Titan International TWI

NYSE · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · $314M

$4.70−3.49%Nov 5 close · Databento

Every report since 2023 →

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TWI Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $4.701D −3.49%3M −33.62%SMA20 $6.18SMA50 $6.80RSI(14) 23.2

4.70

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 23.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$314M

Enterprise value$751.2M

Revenue$1.8B −0.9%

True FCF (ex-SBC)$-27.9M −132.4%

Rule of 40-2.2%

ROIC11.7%

True FCF Yield-8.9%

EPS, diluted$-1.00 −1150.0%

Modern Valuation (EOD)

Market Cap$314M

Enterprise Value$751.2M

EV / True FCF—

EV / FCF—

EV / Gross Profit2.96

EV / EBIT36.18

EV / Sales0.41

P / E (GAAP)—

P / FCF—

P / Oper. CF10.47

P / Book0.60

Owner & Cash Yields

True FCF Yield-8.9%

FCF Yield-7.8%

Owner Earn. Yield-16.5%

Earnings Yield-19.5%

Shareholder Yield+9.3%

Buyback Yield10.4%

Dividend Yield—

Dividend / sh$0.00

Payout Ratio0%

FCF / sh$-0.38

EPS (diluted)$-1.00

Compounder & Returns

Rule of 40-2.2%

ROIC11.7%

Cash ROIC (CROIC)-2.6%

GP / Assets15.2%

ROE-11.7%

ROA-3.7%

Gross Margin13.9%

Oper. Margin1.1%

Net Margin-3.3%

FCF Margin-1.3%

True FCF Margin-1.5%

Quality & Dilution

Cash Conversion—

Accrual Ratio−5.5%

SBC % of FCF—

SBC % of Rev0.2%

Reinvest. Rate243%

Sales Growth Y/Y−0.9%

Sales 3Y CAGR−5.5%

EPS Growth Y/Y−1150.0%

FCF Growth Y/Y−132.4%

FCF 3Y CAGR—

Share Change Y/Y−7.2%

Balance Sheet & Scale

Revenue (FY)$1.8B

Gross Profit (FY)$253.5M

Oper. Income (FY)$20.8M

GAAP Net Income$-61.2M

True FCF (ex-SBC)$-27.9M

Cash & Equiv$202.9M

Total Debt$639.8M

Net Cash (Debt)$-436.9M

Net Cash % MCap−139.0%

Debt / FCF (yrs)—

Current Ratio2.3064.61M sh

Price & Technicals (EOD)

Perf Week−4.28%

Perf Month−31.39%

Perf Quarter−36.14%

Perf Half Y−41.32%

Perf YTD−44.18%

SMA 20 Dist−24.00%$6.18

SMA 50 Dist−30.85%$6.80

SMA 100 Dist−33.74%$7.09

Window High−44.18%$8.42

Window Low+1.08%$4.65

RSI (14) · Vol23.2113%v

Income Distribution & Cash Flow ConversionHow every dollar of TWI revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.6B ($86.1 / $100)

R&D Reinvestment$18.3M ($1.0 / $100)

SG&A & Other OpEx$214.4M ($11.7 / $100)

Tax & Non-Operating$82.0M ($4.5 / $100)

Net Profit Kept$-61.2M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-61.2M (-3.3% margin)

Operating Cash Flow (OCF)$30.0M(1.6% of rev)

Less: Capital Expenditures−$54.6M(3.0% of rev)

Standard Free Cash Flow (FCF)$-24.6M(-1.3% margin)

Less: Stock-Based Comp (SBC)−$3.3M

True FCF (Owner Cash ex-SBC)$-27.9M(-1.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.8B	$2.2B	$1.8B	$1.8B	$1.8B	−0.9%	+0.7%
Cost of Revenue (COGS)	$1.5B	$1.8B	$1.5B	$1.6B	$1.6B	−0.8%	+0.5%
Gross Profit	$237.5M	$360.7M	$305.8M	$257.8M	$253.5M	−1.7%	+1.6%
Research & Development (R&D)	$10.1M	$10.4M	$12.5M	$16.5M	$18.3M	+10.9%	+16.0%
Selling, General & Admin (SG&A)	$131.8M	$132.8M	$134.9M	$191.8M	$203.3M	+6.0%	+11.4%
Total Operating Expenses	$152.4M	$154.9M	$157.1M	$224.6M	$232.7M	+3.6%	+11.2%
Operating Income (EBIT)	$85.2M	$205.8M	$148.7M	$33.2M	$20.8M	−37.4%	−29.7%
Interest Expense	$32.2M	$29.8M	$18.8M	$36.4M	$38.7M	+6.3%	+4.7%
Income Tax Expense	$1.1M	$23.2M	$26.0M	$11.9M	$49.9M	+320.6%	+156.7%
GAAP Net Income	$49.9M	$179.2M	$83.7M	$-3.6M	$-61.2M	−1604.4%	—
Diluted EPS	$0.79	$2.77	$1.25	$-0.08	$-1.00	−1150.0%	—
Diluted Shares	62.7M	63.7M	63.0M	68.7M	63.7M	−7.2%	+0.4%
Balance Sheet
Cash & Equivalents	$98.1M	$116.6M	$220.3M	$196.0M	$202.9M	+3.5%	+19.9%
Inventory	$392.6M	$397.2M	$365.2M	$437.2M	$330.6M	−24.4%	−4.2%
Total Current Assets	$813.3M	$909.6M	$876.8M	$912.0M	$986.0M	+8.1%	+4.9%
Total Assets	$1.2B	$1.3B	$1.3B	$1.6B	$1.7B	+5.5%	+9.1%
Total Current Liabilities	$450.8M	$446.2M	$362.5M	$387.4M	$428.2M	+10.6%	−1.3%
Total Debt (Short + Long Term)	$536.8M	$497.5M	$478.0M	$620.2M	$639.8M	+3.2%	+4.5%
Total Liabilities	$955.5M	$901.5M	$821.8M	$1.1B	$1.2B	+5.5%	+4.8%
Stockholders' Equity	$227.2M	$383.1M	$467.4M	$493.7M	$521.6M	+5.7%	+23.1%
Net Cash / (Net Debt)	$-438.7M	$-380.9M	$-257.7M	$-424.2M	$-436.9M	−3.0%	—
Invested Capital	$665.9M	$764.1M	$725.1M	$917.9M	$958.5M	+4.4%	+9.5%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$10.7M	$160.7M	$179.3M	$141.5M	$30.0M	−78.8%	+29.4%
Depreciation & Amortization (D&A)	$48.0M	$42.7M	$42.4M	$60.7M	$67.1M	+10.6%	+8.7%
Stock-Based Compensation (SBC)	$3.4M	$4.3M	$5.2M	$5.4M	$3.3M	−39.4%	−1.2%
Capital Expenditures (CapEx)	$38.8M	$47.0M	$60.8M	$65.6M	$54.6M	−16.8%	+8.9%
Free Cash Flow (FCF)	$-28.1M	$113.7M	$118.6M	$75.9M	$-24.6M	−132.4%	—
True FCF (ex-SBC Owner Cash)	$-31.5M	$109.4M	$113.3M	$70.5M	$-27.9M	−139.6%	—
Share Repurchases (Buybacks)	$0	$25.0M	$32.6M	—	$32.6M	—	—
Dividends Paid	$0	$0	—	—	$0	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what TWI did at the next close after each story

No Wire story has named TWI yet.

What happened · big days

13 big days in a year, and what we hold on each

A big day is a close more than 6.13% from the one before, three times TWI’s median day (2.04%). On 1 of the 13, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±6.13%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayTWIWhat we hold that dayGroup (median of 4) · each

1 Nov 25, 2025+7.46%
Before our storiesgroup +2.1%, did not move with it
1Nov 25, 2025+7.46%
Before our stories
+2.1% did not move with itCMC +4.0 · CRS +2.3 · STLD +1.9 · NUE +1.7
2 Jan 8, 2026+6.45%
Before our storiesgroup −0.8%, did not move with it
2Jan 8, 2026+6.45%
Before our stories
−0.8% did not move with itSTLD +2.6 · NUE +1.9 · CMC −3.6 · CRS −5.6
3 Jan 20, 2026−6.14%
Before our storiesgroup −0.4%, did not move with it
3Jan 20, 2026−6.14%
Before our stories
−0.4% did not move with itSTLD −1.0 · CRS −0.9 · NUE +0.1 · CMC +1.2
4 Jan 29, 2026+8.85%
Before our storiesgroup +3.9%, did not move with it
4Jan 29, 2026+8.85%
Before our stories
+3.9% did not move with itSTLD +4.3 · NUE +3.9 · CMC +3.9 · CRS −6.4
5 Mar 13, 2026−8.41%
Before our storiesgroup −1.9%, did not move with it
5Mar 13, 2026−8.41%
Before our stories
−1.9% did not move with itCRS −4.2 · STLD −2.6 · NUE −1.3 · CMC −1.2
6 Apr 8, 2026+9.81%
Before our storiesgroup +5.5%, moved with TWI
6Apr 8, 2026+9.81%
Before our stories
+5.5% moved with TWICRS +8.6 · STLD +5.8 · NUE +5.1 · CMC +5.1
7 May 6, 2026+6.29%
Before our storiesgroup +2.4%, did not move with it
7May 6, 2026+6.29%
Before our stories
+2.4% did not move with itCMC +3.4 · CRS +3.0 · STLD +1.9 · NUE +0.9
8 Jun 5, 2026−6.54%
Before our storiesgroup −2.9%, did not move with it
8Jun 5, 2026−6.54%
Before our stories
−2.9% did not move with itSTLD −3.0 · NUE −3.0 · CMC −2.8 · CRS −1.8
9 Jul 29, 2026−7.16%
Nothing on TWIgroup −3.5%, did not move with it
9Jul 29, 2026−7.16%
Nothing on TWINo TWI story, brief or results filing in our record that day
−3.5% did not move with itCRS −5.3 · NUE −3.6 · CMC −3.4 · STLD −2.9
10 Aug 21, 2026+7.20%
Nothing on TWIgroup +1.4%, did not move with it
10Aug 21, 2026+7.20%
Nothing on TWINo TWI story, brief or results filing in our record that day
+1.4% did not move with itSTLD +4.4 · CMC +1.6 · NUE +1.3 · CRS +0.7
11 Sep 4, 2026+9.03%
Nothing on TWIgroup +0.6%, did not move with it
11Sep 4, 2026+9.03%
Nothing on TWINo TWI story, brief or results filing in our record that day
+0.6% did not move with itCMC +2.2 · CRS +1.7 · NUE −0.5 · STLD −1.6
12 Oct 29, 2026−25.83%
Resultsgroup +1.9%, did not move with it
12Oct 29, 2026−25.83%
ResultsFirst close after the Oct 28 results filing
+1.9% did not move with itNUE +1.3 · STLD +1.4 · CMC +2.4 · CRS +6.7
13 Nov 2, 2026+6.88%
Nothing on TWIgroup +2.1%, did not move with it
13Nov 2, 2026+6.88%
Nothing on TWINo TWI story, brief or results filing in our record that day
+2.1% did not move with itCMC +2.9 · CRS +2.8 · NUE +1.4 · STLD +0.4

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NUE, STLD, CRS and CMC that day, the largest companies in TWI’s SEC industry; “moved with TWI” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). TWI reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 25, 2026

day 1−5.80%day 6−15.41%

Reported Apr 29, 2026

day 1−4.63%day 6+0.25%

Reported Jul 29, 2026

day 1−3.79%day 6−5.75%

Reported Oct 28, 2026

day 1−25.83%day 6−29.00%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 28 report: −29.00%. Four reports is a small sample.

Every report since 2023 →

Each line is TWI’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

TWI against four same-industry peers, a year at 100

TWI is down 39.9% in a year. Nucor is up 70.2%, Steel Dynamics 46.0%, COMMERCIAL METALS 5.9% and Carpenter Technology is down 15.0%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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TWI −39.9%. Nucor +70.2%, Steel Dynamics +46.0%, COMMERCIAL METALS +5.9%, Carpenter Technology −15.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in TWI’s SEC industry (Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NUE	Nucor	$60.8B	−8.30%
STLD	Steel Dynamics	$34.4B	−7.59%
CRS	Carpenter Technology	$14.5B	−4.53%
CMC	COMMERCIAL METALS	$7.4B	−6.38%
SXC	SunCoke Energy	$887M	−7.18%
MTUS	Metallus	$741M	−11.81%