Titan America SA
TTAMdata completeness 88%4 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Titan America SA earns about 20% on invested capital, far above its ~9% cost of capital, but has diluted owners by 5% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $9.03 and $10.84 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $1.36B1 | $1.59B2 | $1.63B2 | $1.66B2 |
| Net income | $62.7M3 | $155.2M4 | $166.1M4 | $185.4M4 |
| Operating cash flow | $178.4M5 | $227.1M6 | $248M6 | $295.4M6 |
| Capital expenditure | $125.4M7 | $117.1M8 | $135.4M8 | $160.5M8 |
| Free cash flow (derived) | $53M5 | $110M6 | $112.6M6 | $134.9M6 |
| Total debt | — | — | — | — |
| Cash & equivalents | $29.8M9 | $22M9 | $12.1M9 | $211.8M9 |
| Diluted shares | 175.4M | 175.4M | 175.4M | 184.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $56.09 of net worth that earned you $10.06 and generated $7.32 of cash last year.
It earned about 20% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 5% over 4 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $9.03 and $10.84 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth2.4%
- fcfBase$112.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth2.4%
- fcfBase$112.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$160.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $9.88 |
| Base | 2.4% | $10.84 |
| Bull | 7.4% | $13.14 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 2.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-12-31 · accession 0002035304-25-000006 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2023-12-31 · accession 0002035304-26-000047 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2022-12-31 · accession 0002035304-25-000006 (ProfitLoss)
- 20-F · period ending 2023-12-31 · accession 0002035304-26-000047 (ProfitLoss)
- 20-F · period ending 2022-12-31 · accession 0002035304-25-000006 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0002035304-26-000047 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0002035304-25-000006 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0002035304-26-000047 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0002035304-26-000047 (CashAndCashEquivalents)