Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 11.2x · 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 | $1.1B | $1.8B | $1.5B | — | — | — | — | — |
| Enterprise Value | $2.4B | $3.0B | $2.3B | — | — | — | — | — |
| P/E Ratio → | 12.86 | 12.89 | 12.21 | — | — | — | — | — |
| P/S Ratio | 4.82 | 7.54 | 6.42 | — | — | — | — | — |
| P/B Ratio | 1.60 | 1.60 | 1.77 | — | — | — | — | — |
| P/FCF | — | — | 15.52 | — | — | — | — | — |
| P/OCF | — | — | 15.45 | — | — | — | — | — |
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 | — | 13.10 | 10.28 | — | — | — | — | — |
| EV / EBITDA | 11.16 | 14.08 | 13.12 | — | — | — | — | — |
| EV / EBIT | 11.16 | 14.08 | 13.12 | — | — | — | — | — |
| EV / FCF | — | — | 24.86 | — | — | — | — | — |
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% | 80.8% | 100.0% | 100.0% | 100.0% | 100.0% | — |
| Operating Margin | 93.1% | 93.1% | 74.6% | 74.2% | 73.1% | 70.6% | 71.1% | — |
| Net Profit Margin | 58.4% | 58.4% | 51.0% | 44.0% | -21.9% | 172.7% | -11.9% | — |
| 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% | 8.6% | 8.4% | 7.7% | 5.6% | 10.2% | — |
| ROCE | 10.2% | 10.2% | 11.0% | 11.0% | 10.1% | 7.4% | 13.3% | -235.5% |
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 | 1.08 | 1.06 | 1.33 | 1.03 | 1.26 | — |
| Debt / EBITDA | 6.07 | 6.07 | 4.98 | 999999.00 | — | 8.46 | 8.22 | — |
| Net Debt / Equity | — | 1.18 | 1.06 | 1.05 | 1.31 | 0.95 | 1.07 | — |
| Net Debt / EBITDA | 5.98 | 5.98 | 4.93 | 640253000.00 | — | 7.87 | 6.99 | — |
| Debt / FCF | — | — | 9.34 | — | 11.01 | 18.78 | 12.48 | — |
| Interest Coverage | 2.68 | 2.68 | — | — | — | — | — | — |
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 | — | — | — | 0.44 | 0.59 | 2.41 | 4.90 | — |
| Quick Ratio | — | — | — | 0.44 | 0.59 | 2.41 | 4.90 | — |
| Cash Ratio | — | — | — | 0.11 | 0.27 | 1.46 | 3.35 | — |
| Asset Turnover | — | 0.09 | 0.13 | 0.13 | 0.12 | 0.08 | 0.09 | — |
| 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 | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | 102.5% | — | 18.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 7.8% | 8.2% | — | — | — | — | — |
| FCF Yield | — | — | 6.4% | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $69M | $57M | $43M | $32M | $27M | $26M | $26M |
Portfolio credit migration sensitivity
According to current market data, Trinity Capital trades at a P/E of 12.86, which appears to incorporate a risk premium relative to broader financial services peers, likely reflecting investor caution regarding the company's exposure to venture-backed hardware assets and the inherent volatility of its warrant-heavy revenue stream.
The valuation multiples suggest that the market is pricing in a degree of cyclicality that may not be fully captured by trailing earnings. Investors should monitor whether the forward P/E of 12.11 indicates an expectation of earnings stabilization or if it reflects a potential compression in the premium to Net Asset Value.
Based on reported financial figures, Trinity's ROIC has fluctuated between 1.7% and 2.9% over the last ten quarters, suggesting that the company's ability to compound capital is heavily dependent on the timing of portfolio exits rather than consistent, linear growth in core interest-earning assets.
The modest ROIC levels warrant further investigation into whether the company's equipment-heavy strategy is creating a drag on capital efficiency compared to pure-play venture debt lenders. The trend suggests that while the internal management structure is lean, the underlying asset base requires significant capital to maintain, potentially limiting long-term compounding potential.
As reported in recent SEC filings, Trinity maintains a debt-to-equity ratio of 1.20x, a figure that appears conservative for the BDC sector and suggests management is prioritizing balance sheet stability while navigating a challenging macro environment for venture-backed companies.
The current leverage profile provides a buffer against potential credit migration, yet investors should monitor the interest coverage ratio, which has shown variability between 2.32x and 3.30x. This suggests that while debt service is currently manageable, any sustained increase in non-accruals could rapidly tighten the company's financial flexibility.
The P/E ratio is frequently misapplied to Trinity Capital, as it obscures the significant impact of non-cash unrealized gains and losses on equity kickers, which can create artificial volatility in reported net income that does not reflect the underlying cash-generating capacity of the loan portfolio.
Analysts should instead focus on Net Investment Income (NII) and the trend in Net Asset Value (NAV) per share to better gauge the company's true earning power. Relying on P/E may lead to an inaccurate assessment of the company's valuation, as it fails to account for the lumpy nature of fee income and the accounting nuances inherent in BDC asset valuation.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying TRINI stock.
Trinity Capital Inc. 7.875% Notes Due 2029's current P/E ratio is 12.9x. The historical average is 12.6x. This places it at the 50th percentile of its historical range.
Trinity Capital Inc. 7.875% Notes Due 2029's current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
Trinity Capital Inc. 7.875% Notes Due 2029's return on equity (ROE) is 14.1%. The historical average is 11.9%.
Based on historical data, Trinity Capital Inc. 7.875% Notes Due 2029 is trading at a P/E of 12.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Trinity Capital Inc. 7.875% Notes Due 2029 has 100.0% gross margin and 93.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Trinity Capital Inc. 7.875% Notes Due 2029's Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.