Latest Ratios: P/E Ratio 9.0x · EV/EBITDA 12.0x · 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 | $1.3B | $1.0B | $821M | $621M | $346M | $479M | — | — |
| Enterprise Value | $2.6B | $2.3B | $1.7B | $1.3B | $946M | $902M | — | — |
| P/E Ratio → | 8.95 | 7.47 | 6.89 | 7.69 | — | 3.62 | — | — |
| P/S Ratio | 8.63 | 6.69 | 4.68 | 4.75 | 36.86 | 3.09 | — | — |
| P/B Ratio | 1.11 | 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 | — | 15.21 | 9.62 | 9.67 | 100.75 | 5.82 | — | — |
| EV / EBITDA | 12.03 | 10.67 | 14.28 | 1262643363.75 | — | 6.81 | — | — |
| EV / EBIT | 12.03 | 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 | 999999.00 | — | 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 | 642127000.00 | — | 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 | 11.2% | 13.4% | 12.5% | 12.7% | 17.7% | 5.2% | — | — |
| 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 | 11.2% | 13.4% | 14.5% | 13.0% | — | 27.6% | — | — |
| FCF Yield | — | — | — | — | 15.8% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.6% | 0.6% | 0.0% | — | — |
| Total Shareholder Yield | 11.2% | 13.4% | 12.9% | 13.3% | 18.2% | 5.2% | — | — |
| Shares Outstanding | — | $69M | $57M | $43M | $32M | $27M | $26M | $25M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying TRIN stock.
Trinity Capital Inc.'s current P/E ratio is 9.0x. 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 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
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 9.0x. 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 11.21% 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.
Key Metrics
Top Statement Risk
NII volatility and fee dependence
Metrics are mathematically derived from official filings.
Premium P/B with Volatile Earnings
TRIN trades at 1.16x book, a premium to peers like ARCC at 0.97x and OBDC at 0.77x, per recent market data, implying the market prices in superior franchise value despite earnings volatility.
The P/B premium appears justified by a relatively stable ROE around 3-5% and a tangible book value that has grown from $12.38 to $14.00 over the past year, as reported in financial statements. However, the P/E of 9.32 is lower than ARCC's 10.63, suggesting the market discounts earnings quality due to NII swings. Investors should monitor whether the premium can be sustained if fee income, which constituted 100% of revenue in 2026Q1, proves less durable.
ROE Stability Masks Earnings Mix Shift
ROE has held near 3-4% over the last year, per company data, but the composition has shifted: NIM turned negative in 2026Q1, while fee income now drives 100% of revenue, indicating a fundamental change in earnings drivers.
DuPont decomposition reveals that asset utilization, not leverage, is the primary ROE driver, with equity-to-assets stable at 0.45. The negative NIM in 2026Q1 suggests that interest income no longer covers funding costs, a red flag for sustainability. The reliance on fee income, which swung from -65.1% to 100% of revenue, introduces volatility that may not be captured by the stable ROE figure.
NIM Collapse and Efficiency Distortion
Net interest margin fell from 2.7% in 2024Q4 to -0.9% in 2026Q1, as reported in financial statements, while the efficiency ratio swung from 31.4% to 5.2%, reflecting the impact of negative NII on operating leverage.
The NIM compression suggests that asset yields have not kept pace with funding costs, possibly due to rate movements or portfolio composition changes. The efficiency ratio's improvement is misleading because it is distorted by negative net interest income, which inflates the ratio's denominator. Investors should focus on the core spread and fee income stability rather than the headline efficiency ratio.
Leverage Stable but Capital Ratios Undisclosed
Equity-to-assets has remained steady at 0.45-0.46 over the past year, per company data, but regulatory capital ratios are not disclosed, limiting assessment of capital adequacy relative to peers.
The stable leverage ratio suggests a consistent capital structure despite rapid asset growth, but the absence of CET1 and Tier 1 disclosures is a concern for a BDC. The dividend payout ratio exceeded 100% in 2026Q2, with dividends of $129.2M against net income of $44.4M, per cash flow data, indicating potential strain on capital retention. Investors should monitor whether the company can sustain this payout without eroding its capital base.
Provision Reversals Mask Emerging Stress
Loan loss provisions were negative in 2026Q1 and 2025Q4, with a $23.9M reversal in 2025Q4, per SEC filings, but a $12.4M provision in 2026Q2 suggests emerging credit stress.
The reversal of provisions boosted earnings in prior quarters, but the recent provision indicates that credit quality may be deteriorating. The lack of NPL and charge-off data makes it difficult to assess reserve adequacy, but the trend warrants caution. Investors should watch for further provisions and any signs of non-accrual loans.
P/E Misleads on Earnings Quality
The P/E ratio of 9.32, per market data, is commonly misapplied to TRIN because it fails to capture the volatility from negative NII and fee income swings, which can distort earnings.
For banks and BDCs, P/E is less meaningful than P/B or P/TBV because earnings are subject to provision reversals and mark-to-market effects. TRIN's P/E appears low, but the earnings quality is questionable given the reliance on fee income and negative NIM. Investors should use P/B and ROTCE, which better reflect the underlying balance sheet value and return generation, and adjust for the cyclicality of fee income.