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Titan Machinery Inc. owns and operates a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia. The company operates through four segments: Agriculture, Construction, Europe, and Australia. It sells new and used equipment, including agricultural and construction equipment manufactured under the CNH Industrial family of brands, as well as equipment from various other manufacturers. The company offers agricultural equipment, including machinery and attachments for use in the production of food, fiber, feed grain, feedstock, and renewable energy; and home and garden applications, as well as maintenance of commercial, residential, and government properties. It also provides construction equipment, such as heavy construction machinery, light industrial machinery for commercial and residential construction, and road and highway construction machinery. In addition, the company offers repair and maintenance services that include warranty repairs, off-site and on-site repair services, scheduling off-season maintenance services, and notifying customers of periodic service requirements; and training programs to customers, as well as sells maintenance and replacement parts. Further, the company rents equipment; and provides ancillary equipment support services, such as equipment transportation, global positioning system signal subscriptions and other precision farming products, farm data management products, and finance and insurance products. It operates in Colorado, Idaho, Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin, and Wyoming, the United States; Bulgaria, Germany, Romania, and Ukraine, Europe; and New South Wales, South Australia, and Victoria, and Australia. The company was founded in 1980 and is headquartered in West Fargo, North Dakota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $2.4B | $35M | $-54M | $115M | -9.4% | -10.2% | - |
| 2025 | $2.7B | $43M | $-37M | $18M | -6.0% | -2.0% | -132.8% |
| 2024 | $2.8B | $204M | $112M | $-95M | 17.1% | 24.9% | 10.4% |
| 2023 | $2.2B | $167M | $102M | $-26M | 19.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Total Revenue | 2,209.31 | 2,758.45 | 2,702.12 | 2,427.11 |
| Cost Of Revenue | 1,769.47 | 2,227.09 | 2,306.49 | 2,044.55 |
| Gross Profit | 439.84 | 531.35 | 395.63 | 382.56 |
| Operating Expense | 301.52 | 362.51 | 389.78 | 385.24 |
| Operating Income | 138.32 | 168.84 | 5.85 | -2.68 |
| EBITDA | 167.38 | 203.62 | 42.61 | 35.24 |
| EBIT | 142.19 | 172.15 | 4.01 | -2.32 |
| Pretax Income | 135.24 | 151.04 | -49.98 | -45.41 |
| Tax Provision | 33.37 | 38.60 | -13.07 | 8.77 |
| Net Income | 101.87 | 112.44 | -36.91 | -54.17 |
| Net Income Common Stockholders | 101.87 | 112.44 | -36.91 | -54.17 |
| Total Expenses | 2,070.98 | 2,589.60 | 2,696.27 | 2,429.79 |
| Interest Expense | 6.94 | 21.11 | 53.99 | 43.08 |
| Interest Income | 3.86 | 3.30 | 0 | 4.39 |
| Normalized EBITDA | 167.38 | 203.62 | 44.45 | 39.27 |
| Normalized Income | 101.87 | 112.44 | -35.55 | -51.75 |
| Basic EPS | 4.49 | 4.92 | -1.60 | -2.38 |
| Diluted EPS | 4.49 | 4.92 | -1.63 | -2.38 |
| Tax Effect Of Unusual Items | 0 | 0 | -0.48 | -1.61 |
| Tax Rate For Calcs | 0.25 | 0.26 | 0.26 | 0.40 |
| Total Unusual Items | 0 | 0 | -1.84 | -4.03 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | -1.84 | -4.03 |
| Net Income From Continuing Operation Net Minority Interest | 101.87 | 112.44 | -36.91 | -54.17 |
| Reconciled Depreciation | 25.20 | 31.48 | 38.60 | 37.56 |
| Reconciled Cost Of Revenue | 1,769.47 | 2,227.09 | 2,306.49 | 2,044.55 |
| Net Interest Income | -3.08 | -17.80 | -53.99 | -38.69 |
| Net Income From Continuing And Discontinued Operation | 101.87 | 112.44 | -36.91 | -54.17 |
| Rent Expense Supplemental | 25.30 | 28.63 | 32.63 | 35.15 |
| Total Operating Income As Reported | 138.32 | 168.84 | 4.01 | -6.71 |
| Diluted Average Shares | 22.70 | 22.85 | 23.12 | 22.75 |
| Basic Average Shares | 22.70 | 22.85 | 23.12 | 22.75 |
| Diluted NI Availto Com Stockholders | 101.87 | 112.44 | -36.91 | -54.17 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 101.87 | 112.44 | -36.91 | -54.17 |
| Net Income Continuous Operations | 101.87 | 112.44 | -36.91 | -54.17 |
| Other Income Expense | 0 | 0 | -1.84 | -4.03 |
| Special Income Charges | 0 | 0 | -1.84 | -4.03 |
| Impairment Of Capital Assets | 0 | 0 | 1.84 | 2.29 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 1.74 |
| Net Non Operating Interest Income Expense | -3.08 | -17.80 | -53.99 | -38.69 |
| Interest Expense Non Operating | 6.94 | 21.11 | 53.99 | 43.08 |
| Interest Income Non Operating | 3.86 | 3.30 | 0 | 4.39 |
| Operating Revenue | 2,209.31 | 2,758.45 | 2,702.12 | 2,427.11 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Titan Machinery Inc.this co. | TITN | $474M | - | 0.80 | -9.4% | 36.31 |
| Titan International, Inc. | TWI | $512M | - | 0.99 | -12.2% | 11.47 |
| Pangaea Logistics Solutions Ltd. | PANL | $496M | 25.33 | 1.15 | 4.1% | 10.08 |
| Cryoport, Inc. | CYRX | $492M | - | 1.06 | 15.6% | -89.47 |
| Insteel Industries Inc. | IIIN | $490M |
| 11.96 |
| 1.32 |
| 11.0% |
| 6.31 |
| Orion Group Holdings, Inc. | ORN | $483M | 54.59 | 3.01 | 1.6% | 15.30 |
| Acacia Research Corporation | ACTG | $479M | 22.55 | 0.88 | 3.7% | 5.12 |
| The Manitowoc Company, Inc. | MTW | $467M | 65.05 | 0.66 | 1.0% | 7.65 |
| Mayville Engineering Company, Inc. | MEC | $444M | - | 1.84 | -3.4% | 16.09 |
| Peer Median | - | 25.33 | 1.11 | 2.6% | 8.87 | |