Latest Ratios: P/E Ratio 12.8x · EV/EBITDA 11.2x · ROE 14.1%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.7B | $1.4B | — | — | — | — |
| Enterprise Value | $2.4B | $3.0B | $2.3B | — | — | — | — |
| P/E Ratio → | 12.85 | 12.86 | 12.03 | — | — | — | — |
| P/S Ratio | 4.83 | 7.52 | 6.32 | — | — | — | — |
| P/B Ratio | 1.59 | 1.60 | 1.74 | — | — | — | — |
| P/FCF | — | — | 15.29 | — | — | — | — |
| P/OCF | — | — | 15.22 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.08 | 10.18 | — | — | — | — |
| EV / EBITDA | 11.17 | 14.06 | 13.00 | — | — | — | — |
| EV / EBIT | 11.17 | 14.06 | 13.00 | — | — | — | — |
| EV / FCF | — | — | 24.62 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 80.8% | 100.0% | 100.0% | 100.0% | 99.9% |
| Operating Margin | 93.1% | 93.1% | 74.6% | 78.8% | 2.1% | 160.9% | 56.6% |
| Net Profit Margin | 58.4% | 58.4% | 51.0% | 50.0% | -17.0% | 139.4% | -13.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 14.1% | 14.1% | 16.1% | 14.4% | -6.7% | 38.6% | -2.6% |
| ROA | 6.4% | 6.4% | 7.5% | 6.3% | -2.9% | 17.7% | -1.1% |
| ROIC | 7.9% | 7.9% | 8.5% | 7.8% | 0.3% | 15.9% | 3.6% |
| ROCE | 10.2% | 10.2% | 11.0% | 9.9% | 0.4% | 20.4% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 1.08 | 1.06 | 1.33 | 1.03 | 1.26 |
| Debt / EBITDA | 6.07 | 6.07 | 4.98 | 4.21 | 3.44 | 4.83 | 11.62 |
| Net Debt / Equity | — | 1.18 | 1.06 | 1.05 | 1.31 | 0.92 | 1.00 |
| Net Debt / EBITDA | 5.98 | 5.98 | 4.93 | 4.18 | 3.38 | 4.34 | 9.26 |
| Debt / FCF | — | — | 9.34 | 10.39 | 11.01 | 18.14 | 11.69 |
| 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 |
|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.09 | 0.13 | 0.12 | 0.16 | 0.10 | 0.08 |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | 102.5% | — | 18.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 7.8% | 8.3% | — | — | — | — |
| FCF Yield | — | — | 6.5% | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $69M | $57M | $43M | $32M | $27M | $26M |
High leverage and valuation subjectivity
According to current market data, TRINZ trades at a P/B ratio of 1.59, which represents a notable premium compared to peers like GBDC and SLRC, suggesting that investors are pricing in higher expectations for future NAV appreciation despite the current sluggish exit environment.
The 1.59x P/B multiple appears aggressive when contrasted with the broader BDC peer group, where many entities trade at significant discounts to book value. This valuation suggests the market may be assigning a premium to the firm's specialized equipment-backed lending model, though this optimism warrants caution given the potential for unrealized valuation adjustments in a volatile venture market.
As reported in quarterly financial statements, TRINZ's ROIC has fluctuated between 1.5% and 2.5% over the last ten quarters, indicating that the firm is struggling to consistently compound returns on its invested capital base in the current interest rate and venture funding environment.
The observed ROIC trend suggests that the firm's ability to generate incremental returns is highly sensitive to the timing of portfolio exits and the realization of equity kickers. Investors should monitor whether these returns can stabilize above the firm's cost of capital, as the current performance appears insufficient to justify the aggressive leverage employed.
Based on recent SEC filings, TRINZ maintains a debt-to-equity ratio of 1.2x, placing the firm near the upper end of its historical leverage range and limiting its capacity to absorb further portfolio valuation declines without breaching internal or regulatory risk thresholds.
Operating at a 1.2x leverage ratio leaves little room for error, particularly when the underlying assets are Level 3 investments subject to subjective valuation models. This high degree of financial gearing amplifies the impact of any credit deterioration, making the firm's interest coverage ratio a critical metric for assessing solvency risk in the coming quarters.
Data from peer comparisons reveals that while TRINZ shares a similar 1.2x leverage profile with peers like GBDC and Blue Owl, its ROE of 14.7% leads the group, suggesting that the firm's equipment-heavy strategy may be capturing higher yields than traditional venture debt competitors.
The gap between TRINZ's superior ROE and its peer group suggests a potential structural advantage in its niche, yet this must be weighed against the higher risk profile inherent in its hardware-centric portfolio. Investors should investigate whether this performance lead is sustainable or if it reflects a higher risk-taking posture that could lead to future credit losses.
The Price-to-Book ratio is frequently misapplied to TRINZ, as it obscures the reality that BDC book values are based on internal Level 3 valuations rather than observable market prices, potentially leading to a false sense of security regarding the firm's underlying asset quality.
Relying on P/B ignores the subjectivity inherent in valuing venture-stage debt and equipment leases, which may not reflect actual liquidation values. A more appropriate analytical focus would be the Net Investment Income (NII) yield and the trend in non-accrual loans, which provide a clearer picture of the firm's ability to generate cash to support its dividend and debt obligations.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TRINZ stock.
Trinity Capital Inc. 7.875% Notes due 2029's current P/E ratio is 12.8x. The historical average is 12.4x. 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 13.5x.
Trinity Capital Inc. 7.875% Notes due 2029's return on equity (ROE) is 14.1%. The historical average is 12.3%.
Based on historical data, Trinity Capital Inc. 7.875% Notes due 2029 is trading at a P/E of 12.8x. 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.