TRTGV Financials

TRTGV

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows TRTGV (TRTGV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TRTGV FY2025 2026-04-22

Asset-driven cash generation dominates TRTGV: large profits and operating cash persist even as reported revenue remains unusually small.

Between FY2022 and FY2025, revenue fell from $148M to $60M, shrinking the visible sales base by more than half. Yet with gross margin down to 3.6%, operating cash flow still stayed near $1.0B; that disconnect between sales economics and cash generation implies the company’s economics are being driven more by asset-level or non-sales cash flows than by the reported sales base.

From FY2024 to FY2025, long-term debt fell from $7.7B to $6.6B, while total assets also declined. That looks like balance-sheet contraction rather than growth investment, and with only $40M of cash, the company still carries a thin liquidity cushion relative to a debt-heavy capital structure.

FY2021 produced -$2.03B of free cash flow after capital spending hit $3.43B, showing that reinvestment can overwhelm operating cash in a heavy-spending year. By FY2023, free cash flow had rebounded to $942M, implying the company’s cash profile is highly investment-cycle driven and can look harvest-like once that spending wave passes.

Financial Health Signals

Financial health score pending refresh

We are recalculating TRTGV's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

7/8

TRTGV passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.91x

For every $1 of reported earnings, TRTGV generates $1.91 in operating cash flow ($972.1M OCF vs $508.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.1x

TRTGV earns $3.1 in operating income for every $1 of interest expense ($817.4M vs $263.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$59.5M

YoY+22.4%

5Y CAGR-7.1%

TRTGV generated $59.5M in revenue in fiscal year 2025. This represents an increase of 22.4% from the prior year.

EBITDA

$1.2B

YoY-12.0%

5Y CAGR+0.3%

10Y CAGR+7.5%

TRTGV's EBITDA was $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.0% from the prior year.

Net Income

$508.4M

YoY-1.9%

5Y CAGR+9.0%

10Y CAGR+14.8%

TRTGV reported $508.4M in net income in fiscal year 2025. This represents a decrease of 1.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$40.3M

YoY-30.7%

5Y CAGR-8.1%

10Y CAGR-3.3%

TRTGV held $40.3M in cash against $6.6B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

101M

YoY+0.0%

5Y CAGR+8.5%

TRTGV had 101M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

3.6%

YoY-5.2pp

5Y CAGR-13.6pp

TRTGV's gross margin was 3.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.2 percentage points from the prior year.

Operating Margin

1373.5%

YoY-326.1pp

5Y CAGR+625.8pp

TRTGV's operating margin was 1373.5% in fiscal year 2025, reflecting core business profitability. This is down 326.1 percentage points from the prior year.

Net Margin

854.3%

YoY-211.2pp

5Y CAGR+469.8pp

TRTGV's net profit margin was 854.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 211.2 percentage points from the prior year.

Return on Equity

19.7%

YoY+1.2pp

5Y CAGR+6.8pp

10Y CAGR+9.2pp

TRTGV's ROE was 19.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TRTGV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY21
Revenue	$59.5M+22.4%	$48.6M-49.3%	$96.0M-35.1%	$147.9M+3.4%	$143.0M+66.7%	$85.8M
Cost of Revenue	$57.4M+29.4%	$44.3M-49.7%	$88.1M-33.2%	$131.9M+21.1%	$108.9M+53.4%	$71.0M
Gross Profit	$2.2M-49.9%	$4.3M-45.6%	$7.9M-50.6%	$16.0M-53.1%	$34.1M+130.4%	$14.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$107.3M+17.7%	$91.2M+2.7%	$88.8M-4.5%	$93.0M+4.1%	$89.3M+10.9%	$80.5M
Operating Income	$817.4M-1.1%	$826.6M+7.5%	$768.7M-26.4%	$1.0B+11.7%	$935.1M+45.8%	$641.4M
Interest Expense	$263.5M+1.4%	$259.9M+7.9%	$240.8M+6.5%	$226.1M+1.8%	$222.0M-12.2%	$253.0M
Income Tax	$45.5M-6.8%	$48.8M-10.4%	$54.5M-23.1%	$70.8M+40.6%	$50.4M+31.7%	$38.2M
Net Income	$508.4M-1.9%	$518.2M+9.3%	$474.1M-36.5%	$746.9M+40.9%	$530.2M+60.8%	$329.8M
EPS (Diluted)	N/A	N/A	N/A	$11.19+55.0%	$7.22+73.6%	$4.16

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$19.1M+34.1%	$14.2M-15.9%	$16.9M+3.2%	$16.4M+37.7%	$11.9M-8.5%	$13.0M+13.3%	$11.5M-17.7%	$14.0M
Cost of Revenue	$18.7M+32.5%	$14.1M-13.6%	$16.3M+4.1%	$15.7M+38.3%	$11.3M-6.3%	$12.1M+15.7%	$10.4M-13.4%	$12.0M
Gross Profit	$430K+173.9%	$157K-75.7%	$646K-14.3%	$754K+26.9%	$594K-37.1%	$944K-10.4%	$1.1M-45.2%	$1.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$26.3M-4.2%	$27.5M-12.6%	$31.4M+29.4%	$24.3M+0.7%	$24.1M+7.1%	$22.5M-1.5%	$22.9M-4.8%	$24.0M
Operating Income	$178.7M-6.7%	$191.6M-4.8%	$201.2M+1.7%	$197.9M-12.7%	$226.7M-6.1%	$241.5M+3.5%	$233.4M+53.5%	$152.0M
Interest Expense	$63.4M-4.8%	$66.6M-4.6%	$69.9M+18.6%	$58.9M-13.6%	$68.1M-2.3%	$69.7M+3.4%	$67.4M+9.8%	$61.4M
Income Tax	$8.9M+103.4%	$4.4M-68.3%	$13.8M+2.4%	$13.5M-3.2%	$13.9M+87.2%	$7.4M-51.9%	$15.4M+17.3%	$13.2M
Net Income	$106.4M-79.1%	$508.4M+333.3%	$117.3M-6.7%	$125.7M-13.2%	$144.8M-72.1%	$518.2M+244.0%	$150.7M+94.6%	$77.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRTGV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY21
Total Assets	$9.8B-11.6%	$11.1B-1.2%	$11.2B-7.2%	$12.1B-4.2%	$12.6B+30.2%	$9.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$40.3M-30.7%	$58.2M+0.8%	$57.8M-30.6%	$83.2M-21.6%	$106.2M+72.6%	$61.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$201.1M-13.5%	$232.4M-4.5%	$243.4M+7.5%	$226.6M-23.1%	$294.8M+30.4%	$226.1M
Goodwill	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M
Total Liabilities	$7.2B-12.8%	$8.3B0.0%	$8.3B-6.8%	$8.9B-7.0%	$9.6B+34.0%	$7.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$6.6B-13.7%	$7.7B+1.9%	$7.5B-7.6%	$8.1B-5.7%	$8.6B+34.3%	$6.4B
Total Equity	$2.6B-8.0%	$2.8B-4.4%	$2.9B-8.3%	$3.2B+4.6%	$3.1B+19.4%	$2.6B
Retained Earnings	$767.0M-66.5%	$2.3B-5.7%	$2.4B-4.1%	$2.5B+26.5%	$2.0B+19.5%	$1.7B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$9.7B-0.9%	$9.8B-2.2%	$10.0B+1.4%	$9.9B+9.6%	$9.0B-18.6%	$11.1B-0.9%	$11.2B+1.8%	$11.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$60.9M+51.1%	$40.3M-19.6%	$50.2M-94.3%	$885.1M+2574.4%	$33.1M-43.2%	$58.2M-32.2%	$85.8M+104.0%	$42.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$211.3M+5.1%	$201.1M-4.4%	$210.3M+12.0%	$187.7M-0.5%	$188.7M-18.8%	$232.4M-0.9%	$234.5M-11.8%	$266.0M
Goodwill	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M
Total Liabilities	$7.1B-2.1%	$7.2B-3.1%	$7.5B+0.5%	$7.4B+11.7%	$6.6B-20.0%	$8.3B-1.1%	$8.4B+3.8%	$8.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	$6.6B	N/A	N/A	N/A	$7.7B	N/A	N/A
Total Equity	$2.6B+2.4%	$2.6B+0.3%	$2.6B+3.8%	$2.5B+3.7%	$2.4B-14.7%	$2.8B-0.4%	$2.8B-3.9%	$2.9B
Retained Earnings	$655.2M-14.6%	$767.0M+0.6%	$762.4M+15.4%	$660.9M+18.9%	$555.7M-75.7%	$2.3B-2.1%	$2.3B-2.6%	$2.4B

TRTGV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY21
Operating Cash Flow	$972.1M-12.7%	$1.1B-3.2%	$1.2B-39.0%	$1.9B+34.1%	$1.4B+48.9%	$943.8M
Capital Expenditures	N/A	N/A	$208.2M-77.9%	$943.1M-72.5%	$3.4B+361.5%	$744.1M
Free Cash Flow	N/A	N/A	$942.0M0.0%	$941.8M+146.4%	-$2.0B-1116.5%	$199.6M
Investing Cash Flow	-$773.9M-39.4%	-$555.1M-484.7%	$144.3M+122.3%	-$647.0M+79.9%	-$3.2B-557.9%	-$489.0M
Financing Cash Flow	-$220.6M+59.0%	-$537.8M+59.6%	-$1.3B-3.9%	-$1.3B-167.8%	$1.9B+500.8%	-$471.7M
Dividends Paid	$0	$0-100.0%	$115.6M-28.7%	$162.2M+3.1%	$157.3M+7.4%	$146.5M
Share Buybacks	N/A	N/A	$129.8M-76.6%	$554.1M+571.4%	$82.5M-47.9%	$158.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$205.9M-17.0%	$248.1M+11.0%	$223.6M+5.1%	$212.7M-26.1%	$287.7M+17.3%	$245.3M-28.5%	$342.9M+28.1%	$267.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$298.2M+1.5%	$293.9M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$44.7M+271.2%	-$26.1M
Investing Cash Flow	$6.4M-85.6%	$44.6M+105.2%	-$849.7M-5090.8%	-$16.4M-134.4%	$47.6M+127.2%	-$175.0M+17.7%	-$212.6M-16.4%	-$182.7M
Financing Cash Flow	-$222.2M+28.7%	-$311.9M-66.5%	-$187.3M-127.7%	$676.9M+269.9%	-$398.4M-545.0%	-$61.8M-10.2%	-$56.0M+43.6%	-$99.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$0+100.0%	-$200.0M	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRTGV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY21
Gross Margin	3.6%-5.2pp	8.8%+0.6pp	8.2%-2.6pp	10.8%-13.0pp	23.8%+6.6pp	17.3%
Operating Margin	1373.5%-326.1pp	1699.6%+898.9pp	800.8%+94.6pp	706.2%+52.1pp	654.0%-93.6pp	747.7%
Net Margin	854.3%-211.2pp	1065.4%+571.6pp	493.9%-11.3pp	505.1%+134.2pp	370.9%-13.6pp	384.4%
Return on Equity	19.7%+1.2pp	18.4%+2.3pp	16.1%-7.2pp	23.3%+6.0pp	17.3%+4.4pp	12.8%
Return on Assets	5.2%+0.5pp	4.7%+0.4pp	4.2%-1.9pp	6.2%+2.0pp	4.2%+0.8pp	3.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.56-0.2	2.73+0.2	2.56+0.0	2.54-0.3	2.82+0.3	2.50
FCF Margin	N/A	N/A	981.2%+344.3pp	636.9%+2056.3pp	-1419.3%-1652.1pp	232.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	2.3%+1.1pp	1.1%-2.7pp	3.8%-0.8pp	4.6%-0.4pp	5.0%-2.3pp	7.2%-1.9pp	9.2%-4.6pp	13.8%
Operating Margin	935.7%-409.4pp	1345.1%+157.5pp	1187.7%-18.1pp	1205.7%-697.1pp	1902.8%+48.7pp	1854.0%-177.0pp	2031.0%+942.8pp	1088.2%
Net Margin	557.4%-3012.0pp	3569.4%+2876.9pp	692.5%-73.6pp	766.1%-448.9pp	1215.0%-2762.8pp	3977.8%+2667.0pp	1310.8%+756.6pp	554.3%
Return on Equity	4.0%-15.6pp	19.7%+15.1pp	4.5%-0.5pp	5.1%-1.0pp	6.0%-12.4pp	18.4%+13.1pp	5.3%+2.7pp	2.6%
Return on Assets	1.1%-4.1pp	5.2%+4.0pp	1.2%-0.1pp	1.3%-0.3pp	1.6%-3.1pp	4.7%+3.3pp	1.3%+0.6pp	0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.67+0.1	2.56-0.3	2.89-0.1	2.99+0.2	2.77+0.0	2.73-0.2	2.97+0.2	2.75
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	389.0%+575.9pp	-186.9%

Frequently Asked Questions

What is TRTGV's annual revenue?

TRTGV (TRTGV) reported $59.5M in total revenue for fiscal year 2025. This represents a 22.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is TRTGV's revenue growing?

TRTGV (TRTGV) revenue grew by 22.4% year-over-year, from $48.6M to $59.5M in fiscal year 2025.

Is TRTGV profitable?

Yes, TRTGV (TRTGV) reported a net income of $508.4M in fiscal year 2025, with a net profit margin of 854.3%.

What is TRTGV's EBITDA?

TRTGV (TRTGV) had EBITDA of $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does TRTGV have?

As of fiscal year 2025, TRTGV (TRTGV) had $40.3M in cash and equivalents against $6.6B in long-term debt.

What is TRTGV's gross margin?

TRTGV (TRTGV) had a gross margin of 3.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is TRTGV's operating margin?

TRTGV (TRTGV) had an operating margin of 1373.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is TRTGV's net profit margin?

TRTGV (TRTGV) had a net profit margin of 854.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is TRTGV's return on equity (ROE)?

TRTGV (TRTGV) has a return on equity of 19.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is TRTGV's operating cash flow?

TRTGV (TRTGV) generated $972.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are TRTGV's total assets?

TRTGV (TRTGV) had $9.8B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does TRTGV have outstanding?

TRTGV (TRTGV) had 101M shares outstanding as of fiscal year 2025.

What is TRTGV's debt-to-equity ratio?

TRTGV (TRTGV) had a debt-to-equity ratio of 2.56 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is TRTGV's return on assets (ROA)?

TRTGV (TRTGV) had a return on assets of 5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is TRTGV's Piotroski F-Score?

TRTGV (TRTGV) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are TRTGV's earnings high quality?

TRTGV (TRTGV) has an earnings quality ratio of 1.91x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can TRTGV cover its interest payments?

TRTGV (TRTGV) has an interest coverage ratio of 3.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.