Revenue growth remains highly volatile with gross margins struggling to maintain levels above 15%, bottoming out at 10.1% in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 1.84B | 1.83B | 1.85B | 1.82B | 2.17B | 1.78B | 1.26B | 1.45B | 1.6B | 1.47B | 1.27B | 1.39B | 1.9B | 2.16B | 1.82B | 1.49B | 881.59M | 727.6M | 1.04B | 837.02M | 679.45M | 470.13M | 510.57M | 491.67M | 462.82M | 457.48M | 543.07M | 588M | 660.8M | 690.1M | 634.6M |
| Revenue Growth % | -0.63% | -0.95% | 1.32% | -16.02% | 21.86% | 41.36% | -13.07% | -9.59% | 9.09% | 16.07% | -9.27% | -26.42% | -12.39% | 18.83% | 22.44% | 68.67% | 21.16% | -29.82% | 23.86% | 23.19% | 44.52% | -7.92% | 3.84% | 6.23% | 1.17% | -15.76% | -7.64% | -11.02% | -4.25% | 8.75% | 1.83% |
| Cost of Goods Sold | 1.59B | 1.59B | 1.59B | 1.52B | 1.81B | 1.54B | 1.14B | 1.32B | 1.4B | 1.31B | 1.12B | 1.26B | 1.75B | 1.87B | 1.53B | 1.25B | 767.66M | 671.63M | 896.99M | 752.89M | 606.68M | 405.92M | 431.07M | 461.97M | 433.08M | 436.92M | 465.7M | 487.7M | 534.9M | 553.2M | 498.9M |
| COGS % of Revenue | - | 86.75% | 86.03% | 83.21% | 83.37% | 86.66% | 90.92% | 91.09% | 87.63% | 89.22% | 88.74% | 90.12% | 92.58% | 86.36% | 83.84% | 84.39% | 87.08% | 92.31% | 86.52% | 89.95% | 89.29% | 86.34% | 84.43% | 93.96% | 93.57% | 95.51% | 85.75% | 82.94% | 80.95% | 80.16% | 78.62% |
| Gross Profit | 249.73M | 242.35M | 257.8M | 305.85M | 360.71M | 237.54M | 114.32M | 129M | 198.27M | 158.28M | 142.48M | 137.81M | 140.64M | 295.19M | 294.14M | 232.11M | 113.93M | 55.97M | 139.71M | 84.13M | 72.78M | 64.21M | 79.5M | 29.7M | 29.74M | 20.55M | 77.37M | 100.3M | 125.9M | 136.9M | 135.7M |
| Gross Margin % | 13.55% | 13.25% | 13.97% | 16.79% | 16.63% | 13.34% | 9.08% | 8.91% | 12.37% | 10.78% | 11.26% | 9.88% | 7.42% | 13.64% | 16.16% | 15.61% | 12.92% | 7.69% | 13.48% | 10.05% | 10.71% | 13.66% | 15.57% | 6.04% | 6.43% | 4.49% | 14.25% | 17.06% | 19.05% | 19.84% | 21.38% |
| Gross Profit Growth % | - | -5.99% | -15.71% | -15.21% | 51.85% | 107.79% | -11.38% | -34.93% | 25.26% | 11.09% | 3.39% | -2.02% | -52.36% | 0.36% | 26.73% | 103.73% | 103.57% | -59.94% | 66.07% | 15.6% | 13.34% | -19.23% | 167.65% | -0.13% | 44.72% | -73.44% | -22.87% | -20.33% | -8.04% | 0.88% | -2.44% |
| Operating Expenses | 229.41M | 221.59M | 224.62M | 157.12M | 154.91M | 152.37M | 149.67M | 157.44M | 156.02M | 171.46M | 163.81M | 162.09M | 201.7M | 192.79M | 145.56M | 99.94M | 73.14M | 63.16M | 66.39M | 59.29M | 50.77M | 52.21M | 46.18M | 45.92M | 43.83M | 54.02M | 86.01M | 96.5M | 94.7M | 83.2M | 74.4M |
| OpEx % of Revenue | - | 12.12% | 12.17% | 8.62% | 7.14% | 8.56% | 11.89% | 10.87% | 9.74% | 11.67% | 12.94% | 11.62% | 10.64% | 8.91% | 8% | 6.72% | 8.3% | 8.68% | 6.4% | 7.08% | 7.47% | 11.11% | 9.04% | 9.34% | 9.47% | 11.81% | 15.84% | 16.41% | 14.33% | 12.06% | 11.72% |
| Selling, General & Admin | 206.35M | 203.27M | 191.79M | 134.94M | 132.79M | 131.77M | 130.94M | 137.7M | 134.79M | 150.68M | 144.99M | 140.39M | 173.61M | 167.37M | 126.16M | 95.71M | 66.83M | 54.31M | 57.15M | 53.14M | 42.14M | 31.43M | 36.04M | 43.17M | 40.32M | 44.16M | 44.09M | 51.6M | 52.9M | 45.5M | 43.7M |
| SG&A % of Revenue | - | 11.12% | 10.39% | 7.41% | 6.12% | 7.4% | 10.4% | 9.51% | 8.41% | 10.26% | 11.46% | 10.07% | 9.16% | 7.74% | 6.93% | 6.44% | 7.58% | 7.46% | 5.51% | 6.35% | 6.2% | 6.69% | 7.06% | 8.78% | 8.71% | 9.65% | 8.12% | 8.78% | 8.01% | 6.59% | 6.89% |
| Research & Development | 19.06M | 18.32M | 16.52M | 12.54M | 10.4M | 10.1M | 9.01M | 9.86M | 11.15M | 10.3M | 9.97M | 11.16M | 14.01M | 11.16M | 7.15M | 4.23M | 6.32M | 8.85M | 0 | 0 | 0 | 837K | 1.88M | 2.75M | 3.51M | 3.09M | 4.7M | 6.3M | 7.1M | 6.8M | 2.7M |
| R&D % of Revenue | - | 1% | 0.89% | 0.69% | 0.48% | 0.57% | 0.72% | 0.68% | 0.7% | 0.7% | 0.79% | 0.8% | 0.74% | 0.52% | 0.39% | 0.28% | 0.72% | 1.22% | - | - | - | 0.18% | 0.37% | 0.56% | 0.76% | 0.68% | 0.87% | 1.07% | 1.07% | 0.99% | 0.43% |
| Other Operating Expenses | 1.42M | 0 | 16.3M | 9.64M | 11.71M | 10.49M | 9.71M | 9.88M | 19.2M | 11.14M | 12.47M | 11.06M | -18.05M | 7.01M | 6.82M | 0 | 0 | 0 | 0 | 6.16M | 8.63M | 19.94M | 8.26M | 0 | 0 | 6.76M | 37.22M | 38.6M | 34.7M | 30.9M | 28M |
| Operating Income | 20.32M | 20.76M | 33.18M | 148.73M | 205.8M | 85.17M | -35.35M | -28.43M | 42.24M | -13.18M | -21.33M | -24.28M | -97.63M | 102.39M | 174.71M | 132.17M | 40.78M | -18.89M | 73.32M | 24.84M | 22.01M | 12M | 33.32M | -16.22M | -14.09M | -33.47M | -8.65M | 3.8M | 31.2M | 53.7M | 61.3M |
| Operating Margin % | 1.1% | 1.14% | 1.8% | 8.16% | 9.49% | 4.78% | -2.81% | -1.96% | 2.64% | -0.9% | -1.69% | -1.74% | -5.15% | 4.73% | 9.6% | 8.89% | 4.63% | -2.6% | 7.07% | 2.97% | 3.24% | 2.55% | 6.53% | -3.3% | -3.04% | -7.32% | -1.59% | 0.65% | 4.72% | 7.78% | 9.66% |
| Operating Income Growth % | - | -37.43% | -77.69% | -27.73% | 141.62% | 340.94% | -24.34% | -167.3% | 420.42% | 38.2% | 12.13% | 75.13% | -195.34% | -41.39% | 32.18% | 224.08% | 315.86% | -125.77% | 195.2% | 12.84% | 83.44% | -63.99% | 305.44% | -15.15% | 57.91% | -287.06% | -327.53% | -87.82% | -41.9% | -12.4% | -16.03% |
| EBITDA | 88.63M | 87.87M | 93.89M | 191.16M | 247.7M | 132.18M | 19.3M | 25.94M | 98.44M | 44.12M | 36.67M | 45.34M | -8.92M | 183.02M | 228.8M | 177.08M | 78.35M | 15.4M | 103.69M | 53.46M | 48.86M | 32.74M | 58.23M | 16.06M | 19.54M | 3.8M | 28.57M | 42.4M | 65.9M | 84.6M | 89.3M |
| EBITDA Margin % | 4.81% | 4.81% | 5.09% | 10.49% | 11.42% | 7.42% | 1.53% | 1.79% | 6.14% | 3% | 2.9% | 3.25% | -0.47% | 8.46% | 12.57% | 11.91% | 8.89% | 2.12% | 10% | 6.39% | 7.19% | 6.97% | 11.4% | 3.27% | 4.22% | 0.83% | 5.26% | 7.21% | 9.97% | 12.26% | 14.07% |
| EBITDA Growth % | 4.91% | -6.41% | -50.89% | -22.83% | 87.4% | 584.7% | -25.59% | -73.65% | 123.15% | 20.32% | -19.13% | 608.23% | -104.87% | -20.01% | 29.21% | 126.01% | 408.71% | -85.15% | 93.96% | 9.41% | 49.22% | -43.77% | 262.64% | -17.81% | 414.38% | -86.71% | -32.61% | -35.66% | -22.1% | -5.26% | -7.37% |
| D&A (Non-Cash Add-back) | 68.31M | 67.11M | 60.7M | 42.43M | 41.9M | 47M | 54.66M | 54.38M | 56.2M | 57.3M | 58M | 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 |
| EBIT | 18.26M | 20.76M | 44.7M | 128.53M | 232.15M | 83.26M | -27.58M | -16.04M | 50.26M | -22.65M | -3.94M | -17.97M | -115.68M | 102.75M | 219.91M | 121.15M | 17.48M | -15.76M | 38.13M | 14.83M | 22.01M | 12M | 33.32M | -16.22M | -14.09M | -33.47M | -8.65M | 3.8M | 31.2M | 53.7M | 61.3M |
| Net Interest Income | -28.4M | -28M | -25.41M | -18.79M | -29.8M | -32.22M | -30.55M | -32M | -28.35M | -26.87M | -29.33M | -31.36M | -33.53M | -44.62M | -26.8M | -40.84M | -26.27M | -16.25M | -15.12M | -15.99M | -15.32M | -8.62M | -16.16M | -20.23M | -20.57M | -20.92M | -22.56M | 0 | -18.3M | 0 | -10.7M |
| Interest Income | 7.69M | 10.7M | 11.02M | 0 | 2.35M | 0 | 0 | 1.13M | 2.11M | 3.36M | 3.21M | 2.67M | 3.04M | 3.4M | 859K | 556K | 394K | 0 | 0 | 2.72M | 1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 29.29M | 38.71M | 36.43M | 18.79M | 32.15M | 32.22M | 30.55M | 33.14M | 30.46M | 30.23M | 32.54M | 34.03M | 36.56M | 48.02M | 27.66M | 25.26M | 26.67M | 16.25M | 15.12M | 18.71M | 17M | 8.62M | 16.16M | 20.23M | 20.57M | 20.92M | 22.56M | 0 | 18.3M | 0 | 10.7M |
| Other Income/Expense | -55.49M | -32.06M | -24.91M | -38.98M | -3.45M | -34.13M | -22.78M | -19.61M | -22.44M | -39.69M | -14.07M | -27.73M | -54.62M | -47.66M | 5.87M | -36.28M | -40.13M | -13.11M | -50.31M | -28.72M | -13.44M | -14.88M | -18.11M | -17.45M | -30.21M | -12.92M | 17.35M | -22.2M | -18M | -13.2M | -4.3M |
| Pretax Income | -35.17M | -11.3M | 8.27M | 109.75M | 202.35M | 51.04M | -58.13M | -48.04M | 19.81M | -52.88M | -32.86M | -52.01M | -152.24M | 54.73M | 180.57M | 95.89M | 649K | -32M | 23.01M | 3.88M | 8.57M | -2.88M | 15.21M | -33.67M | -44.29M | -50.74M | 8.7M | -18.4M | 13.2M | 40.5M | 57M |
| Pretax Margin % | -1.91% | -0.62% | 0.45% | 6.02% | 9.33% | 2.87% | -4.62% | -3.32% | 1.24% | -3.6% | -2.6% | -3.73% | -8.03% | 2.53% | 9.92% | 6.45% | 0.07% | -4.4% | 2.22% | 0.46% | 1.26% | -0.61% | 2.98% | -6.85% | -9.57% | -11.09% | 1.6% | -3.13% | 2% | 5.87% | 8.98% |
| Income Tax | 50.29M | 49.89M | 11.86M | 26.04M | 23.17M | 1.15M | 6.95M | 3.48M | 6.76M | 11.2M | 3.28M | 38.28M | -21.82M | 25.05M | 86.61M | 37.76M | 291K | -7.36M | 9.67M | 3.36M | 3.43M | -13.93M | 4.11M | 2.99M | -8.42M | -13.34M | 4.18M | -7M | 5M | 15.4M | 21.6M |
| Effective Tax Rate % | -143.01% | -441.59% | 143.4% | 23.73% | 11.45% | 2.25% | -11.95% | -7.23% | 34.14% | -21.19% | -9.99% | -73.61% | 14.33% | 45.76% | 47.97% | 39.38% | 44.84% | 22.99% | 42.04% | 86.59% | 40% | 482.74% | 27% | -8.88% | 19% | 26.29% | 48% | 38.04% | 37.88% | 38.02% | 37.89% |
| Net Income | -87.06M | -63.49M | -5.56M | 78.76M | 176.3M | 49.59M | -60.39M | -48.42M | 16.09M | -60.04M | -33.99M | -75.63M | -80.46M | 35.2M | 95.55M | 58.15M | 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 |
| Net Margin % | -4.72% | -3.47% | -0.3% | 4.32% | 8.13% | 2.79% | -4.8% | -3.34% | 1% | -4.09% | -2.69% | -5.42% | -4.24% | 1.63% | 5.25% | 3.91% | 0.04% | -3.39% | 1.29% | -0.87% | 0.76% | 2.35% | 2.18% | -7.46% | -7.75% | -7.6% | 0.83% | -1.94% | 1.24% | 3.64% | 5.58% |
| Net Income Growth % | -464.95% | -1041.98% | -107.06% | -55.33% | 255.55% | 182.11% | -24.7% | -401.02% | 126.79% | -76.66% | 55.06% | 6% | -328.55% | -63.16% | 64.32% | 16143.58% | 101.45% | -284.79% | 284.03% | -240.88% | -53.41% | -0.59% | 130.3% | -2.17% | -3.13% | -868.82% | 139.69% | -239.02% | -67.33% | -29.1% | -6.84% |
| Net Income (Continuing) | -85.46M | -61.19M | -3.59M | 83.71M | 179.19M | 49.89M | -65.08M | -51.52M | 13.04M | -64.08M | -39.76M | -89.83M | -130.43M | 29.69M | 105.64M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.64M | 7.24M | -2.42M | 355K | 1.9M | -2.13M | -3M | 4.14M | -8.95M | -10.85M | -3.94M | -376K | 29.29M | 110.31M | 26.16M | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.36 | -1.00 | -0.08 | 1.25 | 2.77 | 0.79 | -1.07 | -0.86 | 0.27 | -1.01 | -0.63 | -1.41 | -1.50 | 0.64 | 2.05 | 1.18 | -0.17 | -0.71 | 0.38 | -0.23 | 0.21 | 0.48 | 0.49 | -1.40 | -1.38 | -1.35 | 0.18 | -0.44 | 0.30 | 0.88 | 1.04 |
| EPS Growth % | -550.43% | -1134.57% | -106.48% | -54.87% | 250.63% | 173.83% | -24.42% | -418.52% | 126.73% | -60.32% | 55.32% | 6% | -334.38% | -68.78% | 73.73% | 794.12% | 76.06% | -286.84% | 265.22% | -209.52% | -56.25% | -2.04% | 135% | -1.45% | -2.22% | -850% | 140.91% | -246.67% | -65.91% | -15.38% | -13.33% |
| EPS (Basic) | - | -1.00 | -0.08 | 1.26 | 2.80 | 0.80 | -1.07 | -0.86 | 0.27 | -1.01 | -0.63 | -1.41 | -1.51 | 0.66 | 2.47 | 1.40 | -0.17 | -0.71 | 0.39 | -0.23 | 0.21 | 0.49 | 0.50 | -1.40 | -1.38 | -1.35 | 0.18 | -0.44 | 0.30 | 0.89 | 1.26 |
| Diluted Shares Outstanding | 64.07M | 63.71M | 68.66M | 62.96M | 63.69M | 62.69M | 60.82M | 60.1M | 59.91M | 59.34M | 53.92M | 53.7M | 53.5M | 59.52M | 54.66M | 53.14M | 34.9M | 34.71M | 34.84M | 32.08M | 25.05M | 22.86M | 26.97M | 26.23M | 25.99M | 25.82M | 25.87M | 25.94M | 26.97M | 28.52M | 34.04M |
| Basic Shares Outstanding | 64.07M | 63.49M | 68.66M | 62.45M | 63.04M | 62.1M | 60.82M | 60.1M | 59.82M | 59.32M | 53.92M | 53.67M | 53.39M | 53.04M | 43.38M | 41.66M | 34.9M | 34.71M | 34.41M | 32.08M | 24.63M | 22.57M | 22.25M | 26.23M | 25.99M | 25.82M | 25.87M | 25.94M | 26.97M | 28.27M | 28.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 7.47% | - | - | - | - | 2.97% | 0.88% | 1.39% | 197.49% | - | 4.39% | - | 7.64% | 3.24% | 3.38% | - | - | - | 27.4% | - | 15.85% | 5.58% | 3.95% |
Persistent Negative Net Margins
According to the provided quarterly data, TWI's revenue growth has fluctuated significantly, ranging from a 23.5% contraction in 2023Q4 to a 11.5% expansion in 2024Q3, reflecting the inherent cyclicality of the agricultural machinery sector and the recent integration of the Carlstar Group acquisition.
The inconsistent top-line performance suggests that TWI remains heavily tethered to the capital expenditure cycles of its OEM partners and broader agricultural commodity trends. While the 2026Q1 revenue of $505.1M indicates a modest recovery, the lack of sustained sequential growth warrants caution regarding the durability of demand in the current high-interest rate environment.
As reported in financial statements, TWI's gross margin has struggled to maintain levels above 15%, bottoming out at 10.1% in 2025Q4, which highlights the company's difficulty in passing through volatile raw material costs to its OEM customers in a timely manner.
The inability to consistently expand gross margins suggests that TWI's proprietary LSW technology may not yet be providing sufficient pricing power to offset the high fixed-cost burden of its manufacturing footprint. Investors should monitor whether the recent shift toward consumer segments via the Carlstar acquisition can provide the margin stability that the core agricultural segment currently lacks.
Based on TWI's reported figures, operating income has frequently dipped into negative territory, including a $10.9M loss in 2025Q4, demonstrating that the company's high fixed-cost structure creates significant earnings volatility when revenue volumes fail to meet critical utilization thresholds.
The operating margin of 2.2% in 2026Q1, while positive, remains insufficient to cover interest and non-operating expenses, leading to persistent net losses. This indicates that the company is currently operating near its break-even point, leaving little room for error should demand in the mining or construction sectors soften.
Data from the last ten quarters reveals a recurring pattern of net losses, with the company reporting a net margin of -4.8% in 2026Q1, suggesting that non-operating items and interest obligations are consistently eroding the value generated at the gross profit level.
The frequent divergence between operating income and net income warrants further investigation into the nature of these non-operating charges, which may include restructuring costs or debt-related expenses. The lack of consistent positive EPS makes traditional valuation metrics difficult to apply, forcing a focus on the company's ability to reach sustainable profitability.
A critical review of the income statement suggests that TWI's reliance on OEM supply agreements may be a structural disadvantage, as evidenced by the -3.47% net margin despite generating nearly $2 billion in annual revenue, indicating a potential failure to scale efficiently.
Short-sellers may focus on the company's inability to achieve consistent profitability despite its specialized LSW technology, arguing that the business model is overly sensitive to commodity price swings and OEM destocking cycles. The recent acquisition of Carlstar may be viewed as a desperate attempt to diversify away from a core business that is currently struggling to cover its own cost of capital.
Quick answers to the most common questions about buying TWI stock.
For fiscal year 2025, Titan International, Inc. (TWI) reported total revenue of $1.83B. This represents a 188.1% increase compared to $634.6M in 1996.
Titan International, Inc. (TWI) reported a net loss of $63.5M for the fiscal year ending 2025.
Titan International, Inc. (TWI) reported an operating income of $20.8M, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Titan International, Inc. (TWI) generated $242.4M in gross profit for the year, representing a gross profit margin of 13.3%. This demonstrates the company's core pricing power and production efficiency.