Trinity Industries, Inc.
TRN Industrials Railroads
Trinity Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, down 30.0% from fiscal 2024. In the quarter to June 2026, revenue fell 4.17%, EPS grew 623.5%, free cash flow grew 75.3% and total debt fell 10.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Trinity Industries, Inc. (TRN) Altman Z-score
Trinity Industries, Inc.'s Altman Z-score for fiscal 2025 is 0.94, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.94 | (0.05) |
| FY2024 | 0.99 | 0.10 |
| FY2023 | 0.89 | 0.12 |
| FY2022 | 0.77 | 0.00 |
| FY2021 | 0.78 | 0.00 |
| FY2020 | 0.78 | (0.35) |
| FY2019 | 1.13 | (0.12) |
| FY2018 | 1.25 | (0.41) |
| FY2017 | 1.66 | 0.06 |
| FY2016 | 1.60 | (0.69) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | 0.13 | — | 0.18 | |
| EBIT / total assets | 0.08 | — | 0.25 | |
| Market value of equity / total liabilities | 0.29 | — | 0.18 | |
| Sales / total assets | 0.26 | — | 0.26 | |
| Altman Z-score | Distress zone | 0.94 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.50 | ||
Z and Z″ put Trinity Industries, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FSTR L.B. Foster Company compare | 3.9× |
| WAB Wabtec compare | 3.1× |
| CSX CSX Corporation compare | 2.3× |
| NSC Norfolk Southern Corporation compare | 2.3× |
| CP Canadian Pacific Kansas City Limited compare | 2.1× |
| RAIL Freightcar America, Inc. compare | 2.1× |
| GBX Greenbrier Companies, Inc. (The) compare | 2.0× |
| TRN Trinity Industries, Inc. | 0.9× |
| SWVL Swvl Holdings Corp. compare | −21.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets