Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) 10-Year Financial Performance & Capital Metrics

TRINI • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutTrinity Capital Inc. is a business development company. It is a venture capital firm specializing in venture debt to growth stage companies looking for loans and/or equipment financing. Trinity Capital Inc. was founded in 2019 is based in Phoenix, Arizona with additional offices in Lutherville-Timonium, Maryland, San Diego, California and Austin, Texas.Show more

Net Interest Income $0
Total Revenue $227M +29.7%
Net Income $116M +50.3%
Return on Equity 16.12% +12.2%
Net Interest Margin 0%
Efficiency Ratio 6.25% -75.8%
ROA 7.49% +18.8%
Equity / Assets 46.39% -0.5%
Book Value per Share 14.51 +1.4%
Tangible BV/Share 14.51 +1.4%
Debt/Equity 1.08 +1.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 6.3% efficiency ratio
✓Well capitalized: 46.4% equity/assets
✓Diversified revenue: 100.0% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Shares diluted 32.8% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y43.56%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-4.4%

TTM73.8%

EPS CAGR

10Y-

5Y-

3Y-24.4%

TTM38.1%

ROCE

10Y Avg-30.45%

5Y Avg10.57%

3Y Avg10.7%

Latest10.96%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	0	0	0	0	0	0
NII Growth %	-	-	-	-	-	-
Net Interest Margin %	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0
Loan Loss Provision	0	0	0	0	0	43.52M
Non-Interest Income+	0	51.26M	76.63M	138.84M	174.84M	226.73M
Non-Interest Income %	-	-	-	-	-	-
Total Revenue+	0	51.26M	76.63M	138.84M	174.84M	226.73M
Revenue Growth %	-	-	0.5%	0.81%	0.26%	0.3%
Non-Interest Expense	1.26M	14.82M	22.51M	37.38M	45.1M	14.18M
Efficiency Ratio	-	-	-	-	-	-
Operating Income+	-1.26M	36.44M	54.12M	101.46M	129.74M	169.04M
Operating Margin %	-	-	-	-	-	-
Operating Income Growth %	-	29.97%	0.49%	0.87%	0.28%	0.3%
Pretax Income+	-524K	-6.11M	132.57M	-27.99M	79.45M	115.6M
Pretax Margin %	-	-	-	-	-	-
Income Tax+	0	0	255K	2.39M	2.56M	0
Effective Tax Rate %	-	-	-	-	-	-
Net Income+	-524K	-6.11M	132.32M	-30.38M	76.89M	115.6M
Net Margin %	-	-	-	-	-	-
Net Income Growth %	-	-10.66%	22.65%	-1.23%	3.53%	0.5%
Net Income (Continuing)	-524K	-6.11M	132.32M	-30.38M	76.89M	115.6M
EPS (Diluted)+	-0.02	-0.23	4.86	-0.96	1.80	2.10
EPS Growth %	-	-10.62%	22.13%	-1.2%	2.88%	0.17%
EPS (Basic)	-0.02	-0.23	4.86	-0.89	1.98	2.19
Diluted Shares Outstanding	26.46M	26.41M	27.23M	31.67M	42.71M	56.73M

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	0	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	0	44.66M	31.68M	10.61M	4.76M	9.63M
Short Term Investments	0	0	0	0	0	0
Total Investments+	0	493.65M	873.47M	1.09B	1.28B	0
Investments Growth %	-	-	0.77%	0.25%	0.17%	-1%
Long-Term Investments	0	493.65M	873.47M	1.09B	1.28B	0
Accounts Receivables	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0
PP&E (Net)	0	300K	2.5M	2.1M	5.3M	5.4M
Other Assets	6.2M	444K	8.86M	6.93M	11.29M	-5.4M
Total Current Assets	0	65.31M	52.29M	23.02M	19.21M	0
Total Non-Current Assets	6.2M	494.39M	884.83M	1.1B	1.29B	0
Total Assets+	6.2M	559.71M	937.12M	1.13B	1.31B	1.77B
Asset Growth %	-	89.25%	0.67%	0.2%	0.16%	0.35%
Return on Assets (ROA)	-0.08%	-0.02%	0.18%	-0.03%	0.06%	0.07%
Accounts Payable	5.67M	8.39M	11.89M	17.47M	19.36M	0
Total Debt+	0	299.75M	458.05M	612.89M	645.01M	884.71M
Net Debt	0	255.09M	426.36M	602.28M	640.25M	875.09M
Long-Term Debt	0	299.75M	455.35M	610.59M	639.61M	877.67M
Short-Term Debt	0	0	0	0	0	1.31M
Other Liabilities	1.06M	7.87M	10.84M	15.1M	12.29M	-883.4M
Total Current Liabilities	5.67M	13.34M	21.7M	38.8M	43.41M	0
Total Non-Current Liabilities	1.06M	307.62M	468.89M	627.99M	656.42M	0
Total Liabilities	6.73M	320.96M	490.58M	666.79M	699.82M	951.26M
Total Equity+	-524K	238.75M	446.53M	459.65M	611.16M	822.98M
Equity Growth %	-	456.63%	0.87%	0.03%	0.33%	0.35%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-
Return on Equity (ROE)	-	-0.05%	0.39%	-0.07%	0.14%	0.16%
Book Value per Share	-0.02	9.04	16.40	14.51	14.31	14.51
Tangible BV per Share	-	-	-	-	-	-
Common Stock	0	18K	27K	35K	46K	62K
Additional Paid-in Capital	0	263.37M	368.61M	480.53M	633.74M	829.63M
Retained Earnings	-524K	-24.64M	77.9M	-20.92M	-22.63M	-6.71M
Accumulated OCI	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	0	20.7M	23.9M	54.91M	-96.26M	94.16M
Operating CF Growth %	-	-	0.15%	1.3%	-2.75%	1.98%
Net Income	-1.26M	-6.11M	132.32M	-30.38M	76.89M	115.6M
Depreciation & Amortization	0	50K	4.03M	3.8M	4.28M	0
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	921.6K	20.72M	-114.24M	69.74M	-175.78M	-23.39M
Working Capital Changes	336K	6.04M	731K	5.69M	-10.45M	1.95M
Cash from Investing+	0	-170.91M	-266.78M	-290.85M	-2.74M	-411.49M
Purchase of Investments	0	-239.83M	-555.75M	-627.21M	-632.75M	-1.22B
Sale/Maturity of Investments	0	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-
Acquisitions	0	-91.73M	0	0	0	0
Other Investing	0	0	0	0	160.83M	0
Cash from Financing+	0	211.31M	228.52M	199.81M	93.15M	322.19M
Dividends Paid	0	-10.35M	-24.93M	-61.16M	-78.8M	-102.53M
Share Repurchases	0	0	-138K	-2.01M	-3.82M	0
Stock Issued	0	114.47M	104.78M	113.14M	0	200.23M
Net Stock Activity	-	-	-	-	-	-
Debt Issuance (Net)	0	1000K	1000K	1000K	1000K	1000K
Other Financing	0	0	-138K	-1.03M	150.28M	-3.73M
Net Change in Cash+	0	61.1M	-14.36M	-36.13M	-5.85M	4.87M
Exchange Rate Effect	0	0	0	0	0	0
Cash at Beginning	0	0	61.1M	46.74M	10.61M	4.76M
Cash at End	0	61.1M	46.74M	10.61M	4.76M	9.63M
Interest Paid	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0
Free Cash Flow+	0	20.45M	22.7M	54.72M	-99M	93.74M
FCF Growth %	-	-	0.11%	1.41%	-2.81%	1.95%

Banking Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-5.13%	38.62%	-6.7%	14.36%	16.12%
Return on Assets (ROA)	-8.45%	-2.16%	17.68%	-2.94%	6.31%	7.49%
Net Interest Margin	0%	0%	0%	0%	0%	0%
Efficiency Ratio	-	28.91%	29.38%	26.92%	25.79%	6.25%
Equity / Assets	-8.45%	42.66%	47.65%	40.81%	46.62%	46.39%
Book Value / Share	-0.02	9.04	16.4	14.51	14.31	14.51
Dividend Payout	-	-	18.84%	-	102.48%	-

Frequently Asked Questions

Valuation & Price

Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) has a price-to-earnings (P/E) ratio of 12.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) grew revenue by 29.7% over the past year. This is strong growth.

Yes, Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) is profitable, generating $152.0M in net income for fiscal year 2024 (51.0% net margin).

Dividend & Returns

Yes, Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) pays a dividend with a yield of 7.11%. This makes it attractive for income-focused investors.

Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) has a return on equity (ROE) of 16.1%. This is reasonable for most industries.

Industry Metrics

Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.

Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) has an efficiency ratio of 6.3%. This is excellent, indicating strong cost control.

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