Titan America SA (TTAM)
NYSE:TTAM
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Titan America SA
(NYSE:TTAM)
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Rating:72Outperform
Price Target:
$18.50
▲(11.11% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong underlying profitability and improving balance sheet metrics, tempered by only moderate free-cash-flow conversion and cyclical risk. Technicals are mildly supportive with neutral momentum, while valuation is middling with a low dividend yield. Earnings call tone was generally positive with reaffirmed guidance, but near-term risks (residential softness, input-cost inflation, and Keystone integration) constrain upside.
Positive Factors
Margin Sustainability
Consistently above‑industry margins (TTM gross ~26%, EBIT ~16%, net ~11%) indicate structural pricing power and cost control across cement, ready‑mix and aggregates. Higher baseline margins provide resilience through cycles, supporting reinvestment, debt service and targeted returns over the next several quarters.
Negative Factors
Moderate FCF Conversion
Free cash flow converts only about half of reported net income, leaving less discretionary cash after capex and working capital. In a capital‑intensive building‑materials business this limits speed of deleveraging, scope for sustained buybacks or higher distributions, and increases sensitivity to rising capex needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
Consistently above‑industry margins (TTM gross ~26%, EBIT ~16%, net ~11%) indicate structural pricing power and cost control across cement, ready‑mix and aggregates. Higher baseline margins provide resilience through cycles, supporting reinvestment, debt service and targeted returns over the next several quarters.
Read all positive factors
Titan America SA (TTAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.84B
Dividend Yield0.94%
Average Volume (3M)244.41K
Price to Earnings (P/E)20.9
Beta (1Y)0.86
Revenue Growth2.67%
EPS Growth4.16%
CountryUS
Employees2,742
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)1.01
Shares Outstanding184,362,470
10 Day Avg. Volume241,153
30 Day Avg. Volume244,405
Financial Highlights & Ratios
PEG Ratio1.33
Price to Book (P/B)2.92
Price to Sales (P/S)1.82
P/FCF Ratio25.81
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue1.81
Enterprise Value/Gross Profit6.95
Enterprise Value/Ebitda7.92
Forecast
1Y Price Target
$17.50Price Target Upside5.11% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)1.09
Revenue Forecast (FY)$1.73B
Titan America SA Business Overview & Revenue Model
Company Description
Titan America SA manufactures building materials. The Company produces and sells cement, ready-mix concrete, aggregates, dry mortars, building blocks, and other concrete products. Titan America serves customers worldwide....
How the Company Makes Money
Titan America SA generates revenue primarily through the manufacturing and sale of cement, ready-mix concrete, and aggregates, which cater to both large-scale infrastructure projects and smaller, residential constructions. Additional revenues may ...
Titan America SA Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive tone: Titan America delivered modest revenue and adjusted EBITDA growth, expanded margins, materially stronger operating cash flow, and improved leverage in a turbulent operating backdrop. Management highlighted strategic progress with the Keystone acquisition and a new Innovation Hub and reaffirmed full-year guidance. Headwinds include residential market softness, winter weather impacts, energy/freight inflation and the need to integrate Keystone (currently lower-margin). On balance, operational execution and financial improvements outweigh near-term challenges.Positive Updates
Revenue and EBITDA Growth
Q1 2026 revenue of $398 million, up 1.5% year-over-year; adjusted EBITDA of $83 million, up 3.4% YoY.
Negative Updates
Residential Softness
Continued softness in the residential market weighed on volumes (ready-mix volumes declined 2.1% YoY; cement volumes were broadly stable but down less than 1% YoY), partially offset by infrastructure and commercial demand.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and EBITDA Growth
Q1 2026 revenue of $398 million, up 1.5% year-over-year; adjusted EBITDA of $83 million, up 3.4% YoY.
Read all positive updates
Company Guidance
Titan America reaffirmed its full‑year 2026 outlook, saying it still expects, on a like‑for‑like basis, low single‑digit revenue growth versus 2025 with modest expansion in adjusted EBITDA margins (guidance excludes any contribution from the May 1 Keystone acquisition); management framed this against Q1 results of $398 million revenue, $83 million adjusted EBITDA and a 20.7% adjusted EBITDA margin, Q1 operating cash flow of $62 million and free cash flow of $30 million, Q1 CapEx of ~$32 million, a net leverage ratio of 0.58x (net debt $227 million; cash $228 million; total debt $455 million), and a $0.04 per‑share issue premium distribution payable July 7 — while cautioning that residential softness (inflection likely delayed to 2027), inflationary/energy headwinds from the Iran conflict, and import/transport volatility could affect outcomes, and noting price pass‑throughs began in April as seasonally stronger volumes are expected in the mid‑year.Titan America SA Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.67B | 1.66B | 1.63B | 1.59B | 1.36B |
| Gross Profit | 435.47M | 434.99M | 416.65M | 363.49M | 221.27M |
| EBITDA | 381.79M | 380.21M | 348.71M | 314.24M | 188.81M |
| Net Income | 185.08M | 185.44M | 166.07M | 155.24M | 62.72M |
Balance Sheet | |||||
| Total Assets | 1.93B | 1.89B | 1.57B | 1.50B | 1.45B |
| Cash, Cash Equivalents and Short-Term Investments | 228.25M | 211.75M | 12.12M | 22.04M | 29.84M |
| Total Debt | 455.24M | 462.41M | 460.18M | 409.41M | 462.09M |
| Total Liabilities | 868.65M | 859.81M | 816.24M | 779.03M | 854.50M |
| Stockholders Equity | 1.06B | 1.03B | 750.01M | 719.77M | 592.73M |
Cash Flow | |||||
| Free Cash Flow | 147.68M | 117.09M | 112.62M | 108.38M | 50.10M |
| Operating Cash Flow | 310.31M | 277.63M | 248.04M | 227.13M | 178.37M |
| Investing Cash Flow | -163.67M | -157.95M | -135.80M | -117.65M | -127.30M |
| Financing Cash Flow | -58.57M | 79.94M | -123.33M | -117.78M | -21.66M |
Titan America SA Technical Analysis
Negative
16.65
Price Trends
15.11
Negative
14.91
Negative
Market Momentum
-0.07
Positive
45.84
Neutral
14.78
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTAM, the sentiment is Negative. The current price of 16.65 is above the 20-day moving average (MA) of 15.21, above the 50-day MA of 15.11, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 45.84 is Neutral, neither overbought nor oversold. The STOCH value of 14.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TTAM.
Titan America SA Risk Analysis
Titan America SA disclosed 62 risk factors in its most recent earnings report. Titan America SA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Titan America SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $2.84B | 20.91 | 18.35% | 0.94% | 2.67% | 4.16% | |
70 Outperform | $19.01B | 1.84 | 3.40% | 0.74% | 5.01% | -67.33% | |
67 Neutral | $3.04B | 30.61 | 21.28% | 0.19% | 9.49% | 8.32% | |
66 Neutral | $950.67M | 9.20 | 14.23% | 5.46% | 16.65% | -3.36% | |
66 Neutral | $1.83B | 15.59 | 20.25% | 1.12% | 9.84% | -12.68% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | $1.39B | 10.90 | 3.73% | ― | -5.63% | -86.58% |
* Basic Materials Sector Average
TTAM
Titan America SA
15.18
1.69
12.53%
CPAC
Cementos Pacasmayo SAA
10.76
5.39
100.37%
CX
Cemex SAB
12.56
5.50
77.88%
USLM
United States Lime & Minerals
106.04
3.63
3.55%
TGLS
Tecnoglass
41.16
-42.09
-50.56%
LOMA
Loma Negra Compania Industrial Argentina Sociedad Anonima
10.95
-2.82
-20.48%
Titan America SA Corporate Events
Titan America Posts Steady Q1 2026 Results and Closes Keystone Cement Acquisition
May 5, 2026
On May 5, 2026, Titan America SA reported first-quarter 2026 revenue of $398.4 million, up 1.5% year over year, with net income essentially flat at $33.0 million and adjusted EBITDA rising 3.4% to $82.5 million, supported by higher aggregates, fly...
Titan America SA Declares Q2 2026 $0.04 Issue Premium Distribution
May 5, 2026
On May 5, 2026, Titan America SA announced that its board has declared a second‑quarter 2026 distribution of $0.04 per common share to be paid out of the company’s available issue premium. The cash distribution will be payable on July ...
Titan America Closes Keystone Cement Acquisition, Expanding Mid-Atlantic Footprint
May 1, 2026
On May 1, 2026, Titan America SA announced it had closed the acquisition of Keystone Cement Holdings, Inc. and Keystone Cement Company LLC, a Pennsylvania-based cement manufacturer and aggregates producer, adding 990,000 short tons per year of cli...
Titan America SA Files 2025 Annual Report and Governance Details with SEC
Apr 17, 2026
On April 17, 2026, Titan America SA filed a Form 6-K with the U.S. Securities and Exchange Commission, furnishing its annual report for the fiscal year ended December 31, 2025, and a convening notice issued the same day. The filing confirms that t...
Titan America SA Flags Record 2025 Results and Keystone Cement Deal as It Enters New Growth Phase
Mar 25, 2026
Titan America SA, a vertically integrated U.S. East Coast building materials company, entered a new phase in 2025 as it completed a successful IPO on the New York Stock Exchange and delivered record financial performance despite soft demand in res...
Titan America SA Files and Publishes 2025 Form 20‑F Annual Report
Mar 24, 2026
On March 24, 2026, Titan America SA announced it had filed its Annual Report on Form 20‑F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The report is now available to investors via the company&...
Titan America Posts Record 2025 Results and Moves to Expand Mid-Atlantic Footprint
Mar 17, 2026
On March 17, 2026, Titan America SA reported that fourth-quarter 2025 revenue rose 4.1% year-on-year to $405.7 million, while net income jumped 19.1% to $43.5 million as improved volumes, cost controls and productivity expanded margins. Adjusted E...
Titan America SA Declares First-Quarter 2026 Cash Distribution from Issue Premium
Mar 17, 2026
On March 17, 2026, Titan America SA announced that its board declared a first‑quarter 2026 distribution of $0.04 per common share, to be paid from the company’s available issue premium. The payout is scheduled for May 8, 2026, to share...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.