Trinity Industries, Inc. (TRN) 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

-904.0%

-$246.90

vs $30.71 price

Levered DCF

-$346.45

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.02

Distress zone

Rating

B+

Overall 3 / 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	FY2018
P/E	8.45×	20.77×	20.3×	28.16×	77.44×	-13.53×	20.51×	18.55×
P/B	1.98×	2.71×	2.08×	2.39×	2.98×	1.76×	1.37×	1.34×
P/S	0.99×	0.93×	0.72×	1.22×	2.02×	1.75×	1.01×	1.18×
EV / EBITDA	7.73×	10.52×	11.02×	12.83×	15.69×	-144.11×	11.05×	11.66×
Gross margin	26.6%	21.7%	17.7%	18.6%	23.4%	24.1%	20.9%	22.7%
Operating margin	16.6%	16.0%	14.0%	16.9%	16.9%	-8.8%	14.4%	12.6%
Net margin	11.7%	4.5%	3.6%	3.0%	12.0%	-8.4%	5.0%	6.3%
Current ratio	2.12×	0.85×	1.01×	1.59×	1.3×	2.46×	1.81×	2.05×
Debt / equity	5.05×	5.48×	5.66×	5.65×	5.12×	2.94×	2.43×	1.82×
Interest coverage	1.31×	1.8×	1.57×	1.6×	1.34×	-0.72×	1.79×	1.76×
Dividend yield	4.6%	3.2%	4.0%	3.2%	2.9%	3.0%	3.0%	2.6%
Payout ratio	39.0%	67.3%	81.1%	128.0%	48.6%	-62.3%	59.7%	48.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.5%	13.1%	10.2%	5.9%	17.7%	-8.5%	6.8%	7.2%
Return on invested capital	3.5%	4.6%	4.7%	3.2%	2.4%	-0.9%	3.3%	3.1%
Return on assets	3.0%	1.6%	1.2%	0.7%	2.2%	-1.7%	1.6%	2.0%
Free cash flow yield	-20.4%	-0.8%	-19.2%	-40.4%	1.3%	-1.5%	-29.4%	-20.5%
Earnings yield	11.8%	4.8%	4.9%	2.5%	5.9%	-4.8%	4.9%	5.4%
Enterprise value	$7.4B	$8.3B	$7.8B	$7.8B	$8B	$7.9B	$7.4B	$6.8B
Net debt / EBITDA	5.49×	6.88×	7.97×	8.87×	9.71×	-88.6×	6.92×	6.58×
Cash conversion cycle (days)	116	79	101	139	127	166	75	105