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TITN, Titan Machinery Inc.

Titan Machinery Inc. own and operate a network of full service agricultural and construction equipment stores in the United States, Europe and Australia.

CNH is a leading global manufacturer and supplier of agricultural and construction equipment, which includes the Case IH Agriculture, New Holland Agriculture, Case Construction and New Holland Construction brands.

Based upon information provided to us by CNH, we are the largest retail dealer of Case IH Agriculture equipment in the world, one of the largest retail dealers of Case Construction equipment in North America and one of the largest retail dealers of New Holland Agriculture and New Holland Construction equipment in the United States.

Latest annual: FY2026 10-K

TITN · Titan Machinery Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$2.4B

−10.2% YoY · 11% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.4B 5-yr avg $2.4B

Gross margin 16% 5-yr avg 18%

Operating margin −0.3% 5-yr avg 3.5%

ROIC −1% 5-yr avg 13%

Owner-earnings margin 4% 5-yr avg 2%

Free cash flow margin 4% 5-yr avg 2%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Agriculture (64%) and International (16%), with 2 more segments behind.
What moves the needle: Gross margin has run about 18% and operating margin about 1.6% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −0.3% to 6.3% over the years, so the cost line is where the needle moves. Inventory runs near 39% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 7%). By owner earnings: roughly 5% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Agriculture is 64% of revenue, with International the other meaningful segment at 16%.

Revenue by reportable segment, FY2026

Agriculture64%$1.6B
International16%$378M
Construction13%$311M
Australia7%$181M

By geographyUnited States77%Other Geographies16%Australia7%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMApr 2026
											Income statement
$1.2B	$1.2B	$1.3B	$1.3B	$1.4B	$1.7B	$2.2B	$2.8B	$2.7B	$2.4B	$2.4B	RevenueRevenue
18%	18%	18%	19%	19%	19%	20%	19%	15%	16%	16%	Gross marginGross mgn
($2M)	$925K	$27M	$21M	$37M	$90M	$138M	$169M	$4M	($7M)	($7M)	Operating incomeOp. inc.
−0.2%	0.1%	2.2%	1.6%	2.7%	5.3%	6.3%	6.1%	0.1%	−0.3%	−0.3%	Operating marginOp. mgn
($14M)	($7M)	$12M	$14M	$19M	$66M	$102M	$112M	($37M)	($54M)	($54M)	Net incomeNet inc.
—	—	25%	5%	37%	24%	25%	26%	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$141M	$96M	$47M	$955K	$173M	$159M	$11M	($32M)	$70M	$137M	$108M	Operating cash flowOp. cash
$27M	$25M	$24M	$28M	$24M	$22M	$25M	$31M	$39M	$38M	$38M	DepreciationDeprec.
$126M	$74M	$8M	($44M)	$127M	$68M	($119M)	($179M)	$64M	$148M	$119M	Working capital & otherWC & other
$9M	$14M	$6M	$11M	$7M	$15M	$10M	$11M	—	—	$11M	CapexCapex
0.8%	1.1%	0.5%	0.8%	0.5%	0.9%	0.5%	0.4%	—	—	0.5%	Capex / revenueCapex/rev
$132M	$82M	$40M	($10M)	$166M	$144M	$822K	($43M)	—	—	$97M	Owner earningsOwner earn.
11.0%	6.9%	3.2%	−0.7%	11.8%	8.4%	0.0%	−1.6%	—	—	4.1%	Owner earnings marginOE mgn
$132M	$82M	$40M	($10M)	$166M	$144M	$822K	($43M)	—	—	$97M	Free cash flowFCF
11.0%	6.9%	3.2%	−0.7%	11.8%	8.4%	0.0%	−1.6%	—	—	4.1%	Free cash flow marginFCF mgn
—	$4M	$15M	$14M	$7M	$34M	$100M	$108M	$260K	$20M	$20M	AcquisitionsAcquis.
-1%	—	7%	6%	7%	19%	18%	17%	—	-1%	-1%	ROICROIC
-4%	-2%	4%	4%	6%	15%	19%	17%	-6%	-9%	-9%	Return on equityROE
−4%	−2%	4%	4%	6%	15%	19%	17%	−6%	−9%	−9%	Retained to equityRetained/eq
											Balance sheet
$53M	$53M	$57M	$44M	$79M	$146M	$44M	$38M	$36M	$28M	$30M	Cash & investmentsCash+inv
$60M	$61M	$78M	$47M	$42M	$45M	$96M	$154M	$120M	$127M	$110M	ReceivablesReceiv.
$478M	$472M	$491M	$597M	$418M	$422M	$704M	$1.3B	$1.1B	$903M	$915M	InventoryInvent.
$17M	$15M	$17M	$17M	$20M	$26M	$41M	$44M	$37M	$35M	$44M	Accounts payablePayables
$521M	$518M	$552M	$628M	$440M	$441M	$759M	$1.4B	$1.2B	$995M	$981M	Operating working capitalOper. WC
$608M	$599M	$641M	$728M	$580M	$690M	$869M	$1.5B	$1.3B	$1.1B	$1.1B	Current assetsCur. assets
$309M	$328M	$420M	$494M	$318M	$375M	$498M	$1.2B	$961M	$772M	$788M	Current liabilitiesCur. liab.
2.0×	1.8×	1.5×	1.5×	1.8×	1.8×	1.7×	1.3×	1.3×	1.4×	1.4×	Current ratioCurr. ratio
$0	$250K	$1M	$2M	$1M	$9M	$31M	$64M	$61M	$66M	$67M	GoodwillGoodwill
$771M	$760M	$792M	$975M	$816M	$947M	$1.2B	$2.0B	$1.8B	$1.6B	$1.6B	Total assetsAssets
$89M	$63M	$21M	$38M	$49M	$81M	$97M	$120M	$169M	$180M	$177M	Total debtDebt
$35M	$9M	($36M)	($6M)	($29M)	($66M)	$53M	$82M	$133M	$152M	$147M	Net debt / (cash)Net debt
-0.1×	0.1×	2.0×	2.2×	5.2×	15.8×	19.9×	—	0.4×	—	—	Interest coverageInt. cov.
$321M	$322M	$335M	$345M	$345M	$435M	$536M	$658M	$614M	$579M	$566M	Shareholders’ equityEquity
0.2%	0.3%	0.2%	0.2%	0.2%	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	Stock comp / revenueSBC/rev
											Per share
21.3M	21.5M	21.8M	22.0M	22.1M	22.2M	22.4M	22.5M	22.6M	22.7M	22.8M	Shares out (diluted)Shares
$56.43	$55.36	$57.82	$59.45	$63.84	$76.95	$98.72	$122.60	$119.53	$106.70	$103.07	Revenue / shareRev/sh
$-0.67	$-0.33	$0.56	$0.64	$0.88	$2.97	$4.55	$5.00	$-1.63	$-2.38	$-2.35	EPS (diluted)EPS
$6.19	$3.82	$1.85	$-0.44	$7.51	$6.49	$0.04	$-1.92	—	—	$4.26	Owner earnings / shareOE/sh
$6.19	$3.82	$1.85	$-0.44	$7.51	$6.49	$0.04	$-1.92	—	—	$4.26	Free cash flow / shareFCF/sh
$0.44	$0.63	$0.29	$0.49	$0.32	$0.66	$0.45	$0.48	—	—	$0.47	Cap. spending / shareCapex/sh
$15.08	$14.94	$15.37	$15.72	$15.61	$19.56	$23.96	$29.23	$27.16	$25.47	$24.79	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.3%/yr	+10.8%/yr
Capital spending / share	+1.4%/yr (7-yr)	+10.8%/yr
Book value / share	+6.0%/yr	+10.3%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

23Mpeak FY2026

ROIC

−1%low FY2026

Gross margin

16%low FY2025

Net debt ÷ owner earnings

64.8×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($43M)owner earningsvs.$112Mnet incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2026

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business reported $112M of profit but ($43M) of owner earnings: $156M less than the profit line, taken out by capital spending and the timing of cash.

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	$112M	$102M	$66M	$19M	$14M
Depreciation & amortizationnon-cash charge added back	+$31M	+$25M	+$22M	+$24M	+$28M
Stock-based compensationreal costnon-cash, but a real cost	+$3M	+$3M	+$3M	+$3M	+$3M
Working capital & othertiming of cash in and out, other non-cash items	−$179M	−$119M	+$68M	+$127M	−$44M
Cash from operations	($32M)	$11M	$159M	$173M	$955K
Capital expenditurecash put back in to keep running and to grow	−$11M	−$10M	−$15M	−$7M	−$11M
Owner earnings	($43M)	$822K	$144M	$166M	($10M)
Owner-earnings marginowner earnings ÷ revenue	-2%	0%	8%	12%	-1%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $3M), owner earnings is nearer ($46M).

Much of fiscal 2024's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $152M

Net debt against an operating loss

Cash $28M − debt $180M

What this means
Netting $28M of cash and short-term investments against $180M of debt leaves $152M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 174d

Long (60+ days)

DSO 19 + DIO 161 − DPO 6 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 7%

Below average through the cycle

8-yr median, range -1%–19%; -1% latest = NOPAT ($5M) ÷ invested capital $731M

Industry peers: median 38%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran -1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Thin through the cycle

8-yr median margin, range -2%–12%; latest $127M = operating cash $137M − maintenance capex $11M

Industry peers: median 4%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 5% of revenue this year, a 3% median across 8 years. Treating stock comp as the real expense it is (less $6M of SBC) leaves $121M.
Are earnings backed by cash? $137M

Loss, but cash-generative

Net income ($54M) · cash from operations $137M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.29×

Harvesting

Capex $11M ÷ depreciation $38M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.4B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.41×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $180M vs $318M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.31/share (latest year $-2.32), the averaged base the calculator's gate runs on, and book value is $24.86/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 1% → 2% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin held roughly steady — about 1% early, 2% lately, median 2%.
Reinvestment, incremental ROIC 8%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2026 · −0.3% op. margin

What this means
Operations went underwater in 2026, understand why before trusting the good years.
Share count +0.7%/yr

What this means
Roughly flat share count, little dilution, little buyback.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.1B

Cash & short-term investments$30M
Receivables$110M
Inventory$915M
Other current assets$31M

Current liabilities$788M

Debt due within a year$26M
Accounts payable$44M
Other current liabilities$719M

Current ratio1.38×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.22×stricter: inventory excluded

Cash ratio0.04×strictest: cash alone against what's due

Working capital$296Mthe cushion left after near-term bills

Debt due this year vs. cash$26M due · $30M cash covered by cash on hand, no refinancing forced · both figures from the Apr 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago−12.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.4×

Deeper floors

Tangible book value$448Mequity stripped of goodwill & intangibles

Debt incl. operating leases$228M$51M of it operating leases

Deferred revenue$54Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2024

Over the record, the business generated $595M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$82M · 14%
Retained (debt / cash)$512M · 86%

Net change in share count7.3%
The diluted count rose from 21M to 23M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained−17%
Of the earnings it kept rather than paid out ($305M over the span), annual owner earnings (first three years vs last three) fell $51M, so each retained $1 gave back about 0.17 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$117M7% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity11%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$301Mover 10 years buying other businesses, against $82M of capital spent building

$2M written down across 2 years (2021, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	—	$484k	$484k	$144M
2023	—	$487k	$487k	$822K
2024	—	$504k	$504k	($43M)
2025	David Meyer	$1.2M	$900k	—
2026	Bryan Knutson	$1.5M	$1.3M	—

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Insider ownership10.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$6M
The slice of the business handed to employees in shares this year, 0% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Titan Machinery Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

4 of the 6 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?2.3% vs 7.0%
The owner-earnings margin averaged 7.0% early in the record and 2.3% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?7.3%
Diluted shares grew 7.3% over 2017–2024. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$89M → $177M
Debt rose from $89M to $177M while owner earnings went from about $85M to $34M — about 1.0 year of owner earnings in debt then, about 5.2 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereAre "one-time" charges a yearly habit?8 of 10 years
Management took an impairment or write-down in 8 of the last 10 years, $22M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Specialty Retail

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ULTAUlta Beauty Inc.	$12.4B	38%	13.4%	48%	10%
BBWIBath & Body Works	$7.3B	44%	17.3%	56%	11%
WOOFPetco Health and Wellness	$6.0B	40%	2.5%	4%	2%
SBHSally Beauty Holdings	$3.7B	50%	9.8%	20%	5%
PTRNPattern Group Inc. Series A	$2.5B	44%	3.9%	—	3%
TITNTitan Machinery Inc.	$2.4B	18%	1.9%	7%	5%
SGUStar Group L.P.	$1.8B	62%	4.1%	—	4%
LESLLeslie's	$1.2B	41%	13.1%	38%	3%
Group median	—	42%	6.9%	29%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Titan Machinery Inc. has delivered.

Today’s price $

Through the cycle, Titan Machinery Inc. earns about $127M on its 5.2% median owner-earnings margin. This year’s 5.2% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($127M) Net of stock comp (−$5M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $97M on 23M shares outstanding, per the 10-Q cover, as of 2026-05-31; net debt $147M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh TITN against another business →

Cite: Owner Scorecard, "Titan Machinery Inc. (TITN), the owner's record," https://ownerscorecard.com/c/TITN, data as of 2026-07-09.

Manual order: ← TIPT its page in the Manual TJX →

Industry order: ← SVV the Specialty Retail chapter TJX →