Latest Ratios: P/E Ratio 17.1x · EV/EBITDA 11.7x · ROE 9.0%. (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 | $946M | $757M | $634M | $591M | $719M | $642M | $644M | $840M | $663M | $885M | $837M |
| Enterprise Value | $1.1B | $863M | $712M | $675M | $970M | $891M | $864M | $997M | $776M | $1.1B | $998M |
| P/E Ratio → | 17.09 | 12.72 | 12.96 | 10.08 | 9.56 | 10.44 | 12.26 | 14.55 | 10.79 | 20.54 | 19.62 |
| P/S Ratio | 5.03 | 4.03 | 3.69 | 3.11 | 3.61 | 3.60 | 3.77 | 4.82 | 3.71 | 5.12 | 5.07 |
| P/B Ratio | 1.48 | 1.10 | 0.94 | 0.92 | 1.20 | 1.07 | 1.13 | 1.56 | 1.35 | 1.93 | 1.93 |
| P/FCF | 20.68 | 16.56 | 11.62 | 10.10 | 9.61 | 12.22 | 11.04 | 14.03 | 10.36 | 15.24 | 15.84 |
| P/OCF | 16.42 | 13.15 | 10.67 | 9.21 | 9.15 | 11.59 | 10.36 | 13.17 | 9.80 | 14.35 | 15.25 |
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 | — | 4.59 | 4.14 | 3.55 | 4.87 | 4.99 | 5.06 | 5.72 | 4.34 | 6.28 | 6.04 |
| EV / EBITDA | 11.72 | 9.62 | 9.43 | 7.63 | 8.82 | 9.61 | 10.86 | 11.53 | 9.26 | 13.46 | 13.79 |
| EV / EBIT | 12.95 | 10.63 | 11.11 | 8.70 | 9.76 | 10.84 | 12.44 | 13.04 | 9.74 | 14.13 | 14.61 |
| EV / FCF | — | 18.88 | 13.04 | 11.54 | 12.96 | 16.96 | 14.81 | 16.65 | 12.12 | 18.67 | 18.88 |
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 | 67.1% | 67.1% | 64.5% | 77.3% | 97.0% | 98.9% | 84.5% | 82.8% | 89.1% | 91.1% | 89.9% |
| Operating Margin | 29.2% | 29.2% | 24.3% | 31.7% | 48.3% | 44.2% | 35.5% | 36.3% | 40.0% | 41.0% | 37.9% |
| Net Profit Margin | 22.0% | 22.0% | 18.6% | 24.0% | 36.5% | 33.1% | 26.8% | 27.4% | 30.9% | 23.0% | 23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 7.4% | 9.4% | 12.5% | 10.5% | 9.5% | 11.3% | 13.0% | 9.7% | 10.1% |
| ROA | 1.0% | 1.0% | 0.8% | 1.0% | 1.2% | 1.0% | 0.9% | 1.1% | 1.2% | 0.9% | 0.9% |
| ROIC | 7.4% | 7.4% | 6.1% | 7.0% | 8.3% | 7.1% | 6.6% | 8.2% | 8.8% | 8.6% | 8.2% |
| ROCE | 10.6% | 10.6% | 8.6% | 12.4% | 16.8% | 12.9% | 11.4% | 14.1% | 16.8% | 17.2% | 16.1% |
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 | 0.23 | 0.23 | 0.18 | 0.21 | 0.49 | 0.49 | 0.47 | 0.38 | 0.33 | 0.53 | 0.48 |
| Debt / EBITDA | 1.74 | 1.74 | 1.66 | 1.51 | 2.68 | 3.21 | 3.36 | 2.37 | 1.93 | 3.02 | 2.90 |
| Net Debt / Equity | — | 0.15 | 0.11 | 0.13 | 0.42 | 0.41 | 0.39 | 0.29 | 0.23 | 0.43 | 0.37 |
| Net Debt / EBITDA | 1.18 | 1.18 | 1.03 | 0.95 | 2.28 | 2.69 | 2.77 | 1.82 | 1.34 | 2.47 | 2.22 |
| Debt / FCF | — | 2.31 | 1.42 | 1.44 | 3.35 | 4.74 | 3.78 | 2.62 | 1.76 | 3.42 | 3.04 |
| Interest Coverage | 0.90 | 0.90 | 0.70 | 1.43 | 15.37 | 10.84 | 2.81 | 2.11 | 3.94 | 5.26 | 4.46 |
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 | 0.05 | 0.05 | 0.06 | 0.09 | 0.10 | 0.08 | 0.09 | 0.13 | 0.12 | 0.14 | 0.15 |
| Quick Ratio | 0.05 | 0.05 | 0.06 | 0.09 | 0.10 | 0.08 | 0.09 | 0.13 | 0.12 | 0.14 | 0.15 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.6% | 4.3% | 4.6% | 3.8% | 4.1% | 4.1% | 3.1% | 3.9% | 2.8% | 3.0% |
| Payout Ratio | 45.2% | 45.2% | 56.1% | 46.7% | 35.9% | 42.7% | 50.2% | 45.6% | 41.6% | 58.4% | 58.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 7.9% | 7.7% | 9.9% | 10.5% | 9.6% | 8.2% | 6.9% | 9.3% | 4.9% | 5.1% |
| FCF Yield | 4.8% | 6.0% | 8.6% | 9.9% | 10.4% | 8.2% | 9.1% | 7.1% | 9.7% | 6.6% | 6.3% |
| Buyback Yield | 4.0% | 5.0% | 0.1% | 0.0% | 1.0% | 0.4% | 0.5% | 0.0% | 0.1% | 0.5% | 0.1% |
| Total Shareholder Yield | 6.7% | 8.7% | 4.4% | 4.6% | 4.7% | 4.5% | 4.6% | 3.1% | 4.0% | 3.4% | 3.1% |
| Shares Outstanding | — | $18M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TRST stock.
TrustCo Bank Corp NY's current P/E ratio is 17.1x. The historical average is 17.7x. This places it at the 57th percentile of its historical range.
TrustCo Bank Corp NY's current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
TrustCo Bank Corp NY's return on equity (ROE) is 9.0%. The historical average is 15.0%.
Based on historical data, TrustCo Bank Corp NY is trading at a P/E of 17.1x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TrustCo Bank Corp NY's current dividend yield is 2.71% with a payout ratio of 45.2%.
TrustCo Bank Corp NY has 67.1% gross margin and 29.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
TrustCo Bank Corp NY's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Fee income volatility and NIM compression
Metrics are mathematically derived from official filings.
Premium Priced for Earnings Inflection
Trading at 1.53x book and 17.6x trailing earnings, TrustCo's valuation implies sustained margin expansion, yet the 19.9x forward multiple suggests the market is pricing in continued EPS acceleration beyond the Q2 beat.
The P/B of 1.53x sits above the peer median of roughly 1.4x, reflecting a premium for the bank's fortress balance sheet and low-cost deposit franchise. However, the forward P/E of 19.9x versus trailing 17.6x implies the market expects earnings to grow, but the PEG of 4.86x suggests that growth is already fully priced. Investors should monitor whether the Q2 2026 EPS beat of $0.98 versus $0.69 consensus is sustainable, as the valuation leaves little room for disappointment.
ROE Expansion Driven by Margin and Leverage
ROE improved from 1.9% in early 2024 to 2.6% by Q2 2026, according to reported figures, driven by NIM expansion from 0.6% to 0.7% and a stable equity-to-assets ratio of 0.10.
The DuPont decomposition reveals that the ROE improvement is primarily a function of net interest margin widening, as asset utilization remains constrained by the bank's heavy securities portfolio. The efficiency ratio improvement from 42.5% to 37.9% over the same period indicates operating leverage, but the negative fee income in Q2 2026 (-132% of revenue) highlights the fragility of non-interest income. The 9.0% ROE (annualized) remains below peers like CBSH at 14.8%, suggesting the conservative balance sheet limits returns despite strong cost control.
NIM Expansion Offsets Fee Volatility
Net interest margin rose from 0.6% to 0.7% year-over-year, as per financial statements, while the efficiency ratio improved to 37.9% in Q1 2026, indicating that core spread widening is driving profitability despite fee income swings.
The NIM improvement appears to be driven by favorable loan repricing, as management cited in the latest earnings call, with asset yields re-pricing faster than deposit costs. The efficiency ratio's decline from 42.5% to 37.9% suggests disciplined expense management, but the Q2 2026 spike to 97.1% reflects the impact of the negative non-interest income, which may be a one-off. Investors should monitor whether the efficiency ratio can sustain its sub-40% level if fee income remains volatile.
Fortress Capital with Minimal Leverage
Equity-to-assets ratio held steady at 0.10, with debt-to-equity at just 0.23%, according to the latest balance sheet data, underscoring a conservative capital structure that supports capital return but may cap ROE.
The exceptionally low debt-to-equity ratio of 0.23% provides a massive safety buffer, but it also suggests the bank is under-leveraged relative to peers like CBSH (0.79) and NBTB (0.17). This conservative posture may be mispriced as a lack of ambition, but in a period of banking sector instability, it could be a premium risk-mitigation feature. The stable equity base supports the aggressive buyback program, which consumed 88% of operating cash flow in Q2 2026, but investors should watch if this pace is sustainable.
Pristine Credit Masks Concentration Risk
Provision for credit losses averaged just $390,000 per quarter over the last five quarters, as reported in financial statements, reflecting a stable credit environment, but the heavy mortgage concentration warrants monitoring.
The minimal provision expense suggests strong asset quality, but the bank's balance sheet is heavily weighted toward residential mortgages, which could be vulnerable to a sector-specific downturn. The $6.3B securities portfolio, representing 97% of total assets, may carry unrealized losses in a rising rate environment, potentially impacting tangible book value. While current reserve levels appear adequate, investors should monitor whether the pristine credit metrics are sustainable if the housing market weakens.
P/E Misleads on Earnings Quality
The trailing P/E of 17.6x is distorted by the Q2 2026 negative non-interest income of $38.5 million, as per the income statement, which may overstate the apparent earnings acceleration and mislead investors on the bank's true profitability.
For banks, P/E can be misleading due to provision volatility and one-off items, and TrustCo's Q2 2026 fee swing is a prime example. The negative non-interest income, likely from a securities loss, artificially boosted the EPS beat, making the trailing P/E appear more attractive than the underlying earnings power suggests. Instead, investors should focus on P/TBV and ROTCE, which better capture the bank's core profitability, and adjust for the one-off fee loss to assess the sustainable earnings run-rate.