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On May 26, 2026 Titan Machinery Bulgaria announced a partnership to become the official distributor of Milwaukee Tool for the Bulgarian market, extending the company’s non-equipment product lineup and service support in the region. An investor presentation published in May 2026 outlined strategic priorities, including inventory reduction and integration of acquired retail locations.
Technical Analysis
ADX at 14.02 shows no prevailing trend; price action remains in a low-trend environment, limiting momentum-driven breakouts and favoring range-bound movement relative to the current valuation.
DI+ registered a dip-and-reversal and now reads 20.63; that dip-and-reversal signals returning bullish directional pressure. DI- at 23.59 registered a decreasing trend, which also supports a shift away from previous downside dominance.
MACD sits at -0.27 with an associated signal line at -0.39 and the MACD trend increasing; MACD has crossed above its signal line, producing a bullish momentum confirmation for near-term price action relative to the valuation context.
MRO at -1.03 shows a dip-and-reversal pattern; the negative MRO indicates price below modeled target and therefore potential for upward reversion toward target levels implied by valuation.
RSI at 48.01 with an increasing trend indicates building bullish momentum without overbought readings, consistent with a measured recovery rather than an extended rally.
Price sits at $19.98, above the 12-day EMA ($19.21) and the 20-day average ($18.77) but below the 50-day average ($20.11); the 200-day average rests at $18.07. This alignment implies near-term support around the shorter averages and resistance near the 50-day average and the super trend upper band at $20.04.
Short-term volatility remains muted (20-day stdev $0.76) and average volume (10-day 151k vs. 50-day 209k) indicates slightly lighter participation than longer-term averages; that pattern supports limited-range moves unless a catalyst arrives. Ichimoku components (Tenkan $18.61, Kijun $19.48, Senkou A $21.61, Senkou B $20.38) place price inside the cloud area, consistent with consolidation ahead of a directional decision.
Fundamental Analysis
Total revenue for the period recorded at $522,381,000 with YoY revenue decline of 14.59%. Gross margin improved to 17.09% and increased YoY by 11.71 percentage points, supporting partial margin recovery despite lower top-line activity.
Operating margin stands at -0.98% with a QoQ decline of 28.34% and a small YoY improvement of 1.14 percentage point; EBIT sits at -$4,299,000 and EBIT margin at -0.82% (a QoQ deterioration of -59.81% and YoY decline of -14.72%). The company reported net income of -$12,616,000 and EPS of -$0.55, a $0.02 negative surprise versus the $-0.53 estimate (EPS surprise ratio -3.77%).
Cash and short-term investments totaled $29,578,000 while inventory reached $914,825,000, producing days inventory outstanding of 149.48 days—well above the industry peer mean of 82.01 days and close to the industry peer high of 157.15 days, which increases working-capital drag and ties up liquidity.
Leverage metrics present material constraints: total debt stands at $858,315,000 with net debt of $736,029,000 and debt-to-EBITDA at 181.50. Interest coverage registers at -0.53, a significant shortfall versus typical coverage levels. Net working capital measures $296,173,000 but the cash ratio remains weak at 3.75% while the current ratio sits at 1.38 (below the industry peer mean of 2.28).
Market multiples show mixed signals: price-to-book at 0.83 sits well below the industry peer mean of 8.999 and industry peer median of 6.834; trailing PE negative at -36.59 and EV/Revenue about 2.48. Free cash flow registered as negative $25,636,000 with a free cash flow yield of -5.47% and free cash to net income of 203.20%, illustrating timing mismatches between reported losses and cash conversion.
WMDST values the stock as over-valued given the combination of negative margins, persistent net losses, elevated inventory days, and high leverage that compresses valuation multiples relative to sustainable operating expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-04-30 |
| REPORT DATE: | 2026-06-09 |
| NEXT REPORT DATE: | 2026-09-08 |
| CASH FLOW | Begin Period Cash Flow | $ 28.2 M |
| Operating Cash Flow | $ 710.0 K | |
| Capital Expenditures | $ -2.54 M | |
| Change In Working Capital | $ -21.81 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 1.4 M | |
| End Period Cash Flow | $ 29.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 522.4 M | |
| Forward Revenue | $ 25.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 433.1 M | |
| Depreciation | $ 9.0 M | |
| Depreciation and Amortization | $ 9.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 527.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 89.3 M | |
| EBITDA | $ 4.7 M | |
| EBIT | $ -4.30 M | |
| Operating Income | $ -5.10 M | |
| Interest Income | $ 1.3 M | |
| Interest Expense | $ 8.2 M | |
| Net Interest Income | $ -6.87 M | |
| Income Before Tax | $ -12.47 M | |
| Tax Provision | $ 141.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -12.62 M | |
| Net Income From Continuing Operations | $ -12.62 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.53 | |
| EPS Actual | $ -0.55 | |
| EPS Difference | $ -0.02 | |
| EPS Surprise | -3.774 % | |
| Forward EPS | $ -0.11 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.6 B | |
| Intangible Assets | $ 118.4 M | |
| Net Tangible Assets | $ 448.1 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 29.6 M | |
| Cash | $ 29.6 M | |
| Net Receivables | $ 70.9 M | |
| Inventory | $ 914.8 M | |
| Long-Term Investments | $ 593.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 43.8 M | |
| Short-Term Debt | $ 615.1 M | |
| Total Current Liabilities | $ 788.5 M | |
| Net Debt | $ 736.0 M | |
| Total Debt | $ 858.3 M | |
| Total Liabilities | $ 1.0 B | |
| EQUITY | ||
| Total Equity | $ 566.5 M | |
| Retained Earnings | $ 293.5 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 24.30 | |
| Shares Outstanding | 23.309 M | |
| Revenue Per-Share | $ 22.41 | |
| VALUATION | Market Capitalization | $ 469.1 M |
| Enterprise Value | $ 1.3 B | |
| Enterprise Multiple | 274.444 | |
| Enterprise Multiple QoQ | -185.222 % | |
| Enterprise Multiple YoY | -37.482 % | |
| Enterprise Multiple IPRWA | TITN: 274.444 high: 96.248 mean: 63.368 median: 47.935 low: 39.058 |
|
| EV/R | 2.484 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.851 | |
| Asset To Liability | 1.54 | |
| Debt To Capital | 0.602 | |
| Debt To Assets | 0.532 | |
| Debt To Assets QoQ | 4.05 % | |
| Debt To Assets YoY | -5.543 % | |
| Debt To Assets IPRWA | TITN: 0.532 high: 0.491 median: 0.386 mean: 0.308 low: 0.083 |
|
| Debt To Equity | 1.515 | |
| Debt To Equity QoQ | 6.264 % | |
| Debt To Equity YoY | -9.317 % | |
| Debt To Equity IPRWA | high: 1.668 TITN: 1.515 median: 1.198 mean: 0.95 low: 0.109 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.828 | |
| Price To Book QoQ | 16.517 % | |
| Price To Book YoY | 23.534 % | |
| Price To Book IPRWA | high: 12.923 mean: 8.999 median: 6.834 low: 4.233 TITN: 0.828 |
|
| Price To Earnings (P/E) | -36.592 | |
| Price To Earnings QoQ | 196.935 % | |
| Price To Earnings YoY | 20.922 % | |
| Price To Earnings IPRWA | high: 138.864 mean: 103.737 median: 79.25 low: 75.229 TITN: -36.592 |
|
| PE/G Ratio | 0.595 | |
| Price To Sales (P/S) | 0.898 | |
| Price To Sales QoQ | 39.992 % | |
| Price To Sales YoY | 31.503 % | |
| Price To Sales IPRWA | high: 22.03 mean: 16.332 median: 14.294 low: 4.942 TITN: 0.898 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -173.774 | |
| Forward PE/G | 2.824 | |
| Forward P/S | 18.298 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.616 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.323 | |
| Asset Turnover Ratio QoQ | -14.717 % | |
| Asset Turnover Ratio YoY | -1.771 % | |
| Asset Turnover Ratio IPRWA | high: 0.455 TITN: 0.323 median: 0.308 mean: 0.293 low: 0.144 |
|
| Receivables Turnover | 7.004 | |
| Receivables Turnover Ratio QoQ | -6.832 % | |
| Receivables Turnover Ratio YoY | -9.852 % | |
| Receivables Turnover Ratio IPRWA | TITN: 7.004 high: 2.662 mean: 1.678 median: 1.646 low: 1.59 |
|
| Inventory Turnover | 0.476 | |
| Inventory Turnover Ratio QoQ | -17.828 % | |
| Inventory Turnover Ratio YoY | 4.498 % | |
| Inventory Turnover Ratio IPRWA | high: 9.738 mean: 5.131 median: 1.331 low: 0.772 TITN: 0.476 |
|
| Days Sales Outstanding (DSO) | 13.029 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 156.017 | |
| Cash Conversion Cycle Days QoQ | -7.598 % | |
| Cash Conversion Cycle Days YoY | 5.21 % | |
| Cash Conversion Cycle Days IPRWA | high: 157.145 TITN: 156.017 median: 82.195 mean: 82.012 low: 16.536 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.764 | |
| CapEx To Revenue | -0.005 | |
| CapEx To Depreciation | -0.282 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 717.0 M | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ 448.1 M | |
| Net Working Capital | $ 296.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.038 | |
| Current Ratio | 1.376 | |
| Current Ratio QoQ | -2.573 % | |
| Current Ratio YoY | 3.314 % | |
| Current Ratio IPRWA | high: 4.18 mean: 2.282 median: 1.548 TITN: 1.376 low: 0.764 |
|
| Quick Ratio | 0.215 | |
| Quick Ratio QoQ | -11.037 % | |
| Quick Ratio YoY | 18.719 % | |
| Quick Ratio IPRWA | high: 2.212 mean: 1.352 median: 0.719 low: 0.701 TITN: 0.215 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 181.5 | |
| Cost Of Debt | 0.583 % | |
| Interest Coverage Ratio | -0.526 | |
| Interest Coverage Ratio QoQ | -61.798 % | |
| Interest Coverage Ratio YoY | 5.867 % | |
| Interest Coverage Ratio IPRWA | high: 419.417 mean: 172.875 median: 6.657 low: 6.556 TITN: -0.526 |
|
| Operating Cash Flow Ratio | 0.001 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 6.491 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.133 % | |
| Revenue Growth | -18.611 % | |
| Revenue Growth QoQ | 4384.578 % | |
| Revenue Growth YoY | -14.589 % | |
| Revenue Growth IPRWA | high: 20.81 % median: 10.665 % mean: 10.649 % low: 8.412 % TITN: -18.611 % |
|
| Earnings Growth | -61.538 % | |
| Earnings Growth QoQ | -97.921 % | |
| Earnings Growth YoY | -52.971 % | |
| Earnings Growth IPRWA | high: 74.39 % median: 31.411 % mean: 26.227 % low: 10.0 % TITN: -61.538 % |
|
| MARGINS | ||
| Gross Margin | 17.092 % | |
| Gross Margin QoQ | 26.15 % | |
| Gross Margin YoY | 11.712 % | |
| Gross Margin IPRWA | high: 44.56 % mean: 40.611 % median: 39.274 % low: 27.225 % TITN: 17.092 % |
|
| EBIT Margin | -0.823 % | |
| EBIT Margin QoQ | -59.814 % | |
| EBIT Margin YoY | -14.715 % | |
| EBIT Margin IPRWA | high: 26.871 % mean: 22.53 % median: 21.086 % low: 9.267 % TITN: -0.823 % |
|
| Return On Sales (ROS) | -0.976 % | |
| Return On Sales QoQ | -28.341 % | |
| Return On Sales YoY | 1.14 % | |
| Return On Sales IPRWA | high: 25.941 % mean: 22.045 % median: 21.023 % low: 9.267 % TITN: -0.976 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -25.64 M | |
| Free Cash Flow Yield | -5.465 % | |
| Free Cash Flow Yield QoQ | -145.364 % | |
| Free Cash Flow Yield YoY | 1136.425 % | |
| Free Cash Flow Yield IPRWA | high: 1.347 % median: 0.383 % mean: 0.068 % low: -0.414 % TITN: -5.465 % |
|
| Free Cash Growth | -151.685 % | |
| Free Cash Growth QoQ | -358.451 % | |
| Free Cash Growth YoY | 49.148 % | |
| Free Cash Growth IPRWA | high: 10.731 % median: -73.123 % mean: -86.107 % low: -138.326 % TITN: -151.685 % |
|
| Free Cash To Net Income | 2.032 | |
| Cash Flow Margin | 0.136 % | |
| Cash Flow To Earnings | -0.056 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.781 % | |
| Return On Assets QoQ | -63.436 % | |
| Return On Assets YoY | 6.84 % | |
| Return On Assets IPRWA | high: 7.289 % mean: 4.382 % median: 2.461 % low: 1.741 % TITN: -0.781 % |
|
| Return On Capital Employed (ROCE) | -0.52 % | |
| Return On Equity (ROE) | -0.022 | |
| Return On Equity QoQ | -64.328 % | |
| Return On Equity YoY | 2.109 % | |
| Return On Equity IPRWA | high: 0.094 mean: 0.083 median: 0.082 low: 0.053 TITN: -0.022 |
|
| DuPont ROE | -2.202 % | |
| Return On Invested Capital (ROIC) | -0.194 % | |
| Return On Invested Capital QoQ | -67.72 % | |
| Return On Invested Capital YoY | -31.69 % | |
| Return On Invested Capital IPRWA | high: 9.16 % mean: 5.918 % median: 3.778 % low: 3.187 % TITN: -0.194 % |
|