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Building materials · Basic Materials · Fiscal year ends Dec 31
Titan America reported revenue of $1.7B in the fiscal year ended Dec 2025, up 1.8% from the year before. Operating income was $268M, an operating margin of 16.1%, and net income was $185M. Operating cash flow of $295M less capital expenditure of $161M left free cash flow of $135M. Net debt was $184M.
Ranks among the 16 building materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 1,364 | 1,592 | 1,634 | 1,664 |
| Cost of revenue | 1,143 | 1,228 | 1,218 | 1,229 |
| Gross profit | 221 | 363 | 417 | 435 |
| Selling, general & admin | 117 | 131 | 163 | 164 |
| Operating income | 97.0 | 226 | 251 | 268 |
| Interest expense | 19.1 | 22.2 | 26.2 | 22.6 |
| Pre-tax income | 79.7 | 202 | 224 | 245 |
| Income tax | 17.0 | 47.1 | 57.5 | 59.4 |
| Net income | 62.7 | 155 | 166 | 185 |
| Diluted EPS | 0.36 | 0.89 | 0.95 | 1.01 |
| Diluted shares | 175 | 175 | 175 | 183 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 29.8 | 22.0 | 12.1 | 212 |
| Receivables | – | 55.9 | 48.1 | 54.3 |
| Inventory | – | 190 | 228 | 226 |
| Current assets | – | 373 | 384 | 610 |
| Net PP&E | 748 | 801 | 852 | 930 |
| Goodwill | – | 222 | 222 | 222 |
| Total assets | – | 1,499 | 1,566 | 1,894 |
| Payables | – | 151 | 140 | 131 |
| Deferred revenue | – | 1.1 | 6.3 | 6.8 |
| Current liabilities | – | 492 | 239 | 201 |
| Short-term debt | – | 268 | 33.6 | 5.4 |
| Long-term debt | – | 76.3 | 358 | 390 |
| Total liabilities | – | 779 | 816 | 860 |
| Shareholders' equity | 593 | 720 | 750 | 1,034 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 178 | 227 | 248 | 295 |
| Capital expenditure | 125 | 117 | 135 | 161 |
| Free cash flow | 53.0 | 110 | 113 | 135 |
| Depreciation & amortisation | 87.7 | 91.1 | 99.9 | 109 |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | – |
| Share buybacks | 0.0 | 0.0 | 51.6 | 0.0 |
| Dividends paid | 0.0 | 33.8 | 85.1 | 0.0 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.7% | 2.7% | 1.8% |
| Operating income growth (YoY) | – | 132.5% | 11.4% | 6.7% |
| EPS growth (YoY) | – | 147.2% | 6.7% | 6.3% |
| Gross margin | 16.2% | 22.8% | 25.5% | 26.1% |
| Operating margin | 7.1% | 14.2% | 15.4% | 16.1% |
| Net margin | 4.6% | 9.8% | 10.2% | 11.1% |
| Return on equityBlank when equity is negative | 10.6% | 21.6% | 22.1% | 17.9% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 22.4% | 18.9% | 15.8% |
| Free cash flow margin | 3.9% | 6.9% | 6.9% | 8.1% |
| Cash conversion (CFO ÷ net income) | 2.84x | 1.46x | 1.49x | 1.59x |
| Receivable days | – | 13 | 11 | 12 |
| Inventory days | – | 56 | 68 | 67 |
| Payable days | – | 45 | 42 | 39 |
| Interest cover | 5.09x | 10.1x | 9.60x | 11.9x |
| Debt ÷ equity | – | 0.48x | 0.52x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 322 | 380 | 184 |
| Current ratio | – | 0.76x | 1.61x | 3.03x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.