TRN
Trinity Industries, Inc.
TRN's fundamentals are strong: its operating margin rose 15 points to 34% and it turned 17% of its revenue into free cash flow. At 7.5x earnings, it's trading less than half its usual 18x. Its downside scenario is about five times its upside.
TRN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Strong |
TRN's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
TRN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.5x | $30.18 | — |
| Cheap | 12x | $46.62 | +54% |
| Forward | 16x | $30.18 | — |
| Fair | 18x | $72.30 | +140% |
| Expensive | 27x | $109 | +263% |
Historical ranges are pointers, not guarantees.
TRN's PE is in its cheap range at 7.5x. Analysts expect earnings to fall, which would put today's price at 16x next year's earnings, in its fair range.
TRN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect TRN's earnings and profitability to decline, with its revenue holding steady.
TRN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.87 | -53% |
| Q3 2026 | $4.00 | +251% |
| Q2 2026 | $4.15 | +264% |
| Q1 2026 | $3.12 | +93% |
| Q4 2025 | $3.08 | +88% |
| Q3 2025 | $1.14 | -45% |
| Q2 2025 | $1.14 | -42% |
| Q1 2025 | $1.62 | +8% |
| Q4 2024 | $1.64 | +29% |
TRN earned $4.00 per share over the past year, about four times what it earned the year before.
TRN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $535.1M | +18% |
| Q2 2026 | $485.1M | -4.2% |
| Q1 2026 | $492M | -16% |
| Q4 2025 | $611.2M | -2.9% |
| Q3 2025 | $454.1M | -43% |
| Q2 2025 | $506.2M | -40% |
| Q1 2025 | $585.4M | -28% |
| Q4 2024 | $629.4M | -21% |
TRN's revenue is recovering but still below its 2019 peak: $535M last quarter, up 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | -8.3 points |
| Q2 2026 | 41% | +22 points |
| Q1 2026 | 21% | +3.5 points |
| Q4 2025 | 55% | +37 points |
| Q3 2025 | 26% | +11 points |
| Q2 2025 | 19% | +2 points |
| Q1 2025 | 17% | +2.8 points |
| Q4 2024 | 18% | -0.9 points |
TRN's operating margin was 18% last quarter, down 8.3 points from the same quarter a year ago.
TRN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $49.6M | +41% |
| Q2 2026 | $57.2M | +8.1% |
| Q1 2026 | $91.5M | +36% |
| Q4 2025 | $158.6M | -12% |
| Q3 2025 | $35.3M | -43% |
| Q2 2025 | $52.9M | -77% |
| Q1 2025 | $67.3M | +41% |
| Q4 2024 | $180.1M | +137% |
TRN still generates free cash flow, though less than at its 2021 peak: $357M over the past year.
TRN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -600K shares |
| 1 year | -1.1% | -900K shares |
| 3 years | -3% | -2.5M shares |
| 5 years | -19% | -18.5M shares |
| Available history | -36% | -46.3M shares |
TRN has 81M diluted shares, down 1.1% from a year ago, with $54M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $21.7M |
| Q2 2026 | $13.1M |
| Q1 2026 | $7.2M |
| Q4 2025 | $12.4M |
| Q3 2025 | $19.9M |
| Q2 2025 | $30.8M |
| Q1 2025 | $8.2M |
| Q4 2024 | $13.8M |
TRN spent $54M buying back its own shares over the past year, down 25% from the year before.
TRN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
TRN has more cash than debt.
TRN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.5 | Neutral |
| Stochastic | 57.2 | Neutral |
TRN's weekly RSI is 51 (neutral) and its Stochastic is 57 (neutral).
TRN PE vs Industrials Sector
| Metric | TRN | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 24x | 69% below |
| PE % | 5 | 58 | 53 pts below |
TRN is trading at 7.5x earnings, a 69% discount to the Industrials sector's median of 24x.
TRN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.4 | 10% above |
| 20 week MA | $29.9 | 1% above |
| 50 week MA | $31.0 | 2.5% below |
| 100 week MA | $29.9 | 1% above |
| 200 week MA | $28.8 | 4.9% above |
TRN's trend is mixed: it's above four of its five weekly moving averages, and 4.9% above its 200-week average.
TRN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $22.7 | $26.6 | +17% |
| 2021 | $26.6 | $29.5 | +11% |
| 2022 | $29.5 | $29.9 | +1.5% |
| 2023 | $29.9 | $26.6 | -11% |
| 2024 | $26.6 | $35.5 | +33% |
| 2025 | $35.5 | $27.5 | -22% |
| 2026 YTD | $27.5 | $30.2 | +9.7% |
TRN has finished higher in four of the last six years. It's up 9.7% so far in 2026.