Latest Ratios: P/E Ratio 33.9x · EV/EBITDA 19.0x · ROE 7.3%. (1996–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.8B | $18.8B | $17.4B | $13.3B | $12.7B | $22.2B | $16.8B | $10.5B | $8.3B | $10.4B | $7.7B |
| Enterprise Value | $15.0B | $19.9B | $18.2B | $16.2B | $14.0B | $23.3B | $18.3B | $12.3B | $10.1B | $11.0B | $8.1B |
| P/E Ratio → | 33.89 | 44.76 | 11.59 | 42.56 | 28.09 | 44.94 | 43.08 | 20.54 | 29.38 | 86.47 | 57.98 |
| P/S Ratio | 3.85 | 5.24 | 4.74 | 3.49 | 3.44 | 6.06 | 5.35 | 3.23 | 2.68 | 3.93 | 3.24 |
| P/B Ratio | 2.44 | 3.22 | 3.04 | 2.94 | 3.12 | 5.62 | 4.68 | 3.38 | 3.12 | 4.41 | 3.32 |
| P/FCF | 103.78 | 141.02 | 35.04 | 23.87 | 36.35 | 31.48 | 27.38 | 20.43 | 19.90 | 28.33 | 20.10 |
| P/OCF | 35.79 | 48.64 | 32.83 | 22.19 | 32.34 | 29.54 | 25.07 | 18.02 | 17.13 | 25.33 | 18.80 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.55 | 4.95 | 4.27 | 3.81 | 6.37 | 5.80 | 3.77 | 3.26 | 4.14 | 3.41 |
| EV / EBITDA | 19.00 | 25.30 | 26.33 | 23.18 | 20.51 | 31.44 | 28.53 | 21.11 | 18.12 | 24.38 | 21.85 |
| EV / EBIT | 24.63 | 34.13 | 8.70 | 31.30 | 24.33 | 36.40 | 38.65 | 28.82 | 28.86 | 40.19 | 39.90 |
| EV / FCF | — | 149.57 | 36.64 | 29.20 | 40.24 | 33.07 | 29.69 | 23.86 | 24.18 | 29.84 | 21.16 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.3% | 68.3% | 65.1% | 61.4% | 57.3% | 55.6% | 55.8% | 54.6% | 54.1% | 52.5% | 52.4% |
| Operating Margin | 16.9% | 16.9% | 12.5% | 11.8% | 13.9% | 15.3% | 13.3% | 11.5% | 10.3% | 9.3% | 7.7% |
| Net Profit Margin | 11.8% | 11.8% | 40.8% | 8.2% | 12.2% | 13.5% | 12.4% | 15.8% | 9.1% | 4.6% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 29.4% | 7.3% | 11.2% | 13.1% | 11.6% | 17.7% | 11.2% | 5.2% | 5.9% |
| ROA | 4.5% | 4.5% | 15.8% | 3.7% | 6.3% | 7.1% | 5.8% | 8.3% | 5.6% | 3.0% | 3.6% |
| ROIC | 6.7% | 6.7% | 4.9% | 5.2% | 7.3% | 8.3% | 6.4% | 6.0% | 6.5% | 6.6% | 4.9% |
| ROCE | 7.8% | 7.8% | 6.0% | 6.6% | 8.7% | 9.8% | 7.6% | 7.4% | 7.8% | 7.6% | 6.0% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.27 | 0.71 | 0.40 | 0.37 | 0.46 | 0.63 | 0.74 | 0.39 | 0.27 |
| Debt / EBITDA | 1.77 | 1.77 | 2.22 | 4.56 | 2.38 | 1.96 | 2.59 | 3.36 | 3.52 | 2.03 | 1.68 |
| Net Debt / Equity | — | 0.20 | 0.14 | 0.66 | 0.33 | 0.28 | 0.39 | 0.57 | 0.67 | 0.23 | 0.18 |
| Net Debt / EBITDA | 1.45 | 1.45 | 1.15 | 4.23 | 1.98 | 1.52 | 2.22 | 3.03 | 3.21 | 1.23 | 1.09 |
| Debt / FCF | — | 8.55 | 1.60 | 5.33 | 3.89 | 1.60 | 2.31 | 3.43 | 4.29 | 1.51 | 1.06 |
| Interest Coverage | 7.85 | 7.85 | 23.12 | 3.22 | 8.10 | 9.79 | 6.09 | 5.18 | 4.80 | 10.94 | 7.80 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.27 | 1.00 | 1.04 | 1.22 | 0.98 | 1.02 | 1.03 | 1.63 | 1.42 |
| Quick Ratio | 0.96 | 0.96 | 1.16 | 0.87 | 0.76 | 0.91 | 0.75 | 0.76 | 0.75 | 1.29 | 1.10 |
| Cash Ratio | 0.17 | 0.17 | 0.41 | 0.13 | 0.19 | 0.27 | 0.18 | 0.16 | 0.16 | 0.66 | 0.48 |
| Asset Turnover | — | 0.39 | 0.39 | 0.40 | 0.51 | 0.52 | 0.46 | 0.49 | 0.54 | 0.62 | 0.64 |
| Inventory Turnover | 6.10 | 6.10 | 6.62 | 6.22 | 3.90 | 4.47 | 4.62 | 4.75 | 4.79 | 4.64 | 5.14 |
| Days Sales Outstanding | — | 87.10 | 71.92 | 67.89 | 63.87 | 62.32 | 71.95 | 68.01 | 64.09 | 64.70 | 60.29 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 2.2% | 8.6% | 2.3% | 3.6% | 2.2% | 2.3% | 4.9% | 3.4% | 1.2% | 1.7% |
| FCF Yield | 1.0% | 0.7% | 2.9% | 4.2% | 2.8% | 3.2% | 3.7% | 4.9% | 5.0% | 3.5% | 5.0% |
| Buyback Yield | 6.2% | 4.6% | 1.0% | 0.8% | 3.1% | 0.9% | 0.5% | 1.7% | 1.1% | 2.7% | 1.6% |
| Total Shareholder Yield | 6.2% | 4.6% | 1.0% | 0.8% | 3.1% | 0.9% | 0.5% | 1.7% | 1.1% | 2.7% | 1.6% |
| Shares Outstanding | — | $240M | $247M | $249M | $250M | $254M | $252M | $253M | $253M | $257M | $254M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TRMB stock.
Trimble Inc.'s current P/E ratio is 33.9x. The historical average is 37.7x. This places it at the 44th percentile of its historical range.
Trimble Inc.'s current EV/EBITDA is 19.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.8x.
Trimble Inc.'s return on equity (ROE) is 7.3%. The historical average is 8.0%.
Based on historical data, Trimble Inc. is trading at a P/E of 33.9x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Trimble Inc. has 68.3% gross margin and 16.9% operating margin. Operating margin between 10-20% is typical for established companies.
Trimble Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Hardware-to-software transition revenue gap
Metrics are mathematically derived from official filings.
Margin Expansion Masks Transition Costs
Gross margin improved from 61.9% in 2023Q4 to 65.9% in 2026Q1, peaking at 72.0% in 2025Q4, per reported financials, signaling a favorable mix shift toward software and services.
The gross margin trajectory reflects the increasing contribution of recurring software revenue, which now represents 79% of total revenue according to recent disclosures. However, operating margin volatility—swinging from 7.1% in 2024Q2 to 22.3% in 2025Q4—suggests that the transition to subscription models carries uneven cost absorption. The 2026Q1 operating margin of 15.6% indicates that while the mix shift is structurally margin-accretive, near-term investments in sales and marketing to drive ARR growth may continue to pressure operating leverage.
Return on Capital Remains Subdued
ROIC has hovered between 0.7% and 2.3% over the past ten quarters, per reported data, indicating that the company is not yet compounding returns on its invested capital at an attractive rate.
Despite the improving gross margin, ROIC remains low, reflecting the heavy asset base from acquisitions—goodwill alone constitutes 58% of total assets as of 2026Q1. The modest ROIC suggests that the capital deployed in acquisitions and the ongoing transition has not yet generated sufficient incremental returns. Investors should monitor whether the growing ARR and software mix can eventually lift ROIC above the cost of capital, which would validate the strategic pivot.
Working Capital Cycle Lengthens
Cash conversion cycle expanded from 60 days in 2025Q3 to 76 days in 2026Q1, per quarterly data, driven by a rise in DSO to 71 days, indicating slower collections amid the subscription transition.
The lengthening cash conversion cycle suggests that Trimble is extending payment terms to customers or facing slower collections as it shifts to subscription billing. DSO increased from 55 days in 2025Q3 to 71 days in 2026Q1, while DPO remained relatively stable, indicating that the company is not offsetting the slower collections with extended supplier terms. This trend may reflect the growing weight of software contracts with longer payment cycles, but it also ties up cash and could pressure liquidity if not managed carefully.
Leverage Eases as Debt Matures
Debt-to-equity improved from 0.72 in 2024Q1 to 0.25 by 2026Q1, with total debt down to $1.4B, per balance sheet data, while interest coverage rose to 7.73x in 2026Q1.
The deleveraging trend is notable, with D/EBITDA falling from 19.37x in 2023Q4 to 7.00x in 2026Q1, indicating a significantly reduced debt burden relative to cash flow. Interest coverage has improved from 2.24x in 2023Q4 to 7.73x in 2026Q1, suggesting that debt service is becoming more comfortable. However, the absolute level of debt remains material, and the company's ability to sustain this deleveraging pace will depend on consistent free cash flow generation, which has been volatile.
Liquidity Buffer Thins
Current ratio fell to 1.01 in 2026Q1 from 1.27 in 2024Q4, with cash down to $234.1M from $738.8M, per reported figures, indicating a thinner liquidity cushion.
The quick ratio of 0.88 in 2026Q1 suggests that Trimble may struggle to cover short-term obligations without relying on inventory liquidation, which is less liquid. The decline in cash reserves, coupled with a current ratio near 1.0, implies that the company has limited headroom to absorb unexpected working capital needs or operational shocks. While the improving leverage profile provides some comfort, the tightening liquidity position warrants monitoring, especially given the ongoing transition costs and potential for continued revenue softness.
P/E Misleads on Transition Value
The trailing P/E of 32.2x appears elevated, but the forward P/E of 18.2x, per market data, suggests the market is pricing in a significant earnings rebound that may not materialize if hardware revenue continues to decline.
The most commonly misapplied ratio for Trimble is the trailing P/E, which is distorted by the one-time gain in 2024Q2 that inflated net income. More importantly, the wide gap between trailing and forward P/E implies that analysts expect a substantial earnings recovery, yet TTM revenue is down 2.6% YoY and projected to decline further. Investors should instead focus on EV/EBITDA (18.13x) and the growth in ARR, as these better capture the recurring revenue transition and the underlying cash-generating potential of the software business.