TR
Trinity Industries Inc
TRN—
Trinity Industries Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 5.9x with 270.5M TTM interest expense consuming 71% of operating income - highly leveraged asset-heavy model[Debt to Equity]
- FCF of -396.4M TTM despite 383.9M operating cash flow - 780.3M capex (36% of revenue) draining cash[Free Cash Flow TTM]
- Operating margin 16.8% TTM vs industry median 3.6% - 4.7x advantage despite revenue down 43% YoY[Operating Margin TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 300M or EBITDA coverage falls below 2.5x — Already consuming 71% of operating income; further increase threatens dividend
- Free Cash Flow TTM: Remains negative for 2+ consecutive quarters — Forces debt increase or equity dilution to fund fleet expansion
- Total Revenue TTM: Stabilizes or grows after 43% YoY decline — Revenue inflection would validate high P/E multiple
Bull Case
Operating margin 16.8% TTM (4.7x industry median) demonstrates pricing power in railcar leasing despite 43% revenue decline
Operating Margin TTMGross Margin TTM
PPE of 7.2B (81% of assets) generates recurring lease income; P/CF of 6.1x vs industry 9.4x suggests undervalued cash generation
PPEPCF Ratio
Bear Case
Negative FCF (-396.4M TTM) with 5.9x leverage and 66.3M cash leaves no margin for error if leasing demand weakens
Free Cash Flow TTMDebt to EquityCash and Equivalents
P/E of 44.3x (2x industry median 21.4x) prices in recovery that hasn't materialized - EPS down 48% YoY
PE RatioEPS Growth 1Yr
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Interest burden will compress earnings unless rates decline or debt refinanced at lower cost
1-3yhigh
- Interest expense 270.5M vs net income 95.4M TTM
- 5.9B total debt on 1B equity base
- EBITDA interest coverage only 2.7x
Interest expense is 2.8x net income TTMDebt/equity 5.9x vs typical industrial <2xNet debt 5.9B vs market cap 2.3B
Valuation Context
Caveats
Public Strategies Rankings
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TRN Fundamentals
Manufacturing → Transportation Equipment Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.24B | — | ||
$8.12B | — | ||
42 | — | ||
$2.18B | -33.0% | — | |
$0.65 | -57.4% | — | |
16.8% | +2.9% | — | |
4.39% | -0.9% | — | |
$-396.4M | — | ||
0.09 | -7.5% | — | |
Beta 5Y (Monthly) | unknown | — |
TRN Dividend History
105 dividends
2026
$0.310001/15/26$0.3100
2025
$1.200010/15/25$0.3000
07/15/25$0.3000
04/15/25$0.3000
01/15/25$0.3000
2024
$1.120010/15/24$0.2800
07/15/24$0.2800
04/12/24$0.2800
01/11/24$0.2800
2023
$1.040010/12/23$0.2600
07/13/23$0.2600
04/13/23$0.2600
01/12/23$0.2600
2022
$0.920010/13/22$0.2300
07/14/22$0.2300
04/13/22$0.2300
01/13/22$0.2300
2021
$0.840010/14/21$0.2100
07/14/21$0.2100
04/14/21$0.2100
01/14/21$0.2100
2020
$0.760010/14/20$0.1900
07/14/20$0.1900
04/14/20$0.1900
01/14/20$0.1900
2019
$0.640010/11/19$0.1700
07/12/19$0.1700
04/12/19$0.1700
01/14/19$0.1300
2018
$0.520010/12/18$0.1300
07/12/18$0.1300
04/12/18$0.1300
01/11/18$0.1300
2017
$0.480010/12/17$0.1300
07/12/17$0.1300
04/11/17$0.1100
01/11/17$0.1100
2016
$0.440010/12/16$0.1100
07/13/16$0.1100
04/13/16$0.1100
01/13/16$0.1100
2015
$0.420010/13/15$0.1100
07/13/15$0.1100
04/13/15$0.1000
01/13/15$0.1000
2014
$0.350010/10/14$0.1000
07/11/14$0.1000
04/11/14$0.0750
01/13/14$0.0750
2013
$0.250010/10/13$0.0750
07/11/13$0.0650
04/11/13$0.0550
01/11/13$0.0550
2012
$0.200010/11/12$0.0550
07/11/12$0.0550
04/11/12$0.0450
01/11/12$0.0450
2011
$0.170010/12/11$0.0450
07/13/11$0.0450
04/13/11$0.0400
01/12/11$0.0400
2010
$0.160010/13/10$0.0400
07/13/10$0.0400
04/13/10$0.0400
01/13/10$0.0400
2009
$0.160010/13/09$0.0400
07/13/09$0.0400
04/13/09$0.0400
01/13/09$0.0400
2008
$0.150010/10/08$0.0400
07/11/08$0.0400
04/11/08$0.0350
01/11/08$0.0350
2007
$0.125010/11/07$0.0350
07/11/07$0.0300
04/11/07$0.0300
01/10/07$0.0300
2006
$0.106710/11/06$0.0300
07/12/06$0.0300
04/11/06$0.0234
01/11/06$0.0234
2005
$0.083410/12/05$0.0234
07/13/05$0.0200
04/13/05$0.0200
01/12/05$0.0200
2004
$0.080010/13/04$0.0200
07/13/04$0.0200
04/13/04$0.0200
01/13/04$0.0200
2003
$0.080010/10/03$0.0200
07/11/03$0.0200
04/11/03$0.0200
01/13/03$0.0200
2002
$0.120010/10/02$0.0200
07/11/02$0.0200
04/11/02$0.0200
01/11/02$0.0600
2001
$0.240010/11/01$0.0600
07/11/01$0.0600
04/10/01$0.0600
01/10/01$0.0600
2000
$0.240010/11/00$0.0600
07/12/00$0.0600
04/12/00$0.0600
01/12/00$0.0600
TRN Stock Splits
2 stock splits
06/20/141:2 split
06/12/060.666667:1 split
TRN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/21/23 | 12/31/22 | 10-K | |
10/25/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/17/22 | 12/31/21 | 10-K | |
10/26/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
10/26/20 | 09/30/20 | 10-Q | |
07/23/20 | 06/30/20 | 10-Q | |
04/30/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/24/19 | 09/30/19 | 10-Q | |
07/25/19 | 06/30/19 | 10-Q | |
04/25/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
10/25/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
04/26/17 | 03/31/17 | 10-Q | |
02/17/17 | 12/31/16 | 10-K | |
10/27/16 | 09/30/16 | 10-Q | |
07/22/16 | 06/30/16 | 10-Q | |
04/22/16 | 03/31/16 | 10-Q | |
02/19/16 | 12/31/15 | 10-K | |
10/23/15 | 09/30/15 | 10-Q | |
07/24/15 | 06/30/15 | 10-Q | |
04/24/15 | 03/31/15 | 10-Q | |
02/19/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/30/14 | 06/30/14 | 10-Q | |
04/30/14 | 03/31/14 | 10-Q | |
02/20/14 | 12/31/13 | 10-K | |
10/31/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/21/13 | 12/31/12 | 10-K | |
10/25/12 | 09/30/12 | 10-Q | |
07/26/12 | 06/30/12 | 10-Q | |
04/26/12 | 03/31/12 | 10-Q | |
02/16/12 | 12/31/11 | 10-K | |
10/26/11 | 09/30/11 | 10-Q | |
07/27/11 | 06/30/11 | 10-Q | |
04/28/11 | 03/31/11 | 10-Q | |
04/27/12 | 03/31/11 | 10-Q/A | |
02/17/11 | 12/31/10 | 10-K | |
10/28/10 | 09/30/10 | 10-Q | |
07/29/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/18/10 | 12/31/09 | 10-K | |
10/29/09 | 09/30/09 | 10-Q | |
07/30/09 | 06/30/09 | 10-Q | |
04/30/09 | 03/30/09 | 10-Q | |
02/19/09 | 12/31/08 | 10-K | |
10/30/08 | 09/30/08 | 10-Q | |
07/31/08 | 06/30/08 | 10-Q | |
05/01/08 | 03/30/08 | Unknown | -- |
02/21/08 | 12/31/07 | 10-K | |
11/01/07 | 09/30/07 | 10-Q | |
08/02/07 | 06/30/07 | 10-Q | |
05/03/07 | 03/30/07 | Unknown | -- |
02/22/07 | 12/31/06 | 10-K | |
11/02/06 | 09/30/06 | 10-Q | |
08/03/06 | 06/30/06 | 10-Q | |
05/04/06 | 03/30/06 | Unknown | -- |
03/02/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | 4 | |
08/04/05 | 06/30/05 | 10-Q | |
05/04/05 | 03/30/05 | Unknown | -- |
03/09/05 | 12/31/04 | 10-K | |
11/03/04 | 09/30/04 | 4 | |
08/05/04 | 06/30/04 | 10-Q | |
05/06/04 | 03/30/04 | Unknown | -- |
02/27/04 | 12/31/03 | 10-K | |
11/06/03 | 09/30/03 | 4 | |
08/07/03 | 06/30/03 | 10-Q | |
05/08/03 | 03/30/03 | Unknown | -- |
03/21/03 | 12/31/02 | 10-K | |
11/08/02 | 09/30/02 | 10-Q | |
08/12/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
11/14/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
06/18/01 | 03/30/01 | Unknown | -- |
02/14/01 | 12/31/00 | 10-Q | |
11/13/00 | 09/30/00 | 10-Q | |
08/08/00 | 06/30/00 | 10-Q | |
06/07/00 | 03/30/00 | Unknown | -- |