Transcat, Inc. TRNS

IndustrialsProfessional & Commercial ServicesUnited States of America

Last close 90.00 USD on Nov 1, 2026, +52.1% year to date

Quant rating

Quant rating C Rank 205 of 486 in Industrials

Growth B 106 of 486
Valuation C 298 of 486
Quality C 295 of 486
Revisions B 103 of 486
Momentum C 217 of 486

Wall Street consensus Buy (2.20)Average target 111.00 USD +23.3%

Historical valuation

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

Key data

Market cap: 808M
Enterprise value: 912M
52-week range: 50.96 – 98.36
3-year range: 50.96 – 144.07
Dividend yield: –
Beta (5 years): 0.60
Shares outstanding: 9.4M
Next earnings: Nov 3, 2026

About the company

Transcat, Inc. is a provider of accredited calibration, reliability, maintenance optimization, quality and compliance, validation, Computerized Maintenance Management System (CMMS), and pipette services. It is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes pharmaceuticals, biotechnology, medical devices, as well as aerospace and defense, and energy and utilities. It provides periodic onsite services, mobile calibration services, pickup and delivery, and in-house services at Calibration Service Centers strategically located across the United States, Puerto Rico, Canada, and Ireland. Its segments include Service and Distribution. The Service segment offers calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting and other related services. The Distribution segment sells and rents national and proprietary branded instruments to customers globally.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	332	278	259	231	205	–
Revenue growth	19.2%	7.3%	12.5%	12.5%	18.2%	13.9%
EPS (basic, normalized)	1.84	1.47	1.63	1.40	1.50	–
EPS growth	25.2%	−9.8%	16.4%	−6.7%	–	–
Gross margin	32.6%	32.1%	32.3%	29.6%	28.5%	31.0%
Net margin	1.6%	5.2%	5.3%	4.6%	5.6%	4.5%
ROE	1.8%	5.7%	8.4%	11.5%	14.1%	8.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	6.7
Current ratio	2.49x
Long-term debt (mil)	110
Net debt (mil)	104
Total equity (mil)	303
Net debt / equity	0.34x
Net debt / EBITDA	2.13x

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
2026 actual	332	+19.2%	2.7x	48.7	+32.0%	18.7x	1.84	+25.2%	48.9x
2027	373	+12.4%	2.4x	54.6	+12.0%	16.7x	1.90	+3.0%	47.5x
2028	398	+6.7%	2.3x	61.1	+11.9%	14.9x	2.17	+14.7%	41.4x
2029	425	+6.7%	2.1x	65.2	+6.7%	14.0x	2.59	+19.1%	34.7x

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
2027	373	+0.1%	+3.1%	+4.4%	1.90	+0.1%	+9.8%	−11.1%
2028	398	+0.1%	+3.0%	+5.5%	2.17	+0.3%	+1.5%	+1.1%
2029	425	+0.9%	+3.7%	+7.2%	2.59	+0.4%	−18.6%	−10.4%

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)	70.9	66.7	67.8	66.8	77.1	76.4	82.3	83.9	89.3	92.9
Sales mean (mil)	68.6	69.4	70.3	70.3	76.4	72.3	79.5	82.1	89.8	86.5
Surprise	+3.4%	−3.9%	−3.5%	−5.1%	+1.0%	+5.7%	+3.5%	+2.2%	−0.5%	+7.4%
EPS reported	0.77	0.48	0.35	0.25	0.39	0.59	0.44	0.26	0.56	0.51
EPS mean	0.53	0.36	0.46	0.32	0.37	0.40	0.51	0.33	0.56	0.38
Surprise	+45.8%	+34.6%	−24.5%	−22.5%	+4.7%	+49.4%	−12.9%	−22.0%	+0.4%	+35.1%

Peer comparison Professional & Commercial 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
TRNS Transcat, Inc.	808M	2.13x	1.6%	2.67x	47.5x	41.4x	16.7x	14.9x
MGRC McGrath RentCorp	2.9B	1.70x	16.6%	2.28x	18.3x	17.3x	9.5x	8.9x
WLFC Willis Lease Finance Corporation	880M	–	14.8%	1.23x	6.7x	6.9x	7.0x	6.7x
ZDC Zedcor Inc	412M	2.90x	4.6%	5.99x	−1,514.6x	72.1x	17.5x	10.5x
E Evolution PowerX Corp.	102M	2.09x	9.7%	1.58x	26.1x	18.8x	10.4x	8.4x
TRTN_pa Triton International Ltd	86M	4.37x	31.6%	0.92x	–	–	–	–
Mean		2.64x	13.1%	2.44x	−283.2x	31.3x	12.2x	9.9x
Median		2.13x	12.3%	1.93x	18.3x	18.8x	10.4x	8.9x

Technical analysis

1M+0.4%
3M+0.3%
1Y+12.4%
3Y−5.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Transcat, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	332	278	259	231	205	173
Cost of revenue	224	189	176	162	147	127
Gross profit	108	89.5	83.8	68.4	58.4	46.1
Selling, general & administrative expenses	91.6	70.3	62.9	51.9	43.4	34.9
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.4	1.3	1.2	0.2	0.9	0.1
Other operating expenses	0	0	0	0	0	0
Operating income	13.3	17.9	19.8	16.2	14.1	11.1
Net interest income (expense)	−4.6	0	−1.0	−2.4	−0.8	−0.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.7	0.4	−0.3	−0.3	−0.1	−0.2
Net income before taxes	8.0	18.3	18.4	13.5	13.2	10.0
Provision for taxes	2.6	3.8	4.8	2.8	1.8	2.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5.4	14.5	13.6	10.7	11.4	7.8
Extraordinary items	–	–	–	–	–	–
Net income	5.4	14.5	13.6	10.7	11.4	7.8
EBIT, normalized	16.7	18.3	21.5	16.4	15.0	11.8
EBITDA, normalized	42.8	36.9	35.0	27.4	24.6	19.4
Basic EPS, normalized	1.84	1.47	1.63	1.40	1.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Transcat, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	4.9	1.5	35.2	1.5	1.4	0.6
Receivables	65.8	56.3	48.3	45.2	40.3	34.4
Total inventory	13.7	14.5	17.4	16.9	12.7	11.6
Prepaid expenses	8.0	5.7	4.3	3.9	5.3	2.4
Other current assets	0	0	0	0	0	0
Total current assets	92.5	78.0	105	67.6	59.7	48.9
Property, plant & equipment	90.2	74.4	55.8	43.9	37.5	31.6
Goodwill	218	177	106	69.4	65.1	43.3
Intangibles	77.7	54.8	20.0	13.8	14.7	7.5
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2.0	1.2	1.1	1.1	0.8	0.8
Total assets	480	385	288	196	178	132
Liabilities
Accounts payable	17.9	16.8	11.5	15.9	14.2	12.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	18.4	14.3	16.1	10.2	11.4	10.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.3	1.8	2.3	2.2	2.2	2.1
Other current liabilities	3.0	1.1	3.5	0	0	0.4
Total current liabilities	39.6	34.0	33.5	28.3	27.7	25.1
Long-term debt	99.9	30.9	1.8	46.9	46.3	17.5
Minority interest	–	–	–	–	–	–
Other liabilities	40.4	33.4	27.1	20.9	17.6	14.4
Total liabilities	180	98.4	62.4	96.1	91.6	57.0
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	4.7	4.7	4.4	3.8	3.8	3.7
Additional paid-in capital	199	191	142	27.9	23.9	19.3
Retained earnings (accumulated deficit)	97.8	92.5	80.1	69.2	58.7	52.5
Treasury stock	–	–	–	–	–	–
Other equity	−0.9	−1.5	−0.9	−1.2	−0.2	−0.5
Total equity	301	287	225	99.6	86.2	75.1
Total liabilities & shareholders' equity	480	385	288	196	178	132

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Transcat, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	5.4	14.5	13.6	10.7	11.4	7.8
Depreciation, depletion & amortization	26.2	18.6	13.5	11.0	9.6	7.6
Deferred taxes	0.8	0	−1.6	−0.2	0.6	0.2
Non-cash items	14.4	2.7	5.0	3.5	2.5	2.3
Changes in working capital	−11.9	3.2	2.1	−8.0	−6.3	5.8
Cash from operations	34.9	39.0	32.6	17.0	17.6	23.6
Investing activities
Capital expenditures	−15.3	−13.2	−13.3	−9.4	−10.2	−6.6
Other investing cash flows	−82.5	−70.8	−28.4	−9.1	−29.7	−3.5
Cash from investing	−97.8	−84.0	−41.7	−18.5	−39.9	−10.2
Financing activities
Financing cash flow items	−0.4	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	66.9	26.9	27.4	0.9	23.7	−12.7
Cash from financing	66.5	26.9	27.4	0.9	23.7	−12.7
Foreign exchange effects	−0.1	0	−0.2	0.8	−0.6	−0.8
Net change in cash	3.4	−18.1	18.1	0.1	0.8	0.1
Free cash flow	19.6	25.8	19.3	7.5	7.5	17.0

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.