Trio-Tech International (TRT)
Market Price (9/26/2026): $6.24 | Market Cap: $61.6 MilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Trio-Tech International (TRT)
Market Price (9/26/2026): $6.24Market Cap: $61.6 MilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 72% Megatrend and thematic driversMegatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.3% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 135x Stock price has recently run up significantly12M Rtn12 month market price return is 120% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% High stock price volatilityVol 12M is 176% Key risksTRT key risks include [1] its reliance on a declining Chinese market impacting its semiconductor business and [2] a profitability squeeze from its strategic pivot to lower-margin AI chip testing. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 72% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.3% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 135x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 120% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| High stock price volatilityVol 12M is 176% |
| Key risksTRT key risks include [1] its reliance on a declining Chinese market impacting its semiconductor business and [2] a profitability squeeze from its strategic pivot to lower-margin AI chip testing. |
Qualitative Assessment
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Updated on 9/25/2026
Trio-Tech International (TRT) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Gross margin significantly compressed in fiscal 2026, falling to 17% from 25% in fiscal 2025. This eight-percentage-point decline impacted profitability despite a 72% increase in total revenue to $62.6 million for the fiscal year ended June 30, 2026, driven by strong growth in Semiconductor Back-End Solutions revenue.
2. Increased operating expenses led to an operating loss in fiscal 2026. Total operating expenses rose to $10.6 million in fiscal 2026 from $8.9 million in fiscal 2025, primarily due to higher general and administrative expenses associated with increased corporate activity and stock-based compensation. This resulted in an operating loss of $204,000 for fiscal 2026, a significant downturn from an operating income of $254,000 in fiscal 2025. The fourth fiscal quarter of 2026 (ending June 30, 2026) also experienced an operating loss of $266,000, compared to an operating income of $467,000 in the prior-year quarter.
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Trio-Tech International (TRT) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Gross margin significantly compressed in fiscal 2026, falling to 17% from 25% in fiscal 2025. This eight-percentage-point decline impacted profitability despite a 72% increase in total revenue to $62.6 million for the fiscal year ended June 30, 2026, driven by strong growth in Semiconductor Back-End Solutions revenue.
2. Increased operating expenses led to an operating loss in fiscal 2026. Total operating expenses rose to $10.6 million in fiscal 2026 from $8.9 million in fiscal 2025, primarily due to higher general and administrative expenses associated with increased corporate activity and stock-based compensation. This resulted in an operating loss of $204,000 for fiscal 2026, a significant downturn from an operating income of $254,000 in fiscal 2025. The fourth fiscal quarter of 2026 (ending June 30, 2026) also experienced an operating loss of $266,000, compared to an operating income of $467,000 in the prior-year quarter.
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Updated on 9/25/2026
Trio-Tech International (TRT) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Gross margin significantly compressed in fiscal 2026, falling to 17% from 25% in fiscal 2025. This eight-percentage-point decline impacted profitability despite a 72% increase in total revenue to $62.6 million for the fiscal year ended June 30, 2026, driven by strong growth in Semiconductor Back-End Solutions revenue.
2. Increased operating expenses led to an operating loss in fiscal 2026. Total operating expenses rose to $10.6 million in fiscal 2026 from $8.9 million in fiscal 2025, primarily due to higher general and administrative expenses associated with increased corporate activity and stock-based compensation. This resulted in an operating loss of $204,000 for fiscal 2026, a significant downturn from an operating income of $254,000 in fiscal 2025. The fourth fiscal quarter of 2026 (ending June 30, 2026) also experienced an operating loss of $266,000, compared to an operating income of $467,000 in the prior-year quarter.
3. The company reported a net loss for both fiscal Q4 2026 and the full fiscal year 2026, triggering a sharp decline in stock value. Despite robust revenue growth, Trio-Tech International posted a net loss of $0.199 million in fiscal Q4 2026, a swing from a net income of $0.183 million in fiscal Q4 2025. For the full fiscal year 2026 (ended June 30, 2026), the company incurred a net loss of $34,000. This profit pressure, highlighted in the September 24, 2026 earnings report, contributed to a 36.6% single-session stock drop on September 25, 2026, forming a major part of the reported 50% decline since May 31, 2026.
Show less
Trio-Tech International (TRT) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Gross margin significantly compressed in fiscal 2026, falling to 17% from 25% in fiscal 2025. This eight-percentage-point decline impacted profitability despite a 72% increase in total revenue to $62.6 million for the fiscal year ended June 30, 2026, driven by strong growth in Semiconductor Back-End Solutions revenue.
2. Increased operating expenses led to an operating loss in fiscal 2026. Total operating expenses rose to $10.6 million in fiscal 2026 from $8.9 million in fiscal 2025, primarily due to higher general and administrative expenses associated with increased corporate activity and stock-based compensation. This resulted in an operating loss of $204,000 for fiscal 2026, a significant downturn from an operating income of $254,000 in fiscal 2025. The fourth fiscal quarter of 2026 (ending June 30, 2026) also experienced an operating loss of $266,000, compared to an operating income of $467,000 in the prior-year quarter.
3. The company reported a net loss for both fiscal Q4 2026 and the full fiscal year 2026, triggering a sharp decline in stock value. Despite robust revenue growth, Trio-Tech International posted a net loss of $0.199 million in fiscal Q4 2026, a swing from a net income of $0.183 million in fiscal Q4 2025. For the full fiscal year 2026 (ended June 30, 2026), the company incurred a net loss of $34,000. This profit pressure, highlighted in the September 24, 2026 earnings report, contributed to a 36.6% single-session stock drop on September 25, 2026, forming a major part of the reported 50% decline since May 31, 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -51.1% change in TRT stock from 5/31/2026 to 9/25/2026 was primarily driven by a -49.1% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.71 | 6.21 | -51.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 58 | 63 | 7.3% |
| P/S Multiple | 1.9 | 1.0 | -49.1% |
| Shares Outstanding (Mil) | 9 | 10 | -10.5% |
| Cumulative Contribution | -51.1% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| TRT | -51.1% | |
| Market (SPY) | 2.2% | 39.7% |
| Sector (XLK) | 2.9% | 51.2% |
Fundamental Drivers
The 27.9% change in TRT stock from 2/28/2026 to 9/25/2026 was primarily driven by a 27.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.86 | 6.21 | 27.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 49 | 63 | 27.2% |
| P/S Multiple | 0.9 | 1.0 | 14.1% |
| Shares Outstanding (Mil) | 9 | 10 | -11.9% |
| Cumulative Contribution | 27.9% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| TRT | 27.9% | |
| Market (SPY) | 13.0% | 21.4% |
| Sector (XLK) | 41.8% | 28.3% |
Fundamental Drivers
The 131.9% change in TRT stock from 8/31/2025 to 9/25/2026 was primarily driven by a 76.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.68 | 6.21 | 131.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36 | 63 | 76.1% |
| P/S Multiple | 0.6 | 1.0 | 52.1% |
| Shares Outstanding (Mil) | 9 | 10 | -13.5% |
| Cumulative Contribution | 131.9% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| TRT | 131.9% | |
| Market (SPY) | 20.9% | 10.4% |
| Sector (XLK) | 50.4% | 17.9% |
Fundamental Drivers
The 80.1% change in TRT stock from 8/31/2023 to 9/25/2026 was primarily driven by a 60.4% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.45 | 6.21 | 80.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46 | 63 | 36.1% |
| P/S Multiple | 0.6 | 1.0 | 60.4% |
| Shares Outstanding (Mil) | 8 | 10 | -17.5% |
| Cumulative Contribution | 80.1% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| TRT | 80.1% | |
| Market (SPY) | 77.8% | 7.5% |
| Sector (XLK) | 127.9% | 12.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRT Return | 239% | -66% | 13% | 15% | 356% | -45% | 267% |
| Peers Return | 38% | -32% | 21% | 3% | 40% | 105% | 231% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| TRT Win Rate | 58% | 50% | 58% | 50% | 67% | 33% | |
| Peers Win Rate | 55% | 38% | 58% | 48% | 55% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| TRT Max Drawdown | -40% | -70% | -42% | -23% | -24% | -66% | |
| Peers Max Drawdown | -36% | -48% | -36% | -33% | -48% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COHU, FORM, ASYS, KLIC, TER.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | TRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.4% | -18.8% |
| % Gain to Breakeven | 19.6% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.5% | -7.8% |
| % Gain to Breakeven | 17.0% | 8.5% |
| Time to Breakeven | 49 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.1% | -9.5% |
| % Gain to Breakeven | 12.5% | 10.5% |
| Time to Breakeven | 66 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -67.4% | -24.5% |
| % Gain to Breakeven | 206.4% | 32.4% |
| Time to Breakeven | 1189 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 50.0% | 50.9% |
| Time to Breakeven | 117 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.6% | -19.2% |
| % Gain to Breakeven | 94.7% | 23.8% |
| Time to Breakeven | 380 days | 105 days |
In The Past
Trio-Tech International's stock fell -16.4% during the 2025 US Tariff Shock. Such a loss loss requires a 19.6% gain to breakeven.
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| Event | TRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -67.4% | -24.5% |
| % Gain to Breakeven | 206.4% | 32.4% |
| Time to Breakeven | 1189 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 50.0% | 50.9% |
| Time to Breakeven | 117 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.6% | -19.2% |
| % Gain to Breakeven | 94.7% | 23.8% |
| Time to Breakeven | 380 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -57.3% | -6.8% |
| % Gain to Breakeven | 134.1% | 7.3% |
| Time to Breakeven | 612 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.3% | -17.9% |
| % Gain to Breakeven | 52.2% | 21.8% |
| Time to Breakeven | 1008 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -87.0% | -53.4% |
| % Gain to Breakeven | 672.0% | 114.4% |
| Time to Breakeven | 4635 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -57.0% | -8.6% |
| % Gain to Breakeven | 132.7% | 9.5% |
| Time to Breakeven | 6678 days | 47 days |
In The Past
Trio-Tech International's stock fell -16.4% during the 2025 US Tariff Shock. Such a loss loss requires a 19.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Trio-Tech International (TRT)
Trio-Tech International (TRT) is a global company that provides essential manufacturing, testing, and distribution services to the semiconductor industry. The company plays a crucial role in the semiconductor supply chain by supporting the production, quality assurance, and reliability of chips and related components.
TRT's business is segmented into several key areas. Its Testing Services segment offers a wide range of environmental and electrical tests, including thermal shock, burn-in, and leak detection, as well as critical qualification testing for semiconductor devices and processes. The Manufacturing segment produces specialized front-end equipment like artic temperature-controlled wafer chucks and wet process stations, alongside back-end products such as burn-in and highly accelerated stress test equipment. Additionally, the Distribution segment supplies complementary semiconductor equipment, including environmental chambers and interface systems, as well as components like connectors and LCD panels. The company also has a Real Estate segment that invests in and rents properties.
The primary customers for Trio-Tech International are semiconductor chip manufacturers and testing facilities. With operations spanning the United States, Singapore, Malaysia, Thailand, and China, TRT serves a diverse and geographically widespread market within the global semiconductor ecosystem.
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Applied Materials for semiconductor testing and quality assurance.
KLA Corporation for semiconductor reliability testing and equipment.
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- Semiconductor Testing Services: Provides a range of testing services for semiconductor devices, including environmental, mechanical, electrical, and reliability qualification tests.
- Semiconductor Manufacturing Equipment: Manufactures specialized front-end equipment like artic temperature-controlled wafer chucks and wet process stations, and back-end equipment such as burn-in systems and centrifuges.
- Semiconductor Equipment and Component Distribution: Distributes complementary semiconductor equipment, including environmental chambers and handlers, as well as electronic components like connectors and LCD display panels.
- Real Estate Investment and Rental: Engages in investing in and renting out real estate properties.
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Trio-Tech International (TRT) primarily sells to other companies, not individuals. Based on the provided background information, the company's major customers are:
- Semiconductor chip manufacturers
- Testing facilities that purchase testing equipment
The provided company description does not list specific names of customer companies.
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Siew Wai Yong, President, Chief Executive Officer, and Chairman of the Board
Mr. Yong joined Trio-Tech International Pte Ltd in Singapore in 1976 and was appointed as its Managing Director in August 1980. He has served as a director, Chief Executive Officer, and President of the Company since September 1990. In September 2023, he was elected Chairman of the Board. Mr. Yong holds a Master's Degree in Business Administration, a Graduate Diploma in Marketing Management, and a Diploma in Industrial Management. He is responsible for the company's strategic vision, overall direction, and operational success, and his leadership is characterized by deep industry knowledge, a commitment to innovation, and a dedication to client satisfaction.
Anitha Srinivasan, Chief Financial Officer
Ms. Srinivasan was appointed Chief Financial Officer of Trio-Tech International, effective July 1, 2022, succeeding Victor Ting Hock Ming. She is a Chartered Accountant and a Certified Internal Auditor, with over twenty years of diversified experience in audit, finance, and corporate consulting. Prior to her appointment as CFO, Ms. Srinivasan served as a consultant to the Company for more than five years and was the Internal Audit Team Leader. In her role, she oversees all financial operations, including financial planning, risk management, record-keeping, and financial reporting.
Hwee Poh Lim, Senior Corporate Vice President & Chief Operating Officer of the Testing Group
Mr. Lim is responsible for the strategic direction and operational execution of Trio-Tech's extensive testing services. He oversees the day-to-day management of the testing divisions, ensuring efficiency, quality, and the delivery of cutting-edge solutions to clients. His extensive experience in the field of testing and operations has been instrumental in driving innovation and optimizing processes within his divisions.
Soon Lee Siew Kuan, Vice-President
Ms. Kuan is a Vice-President at Trio-Tech International, contributing her expertise to the company's strategic leadership and operational management. Her contributions are vital to the execution of various initiatives and the oversight of different departments. She is dedicated to fostering growth and innovation, ensuring Trio-Tech remains at the forefront of its industry.
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The key risks to Trio-Tech International (TRT) are primarily driven by its deep integration within the semiconductor industry, its global operational footprint, and the competitive landscape it navigates.
- Cyclicality and Rapid Technological Change in the Semiconductor Industry: Trio-Tech International's core business of providing manufacturing, testing, and distribution services is highly sensitive to the inherent cyclicality of the global semiconductor industry. This industry experiences periods of intense growth followed by downturns, which directly impact demand for TRT's equipment and services, as evidenced by revenue declines in fiscal year 2025. Furthermore, the semiconductor sector is characterized by rapid technological advancements, requiring continuous innovation and significant investment in research and development to prevent the obsolescence of Trio-Tech's products and services. If the company cannot keep pace with these changes, it risks falling behind in key technology areas like advanced packaging and high-performance computing (HPC) testing, potentially forcing it to compete primarily on price for legacy or lower-margin services.
- Geopolitical Tensions and International Trade Policies: Operating in key semiconductor regions including the United States, Singapore, Malaysia, Thailand, and China, Trio-Tech International is highly exposed to geopolitical risks and evolving international trade policies. US-China trade tensions, in particular, are identified as an immediate and unpredictable threat, directly impacting semiconductor supply chains and demand in China. Changes in trade policies, tariffs, export controls (such as the US Foreign Direct Product rules), and other regulatory factors can disrupt manufacturing operations, supply chains, and access to crucial markets and customers, as seen with declining demand in China contributing to revenue drops for TRT.
- Intense Competition: The markets for semiconductor testing services, manufacturing equipment, and distribution are intensely competitive. Trio-Tech International faces ongoing pressure from various competitors, which could lead to pricing pressures, reduced profit margins, and a potential loss of market share. Its relatively small size may limit its ability to compete effectively on capital spending, potentially hindering investments needed for advanced technology development and market leadership.
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Trio-Tech International (TRT) operates in several segments of the semiconductor industry, with addressable markets encompassing semiconductor testing services, various types of semiconductor test equipment, and environmental test chambers.
Testing Services Segment
- The global Semiconductor Testing Services market was valued at approximately USD 10.90 billion in 2025 and is projected to reach USD 21.97 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 9.16% from 2026 to 2033.
- Within this, the testing segment of the global outsourced semiconductor assembly and testing (OSAT) market accounted for USD 5.8 billion in 2024 and is growing at a CAGR of 7.5%.
- The U.S. Semiconductor Testing Services market was valued at USD 2.84 billion in 2025 and is projected to reach USD 5.22 billion by 2033, with a CAGR of 7.89% from 2026 to 2033.
Manufacturing Segment (Semiconductor Test Equipment)
- The overall global semiconductor test equipment market was valued at USD 7.65 billion in 2025 and is projected to grow to USD 14.38 billion by 2034, exhibiting a CAGR of 7.35%.
- The global Semiconductor Burn-In Equipment Market is estimated at USD 1.2 billion in 2025 and is projected to reach USD 2.2 billion by 2033, with a CAGR of 7.5%.
- The global semiconductor wafer used electrostatic chucks (ESC) market size was estimated at USD 1.25 billion in 2023, with projections to reach approximately USD 2.1 billion by 2032, at a CAGR of 6.0%.
- The global semiconductor wet process equipment market was valued at approximately USD 6 billion in 2023 and is projected to reach USD 10 billion by 2032, growing at a CAGR of around 5.5%. Asia Pacific is the predominant market for this equipment.
- The global Semiconductor Test Handler Market size was valued at USD 2.25 billion in 2025 and is projected to reach USD 7.48 billion by 2035, exhibiting a CAGR of 12.4% during the forecast period. Asia Pacific is anticipated to dominate this market, with a projected market size of USD 1.1 billion by 2032.
Distribution Segment (Environmental Chambers)
- The global environmental test chambers market size accounted for USD 1.15 billion in 2024 and is predicted to increase to approximately USD 1.57 billion by 2034, expanding at a CAGR of 3.15% from 2025 to 2034.
- Asia Pacific dominated the Environmental Test Chamber market, accounting for 44% of the revenue share in 2025.
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Trio-Tech International (TRT) expects future revenue growth over the next 2-3 years to be driven by several strategic initiatives:
* **Capturing additional market share in primary markets** The company aims to increase its revenue by offering superior products and services to its major customers, thereby expanding its presence within its existing key markets.
* **Expanding geographic reach into growing markets** Trio-Tech International plans to grow by extending its operations into regions of the world that demonstrate significant growth potential in the semiconductor industry and other relevant sectors.
* **Developing new products and technologies for new markets** A key driver involves innovating and introducing new products and technologies designed to serve entirely new markets, diversifying the company's revenue streams beyond its traditional offerings.
* **Forming complementary strategic relationships** The company intends to pursue growth through strategic relationships, including potential acquisitions, investments, and joint development projects with key partners and other businesses. This strategy aims to expand its markets and strengthen its competitive position.
* **Reducing concentration on the semiconductor industry and expanding into new business segments** To mitigate risks associated with a sole industry focus, Trio-Tech International is actively working to diversify its lines of business. This includes a strategic shift, starting in fiscal year 2025, to organize its operating businesses based on markets served, introducing a "Semiconductor Back-end Solutions" segment and an "Industrial Electronics" segment.
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Share Repurchases
- Trio-Tech International authorized a share repurchase program on May 13, 2025, to buy back up to $1.0 million of its common stock over a two-year period.
- As of December 31, 2025, the company had not repurchased any shares under this program.
Share Issuance
- Trio-Tech International implemented a two-for-one forward stock split of its common shares, with trading on a split-adjusted basis beginning January 5, 2026.
- Common shares issued and outstanding increased from 4,250,305 as of June 30, 2024, to 4,312,805 as of June 30, 2025.
Outbound Investments
- On December 3, 2025, Trio-Tech International completed the acquisition of the remaining 50% equity interest in Trio-Tech Malaysia Sdn. Bhd., making it a wholly-owned subsidiary.
- The acquisition price for the remaining 50% equity interest in Trio-Tech Malaysia Sdn. Bhd. was RM14,200 (approximately $3,357) as of June 30, 2025.
Capital Expenditures
- For the trailing twelve months (prior to early 2026), Trio-Tech International reported capital expenditures of approximately $1.05 million.
- The company plans to make investments to deploy its proprietary burn-in systems for high-reliability automotive applications, supported by an initial $2.5 million production order for burn-in services ramping up throughout 2026.
Peer Outperformance in Semiconductor Materials & Equipment
TRT has outperformed 65% of its 26 Semiconductor Materials & Equipment peers over 5Y. Among the peers that beat it is TER. Semiconductor Materials & Equipment ranks 2nd of 12 industries in Information Technology by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Semiconductor Materials & Equipment constituents that TRT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
59%
of 27 industry peers · 120.0% return
3Y
26%
of 27 industry peers · 51.6% return
5Y
65%
of 26 industry peers · 191.8% return
Semiconductor Materials & Equipment peers with revenue growth within 4pp of TRT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TRT | Trio-Tech International | 18.6% | -1,803.3x | 120.0% | 51.6% | 191.8% | — |
| TER | Teradyne | 19.0% | 54.2x | 200.4% | 320.2% | 240.3% | +48pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Semiconductor Materials & Equipment is TRT's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 68.8% | 203.4% | 292.1% | TTMI 931% · FLEX 720% · SANM 472% |
| Semiconductor Materials & Equipment ← | 27 | 98.9% | 100.0% | 115.6% | AXTI 818% · AEHR 560% · LRCX 443% |
| Technology Distributors | 9 | 42.3% | 87.0% | 104.8% | CLMB 416% · AVT 210% · SNX 152% |
| Communications Equipment | 36 | 17.2% | 81.5% | 68.7% | AAOI 1301% · FEIM 1056% · LITE 988% |
| Electronic Components | 26 | 49.4% | 72.5% | 66.4% | CLS 3763% · BELFA 1387% · COHR 381% |
| Semiconductors | 55 | 34.1% | 43.0% | 40.1% | POET 1808% · MU 1399% · NVDA 924% |
| Technology Hardware, Storage & Peripherals | 20 | 22.7% | 129.4% | 33.3% | STX 1127% · DELL 1084% · SMCI 1060% |
| Internet Services & Infrastructure | 6 | 2.2% | 49.1% | 28.3% | DOCN 69% · GDDY 37% · VRSN 34% |
| Electronic Equipment & Instruments | 26 | -15.9% | 15.2% | -11.2% | PI 190% · OSIS 110% · KEYS 103% |
| IT Consulting & Other Services | 30 | -23.9% | -17.4% | -36.6% | CHRN 522268% · APLD 1124% · TSSI 797% |
| Application Software | 124 | -30.0% | -12.7% | -48.3% | VIDA 144067% · INLX 4910% · PLTR 564% |
| Systems Software | 72 | -20.8% | 11.1% | -63.1% | QNC 609% · ZETA 391% · PANW 358% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Trio-Tech International Earnings Notes | 12/16/2025 | |
| Is Trio-Tech International Stock Built to Withstand a Pullback? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 79.09 |
| Mkt Cap | 4.0 |
| Rev LTM | 712 |
| Op Inc LTM | 66 |
| FCF LTM | 38 |
| FCF 3Y Avg | 38 |
| CFO LTM | 51 |
| CFO 3Y Avg | 59 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 38.6% |
| Rev Chg 3Y Avg | 9.1% |
| Rev Chg Q | 39.1% |
| QoQ Delta Rev Chg LTM | 8.0% |
| Op Inc Chg LTM | 179.1% |
| Op Inc Chg 3Y Avg | -20.3% |
| Op Mgn LTM | 10.7% |
| Op Mgn 3Y Avg | 1.1% |
| QoQ Delta Op Mgn LTM | 3.9% |
| CFO/Rev LTM | 10.3% |
| CFO/Rev 3Y Avg | 10.8% |
| FCF/Rev LTM | 8.7% |
| FCF/Rev 3Y Avg | 7.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor Back-End Solutions | 25 | 30 | |||
| Industrial Electronics | 12 | 12 | |||
| Corporate & Unallocated | 0 | 0 | 0 | ||
| Distribution | 6 | 11 | 5 | ||
| Manufacturing | 14 | 14 | 13 | ||
| Real Estate | 0 | 0 | 0 | ||
| Testing Services | 23 | 19 | 14 | ||
| Total | 36 | 42 | 43 | 44 | 32 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor Back-End Solutions | 0 | 1 | |||
| Industrial Electronics | 0 | 1 | |||
| Corporate & Unallocated | -0 | -1 | -0 | -1 | 0 |
| Distribution | 1 | 2 | 1 | ||
| Manufacturing | -0 | 0 | 0 | ||
| Real Estate | -0 | -0 | -0 | ||
| Testing Services | 2 | 1 | -1 | ||
| Total | 0 | 1 | 2 | 2 | -0 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor Back-End Solutions | 23 | 23 | |||
| Corporate & Unallocated | 11 | 13 | 0 | 0 | 0 |
| Industrial Electronics | 7 | 6 | |||
| Distribution | 1 | 2 | 1 | ||
| Manufacturing | 14 | 15 | 14 | ||
| Real Estate | 2 | 2 | 2 | ||
| Testing Services | 25 | 25 | 21 | ||
| Total | 41 | 43 | 42 | 43 | 38 |
Price Behavior
Price Behavior
| Market Price | $6.21 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 04/24/1995 | |
| Distance from 52W High | -69.0% | |
| 50 Days | 200 Days | |
| DMA Price | $10.04 | $8.92 |
| DMA Trend | up | down |
| Distance from DMA | -38.1% | -30.3% |
| 3M | 1YR | |
| Volatility | 111.7% | 176.8% |
| Downside Capture | 746.74 | 161.35 |
| Upside Capture | 245.84 | 222.28 |
| Correlation (SPY) | 36.7% | 10.7% |
TRT Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.32 | 4.10 | 3.80 | 2.72 | 1.37 | 0.52 |
| Up Beta | 5.87 | 5.05 | 4.27 | 2.54 | 2.72 | 0.58 |
| Down Beta | -4.43 | 1.44 | 1.85 | -1.64 | -0.12 | 0.52 |
| Up Capture | 387% | 416% | 518% | 1441% | 492% | 43% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 28 | 60 | 124 | 357 |
| Down Capture | 551% | 447% | 360% | 257% | 105% | 68% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 24 | 36 | 66 | 124 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRT | |
|---|---|---|---|---|
| TRT | 119.1% | 176.5% | 1.19 | - |
| Sector ETF (XLK) | 41.7% | 26.4% | 1.28 | 17.8% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 10.1% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | -2.2% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -9.4% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | -5.2% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 2.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRT | |
|---|---|---|---|---|
| TRT | 21.2% | 98.3% | 0.61 | - |
| Sector ETF (XLK) | 21.3% | 26.0% | 0.73 | 17.5% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 14.0% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 0.9% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -2.0% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 8.9% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 6.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRT | |
|---|---|---|---|---|
| TRT | 12.2% | 78.7% | 0.47 | - |
| Sector ETF (XLK) | 24.8% | 25.0% | 0.90 | 16.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 14.1% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.7% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 3.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 9.7% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 6.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/24/2026 | -36.6% | ||
| 5/14/2026 | 30.5% | 21.8% | 2.2% |
| 2/13/2026 | 2.1% | -18.6% | 1.8% |
| 11/14/2025 | 3.4% | 29.7% | 59.4% |
| 9/19/2025 | 3.6% | 3.6% | 33.9% |
| 5/13/2025 | -6.2% | -4.5% | 1.3% |
| 2/13/2025 | -1.1% | -5.3% | -0.9% |
| 11/12/2024 | 2.5% | 0.9% | 0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 16 |
| # Negative | 12 | 10 | 7 |
| Median Positive | 3.0% | 3.2% | 3.6% |
| Median Negative | -3.2% | -5.1% | -3.0% |
| Max Positive | 30.5% | 29.7% | 59.4% |
| Max Negative | -36.6% | -18.6% | -21.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/24/2026 | -36.6% | ||
| 5/14/2026 | 30.5% | 21.8% | 2.2% |
| 2/13/2026 | 2.1% | -18.6% | 1.8% |
| 11/14/2025 | 3.4% | 29.7% | 59.4% |
| 9/19/2025 | 3.6% | 3.6% | 33.9% |
| 5/13/2025 | -6.2% | -4.5% | 1.3% |
| 2/13/2025 | -1.1% | -5.3% | -0.9% |
| 11/12/2024 | 2.5% | 0.9% | 0.8% |
| 9/23/2024 | 1.1% | 2.7% | 25.4% |
| 5/14/2024 | -4.8% | 4.8% | -1.1% |
| 2/12/2024 | 0.0% | 0.9% | 1.4% |
| 11/13/2023 | -5.7% | -14.0% | -21.2% |
| 9/27/2023 | -23.3% | -10.4% | -16.2% |
| 5/15/2023 | -0.7% | 3.2% | 14.7% |
| 2/10/2023 | -0.6% | -2.4% | -2.6% |
| 11/10/2022 | 5.9% | 3.2% | 3.7% |
| 9/23/2022 | -3.0% | -4.9% | 3.5% |
| 5/16/2022 | 9.9% | 2.7% | -3.0% |
| 2/15/2022 | -3.5% | -3.2% | -3.4% |
| 11/17/2021 | -1.0% | 18.1% | 1.0% |
| 5/17/2021 | -2.9% | -0.9% | 11.2% |
| 2/11/2021 | 22.1% | 6.7% | 2.0% |
| 11/17/2020 | 1.3% | -5.5% | 11.3% |
| 9/24/2020 | 0.5% | 0.5% | 24.6% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 16 |
| # Negative | 12 | 10 | 7 |
| Median Positive | 3.0% | 3.2% | 3.6% |
| Median Negative | -3.2% | -5.1% | -3.0% |
| Max Positive | 30.5% | 29.7% | 59.4% |
| Max Negative | -36.6% | -18.6% | -21.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/24/2026 | 10-K |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 09/19/2025 | 10-K |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 09/23/2024 | 10-K |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 09/27/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/24/2026 | 10-K |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 09/19/2025 | 10-K |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 09/23/2024 | 10-K |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 09/27/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 09/23/2022 | 10-K |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 10/01/2021 | 10-K |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-Q |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 09/23/2020 | 10-K |
| 03/31/2020 | 05/21/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-Q |
| 09/30/2019 | 11/13/2019 | 10-Q |
Insider Activity
Updated 7/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Adelman, Jason T | Direct | Sell | 6232026 | 14.88 | 5,000 | 74,400 | 2,084,599 | Form | |
| 2 | Adelman, Jason T | Direct | Sell | 6232026 | 15.84 | 5,000 | 79,200 | 2,298,289 | Form | |
| 3 | Ting, Hock Ming | Direct | Sell | 5282026 | 16.65 | 17,200 | 286,380 | 2,181,883 | Form | |
| 4 | Horowitz, Richard M | Direct | Sell | 5272026 | 18.10 | 67,500 | 1,221,770 | 12,032,790 | Form | |
| 5 | Adelman, Jason T | Direct | Sell | 5202026 | 13.99 | 14,975 | 209,575 | 559,800 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Adelman, Jason T | Direct | Sell | 6232026 | 14.88 | 5,000 | 74,400 | 2,084,599 | Form | |
| 2 | Adelman, Jason T | Direct | Sell | 6232026 | 15.84 | 5,000 | 79,200 | 2,298,289 | Form | |
| 3 | Ting, Hock Ming | Direct | Sell | 5282026 | 16.65 | 17,200 | 286,380 | 2,181,883 | Form | |
| 4 | Horowitz, Richard M | Direct | Sell | 5272026 | 18.10 | 67,500 | 1,221,770 | 12,032,790 | Form | |
| 5 | Adelman, Jason T | Direct | Sell | 5202026 | 13.99 | 14,975 | 209,575 | 559,800 | Form | |
| 6 | Adelman, Jason T | Direct | Sell | 5202026 | 17.39 | 35,000 | 608,750 | 956,172 | Form | |
| 7 | Adelman, Jason T | Direct | Sell | 5152026 | 5.61 | 5,000 | 28,033 | 280,330 | Form | |
| 8 | Adelman, Jason T | Direct | Sell | 5152026 | 5.82 | 5,000 | 29,082 | 319,902 | Form | |
| 9 | Adelman, Jason T | Direct | Sell | 5152026 | 5.53 | 7,489 | 41,431 | 331,932 | Form | |
| 10 | Adelman, Jason T | Direct | Sell | 5152026 | 5.55 | 4,511 | 25,025 | 374,395 | Form | |
| 11 | Ting, Hock Ming | Direct | Sell | 4212026 | 7.13 | 2,000 | 14,260 | 1,056,980 | Form | |
| 12 | Ting, Hock Ming | Direct | Sell | 4212026 | 7.08 | 3,800 | 26,904 | 1,063,728 | Form | |
| 13 | Ting, Hock Ming | Direct | Sell | 4172026 | 7.04 | 4,000 | 28,160 | 1,084,470 | Form | |
| 14 | Ting, Hock Ming | Direct | Sell | 4172026 | 6.99 | 3,000 | 20,970 | 1,104,728 | Form | |
| 15 | Ting, Hock Ming | Direct | Sell | 4152026 | 6.93 | 12,600 | 87,318 | 1,116,035 | Form | |
| 16 | Ting, Hock Ming | Direct | Sell | 4152026 | 6.73 | 6,000 | 40,380 | 1,168,624 | Form | |
| 17 | Ting, Hock Ming | Direct | Sell | 4102026 | 6.78 | 4,000 | 27,120 | 1,217,986 | Form | |
| 18 | Ting, Hock Ming | Direct | Sell | 1202026 | 6.78 | 70 | 475 | 1,245,106 | Form | |
| 19 | Ting, Hock Ming | Direct | Sell | 1202026 | 6.90 | 3,000 | 20,700 | 1,288,327 | Form | |
| 20 | Ting, Hock Ming | Direct | Sell | 1202026 | 6.63 | 3,000 | 19,890 | 1,218,024 | Form | |
| 21 | Ting, Hock Ming | Direct | Sell | 1142026 | 7.08 | 5,000 | 35,410 | 1,343,555 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/25/2026