Trinity Industries Inc TRN

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 28.32 USD on Nov 1, 2026, +16.1% year to date

Quant rating

Quant rating C Rank 291 of 486 in Industrials

Growth D 364 of 486
Valuation B 172 of 486
Quality C 218 of 486
Revisions D 355 of 486
Momentum C 206 of 486

Wall Street consensus Hold (3.00)Average target 31.00 USD +9.5%

Historical valuation

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

Key data

Market cap: 2.3B
Enterprise value: 7.5B
52-week range: 24.35 – 38.29
3-year range: 20.70 – 39.45
Dividend yield: 4.21%
Beta (5 years): 1.38
Shares outstanding: 78.2M
Next earnings: Feb 16, 2027

About the company

Trinity Industries, Inc. is the owner of businesses that provide rail transportation products and services in North America. The Company markets its railcar products and services under the trade name TrinityRail. Its platform also includes the brands of RSI Logistics, a provider of software and logistics solutions, and Holden America, a supplier of railcar parts and components. Its platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications, and other railcar logistics products and services. Its segments include Railcar Leasing and Services Group and Rail Products Group. The Railcar Leasing and Services Group segment owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; railcar maintenance and modification services; and other railcar logistics products and services. The Rail Products Group segment manufactures and sells railcars and related parts and components.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,157	3,079	2,983	1,977	1,516	–
Revenue growth	−30.0%	3.2%	50.9%	30.4%	−13.4%	4.3%
EPS (basic, normalized)	3.05	1.82	1.38	0.94	0.34	–
EPS growth	67.6%	31.9%	46.8%	176.5%	–	–
Gross margin	26.6%	21.7%	17.7%	18.6%	23.4%	21.6%
Net margin	12.1%	5.0%	4.0%	4.4%	2.8%	5.6%
ROE	24.4%	14.6%	11.7%	8.4%	3.0%	12.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	158
Current ratio	–
Long-term debt (mil)	5,325
Net debt (mil)	5,169
Total equity (mil)	1,128
Net debt / equity	4.58x
Net debt / EBITDA	5.35x

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	2,157	−30.0%	3.5x	966	+21.3%	7.7x	3.05	+67.6%	9.3x
2026	2,110	−2.2%	3.5x	803	−16.8%	9.3x	2.25	−26.2%	12.6x
2027	2,351	+11.4%	3.2x	801	−0.2%	9.3x	2.17	−3.3%	13.0x
2028	2,364	+0.6%	3.2x	823	+2.7%	9.1x	2.35	+8.0%	12.1x

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	2,110	+2.8%	+3.2%	−0.9%	2.25	+1.1%	−1.1%	−3.2%
2027	2,351	+3.1%	+3.2%	−2.2%	2.17	−2.2%	−4.4%	−8.4%
2028	2,364	+30.4%	+30.4%	−5.6%	2.35	−2.1%	−2.1%	−7.8%

Earnings surprises EPS beat in 1 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)	810	841	799	629	585	506	454	611	492	485
Sales mean (mil)	751	769	696	638	620	601	533	570	539	475
Surprise	+7.8%	+9.4%	+14.8%	−1.4%	−5.6%	−15.7%	−14.7%	+7.1%	−8.7%	+2.2%
EPS reported	0.33	0.66	0.37	0.39	0.29	0.17	0.37	2.28	0.32	1.25
EPS mean	0.22	0.34	0.38	0.37	0.33	0.28	0.39	2.30	0.28	1.33
Surprise	+51.7%	+97.0%	−2.6%	+5.4%	−12.1%	−39.3%	−3.9%	−0.9%	+16.4%	−6.4%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
TRN Trinity Industries Inc	2.3B	5.35x	12.1%	2.06x	12.6x	13.0x	9.3x	9.3x
CAT Caterpillar Inc	286.3B	2.87x	13.1%	13.33x	22.8x	19.2x	18.4x	15.7x
SIEGn Siemens AG	231.8B	2.55x	9.6%	2.97x	24.3x	21.3x	15.9x	14.3x
VOLVF Volvo AB	64.1B	2.60x	7.2%	3.30x	14.8x	12.6x	11.1x	9.6x
PCAR Paccar Inc	53.7B	1.93x	8.4%	2.56x	17.3x	14.7x	15.5x	13.6x
WAB Westinghouse Air Brake Technologies Corp	46.9B	2.41x	10.5%	4.14x	25.5x	22.3x	17.9x	16.2x
Mean		2.95x	10.1%	4.73x	19.5x	17.2x	14.7x	13.1x
Median		2.58x	10.0%	3.13x	20.0x	17.0x	15.7x	14.0x

Technical analysis

1M+8.0%
3M−21.7%
1Y+8.7%
3Y+63.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Trinity Industries Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,157	3,079	2,983	1,977	1,516	1,750
Cost of revenue	1,584	2,411	2,456	1,610	1,162	1,327
Gross profit	573	668	527	368	354	422
Selling, general & administrative expenses	214	236	202	185	180	190
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−289	−57.5	−91.8	−150	−70.8	544
Other operating expenses	0	0	0	0	0	0
Operating income	648	490	417	332	246	−311
Net interest income (expense)	−273	−272	−266	−208	−191	−211
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.4	3.8	−2.5	1.6	0.9	−2.5
Net income before taxes	375	222	149	126	55.2	−525
Provision for taxes	90.9	50.4	9.0	27.6	13.4	−93.7
Minority interest	−24.2	−18.7	−20.6	−12.8	0.2	78.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	260	153	119	86.1	42.0	−352
Extraordinary items	−7.2	−14.3	−13.4	−26.0	140	205
Net income	253	138	106	60.1	182	−147
EBIT, normalized	358	432	325	182	175	233
EBITDA, normalized	664	726	618	459	441	499
Basic EPS, normalized	3.05	1.82	1.38	0.94	0.34	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Trinity Industries Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	201	228	106	79.6	167	132
Receivables	417	382	369	331	233	645
Total inventory	469	476	684	629	433	321
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	6,712	7,085	7,105	6,980	6,930	7,080
Goodwill	222	222	222	196	154	209
Intangibles	110	99.0	107	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,380	1,427	1,473	1,548	1,152	1,412
Total assets	8,424	8,832	8,906	8,724	8,236	8,702
Liabilities
Accounts payable	270	252	305	288	206	156
Payable/accrued	–	–	–	–	–	–
Accrued expenses	408	466	420	376	414	412
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	5,442	5,691	5,754	5,608	5,171	5,017
Minority interest	68.1	248	238	257	267	277
Other liabilities	1,837	1,834	1,877	1,847	1,768	1,669
Total liabilities	7,347	7,773	7,869	7,712	7,206	6,963
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.8	0.8	0.8	0.8	0.8	1.1
Additional paid-in capital	0	8.8	15.4	0	0	0
Retained earnings (accumulated deficit)	1,082	1,054	1,010	993	1,047	1,769
Treasury stock	−0.9	−0.6	−0.6	−0.7	−0.6	−0.8
Other equity	−4.2	−4.2	11.0	19.7	−17.0	−30.9
Total equity	1,077	1,059	1,037	1,012	1,030	1,739
Total liabilities & shareholders' equity	8,424	8,832	8,906	8,724	8,236	8,702

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Trinity Industries Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	277	157	127	72.9	182	−226
Depreciation, depletion & amortization	305	294	293	276	266	266
Deferred taxes	77.5	−22.1	−41.5	14.7	13.1	226
Non-cash items	−254	−23.1	−62.1	−116	−185	576
Changes in working capital	−46.2	168	−20.6	−261	336	−190
Cash from operations	360	574	296	−12.8	612	652
Investing activities
Capital expenditures	−795	−596	−710	−967	−571	−704
Other investing cash flows	409	381	347	706	847	172
Cash from investing	−386	−215	−363	−261	276	−533
Financing activities
Financing cash flow items	−34.9	−25.9	−39.6	−28.0	−20.5	−3.5
Cash dividends paid	−98.7	−93.2	−86.0	−76.9	−88.5	−91.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	109	−101	134	370	−705	−72.8
Cash from financing	−24.9	−220	8.2	265	−814	−168
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−50.8	139	−59.2	−8.1	74.0	−49.2
Free cash flow	−435	−21.9	−414	−980	41.0	−52.8

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.