Trimble Inc TRMB

Information TechnologySoftware & IT ServicesUnited States of America

Last close 64.94 USD on Nov 1, 2026, −17.1% year to date

Quant rating

Quant rating C Rank 243 of 389 in Information Technology

Growth C 250 of 389
Valuation C 177 of 389
Quality C 258 of 389
Revisions C 241 of 389
Momentum C 178 of 389

Wall Street consensus Buy (1.67)Average target 77.93 USD +20.0%

Historical valuation

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

Key data

Market cap: 15.1B
Enterprise value: 16.4B
52-week range: 47.92 – 84.41
3-year range: 40.82 – 85.24
Dividend yield: –
Beta (5 years): 1.35
Shares outstanding: 233M
Next earnings: Nov 4, 2026

About the company

Trimble Inc. is a global technology company. Its segments include Architects, Engineers, Construction and Owners (AECO), Field Systems and Transportation and Logistics (T&L). The AECO segment serves organizations across architecture, engineering, construction, and asset ownership through a connected life cycle solution. The Field Systems segment provides software and hardware products and services to private, commercial, and government customers. Within this segment, its substantial product portfolio includes hardware and software solutions focused on geospatial, civil engineering, construction, and positioning services. The T&L segment provides a suite of solutions for shippers, carriers, retailers, and intermediaries globally. The Company enables industries including construction, geospatial, and transportation. It offers virtual reference station (VRS) networks to provide high-precision positioning services for the geospatial, construction, automotive and agriculture industries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,587	3,683	3,799	3,676	3,659	–
Revenue growth	−2.6%	−3.0%	3.3%	0.5%	16.2%	2.6%
EPS (basic, normalized)	3.13	2.85	2.66	2.64	2.66	–
EPS growth	9.8%	7.1%	0.8%	−0.8%	–	–
Gross margin	69.1%	65.1%	61.4%	57.3%	55.6%	61.7%
Net margin	11.8%	40.8%	8.2%	12.2%	13.5%	17.3%
ROE	7.3%	29.4%	7.3%	11.2%	13.1%	13.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	214
Current ratio	0.95x
Long-term debt (mil)	1,443
Net debt (mil)	1,245
Total equity (mil)	5,111
Net debt / equity	0.24x
Net debt / EBITDA	1.19x

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	3,587	−2.6%	4.6x	1,046	+3.6%	15.7x	3.13	+9.8%	20.7x
2026	3,932	+9.6%	4.2x	1,175	+12.3%	14.0x	3.66	+17.0%	17.7x
2027	4,247	+8.0%	3.9x	1,290	+9.9%	12.7x	4.15	+13.4%	15.6x
2028	4,598	+8.3%	3.6x	1,418	+9.9%	11.6x	4.77	+14.8%	13.6x

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	3,932	0.0%	+0.9%	+1.7%	3.66	0.0%	+2.1%	+3.9%
2027	4,247	0.0%	+0.8%	+1.7%	4.15	0.0%	+1.7%	+3.0%
2028	4,598	−0.2%	+0.2%	+2.5%	4.77	−0.7%	+0.2%	+2.3%

Earnings surprises EPS beat in 4 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)	953	871	876	983	841	876	901	970	940	972
Sales mean (mil)	913	863	865	944	811	834	870	951	906	952
Surprise	+4.5%	+1.0%	+1.3%	+4.1%	+3.7%	+5.0%	+3.5%	+2.0%	+3.8%	+2.1%
EPS reported	0.64	0.62	0.70	0.89	0.61	0.71	0.81	1.00	0.79	0.86
EPS mean	0.62	0.58	0.62	0.88	0.58	0.63	0.72	0.96	0.72	0.80
Surprise	+3.4%	+6.6%	+13.3%	+0.6%	+4.3%	+13.6%	+12.8%	+4.0%	+10.1%	+7.3%

Peer comparison Software & IT 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
TRMB Trimble Inc	15.1B	1.19x	11.8%	2.96x	17.7x	15.6x	14.0x	12.7x
ORCL Oracle Corporation	396.1B	2.81x	26.6%	5.92x	16.0x	11.9x	9.4x	6.6x
PANW Palo Alto Networks, Inc.	299.4B	−0.31x	2.7%	10.85x	87.5x	75.0x	60.0x	51.7x
CRWD CrowdStrike Holdings, Inc.	256.4B	−3.19x	−3.4%	50.26x	199.4x	155.9x	139.0x	106.5x
FTNT Fortinet, Inc.	99.8B	−1.71x	27.3%	44.44x	38.3x	35.1x	30.3x	27.3x
NET Cloudflare, Inc.	100.0B	−1.86x	−4.7%	61.67x	219.1x	162.9x	140.5x	98.2x
Mean		−0.51x	10.0%	29.35x	96.4x	76.1x	65.5x	50.5x
Median		−1.01x	7.2%	27.64x	62.9x	55.1x	45.1x	39.5x

Technical analysis

1M+12.9%
3M+11.2%
1Y−19.3%
3Y+40.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Trimble Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,587	3,683	3,799	3,676	3,659	3,148
Cost of revenue	1,109	1,287	1,466	1,571	1,624	1,393
Gross profit	2,478	2,396	2,333	2,106	2,035	1,755
Selling, general & administrative expenses	1,129	1,152	1,070	976	876	768
Research & development	631	662	664	542	537	476
Depreciation/amortization	107	106	104	46.6	50.9	65.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	16.3	−1,672	36.4	−68.8	10.3	25.8
Other operating expenses	0	0	0	0	0	0
Operating income	595	2,149	458	610	561	420
Net interest income (expense)	−74.6	−139	−133	−40.0	−27.7	−38.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−11.0	−3.9	31.9	−0.8	41.3	13.4
Net income before taxes	509	2,006	357	569	575	395
Provision for taxes	85.4	502	45.7	119	81.8	4.4
Minority interest	–	–	0	0	−0.1	−0.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	424	1,504	311	450	493	390
Extraordinary items	–	–	–	–	–	–
Net income	424	1,504	311	450	493	390
EBIT, normalized	665	575	567	574	635	498
EBITDA, normalized	864	807	817	746	816	696
Basic EPS, normalized	3.13	2.85	2.66	2.64	2.66	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Trimble Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	253	739	230	271	326	238
Receivables	856	726	707	643	625	620
Total inventory	186	194	236	402	363	302
Prepaid expenses	103	103	89.8	–	–	–
Other current assets	234	508	569	201	137	122
Total current assets	1,632	2,270	1,831	1,518	1,451	1,281
Property, plant & equipment	328	312	326	340	374	381
Goodwill	5,240	4,988	5,351	4,138	3,982	3,876
Intangibles	924	998	1,244	498	507	580
Long-term investments	611	361	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	577	558	788	775	787	758
Total assets	9,312	9,488	9,539	7,269	7,100	6,877
Liabilities
Accounts payable	168	162	165	176	207	143
Payable/accrued	–	–	–	–	–	–
Accrued expenses	240	248	210	194	266	201
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	0	530	300	0	256
Other current liabilities	1,096	1,378	923	792	715	712
Total current liabilities	1,503	1,788	1,829	1,462	1,189	1,311
Long-term debt	1,392	1,391	2,536	1,220	1,293	1,291
Minority interest	–	–	–	–	0	1.7
Other liabilities	580	564	674	537	673	676
Total liabilities	3,476	3,743	5,039	3,219	3,155	3,280
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.3	0.3
Additional paid-in capital	2,438	2,369	2,215	2,055	1,936	1,802
Retained earnings (accumulated deficit)	3,388	3,758	2,437	2,230	2,170	1,893
Treasury stock	–	–	–	–	–	–
Other equity	10.5	−382	−152	−235	−162	−98.5
Total equity	5,836	5,745	4,500	4,050	3,945	3,597
Total liabilities & shareholders' equity	9,312	9,488	9,539	7,269	7,100	6,877

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Trimble Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	424	1,504	311	450	493	391
Depreciation, depletion & amortization	200	232	251	172	180	198
Deferred taxes	2.3	27.0	−105	−40.0	−26.9	−52.9
Non-cash items	232	−1,435	148	63.1	97.9	113
Changes in working capital	−472	203	−8.0	−253	6.8	23.6
Cash from operations	386	531	597	391	750	672
Investing activities
Capital expenditures	−25.3	−33.6	−42.0	−43.2	−46.1	−56.8
Other investing cash flows	−11.7	1,895	−2,026	−183	−157	−175
Cash from investing	−37.0	1,861	−2,068	−226	−204	−232
Financing activities
Financing cash flow items	−4.4	−4.5	−29.4	−15.3	−1.6	−16.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−864	−1,860	1,461	−184	−446	−384
Cash from financing	−868	−1,864	1,432	−199	−448	−400
Foreign exchange effects	24.8	−19.4	7.4	−20.6	−11.3	8.6
Net change in cash	−494	509	−32.1	−54.7	88.0	48.5
Free cash flow	361	498	555	348	704	615

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 1, 2026 after market close.