Trex Company, Inc. TREX

IndustrialsHomebuilding & Construction SuppliesUnited States of America

Last close 50.54 USD on Nov 2, 2026, +44.1% year to date

Quant rating

Quant rating A Rank 53 of 486 in Industrials

Growth C 307 of 486
Valuation C 248 of 486
Quality B 83 of 486
Revisions B 78 of 486
Momentum B 104 of 486

Wall Street consensus Buy (2.33)Average target 54.85 USD +8.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.1B
Enterprise value: 5.4B
52-week range: 29.77 – 52.25
3-year range: 29.77 – 100.10
Dividend yield: –
Beta (5 years): 1.51
Shares outstanding: 102M
Next earnings: Nov 4, 2026

About the company

Trex Company, Inc. is a manufacturer of wood-alternative decking and residential railing and outdoor living products and accessories, marketed under the brand name Trex. The Company’s segment is Trex Residential. Its product categories include decking and accessories, railing, and fencing. Its decking products are made in a proprietary process that combines reclaimed wood fibers and recycled polyethylene film. Its decking and accessories include Trex Signature decking, Trex Transcend Lineage decking, Trex Transcend decking, Trex Select decking, Trex Enhance decking, Trex Hideaway Fastener Collection, and Trex DeckLighting outdoor lighting system. Its Trex Transcend decking product can also be used as cladding. Its railing products include Trex Signature X-Series railing, Trex Signature Aluminum railing, Trex Transcend railing, Trex Select railing, Trex Select T-Rail, and Trex Enhance railing. Its Trex Seclusions composite fencing product is offered through two specialty distributors.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,174	1,151	1,095	1,106	1,197	–
Revenue growth	2.0%	5.2%	−1.0%	−7.6%	35.9%	5.9%
EPS (basic, normalized)	1.88	2.09	1.86	1.65	2.16	–
EPS growth	−10.0%	12.4%	12.7%	−23.6%	–	–
Gross margin	39.4%	43.6%	41.2%	36.5%	38.5%	39.8%
Net margin	16.2%	20.7%	18.6%	16.7%	17.4%	17.9%
ROE	19.8%	29.7%	33.1%	29.7%	31.8%	28.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	6.5
Current ratio	1.06x
Long-term debt (mil)	0
Net debt (mil)	247
Total equity (mil)	1,010
Net debt / equity	0.24x
Net debt / EBITDA	0.73x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,174	+2.0%	4.6x	336	−4.3%	16.1x	1.88	−10.0%	26.9x
2026	1,244	+6.0%	4.3x	342	+1.9%	15.8x	1.77	−5.8%	28.5x
2027	1,320	+6.1%	4.1x	376	+9.7%	14.4x	2.02	+14.2%	25.0x
2028	1,436	+8.7%	3.8x	416	+10.6%	13.0x	2.41	+19.1%	21.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,244	+0.1%	+0.5%	+3.1%	1.77	+0.1%	0.0%	+8.3%
2027	1,320	0.0%	+0.5%	+2.9%	2.02	+0.2%	+1.1%	+10.9%
2028	1,436	+0.2%	+0.7%	+2.5%	2.41	+1.8%	+3.3%	+10.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	374	376	234	168	340	388	285	161	343	418
Sales mean (mil)	367	388	225	160	329	378	301	144	340	414
Surprise	+1.9%	−2.9%	+3.7%	+4.5%	+3.4%	+2.6%	−5.1%	+11.5%	+1.0%	+1.1%
EPS reported	0.82	0.80	0.37	0.09	0.61	0.73	0.51	0.04	0.59	0.65
EPS mean	0.72	0.78	0.32	0.05	0.59	0.71	0.57	−0.02	0.51	0.63
Surprise	+14.7%	+3.1%	+15.8%	+99.2%	+2.8%	+2.9%	−10.2%	−364.7%	+16.4%	+3.0%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TREX Trex Company, Inc.	5.1B	0.73x	16.2%	5.10x	28.5x	25.0x	15.8x	14.4x
FERG Ferguson Enterprises Inc.	46.8B	1.38x	6.1%	7.55x	21.2x	19.1x	14.5x	13.5x
DHI D.R. Horton, Inc.	41.5B	1.23x	10.5%	1.80x	15.0x	12.9x	11.9x	10.9x
PHM PulteGroup, Inc.	24.2B	0.25x	12.8%	1.85x	14.1x	13.8x	9.8x	9.8x
LEN Lennar Corporation	21.6B	1.48x	6.0%	1.00x	18.4x	17.4x	13.0x	13.1x
MAS Masco Corporation	16.1B	2.04x	10.7%	−35.86x	17.7x	17.8x	12.1x	12.4x
Mean		1.19x	10.4%	−3.09x	19.2x	17.7x	12.8x	12.3x
Median		1.31x	10.6%	1.82x	18.1x	17.6x	12.6x	12.7x

Technical analysis

1M+16.0%
3M+16.6%
1Y+4.6%
3Y−18.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Trex Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,174	1,151	1,095	1,106	1,197	881
Cost of revenue	712	650	644	702	736	521
Gross profit	463	502	451	404	461	359
Selling, general & administrative expenses	192	176	173	141	134	122
Research & development	4.2	3.5	3.3	0.5	6.0	3.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	8.7	–	–	15.4	45.5	–
Other operating expenses	0	0	0	0	0	0
Operating income	258	322	275	247	275	234
Net interest income (expense)	0	0	0	0.1	0	1.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	258	322	275	247	275	235
Provision for taxes	67.5	83.5	70.5	62.2	66.7	59.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	190	238	204	185	209	176
Extraordinary items	–	–	–	–	–	–
Net income	190	238	204	185	209	176
EBIT, normalized	267	322	275	262	321	234
EBITDA, normalized	330	377	325	306	357	252
Basic EPS, normalized	1.88	2.09	1.86	1.65	2.16	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Trex Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3.8	1.3	2.0	12.3	141	122
Receivables	50.2	88.4	50.7	122	161	121
Total inventory	239	257	107	141	83.8	68.2
Prepaid expenses	17.2	21.4	11.8	10.8	15.1	7.3
Other current assets	0.5	0.6	0.6	0.3	0.6	3.6
Total current assets	310	369	172	287	401	322
Property, plant & equipment	1,102	975	736	621	495	371
Goodwill	–	–	14.3	14.2	14.2	68.5
Intangibles	31.5	22.0	3.9	4.4	4.8	5.2
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	9.1	8.3	6.8	7.4	5.3	3.9
Total assets	1,453	1,374	933	934	920	770
Liabilities
Accounts payable	34.8	61.3	24.0	19.9	24.9	38.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	79.0	77.7	61.6	48.7	62.4	65.3
Short-term debt	134	203	5.5	222	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	3.4	0.9	0	0	1.4	2.4
Total current liabilities	251	342	91.1	291	88.7	106
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	168	144	125	125	107	75.6
Total liabilities	419	487	216	415	195	182
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	1.4	1.4	1.4	1.4	1.4	1.4
Additional paid-in capital	155	148	140	132	128	126
Retained earnings (accumulated deficit)	1,790	1,599	1,336	1,131	946	737
Treasury stock	−912	−862	−761	−745	−350	−276
Other equity	0	0	0	0	0	0
Total equity	1,034	887	717	518	725	589
Total liabilities & shareholders' equity	1,453	1,374	933	934	920	770

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Trex Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	190	226	205	185	209	176
Depreciation, depletion & amortization	63.0	54.7	50.2	44.3	35.9	17.9
Deferred taxes	17.1	−16.4	4.2	24.3	21.0	13.1
Non-cash items	9.6	15.5	13.3	20.6	62.7	7.1
Changes in working capital	78.0	−136	116	−57.6	−70.3	−26.5
Cash from operations	358	144	389	216	258	187
Investing activities
Capital expenditures	−234	−237	−166	−176	−159	−173
Other investing cash flows	0.4	0.1	0	7.3	1.4	2.2
Cash from investing	−233	−237	−166	−169	−158	−171
Financing activities
Financing cash flow items	0	−0.5	0	−1.4	0	−0.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−122	92.4	−234	−175	−80.7	−43.4
Cash from financing	−122	91.9	−234	−176	−80.7	−43.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	2.5	−0.7	−10.4	−129	19.4	−27.1
Free cash flow	125	−92.7	223	40.0	98.7	14.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.