Trinity maintains a structural 93.07% operating margin, though net income remains highly volatile, fluctuating between 29.4% and 78.3% net margins due to non-operating valuation adjustments.
| Sales/Revenue | 251.94M | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 234.66M | 232.25M | 183.21M | 174.84M | 138.84M | 76.63M | 51.26M | 0 |
| Gross Margin % | 93.15% | 100% | 80.81% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | 26.77% | 4.79% | 25.93% | 81.18% | 49.5% | - | - |
| Operating Expenses | 1.55M | 16.09M | 14.18M | 45.1M | 37.38M | 22.51M | 14.82M | 1.26M |
| OpEx % of Revenue | - | 6.93% | 6.25% | 25.79% | 26.92% | 29.38% | 28.91% | - |
| Selling, General & Admin | 4.37M | 17.94M | 14.18M | 45.1M | 37.38M | 22.51M | 14.82M | 1.26M |
| SG&A % of Revenue | - | 7.73% | 6.25% | 25.79% | 26.92% | 29.38% | 28.91% | - |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | 233.11M | 216.17M | 169.04M | 129.74M | 101.46M | 54.12M | 36.44M | -1.26M |
| Operating Margin % | 92.53% | 93.07% | 74.55% | 74.21% | 73.08% | 70.62% | 71.09% | - |
| Operating Income Growth % | - | 27.88% | 30.29% | 27.88% | 87.48% | 48.53% | 2997.19% | - |
| EBITDA | 233.11M | 216.17M | 177.54M | 1 | 0 | 54.17M | 36.48M | -733.6K |
| EBITDA Margin % | 92.53% | 93.07% | 78.31% | 0% | - | 70.69% | 71.18% | - |
| EBITDA Growth % | 54.46% | 21.76% | 99999900% | - | -100% | 48.46% | 5073.42% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | -129.74M | -101.46M | 50K | 50K | 524K |
| EBIT | 233.11M | 216.17M | 177.54M | 129.74M | 101.46M | 54.12M | 36.44M | -524K |
| Net Interest Income | 141.25M | -80.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 228.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 87.01M | 80.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | 154.04M | 135.6M | 115.6M | 79.45M | -27.99M | 132.57M | -6.11M | -524K |
| Pretax Margin % | 61.14% | 58.39% | 50.98% | 45.44% | -20.16% | 173.01% | -11.92% | - |
| Income Tax | 0 | 0 | 0 | 2.56M | 2.39M | 255K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 3.22% | -8.54% | 0.19% | 0% | 0% |
| Net Income | 154.04M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M | -524K |
| Net Margin % | 61.14% | 58.39% | 50.98% | 43.98% | -21.88% | 172.68% | -11.92% | - |
| Net Income Growth % | 20.18% | 17.31% | 50.33% | 353.15% | -122.96% | 2264.92% | -1066.41% | - |
| Net Income (Continuing) | 154.04M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M | -524K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.84 | 1.96 | 2.10 | 1.80 | -0.96 | 4.86 | -0.23 | -0.02 |
| EPS Growth % | 0.46% | -6.67% | 16.67% | 287.5% | -119.75% | 2213.04% | -1061.62% | - |
| EPS (Basic) | - | 1.96 | 2.19 | 1.98 | -0.89 | 4.86 | -0.23 | -0.02 |
| Diluted Shares Outstanding | 83.64M | 69.29M | 56.73M | 42.71M | 31.67M | 27.23M | 26.41M | 26.46M |
| Basic Shares Outstanding | 83.64M | 69.29M | 52.71M | 38.91M | 34.11M | 27.23M | 26.41M | 26.46M |
| Dividend Payout Ratio | - | - | - | 102.48% | - | 18.84% | - | - |
Portfolio credit migration sensitivity
As indicated by the provided quarterly income statements, Trinity Capital's revenue trajectory remains inconsistent, with quarterly figures fluctuating between $44.7M and $83.3M over the last ten periods, reflecting the inherent volatility of a venture-focused BDC model that relies heavily on transactional fee income and portfolio exits.
The lack of a clear upward trend suggests that the company's ability to scale is tightly coupled with the broader venture capital environment rather than organic portfolio expansion. Investors should monitor whether the recent revenue peaks are sustainable or merely artifacts of lumpy prepayment activity.
Based on the reported financial data, Trinity maintains an impressive 93.07% operating margin, which appears to be a structural advantage of its internal management model, yet the net margin of 58.39% highlights significant leakage from interest expenses and potential realized losses on the underlying investment portfolio.
While the high operating margin suggests lean internal operations, the substantial gap between operating and net profitability warrants further investigation into the quality of the debt stack. This margin compression may indicate that the cost of capital is becoming a more significant drag on bottom-line performance.
According to the quarterly income statement history, net income exhibits significant variance, with net margins swinging from 29.4% in 2024Q1 to 78.3% in 2025Q4, suggesting that headline EPS is heavily influenced by non-operating items such as unrealized gains and losses on equity kickers.
The reliance on these mark-to-market adjustments makes the reported net income a less reliable indicator of core cash-generating capacity. Analysts should focus on the stability of net investment income rather than the headline EPS, which appears prone to significant quarterly distortions.
As reported in the financial statements, Trinity's SG&A expenses have shown notable volatility, including a negative $6.7M figure in 2024Q3, which suggests that accounting adjustments or reversals are playing a material role in the company's reported cost structure and overall expense management discipline.
The erratic nature of these expenses makes it difficult to assess the true run-rate of the firm's overhead. Investors should be cautious about assuming that current expense levels are representative of long-term operational requirements, as these fluctuations may mask underlying cost pressures.
While the company emphasizes its equipment-heavy collateral strategy, the 58.39% net margin suggests that the portfolio may be facing hidden credit pressures, as the market may be underestimating the difficulty of liquidating specialized venture-backed hardware assets during a sustained downturn in the innovation sector.
Short-term performance metrics may be masking the long-term risk of asset impairment if the secondary market for specialized equipment remains thin. The current valuation may not fully account for the potential for increased non-accruals if portfolio companies fail to secure necessary follow-on funding.
Quick answers to the most common questions about buying TRINI stock.
Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) is profitable, generating $135.6M in net income for the fiscal year ending 2025 with a net profit margin of 58.4%.
Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) reported an operating income of $216.2M, resulting in an operating profit margin of 93.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Trinity Capital Inc. 7.875% Notes Due 2029 (TRINI) generated $232.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.