Latest Ratios: P/E Ratio 11.2x · EV/EBITDA 12.0x · ROE 20.6%. (1996–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $2.2B | $3.0B | $2.2B | $2.5B | $3.1B | $3.1B | $2.8B | $3.0B | $4.1B | $3.0B |
| Enterprise Value | $8.0B | $7.4B | $8.4B | $7.9B | $7.9B | $8.1B | $7.9B | $7.5B | $6.9B | $6.6B | $5.5B |
| P/E Ratio → | 11.19 | 8.67 | 21.40 | 20.94 | 37.91 | 79.47 | — | 20.70 | 18.89 | 5.96 | 8.88 |
| P/S Ratio | 1.26 | 1.02 | 0.96 | 0.74 | 1.26 | 2.07 | 1.75 | 1.02 | 1.20 | 1.12 | 0.65 |
| P/B Ratio | 2.47 | 1.91 | 2.26 | 1.74 | 1.96 | 2.42 | 1.52 | 1.19 | 1.18 | 0.84 | 0.69 |
| P/FCF | — | — | — | — | — | 76.46 | — | — | — | 83.80 | 18.94 |
| P/OCF | 7.57 | 6.09 | 5.15 | 7.50 | — | 5.12 | 4.69 | 7.16 | 7.95 | 5.38 | 2.72 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.45 | 2.72 | 2.63 | 4.00 | 5.35 | 4.54 | 2.71 | 2.74 | 1.79 | 1.19 |
| EV / EBITDA | 12.01 | 11.20 | 10.68 | 11.06 | 12.97 | 15.52 | 76.43 | 11.09 | 12.11 | 8.43 | 5.33 |
| EV / EBIT | 22.22 | 11.44 | 16.93 | 18.95 | 23.59 | 32.88 | — | 18.87 | 20.74 | 17.29 | 7.35 |
| EV / FCF | — | — | — | — | — | 197.79 | — | — | — | 134.19 | 34.84 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.6% | 26.6% | 21.7% | 17.7% | 18.6% | 23.4% | 24.1% | 20.9% | 22.7% | 25.0% | 24.7% |
| Operating Margin | 16.6% | 16.6% | 16.0% | 14.0% | 16.9% | 16.9% | -8.8% | 14.4% | 12.6% | 15.0% | 16.2% |
| Net Profit Margin | 11.7% | 11.7% | 4.5% | 3.6% | 3.0% | 12.0% | -8.4% | 5.0% | 6.3% | 19.2% | 7.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.6% | 20.6% | 10.7% | 8.3% | 4.7% | 11.0% | -6.7% | 5.6% | 4.3% | 15.3% | 7.8% |
| ROA | 2.9% | 2.9% | 1.6% | 1.2% | 0.7% | 2.1% | -1.7% | 1.6% | 1.8% | 7.5% | 3.8% |
| ROIC | 4.1% | 4.1% | 5.4% | 4.6% | 3.9% | 2.9% | -1.7% | 4.4% | 3.4% | 5.8% | 8.2% |
| ROCE | 4.7% | 4.7% | 6.5% | 5.4% | 4.3% | 3.3% | -1.9% | 5.1% | 3.9% | 6.3% | 8.9% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.75 | 4.75 | 4.44 | 4.60 | 4.51 | 4.07 | 2.53 | 2.07 | 1.57 | 0.67 | 0.71 |
| Debt / EBITDA | 8.20 | 8.20 | 7.39 | 8.27 | 9.37 | 10.10 | 49.19 | 7.32 | 7.11 | 4.16 | 2.98 |
| Net Debt / Equity | — | 4.58 | 4.15 | 4.42 | 4.28 | 3.84 | 2.42 | 1.95 | 1.50 | 0.51 | 0.58 |
| Net Debt / EBITDA | 7.90 | 7.90 | 6.91 | 7.94 | 8.89 | 9.52 | 46.99 | 6.90 | 6.79 | 3.16 | 2.43 |
| Debt / FCF | — | — | — | — | — | 121.33 | — | — | — | 50.38 | 15.90 |
| Interest Coverage | 2.37 | 2.37 | 1.81 | 1.56 | 1.60 | 1.29 | -1.45 | 1.78 | 1.85 | 2.06 | 4.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.12 | 2.12 | 0.85 | 1.01 | 1.59 | 1.30 | 2.46 | 1.81 | 2.05 | 3.79 | 3.65 |
| Quick Ratio | 1.30 | 1.30 | 0.52 | 0.47 | 0.79 | 0.72 | 1.84 | 1.01 | 1.15 | 2.75 | 2.50 |
| Cash Ratio | 0.35 | 0.35 | 0.26 | 0.18 | 0.37 | 0.41 | 0.50 | 0.51 | 0.31 | 1.78 | 1.37 |
| Asset Turnover | — | 0.26 | 0.35 | 0.33 | 0.23 | 0.18 | 0.20 | 0.32 | 0.31 | 0.38 | 0.50 |
| Inventory Turnover | 3.38 | 3.38 | 5.06 | 3.59 | 2.56 | 2.68 | 4.65 | 5.03 | 3.70 | 4.29 | 5.19 |
| Days Sales Outstanding | — | 70.50 | 45.22 | 45.11 | 61.16 | 56.10 | 127.29 | 36.44 | 46.11 | 20.37 | 38.25 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 4.5% | 3.2% | 3.9% | 3.1% | 2.8% | 3.0% | 2.9% | 2.6% | 1.8% | 2.2% |
| Payout Ratio | 39.0% | 39.0% | 67.3% | 81.1% | 128.0% | 48.6% | — | 59.7% | 48.6% | 10.3% | 19.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.9% | 11.5% | 4.7% | 4.8% | 2.6% | 1.3% | — | 4.8% | 5.3% | 16.8% | 11.3% |
| FCF Yield | — | — | — | — | — | 1.3% | — | — | — | 1.2% | 5.3% |
| Buyback Yield | 2.6% | 3.3% | 1.0% | 0.3% | 2.3% | 26.9% | 6.6% | 8.3% | 17.2% | 2.3% | 1.7% |
| Total Shareholder Yield | 6.1% | 7.8% | 4.2% | 4.2% | 5.4% | 29.7% | 9.6% | 11.2% | 19.8% | 4.1% | 4.0% |
| Shares Outstanding | — | $83M | $84M | $83M | $84M | $104M | $116M | $127M | $146M | $152M | $149M |
Cyclical manufacturing demand volatility
Based on current market data, Trinity trades at a trailing P/E of 11.84x, which appears to reflect investor skepticism regarding the sustainability of earnings given the reported 30% year-over-year revenue decline and the inherent cyclicality of the North American railcar manufacturing and leasing industry.
The forward P/E of 15.53x suggests that the market anticipates a contraction in near-term earnings, likely driven by the volatility in manufacturing deliveries. Investors should monitor whether the current valuation adequately discounts the risk of a prolonged industrial downturn or if the market is mispricing the company as a pure-play manufacturer rather than a leasing utility.
According to recent financial statements, Trinity's ROIC has remained suppressed, hovering near 0.9% to 1.5% over the last ten quarters, which indicates that the company is struggling to generate returns on its massive, capital-intensive railcar fleet that exceed its likely cost of capital.
The persistent gap between invested capital and returns suggests that the company's heavy reinvestment requirements are not currently yielding commensurate profitability. This trend warrants further investigation into whether the fleet's age or composition is hindering the ability to command premium lease rates in the current market environment.
As reported in quarterly filings, Trinity's cash conversion cycle has fluctuated significantly, reaching 121 days in 2026Q1, which highlights the operational challenges of managing inventory and receivables within a highly cyclical manufacturing and leasing business model compared to historical norms.
The elevated days inventory outstanding, which peaked at 149 days in 2025Q3, suggests that the company may be holding excess railcar inventory during periods of soft demand. This inefficiency ties up critical liquidity and increases the risk of obsolescence if market preferences for specific railcar types shift rapidly.
Based on reported figures, Trinity maintains a debt-to-equity ratio of approximately 4.70x, which, when compared to industry peers, appears unusually high and suggests that the company's financial structure is heavily reliant on debt to fund its expansive railcar leasing operations.
The interest coverage ratio, which has trended downward toward 1.20x in 2026Q1, indicates that the margin of safety for debt service is narrowing significantly. Investors should monitor whether this leverage is primarily non-recourse fleet debt or corporate-level obligations, as the distinction is critical for assessing solvency risk.
The market frequently misapplies traditional industrial P/E multiples to Trinity, which obscures the reality that the company functions more like a financial services firm with a large, depreciating asset base rather than a standard manufacturing entity with high-margin, recurring product sales.
By focusing on P/E, analysts often overlook the significant impact of non-recurring gains from railcar dispositions on net income, which can artificially inflate earnings quality. A more appropriate metric for this business model would be an adjusted EV/EBITDA that accounts for the specific depreciation schedules and residual value risks of the railcar fleet.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TRN stock.
Trinity Industries, Inc.'s current P/E ratio is 11.2x. The historical average is 15.0x. This places it at the 58th percentile of its historical range.
Trinity Industries, Inc.'s current EV/EBITDA is 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Trinity Industries, Inc.'s return on equity (ROE) is 20.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 9.5%.
Based on historical data, Trinity Industries, Inc. is trading at a P/E of 11.2x. This is at the 58th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Trinity Industries, Inc.'s current dividend yield is 3.49% with a payout ratio of 39.0%.
Trinity Industries, Inc. has 26.6% gross margin and 16.6% operating margin. Operating margin between 10-20% is typical for established companies.
Trinity Industries, Inc.'s Debt/EBITDA ratio is 8.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.