Cash conversion efficiency is highly unstable, evidenced by an operating cash flow to net income ratio that dropped to -2.98 in 2025Q2, reflecting the lumpy nature of venture debt originations and portfolio exits.
| Cash from Operations | -95.34M | -535.5M | 94.16M | 64.57M | 54.91M | 23.9M | 20.7M |
| Operating CF Margin % | - | -230.57% | 41.53% | 41.99% | 30.79% | 25.19% | 45.43% |
| Operating CF Growth % | -480% | -668.74% | 45.82% | 17.58% | 129.74% | 15.47% | - |
| Net Income | 154.04M | 0 | 115.6M | 76.89M | -1.59M | 55.11M | -6.11M |
| Depreciation & Amortization | -10.15M | -55.85M | 0 | 0 | 0 | 0 | 50K |
| Stock-Based Compensation | 6.44M | 12.05M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -172.38M | -496.1M | -23.39M | -6.87M | 50.81M | -31.94M | 20.72M |
| Working Capital Changes | 13.63M | 4.4M | 1.95M | -5.46M | 5.69M | 731K | 6.04M |
| Change in Receivables | -1.45M | -2.49M | -5.34M | -1.26M | -2.61M | -2.08M | -2.35M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 13.23M | 18.03M | 8.9M | 4.99M | 5.18M | 6.2M | 6M |
| Cash from Investing | -423.68M | -785K | -411.49M | -163.57M | -290.85M | -266.78M | -170.91M |
| Capital Expenditures | -1.09M | -785K | -420K | -2.74M | -194K | -1.2M | -253K |
| CapEx % of Revenue | 0.43% | 0.34% | 0.19% | 1.78% | 0.11% | 1.27% | 0.56% |
| Acquisitions | 0 | - | - | - | - | - | - |
| Investments | 2.48B | 2.42B | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 227.67M | 650.31M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 530.26M | 545.77M | 322.19M | 93.15M | 199.81M | 228.52M | 211.31M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - |
| Equity Issued (Net) | 337.8M | 289.99M | 200.23M | 149.28M | 111.14M | 104.78M | 114.47M |
| Dividends Paid | -72.94M | 0 | -102.53M | -78.8M | -61.16M | -24.93M | -10.35M |
| Share Repurchases | 0 | 0 | 0 | -1M | -2.01M | 0 | 0 |
| Other Financing | -120.07M | -140.73M | -3.73M | -2.82M | -1.03M | -138K | 0 |
| Net Change in Cash | 11.24M | 9.48M | 4.87M | -5.85M | -36.13M | -14.36M | 61.1M |
| Free Cash Flow | -95.84M | -535.5M | 93.74M | 61.82M | 54.72M | 22.7M | 20.45M |
| FCF Margin % | -38.04% | -230.57% | 41.34% | 40.2% | 30.68% | 23.92% | 44.88% |
| FCF Growth % | -587.23% | -671.28% | 51.62% | 12.98% | 141.07% | 11.01% | - |
| FCF per Share | -1.15 | -7.73 | 1.65 | 1.45 | 1.73 | 0.83 | 0.77 |
| FCF Conversion (FCF/Net Income) | -0.62x | -3.95x | 0.81x | 0.84x | -1.81x | 0.18x | -3.39x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio valuation subjectivity risk
As reported in quarterly financial statements, TRINZ's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -2.98 in 2025Q2, which suggests that reported net income frequently decouples from actual cash generation due to non-cash valuation adjustments and accrual-based accounting.
The significant divergence between net income and operating cash flow indicates that the firm's earnings are heavily influenced by unrealized gains or losses on Level 3 assets. Investors should monitor this relationship closely, as the lack of consistent cash conversion may imply that reported profitability is not fully supported by liquidity.
Based on the provided cash flow data, free cash flow has exhibited extreme instability, swinging from a positive $46.3M in 2025Q4 to a deficit of $123.5M in 2025Q2, highlighting the firm's vulnerability to the lumpy nature of venture debt originations and portfolio exit cycles.
This erratic FCF trajectory suggests that the company's ability to generate surplus cash is highly dependent on the timing of investment realizations. The inability to maintain a stable FCF margin warrants further investigation into whether the firm's dividend distributions are sustainable without relying on external capital raises.
According to recent SEC filings, working capital changes have been a major source of cash flow variance, with a notable $27.2M outflow in 2025Q1 followed by a $16.6M inflow in 2025Q4, indicating that timing differences in loan originations and repayments significantly distort short-term liquidity.
These fluctuations appear to be a byproduct of the firm's lending cycle rather than operational inefficiencies. However, the magnitude of these swings suggests that the company's cash position is sensitive to the pace of portfolio turnover, which may be constrained by current market conditions.
Based on reported figures, TRINZ has maintained consistent dividend payments despite periods of negative operating cash flow, such as the $31.2M distribution in 2025Q1, which suggests that the firm may be utilizing balance sheet leverage or capital recycling to fund shareholder returns during cash-constrained quarters.
The reliance on non-operating cash sources to fund dividends may indicate a structural mismatch between cash generation and distribution policy. Investors should monitor whether this practice continues, as it may eventually pressure the firm's net asset value if portfolio exits do not materialize as expected.
Quick answers to the most common questions about buying TRINZ stock.
Trinity Capital Inc. 7.875% Notes due 2029 (TRINZ) generated $-535.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Trinity Capital Inc. 7.875% Notes due 2029 (TRINZ) reported negative free cash flow of $535.5M in 2025, indicating capital requirements exceeded cash from operations.
Trinity Capital Inc. 7.875% Notes due 2029 (TRINZ) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.