NASDAQ : TRIN
Trinity Capital Inc. — Financial statements
Financials · Asset Management · United States
Last price 16.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.61B
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Financial statements
Trinity Capital Inc. (TRIN) reported revenue of 313.05M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Other Revenue | 313.05M | 279.51M | 226.73M | 174.84M | 138.84M | 76.63M |
| Revenue | 313.05M | 279.51M | 226.73M | 174.84M | 138.84M | 76.63M |
| Gross Profit | 313.05M | 279.51M | 226.73M | 174.84M | 138.84M | 76.63M |
| Selling, General & Admin | 63.93M | 57.30M | 47.15M | 36.30M | 37.38M | 22.51M |
| Operating Expenses | 75.98M | 69.34M | 57.69M | 45.10M | 37.38M | 22.51M |
| Operating Income | 237.07M | 210.17M | 169.04M | 129.74M | 101.46M | 54.12M |
| Interest Expense | -93.74M | -80.56M | -61.95M | -44.30M | -34.15M | -20.39M |
| Other Non Operating Income (Expenses) | 4.04M | 2.93M | 473.00K | |||
| EBT Excluding Unusual Items | 147.37M | 132.53M | 107.56M | 85.45M | 67.31M | 33.72M |
| Gain (Loss) on Sale of Investments | -26.03M | -8.47M | -249.00K | -13.01M | -101.96M | 93.29M |
| Other Unusual Items | 23.03M | 14.14M | 10.96M | 7.01M | 6.66M | 5.57M |
| Pretax Income | 144.37M | 138.20M | 118.27M | 79.45M | -27.99M | 132.57M |
| Income Tax Expense | 3.03M | 2.60M | 2.68M | 2.56M | 2.39M | 255.00K |
| Net Income | 141.34M | 135.60M | 115.60M | 76.89M | -30.38M | 132.32M |
| Net Income to Common | 141.34M | 135.60M | 115.60M | 76.89M | -30.38M | 132.32M |
| Shares Outstanding (Basic) | 80.70M | 69.29M | 52.71M | 38.91M | 31.67M | 25.98M |
| Shares Outstanding (Diluted) | 80.70M | 69.29M | 56.73M | 42.71M | 31.67M | 29.32M |
| EPS (Basic) | 1.75 | 1.96 | 2.19 | 1.98 | -0.96 | 5.09 |
| EPS (Diluted) | 1.75 | 1.96 | 2.10 | 1.89 | -0.96 | 4.64 |
| Free Cash Flow | -593.92M | -536.28M | -317.33M | -99.00M | -235.94M | -242.88M |
| Free Cash Flow Per Share | -7.36 | -7.74 | -5.59 | -2.32 | -7.45 | -8.28 |
| Dividend Per Share | 2.04 | 2.04 | 2.04 | 1.94 | 1.73 | 1.26 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 75.73% | 75.19% | 74.55% | 74.21% | 73.08% | 70.62% |
| Profit Margin | 45.15% | 48.51% | 50.98% | 43.98% | -21.88% | 172.68% |
| Free Cash Flow Margin | -189.72% | -191.86% | -139.96% | -56.62% | -169.94% | -316.96% |
| EBITDA | 54.17M | |||||
| EBITDA Margin | 70.69% | |||||
| D&A For EBITDA | 50.00K | |||||
| EBIT | 237.07M | 210.17M | 169.04M | 129.74M | 101.46M | 54.12M |
| EBIT Margin | 75.73% | 75.19% | 74.55% | 74.21% | 73.08% | 70.62% |
| Effective Tax Rate | 2.10% | 1.88% | 2.26% | 3.22% | 0.19% | |
| Revenue as Reported | 336.08M | 293.65M | 237.69M | 181.85M | 145.50M | 82.19M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 22.18M | 19.11M | 9.63M | 4.76M | 10.61M | 31.68M |
| Cash & Short-Term Investments | 29.58M | 19.11M | 9.63M | 4.76M | 10.61M | 31.68M |
| Other Receivables | 26.56M | 19.03M | 17.64M | 12.01M | 9.97M | 5.55M |
| Receivables | 27.26M | 19.03M | 17.64M | 12.01M | 9.97M | 5.55M |
| Restricted Cash | 15.06M | |||||
| Other Current Assets | 1.58M | 54.00K | 2.44M | 2.44M | ||
| Total Current Assets | 58.42M | 38.20M | 27.27M | 19.21M | 23.02M | 52.29M |
| Property, Plant & Equipment | 7.30M | 7.60M | 5.40M | 5.30M | 2.10M | 2.50M |
| Long-Term Investments | 2.73B | 2.42B | 1.73B | 1.28B | 1.09B | 873.47M |
| Long-Term Deferred Charges | 5.05M | 5.87M | 6.59M | 2.14M | 2.90M | 2.31M |
| Other Long-Term Assets | 2.30M | 14.78M | 9.42M | 9.15M | 4.03M | 6.55M |
| Total Assets | 2.81B | 2.48B | 1.77B | 1.31B | 1.13B | 937.12M |
| Accounts Payable | 28.00M | 42.12M | 27.96M | 24.76M | 17.47M | 11.89M |
| Current Portion of Leases | 937.00K | 1.72M | ||||
| Other Current Liabilities | 800.00K | 41.62M | 31.45M | 23.16M | 21.33M | 9.80M |
| Total Current Liabilities | 29.74M | 85.47M | 59.41M | 47.92M | 38.80M | 21.70M |
| Long-Term Debt | 1.50B | 1.29B | 877.67M | 639.61M | 610.59M | 455.35M |
| Long-Term Leases | 7.80M | 7.85M | 5.70M | 2.30M | 2.70M | |
| Other Long-Term Liabilities | 2.72M | 3.01M | 8.47M | 12.29M | 15.10M | 10.84M |
| Total Liabilities | 1.54B | 1.39B | 951.26M | 699.82M | 666.79M | 490.58M |
| Common Stock | 94.00K | 82.00K | 62.00K | 46.00K | 35.00K | 27.00K |
| Additional Paid-In Capital | 1.29B | 1.10B | 829.63M | 633.74M | 480.53M | 368.61M |
| Retained Earnings | -21.02M | -6.43M | -6.71M | -22.63M | -20.92M | 77.90M |
| Shareholders' Equity | 1.27B | 1.09B | 822.98M | 611.16M | 459.65M | 446.53M |
| Total Liabilities & Equity | 2.81B | 2.48B | 1.77B | 1.31B | 1.13B | 937.12M |
| Total Debt | 1.51B | 1.30B | 883.37M | 639.61M | 612.89M | 458.05M |
| Net Cash (Debt) | -1.48B | -1.28B | -873.75M | -634.85M | -602.28M | -426.36M |
| Net Cash Per Share | -18.31 | -18.54 | -15.40 | -14.87 | -19.02 | -14.54 |
| Filing Date Shares Outstanding | 94.69M | 83.17M | 62.83M | 46.44M | 34.92M | 27.29M |
| Total Common Shares Outstanding | 94.02M | 81.52M | 61.67M | 46.32M | 34.96M | 27.23M |
| Working Capital | 28.68M | -47.27M | -32.15M | -28.71M | -15.77M | 30.60M |
| Book Value Per Share | 13.47 | 13.42 | 13.35 | 13.19 | 13.15 | 16.40 |
| Tangible Book Value | 1.27B | 1.09B | 822.98M | 611.16M | 459.65M | 446.53M |
| Tangible Book Value Per Share | 13.47 | 13.42 | 13.35 | 13.19 | 13.15 | 16.40 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 141.34M | 135.60M | 115.60M | 76.89M | -30.38M | 132.32M |
| Other Amortization | 5.55M | 4.96M | 5.39M | 4.28M | 3.80M | 4.03M |
| Loss (Gain) From Sale of Investments | -30.81M | -42.21M | -39.33M | -19.95M | 69.74M | -114.24M |
| Stock-Based Compensation | 12.84M | 12.05M | 10.54M | 8.80M | 6.06M | 1.07M |
| Other Operating Activities | -720.57M | -650.31M | -411.06M | -160.83M | -290.66M | -265.58M |
| Change in Accounts Receivable | -1.59M | -2.49M | -5.34M | -1.26M | -4.42M | -2.08M |
| Change in Accounts Payable | 10.59M | 18.03M | 8.90M | 4.99M | 5.18M | 6.20M |
| Change in Other Net Operating Assets | -10.33M | -11.14M | -1.62M | -9.19M | 4.93M | -3.39M |
| Operating Cash Flow | -592.98M | -535.50M | -316.91M | -96.26M | -235.74M | -241.67M |
| Capital Expenditures | -944.00K | -785.00K | -420.00K | -2.74M | -194.00K | -1.20M |
| Investing Cash Flow | -944.00K | -785.00K | -420.00K | -2.74M | -194.00K | -1.20M |
| Long-Term Debt Issued | 1.92B | 1.19B | 420.00M | 380.35M | 377.00M | |
| Long-Term Debt Repaid | -1.53B | -959.40M | -394.50M | -229.50M | -221.00M | |
| Net Debt Issued (Repaid) | 440.72M | 396.51M | 228.22M | 25.50M | 150.85M | 156.00M |
| Issuance of Common Stock | 355.77M | 289.99M | 200.23M | 150.28M | 113.14M | 104.78M |
| Repurchase of Common Stock | -4.48M | -4.36M | -3.73M | -3.82M | -3.03M | -138.00K |
| Common Dividends Paid | -202.15M | -136.37M | -102.53M | -78.80M | -61.16M | -24.93M |
| Other Financing Activities | -7.20M | |||||
| Financing Cash Flow | 589.85M | 545.77M | 322.19M | 93.15M | 199.81M | 228.52M |
| Net Cash Flow | -4.07M | 9.48M | 4.87M | -5.85M | -36.13M | -14.36M |
| Free Cash Flow | -593.92M | -536.28M | -317.33M | -99.00M | -235.94M | -242.88M |
| Free Cash Flow Margin | -189.72% | -191.86% | -139.96% | -56.62% | -169.94% | -316.96% |
| Free Cash Flow Per Share | -7.36 | -7.74 | -5.59 | -2.32 | -7.45 | -8.28 |
| Levered Free Cash Flow | 68.33M | 120.11M | 90.75M | 70.83M | 77.03M | 33.38M |
| Unlevered Free Cash Flow | 121.36M | 165.51M | 124.07M | 94.23M | 94.58M | 42.09M |
| Cash Interest Paid | 81.78M | 69.19M | 54.54M | 39.88M | 29.05M | 13.58M |
| Cash Income Tax Paid | 2.88M | 2.72M | 2.60M | 2.30M | 283.00K | |
| Change in Working Capital | -1.34M | 4.40M | 1.95M | -5.46M | 5.69M | 731.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.61B | 1.11B | 852.37M | 633.88M | 384.41M | 478.21M |
| Enterprise Value | 3.09B | 2.28B | 1.76B | 1.15B | 912.45M | 756.53M |
| Last Close Price | 16.98 | 13.22 | 11.39 | 9.92 | 6.44 | 8.78 |
| PE Ratio | 9.71 | 8.18 | 7.37 | 8.24 | 3.61 | |
| Forward PE | 8.16 | 7.05 | 6.94 | 6.76 | 5.39 | 10.35 |
| PS Ratio | 5.14 | 3.97 | 3.76 | 3.63 | 2.77 | 6.24 |
| PB Ratio | 1.26 | 1.01 | 1.04 | 1.04 | 0.84 | 1.07 |
| P/TBV Ratio | 1.27 | 1.01 | 1.04 | 1.04 | 0.84 | 1.07 |
| PEG Ratio | 0.44 | 0.44 | 0.44 | 0.44 | 4.14 | |
| EV/Sales Ratio | 9.86 | 8.15 | 7.77 | 6.61 | 6.57 | 9.87 |
| EV/EBITDA Ratio | 13.97 | |||||
| EV/EBIT Ratio | 13.01 | 10.85 | 10.43 | 8.90 | 8.99 | 13.98 |
| Debt / Equity Ratio | 1.19 | 1.19 | 1.07 | 1.05 | 1.33 | 1.03 |
| Debt / EBITDA Ratio | 6.30 | 6.15 | 5.19 | 6.01 | 8.38 | |
| Net Debt / Equity Ratio | 1.17 | 1.17 | 1.06 | 1.04 | 1.31 | 0.95 |
| Net Debt / EBITDA Ratio | 7.87 | |||||
| Net Debt / FCF Ratio | -2.49 | -2.40 | -2.75 | -6.41 | -2.55 | -1.75 |
| Asset Turnover | 0.13 | 0.13 | 0.15 | 0.14 | 0.14 | 0.10 |
| Quick Ratio | 1.89 | 0.45 | 0.46 | 0.35 | 0.53 | 1.72 |
| Current Ratio | 1.96 | 0.45 | 0.46 | 0.40 | 0.59 | 2.41 |
| Return on Equity (ROE) | 12.90% | 14.15% | 16.12% | 14.36% | -6.70% | 38.62% |
| Return on Assets (ROA) | 6.11% | 6.17% | 6.85% | 6.65% | 6.15% | 4.52% |
| Return on Invested Capital (ROIC) | 8.84% | 10.12% | 11.23% | 10.88% | 10.49% | 7.90% |
| Return on Capital Employed (ROCE) | 8.50% | 8.80% | 9.90% | 10.30% | 9.30% | 5.90% |
| Earnings Yield | 10.29% | 12.23% | 13.56% | 12.13% | -7.90% | 27.67% |
| FCF Yield | -36.94% | -48.37% | -37.23% | -15.62% | -61.38% | -50.79% |
| Dividend Yield | 12.01% | 15.00% | 14.76% | 14.18% | 15.73% | 7.17% |
| Payout Ratio | 116.70% | 100.56% | 88.70% | 102.48% | 18.84% | |
| Buyback Yield / Dilution | -28.77% | -22.13% | -32.84% | -34.84% | -8.02% | -62.06% |
| Total Shareholder Return | -16.75% | -7.14% | -18.08% | -20.66% | 7.71% | -54.88% |