F

Titan International, Inc. (DE) — Earnings Quality Grade F

TWI · Industrials

Major red flags

Revenue
$1.8B
2025
Net Income
-$63M
2025
Gross Margin
13.9%
Free Cash Flow
-$25M
01

Screening Summary

10
Passed
5
Watch
2
Failed
-2.7
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 48 days, change +6 days YoY

!
A2AR vs Revenue Growth

AR growth 12.5% exceeds revenue growth -0.9%

A3Revenue vs CFFO

Revenue -0.9%, CFFO -78.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 7.6% vs COGS -0.8%. Normal

B2CapEx vs Revenue

CapEx growth -16.8% vs revenue -0.9%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 80.2%, exceeds 70%

B4Gross Margin

Gross margin 13.9%, change -0.1pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -0.47. Below 1.0

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -5.6%. Low accruals

C4Cash vs Debt

Cash $0.2B covers only 29% of debt $0.7B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 10% of equity. Manageable

D2Leverage

Debt/EBITDA = 7.5x (>4x). Interest coverage = 0.5x (<2x). Financial stress

D3Soft Asset Growth

Other assets -55.8% vs revenue -0.9%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change 15% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.70 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.7
-4.0 Clean-2.22 Grey-1.78 Danger0
1.136
DSRI
AR growing faster than revenue?
1.007
GMI
Gross margin declining?
0.834
AQI
Asset quality deteriorating?
0.991
SGI
Revenue growth rate
0.959
DEPI
Depreciation slowing?
1.07
SGAI
SG&A ratio changing?
-0.0559
TATA
Accruals level
1.001
LVGI
Leverage increasing?
05

Altman Z-Score

2.96
Safe Zone
0 Distress1.102.605.0+ Safe
0.3334
Liquidity
0.0601
Cumulative profit
0.0164
Operating efficiency
0.4469
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25