TRTN-PA Financials

TRTN-PA

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

This page shows TRTN-PA (TRTN-PA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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 TRTN-PA FY2025 2026-04-22

Cash generation from a shrinking financed asset base is the dominant mechanic, with profits holding up as assets contract over recent years.

Between FY2023 and FY2025, total assets dropped by roughly $1.4B while net income stayed close to $500M, so the company preserved earnings even as the balance sheet got smaller. That is why return on assets improved from 4.2% to 5.2%: similar profit is being generated from less asset capital.

Across FY2023-FY2025, operating cash flow remained well above net income—$972M versus $508M in FY2025—so debt service and reinvestment are being funded from cash, not just accounting profit. That gap suggests non-cash charges are a structural part of the model, making cash generation a better lens than reported revenue.

The balance sheet stays highly leveraged, with long-term debt of $6.6B against just $40.3M of cash in FY2025. In practice, that means this business operates by keeping assets financed and serviced through ongoing cash flow, not by carrying a large liquidity cushion.

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of TRTN-PA's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

100

TRTN-PA has an operating margin of 1373.5%, meaning the company retains $1374 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 1699.6% the prior year.

Growth

TRTN-PA's revenue surged 22.4% year-over-year to $59.5M, reflecting rapid business expansion. This strong growth earns a score of 0/100.

Leverage

TRTN-PA has a moderate D/E ratio of 2.56. This balance of debt and equity financing earns a leverage score of 50/100.

Returns

TRTN-PA's ROE of 19.7% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 18.4% the prior year.

Piotroski F-Score Strong

7/9

TRTN-PA passes 7 of 9 financial strength tests. 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, TRTN-PA 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

TRTN-PA 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-6.7%

TRTN-PA 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-0.5%

10Y CAGR+7.3%

TRTN-PA'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+7.6%

10Y CAGR+11.5%

TRTN-PA 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-8.3%

10Y CAGR-4.8%

TRTN-PA 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+7.0%

TRTN-PA 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-13.7pp

TRTN-PA'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+543.5pp

TRTN-PA'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+433.6pp

TRTN-PA'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+5.7pp

10Y CAGR+6.5pp

TRTN-PA'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

TRTN-PA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY19
Revenue	$59.5M+22.4%	$48.6M-49.3%	$96.0M-35.1%	$147.9M+3.4%	$143.0M+70.2%	$84.0M
Cost of Revenue	$57.4M+29.4%	$44.3M-49.7%	$88.1M-33.2%	$131.9M+21.1%	$108.9M+56.7%	$69.5M
Gross Profit	$2.2M-49.9%	$4.3M-45.6%	$7.9M-50.6%	$16.0M-53.1%	$34.1M+135.0%	$14.5M
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+17.7%	$75.9M
Operating Income	$817.4M-1.1%	$826.6M+7.5%	$768.7M-26.4%	$1.0B+11.7%	$935.1M+34.1%	$697.2M
Interest Expense	$263.5M+1.4%	$259.9M+7.9%	$240.8M+6.5%	$226.1M+1.8%	$222.0M-29.8%	$316.2M
Income Tax	$45.5M-6.8%	$48.8M-10.4%	$54.5M-23.1%	$70.8M+40.6%	$50.4M+82.8%	$27.6M
Net Income	$508.4M-1.9%	$518.2M+9.3%	$474.1M-36.5%	$746.9M+40.9%	$530.2M+50.1%	$353.3M
EPS (Diluted)	N/A	N/A	N/A	$11.19+55.0%	$7.22+59.0%	$4.54

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

TRTN-PA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY19
Total Assets	$9.8B-11.6%	$11.1B-1.2%	$11.2B-7.2%	$12.1B-4.2%	$12.6B+31.1%	$9.6B
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+70.4%	$62.3M
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+39.9%	$210.7M
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+34.7%	$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+29.6%	$6.7B
Total Equity	$2.6B-8.0%	$2.8B-4.4%	$2.9B-8.3%	$3.2B+4.6%	$3.1B+21.0%	$2.5B
Retained Earnings	$767.0M-66.5%	$2.3B-5.7%	$2.4B-4.1%	$2.5B+26.5%	$2.0B+30.4%	$1.5B

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

TRTN-PA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY19
Operating Cash Flow	$972.1M-12.7%	$1.1B-3.2%	$1.2B-39.0%	$1.9B+34.1%	$1.4B+32.3%	$1.1B
Capital Expenditures	N/A	N/A	$208.2M-77.9%	$943.1M-72.5%	$3.4B+1330.0%	$240.2M
Free Cash Flow	N/A	N/A	$942.0M0.0%	$941.8M+146.4%	-$2.0B-346.9%	$821.7M
Investing Cash Flow	-$773.9M-39.4%	-$555.1M-484.7%	$144.3M+122.3%	-$647.0M+79.9%	-$3.2B-13464.0%	-$23.7M
Financing Cash Flow	-$220.6M+59.0%	-$537.8M+59.6%	-$1.3B-3.9%	-$1.3B-167.8%	$1.9B+283.8%	-$1.0B
Dividends Paid	$0	$0-100.0%	$115.6M-28.7%	$162.2M+3.1%	$157.3M+2.2%	$153.9M
Share Buybacks	N/A	N/A	$129.8M-76.6%	$554.1M+571.4%	$82.5M-62.9%	$222.2M

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

TRTN-PA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY19
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%-176.0pp	830.0%
Net Margin	854.3%-211.2pp	1065.4%+571.6pp	493.9%-11.3pp	505.1%+134.2pp	370.9%-49.7pp	420.6%
Return on Equity	19.7%+1.2pp	18.4%+2.3pp	16.1%-7.2pp	23.3%+6.0pp	17.3%+3.3pp	14.0%
Return on Assets	5.2%+0.5pp	4.7%+0.4pp	4.2%-1.9pp	6.2%+2.0pp	4.2%+0.5pp	3.7%
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+0.2	2.63
FCF Margin	N/A	N/A	981.2%+344.3pp	636.9%+2056.3pp	-1419.3%-2397.7pp	978.3%

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 TRTN-PA's annual revenue?

TRTN-PA (TRTN-PA) 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 TRTN-PA's revenue growing?

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

Is TRTN-PA profitable?

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

What is TRTN-PA's EBITDA?

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

How much debt does TRTN-PA have?

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

What is TRTN-PA's gross margin?

TRTN-PA (TRTN-PA) 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 TRTN-PA's operating margin?

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

What is TRTN-PA's net profit margin?

TRTN-PA (TRTN-PA) 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 TRTN-PA's return on equity (ROE)?

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

What is TRTN-PA's operating cash flow?

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

What are TRTN-PA's total assets?

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

How many shares does TRTN-PA have outstanding?

TRTN-PA (TRTN-PA) had 101M shares outstanding as of fiscal year 2025.

What is TRTN-PA's debt-to-equity ratio?

TRTN-PA (TRTN-PA) 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 TRTN-PA's return on assets (ROA)?

TRTN-PA (TRTN-PA) 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 TRTN-PA's Piotroski F-Score?

TRTN-PA (TRTN-PA) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. 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 TRTN-PA's earnings high quality?

TRTN-PA (TRTN-PA) 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 TRTN-PA cover its interest payments?

TRTN-PA (TRTN-PA) 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.

How financially healthy is TRTN-PA?

TRTN-PA (TRTN-PA) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.