TITNTitan Machinery Inc.

Retail-Retail Stores, NEC

Revenue: $2.4B; 10% YoY
Operating margin: -0.3%; 286% YoY
EBITDA: $31M; 28% YoY
Market cap: $562M
Employees: 3,114; $779K revenue each
Net debt / EBITDA: 0.9×; $27M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$504K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$779K · 56th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$562M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.7B	$2.2B	$2.8B	$2.7B	$2.4B	10%
Operating income	$90M	$138M	$169M	$4M	−$7M	267%
Net income	$66M	$102M	$112M	−$37M	−$54M	47%
Operating cash flow	$159M	$11M	−$32M	$70M	$137M	96%
Stock-based comp	$3M	$3M	$3M	$4M	$6M	30%

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$2M	$1M	53	146
FY2025	$1M	$900K	153	220
FY2024	$504K	$504K	219	158
FY2023	$487K	$487K	360	123
FY2022	$484K	$484K	252	153