Titan International
TWINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $5.13 Prior regular-session close from the quote source.
- $5.06–$5.29 Regular-session low and high so far today.
- 729.2K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $4.51–$11.70 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own TWI if its niche off-highway wheel, tire, and undercarriage franchise preserves customer demand through the cycle and converts a rebound into plant utilization and cash flow; it fails if the 2022 profit peak was cyclical rather.
TWI price history
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Investment thesis
What must happen next
Titan’s role as a global specialized wheel, tire, and undercarriage supplier keeps OEM and replacement customers from abandoning the platform during a downcycle.HoldingMateriality: High
GAAP annual revenue was $1.828 billion in FY2025, broadly similar to $1.846 billion in FY2024 and $1.822 billion in FY2023 despite weak profitability. If customer relevance holds, revenue stability buys time for margin recovery; if customers switch suppliers, the earnings base is permanently impaired.
Watch: Major OEMs or dealers shift sourcing toward Michelin, Bridgestone, Yokohama/Trelleborg, BKT, or lower-cost Asian wheel and tire suppliers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue was $1.828 billion in FY2025, broadly similar to $1.846 billion in FY2024 and $1.822 billion in FY2023.
Open source ↗Titan’s specialized products must support enough pricing and cost pass-through to prevent raw-material, labor, and mix pressure from eroding gross economics.WeakeningMateriality: High
GAAP annual gross profit was $253.5 million in FY2025 versus $257.8 million in FY2024, showing near-term gross-profit stability. Gross spread determines whether stable sales become owner earnings or merely low-return manufacturing volume.
Watch: Competitors use excess industry capacity to discount off-highway tires and wheels.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit was $253.5 million in FY2025 versus $257.8 million in FY2024, showing near-term gross-profit stability.
Open source ↗Titan’s global manufacturing footprint only creates value if recovered demand lifts factory utilization faster than fixed costs rise.WeakeningMateriality: Medium
GAAP annual operating income remained positive at $20.8 million in FY2025. This is the main bridge from a defensible niche supplier to actual earnings power.
Watch: Plant volumes fail to recover because agricultural or earthmoving-equipment production remains depressed.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income remained positive at $20.8 million in FY2025.
Open source ↗Working-capital discipline and cash conversion must recover so that any cyclical rebound becomes fundable owner value rather than inventory and receivables absorption.WeakeningMateriality: Medium
GAAP annual operating cash flow was still positive at $30.0 million in FY2025. Positive earnings without operating cash flow would leave shareholders exposed to debt, dilution, or curtailed investment.
Watch: Customer order volatility forces inventory builds or production inefficiencies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was still positive at $30.0 million in FY2025.
Open source ↗Titan’s liquidity must be sufficient to bridge the downcycle without forcing value-destructive refinancing, asset sales, or equity issuance.HoldingMateriality: Medium
Cash and cash equivalents were $202.9 million at FY2025 year-end, up from $196.0 million at FY2024 year-end. A cyclical recovery thesis fails for equity holders if the balance sheet captures the upside before shareholders do.
Watch: Credit markets tighten or lenders demand higher rates before Titan’s operating recovery arrives.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $202.9 million at FY2025 year-end, up from $196.0 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Titan’s role as a global specialized wheel, tire, and undercarriage supplier keeps OEM and replacement customers from abandoning the platform during a downcycle. If customer relevance holds, revenue stability buys time for margin recovery; if customers switch suppliers, the earnings base is permanently impaired.
Titan’s specialized products must support enough pricing and cost pass-through to prevent raw-material, labor, and mix pressure from eroding gross economics. Gross spread determines whether stable sales become owner earnings or merely low-return manufacturing volume.
Titan’s global manufacturing footprint only creates value if recovered demand lifts factory utilization faster than fixed costs rise. This is the main bridge from a defensible niche supplier to actual earnings power.
Working-capital discipline and cash conversion must recover so that any cyclical rebound becomes fundable owner value rather than inventory and receivables absorption. Positive earnings without operating cash flow would leave shareholders exposed to debt, dilution, or curtailed investment.
Titan’s liquidity must be sufficient to bridge the downcycle without forcing value-destructive refinancing, asset sales, or equity issuance. A cyclical recovery thesis fails for equity holders if the balance sheet captures the upside before shareholders do.
All standing thesis claims
Original report summary
its niche off-highway wheel, tire, and undercarriage franchise preserves customer demand through the cycle and converts a rebound into plant utilization and cash flow; it fails if the 2022 profit peak was cyclical rather.
Bull case and bear case
Bull case and bear case for Titan International
Where the evidence on Titan International disagrees: Mixed on the latest evidence (Oct 17, 2026). Of its 5 thesis points, 2 holding and 3 weakening.
Bull case: what the evidence supports
Titan’s role as a global specialized wheel, tire, and undercarriage supplier keeps OEM and replacement customers from abandoning the platform during a downcycle.
Titan’s liquidity must be sufficient to bridge the downcycle without forcing value-destructive refinancing, asset sales, or equity issuance.
Bear case: what the evidence questions
Titan’s specialized products must support enough pricing and cost pass-through to prevent raw-material, labor, and mix pressure from eroding gross economics.
Titan’s global manufacturing footprint only creates value if recovered demand lifts factory utilization faster than fixed costs rise.
Working-capital discipline and cash conversion must recover so that any cyclical rebound becomes fundable owner value rather than inventory and receivables absorption.
Thesis-Break Engine
Thesis-break watch · Titan International
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Titan International filed an SEC 8-K on 2026-10-16: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Titan International filed an SEC 8-K on 2026-09-25: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Titan International filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Major OEMs or dealers shift sourcing toward Michelin, Bridgestone, Yokohama/Trelleborg, BKT, or lower-cost Asian wheel and tire suppliers.
- Competitors use excess industry capacity to discount off-highway tires and wheels.
- Plant volumes fail to recover because agricultural or earthmoving-equipment production remains depressed.
- Customer order volatility forces inventory builds or production inefficiencies.
- Credit markets tighten or lenders demand higher rates before Titan’s operating recovery arrives.
TWI news
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Financial statements
TWI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.