Monday, November 10, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. Titan reported 3Q25 results at the high end of expectations. The Ag and EMC segments each reported revenue growth compared with the prior year period, along with expanded gross margins. The Consumer segment saw improved gross margins despite marginally lower revenues due to tariffs continuing to have some dampening effect on new equipment demand. Notably, Titan continued to generate gross and EBITDA margins meaningfully above where they were during the last cyclical trough.
3Q25 Results. Net sales for 3Q25 were $466.5 million, compared to $448.0 million in the comparable period of 2024. The increase was primarily driven by pricing related to passing on increases in input costs. We were at $455 million. Gross margin improved to 15.2% from 13.1%. We were at 15.2%. Adjusted EBITDA was $29.8 million in 3Q25, compared to $20.5 million in 3Q24, and our $28.5 million estimate. Adjusted EPS was $0.04 versus a loss of $0.19/sh last year and our projected $0.04/sh loss.
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