Tearsheet

Trinity Industries (TRN)

Market Price (11/5/2025): $26.065 | Market Cap: $2.1 Bil
Sector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Trinity Industries (TRN)

Market Price (11/5/2025): $26.065
Market Cap: $2.1 Bil
Sector: Industrials
Industry: Construction Machinery & Heavy Transportation Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%	Weak multi-year price returns 2Y Excs Rtn is -26%, 3Y Excs Rtn is -69%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 280%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -33%, Rev Chg QQuarterly Revenue Change % is -43%
2	Low stock price volatility Vol 12M is 34%		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%
2	Low stock price volatility Vol 12M is 34%
3	Weak multi-year price returns 2Y Excs Rtn is -26%, 3Y Excs Rtn is -69%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 280%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -33%, Rev Chg QQuarterly Revenue Change % is -43%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18%

Market Valuation & Key Metrics

	11/5/25	2024	2023	2022	2021
Share Price CYE	$26.07	$33.67	$24.55	$26.18	$25.80
Market Cap CYE ($ Bil)	2.1	2.8	2.0	2.1	2.5
Total Debt ($ Bil)	5.9	5.7	5.8	5.6	5.2
Total Cash ($ Bil)	0.1	0.2	0.1	0.1	0.2
Enterprise Value ($ Bil)	8.0	8.5	7.8	7.7	7.7
Valuation Ratios
P/S TTM	1.0	0.9	0.7	1.2	2.0
P/EBIT TTM	4.9	5.8	5.2	7.2	12.4
P/E TTM	22.0	20.8	20.4	40.3	16.8
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.4	1.1	1.6
P/EBIT TTM (Sector)	11.3	10.1	10.2	8.3	12.1
P/E TTM (Sector)	16.1	13.8	14.2	11.2	15.6

	11/5/25	2024	2023
Share Price CYE	$26.07	$33.67	$24.55
Market Cap CYE ($ Bil)	2.1	2.8	2.0
Total Debt ($ Bil)	5.9	5.7	5.8
Total Cash ($ Bil)	0.1	0.2	0.1
Enterprise Value ($ Bil)	8.0	8.5	7.8
Valuation Ratios
P/S TTM	1.0	0.9	0.7
P/EBIT TTM	4.9	5.8	5.2
P/E TTM	22.0	20.8	20.4
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.4
P/EBIT TTM (Sector)	11.3	10.1	10.2
P/E TTM (Sector)	16.1	13.8	14.2

	TRN	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	2.2
Rev Chg Q	-43.2%	6.7%
Rev Chg LTM	-33.0%	5.6%
Rev Chg 3Y Avg	11.1%	5.3%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	16.8%	18.8%
CFO/Rev LTM	17.6%	20.4%
Net Inc Mgn	4.4%	12.9%
VALUATION	LOW
P/S	1.0	3.1
P/CFO	5.5	15.2
P/FCF	-5.3	20.3
P/E	22.0	23.7
STABILITY	VERY POOR
Debt/Equity	2.83	0.21
Cash/Assets	0.01	0.07

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TRN Stock

Return (1M):

Factor Drivers of Stock Movement

The 0.2% change in TRN stock from 8/5/2025 to 11/4/2025 was primarily driven by a 14.5% change in the company's Net Income Margin (%).

	8052025	11042025	Change
Stock Price ($)	26.06	26.11	0.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2519.80	2175.10	-13.68%
Net Income Margin (%)	3.83%	4.39%	14.53%
P/E Multiple	21.95	22.03	0.35%
Shares Outstanding (Mil)	81.30	80.50	0.98%
Cumulative Contribution			0.19%

LTM = Last Twelve Months as of date shown

The 8.4% change in TRN stock from 5/6/2025 to 11/4/2025 was primarily driven by a 53.3% change in the company's P/E Multiple.

	5062025	11042025	Change
Stock Price ($)	24.09	26.11	8.37%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2855.00	2175.10	-23.81%
Net Income Margin (%)	4.79%	4.39%	-8.46%
P/E Multiple	14.37	22.03	53.31%
Shares Outstanding (Mil)	81.60	80.50	1.35%
Cumulative Contribution			8.35%

LTM = Last Twelve Months as of date shown

The -17.6% change in TRN stock from 11/4/2024 to 11/4/2025 was primarily driven by a -33.0% change in the company's Total Revenues ($ Mil).

	11042024	11042025	Change
Stock Price ($)	31.67	26.11	-17.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3247.70	2175.10	-33.03%
Net Income Margin (%)	5.31%	4.39%	-17.33%
P/E Multiple	15.11	22.03	45.83%
Shares Outstanding (Mil)	82.20	80.50	2.07%
Cumulative Contribution			-17.59%

LTM = Last Twelve Months as of date shown

The -0.8% change in TRN stock from 11/5/2022 to 11/4/2025 was primarily driven by a -49.9% change in the company's Net Income Margin (%).

	11052022	11042025	Change
Stock Price ($)	26.32	26.11	-0.80%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1858.30	2175.10	17.05%
Net Income Margin (%)	8.76%	4.39%	-49.94%
P/E Multiple	13.21	22.03	66.79%
Shares Outstanding (Mil)	81.70	80.50	1.47%
Cumulative Contribution			-0.83%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TRN Return	24%	18%	1%	-6%	37%	-22%	55%
Peers Return	18%	16%	7%	37%	29%	13%	194%
S&P 500 Return	16%	27%	-19%	24%	23%	15%	112%
Monthly Win Rates [3]
TRN Win Rate	58%	58%	42%	33%	50%	40%
Peers Win Rate	63%	55%	45%	53%	62%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
TRN Max Drawdown	-33%	-3%	-27%	-29%	-9%	-32%
Peers Max Drawdown	-40%	-4%	-23%	-10%	-4%	-25%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CAT, FSS, GBX, CMI, PCAR. See TRN Returns vs. Peers.
[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] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	TRN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-43.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	75.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	281 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-36.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	58.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	66 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-44.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	80.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	477 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-86.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	641.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1703 days	1480 days

Compare to CAT, FSS, GBX, CMI, PCAR

In The Past

Trinity Industries's stock fell -43.0% during the 2022 Inflation Shock from a high on 3/25/2022. A -43.0% loss requires a 75.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Trinity Industries (TRN)

Trinity Industries, Inc. provides rail transportation products and services under the TrinityRail name in North America. It operates in two segments, Railcar Leasing and Management Services Group, and Rail Products Group. The Railcar Leasing and Management Services Group segment leases freight and tank railcars; originates and manages railcar leases for third-party investors; and provides fleet maintenance and management services. As of December 31, 2021, it had a fleet of 106,970 owned or leased railcars. This segment serves industrial shipper and railroad companies operating in agriculture, construction and metals, consumer products, energy, and refined products and chemicals markets. The Rail Products Group segment manufactures freight and tank railcars for transporting various liquids, gases, and dry cargo; and offers railcar maintenance and modification services. This segment serves railroads, leasing companies, and industrial shippers of products in the agriculture, construction and metals, consumer products, energy, and refined products and chemicals markets. It sells or leases products and services through its own sales personnel and independent sales representatives. Trinity Industries, Inc. was incorporated in 1933 and is headquartered in Dallas, Texas.

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Caterpillar for the railroad industry.
Ryder for railcars.

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Freight Railcars: Manufactures and sells a diverse range of freight railcars, including tank cars, hopper cars, and gondolas, used for transporting various commodities.
Railcar Leasing Services: Offers comprehensive railcar leasing solutions to customers across North America through its TrinityRail platform.
Aftermarket Railcar Services: Provides maintenance, repair, and parts services for freight railcars throughout their lifecycle.

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Trinity Industries (TRN) primarily sells its railcar products and services to other companies (B2B).

According to its most recent 10-K filing, no single customer accounted for more than 10% of Trinity Industries' consolidated revenues during the years ended December 31, 2023, 2022, or 2021. Therefore, Trinity Industries does not disclose specific "major customers" by name. However, the company identifies the following primary categories of customers it serves:

Railroads: These companies operate and maintain vast rail networks and fleets, requiring new railcars and maintenance services.
- Examples of public companies in this category that are likely customers include:
  - Union Pacific Corporation (UNP)
  - CSX Corporation (CSX)
  - Norfolk Southern Corporation (NSC)
  - Canadian National Railway Company (CNI)
  - Canadian Pacific Kansas City Limited (CP)
Industrial Shippers: Companies that transport goods in bulk, such as chemicals, petroleum, grain, aggregates, and other commodities, often own or lease specialized railcars.
- Examples of public companies in sectors that are likely customers (though specific direct relationships are not individually disclosed due to lack of concentration) include:
  - Major chemical companies (e.g., Dow Inc. (DOW), LyondellBasell Industries N.V. (LYB))
  - Agricultural companies (e.g., Archer-Daniels-Midland Company (ADM), Bunge Global SA (BG))
  - Energy companies (e.g., Exxon Mobil Corporation (XOM), Chevron Corporation (CVX))
Private Railcar Owners and Leasing Companies: These entities purchase or lease railcars from manufacturers like Trinity Industries to then lease to other industrial users or manage their own fleets.
- Examples of public companies in this category that are likely customers include:
  - GATX Corporation (GATX)

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Better Bets than Trinity Industries (TRN)

	TRN	Better Performance than TRN
Metric	Value	Industry (Construction Machinery & Heavy)
Rev Chg LTM	-33.0%	CAT (-4.9%), CMI (-1.3%), PCAR (-15.2%), WAB (4.4%), OSK (-2.5%)
Rev Chg 3Y Avg	11.1%	CMI (11.6%), FSS (15.3%)
Op Mgn LTM	16.8%	CAT (18.2%), GATX (30.6%)
CFO/Rev LTM	17.6%	CAT (18.0%), GATX (41.6%)
FCF/Rev LTM	-18.2%	CAT (12.3%), CMI (4.9%), PCAR (10.8%), WAB (11.8%), OSK (7.3%)
Total Yield	9.2%	PCAR (9.7%), OSK (10.3%), GBX (18.9%)

	TRN	Better Performance than TRN
Metric	Value	Sector (Industrials)
Rev Chg LTM	-33.0%	GE (17.7%), CAT (-4.9%), RTX (8.8%), UBER (18.2%), BA (10.2%)
Rev Chg 3Y Avg	11.1%	GE (15.7%), UBER (23.2%), HWM (13.5%), EMR (24.9%), TDG (18.2%)
Op Mgn LTM	16.8%	GE (20.5%), CAT (18.2%), ETN (18.8%), UNP (40.6%), DE (20.0%)
CFO/Rev LTM	17.6%	CAT (18.0%), UBER (18.6%), UNP (39.6%), DE (19.7%), HON (18.4%)
FCF/Rev LTM	-18.2%	GE (14.7%), CAT (12.3%), RTX (5.5%), UBER (18.0%), BA (-7.9%)
Total Yield	9.2%	UPS (14.1%), CNI (11.4%), FDX (9.2%), PCAR (9.7%), CARR (9.7%)

	TRN	Better Performance than TRN
Metric	Value	All Other Sectors
Rev Chg LTM	-33.0%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	11.1%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), AVGO (24.0%), META (17.3%)
Op Mgn LTM	16.8%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	17.6%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	-18.2%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	9.2%	XOM (9.8%), BABA (38.4%), WFC (9.5%), TM (2051.5%), CVX (9.7%)

		Best Bets In Industrials Sector
	TRN	GATX	VRSK	PAYX	ADT	AME	NDSN	TDG	PCTY	FTV	VRRM
What You Pay
P/E	22.0	17.5	33.3	25.0	10.8	31.1	28.6	38.9	36.3	27.6	71.8
P/EBIT	4.9	8.4	22.7	18.2	5.1	24.7	19.4	18.9	27.4	13.5	21.3
What You Get
Rev Chg Q	-43.2%	8.4%	5.9%	10.2%	6.8%	10.8%	12.1%	9.3%	12.2%	2.3%	16.1%
Rev Chg LTM	-33.0%	10.7%	7.3%	5.6%	6.6%	3.7%	4.5%	12.8%	7.0%	27.9%	8.5%
Rev Chg 3Y Avg	11.1%	10.3%	13.4%	6.5%	2.6%	5.9%	3.6%	18.2%	22.7%	9.4%	9.1%
FCF/Rev 3Y Avg	-13.2%	39.2%	33.2%	31.6%	24.1%	23.2%	21.5%	20.8%	20.5%	20.1%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can Trinity Industries Stock Really Go?	Return
2	TRN Dip Buy Analysis
3	Trinity Industries Market Price	Market Price
4	Trinity Industries Total Shareholder Return (TSR): 41.2% in 2024 and 13.1% 3-yr compounded annual returns (above peer average)
5	Trinity Industries (TRN) Operating Cash Flow Comparison	Financials
6	Trinity Industries (TRN) Net Income Comparison	Financials
7	Trinity Industries (TRN) Operating Income Comparison	Financials
8	Trinity Industries (TRN) Revenue Comparison	Financials
9	Trinity Industries vs. S&P500 Correlation	Correlation
10	Trinity Industries Price Volatility	Volatility
11	ARTICLES
12	Here’s Why Trinity Industries Stock Can See Downside		June 1st, 2021

	Title
0	DASHBOARDS
1	Here’s Why Trinity Industries Stock Can See Downside
2	ARTICLES
3	How Low Can Trinity Industries Stock Really Go?
4	TRN Dip Buy Analysis
5	Trinity Industries Market Price
6	Trinity Industries Total Shareholder Return (TSR): 41.2% in 2024 and 13.1% 3-yr compounded annual returns (above peer average)
7	Trinity Industries (TRN) Operating Cash Flow Comparison
8	Trinity Industries (TRN) Net Income Comparison
9	Trinity Industries (TRN) Operating Income Comparison
10	Trinity Industries (TRN) Revenue Comparison
11	Trinity Industries vs. S&P500 Correlation
12	Trinity Industries Price Volatility

Trade Ideas

Select past ideas related to TRN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GEO_10312025_Dip_Buyer_FCFYield	10312025	GEO	GEO	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.9%	-0.9%	-0.9%
RUN_10312025_Short_Squeeze	10312025	RUN	Sunrun	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-3.8%	-3.8%	-3.8%
PLPC_10312025_Quality_Momentum_RoomToRun_10%	10312025	PLPC	Preformed Line Products	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-0.4%	-0.4%	-0.4%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper	10172025	VRSK	Verisk Analytics	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.3%	-7.3%	-10.5%
CARR_10102025_Dip_Buyer_ValueBuy	10102025	CARR	Carrier Global	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	2.5%	2.5%	-0.8%
TRN_4302025_Dip_Buyer_ValueBuy	04302025	TRN	Trinity Industries	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	13.3%	8.5%	-6.2%
TRN_5312019_Dip_Buyer_ValueBuy	05312019	TRN	Trinity Industries	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	11.2%	7.7%	-21.3%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GEO_10312025_Dip_Buyer_FCFYield	10312025	GEO	GEO	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.9%	-0.9%	-0.9%
RUN_10312025_Short_Squeeze	10312025	RUN	Sunrun	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-3.8%	-3.8%	-3.8%
PLPC_10312025_Quality_Momentum_RoomToRun_10%	10312025	PLPC	Preformed Line Products	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-0.4%	-0.4%	-0.4%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper	10172025	VRSK	Verisk Analytics	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.3%	-7.3%	-10.5%
CARR_10102025_Dip_Buyer_ValueBuy	10102025	CARR	Carrier Global	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	2.5%	2.5%	-0.8%
TRN_4302025_Dip_Buyer_ValueBuy	04302025	TRN	Trinity Industries	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	13.3%	8.5%	-6.2%
TRN_5312019_Dip_Buyer_ValueBuy	05312019	TRN	Trinity Industries	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	11.2%	7.7%	-21.3%

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Peer Comparisons for Trinity Industries

Financials

	TRN	CAT	FSS	GBX	CMI	PCAR	Median
Name	Trinity .	Caterpil.	Federal .	Greenbri.	Cummins	PACCAR
Mkt Price	26.11	547.58	113.62	41.72	428.74	96.92	105.27
Mkt Cap	2.1	257.2	6.9	1.3	59.1	51.0	28.9
Rev LTM	2,175	63,139	2,055	3,240	33,720	29,532	16,386
Op Inc LTM	366	11,510	327	344	3,755	3,365	1,866
FCF LTM	-396	7,740	220	-15	1,652	3,194	936
FCF 3Y Avg	-335	8,349	175	-125	1,318	3,005	747
CFO LTM	384	11,373	248	266	2,844	4,717	1,614
CFO 3Y Avg	369	11,517	208	222	2,478	4,450	1,423

Growth & Margins

	TRN	CAT	FSS	GBX	CMI	PCAR	Median
Name	Trinity .	Caterpil.	Federal .	Greenbri.	Cummins	PACCAR
Rev Chg LTM	-33.0%	-4.9%	11.8%	-8.6%	-1.3%	-15.2%	-6.7%
Rev Chg 3Y Avg	11.1%	5.8%	15.3%	4.6%	11.6%	3.8%	8.5%
Rev Chg Q	-43.2%	-0.7%	17.0%	-27.9%	-1.7%	-19.0%	-10.4%
QoQ Delta Rev Chg LTM	-13.7%	-0.2%	4.1%	-8.3%	-0.5%	-5.0%	-2.7%
Op Mgn LTM	16.8%	18.2%	15.9%	10.6%	11.1%	11.4%	13.6%
Op Mgn 3Y Avg	13.4%	18.8%	14.5%	8.2%	10.1%	14.4%	13.9%
QoQ Delta Op Mgn LTM	1.8%	-0.9%	0.3%	-0.5%	0.5%	-1.0%	-0.1%
CFO/Rev LTM	17.6%	18.0%	12.1%	8.2%	8.4%	16.0%	14.0%
CFO/Rev 3Y Avg	13.8%	17.8%	11.1%	6.4%	7.4%	13.7%	12.4%
FCF/Rev LTM	-18.2%	12.3%	10.7%	-0.5%	4.9%	10.8%	7.8%
FCF/Rev 3Y Avg	-13.2%	12.9%	9.3%	-3.3%	3.9%	9.2%	6.6%

Valuation

	TRN	CAT	FSS	GBX	CMI	PCAR	Median
Name	Trinity .	Caterpil.	Federal .	Greenbri.	Cummins	PACCAR
Mkt Cap	2.1	257.2	6.9	1.3	59.1	51.0	28.9
P/S	1.0	4.1	3.4	0.4	1.8	1.7	1.7
P/EBIT	4.9	21.1	21.5	3.5	13.5	15.1	14.3
P/E	22.0	27.3	29.2	6.3	20.1	18.9	21.1
P/CFO	5.5	22.6	27.8	4.8	20.8	10.8	15.8
Total Yield	9.2%	4.7%	3.9%	18.9%	6.7%	9.7%	7.9%
Dividend Yield	4.6%	1.0%	0.5%	3.1%	1.7%	4.4%	2.4%
FCF Yield 3Y Avg	-15.5%	5.4%	3.1%	-9.6%	3.3%	6.1%	3.2%
D/E	2.8	0.2	0.0	1.4	0.1	0.3	0.2
Net D/E	2.8	0.1	0.0	1.2	0.1	0.1	0.1

Returns

	TRN	CAT	FSS	GBX	CMI	PCAR	Median
Name	Trinity .	Caterpil.	Federal .	Greenbri.	Cummins	PACCAR
1M Rtn	-6.0%	10.3%	-4.1%	-9.4%	-0.9%	-1.2%	-2.6%
3M Rtn	0.2%	26.5%	-9.5%	-7.5%	15.5%	-1.0%	-0.4%
6M Rtn	8.4%	71.8%	30.5%	-3.6%	45.3%	9.7%	20.1%
12M Rtn	-17.6%	47.6%	40.1%	-27.8%	34.4%	-3.7%	15.3%
3Y Rtn	-0.8%	152.9%	150.1%	20.3%	93.5%	66.5%	80.0%
1M Excs Rtn	-6.1%	10.4%	-4.5%	-8.8%	-2.8%	-2.1%	-3.6%
3M Excs Rtn	-8.9%	21.7%	-16.0%	-14.4%	6.2%	-6.9%	-7.9%
6M Excs Rtn	-12.4%	51.0%	9.7%	-24.4%	24.5%	-11.1%	-0.7%
12M Excs Rtn	-39.3%	29.1%	21.4%	-46.6%	14.3%	-21.9%	-3.8%
3Y Excs Rtn	-68.8%	89.2%	71.6%	-41.2%	14.9%	-2.2%	6.3%

Comparison Analyses

	Title
0	TRN Could Deliver 24% Returns And Outperform LSTR
1	WERN or TRN - With 22% Return Forecast, TRN Probably Deserves Your Money
2	TRN Looks Stronger Than R With 2.4% Return Potential
3	Trinity Industries vs. Heartland Express: Both Seem Similar Bets
4	Trinity Industries vs. Axcelis Technologies: With Return Forecast Of 85%, Trinity Industries Is A Better Bet
5	Trinity Industries vs. Maxar Technologies: With Return Forecast Of 85%, Trinity Industries Is A Better Bet
6	Trinity Industries vs. Energizer: With Return Forecast Of 85%, Trinity Industries Is A Better Bet
7	Trinity Industries vs. Okta: With Return Forecast Of 66%, Okta Is A Better Bet
8	Trinity Industries vs. Enphase Energy: With Return Forecast Of 38%, Trinity Industries Is A Better Bet
9	Trinity Industries vs. Verisign CA: With Return Forecast Of 38%, Trinity Industries Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/20/2025	2/22/2024	2/21/2023	2/17/2022	2/24/2021	2/20/2020
Key Financials
Total Revenue	2,175	3,079	2,983	1,977	1,516	1,750	2,752
EBITDA	729	789	708	612	512	-55	672
Operating Income	366	432	325	182	176	81	357
Net Income	95	138	106	60	182	-147	138
EPS	1.17	1.69	1.31	0.73	1.79	-1.27	1.09
Growth Rates
Total Revenue Growth	-33.0%	3.2%	50.9%	30.4%	-13.4%	-36.4%	9.7%
EBITDA Growth	-11.4%	11.5%	15.6%	19.5%	1029.8%	-108.2%	15.3%
Operating Income Growth	-19.0%	33.0%	78.4%	3.9%	116.1%	-77.3%	30.4%
Net Income Growth	-44.6%	30.6%	76.4%	-67.0%	223.6%	-207.0%	-13.6%
Margins
EBITDA Margin	33.5%	25.6%	23.7%	31.0%	33.8%	-3.1%	24.4%
Operating Income Margin	16.8%	14.0%	10.9%	9.2%	11.6%	4.6%	13.0%
Net Income Margin	4.4%	4.5%	3.6%	3.0%	12.0%	-8.4%	5.0%
Cash & Debt
Total Cash	66	228	106	80	167	132	166
Total Debt	5,944	5,691	5,754	5,608	5,171	5,017	4,882
Net Debt / (Cash)	5,877	5,463	5,648	5,528	5,003	4,885	4,716
Cash Flows
Net Cash from Operations	384	574	296	-13	612	652	394
Free Cash from Operations	-396	-22	-414	-980	41	-46	-817
Returns to Shareholders
Dividends	98	93	86	77	88	92	82
Share Repurchases	81	30	7	58	843	201	233

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	5/1/2025	2/20/2025	10/31/2024	8/1/2024	5/1/2024	2/22/2024	11/2/2023	8/1/2023	5/2/2023	2/21/2023
Key Financials Quarterly
Total Revenue	454	506	585	629	799	841	810	798	821	722	642	591
Ebitda	195	169	177	188	197	219	185	222	174	171	141	184
Operating Income	96	84	92	93	109	118	112	112	93	67	53	53
Net Income	30	14	22	29	31	54	24	63	22	17	4	31
EPS	0.38	0.17	0.27	0.35	0.38	0.66	0.29	0.77	0.27	0.21	0.05	0.39
Key Financials TTM
Total Revenue TTM	2,175	2,520	2,855	3,079	3,248	3,270	3,151	2,983	2,777	2,452	2,146	1,977
Ebitda TTM	729	730	781	789	823	800	752	708	670	659	630	612
Operating Income TTM	366	379	412	432	451	435	384	325	266	227	206	182
Net Income TTM	95	96	137	138	172	163	125	106	74	78	65	60
Growth Rates Quarterly
Total Revenue Growth	-43.2%	-39.8%	-27.7%	-21.1%	-2.7%	16.5%	26.2%	35.0%	65.4%	73.3%	35.8%	25.2%
EBITDA Growth	-1.0%	-22.9%	-4.5%	-15.1%	13.0%	28.4%	31.0%	20.2%	6.8%	20.7%	14.7%	34.2%
Operating Income Growth	-11.7%	-28.6%	-18.0%	-16.8%	17.6%	75.9%	110.9%	110.7%	73.9%	44.8%	80.7%	-1.7%
Net Income Growth	-3.5%	-74.1%	-6.8%	-54.0%	44.0%	220.0%	438.6%	100.6%	-15.5%	359.5%	728.6%	-76.6%
Margins Quarterly
EBITDA Margin	42.9%	33.4%	30.2%	29.9%	24.6%	26.0%	22.9%	27.8%	21.2%	23.6%	22.0%	31.2%
Operating Income Margin	21.2%	16.6%	15.7%	14.8%	13.6%	14.0%	13.9%	14.1%	11.3%	9.3%	8.3%	9.0%
Net Income Margin	6.7%	2.8%	3.8%	4.6%	3.9%	6.5%	2.9%	7.9%	2.7%	2.4%	0.7%	5.3%
Cash & Debt
Total Cash	66	148	95	228	222	257	119	106	114	92	82	80
Total Debt	5,944	5,857	5,616	5,691	5,700	5,727	5,867	5,754	5,782	5,833	5,819	5,608
Net Debt / (Cash)	5,877	5,709	5,521	5,463	5,477	5,470	5,748	5,648	5,668	5,741	5,737	5,528
Cash Flows Quarterly
FCF from Operations	44	62	76	202	78	242	52	88	73	36	99	55
Cash Flows TTM
FCF from Operations TTM	384	418	598	574	460	454	248	296	263	195	66	-13
Returns to Shareholders Quarterly
Dividends	24	26	25	23	23	24	23	21	21	22	21	19
Share Repurchases	20	39	8	14	6	10	0	0	0	6	0	15
Return on Invested Capital (ROIC) Quarterly
ROIC	5.0%	5.0%	5.3%	5.9%	5.8%	6.6%	5.8%	7.2%	5.3%	3.5%	3.7%	3.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.1%	5.3%	5.8%	6.1%	6.6%	6.5%	5.5%	5.4%	4.2%	3.5%	3.2%	2.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Rail Products Group	2,479	2,075	1,265	1,610	2,975
Railcar Leasing and Services Group	1,041	771	735	802	1,117
Elimination of intersegment revenues	-537
Corporate and other		0
Eliminations - Lease subsidiary		-867	-478	-653	-1,331
Eliminations - Other		-1	-6	-9	-17
All Other					261
Total	2,983	1,977	1,516	1,750	3,005

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Railcar Leasing and Services Group	438	423	351	354	407
Rail Products Group	113	59	5	36	278
Restructuring activities, net	2	-1	4	-11	-15
Eliminations	-27
Corporate and other	-108	-81	-84	-100	-108
Eliminations - Lease subsidiary		-65	-17	-35	-165
Eliminations - Other		-1	-1	-2	-0
Impairment of long-lived assets				-396
All Other					20
Total	417	334	257	-155	416

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Railcar Leasing and Services Group	8,119	7,780	7,585	7,652	8,013
Rail Products Group	1,189	1,440	1,064	859	1,020
Corporate and other	286	267	365	833	378
Eliminations	-688
Eliminations - Lease subsidiary		-763	-779	-820	-904
Assets of discontinued operations				178
All Other					196
Eliminations - Other					-1
Total	8,906	8,724	8,236	8,702	8,701

Price Behavior

Price Behavior

Market Price	$26.11
Market Cap ($ Bil)	2.1
First Trading Date	12/30/1987
Distance from 52W High	-31.6%
	50 Days	200 Days
DMA Price	$27.79	$27.78
DMA Trend	down	up
Distance from DMA	-6.1%	-6.0%
	3M	1YR
Volatility	24.6%	33.9%
Downside Capture	112.05	130.86
Upside Capture	71.80	89.20
Correlation (SPY)	41.0%	61.4%

TRN Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.03	1.08	0.81	1.29	1.07	1.05
Up Beta	1.23	1.76	2.45	2.06	1.08	0.98
Down Beta	1.14	0.88	0.28	0.58	1.01	1.09
Up Capture	63%	63%	88%	100%	80%	92%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	10	19	32	59	116	381
Down Capture	113%	137%	13%	124%	117%	104%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	13	25	33	67	134	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of TRN With Other Asset Classes (Last 1Y)
	TRN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-23.8%	14.0%	17.5%	40.7%	2.0%	-4.1%	45.5%
Annualized Volatility	34.3%	19.3%	19.7%	19.9%	16.3%	18.0%	36.9%
Sharpe Ratio	-0.74	0.55	0.70	1.60	-0.06	-0.38	0.80
Correlation With Other Assets		67.6%	61.2%	1.4%	18.9%	44.2%	31.5%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of TRN With Other Asset Classes (Last 5Y)
	TRN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.1%	16.2%	16.4%	15.1%	12.9%	6.6%	50.5%
Annualized Volatility	36.2%	17.5%	17.2%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.36	0.76	0.78	0.77	0.57	0.26	0.77
Correlation With Other Assets		62.4%	50.7%	5.7%	24.5%	47.4%	17.5%

Based On 10-Year Data

		Comparison of TRN With Other Asset Classes (Last 10Y)
	TRN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.6%	12.9%	14.5%	12.5%	5.3%	5.1%	80.1%
Annualized Volatility	37.6%	19.9%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.29	0.58	0.69	0.69	0.23	0.22	0.97
Correlation With Other Assets		62.1%	53.1%	-0.8%	30.1%	42.8%	11.9%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	2,233,198
Short Interest: % Change Since 9302025	-8.6%
Average Daily Volume	388,098
Days-to-Cover Short Interest	5.75
Basic Shares Quantity	80,500,000
Short % of Basic Shares	2.8%

Returns Analyses

	Title
0	How Low Can Trinity Industries Stock Really Go?
1	Trinity Industries Stock Return Comparison
2	Trinity Industries (TRN) Stock Return: AI Predicts TRN Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5012024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2212023	10-K 12/31/2022
9302022	10252022	10-Q 9/30/2022
6302022	7272022	10-Q 6/30/2022
3312022	4272022	10-Q 3/31/2022
12312021	2172022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Mitchell Gregory B	EVP Leasing and Services	3042025	Sell	31.02	9,286	288,052	3,470,487	Form
1	Biesterfeld Robert C Jr		1032025	Buy	23.84	49	1,168	1,168	Form
2	Mitchell Gregory B	EVP Leasing and Services	11192024	Sell	37.15	20,510	761,946	4,501,280	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Trinity Industries (TRN)

Market Price (11/5/2025): $26.065 | Market Cap: $2.1 BilSector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Trinity Industries (TRN)

Market Price (11/5/2025): $26.065Market Cap: $2.1 BilSector: IndustrialsIndustry: Construction Machinery & Heavy Transportation Equipment

Market Valuation & Key Metrics

TRN Stock

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About Trinity Industries (TRN)

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Market Price (11/5/2025): $26.065 | Market Cap: $2.1 Bil
Sector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Market Price (11/5/2025): $26.065
Market Cap: $2.1 Bil
Sector: Industrials
Industry: Construction Machinery & Heavy Transportation Equipment