Titan America S.A. (TTAM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+22.9%

$17.43

vs $14.19 price

Levered DCF

$17.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.79

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	16.32×	18.56×	19.88×	49.12×	52.19×
P/B	2.92×	4.11×	4.28×	5.19×	0×
P/S	1.82×	1.88×	1.93×	2.26×	2.67×
EV / EBITDA	8.7×	10.11×	11.03×	18.6×	0×
Gross margin	26.1%	25.5%	22.8%	16.2%	17.0%
Operating margin	16.3%	15.4%	14.2%	7.1%	8.2%
Net margin	11.1%	10.2%	9.8%	4.6%	5.1%
Current ratio	3.03×	1.61×	0.76×	1.1×	0×
Debt / equity	0.45×	0.61×	0.57×	0.78×	0×
Interest coverage	12.03×	10×	10.86×	4.54×	4.47×
Dividend yield	1.0%	2.8%	1.1%	0.0%	0.0%
Payout ratio	15.8%	51.2%	21.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	17.9%	22.1%	21.6%	10.6%	0.0%
Return on invested capital	12.0%	13.6%	13.5%	6.3%	0.0%
Return on assets	9.8%	10.6%	10.4%	4.3%	0.0%
Free cash flow yield	4.3%	3.6%	3.5%	1.6%	2.4%
Earnings yield	6.1%	5.4%	5.0%	2.0%	1.9%
Enterprise value	$3.3B	$3.5B	$3.5B	$3.5B	$0
Net debt / EBITDA	0.67×	1.28×	1.23×	2.29×	0×
Cash conversion cycle (days)	58	55	41	33	0