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Trex

TREX NYSE Building Products Financials FY2016–FY2025

Trex's revenue rose 2.0% to $1.2 billion in fiscal 2025. Its operating margin was 22.0%, down from 28.0% a year earlier. Free cash flow was $135 million. It paid out $54 million in dividends and buybacks, 40% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$50.38

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$1.2B
2.0% vs prior year
Operating margin Operating income as a share of revenue.
22.0%
6.0 pts
Net income Profit after all expenses, interest and tax.
$190M
20.1%
Free cash flow Cash from operations minus capital spending.
$135M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$5.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.8x
On $1.69 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

What Trex does

No business description yet.

Legal name
Trex Company, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-068732
0001069878

Revenue and margins

Trex had $1.2B of revenue in fiscal 2025, up 2.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $135M in fiscal 2025, 11.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Trex returned $54.5M to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Trex yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 107.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.8x · peers 33.7x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Trex can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $141M$12.3M$2.0M$1.3M$3.8M
Interest coverage ——5,384.2x——
Current ratio 4.5x1.0x1.9x1.1x1.2x
Quick ratio 3.6x0.5x0.7x0.3x0.3x
Total assets $920M$934M$933M$1.4B$1.5B
Total liabilities $195M$415M$216M$487M$419M
Shareholders' equity $725M$545M$742M$887M$1.0B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

2 insiders

Sold, 12 months

$0.1M

2 insiders

Of sales under plans

57%

$0.1M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Amy M. FernandezSVP, CLO and Secretary Sold 1,050 $50.07 $0.1M Form 4
Jun 25, 2026 Jacob T. RudolphSVP, CHRO Sold plan 1,400 $50.00 $0.1M Form 4
Mar 3, 2026 Rose B AndrewDirector Bought 12,008 $40.69 $0.5M Form 4
Mar 2, 2026 Rose B AndrewDirector Bought 372 $40.26 $0.0M Form 4
Nov 14, 2025 Prithvi GandhiSVP, Chief Financial Officer Bought 15,000 $31.92 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets — — —
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −19.9%8.2%−11.9%
Altman Z'' 10.827.418.07

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Trex TREX $5.2B 2.0% 22.0% 11.5% — 29.8x —
AAON AAON $5.8B 20.1% 10.1% — 10.8% 36.1x 3 Compare →
Simpson Manufacturing SSD $7.6B 4.5% 19.6% 12.8% 17.5% 20.2x 8 Compare →
Watts Water Technologies WTS $12.0B 8.3% 18.4% 14.6% 20.5% 31.3x 8 Compare →
Louisiana-Pacific LPX $5.2B −7.9% 7.7% 3.4% 9.0% 94.6x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $480M $565M $684M $745M $881M $1.2B $1.1B $1.1B $1.2B $1.2B
Gross profit $187M $243M $295M $307M $360M $461M $404M $451M $502M $460M
Research and development $3.7M $3.8M $4.5M $3.4M $3.4M $6.0M $0.5M $3.3M $3.5M $4.2M
Operating income $104M $142M $177M $188M $234M $275M $247M $275M $322M $258M
Interest expense $1.1M $0.5M $0.7M $0.0M $0.0M $0.0M $0.0M $0.1M $0.0M $0.0M
Pretax income $103M $142M $177M $190M $235M $275M $247M $275M $322M $258M
Income tax $35.0M $46.8M $42.3M $45.0M $59.0M $66.7M $62.2M $70.5M $83.5M $67.5M
Net income $67.8M $95.1M $135M $145M $176M $209M $185M $204M $238M $190M
Diluted EPS $0.57 $0.81 $1.14 $1.24 $1.51 $1.80 $1.65 $1.88 $2.20 $1.78
Diluted shares 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B 0.11B 0.11B 0.11B 0.11B
Cash flow
Cash from operations $85.3M $102M $138M $156M $187M $258M $216M $389M $144M $358M
Capital expenditure $14.6M $15.0M $33.8M $67.3M $173M $159M $176M $166M $232M $224M
Free cash flow $70.7M $86.8M $104M $89.1M $14.5M $98.7M $40.0M $223M −$88.4M $135M
Depreciation and amortization $14.5M $16.9M $16.6M $14.0M $17.9M $35.9M $44.3M $50.2M $54.7M $63.0M
Stock-based compensation $4.8M $5.2M $6.3M $6.9M $7.1M $8.4M $5.3M $10.2M $12.6M $9.1M
Acquisitions $0.0M $71.8M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $55.2M $3.6M $30.1M $46.5M $44.9M $82.5M $398M $18.4M $106M $54.5M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $55.2M $3.6M $30.1M $46.5M $44.9M $82.5M $398M $18.5M $106M $54.5M
Balance sheet
Cash and short-term investments $18.7M $30.5M $106M $149M $122M $141M $12.3M $2.0M $1.3M $3.8M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $106M $149M $270M $303M $322M $401M $287M $172M $369M $310M
Current liabilities $51.4M $62.5M $92.8M $78.7M $106M $88.7M $291M $91.1M $343M $251M
Inventory $28.5M $34.5M $57.8M $56.1M $68.2M $83.8M $141M $107M $257M $239M
Property and equipment, net $103M $103M $117M $171M $337M $460M $590M $709M $923M $1.0B
Total assets $221M $326M $465M $592M $771M $920M $934M $933M $1.4B $1.5B
Total liabilities $87.3M $95.0M $122M $143M $182M $195M $415M $216M $487M $419M
Shareholders' equity $134M $231M $343M $449M $589M $725M $545M $742M $887M $1.0B
Margins
Gross margin 39.0% 43.1% 43.1% 41.1% 40.8% 38.5% 36.5% 41.2% 43.6% 39.2%
Operating margin 21.7% 25.2% 25.8% 25.3% 26.5% 23.0% 22.3% 25.1% 28.0% 22.0%
EBITDA margin 24.7% 28.2% 28.2% 27.1% 28.6% 26.0% 26.3% 29.7% 32.7% 27.3%
Net margin 14.2% 16.8% 19.7% 19.4% 19.9% 17.4% 16.7% 18.6% 20.7% 16.2%
FCF margin 14.8% 15.4% 15.2% 12.0% 1.6% 8.2% 3.6% 20.4% −7.7% 11.5%
Returns
Return on capital employed 64.7% 65.7% 55.6% 42.5% 39.7% 36.8% 33.5% 37.0% 34.4% 23.1%
Return on equity 54.1% 52.1% 46.9% 36.5% 33.9% 31.8% 29.1% 31.7% 29.3% 19.8%
Return on assets 31.3% 34.7% 34.0% 27.4% 25.8% 24.7% 19.9% 21.9% 20.7% 13.5%
Growth
Revenue growth 8.8% 17.8% 21.1% 8.9% 18.2% 35.9% −7.6% −1.0% 5.2% 2.0%
Net income growth 41.1% 40.2% 41.5% 7.6% 21.3% 18.9% −11.6% 10.6% 16.8% −20.1%
EPS growth 51.3% 40.0% 41.6% 8.8% 21.8% 19.2% −8.3% 13.9% 17.0% −19.1%
FCF growth 80.0% 22.7% 20.1% −14.6% −83.8% 581.9% −59.5% 458.4% −139.6% —
Share count change −6.5% −0.1% −0.1% −0.7% −0.9% −0.4% −3.4% −2.7% −0.5% −1.1%
Financial health
Interest coverage 92.4x 308.9x 266.9x — — — — 5,384.2x — —
Current ratio 2.1x 2.4x 2.9x 3.9x 3.0x 4.5x 1.0x 1.9x 1.1x 1.2x
Quick ratio 1.5x 1.8x 2.3x 3.1x 2.4x 3.6x 0.5x 0.7x 0.3x 0.3x
Capital allocation
Capex / revenue 3.0% 2.7% 4.9% 9.0% 19.6% 13.3% 15.9% 15.2% 20.2% 19.0%
Stock comp / revenue 1.0% 0.9% 0.9% 0.9% 0.8% 0.7% 0.5% 0.9% 1.1% 0.8%
Payouts / FCF 78.1% 4.2% 28.8% 52.3% 310.0% 83.6% 996.2% 8.3% — 40.5%
Quality scores
Altman Z'' 9.1 10.1 10.9 11.0 10.4 11.5 7.1 10.8 7.4 8.1
Accruals ratio −8.1% −2.5% −0.9% −2.2% −1.7% −5.8% −3.4% −19.9% 8.2% −11.9%

Source: SEC EDGAR XBRL filings (CIK 0001069878). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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