Titan Machinery Inc (TITN)
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Titan Machinery sells tractors and excavators, and in fiscal 2026 the till looked excellent: $137.5 million of operating cash flow, the best figure in company history. The same year brought a $54.2 million net loss and a 10.2 percent drop in revenue. We read the annual and quarterly reports and stripped the inventory cycle out of the cash flow statement. Read a dealer's cash flow without reading its lot and you will mistake shrinking for strength.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralNegativ-Befund über sechs geprüfte Filings: Künstliche Intelligenz kommt nur zweimal vor, beide Male als Baustein desselben Cyber-Risikofaktors über missbräuchliche Nutzung durch Angreifer — kein KI-Produkt, kein KI-Umsatz, keine KI-gestützte Prozessbeschreibung.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-31 · 10-Q 2026-06-09 · 10-Q 2025-12-04 · 10-Q 2025-09-04 · 10-Q 2025-06-05 · 10-K 2025-04-07
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | -1.93 | -287.20 | 760 | -10.80 | -5.80 | 127 | 105 |
| 2025: Q2 | -0.58 | -239.10 | 594 | -5.50 | -2.20 | 6 | -2 |
| 2025: Q3 | -0.26 | – | 546 | -13.80 | -1.10 | 44 | 36 |
| 2025: Q4 | 0.05 | -30.40 | 645 | -5.20 | 0.20 | 34 | 31 |
| 2026: Q1 | -1.59 | – | 642 | -15.50 | -5.60 | 178 | 174 |
| 2026: Q2 | -0.55 | – | 522 | -12.10 | -2.40 | -23 | -26 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The $137.5 million reported for fiscal 2026 was, in the company's own words, "primarily attributable to inventory reductions". Adjusted for the inventory cycle and its manufacturer financing, $1.6 million is left. In the first quarter of fiscal 2027 the reported figure flipped to minus $23.1 million because the lot grew again.
Fiscal 2026 revenue fell 10.2 percent to $2,427.1 million — a second consecutive loss year with a widening deficit (−$36.9 million, then −$54.2 million). In the first quarter of fiscal 2027 revenue fell another 12.1 percent to $522.4 million.
A 35.1 percent equity ratio as of April 30, 2026, an Altman Z″ of 5.6 and a $110.0 million working capital line left undrawn as of January 31, 2026. Against that stand $589.0 million of floorplan financing and $176.6 million of long-term debt; the Piotroski score of 2 out of 9 points down in almost every component.
The cycle-resistant part is gaining share: 24.9 percent of revenue in fiscal 2026, up from 20.6 percent in fiscal 2024, at gross margins of 30.9 percent (parts) and 61.5 percent (service) against 7.3 percent on equipment. Group gross margin rose to 17.1 percent in the first quarter of fiscal 2027 from 15.3 percent.
The dealer agreement obliges Titan to stock inventory at the level CNH deems necessary (fiscal 2026 Form 10-K, Item 1A). CNH can terminate the agreement, must consent to acquisitions, and at $875.0 million provides the largest floorplan line.
Fair value exceeds carrying amount by 9.2 percent (Agriculture) and 8.6 percent (Australia) — on assumed five-year revenue growth of 8.5 and 13.2 percent, while both segments shrank by double digits in fiscal 2026 (fiscal 2026 Form 10-K).
Titan Machinery is neither a bankruptcy candidate nor a growth story. It is a cyclical dealer at the bottom of its cycle. The most striking number of fiscal 2026 — $137.5 million of operating cash flow — measures the inventory drawdown, not earning power. Buying the stock means betting that the agricultural cycle turns before the goodwill cushion runs out. Not investment advice.
- The hook was our in-house stock scanner: P/FCF ranking, U.S. selection, rank 50 of 545 hits with a displayed ratio of 2.31 (as of July 27, 2026). The page shows only the 25 strongest rows; Titan sits below them. The lists are recalculated daily.
- Our data set carries a market value of roughly $498 million for Titan. We instead use the 23,302,180 shares from the 10-Q cover page (as of May 31, 2026) and arrive at roughly $466 million — every valuation metric in this article rests on that own calculation.
- Do not confuse Titan Machinery Inc. (TITN) with Titan International Inc. (TWI), the maker of wheels and tires for agricultural equipment.
- Mind the fiscal year: fiscal 2026 ended January 31, 2026 and covers essentially calendar 2025.
About the Company
Titan Machinery Inc. besitzt und betreibt ein Netzwerk von Full-Service-Filialen für Landwirtschafts- und Baumaschinen in den USA, Europa und Australien.
| Employees | 3,114 |
|---|---|
| Headquarters | West Fargo, ND |
| Website | titanmachinery.com |
| IPO Date | 6. Dec 2007 |
Management
| Name | Title | Birth Year |
|---|---|---|
| David Joseph Meyer | Chairman of the Board & Co-Founder | 1953 |
| Bryan J. Knutson | President, CEO & Director | 1978 |
| Robert Larsen | CFO & Treasurer | 1986 |
| Jason Anderson | Vice President of Human Resources & Administration | – |
| Dale Shook ESQ. | General Counsel, Compliance Officer & Corporate Secretary | – |
| Aaron Cordy | Managing Director of Australia | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.