Titan Machinery Inc TITN

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 23.25 USD on Nov 3, 2026, +54.6% year to date

Quant rating

Quant rating C Rank 206 of 486 in Industrials

Growth B 102 of 486
Valuation B 193 of 486
Quality C 319 of 486
Revisions C 268 of 486
Momentum B 96 of 486

Wall Street consensus Buy (2.00)Average target 25.25 USD +8.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 547M
Enterprise value: 1.4B
52-week range: 13.35 – 26.87
3-year range: 12.88 – 29.14
Dividend yield: –
Beta (5 years): 1.43
Shares outstanding: 23.5M
Next earnings: Nov 23, 2026

About the company

Titan Machinery Inc. owns and operates a network of full service agricultural and construction equipment dealer locations in North America, Europe, and Australia servicing farmers, ranchers, and commercial applicators. The Company operates through segments: Agriculture, Construction, Europe, and Australia. It offers equipment and parts sales, equipment repair and maintenance services, and rental functions in each store. It sells new agricultural and construction equipment manufactured under the CNH Industrial family of brands as well as equipment from a variety of other manufacturers. The agricultural equipment it sells and services includes machinery and attachments for uses ranging from large-scale commercial farming to home and garden purposes. The construction equipment it sells and services includes heavy construction machinery, light industrial machinery for commercial and residential construction, and road and highway construction machinery.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,427	2,702	2,758	2,209	1,712	–
Revenue growth	−10.2%	−2.0%	24.9%	29.1%	21.3%	11.5%
EPS (basic, normalized)	−2.22	−1.31	5.19	4.52	2.98	–
EPS growth	–	–	14.8%	51.7%	–	–
Gross margin	15.8%	14.6%	19.3%	19.9%	19.4%	17.8%
Net margin	−2.2%	−1.4%	4.0%	4.6%	3.8%	1.8%
ROE	−9.1%	−5.8%	18.8%	21.0%	16.4%	8.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	29.5
Current ratio	1.35x
Long-term debt (mil)	184
Net debt (mil)	804
Total equity (mil)	558
Net debt / equity	1.44x
Net debt / EBITDA	57.93x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,427	−10.2%	0.6x	13.9	−77.8%	97.4x	−2.22	−69.5%	−10.5x
2027	2,107	−13.2%	0.6x	19.5	+40.6%	69.3x	−1.59	+28.4%	−14.6x
2028	2,177	+3.3%	0.6x	43.1	+120.8%	31.4x	−0.57	+64.3%	−41.0x
2029	2,283	+4.9%	0.6x	66.0	+53.1%	20.5x	−0.26	+54.2%	−89.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,107	0.0%	−0.2%	+0.7%	−1.59	+0.6%	−8.5%	+0.8%
2028	2,177	0.0%	+0.3%	+0.2%	−0.57	0.0%	−25.4%	−26.1%
2029	2,283	0.0%	+1.6%	+2.6%	−0.26	0.0%	+50.0%	+36.6%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	629	634	680	760	594	546	645	642	522	496
Sales mean (mil)	662	645	675	728	446	504	599	616	486	484
Surprise	−5.0%	−1.8%	+0.7%	+4.4%	+33.2%	+8.5%	+7.6%	+4.3%	+7.6%	+2.6%
EPS reported	0.41	0.17	0.07	−1.98	−0.58	−0.26	0.05	−1.43	−0.55	−0.40
EPS mean	0.64	0.19	0.02	−0.62	−0.91	−0.50	−0.29	−1.00	−0.68	−0.36
Surprise	−36.2%	−10.5%	+300.0%	−219.4%	+36.3%	+48.0%	−117.1%	−43.0%	+18.5%	−10.3%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TITN Titan Machinery Inc	547M	57.93x	−2.2%	0.98x	−14.6x	−41.0x	69.3x	31.4x
6301 KOMATSU LTD.	36.1B	1.74x	9.1%	1.59x	14.0x	12.6x	9.0x	8.3x
VOLVb Volvo AB	64.1B	2.60x	7.2%	3.27x	14.7x	12.2x	10.8x	9.3x
CAT Caterpillar Inc	286.8B	2.87x	13.1%	13.35x	23.0x	19.3x	18.4x	15.7x
DE Deere & Co	179.5B	6.48x	11.0%	6.41x	36.8x	29.3x	31.8x	27.0x
CNH CNH Industrial N.V.	14.5B	22.10x	2.8%	1.87x	26.3x	16.8x	35.4x	26.4x
Mean		15.62x	6.8%	4.58x	16.7x	8.2x	29.1x	19.7x
Median		4.67x	8.1%	2.57x	18.8x	14.7x	25.1x	21.1x

Technical analysis

1M−8.5%
3M+28.2%
1Y+38.9%
3Y−10.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Titan Machinery Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,427	2,702	2,758	2,209	1,712	1,411
Cost of revenue	2,045	2,306	2,227	1,769	1,379	1,150
Gross profit	383	396	531	440	333	261
Selling, general & administrative expenses	7.0	9.9	15.2	15.6	17.1	21.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	28.7	29.0	22.0	16.8	13.2	1.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.0	11.5	0	0	1.5	3.2
Other operating expenses	350	351	325	269	211	198
Operating income	−6.7	−5.7	169	138	90.2	37.4
Net interest income (expense)	−38.7	−44.3	−17.8	−3.1	−3.3	−6.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−45.4	−50.0	151	135	86.9	30.8
Provision for taxes	8.8	−13.1	38.6	33.4	20.9	11.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−54.2	−36.9	112	102	66.0	19.4
Extraordinary items	–	–	–	–	–	–
Net income	−54.2	−36.9	112	102	66.0	19.4
EBIT, normalized	−2.7	5.8	169	139	91.4	44.8
EBITDA, normalized	34.9	44.5	200	164	114	68.5
Basic EPS, normalized	−2.22	−1.31	5.19	4.52	2.98	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Titan Machinery Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	28.2	35.9	38.1	43.9	146	79.0
Receivables	127	120	154	95.8	94.3	69.1
Total inventory	903	1,109	1,303	704	422	418
Prepaid expenses	31.7	28.2	24.3	25.6	28.1	13.7
Other current assets	0	0	0	0	0	0
Total current assets	1,090	1,293	1,519	869	690	580
Property, plant & equipment	408	408	353	268	234	222
Goodwill	65.6	61.2	64.1	30.6	9.0	1.4
Intangibles	51.2	48.3	53.4	18.4	10.6	7.8
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2.0	4.1	2.3	2.4	2.4	4.7
Total assets	1,617	1,814	1,992	1,189	947	816
Liabilities
Accounts payable	35.2	37.2	43.8	40.8	25.6	20.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	79.3	65.2	85.2	67.4	61.5	50.7
Short-term debt	554	756	894	258	135	162
Current portion of long-term debt	21.4	10.9	13.7	7.8	13.3	14.4
Other current liabilities	82.3	91.9	116	124	139	70.5
Total current liabilities	772	961	1,152	498	375	318
Long-term debt	201	203	108	91.8	76.3	47.8
Minority interest	–	–	–	–	–	–
Other liabilities	65.0	36.2	74.4	62.4	60.5	79.2
Total liabilities	1,038	1,200	1,335	652	511	445
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	267	262	259	257	254	253
Retained earnings (accumulated deficit)	306	360	397	285	183	117
Treasury stock	–	–	–	–	–	–
Other equity	6.3	−8.3	1.8	−5.0	−2.2	1.5
Total equity	579	614	658	536	435	371
Total liabilities & shareholders' equity	1,617	1,814	1,992	1,189	947	816

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Titan Machinery Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−54.2	−36.9	112	102	66.0	19.4
Depreciation, depletion & amortization	37.6	38.6	31.5	25.2	22.1	23.7
Deferred taxes	2.6	−15.8	2.9	7.6	4.3	−3.5
Non-cash items	6.3	24.9	10.0	12.4	10.3	16.0
Changes in working capital	145	59.5	−189	−136	56.1	117
Cash from operations	137	70.3	−32.3	10.8	159	173
Investing activities
Capital expenditures	−22.4	−51.8	−62.4	−37.2	−37.6	−20.1
Other investing cash flows	−0.4	4.1	−101	−96.9	−17.6	−0.2
Cash from investing	−22.7	−47.7	−163	−134	−55.2	−20.3
Financing activities
Financing cash flow items	−0.9	−4.7	−1.1	−1.2	−1.0	−0.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−123	−18.9	190	23.1	−34.3	−117
Cash from financing	−124	−23.6	189	22.0	−35.3	−118
Foreign exchange effects	1.2	−1.1	1.2	−0.9	−1.2	0.5
Net change in cash	−7.7	−2.2	−5.8	−102	67.2	35.3
Free cash flow	115	18.4	−94.6	−26.4	121	153

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.