Here are 1-2 brief analogies for Titan International (TWI):

• The Michelin or Goodyear for giant agricultural and construction vehicle tires.
• Like Cummins, but for the heavy-duty wheels and tires of farm and construction equipment.

• Agricultural Wheels and Tires: Manufactures and supplies a wide range of wheels and tires for tractors, combines, and other farm equipment.
• Construction and Mining Wheels and Tires: Produces heavy-duty wheels and tires designed for off-the-road (OTR) vehicles used in construction, earthmoving, and mining applications.
• Forestry Wheels and Tires: Offers specialized wheels and tires engineered for machinery operating in demanding forestry environments.

Major Customers of Titan International (TWI)

Titan International (TWI) primarily operates on a business-to-business (B2B) model, selling its tires, wheels, and undercarriage products for use in a wide variety of off-highway equipment. Its major customers include original equipment manufacturers (OEMs) and aftermarket distributors and dealers.

According to its most recent 10-K filings, sales to its ten largest OEM customers account for a significant portion of its net sales. The company specifically identifies its top three major customers as:

• Deere & Company (Symbol: DE)
• CNH Industrial N.V. (Symbol: CNHI)
• Caterpillar Inc. (Symbol: CAT)

Paul G. Reitz President and Chief Executive Officer

Paul Reitz joined Titan International in 2010 as Chief Financial Officer, became President in February 2014, and was appointed Chief Executive Officer in January 2017. Prior to joining Titan, Mr. Reitz held financial and marketing leadership positions, including Chief Accounting Officer for Carmike Cinemas, and roles at Yell Group PLC, McLeodUSA Publishing, and Deloitte and Touche LLP. He earned a Master's of Business Administration from the University of Iowa and a Bachelor of Business Administration from Northwood University. In 2023, he was recognized as an Ernst and Young Entrepreneur of the Year Midwest finalist. He led the acquisition of the Carlstar Group in 2024.

David A. Martin Senior Vice President and Chief Financial Officer

David A. Martin joined Titan International in June 2018. Before his tenure at Titan, he served in various capacities at Aegion Corporation, a global specialty engineering, construction, and manufacturing company, from 1993 to 2018, including Chief Financial Officer from 2007 to November 2017. He began his career at BDO LLP from 1989 to 1993. Mr. Martin holds a B.S. in Accounting from the University of Tennessee and is a Certified Public Accountant.

Todd A. Shoot Senior Vice President and Treasurer

Todd A. Shoot serves as Senior Vice President and Treasurer at Titan International.

Tony C. Eheli Vice President and Chief Accounting Officer

Tony C. Eheli joined Titan International in March 2021. Before joining Titan, Mr. Eheli held positions at Danaher Corporation as Global Director of Financial Planning and Analysis and Global Corporate Controller for two of its divisions. He also served as an Audit Manager at PricewaterhouseCoopers. Mr. Eheli holds a Master's of Business Administration in Finance from the University of Chicago's Booth School of Business and a Bachelor's degree in Banking and Finance from the University of Nigeria.

Max Narancich Chief Operating Officer, Carlstar

Max Narancich joined Titan in February 2024, following the company's acquisition of Carlstar, where he serves as Chief Operating Officer. He initially joined Carlstar in 2011, serving as Director of Financial Planning and Analysis, Vice President of Operational Finance, and ultimately Chief Financial Officer from 2016 until the acquisition. Prior to Carlstar, Mr. Narancich spent 15 years in progressive financial and leadership roles. He holds a Bachelor's in Accounting from the University of Central Arkansas.

The key risks to Titan International's business (symbol: TWI) are primarily driven by prevailing economic conditions and the company's financial structure:

1. Weak End-Market Demand and Economic Uncertainty: Titan International faces significant challenges due to reduced demand in its key operating segments, including Agricultural, Earthmoving/Construction, and Consumer. This decline is attributed to global macroeconomic challenges such as inflation, high financing costs, and lower farm income, leading to decreased sales volumes and reduced demand from OEM customers. This overarching issue has directly contributed to ongoing margin compression and revenue declines across all segments, impacting the company's profitability.
2. High Debt Levels: The company carries a substantial debt burden, with analyses indicating that Titan International is taking on considerable risk with its debt. If the company's earnings continue to decline, managing and repaying this debt could become increasingly challenging, potentially impacting its financial health and liquidity. The net debt has also seen an increase.
3. Global Macroeconomic Challenges (Tariffs, Currency Fluctuations, Competition): Titan International's international operations and exports are exposed to various risks, including adverse currency exchange rates, economic and political instability, and restrictive actions by foreign governments such as tariffs and quotas. Specifically, tariffs have been identified as a factor causing slowdowns in certain business segments. Additionally, the company operates in a competitive landscape against domestic and international players, some of whom possess greater financial and marketing resources, and faces the risk of competitors reducing prices.

The accelerating transition of off-highway equipment (agriculture, construction, mining) towards electrification and alternative power sources represents a clear emerging threat. Major original equipment manufacturers (OEMs) are investing heavily in and bringing to market electric and hybrid models for tractors, excavators, loaders, and other machinery. This shift entails fundamental changes in vehicle architecture, weight distribution (due to heavy battery packs), torque delivery, and performance characteristics. These changes will demand new specifications and designs for wheels and tires, including potentially different load capacities, rolling resistance characteristics, heat dissipation requirements, and material compositions. If Titan International does not adapt quickly and effectively to these evolving component requirements, or if new competitors emerge that specialize in developing optimized wheel and tire solutions for electric off-highway vehicles, TWI could face a significant risk of disruption to its traditional product lines and market share.

Titan International (TWI) operates primarily in the off-highway vehicle market, manufacturing and distributing wheels, tires, assemblies, and undercarriage products. The company serves the agricultural, earthmoving/construction, and consumer sectors globally.

Addressable Markets for Titan International's Main Products and Services:

• Agricultural Tires: The global agricultural tires market was valued at approximately USD 8.39 billion in 2024 and is projected to reach USD 12.6 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.15% from 2025 to 2033. Another estimate places the global farm tire market size at USD 8.44 billion in 2024, expected to grow to USD 11.80 billion by 2030 with a CAGR of 5.9%. North America held over 37.1% of the market share in 2024, while the Asia Pacific region dominated with a 43.9% share in 2024.
• Agricultural Wheels: The global agricultural equipment wheels market is estimated at USD 2.5 billion in 2025, with a projected CAGR of 5% from 2025 to 2033. North America and Europe are significant contributors to this market.
• Construction Equipment Tires: The global construction equipment tire market was valued at approximately USD 8.82 billion in 2024 and is expected to reach USD 14.1 billion by 2035, growing at a CAGR of 4.36% from 2025 to 2035. Another report states the market was valued at USD 5.9 billion in 2023 and is projected to reach USD 10.2 billion by 2032, with a CAGR exceeding 6.5%. The Asia Pacific region accounted for over 40% of the construction equipment tire market share in 2023.
• Construction Equipment Wheels: The global construction equipment wheels market size was valued at USD 7.26 billion in 2024 and is expected to grow to USD 12 billion by 2035, at a CAGR of approximately 4.6% during the forecast period (2025-2035). North America leads this market, holding a significant market valuation of USD 2.4 billion in 2024, projected to reach USD 3.8 billion by 2035.
• Undercarriage Systems and Components (for agriculture, construction, and mining): null
• Consumer Tires and Products (e.g., ATVs, UTVs, outdoor power equipment): null

Titan International (TWI) is poised for future revenue growth over the next two to three years, driven by several key factors as highlighted in recent company outlooks and analyst reports:

1. Recovery in Agricultural and Earthmoving/Construction (EMC) Segments: The company anticipates a rebound in demand within its core Agricultural and Earthmoving/Construction sectors. Growth in the Agricultural segment is expected to be fueled by an improving outlook for net farm income in 2025, driven by higher commodity prices and government support, which encourages farmers to reinvest in capital equipment. Both the Ag and EMC segments showed year-over-year revenue growth in Q3 2025, and the market is believed to be reaching a bottom, with a recovery in OEM demand anticipated for 2026.
2. Aftermarket Strength and "One-Stop Shop" Strategy: Titan International is focusing on enhancing its aftermarket business and promoting its "one-stop shop" offerings. This strategy aims to provide a comprehensive selection of tires, wheels, assemblies, and undercarriage products to both original equipment manufacturers (OEMs) and aftermarket customers. The expanded aftermarket presence has been noted for its positive impact in reducing the cyclicality of the business.
3. Expanded Goodyear Partnership and Product Portfolio Expansion: The company's expanded licensing agreement with Goodyear, particularly efforts to grow the outdoor power equipment tire portfolio, has been met with positive market response. This indicates revenue growth potential through the expansion of existing partnerships and a broader product offering.
4. Geographic Diversification and Reshoring Initiatives: Titan's diversified business model, including its geographic reach, particularly in Latin America and Europe, positions it for growth. Additionally, Titan America's reshoring model has contributed to regional revenue growth through vertical integration, enhancing the company's competitive stance.
5. Favorable Trade Conditions and Economic Normalization: Expected consistent trade deals, stable tariff rates, and potential interest rate reductions are seen as vital growth catalysts. The company also anticipates benefits from future trade talks, such as significant grain purchases by China, which would positively impact U.S. farmers and subsequently, demand for Titan's products. Trade normalization and an anticipated recovery in the off-highway OEM sector are considered key catalysts for 2026.

Share Repurchases

• In December 2022, Titan International's Board of Directors authorized a share repurchase program of up to $50.0 million, valid for up to three years. As of September 30, 2025, $1.0 million remained available under this program.
• During the nine months ended September 30, 2024, the company repurchased 1,925,000 shares totaling $16.1 million under this program.
• In October 2024, Titan repurchased 8.0 million shares from MHR Fund Management for $57.6 million, a transaction which did not affect the existing repurchase authorization.

Share Issuance

• Titan issued 144,439 shares, 124,645 shares, and 175,267 shares of common stock in connection with its 401(k) plan during 2023, 2022, and 2021, respectively.
• The company issued 1,252 shares under its 401(k) plan for the nine months ended September 30, 2025, and 1,328 shares for the same period in 2024.
• As of December 31, 2023, 3.0 million shares were available for future issuance under Titan's equity incentive plan.

Outbound Investments

• In 2024, Titan International completed the acquisition of Carlstar, significantly expanding its product portfolio for off-highway wheels and tires, particularly in the Consumer segment.
• The Carlstar acquisition aimed to create a "one-stop shop" in North America across Titan's primary segments and contributed to a $33.6 million increase in accounts payable in 2024.

Capital Expenditures

• Capital expenditures totaled $65.6 million for the year ended December 31, 2024, an increase from $60.8 million in 2023.
• The 2024 capital outlay included $17.2 million related to Carlstar and focused on improving existing facilities, enhancing manufacturing capabilities, and boosting operational efficiency.
• For the nine months ended September 30, 2025, capital expenditures were $36.753 million, down from $52.318 million in the comparable 2024 period, as the company plans to curtail investments in 2025 due to market conditions.