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Friday 6 November 2026
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Trinity Capital Inc.
TRIN Financial Asset Management
Trinity Capital Inc.’s revenue for fiscal 2025 (year ended December 2025) was $293.7 million, up 23.5% from fiscal 2024.
- Revenue
- +25.5%
- EPS
- +25.6%
- Free cash flow
- +63.9%
- Total debt
- −41.6%
Quarter to September 2026, against a year earlier
17.72
0.22
−1.23%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 55 | 82 | 146 | 182 | 238 | 294 | 336 | +39.8% | 0 | 0 | 0 | (95.8%) | |
| Gross margin, % | — | — | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | — | (1) | 9 | 132 | (30) | 77 | 116 | 136 | 150 | n/m | ||||||
| EBT margin, % | — | — | — | 0.00 | 16.38 | 160.99 | (20.88) | 42.28 | 48.63 | 46.18 | 44.50 | +46.2 pt | ||||||
| Net income | — | — | — | (1) | (6) | 132 | (30) | 77 | 116 | 136 | 161 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 3.04 | 3.16 | 4.59 | 4.67 | 4.51 | 4.24 | 0.00 | n/m | |||||
| Earnings | — | — | — | (52,400.00) | (0.34) | 5.09 | (0.96) | 1.98 | 2.19 | 1.96 | 1.85 | n/m | ||||||
| Cash flow | — | — | — | 0.00 | (3.22) | (9.30) | (7.44) | (2.47) | (6.01) | (7.73) | (5.00) | n/m | ||||||
| Capex | — | — | — | 0.00 | (0.01) | (0.05) | (0.01) | (0.07) | (0.01) | (0.01) | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | 0.00 | (3.23) | (9.35) | (7.45) | (2.54) | (6.02) | (7.74) | (5.00) | n/m | ||||||
| Book value | — | — | — | 0.00 | 13.20 | 17.19 | 14.51 | 15.71 | 15.61 | 15.79 | 13.94 | n/m | ||||||
| Shares, m | — | — | — | 0 | 18 | 26 | 32 | 39 | 53 | 69 | 85 | n/m | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 30.15 | 3.47 | 0.00 | 7.23 | 6.76 | 7.47 | 9.58 | 9.2 | |||||
| P/S | — | — | — | — | 4.94 | 5.56 | 2.41 | 3.11 | 3.21 | 3.46 | 5.01 | 3.8 | ||||||
| P/B | — | — | — | — | 1.14 | 1.02 | 0.76 | 0.93 | 0.93 | 0.93 | 1.27 | 1.0 | ||||||
| EV/Sales | — | — | — | — | 7.09 | 6.67 | 3.96 | 4.52 | 3.85 | 4.83 | — | 5.2 | ||||||
| EV/FCF | — | — | — | — | (6.66) | (2.26) | (2.44) | (8.31) | (2.88) | (2.65) | — | (4.2) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (58) | (242) | (236) | (96) | (317) | (535) | (476) | +55.9% | |||||
| Capex | — | — | — | — | 0 | (1) | 0 | (3) | 0 | (1) | (1) | +25.4% | ||||||
| Free cash flow | — | — | — | — | (58) | (243) | (236) | (99) | (317) | (536) | (476) | +55.8% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (1) | (200) | (369) | (572) | (603) | (894) | (1,321) | 73 | +268.9% | |||||
| Net debt | — | — | — | — | 118 | 92 | 225 | 257 | 153 | 355 | (21) | +24.6% | ||||||
| Shareholders’ equity | — | — | — | (1) | 239 | 447 | 460 | 611 | 823 | 1,094 | 1,326 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | (0.19) | (2.16) | 17.68 | (2.94) | 6.31 | 7.49 | 6.37 | 6.20 | +6.6 pt | |||||
| ROIC | — | — | — | 0.00 | 4.09 | 4.56 | 6.75 | 6.66 | 7.56 | 6.20 | 0.00 | +6.2 pt | ||||||
| ROE | — | — | — | (0.44) | (5.13) | 38.62 | (6.70) | 14.36 | 16.12 | 14.15 | 13.82 | +14.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 34 | 41 | 57 | 68 | 88 | 106 | — | +25.5% | |||||
| Revenue/emp, $m | — | — | — | — | 1.62 | 2.00 | 2.55 | 2.67 | 2.70 | 2.77 | — | +11.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 4 Nov 2026
Trinity Capital Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GCMG GCM Grosvenor Inc. | $2.5B | 16.1× | 14.7× | −14.09% (below 0%: shrinking) | −46.67% (below 0%: shrinking) | −11.02% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| TSLX Sixth Street Specialty Lending, Inc. | $1.7B | 19.4× | 17.1× | −9.58% (below 0%: shrinking) | −7.17% (below 0%: shrinking) | −523.17% (below 0%: shrinking) | 100.00% | 73.54% | Compare |
| TRIN Trinity Capital Inc. | $1.7B | 9.6× | 8.9× | +25.46% (above 0%: growing) | +25.64% (above 0%: growing) | +63.94% (above 0%: growing) | 100.00% | 80.88% | |
| PAX Patria Investments Limited | $1.6B | 21.9× | 14.5× | +20.52% (above 0%: growing) | −12.50% (below 0%: shrinking) | −41.24% (below 0%: shrinking) | 40.31% | 27.93% | Compare |
| CSWC Capital Southwest Corporation | $1.6B | 13.2× | 11.5× | +17.93% (above 0%: growing) | −26.78% (below 0%: shrinking) | −170.75% (below 0%: shrinking) | 100.00% | 86.58% | Compare |
| MSDL Morgan Stanley Direct Lending Fund | $1.2B | 284× | 15.2× | −13.62% (below 0%: shrinking) | n/m | +230.03% (above 0%: growing) | 100.00% | 0.00% | Compare |
| OCSL Oaktree Specialty Lending Corp. | $1.1B | 26.1× | 22.7× | −7.76% (below 0%: shrinking) | −20.45% (below 0%: shrinking) | +173.07% (above 0%: growing) | 94.24% | 82.04% | Compare |
| RPC Ridgepost Capital, Inc. | $1.0B | 29.6× | 35.2× | +17.11% (above 0%: growing) | +350.00% (above 0%: growing) | +447.90% (above 0%: growing) | 100.00% | 28.63% | Compare |
| GSBD Goldman Sachs BDC, Inc. | $990.6M | 34.0× | 11.6× | −7.97% (below 0%: shrinking) | n/m | +465.71% (above 0%: growing) | 100.00% | 87.38% | Compare |
| Median of peers | $1.4B | 24.0× | 15.0× | −7.86% | −16.47% | +81.02% | 100.00% | 51.09% |
Pay and ownership Proxy statement filed 30 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 3.50m | 4.28m | 204.00 |
| 2024 | 6.97m | 7.85m | 176.00 |
| 2023 | 5.17m | 7.55m | 154.00 |
Ownership
Directors and executive officers, together
4.25%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement