Trinity Capital Inc. TRIN

NYSE

Trinity Capital Inc. ("Trinity Capital"), incorporated in Maryland on August 12, 2019, is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). Because we are internally managed, all of our executive officers and employees are employed by Trinity Capital. Therefore, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals.

We have elected to be treated, and intend to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for U.S. federal income tax purposes. In order to maintain our treatment as a RIC, we are generally required to distribute at least annually to our stockholders at least the sum of 90% of our investment company taxable income (which generally includes our net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of our net tax-exempt income (if any). We generally will not be subject to U.S. federal income tax on these distributed amounts but will pay U.S. federal income tax at corporate rates tax on any retained amounts.

Last close 16.34 2026-10-23
Market cap $1.55B 2026-06-30 share count
52-week range 14.13 - 18.89

Valuation FY2025 figures against the last close

P/S5.5x
P/E8.3x
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS1.96

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Revenue $279.5M$226.7M$174.8M$138.8M$76.6M$51.3M
SG&A $10.4M$8.9M$6.6M$6.1M$4.3M$2.1M
Total operating expenses $147.0M$119.2M$89.4M$71.5M$42.9M$31.6M
Interest expense $4.9M$9.1M$8.0M$300.0K$200.0K—
Net income $135.6M$115.6M$76.9M-$30.4M$132.3M-$6.1M
EPS, basic 1.962.191.98-0.965.09-0.34
EPS, diluted 1.962.101.89-0.964.64-0.34
Shares, diluted (wtd. avg.) 69.3M56.7M42.7M31.7M26.0M18.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $19.1M$9.6M$4.8M$10.6M$46.7M$61.1M
Total assets $2.48B$1.77B$1.31B$1.13B$937.1M—
Long-term debt $1.31B$888.0M$645.5M$620.0M$466.0M$310.0M
Total liabilities $1.39B$951.3M$699.8M$666.8M$490.6M—
Retained earnings -$6.4M-$6.7M-$22.6M-$20.9M$77.9M—
Total equity $1.09B$823.0M$611.2M$459.6M$446.5M—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow -$535.5M-$316.9M-$96.3M-$235.7M-$241.7M-$58.2M
Stock-based compensation $12.0M$10.5M$8.8M$6.1M$1.1M—
Investing cash flow -$785.0K-$420.0K-$2.7M-$194.0K-$1.2M-$92.0M
Financing cash flow $545.8M$322.2M$93.2M$199.8M$228.5M$211.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017966.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2020: 51.3M Net income, FY2020: -6.1M Revenue, FY2021: 76.6M Net income, FY2021: 132.3M Revenue, FY2022: 138.8M Net income, FY2022: -30.4M Revenue, FY2023: 174.8M Net income, FY2023: 76.9M Revenue, FY2024: 226.7M Net income, FY2024: 115.6M Revenue, FY2025: 279.5M Net income, FY2025: 135.6M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $51.3M $76.6M $138.8M $174.8M $226.7M $279.5M
Gross profit — — — — — —
Net income -$6.1M $132.3M -$30.4M $76.9M $115.6M $135.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.