Quality Investor

Titan Machinery Inc.

Rank #303Decline

TITN · Nasdaq · Industrials

Titan Machinery Inc. (TITN) — Rank #303 by gross profitability (GP/assets 0.23) · ROE -9.7% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001409171 · all metrics point-in-time as of the filing date.

About

Titan Machinery Inc. owns and operates a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia.

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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.

Industry
Industrial Distribution
Sector
Industrials
State
DE
Filer Category
Accelerated filer
Fiscal Year End
January 31

Price History

TITN-16.6% · -3.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

$568.55M

P/E (annual)

P/S (annual)

0.2

P/B

1.0

P/OCF (annual)

4.1

Shareholder Yield

-0.6%

Employees

3,114

Industry

Industrial Distribution

Exchange

Nasdaq

Signal Flags

3 red
Revenue declining YoYRevenue contracted year over year
Operating margin decliningOperating margin lower than prior year
Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass
GP / assets
0.23
Return on equity
-9.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.92
Current ratio
1.35×
Net cash
-$143.87M

Cash Flow

1/1 pass
Positive FCF
N/A
Cash-backed earnings
N/A
Accruals healthy
PASS
SBC / revenue
0.2%

Growth

1/2 pass
Revenue growth
-10.2%
Piotroski F-Score
5 / 9
Share dilution
0.6%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

N/A
4.8xmed 11.8x30.5x

P / S

Price / revenue per share

0.2xCheap
0.1xmed 0.3x0.4x

P / B

Price / book value per share

0.7xCheap
0.5xmed 1.1x1.5x

P / GP

Price / gross profit per share

1.0xCheap
0.8xmed 1.5x2.2x

P / FCF

Price / free cash flow per share

N/A
2.5xmed 5.5x9.1x

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.23

Primary signal (Novy-Marx).

14th of 14 SIC 59 peers

Return on equity

-9.7%

Gross margin

15.8%

13th of 14 SIC 59 peers

Revenue growth (YoY)

-10.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

3.2%

Revenue CAGR (5Y)

11.5%

Earnings CAGR (3Y)

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.92

9th of 10 SIC 59 peers (best = lowest)

Current ratio

1.35×

11th of 14 SIC 59 peers

Quick ratio

0.17×

Net cash

-$143.87M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
3.5%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-28.0%Significant decline

Cash-flow health

Free cash flow

Operating cash flow minus capex.

Positive free cash flow

N/A

FCF / net income

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

N/A

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20212026
Value
Hypergrowth
Startup
Decline