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TITAN INTERNATIONAL INC (TWI)
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| Operating Efficiency |
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Annual |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | Source | Source | Source | Source | Source | Source | Source | Source |
| Turnover Ratios |
| Inventory turnover | 4.6 | 4.5 | 3.6 | 3.6 | 3.8 | 4.2 | 4.1 | 4.2 |
| Asset turnover | 1.8 | 1.6 | 1.2 | 1.2 | 1.3 | 1.1 | 1.0 | 1.0 |
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| Returns on Capital |
| ROIC (excluding intangibles) | 22.4% | 12.0% | -5.7% | -3.8% | 3.4% | -0.2% | -2.9% | -4.9% |
| ROIC (including intangibles) | 21.0% | 10.9% | -6.4% | -3.9% | 3.3% | -0.2% | -2.8% | -5.3% |
| ROE | 47.6% | 36.6% | -19.7% | -11.5% | 7.1% | -0.4% | -6.1% | -10.6% |
| ROA | 14.2% | 7.0% | -3.8% | -2.7% | 2.2% | -0.1% | -1.9% | -3.5% |
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| Cash Conversion Cycle |
| Days sales outstanding | 44.9 | 52.3 | 55.9 | 46.7 | 55.1 | 56.3 | 51.7 | 46.4 |
| Days payables outstanding | 53.2 | 65.8 | 54.0 | 43.9 | 55.1 | 54.9 | 48.1 | 35.7 |
| Days inventory outstanding | 80.2 | 92.9 | 94.8 | 92.2 | 102.9 | 95.5 | 88.4 | 78.2 |
| Cash conversion cycle | 71.9 | 79.4 | 96.8 | 95.0 | 102.8 | 96.9 | 92.0 | 88.9 |
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