Trinity Capital Inc. (TRIN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+122.5%

$38.13

vs $17.14 price

Levered DCF

-$79.32

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.97

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	7.47×	6.61×	7.02×	-11.39×	3.62×	-65.22×	-724.64×
P/B	0.93×	0.93×	0.93×	0.75×	1.07×	1.66×	-724.49×
P/S	4.37×	3.21×	3.23×	7.95×	2.73×	9.76×	0×
EV / EBITDA	10.44×	13.79×	9.01×	-39.11×	6.81×	-107.44×	0×
Gross margin	100.0%	73.9%	81.1%	21.6%	88.4%	58.7%	0.0%
Operating margin	93.1%	49.8%	74.2%	-64.3%	75.5%	-15.1%	0.0%
Net margin	58.4%	48.7%	44.0%	-69.8%	75.4%	-15.1%	0.0%
Current ratio	22.79×	0.83×	0.37×	0.97×	3.87×	9.88×	0×
Debt / equity	1.2×	1.07×	1.06×	1.33×	1.02×	1.26×	0×
Interest coverage	2.68×	1.91×	2.93×	-0.82×	6.5×	-0.36×	0×
Dividend yield	13.4%	13.4%	13.9%	17.7%	5.2%	2.6%	0.0%
Payout ratio	100.6%	88.7%	102.5%	-201.3%	18.8%	-169.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.4%	14.0%	12.6%	-6.6%	29.6%	-2.6%	100.0%
Return on invested capital	8.7%	6.6%	9.9%	-2.5%	14.3%	-1.1%	-20.3%
Return on assets	5.5%	6.5%	5.9%	-2.7%	14.1%	-1.1%	-8.4%
Free cash flow yield	-52.8%	-41.6%	-17.5%	15.8%	-50.7%	-14.8%	0.0%
Earnings yield	13.4%	15.2%	13.6%	-8.8%	27.6%	-1.5%	-0.1%
Enterprise value	$2.3B	$1.6B	$1.2B	$946.2M	$902.4M	$651.3M	$379.6M
Net debt / EBITDA	5.85×	7.34×	4.79×	-24.8×	3.2×	-42.08×	0×
Cash conversion cycle (days)	30	-160	-190	-144	-164	-76	0