TREX
Trex Company, Inc.
TREX's fundamentals are mixed: it turned 16% of its revenue into free cash flow, but its operating margin fell 4 points to 19%. At 31x earnings, it's trading below its usual 35x. Analysts expect strong earnings growth, though they disagree widely on how much.
TREX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Healthy |
TREX's revenue, profitability, cash flow and balance sheet are all currently healthy.
TREX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 26x | $45.26 | -14% |
| Forward | 26x | $52.81 | — |
| Current | 31x | $52.81 | — |
| Fair | 35x | $60.14 | +14% |
| Expensive | 54x | $93.43 | +77% |
Historical ranges are pointers, not guarantees.
TREX's PE is in its fair range at 31x. If earnings grow as analysts expect, today's price would be 26x next year's earnings, in its cheap range.
TREX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for TREX, with profitability improving. However, they disagree widely on these estimates.
TREX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.04 | +18% |
| Q3 2026 | $1.73 | -6.5% |
| Q2 2026 | $1.69 | -2.9% |
| Q1 2026 | $1.80 | -1.6% |
| Q4 2025 | $1.78 | -15% |
| Q3 2025 | $1.85 | -16% |
| Q2 2025 | $1.74 | -28% |
| Q1 2025 | $1.83 | -21% |
| Q4 2024 | $2.09 | +11% |
TREX's earnings per share have fallen from their peak: $1.73 over the past year, against $2.42 in mid-2024.
TREX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $359.5M | +26% |
| Q2 2026 | $418M | +7.8% |
| Q1 2026 | $343.4M | +1% |
| Q4 2025 | $161.1M | -3.9% |
| Q3 2025 | $285.3M | +22% |
| Q2 2025 | $387.8M | +3% |
| Q1 2025 | $340M | -9% |
| Q4 2024 | $167.6M | -14% |
TREX's revenue has picked up after four years of holding roughly level: $360M last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -4.5 points |
| Q2 2026 | 21% | -5.8 points |
| Q1 2026 | 24% | +0.3 points |
| Q4 2025 | 2.2% | -7.1 points |
| Q3 2025 | 25% | +1.4 points |
| Q2 2025 | 26% | -4.7 points |
| Q1 2025 | 24% | -7.8 points |
| Q4 2024 | 9.2% | -5.1 points |
TREX's operating margin was 20% last quarter, down 4.5 points from the same quarter a year ago.
TREX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $136M | -4.9% |
| Q2 2026 | $184.5M | -9.1% |
| Q1 2026 | -$141.5M | +$92M |
| Q4 2025 | $22.1M | +$111.4M |
| Q3 2025 | $142.9M | +162% |
| Q2 2025 | $203M | +28% |
| Q1 2025 | -$233.5M | -$21.7M |
| Q4 2024 | -$89.3M | -286% |
TREX still generates free cash flow, though less than at its 2025 peak: $201M over the past year.
TREX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -558K shares |
| 1 year | -5.1% | -5.5M shares |
| 3 years | -6.3% | -6.9M shares |
| 5 years | -12% | -13.8M shares |
| Available history | -13% | -15.2M shares |
TREX has 102M diluted shares, down 5.1% from a year ago, with $259M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $55.1M |
| Q2 2026 | $70.7M |
| Q1 2026 | $82.8M |
| Q4 2025 | $50.4M |
| Q3 2025 | $25,000 |
| Q2 2025 | — |
| Q1 2025 | $4M |
| Q4 2024 | $50.3M |
TREX spent $259M buying back its own shares over the past year, about five times what it spent the year before.
TREX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.8x | Very low |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 0.6x | Very low |
TREX's net debt is less than a year of its operating earnings (EBITDA).
TREX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.3 | Neutral |
| Stochastic | 74.3 | Neutral |
TREX's weekly RSI is 62 (neutral) and its Stochastic is 74 (neutral).
TREX PE vs Industrials Sector
| Metric | TREX | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 24x | 27% above |
| PE % | 35 | 58 | 23 pts below |
TREX is trading at 31x earnings, a 27% premium to the Industrials sector's median of 24x.
TREX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.5 | 8.9% above |
| 20 week MA | $47.0 | 12% above |
| 50 week MA | $42.8 | 23% above |
| 100 week MA | $50.4 | 4.9% above |
| 200 week MA | $60.3 | 12% below |
TREX has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 12% below its 200-week average.
TREX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $45.2 | $86.3 | +91% |
| 2021 | $86.3 | $132.8 | +54% |
| 2022 | $132.8 | $41.9 | -68% |
| 2023 | $41.9 | $82.8 | +98% |
| 2024 | $82.8 | $70.3 | -15% |
| 2025 | $70.3 | $35.7 | -49% |
| 2026 YTD | $35.7 | $52.8 | +48% |
TREX is up 48% so far in 2026, after finishing lower in three of the previous six years.