Trinity Capital Inc.
TRIN NYSE Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$4.9M
46.2%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$136M
17.3%
Free cash flow
Cash from operations minus capital spending.
—
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.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.75 EPS (TTM)
What Trinity Capital Inc. does
No business description yet.
- Legal name
- Trinity Capital Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001193125-26-068600
0001786108
Revenue and margins
Trinity Capital Inc. had $4.9M of revenue in fiscal 2025, down 46.2% on the year before.
FY20
Revenue —
FY21
Revenue $0.2M
FY22
Revenue $0.3M
FY23
Revenue $8.0M
FY24
Revenue $9.1M
FY25
Revenue $4.9M
Q3 '23
Revenue $2.1M
Q4 '23
Revenue $2.6M
Q1 '24
Revenue $4.1M
Q2 '24
Revenue $1.5M
Q3 '24
Revenue $1.6M
Q4 '24
Revenue $1.7M
Q1 '25
Revenue $1.5M
Q2 '25
Revenue $1.5M
Q3 '25
Revenue $0.7M
Q4 '25
Revenue $1.2M
Q1 '26
Revenue $0.9M
Q2 '26
Revenue $1.1M
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating —
Net 66,160.0%
FCF —
FY22
Gross —
Operating —
Net −10,125.0%
FCF —
FY23
Gross —
Operating —
Net 961.2%
FCF —
FY24
Gross —
Operating —
Net 1,270.3%
FCF —
FY25
Gross —
Operating —
Net 2,767.4%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 801.0%
FCF —
Q4 '23
Gross —
Operating —
Net 680.9%
FCF —
Q1 '24
Gross —
Operating —
Net 353.9%
FCF —
Q2 '24
Gross —
Operating —
Net 2,055.2%
FCF —
Q3 '24
Gross —
Operating —
Net 1,525.0%
FCF —
Q4 '24
Gross —
Operating —
Net 2,697.5%
FCF —
Q1 '25
Gross —
Operating —
Net 1,805.8%
FCF —
Q2 '25
Gross —
Operating —
Net 2,760.9%
FCF —
Q3 '25
Gross —
Operating —
Net 3,949.3%
FCF —
Q4 '25
Gross —
Operating —
Net 3,288.3%
FCF —
Q1 '26
Gross —
Operating —
Net 3,314.7%
FCF —
Q2 '26
Gross —
Operating —
Net 4,036.8%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$6.1M
FY21
Net income $132M
FY22
Net income −$30.4M
FY23
Net income $76.9M
FY24
Net income $116M
FY25
Net income $136M
Q3 '23
Net income $16.8M
Q4 '23
Net income $17.7M
Q1 '24
Net income $14.5M
Q2 '24
Net income $30.8M
Q3 '24
Net income $24.4M
Q4 '24
Net income $45.9M
Q1 '25
Net income $27.1M
Q2 '25
Net income $41.4M
Q3 '25
Net income $27.6M
Q4 '25
Net income $39.5M
Q1 '26
Net income $29.8M
Q2 '26
Net income $44.4M
FY20
Diluted EPS −$0.34
FY21
Diluted EPS $4.64
FY22
Diluted EPS −$0.96
FY23
Diluted EPS $1.89
FY24
Diluted EPS $2.10
FY25
Diluted EPS $1.96
Q3 '23
Diluted EPS $0.40
Q4 '23
Diluted EPS $0.37
Q1 '24
Diluted EPS $0.30
Q2 '24
Diluted EPS $0.59
Q3 '24
Diluted EPS $0.43
Q4 '24
Diluted EPS $0.78
Q1 '25
Diluted EPS $0.43
Q2 '25
Diluted EPS $0.63
Q3 '25
Diluted EPS $0.39
Q4 '25
Diluted EPS $0.51
Q1 '26
Diluted EPS $0.36
Q2 '26
Diluted EPS $0.49
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital —
Return on equity 29.6%
Return on assets 14.1%
FY22
Return on capital —
Return on equity −6.7%
Return on assets −2.9%
FY23
Return on capital —
Return on equity 14.4%
Return on assets 6.3%
FY24
Return on capital —
Return on equity 16.1%
Return on assets 7.5%
FY25
Return on capital —
Return on equity 14.1%
Return on assets 6.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY20
Cash from operations −$58.2M
Capital spending —
FY21
Cash from operations −$242M
Capital spending —
FY22
Cash from operations −$236M
Capital spending —
FY23
Cash from operations −$96.3M
Capital spending —
FY24
Cash from operations −$317M
Capital spending —
FY25
Cash from operations −$535M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $55.5M
Capital spending —
Q4 '23
Cash from operations −$136M
Capital spending —
Q1 '24
Cash from operations −$81.4M
Capital spending —
Q2 '24
Cash from operations −$21.9M
Capital spending —
Q3 '24
Cash from operations −$232M
Capital spending —
Q4 '24
Cash from operations $18.4M
Capital spending —
Q1 '25
Cash from operations −$63.3M
Capital spending —
Q2 '25
Cash from operations −$124M
Capital spending —
Q3 '25
Cash from operations −$184M
Capital spending —
Q4 '25
Cash from operations −$165M
Capital spending —
Q1 '26
Cash from operations −$45.8M
Capital spending —
Q2 '26
Cash from operations −$199M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Trinity Capital Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 22.1%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Trinity Capital Inc. can carry it.
FY20
Cash $44.7M
Debt $310M
FY21
Cash $31.7M
Debt $466M
FY22
Cash $10.6M
Debt $620M
FY23
Cash $4.8M
Debt $646M
FY24
Cash $9.6M
Debt $888M
FY25
Cash $19.1M
Debt $1.3B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.7M | $10.6M | $4.8M | $9.6M | $19.1M |
| Debt incl. finance leases | $466M | $620M | $646M | $888M | $1.3B |
| Debt / equity | 1.0x | 1.3x | 1.1x | 1.1x | 1.2x |
| Total assets | $937M | $1.1B | $1.3B | $1.8B | $2.5B |
| Total liabilities | $491M | $667M | $700M | $951M | $1.4B |
| Shareholders' equity | $447M | $460M | $611M | $823M | $1.1B |
| Net debt (− = net cash) | $434M | $609M | $641M | $878M | $1.3B |
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
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 1 / 7 | 4 / 7 | 2 / 7 | 1 / 7 |
| Accruals ratio | — | 39.9% | 19.9% | 14.2% | 28.0% | 31.5% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | — | $0.2M | $0.3M | $8.0M | $9.1M | $4.9M |
| Net interest income | — | $0.2M | $0.3M | $8.0M | $9.1M | $4.9M |
| Net income | −$6.1M | $132M | −$30.4M | $76.9M | $116M | $136M |
| Net income to common | — | $132M | −$30.4M | $76.9M | $116M | $136M |
| Diluted EPS | −$0.34 | $4.64 | −$0.96 | $1.89 | $2.10 | $1.96 |
| Diluted shares | 0.02B | 0.03B | 0.04B | 0.04B | 0.06B | 0.07B |
| Cash flow | ||||||
| Cash from operations | −$58.2M | −$242M | −$236M | −$96.3M | −$317M | −$535M |
| Stock-based compensation | — | $1.1M | $6.1M | $8.8M | $10.5M | $12.0M |
| Balance sheet | ||||||
| Cash and short-term investments | $44.7M | $31.7M | $10.6M | $4.8M | $9.6M | $19.1M |
| Total debt | $310M | $466M | $620M | $646M | $888M | $1.3B |
| Deposits | — | $10.8M | $15.1M | $12.3M | $8.5M | $3.0M |
| Total assets | — | $937M | $1.1B | $1.3B | $1.8B | $2.5B |
| Total liabilities | — | $491M | $667M | $700M | $951M | $1.4B |
| Shareholders' equity | — | $447M | $460M | $611M | $823M | $1.1B |
| Margins | ||||||
| Net margin | — | 66,160.0% | −10,125.0% | 961.2% | 1,270.3% | 2,767.4% |
| Net interest share of revenue | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Returns | ||||||
| Return on equity | — | 29.6% | −6.7% | 14.4% | 16.1% | 14.1% |
| Return on assets | — | 14.1% | −2.9% | 6.3% | 7.5% | 6.4% |
| Return on tangible equity | — | 29.6% | −6.6% | 12.6% | 14.0% | 12.4% |
| Growth | ||||||
| Revenue growth | — | — | 50.0% | 2,566.7% | 13.8% | −46.2% |
| Net income growth | — | — | −123.0% | — | 50.3% | 17.3% |
| EPS growth | — | — | −120.7% | — | 11.1% | −6.7% |
| Share count change | — | 62.1% | 20.0% | 21.4% | 32.8% | 22.1% |
| Financial health | ||||||
| Debt / equity | — | 1.0x | 1.3x | 1.1x | 1.1x | 1.2x |
| Capital allocation | ||||||
| Stock comp / revenue | — | 533.0% | 2,020.7% | 110.0% | 115.9% | 245.9% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 1.0 | 4.0 | 2.0 | 1.0 |
| Accruals ratio | — | 39.9% | 19.9% | 14.2% | 28.0% | 31.5% |
Source: SEC EDGAR XBRL filings (CIK 0001786108). Data updated October 24, 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.