Cash flow generation is severely impaired by working capital volatility, highlighted by a $64.4M outflow in 2026Q1 that significantly pressured liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 22.09M | 30.03M | 141.49M | 179.35M | 160.68M | 10.73M | 57.23M | 45.44M | -36.18M | -1.29M | 43.5M | 63.93M | 114.07M | 116.65M | 130.17M | 4.43M | 50.71M | 72.31M | 51.17M | 75.99M | -5.54M | 22.9M | 18.15M | 10.38M | 16.91M | 25.76M | -25.81M | 3.1M | 32.7M | 44M | 54.2M |
| Operating CF Margin % | - | 1.64% | 7.66% | 9.84% | 7.41% | 0.6% | 4.54% | 3.14% | -2.26% | -0.09% | 3.44% | 4.58% | 6.02% | 5.39% | 7.15% | 0.3% | 5.75% | 9.94% | 4.94% | 9.08% | -0.82% | 4.87% | 3.55% | 2.11% | 3.65% | 5.63% | -4.75% | 0.53% | 4.95% | 6.38% | 8.54% |
| Operating CF Growth % | -84.69% | -78.78% | -21.11% | 11.62% | 1398.02% | -81.26% | 25.94% | 225.61% | -2706.52% | -102.96% | -31.96% | -43.96% | -2.21% | -10.39% | 2840.99% | -91.27% | -29.87% | 41.32% | -32.66% | 1471.71% | -124.19% | 26.17% | 74.81% | -38.6% | -34.37% | 199.83% | -932.48% | -90.52% | -25.68% | -18.82% | 44.53% |
| Net Income | -87.06M | -63.49M | -3.59M | 83.71M | 179.19M | 49.89M | -65.08M | -51.52M | 13.04M | -64.08M | -36.14M | -90.29M | -130.43M | 29.69M | 93.96M | 58.14M | 358K | -24.64M | 13.34M | -7.25M | 5.14M | 11.04M | 11.11M | -36.66M | -35.88M | -34.79M | 4.53M | -11.4M | 8.2M | 25.1M | 35.4M |
| Depreciation & Amortization | 68.31M | 67.11M | 60.7M | 42.43M | 42.75M | 47.99M | 54.66M | 54.38M | 57.62M | 58.44M | 59.77M | 69.62M | 88.7M | 80.62M | 54.09M | 44.91M | 37.57M | 34.3M | 30.37M | 28.62M | 26.85M | 20.75M | 24.91M | 32.28M | 33.62M | 37.26M | 37.22M | 38.6M | 34.7M | 30.9M | 28M |
| Stock-Based Compensation | -1.73M | 0 | 5.4M | 5.24M | 4.28M | 3.44M | 2.46M | 1.38M | 1.13M | 1.54M | 1.99M | 2.33M | 5.36M | 4.82M | 4.09M | 2.39M | 201K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -849K | 0 | -6.36M | -2.08M | -55.43M | -14.18M | -3.01M | -2.3M | -2.29M | 785K | -680K | 27.97M | -24.8M | -4M | 17.17M | -449K | 1.48M | -2.95M | 13.99M | 2M | 2.6M | -14.48M | 0 | 2.45M | 3.51M | -9.75M | -2.75M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 69.47M | 48.17M | -3.14M | 17.77M | 14.96M | 7.76M | 21.7M | -8.28M | 3.71M | 34.36M | 10.25M | 12.64M | 77.81M | 41.71M | -52.43M | 14.09M | 15.06M | 418K | 20.91M | 13.74M | -646K | 5.2M | -2.12M | -5.51M | -5.34M | 5.09M | -7.27M | -4.8M | -3.2M | -1.3M | -2.4M |
| Working Capital Changes | -27M | -21.76M | 88.47M | 32.29M | -25.07M | -84.17M | 46.49M | 51.78M | -109.39M | -32.34M | 8.3M | 41.65M | 97.42M | -36.18M | 13.29M | -114.65M | -3.95M | 54.89M | -27.44M | 38.89M | -35.06M | 386K | -15.74M | 15.11M | 14.54M | 30.07M | -18.81M | -19.3M | -7M | -10.7M | -6.8M |
| Change in Receivables | -5.67M | -3.98M | 73.83M | 42.87M | -27.2M | -74.74M | -15.24M | 56.83M | -36.09M | -38.48M | 4.01M | 497K | 54.69M | 26.42M | 35.84M | -105.62M | -21.49M | 59.02M | -28.14M | -24.51M | -26.77M | 5.67M | -10.82M | 4.75M | -600K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.66M | -7.12M | 51.48M | 31.64M | -19.6M | -112.85M | 37.75M | 63.65M | -77.92M | -55.56M | 4.37M | 31.33M | 20.93M | -30.28M | 23.92M | -55.61M | -17.85M | 37.17M | -19.26M | 26.56M | -19.51M | 2.21M | -8.8M | 1.02M | 9.41M | 41.14M | -36.75M | 10.6M | -4.3M | 300K | -26.8M |
| Change in Payables | -11.23M | 11.3M | -29.17M | -62.73M | -7.75M | 121.19M | 11.94M | -53.18M | 29.36M | 37.58M | 20.95M | 1.4M | -23.78M | 9.48M | -44.54M | 44.99M | 11.04M | -41.3M | 21.55M | 18.11M | 1.45M | -2.3M | 4.69M | -1.34M | -8.39M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -57.95M | -59.65M | -201.6M | -56.92M | -36.75M | -37.6M | 33.22M | -92.59M | -36.93M | 18.37M | -89.73M | -49.94M | -52.52M | -193.08M | -63.89M | -130.8M | -28.75M | -40.89M | -79.85M | -46.42M | -52.73M | -76.74M | 37.78M | -9.52M | -9.14M | -16.49M | 66.26M | -36M | -86.7M | -41.7M | -33M |
| Capital Expenditures | -52.84M | -54.62M | -65.62M | -60.8M | -46.97M | -38.8M | -21.68M | -36.41M | -39M | -32.63M | -41.95M | -48.43M | -58.44M | -80.13M | -65.74M | -35.74M | -28.85M | -39.54M | -79.95M | -38.05M | -8.28M | -6.75M | -4.33M | -14.56M | -9.76M | -11.87M | -28.77M | -51.3M | -79.6M | -38.3M | -36.7M |
| CapEx % of Revenue | 2.87% | 2.99% | 3.56% | 3.34% | 2.17% | 2.18% | 1.72% | 2.51% | 2.43% | 2.22% | 3.31% | 3.47% | 3.08% | 3.7% | 3.61% | 2.4% | 3.27% | 5.43% | 7.71% | 4.55% | 1.22% | 1.44% | 0.85% | 2.96% | 2.11% | 2.59% | 5.3% | 8.72% | 12.05% | 5.55% | 5.78% |
| Acquisitions | 160K | 0 | -143.64M | 0 | 9.29M | 0 | 0 | -71.72M | 0 | 0 | 0 | 0 | -13.39M | -103.7M | 780K | -99.12M | 0 | -2.4M | 0 | -8.9M | -44.64M | -100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.27M | -5.03M | 5.88M | 1.79M | 930K | 1.2M | 22.05M | -39.89M | 2.07M | 993K | 2.22M | -1.51M | 19.31M | -9.25M | 1.07M | 2.47M | 106K | 1.04M | 104K | 532K | 198K | 30.01M | 42.11M | 410K | 618K | -4.62M | 95.03M | 15.3M | -7.1M | -3.4M | 3.7M |
| Cash from Financing | 25.02M | 17.45M | 64.55M | -56.02M | -61.31M | 13.95M | -38.56M | 32.12M | 17.54M | -24.08M | -6.43M | -726K | -46.27M | 82.68M | -4.64M | 16.38M | -11.64M | 136.1M | 32.01M | -4.66M | 91.09M | 53.31M | -61.14M | -17.02M | 4.41M | -5.61M | -42.85M | 28.3M | 47M | -8.6M | -8.1M |
| Debt Issued (Net) | 25.2M | 17.44M | 142.91M | -20.94M | -35.8M | 14.97M | -34.75M | 33.33M | 18.74M | -22.92M | -5.35M | 206K | -44.67M | 15.53M | -3.64M | 15.96M | -6.17M | 142.77M | 24.93M | -10.79M | 88.91M | 53.4M | -65.78M | 7.26M | -3.67M | 31.91M | -42.17M | 33.3M | 56.4M | 68.1M | 2.8M |
| Equity Issued (Net) | 0 | 0 | -74.02M | -32.58M | -25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 141K | 0 | 934K | 0 | 0 | -5.96M | 0 | 6.63M | 5.41M | 1.5M | -15M | -244K | -111K | -375K | -640K | -3.6M | -9.2M | -77.1M | -9.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -603K | -1.2M | -1.2M | -1.17M | -1.08M | -1.08M | -1.07M | -1.05M | -845K | -809K | -707K | -704K | -585K | -506K | -393K | -358K | -375K | -419K | -416K | -827K | -1.24M | -1.2M | -1.3M | -1.4M | -1.4M |
| Share Repurchases | 0 | 0 | -74.02M | -32.58M | -25M | 0 | -1.25M | -1.08M | -561K | -540K | -518K | 0 | 15.21M | 0 | 17.52M | 25.87M | -486K | -418K | 28M | 0 | 0 | 0 | -15M | -244K | -111K | -375K | -640K | -3.6M | -9.2M | -77.1M | -9.5M |
| Other Financing | -175K | 6K | -4.34M | -2.5M | -511K | -1.02M | -3.21M | 0 | 0 | 0 | 0 | 145K | -672K | 68.19M | -1.09M | 1.23M | -4.77M | 0 | 7.67M | 0 | -2.83M | -1.24M | 20.01M | -23.61M | 8.6M | -36.31M | 1.2M | -200K | 1.1M | 1.8M | 0 |
| Net Change in Cash | -3.17M | 6.91M | -24.28M | 60.67M | 61.47M | -19.32M | 50.63M | -14.89M | -61.88M | -4.26M | -52.36M | -1.26M | 12.09M | 246K | 59.94M | -110.33M | 10.32M | 167.52M | 3.33M | 24.91M | 32.82M | -538K | -5.43M | -15.49M | 12.84M | 3.55M | -2.94M | -5.5M | -21.2M | -27.4M | -14.2M |
| Free Cash Flow | -30.75M | -24.59M | 75.86M | 118.55M | 113.7M | -28.08M | 35.55M | 9.03M | -75.18M | -33.91M | 1.55M | 15.5M | 55.63M | 36.52M | 64.43M | -31.32M | 21.86M | 32.78M | -28.78M | 37.95M | -13.82M | 16.15M | 13.82M | -4.18M | 7.15M | 13.9M | -54.58M | -48.2M | -46.9M | 5.7M | 17.5M |
| FCF Margin % | -1.67% | -1.34% | 4.11% | 6.51% | 5.24% | -1.58% | 2.82% | 0.62% | -4.69% | -2.31% | 0.12% | 1.11% | 2.94% | 1.69% | 3.54% | -2.11% | 2.48% | 4.5% | -2.78% | 4.53% | -2.03% | 3.43% | 2.71% | -0.85% | 1.54% | 3.04% | -10.05% | -8.2% | -7.1% | 0.83% | 2.76% |
| FCF Growth % | -183.45% | -132.41% | -36.01% | 4.26% | 504.99% | -178.98% | 293.76% | 112.01% | -121.66% | -2285.24% | -89.99% | -72.14% | 52.34% | -43.32% | 305.72% | -243.29% | -33.31% | 213.87% | -175.85% | 374.53% | -185.6% | 16.83% | 430.49% | -158.5% | -48.56% | 125.47% | -13.23% | -2.77% | -922.81% | -67.43% | 0.57% |
| FCF per Share | -0.48 | -0.39 | 1.10 | 1.88 | 1.79 | -0.45 | 0.58 | 0.15 | -1.25 | -0.57 | 0.03 | 0.29 | 1.04 | 0.61 | 1.18 | -0.59 | 0.63 | 0.94 | -0.83 | 1.18 | -0.55 | 0.71 | 0.51 | -0.16 | 0.28 | 0.54 | -2.11 | -1.86 | -1.74 | 0.20 | 0.51 |
| FCF Conversion (FCF/Net Income) | 0.35x | -0.47x | -25.45x | 2.28x | 0.91x | 0.22x | -0.95x | -0.94x | -2.25x | 0.02x | -1.28x | -0.85x | -1.42x | 3.31x | 1.36x | 0.08x | 141.65x | -2.93x | 3.84x | -10.49x | -1.08x | 2.07x | 1.63x | -0.28x | -0.47x | -0.74x | -5.70x | -0.27x | 3.99x | 1.75x | 1.53x |
| Interest Paid | 17.96M | 0 | 37.18M | 30.27M | 31.6M | 34.58M | 29.23M | 32.5M | 30.8M | 38.16M | 34.38M | 34.07M | 34.01M | 41.88M | 27.19M | 24.82M | 23.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.71M | 0 | 20.36M | 21.8M | 24.11M | 16.26M | 12.36M | 10.42M | 12.44M | 4.59M | 5.46M | 195K | 25.59M | 59.36M | 86.59M | 30.81M | 192K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Negative Operating Cash
Based on the last ten quarters of financial data, TWI exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio reaching an extreme 59.46 in 2025Q1, suggesting that accounting earnings are failing to capture the underlying volatility of the company's cash generation.
The erratic nature of the OCF/NI ratio indicates that accruals and non-cash adjustments are heavily distorting the reported bottom line. Investors should monitor this divergence, as it implies that net income is an unreliable proxy for the actual cash-generating capacity of the manufacturing operations.
As reported in recent quarterly filings, TWI's free cash flow trajectory is highly unstable, swinging from a peak of $53.2M in 2024Q2 to a significant outflow of $59.8M in 2026Q1, reflecting the company's inability to maintain consistent positive cash margins during periods of operational stress.
The negative FCF margins observed in multiple quarters suggest that the business model is currently struggling to self-fund its operations. This trend warrants further investigation into whether the recent acquisition of the Carlstar Group is placing additional, unforeseen pressure on the company's liquidity profile.
According to the provided cash flow statements, TWI's working capital management is a primary source of cash volatility, evidenced by a massive $64.4M outflow in 2026Q1, which directly offset any potential gains from operational efficiency and exacerbated the company's overall cash burn during the period.
The frequent, large-scale swings in working capital suggest that TWI may be struggling to manage inventory levels or collect receivables effectively in a cooling agricultural market. This instability appears to be a structural drag on cash flow that prevents the company from achieving a stable liquidity position.
Based on reported figures, TWI maintains a consistent capital expenditure profile, with CapEx/Revenue ratios averaging roughly 3% to 4% over the last ten quarters, which represents a significant hurdle for a company currently struggling to generate positive operating cash flow to cover these essential investments.
While the capital intensity appears relatively stable, the lack of corresponding operating cash flow suggests that these investments are not currently yielding the expected returns. The company's reliance on heavy manufacturing infrastructure necessitates this spending, yet it appears to be a primary contributor to the ongoing cash burn.
Quick answers to the most common questions about buying TWI stock.
Titan International, Inc. (TWI) generated $30.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Titan International, Inc. (TWI) reported negative free cash flow of $24.6M in 2025, indicating capital requirements exceeded cash from operations.
Titan International, Inc. (TWI) spent $54.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.