Titan Machinery Inc.
- Open
- 19.26
- Day high
- 19.45
- Day low
- 19.07
- Prev close
- 19.15
- Volume
- 8K
- Mkt cap
- $453M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.8
- P/S
- 0.2
- Yield
- —
- Per share
- —
Titan Machinery Inc. (TITN) is a Industrials company listed on NASDAQ. The stock is down 1% over the past year.
Titan Machinery Inc. (TITN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TITN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 9, 2026 | $-0.60 | $-0.55 | +8.3% | $522M | +7.6% |
| Mar 19, 2026 | $-0.99 | $-1.43 | -44.4% | $642M | +4.3% |
| Nov 25, 2025 | $-0.36 | $0.05 | +113.9% | $645M | +4.7% |
| Aug 28, 2025 | $-0.56 | $-0.26 | +53.6% | $546M | -7.1% |
| May 22, 2025 | $-0.79 | $-0.58 | +26.6% | $594M | +16.9% |
| Mar 20, 2025 | $-0.87 | $-1.98 | -127.6% | $760M | +52.5% |
| Nov 26, 2024 | $0.02 | $0.07 | +250.0% | $680M | -6.6% |
| Aug 29, 2024 | $0.17 | $0.17 | +0.0% | $634M | -1.8% |
| May 23, 2024 | $0.64 | $0.41 | -35.9% | $629M | -10.8% |
| Mar 21, 2024 | $1.02 | $1.31 | +28.4% | $852M | +17.7% |
| Nov 30, 2023 | $1.53 | $1.32 | -13.7% | $694M | -3.7% |
| Aug 31, 2023 | $1.17 | $1.38 | +17.9% | $643M | +6.7% |
TITN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 9, 2026 | Anglin Frankdirector | Grant | 3,353 | — |
| Jun 9, 2026 | CHRISTIANSON TONYdirector | Grant | 3,353 | — |
| Jun 9, 2026 | MACK RICHARD Ldirector | Grant | 3,353 | — |
| Jun 9, 2026 | Lewis Richarddirector | Grant | 3,353 | — |
| Jun 9, 2026 | Meyer David Josephdirector, officer: Chairman | Grant | 3,353 | — |
| Jun 9, 2026 | Horner Jody Ldirector | Grant | 3,353 | — |
| Jun 9, 2026 | HAMILTON CHRISTINE Edirector | Grant | 3,353 | — |
| Jun 3, 2026 | Knutson Bryan Jdirector, officer: Chief Executive Officer | Grant | 27,223 | — |
| Jun 3, 2026 | Larsen Robertofficer: Chief Financial Officer | Grant | 21,779 | — |
| Apr 3, 2026 | Larsen Robertofficer: Chief Financial Officer | Tax | 6,143 | $17.35 |
| Apr 3, 2026 | Knutson Bryan Jdirector, officer: Chief Executive Officer | Tax | 9,981 | $17.35 |
| Jun 20, 2025 | Meyer David Josephdirector, officer: Chairman | Grant | 1,489 | — |
| Jun 4, 2025 | Knutson Bryan Jdirector, officer: Chief Executive Officer | Grant | 31,064 | — |
| Jun 4, 2025 | Larsen Robertofficer: Chief Financial Officer | Grant | 24,311 | — |
| Jun 3, 2025 | Anglin Frankdirector | Grant | 4,322 | — |
Source: TITN SEC Form 4 filings, latest Jun 9, 2026. For informational purposes only — not investment advice.
See the full TITN insider & 13F page →Titan Machinery Inc. company profile
Overview
Titan Machinery Inc. (NASDAQ:TITN) is a leading agricultural and construction equipment dealer founded in 1980 and headquartered in West Fargo, North Dakota. The company went public in December 2007 and has grown through both organic expansion and strategic acquisitions to become one of the largest equipment dealership networks in North America and Europe. Titan operates through a network of full-service stores across the United States and internationally, serving farmers, construction contractors, and other equipment users with new and used machinery, parts, service, and financing solutions.
Business
Titan Machinery operates as an equipment dealership network specializing in agricultural and construction machinery. The company functions as an intermediary between equipment manufacturers and end users, providing sales, service, parts, and financing solutions. The company operates through four primary business segments. The Agriculture segment represents the largest portion of revenue at approximately 70% of total sales, focusing on farm equipment including tractors, combines, tillage equipment, planters, and other machinery used in crop production. This segment serves farmers engaged in corn, soybean, wheat, and other agricultural production. The Construction segment accounts for roughly 13% of revenue, selling heavy construction machinery, excavators, bulldozers, and light industrial equipment to contractors and construction companies. The European segment contributes about 9% of revenue, operating dealerships in Bulgaria, Germany, Romania, and Ukraine. The Australia segment, added through acquisition, represents approximately 8% of revenue and focuses on agricultural equipment sales in the Australian market. The agricultural equipment industry is characterized by cyclical demand patterns tied to commodity prices, weather conditions, and farm income levels. When crop prices are high and farmers are profitable, they tend to invest in new equipment to increase productivity and replace aging machinery. Conversely, during periods of low commodity prices or poor weather, equipment purchases are often deferred. Construction equipment demand follows similar patterns based on infrastructure spending, housing construction, and overall economic activity. Titan primarily sells equipment manufactured under the CNH Industrial family of brands, including Case IH and New Holland for agriculture, and Case Construction Equipment for construction applications. The company also carries equipment from various other manufacturers to provide customers with comprehensive solutions for their operational needs.
Revenue model
Titan Machinery generates revenue through multiple interconnected streams within the equipment dealership model. Equipment sales represent the largest revenue component, accounting for approximately 85-90% of total revenue. The company earns margins on both new and used equipment sales, with new equipment margins typically ranging from 5-12% depending on market conditions and product categories. Used equipment often provides higher percentage margins but represents a smaller volume of total sales. Parts and service revenue constitutes the second-largest revenue stream at roughly 10-15% of total sales. This segment includes replacement parts sales, warranty repairs, scheduled maintenance, and field service calls. Parts and service typically generate higher margins than equipment sales, often in the 25-35% range, and provide more stable, recurring revenue streams that are less cyclical than equipment sales. Rental revenue represents a smaller but growing portion of the business, allowing customers to access equipment on a short-term basis without the capital commitment of purchase. The company also generates revenue from ancillary services including equipment transportation, GPS and precision farming technology subscriptions, farm data management services, and commissions from arranging financing and insurance products through CNH Industrial's financial services arm. The company's margins are significantly influenced by several factors. Commodity prices and farm income levels directly impact farmer purchasing power and willingness to buy new equipment, affecting both sales volumes and pricing power. Interest rates influence customer financing costs and the company's own inventory financing expenses, as dealers typically finance their inventory through manufacturer floor plan arrangements. Inventory management is crucial, as excess inventory can lead to margin compression through aggressive pricing to move aged units, while insufficient inventory can result in lost sales opportunities. Seasonal patterns also affect margins, with spring planting and fall harvest seasons typically generating higher activity levels. Competition from other dealers and direct manufacturer sales programs can pressure margins, while manufacturer incentive programs and volume rebates can provide margin support during challenging periods.
Competitive moat
Titan Machinery's competitive moat is moderate and primarily built around geographic positioning and customer relationships rather than unique products or proprietary technology. The company's network of strategically located dealerships creates convenience value for customers who need local service, parts availability, and equipment support. Agricultural and construction equipment requires ongoing maintenance, warranty service, and parts replacement, creating natural customer stickiness once a relationship is established. The company benefits from manufacturer relationships and exclusive territorial rights in many of its markets, particularly with CNH Industrial brands. These arrangements provide some protection from direct competition, though they also create dependency on manufacturer policies and product competitiveness. Titan's scale allows it to maintain larger parts inventories and more specialized service technicians than smaller independent dealers, providing operational advantages in serving customers. However, the company's moat faces several challenges. Manufacturer consolidation has reduced the number of equipment brands and increased manufacturer power in dealer relationships. Direct sales initiatives by manufacturers, particularly for larger customers, can bypass the dealer network entirely. Equipment technology evolution toward more sophisticated, software-driven machinery may shift value toward manufacturers and away from traditional dealers. Consolidation among dealers is creating larger, better-capitalized competitors who can match Titan's scale advantages. The cyclical nature of the agricultural and construction industries means that even strong dealer relationships can be disrupted during extended downturns when customers defer purchases regardless of dealer service quality. Additionally, online parts sales and mobile service capabilities are reducing some traditional advantages of physical dealership locations. Overall, while Titan has built a solid regional franchise, its moat is not particularly deep or defensible against well-funded competitors or industry structural changes.
Risks & safety
Titan Machinery's margin of safety appears limited based on current financial metrics and market conditions. The company is experiencing financial stress due to the agricultural equipment downturn. • Solvency concerns: Current ratio of 1.35 provides minimal working capital cushion. Total debt-to-equity ratio of 1.63 indicates high leverage. The company generated negative net income of $37 million in fiscal 2025. • Cash flow challenges: Despite positive operating cash flow of $70 million for fiscal 2025, the company burned significant cash in individual quarters and faces ongoing inventory financing costs. • Inventory risk: Inventory levels peaked at $1.3 billion and remain elevated at over $1 billion, creating significant carrying costs and potential write-down risk if market conditions worsen. • Valuation metrics: Trading at 0.69x book value suggests market skepticism about asset values. Negative earnings make traditional P/E ratios meaningless. • Market headwinds: North American large ag equipment volumes expected to decline 30% in calendar 2025, with challenging conditions expected to persist through fiscal 2027. • Liquidity: Cash position of $36 million is relatively low given the company's size and working capital needs.
Recent development
Over the past few years, Titan Machinery has undergone significant strategic evolution in response to changing market conditions. The company experienced a period of strong growth and profitability during fiscal 2023-2024, achieving record revenues of $2.8 billion and earnings per share of $4.93 in fiscal 2024. During this period, the company expanded through strategic acquisitions, including Heartland Ag Systems and Pioneer Farm Equipment in the United States, and O'Connor's agricultural equipment business in Australia, which added the Australia segment to its operations. However, the company has faced significant challenges since late 2024 as agricultural market conditions deteriorated. Inventory management has become the primary strategic focus, with inventory levels peaking at approximately $1.3 billion before the company initiated aggressive reduction efforts. Management has implemented a comprehensive inventory reduction strategy targeting $400-500 million in reductions, with $304 million achieved in Q4 2025 alone. The company is targeting inventory turnover rates of 2.5 times annually and expects to reach normalized inventory levels by the end of fiscal 2026. The company has shifted its customer care strategy to emphasize parts and service business growth as equipment sales face headwinds. This includes continued investment in service technician recruitment and training, improved parts availability, and enhanced customer support capabilities. Management expects the service business to continue growing at high single-digit rates even during the equipment downturn. Margin management has become increasingly important as the company faces pressure from excess inventory and softening demand. The company has implemented aggressive pricing strategies and manufacturer incentive programs to move inventory while attempting to maintain acceptable margins. Equipment margins have compressed from historical levels of 9-12% to current levels around 5-7% as the company prioritizes inventory turnover over margin preservation.
TITN company profile · for informational purposes only — not investment advice.
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