company vulnerable to cyclical demand shifts. Investors should monitor whether the current stabilization reflects a strategic pivot toward higher-margin contracts or an inability to pass through further cost increases in a softening construction market.
As reported in financial statements, the company maintains a gross margin of 26.14%, which appears to be highly sensitive to energy-related input costs and the operational efficiency of its integrated cement kilns, necessitating careful observation of fuel price cycles to gauge future profitability potential for the firm.
The fluctuation in gross margins between 20.3% and 29.2% over the last ten quarters highlights the inherent volatility in the cement manufacturing cost structure. This variability suggests that while vertical integration provides a baseline competitive advantage, the company remains exposed to significant margin compression if energy prices spike or capacity utilization rates decline.
Based on reported figures, the company’s operating margin of 16.31% demonstrates a relatively efficient corporate structure, yet the high fixed-cost nature of its cement production assets implies that any sustained decline in volume could lead to rapid operating leverage degradation, warranting close scrutiny of future overhead management.
The ability to maintain operating margins in the mid-teens despite revenue volatility suggests disciplined SG&A management. However, the lack of significant R&D spending may indicate that the company is prioritizing current operational efficiency over long-term technological investment, which could limit its ability to differentiate in a carbon-constrained future.
While the company's near-zero debt-to-equity ratio of 0.45% provides a fortress-like balance sheet, it may also signal an inefficient capital structure that could lead to lower return on equity compared to more aggressive peers, potentially masking underlying operational weaknesses that would be exposed in a more competitive environment.
Short-term observers might argue that the company is failing to deploy its balance sheet strength to capture market share or consolidate regional competitors. This conservative posture may be interpreted as a lack of growth ambition, potentially leading to a valuation discount relative to peers who are more effectively utilizing leverage to drive accretive expansion.
Quick answers to the most common questions about buying TTAM stock.
For fiscal year 2025, Titan America S.A. (TTAM) reported total revenue of $1.66B. This represents a 22.0% increase compared to $1.36B in 2022.
Titan America S.A. (TTAM) is profitable, generating $185.4M in net income for the fiscal year ending 2025 with a net profit margin of 11.1%.
Titan America S.A. (TTAM) reported an operating income of $271.5M, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Titan America S.A. (TTAM) generated $435.0M in gross profit for the year, representing a gross profit margin of 26.1%. This demonstrates the company's core pricing power and production efficiency.