Latest Ratios: P/E Ratio -2452.1x · EV/EBITDA 36.7x · ROE -0.1%. (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 | $119M | $47M | $52M | $40M | $36M | $38M | $23M | $22M | $34M | $36M | $25M |
| Enterprise Value | $110M | $38M | $45M | $37M | $35M | $37M | $23M | $20M | $32M | $37M | $27M |
| P/E Ratio → | -2452.08 | — | 50.75 | 26.00 | 15.19 | — | 26.08 | 14.05 | 28.84 | 27.67 | 32.55 |
| P/S Ratio | 3.26 | 1.30 | 1.24 | 0.93 | 0.82 | 1.17 | 0.68 | 0.55 | 0.80 | 0.94 | 0.73 |
| P/B Ratio | 3.02 | 1.39 | 1.66 | 1.35 | 1.29 | 1.45 | 0.93 | 0.87 | 1.43 | 1.69 | 1.21 |
| P/FCF | — | — | 24.07 | 11.09 | 55.19 | 72.06 | 11.70 | 13.43 | 15.54 | 21.76 | — |
| P/OCF | 320.82 | 127.51 | 19.27 | 4.94 | 17.03 | 23.14 | 7.75 | 4.87 | 7.53 | 9.18 | 24.96 |
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 | — | 1.05 | 1.07 | 0.85 | 0.78 | 1.13 | 0.68 | 0.52 | 0.75 | 0.95 | 0.78 |
| EV / EBITDA | 36.68 | 12.74 | 8.48 | 5.00 | 6.36 | 12.18 | 10.81 | 19.90 | 7.22 | 11.02 | 8.13 |
| EV / EBIT | 432.55 | 174.99 | 26.48 | 14.71 | 10.87 | — | 17.41 | 11.86 | 12.60 | 18.30 | 17.80 |
| EV / FCF | — | — | 20.77 | 10.13 | 52.69 | 69.45 | 11.68 | 12.71 | 14.65 | 21.97 | — |
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 | 25.1% | 25.1% | 25.4% | 27.1% | 26.6% | 23.6% | 21.1% | 23.0% | 25.1% | 24.6% | 25.5% |
| Operating Margin | 0.7% | 0.7% | 2.6% | 5.2% | 5.3% | -0.2% | -2.7% | -3.6% | 5.2% | 3.9% | 4.2% |
| Net Profit Margin | -0.1% | -0.1% | 2.5% | 3.6% | 5.4% | -1.8% | 2.5% | 3.9% | 2.8% | 3.4% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.1% | -0.1% | 3.4% | 5.4% | 8.9% | -2.3% | 3.5% | 6.4% | 5.3% | 6.2% | 3.7% |
| ROA | -0.1% | -0.1% | 2.5% | 3.6% | 5.9% | -1.6% | 2.4% | 4.2% | 3.4% | 4.0% | 2.4% |
| ROIC | 0.8% | 0.8% | 3.2% | 6.4% | 6.9% | -0.2% | -2.9% | -4.7% | 7.6% | 5.0% | 5.0% |
| ROCE | 0.7% | 0.7% | 3.3% | 6.9% | 7.7% | -0.2% | -3.3% | -5.2% | 8.6% | 6.3% | 6.2% |
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 | 0.05 | 0.05 | 0.09 | 0.14 | 0.22 | 0.17 | 0.16 | 0.15 | 0.20 | 0.24 | 0.25 |
| Debt / EBITDA | 0.58 | 0.58 | 0.54 | 0.56 | 1.12 | 1.49 | 1.91 | 3.58 | 1.05 | 1.54 | 1.61 |
| Net Debt / Equity | — | -0.27 | -0.23 | -0.12 | -0.06 | -0.05 | -0.00 | -0.05 | -0.08 | 0.02 | 0.07 |
| Net Debt / EBITDA | -3.06 | -3.06 | -1.35 | -0.47 | -0.30 | -0.46 | -0.02 | -1.14 | -0.44 | 0.11 | 0.45 |
| Debt / FCF | — | — | -3.30 | -0.96 | -2.50 | -2.62 | -0.02 | -0.73 | -0.88 | 0.21 | — |
| Interest Coverage | 4.84 | 4.84 | 22.16 | 23.69 | 26.03 | -6.13 | 5.81 | 5.42 | 10.83 | 9.92 | 7.38 |
Net cash position: cash ($11M) exceeds total debt ($2M)
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 | 5.03 | 5.03 | 3.42 | 3.09 | 2.45 | 2.74 | 2.79 | 2.43 | 1.94 | 1.78 | 1.73 |
| Quick Ratio | 4.67 | 4.67 | 3.08 | 2.86 | 2.26 | 2.50 | 2.52 | 2.13 | 1.64 | 1.60 | 1.57 |
| Cash Ratio | 2.66 | 2.66 | 1.75 | 1.52 | 1.10 | 1.43 | 1.52 | 1.11 | 0.73 | 0.58 | 0.46 |
| Asset Turnover | — | 0.89 | 0.99 | 1.03 | 1.01 | 0.85 | 0.97 | 1.07 | 1.16 | 1.15 | 1.07 |
| Inventory Turnover | 12.08 | 12.08 | 9.98 | 14.67 | 14.32 | 11.92 | 14.15 | 12.44 | 10.83 | 16.56 | 17.59 |
| Days Sales Outstanding | — | 114.20 | 96.63 | 90.80 | 104.46 | 100.90 | 73.59 | 73.84 | 74.34 | 89.12 | 99.82 |
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 | — | — | — | — | 0.0% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 0.4% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.0% | 3.8% | 6.6% | — | 3.8% | 7.1% | 3.5% | 3.6% | 3.1% |
| FCF Yield | — | — | 4.2% | 9.0% | 1.8% | 1.4% | 8.5% | 7.4% | 6.4% | 4.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $9M | $9M | $8M | $8M | $8M | $7M | $8M | $8M | $7M | $7M |
Regional geopolitical and cyclical exposure
Based on current market data, TRT trades at a P/S ratio of 3.26, which appears to prioritize the company's tangible asset base and cash reserves over its currently negligible earnings power, suggesting investors are discounting the firm's ability to generate meaningful growth in the near term.
The negative P/E ratio of -2452.08 highlights the company's struggle to maintain consistent profitability, rendering traditional earnings-based valuation metrics largely irrelevant. Investors appear to be valuing the company as a liquidation or sum-of-the-parts play rather than a growth-oriented semiconductor entity, given the significant cash-to-market-cap ratio.
As reported in financial statements, ROIC has fluctuated significantly, reaching a low of -0.3% in 2026Q3, which indicates that the company is currently failing to generate returns that exceed its cost of capital, a trend that warrants further investigation into its core operational efficiency.
The inability to sustain positive ROIC suggests that the company's specialized testing and manufacturing assets are not being utilized at levels sufficient to cover their depreciation and maintenance costs. This decay in capital returns reflects a business model that is currently struggling to find a profitable niche within the highly competitive Southeast Asian semiconductor landscape.
According to recent quarterly filings, the cash conversion cycle has remained volatile, peaking at 131 days in 2025Q2, which suggests that the company faces structural challenges in managing its inventory and receivables relative to its regional peers in the semiconductor testing and distribution space.
The high DSO, which reached 76 days in 2026Q3, indicates that the company may be offering extended payment terms to maintain customer relationships in a cyclical downturn. This inefficiency ties up critical liquidity, limiting the firm's ability to pivot its capital toward more productive R&D or expansion opportunities.
Investors frequently misapply standard semiconductor P/E multiples to TRT, which obscures the reality that the company's valuation is heavily influenced by its non-core real estate holdings and cash-rich balance sheet rather than its underlying semiconductor manufacturing and testing service growth potential.
Applying a growth-oriented semiconductor multiple to TRT ignores the reality that a significant portion of its value is derived from stagnant real estate assets and cash. A more appropriate approach would involve a sum-of-the-parts valuation that separates the cyclical testing business from the company's stable, non-operating assets.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TRT stock.
Trio-Tech International's current P/E ratio is -2452.1x. The historical average is 39.4x.
Trio-Tech International's current EV/EBITDA is 36.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
Trio-Tech International's return on equity (ROE) is -0.1%. The historical average is 3.5%.
Based on historical data, Trio-Tech International is trading at a P/E of -2452.1x. Compare with industry peers and growth rates for a complete picture.
Trio-Tech International has 25.1% gross margin and 0.7% operating margin.
Trio-Tech International's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.