Latest Ratios: P/E Ratio 9.1x · EV/EBITDA 11.7x · ROE 14.1%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.0B | $821M | $621M | $346M | $479M | — | — |
| Enterprise Value | $2.5B | $2.3B | $1.7B | $1.3B | $946M | $902M | — | — |
| P/E Ratio → | 9.08 | 7.47 | 6.89 | 7.69 | — | 3.62 | — | — |
| P/S Ratio | 5.31 | 4.37 | 3.46 | 3.55 | 7.95 | 2.73 | — | — |
| P/B Ratio | 1.13 | 0.93 | 1.00 | 1.02 | 0.75 | 1.07 | — | — |
| P/FCF | — | — | — | — | 6.33 | — | — | — |
| P/OCF | — | — | — | — | 6.30 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.94 | 7.11 | 7.22 | 21.73 | 5.14 | — | — |
| EV / EBITDA | 11.68 | 10.67 | 14.28 | 10.42 | — | 6.81 | — | — |
| EV / EBIT | 11.68 | 10.67 | 14.28 | 9.73 | — | 6.81 | — | — |
| EV / FCF | — | — | — | — | 17.29 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 73.9% | 81.1% | 21.6% | 88.4% | 58.7% | — |
| Operating Margin | 93.1% | 93.1% | 49.8% | 74.2% | -64.3% | 75.5% | -15.1% | — |
| Net Profit Margin | 58.4% | 58.4% | 48.7% | 44.0% | -69.8% | 75.4% | -15.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 14.1% | 14.1% | 16.1% | 14.4% | -6.7% | 38.6% | -5.1% | — |
| ROA | 6.4% | 6.4% | 7.5% | 6.3% | -2.9% | 17.7% | -2.2% | -8.4% |
| ROIC | 7.9% | 7.9% | 6.0% | 8.4% | -2.1% | 13.8% | -1.7% | — |
| ROCE | 10.2% | 10.2% | 7.9% | 10.9% | -2.8% | 17.9% | -2.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 1.07 | 1.06 | 1.33 | 1.02 | 1.26 | — |
| Debt / EBITDA | 6.07 | 6.07 | 7.42 | 5.34 | — | 3.43 | — | — |
| Net Debt / Equity | — | 1.18 | 1.05 | 1.05 | 1.31 | 0.95 | 1.07 | — |
| Net Debt / EBITDA | 5.98 | 5.98 | 7.34 | 5.30 | — | 3.20 | — | — |
| Debt / FCF | — | — | — | — | 10.96 | — | — | — |
| Interest Coverage | 2.68 | 2.68 | 1.91 | 2.93 | -0.82 | 6.50 | -0.36 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.79 | 22.79 | 0.83 | 0.37 | 0.97 | 3.87 | 9.88 | — |
| Quick Ratio | 22.79 | 22.79 | 0.83 | 0.37 | 0.97 | 3.87 | 9.88 | — |
| Cash Ratio | 11.10 | 11.10 | 0.31 | 0.11 | 0.50 | 3.23 | 9.03 | — |
| Asset Turnover | — | 0.09 | 0.13 | 0.13 | 0.04 | 0.19 | 0.07 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 11.1% | — | — | — | — | — | — | — |
| Payout Ratio | 100.6% | 100.6% | 88.7% | 102.5% | — | 18.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.0% | 13.4% | 14.5% | 13.0% | — | 27.6% | — | — |
| FCF Yield | — | — | — | — | 15.8% | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 11.1% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $69M | $57M | $43M | $32M | $27M | $26M | $25M |
Portfolio Valuation Subjectivity
Based on current market data, TRIN trades at a P/B of 1.08x, which appears to reflect investor skepticism regarding the long-term sustainability of its dividend yield of 11.6% when compared to the broader BDC peer group's valuation multiples and historical performance benchmarks.
The current P/E of 8.69x suggests that the market is pricing in a conservative growth outlook, likely discounting the firm's reliance on non-recurring fee income. Investors should monitor whether this valuation gap relative to larger, more established peers like Ares Capital narrows as the company demonstrates consistent earnings power through a full credit cycle.
As reported in recent financial statements, TRIN's ROIC has struggled to gain momentum, fluctuating between 0.9% and 2.6% over the last ten quarters, which indicates that the firm is currently failing to generate significant excess returns on its invested capital base relative to its cost of funding.
The persistent low ROIC suggests that the company's aggressive asset expansion has not yet translated into superior profitability. This trend warrants further investigation into whether the firm's specialized equipment financing strategy is yielding the expected risk-adjusted returns or if competitive pressures are compressing margins.
According to historical balance sheet data, TRIN maintains a debt-to-equity ratio consistently near 1.20x, suggesting that the firm is operating near its regulatory leverage ceiling and possesses limited capacity to absorb further credit shocks without potentially compromising its capital structure or dividend distribution policy.
The high leverage ratio relative to the firm's volatile net income implies that interest coverage remains a critical risk factor. Investors should monitor the interest coverage ratio, which has shown significant volatility, as any sustained increase in borrowing costs could materially impair the firm's net interest margin.
Based on an analysis of financial ratios, the dividend yield is the most commonly misapplied metric for TRIN, as it fails to account for the high proportion of non-cash PIK interest and the firm's reliance on lumpy exit fees to support its current payout levels.
Relying on the dividend yield as a proxy for income stability is misleading because it ignores the underlying cash flow volatility. A more appropriate metric for assessing the sustainability of the distribution would be the dividend coverage ratio derived specifically from recurring net investment income, excluding unrealized gains.
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TRIN stock.
Trinity Capital Inc.'s current P/E ratio is 9.1x. The historical average is 6.4x. This places it at the 100th percentile of its historical range.
Trinity Capital Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Trinity Capital Inc.'s return on equity (ROE) is 14.1%. The historical average is 11.9%.
Based on historical data, Trinity Capital Inc. is trading at a P/E of 9.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Trinity Capital Inc.'s current dividend yield is 11.06% with a payout ratio of 100.6%.
Trinity Capital Inc. has 100.0% gross margin and 93.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Trinity Capital Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.