Transcat, Inc. (TRNS) 10-Year Financial Performance & Capital Metrics

TRNS • • Industrial / General

IndustrialsIndustrial DistributionSafety & Instrumentation DistributionInstrumentation & Calibration Services

AboutTranscat, Inc. provides calibration and laboratory instrument services in the United States, Canada, and internationally. It operates through two segments, Service and Distribution. The Service segment offers calibration, repair, inspection, analytical qualification, preventative maintenance, consulting, and other related services. This segment also provides CalTrak, a proprietary document and asset management software that is used to integrate and manage the workflow of its calibration service centers and customers' assets; and Compliance, Control and Cost, an online customer portal that provides its customers with web-based asset management capability, as well as a safe and secure off-site archive of calibration and other service records. The Distribution segment sells and rents test, measurement, and control instruments for customers' test and measurement instrumentation needs, as well as value added services, such as calibration/certification of equipment purchase, equipment rental, used equipment for sale, and equipment kitting. This segment markets and sells its products through website, digital and print advertising, proactive outbound sales, and an inbound call center. The company provides services and products to highly regulated industries, principally life science, which includes companies in the pharmaceutical, biotechnology, medical device, and other FDA-regulated industries; and additional industries, including aerospace and defense industrial manufacturing, energy and utilities, and other industries that require accuracy in processes and confirmation of the capabilities of their equipment. Transcat, Inc. was incorporated in 1964 and is headquartered in Rochester, New York.Show more

Revenue $278M +7.3%
EBITDA $36M +9.4%
Net Income $15M +6.4%
EPS (Diluted) 1.57 -3.7%
Gross Margin 32.13% -0.5%
EBITDA Margin 13.09% +1.9%
Operating Margin 6.42% -15.8%
Net Margin 5.21% -0.9%
ROE 5.67% -32.5%
ROIC 4.7% -38.3%
Debt/Equity 0.20 +110.4%
Interest Coverage 22.40 +107.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Shares diluted 10.8% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.46%

5Y9.97%

3Y10.75%

TTM12.47%

Profit (Net Income) CAGR

10Y13.68%

5Y12.47%

3Y8.45%

TTM-24.81%

EPS CAGR

10Y10.66%

5Y7.77%

3Y1.53%

TTM-28.47%

ROCE

10Y Avg10.66%

5Y Avg9.37%

3Y Avg8.51%

Latest5.91%

Peer Comparison

Instrumentation & Calibration Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TRNSTranscat, Inc.	596.18M	63.91	40.71	7.3%	4.43%	4.56%	4.33%	0.20

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	122.17M	143.9M	155.14M	160.9M	173.1M	173.34M	204.96M	230.57M	259.48M	278.42M
Revenue Growth %	-0.01%	0.18%	0.08%	0.04%	0.08%	0%	0.18%	0.12%	0.13%	0.07%
Cost of Goods Sold+	93.05M	108.93M	117.7M	121.56M	130.62M	127.22M	146.52M	162.21M	175.68M	188.97M
COGS % of Revenue	0.76%	0.76%	0.76%	0.76%	0.75%	0.73%	0.71%	0.7%	0.68%	0.68%
Gross Profit+	29.12M	34.97M	37.44M	39.34M	42.48M	46.12M	58.44M	68.36M	83.81M	89.45M
Gross Margin %	0.24%	0.24%	0.24%	0.24%	0.25%	0.27%	0.29%	0.3%	0.32%	0.32%
Gross Profit Growth %	0%	0.2%	0.07%	0.05%	0.08%	0.09%	0.27%	0.17%	0.23%	0.07%
Operating Expenses+	22.82M	27.04M	28.41M	29.11M	31.63M	35.05M	44.3M	52.11M	64.03M	71.58M
OpEx % of Revenue	0.19%	0.19%	0.18%	0.18%	0.18%	0.2%	0.22%	0.23%	0.25%	0.26%
Selling, General & Admin	22.82M	27.04M	28.41M	29.11M	31.63M	35.05M	44.3M	52.11M	64.03M	71.58M
SG&A % of Revenue	0.19%	0.19%	0.18%	0.18%	0.18%	0.2%	0.22%	0.23%	0.25%	0.26%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	6.3M	7.93M	9.03M	10.23M	10.85M	11.07M	14.14M	16.25M	19.78M	17.87M
Operating Margin %	0.05%	0.06%	0.06%	0.06%	0.06%	0.06%	0.07%	0.07%	0.08%	0.06%
Operating Income Growth %	-0.07%	0.26%	0.14%	0.13%	0.06%	0.02%	0.28%	0.15%	0.22%	-0.1%
EBITDA+	10.25M	14.12M	15.02M	16.59M	17.51M	18.65M	23.71M	27.2M	33.33M	36.44M
EBITDA Margin %	0.08%	0.1%	0.1%	0.1%	0.1%	0.11%	0.12%	0.12%	0.13%	0.13%
EBITDA Growth %	0.04%	0.38%	0.06%	0.1%	0.06%	0.07%	0.27%	0.15%	0.23%	0.09%
D&A (Non-Cash Add-back)	3.95M	6.18M	5.99M	6.36M	6.66M	7.58M	9.57M	10.96M	13.54M	18.57M
EBIT	6.3M	7.93M	9.13M	10.23M	10.85M	11.07M	14M	15.9M	20.27M	19.12M
Net Interest Income+	-295K	-770K	-1.08M	-994K	-1.12M	-1.09M	-810K	-2.42M	-1.03M	27K
Interest Income	0	0	0	0	0	0	0	0	808K	825K
Interest Expense	295K	770K	1.08M	994K	1.12M	1.09M	810K	2.42M	1.83M	798K
Other Income/Expense	-295K	-770K	-1.08M	-994K	-1.12M	-1.09M	-953K	-2.76M	-1.34M	452K
Pretax Income+	6.01M	7.16M	7.95M	9.23M	9.73M	9.98M	13.19M	13.49M	18.44M	18.33M
Pretax Margin %	0.05%	0.05%	0.05%	0.06%	0.06%	0.06%	0.06%	0.06%	0.07%	0.07%
Income Tax+	1.88M	2.64M	2.03M	2.09M	1.66M	2.19M	1.81M	2.8M	4.79M	3.81M
Effective Tax Rate %	0.69%	0.63%	0.75%	0.77%	0.83%	0.78%	0.86%	0.79%	0.74%	0.79%
Net Income+	4.12M	4.52M	5.92M	7.14M	8.07M	7.79M	11.38M	10.69M	13.65M	14.52M
Net Margin %	0.03%	0.03%	0.04%	0.04%	0.05%	0.04%	0.06%	0.05%	0.05%	0.05%
Net Income Growth %	0.02%	0.1%	0.31%	0.21%	0.13%	-0.03%	0.46%	-0.06%	0.28%	0.06%
Net Income (Continuing)	4.12M	4.52M	5.92M	7.14M	8.07M	7.79M	11.38M	10.69M	13.65M	14.52M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.58	0.64	0.81	0.95	1.08	1.03	1.50	1.40	1.63	1.57
EPS Growth %	0.02%	0.1%	0.27%	0.17%	0.14%	-0.05%	0.46%	-0.07%	0.16%	-0.04%
EPS (Basic)	0.60	0.65	0.83	0.99	1.10	1.05	1.52	1.42	1.66	1.58
Diluted Shares Outstanding	7.12M	7.11M	7.3M	7.51M	7.49M	7.55M	7.59M	7.64M	8.35M	9.25M
Basic Shares Outstanding	6.89M	6.99M	7.12M	7.2M	7.33M	7.42M	7.5M	7.55M	8.24M	9.19M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	26.22M	35.59M	40.51M	45.01M	48.46M	48.93M	59.7M	67.6M	105.16M	78.01M
Cash & Short-Term Investments	641K	842K	577K	788K	499K	560K	1.4M	1.53M	35.18M	1.52M
Cash Only	641K	842K	577K	788K	499K	560K	1.4M	1.53M	19.65M	1.52M
Short-Term Investments	0	0	0	0	0	0	0	0	15.53M	0
Accounts Receivable	17.96M	23.28M	26.05M	28.59M	32.08M	34.38M	40.3M	45.2M	48.28M	56.31M
Days Sales Outstanding	53.66	59.04	61.28	64.85	67.65	72.39	71.76	71.56	67.92	73.83
Inventory	6.52M	10.28M	12.65M	14.3M	14.18M	11.64M	12.71M	16.93M	17.42M	14.48M
Days Inventory Outstanding	25.58	34.44	39.23	42.95	39.62	33.38	31.67	38.09	36.19	27.97
Other Current Assets	0	1.19M	1.24M	1.33M	0	0	0	3.94M	4.28M	5.7M
Total Non-Current Assets+	50.49M	56.51M	56.31M	60.22M	79.66M	83.19M	118.06M	128.15M	182.39M	307.23M
Property, Plant & Equipment	12.31M	15.57M	17.09M	19.65M	29.43M	31.59M	37.47M	43.94M	55.77M	74.37M
Fixed Asset Turnover	9.92x	9.24x	9.08x	8.19x	5.88x	5.49x	5.47x	5.25x	4.65x	3.74x
Goodwill	29.11M	32.52M	32.74M	34.55M	41.54M	43.27M	65.07M	69.36M	105.58M	176.93M
Intangible Assets	8.21M	7.52M	5.5M	5.23M	7.98M	7.51M	14.69M	13.8M	19.99M	54.78M
Long-Term Investments	700K	700K	700K	500K	0	0	0	0	0	100K
Other Non-Current Assets	-2.77M	-2.53M	-1.41M	-1.58M	719K	808K	827K	1.05M	1.05M	1.06M
Total Assets+	76.71M	92.1M	96.82M	105.23M	128.12M	132.12M	177.76M	195.75M	287.55M	385.24M
Asset Turnover	1.59x	1.56x	1.60x	1.53x	1.35x	1.31x	1.15x	1.18x	0.90x	0.72x
Asset Growth %	0.23%	0.2%	0.05%	0.09%	0.22%	0.03%	0.35%	0.1%	0.47%	0.34%
Total Current Liabilities+	15.83M	19.76M	21.15M	22.15M	20.92M	25.14M	27.71M	28.32M	33.5M	34.04M
Accounts Payable	8.14M	11.62M	13.54M	14.57M	11.95M	12.28M	14.17M	15.87M	11.49M	16.75M
Days Payables Outstanding	31.94	38.92	41.97	43.76	33.38	35.22	35.3	35.71	23.88	32.36
Short-Term Debt	0	1.43M	2.14M	1.9M	1.98M	2.07M	2.16M	2.25M	2.34M	1.82M
Deferred Revenue (Current)	0	805K	232K	228K	0	0	0	0	0	0
Other Current Liabilities	7.69M	5.91M	5.24M	5.45M	6.91M	10.42M	11.38M	1.13M	620K	1.14M
Current Ratio	1.66x	1.80x	1.92x	2.03x	2.32x	1.95x	2.15x	2.39x	3.14x	2.29x
Quick Ratio	1.24x	1.28x	1.32x	1.39x	1.64x	1.48x	1.70x	1.79x	2.62x	1.87x
Cash Conversion Cycle	47.3	54.56	58.53	64.04	73.89	70.56	68.12	73.94	80.23	69.44
Total Non-Current Liabilities+	21.97M	28.94M	24.32M	23.45M	40.11M	31.9M	63.88M	67.8M	28.88M	64.33M
Long-Term Debt	19.07M	25.88M	20.71M	19.1M	28.36M	17.49M	46.29M	46.87M	1.82M	30.89M
Capital Lease Obligations	0	0	0	0	6.83M	7.96M	9.19M	12.96M	14.87M	21.39M
Deferred Tax Liabilities	1.07M	1.13M	1.71M	2.45M	3.02M	3.2M	6.72M	6.54M	9.29M	9.29M
Other Non-Current Liabilities	1.82M	1.92M	1.91M	1.9M	1.89M	3.24M	1.67M	1.43M	2.9M	2.75M
Total Liabilities	37.8M	48.7M	45.47M	45.6M	61.03M	57.04M	91.59M	96.12M	62.38M	98.36M
Total Debt+	19.07M	27.31M	22.85M	21M	37.18M	27.52M	57.65M	64.41M	21.54M	57.73M
Net Debt	18.43M	26.47M	22.27M	20.21M	36.68M	26.96M	56.25M	62.88M	1.89M	56.21M
Debt / Equity	0.49x	0.63x	0.45x	0.35x	0.55x	0.37x	0.67x	0.65x	0.10x	0.20x
Debt / EBITDA	1.86x	1.93x	1.52x	1.27x	2.12x	1.48x	2.43x	2.37x	0.65x	1.58x
Net Debt / EBITDA	1.80x	1.87x	1.48x	1.22x	2.09x	1.45x	2.37x	2.31x	0.06x	1.54x
Interest Coverage	21.36x	10.30x	8.37x	10.29x	9.69x	10.15x	17.46x	6.72x	10.78x	22.40x
Total Equity+	38.91M	43.4M	51.35M	59.63M	67.09M	75.08M	86.18M	99.63M	225.17M	286.88M
Equity Growth %	0.13%	0.12%	0.18%	0.16%	0.13%	0.12%	0.15%	0.16%	1.26%	0.27%
Book Value per Share	5.46	6.10	7.03	7.93	8.96	9.95	11.36	13.03	26.96	31.00
Total Shareholders' Equity	38.91M	43.4M	51.35M	59.63M	67.09M	75.08M	86.18M	99.63M	225.17M	286.88M
Common Stock	3.46M	3.52M	3.58M	3.6M	3.69M	3.73M	3.77M	3.78M	4.42M	4.66M
Retained Earnings	22.81M	27.3M	33.09M	40.17M	46.48M	52.51M	58.74M	69.16M	80.07M	92.52M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-358K	-414K	-281K	-611K	-1.01M	-451K	-233K	-1.2M	-949K	-1.47M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	10.98M	7.54M	9.87M	12.56M	11.56M	23.64M	17.62M	16.95M	32.62M	38.98M
Operating CF Margin %	0.09%	0.05%	0.06%	0.08%	0.07%	0.14%	0.09%	0.07%	0.13%	0.14%
Operating CF Growth %	1.47%	-0.31%	0.31%	0.27%	-0.08%	1.04%	-0.25%	-0.04%	0.92%	0.2%
Net Income	4.12M	4.52M	5.92M	7.14M	8.07M	7.79M	11.38M	10.69M	13.65M	14.52M
Depreciation & Amortization	3.95M	6.18M	5.99M	6.36M	6.66M	7.58M	9.57M	10.96M	13.54M	18.57M
Stock-Based Compensation	359K	453K	1.41M	1.33M	884K	1.51M	2.33M	3.38M	4.51M	3.25M
Deferred Taxes	136K	63K	765K	741K	575K	176K	559K	-186K	-1.6M	-5K
Other Non-Cash Items	185K	372K	225K	305K	831K	772K	122K	162K	459K	-550K
Working Capital Changes	2.23M	-4.05M	-4.44M	-3.32M	-5.46M	5.81M	-6.34M	-8.04M	2.05M	3.21M
Change in Receivables	147K	376K	92K	-2.38M	-3.3M	-2.19M	-3.39M	74K	406K	-1.29M
Change in Inventory	177K	-3.42M	-1.67M	-1.1M	875K	2.72M	-122K	-3.38M	2.32M	4.39M
Change in Payables	446K	3.11M	1.92M	963K	-2.77M	329K	1.9M	1.6M	-5M	4.94M
Cash from Investing+	-17.96M	-12.17M	-5.87M	-10.9M	-20.24M	-10.15M	-39.85M	-18.51M	-41.67M	-84M
Capital Expenditures	-4.1M	-5.25M	-5.88M	-7M	-6.58M	-6.62M	-10.15M	-9.41M	-13.28M	-13.2M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.04%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	31K	59K	11K	16K	184K	17K	109K	10K	0	16.63M
Cash from Financing+	7.22M	4.77M	-3.98M	-1.71M	8.25M	-12.65M	23.69M	876K	27.4M	26.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-61K	-4.01M	841K	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.88M	2.29M	3.99M	5.56M	4.98M	17.02M	7.47M	7.54M	19.34M	25.79M
FCF Margin %	0.06%	0.02%	0.03%	0.03%	0.03%	0.1%	0.04%	0.03%	0.07%	0.09%
FCF Growth %	6.33%	-0.67%	0.74%	0.39%	-0.1%	2.42%	-0.56%	0.01%	1.57%	0.33%
FCF per Share	0.97	0.32	0.55	0.74	0.67	2.26	0.98	0.99	2.32	2.79
FCF Conversion (FCF/Net Income)	2.66x	1.67x	1.67x	1.76x	1.43x	3.03x	1.55x	1.59x	2.39x	2.69x
Interest Paid	243K	686K	1.01M	906K	938K	860K	780K	2.26M	1.24M	0
Taxes Paid	1.29M	1.83M	2.07M	1.3M	1.37M	1.76M	3.9M	1.12M	3.1M	7.84M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.26%	10.99%	12.5%	12.88%	12.73%	10.96%	14.11%	11.5%	8.4%	5.67%
Return on Invested Capital (ROIC)	9.11%	9.36%	9.44%	10%	8.86%	8.07%	8.68%	7.99%	7.62%	4.7%
Gross Margin	23.84%	24.3%	24.13%	24.45%	24.54%	26.61%	28.51%	29.65%	32.3%	32.13%
Net Margin	3.38%	3.14%	3.82%	4.44%	4.66%	4.49%	5.55%	4.64%	5.26%	5.21%
Debt / Equity	0.49x	0.63x	0.45x	0.35x	0.55x	0.37x	0.67x	0.65x	0.10x	0.20x
Interest Coverage	21.36x	10.30x	8.37x	10.29x	9.69x	10.15x	17.46x	6.72x	10.78x	22.40x
FCF Conversion	2.66x	1.67x	1.67x	1.76x	1.43x	3.03x	1.55x	1.59x	2.39x	2.69x
Revenue Growth	-1.18%	17.79%	7.81%	3.71%	7.58%	0.14%	18.24%	12.5%	12.54%	7.3%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	144.88M	169.53M	181.43M
Service Growth	-	-	-	-	-	-	-	-	17.01%	7.02%
Distribution Service	-	-	-	-	-	-	-	85.69M	89.96M	96.99M
Distribution Service Growth	-	-	-	-	-	-	-	-	4.98%	7.82%
ServiceSegmentMember	-	-	-	-	-	-	122M	-	-	-
ServiceSegmentMember Growth	-	-	-	-	-	-	-	-	-	-
Distribution	62.96M	72.8M	-	-	-	-	82.95M	-	-	-
Distribution Growth	-	15.61%	-	-	-	-	-	-	-	-
Service Revenue	-	-	77.44M	84.04M	93M	101.27M	-	-	-	-
Service Revenue Growth	-	-	-	8.52%	10.66%	8.89%	-	-	-	-
Distribution Sales	-	-	77.7M	76.86M	80.1M	72.06M	-	-	-	-
Distribution Sales Growth	-	-	-	-1.08%	4.21%	-10.03%	-	-	-	-
Service	59.2M	71.1M	-	-	-	-	-	-	-	-
Service Growth	-	20.10%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	207.14M	235.12M	255.81M
UNITED STATES Growth	-	-	-	-	-	-	-	-	13.50%	8.80%
CANADA	10.85M	12.43M	13.76M	13.48M	13.83M	13.04M	-	16.47M	16.67M	17.16M
CANADA Growth	-	14.54%	10.66%	-1.98%	2.54%	-5.69%	-	-	1.20%	2.98%
United States	109.77M	129.73M	139.46M	145.58M	157.74M	159.27M	-	-	-	-
United States Growth	-	18.19%	7.50%	4.39%	8.36%	0.97%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Transcat, Inc. (TRNS) has a price-to-earnings (P/E) ratio of 40.7x. This suggests investors expect higher future growth.

Growth & Financials

Transcat, Inc. (TRNS) reported $304.4M in revenue for fiscal year 2024. This represents a 177% increase from $110.0M in 2011.

Transcat, Inc. (TRNS) grew revenue by 7.3% over the past year. This is steady growth.

Yes, Transcat, Inc. (TRNS) is profitable, generating $13.5M in net income for fiscal year 2024 (5.2% net margin).

Dividend & Returns

Transcat, Inc. (TRNS) has a return on equity (ROE) of 5.7%. This is below average, suggesting room for improvement.

Transcat, Inc. (TRNS) generated $25.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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