Forensic Analysis · Primary Metals & Steel · as of Nov 11, 2026
Titan International Inc (TWI)
A forensic read on Titan International Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
2.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-12.6%
ROE
-0.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Titan International Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.6%
FY2025
Return on invested capital.Return on invested capital is 1.6% in the latest fiscal year and slipping across FY2023–FY2025 from 15.7%. After-tax operating profit was $113M in FY2023 and $16M in FY2025, with operating income at 8.2% of revenue in FY2023, 1.8% in FY2024 and 1.1% in FY2025. The capital base behind it grew +44% across FY2023–FY2025, from $723M to $1.0B, while the return fell 14.1 points, so the dollars added over that window earned less than the 15.7% the older base was already earning.
48d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 42 to 48 days FY2024→FY2025 (receivables +13% vs revenue -1%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 44 → 42 → 48 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-34%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
105d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 92 to 105 FY2024→FY2025 (against cost of goods sold; inventory +8% vs -1% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
Key fundamentals
Latest Revenue$1.83B
Revenue Growth YoY-0.9%
Revenue CAGR (2yr)+0.2%
Net Margin-3.5%
Free Cash Flow-$24.6M
Return on Equity-12.6%
Debt / Equity1.14x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Titan International Inc's actual 10-K/10-Q/8-K filings?