Titan Machinery Inc. TITN
Titan Machinery Inc. and its subsidiaries (collectively, "Titan Machinery," the "Company," "we," or "our") own and operate a network of full service agricultural and construction equipment stores in the United States, Europe and Australia. We have been an authorized dealer of CNH Industrial N.V. or its U.S. subsidiaries (collectively referred to in this Annual Report on Form 10-K (this "Form 10-K") as "CNH") since our formation in 1980. CNH is a leading global manufacturer and supplier of agricultural and construction equipment, which includes the Case IH Agriculture, New Holland Agriculture, Case Construction and New Holland Construction brands. Based upon information provided to us by CNH, we are the largest retail dealer of Case IH Agriculture equipment in the world, one of the largest retail dealers of Case Construction equipment in North America and one of the largest retail dealers of New Holland Agriculture and New Holland Construction equipment in the United States. In addition to the CNH brands, we sell and service equipment supplied by a variety of other manufacturers and distributors.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.43B | $2.70B | $2.76B | $2.21B | $1.71B | $1.41B | $1.31B | $1.26B | $1.19B | $1.20B |
| Cost of revenue | $2.04B | $2.31B | $2.23B | $1.77B | $1.38B | $1.15B | $1.05B | $1.03B | $977.3M | $988.0M |
| Gross profit | $382.6M | $395.6M | $531.4M | $439.8M | $332.7M | $261.4M | $250.8M | $231.6M | $215.3M | $213.7M |
| Total operating expenses | $385.2M | $389.8M | $362.5M | $301.5M | $241.0M | $220.8M | $225.7M | $201.5M | $203.2M | $211.4M |
| Operating income | -$6.7M | $4.0M | $168.8M | $138.3M | $90.2M | $37.4M | $21.3M | $27.5M | $925.0K | -$2.4M |
| Interest expense | — | — | — | $6.9M | $5.7M | $7.2M | $9.8M | $13.9M | $17.0M | $21.9M |
| Pre-tax income | -$45.4M | -$50.0M | $151.0M | $135.2M | $86.9M | $30.8M | $14.7M | $16.2M | -$14.4M | -$22.7M |
| Income tax | $8.8M | $13.1M | $38.6M | $33.4M | $20.9M | $11.4M | $699.0K | $4.0M | $7.4M | $8.2M |
| Net income | -$54.2M | -$36.9M | $112.4M | $101.9M | $66.0M | $19.4M | $14.0M | $12.2M | -$7.0M | -$14.2M |
| EPS, basic | -2.38 | -1.63 | 4.93 | 4.50 | 2.93 | 0.86 | 0.63 | 0.55 | -0.32 | -0.65 |
| EPS, diluted | -2.38 | -1.63 | 4.93 | 4.49 | 2.92 | 0.86 | 0.63 | 0.55 | -0.32 | -0.65 |
| Shares, diluted (wtd. avg.) | $22.7M | $22.6M | $22.5M | $22.4M | $22.2M | $22.1M | $22.0M | $21.8M | $21.5M | $21.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.2M | $35.9M | $38.1M | $43.9M | $146.1M | $79.0M | $43.7M | $56.7M | $53.4M | $53.2M |
| Receivables | $127.0M | $119.8M | $153.7M | $95.8M | $94.3M | $41.6M | $47.4M | $77.5M | $60.7M | $60.1M |
| Inventory | $903.1M | $1.11B | $1.30B | $703.9M | $421.8M | $418.5M | $597.4M | $491.1M | $472.5M | $478.3M |
| Total current assets | $1.09B | $1.29B | $1.52B | $869.2M | $690.3M | $580.2M | $727.5M | $640.9M | $599.1M | $607.9M |
| Property, plant and equipment | $361.0M | $379.7M | $298.8M | $217.8M | $178.2M | $147.2M | $145.6M | $138.9M | $151.0M | $156.6M |
| Goodwill | $65.6M | $61.2M | $64.1M | $30.6M | $9.0M | $1.4M | $2.3M | $1.2M | $250.0K | $0 |
| Other intangibles | $51.2M | $48.3M | $53.4M | $18.4M | $10.6M | $7.8M | $8.4M | $7.2M | $5.2M | $5.0M |
| Total assets | $1.62B | $1.81B | $1.99B | $1.19B | $946.7M | $815.8M | $975.3M | $792.4M | $760.3M | $771.4M |
| Accounts payable | $35.2M | $37.2M | $43.8M | $40.8M | $25.6M | $20.0M | $17.0M | $16.6M | $15.1M | $17.3M |
| Short-term debt | $21.4M | $10.9M | $13.7M | $7.2M | $5.9M | $4.6M | — | — | — | — |
| Total current liabilities | $772.0M | $961.0M | $1.15B | $498.2M | $374.7M | $317.5M | $494.2M | $420.5M | $328.3M | $308.8M |
| Long-term debt | $158.6M | $157.8M | $106.4M | $90.0M | $74.8M | $44.9M | — | — | — | — |
| Retained earnings | $306.1M | $360.3M | $397.2M | $284.8M | $182.9M | $116.9M | $97.7M | $89.2M | $77.0M | $85.3M |
| Total equity | $579.3M | $614.1M | $657.6M | $536.3M | $435.2M | $345.1M | $345.1M | $335.3M | $321.9M | $321.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $137.5M | $70.3M | -$32.3M | $10.8M | $158.9M | $173.0M | $955.0K | $46.6M | $95.8M | $141.0M |
| Depreciation and amortisation | $37.6M | $38.6M | $31.5M | $25.2M | $22.1M | $23.7M | $28.1M | $23.6M | $25.1M | $26.9M |
| Stock-based compensation | $5.6M | $4.3M | $3.1M | $3.2M | $2.6M | $2.5M | $2.7M | $2.5M | $3.4M | $2.1M |
| Capital expenditure | — | — | — | — | — | — | $10.7M | $6.3M | $13.5M | $9.3M |
| Investing cash flow | -$22.7M | -$47.7M | -$163.4M | -$134.1M | -$55.2M | -$20.3M | -$36.5M | -$25.8M | -$24.6M | -$9.1M |
| Financing cash flow | -$123.7M | -$23.6M | $188.6M | $22.0M | -$35.3M | -$117.9M | $22.9M | -$16.7M | -$71.5M | -$168.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-022376.
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