TRINITY INDUSTRIES INC
TRN · Railroad Equipment · 79.5M shares · -10%/yr ↓ buyback · EDGAR filings ↗
Reference price $31.02 · est. market cap ~$2.5B — last insider sale, 2025-03-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B73Leading North American railcar leasing and manufacturing franchise with strong leasing returns but results boosted by one-off gains.
Strengths
- ROE 23.5% (80th pct), operating margin 30% (95th pct) and strong FCF (74th pct); stable, high-utilization (97%) lease fleet
- Leasing segment profit grew sharply; recurring fee income and integrated TrinityRail platform
Risks
- FY25 operating profit and net income heavily inflated by a $194M Triumph divestiture gain plus lease-sale gains; consolidated revenue actually fell ~30%
- Rail Products in a cyclical downturn with reduced orders/backlog; high interest expense
Notable findings
- Restatement30 Table of Contents Capital Structure Updates TRL-2023 Term Loan – In April 2025, Trinity Rail Leasing 2023 LLC (“TRL-2023”), a limited purpose, indirect wholly-owned subsidiary of the Compan 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $201M cash & investments
- Buying back stockNet buyback — share count -10%/yr over 4y
- Revenue declineRevenue -19.5% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
26.6%
Operating margin
30.1%
Net margin
11.7%
Return on equity
23.5%
Return on assets
3.0%
Revenue growth (QoQ)
-19.5%
Net-income growth
82.9%
Free cash flow
$314M
EBITDA
$954M
Tangible book value
$745M
Cash & investments
$201M
Stock comp / revenue
1.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-21 | Marchetto Eric R | Grant | 51K | — |
| 2026-05-21 | Marchetto Eric R | Tax withheld | 15K | $34.30 |
| 2026-05-21 | ECHOLS LELDON E | Grant | 6.2K | — |
| 2026-05-21 | Savage Jean | Grant | 193K | — |
| 2026-05-21 | Savage Jean | Tax withheld | 56K | $34.30 |
| 2026-05-21 | Diez John J. | Grant | 4.0K | — |
| 2026-05-21 | Ewing Scott M | Grant | 14K | — |
| 2026-05-21 | Ewing Scott M | Tax withheld | 2.0K | $34.30 |
| 2026-05-21 | Ainsworth William P | Grant | 4.0K | — |
| 2026-05-21 | Maldonado Christina N | Grant | 2.1K | — |
| 2026-05-21 | Gooding Aaron J. | Grant | 13K | — |
| 2026-05-21 | Gooding Aaron J. | Tax withheld | 1.7K | $34.30 |
| 2026-05-21 | Poet Kevin | Grant | 36K | — |
| 2026-05-21 | Poet Kevin | Tax withheld | 10K | $34.30 |
| 2026-05-21 | MACLIN TODD | Grant | 4.0K | — |
| 2026-05-15 | Savage Jean | Tax withheld | 24K | $34.26 |
| 2026-05-15 | Gooding Aaron J. | Tax withheld | 805 | $34.26 |
| 2026-05-15 | Maldonado Christina N | Tax withheld | 1.0K | $34.26 |
| 2026-05-15 | Poet Kevin | Tax withheld | 2.8K | $34.26 |
| 2026-05-15 | Marchetto Eric R | Tax withheld | 7.1K | $34.26 |
| 2026-05-15 | Ewing Scott M | Tax withheld | 1.5K | $34.26 |
| 2026-03-02 | Savage Jean | Gift | 130K | — |
| 2025-09-07 | Mitchell Gregory B | Tax withheld | 4.9K | $28.57 |
| 2025-06-30 | Maldonado Christina N | Tax withheld | 79 | $27.01 |
| 2025-06-12 | Savage Jean | Gift | 165K | — |
| 2025-06-12 | Savage Jean | Gift | 66K | — |
| 2025-05-15 | Lakkundi Veena M | Grant | 5.1K | — |
| 2025-05-15 | MACLIN TODD | Grant | 5.1K | — |
| 2025-05-15 | Savage Jean | Grant | 208K | — |
| 2025-05-15 | Savage Jean | Tax withheld | 90K | $26.95 |
| 2025-05-15 | Diez John J. | Grant | 5.1K | — |
| 2025-05-15 | Mitchell Gregory B | Grant | 27K | — |
| 2025-05-15 | Mitchell Gregory B | Tax withheld | 9.1K | $26.95 |
| 2025-05-15 | Marchetto Eric R | Grant | 56K | — |
| 2025-05-15 | Marchetto Eric R | Tax withheld | 25K | $26.95 |
| 2025-05-15 | ECHOLS LELDON E | Grant | 7.9K | — |
| 2025-05-15 | Poet Kevin | Grant | 32K | — |
| 2025-05-15 | Poet Kevin | Tax withheld | 11K | $26.95 |
| 2025-05-15 | Ainsworth William P | Grant | 5.1K | — |
| 2025-05-15 | Savage Jean | Grant | 208K | — |
| 2025-05-15 | Savage Jean | Tax withheld | 90K | $26.95 |
| 2025-05-15 | Maldonado Christina N | Grant | 2.4K | — |
| 2025-05-15 | Maldonado Christina N | Tax withheld | 788 | $26.95 |
| 2025-05-15 | Ewing Scott M | Grant | 16K | — |
| 2025-05-15 | Ewing Scott M | Tax withheld | 3.4K | $26.95 |
| 2025-03-03 | Mitchell Gregory B | Sell | 9.3K | $31.02 |
| 2025-01-30 | Marchetto Eric R | Tax withheld | 6.4K | $38.30 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Material agreement1.02Debt obligationExhibits | filing ↗ |
| 2026-05-21 | Shareholder voteExhibits | filing ↗ |
| 2026-04-30 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-21 | Debt obligationExhibits | filing ↗ |
| 2026-04-15 | Material agreementExhibits | filing ↗ |
| 2026-04-06 | Material agreementExhibits | filing ↗ |
| 2026-02-17 | Exec/director changeExhibits | filing ↗ |
| 2026-02-12 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-12 | 0000099780-26-000100 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0000099780-26-000057 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000099780-26-000037 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000099780-26-000035 ↗ |
| 8-K | 2026-04-21 | 2026-04-17 | 0000099780-26-000030 ↗ |
| 8-K | 2026-04-15 | 2026-04-09 | 0000099780-26-000028 ↗ |
| 8-K | 2026-04-06 | 2026-04-01 | 0000099780-26-000020 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0000099780-26-000014 ↗ |
| 8-K | 2026-02-17 | 2026-02-13 | 0000099780-26-000011 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0000099780-26-000009 ↗ |
| 8-K | 2026-01-06 | 2025-12-30 | 0000099780-26-000006 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0000099780-25-000119 ↗ |