Trinity Capital Inc TRIN

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 17.05 USD on Nov 3, 2026, −1.1% year to date

Quant rating

Quant rating B Rank 245 of 799 in Financials

Growth B 194 of 799
Valuation B 254 of 799
Quality B 128 of 799
Revisions B 124 of 799
Momentum D 685 of 799

Wall Street consensus Buy (1.89)Average target 18.50 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: 1.6B
Enterprise value: 3.1B
52-week range: 15.74 – 18.89
3-year range: 15.74 – 18.89
Dividend yield: 11.90%
Beta (5 years): –
Shares outstanding: 94.7M
Next earnings: Nov 4, 2026

About the company

Trinity Capital Inc. is an internally managed, closed-end, non-diversified management investment company that operates as a business development company. It is a specialty lending company that provides debt, including loans and equipment financings, to growth-stage companies, including venture-backed companies and companies with institutional equity investors. Its investment objective is to generate current income and capital appreciation through its investments across five vertical markets. It seeks to achieve its investment objective by making investments consisting primarily of term loans and equipment financings and working capital loans, equity and equity-related investments. Its equipment financings involve loans for general or specific use, including acquiring equipment that is secured by the equipment or other assets of the portfolio company. It targets investments in growth-stage companies that are typically private companies, including institutional investor-based companies.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	294	238	182	146	82.2	–
Revenue growth	23.5%	30.7%	25.0%	77.0%	49.5%	39.8%
EPS (basic, normalized)	2.07	2.20	2.19	2.14	1.45	–
EPS growth	−5.9%	0.5%	2.3%	47.6%	–	–
Gross margin	72.6%	73.9%	75.6%	76.5%	75.4%	74.8%
Net margin	46.2%	48.6%	42.3%	−20.9%	161.0%	55.4%
ROE	–	16.2%	–	−6.7%	10.7%	6.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	22.2
Current ratio	–
Long-term debt (mil)	1,498
Net debt (mil)	1,476
Total equity (mil)	1,267
Net debt / equity	1.17x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	294	+23.5%	10.5x	13.42	−2.2%	1.3x	2.07	−5.9%	8.2x
2026	368	+25.4%	8.4x	13.48	+0.5%	1.3x	2.08	+0.4%	8.2x
2027	407	+10.7%	7.6x	13.61	+0.9%	1.3x	2.11	+1.3%	8.1x
2028	390	−4.3%	7.9x	13.39	−1.6%	1.3x	1.96	−6.9%	8.7x

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	368	−0.2%	−0.6%	−1.3%	2.08	−0.1%	−0.3%	−0.2%
2027	407	+0.2%	−0.6%	−2.8%	2.11	−0.1%	+0.3%	+1.4%
2028	390	0.0%	0.0%	+1.1%	1.96	0.0%	0.0%	+5.4%

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)	50.5	54.6	61.8	70.8	65.4	90.9	66.2	83.2	90.1	87.2
Sales mean (mil)	49.9	52.8	55.5	65.1	66.9	69.1	73.1	80.7	85.3	91.5
Surprise	+1.2%	+3.4%	+11.2%	+8.9%	−2.3%	+31.6%	−9.4%	+3.1%	+5.7%	−4.7%
EPS reported	0.54	0.53	0.54	0.58	0.52	0.53	0.52	0.52	0.53	0.51
EPS mean	0.54	0.52	0.52	0.53	0.52	0.52	0.53	0.52	0.51	0.52
Surprise	+0.5%	+1.7%	+4.3%	+10.0%	−0.5%	+2.1%	−1.2%	+0.4%	+3.2%	−1.9%

Peer comparison Investment Banking & Investment Services

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
TRIN Trinity Capital Inc	1.6B	–	46.2%	1.27x	8.2x	8.1x	–	–
ARCC Ares Capital Corp	13.7B	–	42.6%	0.98x	10.1x	9.7x	–	–
BXSL Blackstone Secured Lending Fund	5.4B	–	39.7%	0.91x	8.2x	9.1x	–	–
MAIN Main Street Capital Corp	5.3B	–	87.1%	1.66x	15.0x	14.6x	–	–
OBDC Blue Owl Capital Corp	5.2B	–	33.9%	0.74x	8.0x	8.1x	–	–
OTF Blue Owl Technology Finance Corp	4.4B	–	62.9%	0.58x	15.4x	6.9x	–	–
Mean		–	52.1%	1.02x	10.8x	9.4x	–	–
Median		–	44.4%	0.95x	9.2x	8.6x	–	–

Technical analysis

1M−2.1%
3M−3.4%
1Y−1.1%
3Y−1.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Trinity Capital Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	294	238	182	146	82.2	55.0
Cost of revenue	80.6	61.9	44.3	34.1	20.2	16.6
Gross profit	213	176	138	111	62.0	38.3
Selling, general & administrative expenses	71.9	60.4	47.7	39.8	22.8	14.8
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	0.2	0.1
Unusual expense (income)	–	–	–	–	0	15.1
Other operating expenses	−2.9	−0.5	0	0	0	0
Operating income	144	116	89.9	71.6	39.0	8.3
Net interest income (expense)	−8.5	−0.2	−13.0	−102	93.3	−14.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	136	116	76.9	−30.4	132	−6.1
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	136	116	76.9	−30.4	132	−6.1
Extraordinary items	–	–	–	–	–	–
Net income	136	116	76.9	−30.4	132	−6.1
EBIT, normalized	144	116	89.9	71.6	39.2	23.5
EBITDA, normalized	–	–	–	–	39.2	23.6
Basic EPS, normalized	2.07	2.20	2.19	2.14	1.45	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Trinity Capital Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	19.1	9.6	4.8	10.6	31.7	44.7
Receivables	19.0	16.5	11.2	10.0	5.6	3.5
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	0.7	0.7
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	7.6	5.4	5.3	2.1	2.5	0.3
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	2,418	1,726	1,275	1,094	873	494
Note receivable	–	–	–	–	–	–
Other long-term assets	58.8	43.3	30.5	30.0	61.1	65.8
Total assets	2,485	1,774	1,311	1,126	937	560
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	51.7	33.7	24.8	19.8	14.6	7.3
Accrued expenses	–	–	–	–	–	0.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,294	878	640	611	455	300
Minority interest	–	–	–	–	–	–
Other liabilities	96.3	73.6	60.2	56.2	35.2	21.2
Total liabilities	1,391	951	700	667	491	321
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0	0	0	0
Additional paid-in capital	1,100	830	634	481	369	263
Retained earnings (accumulated deficit)	−6.4	−6.7	−22.6	−20.9	77.9	−24.6
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	1,094	823	611	460	447	239
Total liabilities & shareholders' equity	2,485	1,774	1,311	1,126	937	560

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Trinity Capital Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	136	116	76.9	−30.4	132	−6.1
Depreciation, depletion & amortization	–	–	–	–	–	0.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	−25.2	−23.4	−6.9	79.6	−109	20.7
Changes in working capital	−646	−409	−166	−285	−265	−72.9
Cash from operations	−535	−317	−96.3	−236	−242	−58.2
Investing activities
Capital expenditures	−0.8	−0.4	−2.7	−0.2	−1.2	−0.3
Other investing cash flows	0	0	0	0	0	−91.7
Cash from investing	−0.8	−0.4	−2.7	−0.2	−1.2	−92.0
Financing activities
Financing cash flow items	–	–	0	−7.4	−15.1	−22.0
Cash dividends paid	−136	−103	−78.8	−61.2	−24.9	−10.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	682	425	172	268	269	244
Cash from financing	546	322	93.2	200	229	211
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	9.5	4.9	−5.9	−36.1	−14.4	61.1
Free cash flow	−536	−317	−99.0	−236	−243	−58.5

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 3, 2026 after market close.