Detailed financial statements for Trex Company, Inc. (TREX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Trex Company, Inc. is a leading U.S. manufacturer and distributor specializing in outdoor living products for both residential and commercial applications. The company's operations are segmented into Trex Residential and Trex Commercial. For its residential clientele, Trex offers a diverse selection of composite decking under names like Trex Transcend, Trex Select, and Trex Enhance, designed for superior resistance against fading, staining, mold, and scratching.
Analysis Summary
Trex Company, Inc. reported revenue of $1.17B in the most recent fiscal year, growing at a 5-year CAGR of 5.9%. Net income reached $190.4M, with a 1.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.2%, operating margin 20.2%, net margin 14.7%.
At the current price of $43.56, TREX trades at a P/E of 26.32 and an ROE of 17.38%. Market capitalisation stands at $4.5B.
Balance sheet quality for TREX: current ratio of 1.2, net debt of $225.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $479.6M | $565.2M | $684.2M | $745.3M | $880.8M | $1.20B | $1.11B | $1.09B | $1.15B | $1.17B |
| Cost of Revenue | $292.5M | $321.8M | $389.4M | $438.8M | $521.4M | $736.4M | $702.1M | $642.4M | $665.8M | $714.3M |
| Gross Profit | $187.1M | $243.4M | $294.9M | $306.5M | $359.5M | $460.5M | $404.0M | $452.4M | $485.7M | $460.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $83.1M | $101.0M | $118.2M | $118.3M | $125.8M | $139.6M | $141.8M | $176.2M | $180.0M | $202.0M |
| Operating Expenses | $83.1M | $101.0M | $118.2M | $118.3M | $125.8M | $185.1M | $157.3M | $176.2M | $180.0M | $202.0M |
| Operating Income | $104.0M | $142.4M | $176.7M | $188.2M | $233.6M | $275.4M | $246.7M | $276.2M | $305.7M | $258.0M |
| EBITDA | $118.5M | $159.2M | $193.3M | $202.2M | $251.6M | $356.8M | $306.5M | $326.4M | $360.4M | $320.9M |
| Interest Expense | $1.1M | $461,000 | 0 | 0 | 0 | 0 | 0 | $5,000 | 0 | 0 |
| Pre-tax Income | $102.8M | $141.9M | $176.9M | $189.7M | $234.6M | $275.4M | $246.8M | $276.2M | $305.7M | $258.0M |
| Income Tax | $35.0M | $46.8M | $42.3M | $45.0M | $59.0M | $66.7M | $62.2M | $70.8M | $79.3M | $67.5M |
| Net Income | $67.8M | $95.1M | $134.6M | $144.7M | $175.6M | $208.7M | $184.6M | $205.4M | $226.4M | $190.4M |
| EPS | $0.58 | $0.81 | $1.15 | $1.24 | $1.52 | $1.81 | $1.65 | $1.89 | $2.09 | $1.78 |
| EPS (Diluted) | $0.57 | $0.81 | $1.14 | $1.23 | $1.51 | $1.80 | $1.65 | $1.89 | $2.09 | $1.78 |
| Shares Outstanding (Diluted) | $118.5M | $118.3M | $118.1M | $117.3M | $116.3M | $115.8M | $111.9M | $108.8M | $108.3M | $107.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $285.3M | $161.1M | $343.4M | $418.0M |
| Gross Profit | $115.4M | $48.7M | $139.0M | $158.3M |
| Operating Income | $70.4M | $3.5M | $83.5M | $86.2M |
| EBITDA | $86.4M | $20.4M | $101.9M | $86.2M |
| Net Income | $51.8M | $2.3M | $61.4M | $61.9M |
| EPS | $0.48 | $0.02 | $0.58 | $0.60 |
| EPS (Diluted) | $0.48 | $0.02 | $0.58 | $0.60 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18.7M | $30.5M | $105.7M | $148.8M | $121.7M | $141.1M | $12.3M | $2.0M | $1.3M | $3.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $48.0M | $75.4M | $102.1M | $89.6M | $123.5M | $160.6M | $98.1M | $50.7M | $88.4M | $50.2M |
| Inventory | $28.5M | $34.5M | $57.8M | $56.1M | $68.2M | $83.8M | $141.4M | $107.1M | $207.3M | $238.7M |
| Total Current Assets | $105.6M | $148.8M | $270.2M | $303.2M | $322.0M | $401.1M | $286.8M | $172.3M | $318.9M | $310.4M |
| Property, Plant & Equipment | $103.3M | $103.1M | $117.1M | $211.3M | $370.9M | $494.9M | $620.9M | $735.6M | $975.1M | $1.10B |
| Goodwill | $10.5M | $68.5M | $68.5M | $67.8M | $67.4M | $14.2M | $14.2M | $14.2M | $14.2M | $14.2M |
| Intangible Assets | 0 | $2.9M | $6.0M | $6.3M | $6.3M | $4.8M | $4.4M | $4.0M | $7.8M | $17.3M |
| Total Assets | $221.4M | $326.2M | $465.1M | $592.2M | $770.5M | $920.3M | $933.7M | $932.9M | $1.32B | $1.49B |
| Accounts Payable | $10.8M | $10.0M | $31.1M | $15.2M | $38.6M | $24.9M | $19.9M | $24.0M | $61.3M | $34.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $222.0M | $5.5M | $202.6M | $145.6M |
| Total Current Liabilities | $51.4M | $62.5M | $92.8M | $78.7M | $106.4M | $88.7M | $290.6M | $91.1M | $342.5M | $250.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $41.8M |
| Total Liabilities | $87.3M | $95.0M | $122.2M | $143.1M | $182.0M | $195.3M | $415.4M | $216.2M | $474.2M | $456.5M |
| Retained Earnings | $187.2M | $282.4M | $416.9M | $561.7M | $737.3M | $946.0M | $1.13B | $1.34B | $1.56B | $1.79B |
| Total Equity | $134.2M | $231.2M | $343.0M | $449.2M | $588.5M | $725.0M | $518.3M | $716.7M | $850.1M | $1.03B |
| Total Debt | 0 | 0 | 0 | $41.3M | $35.3M | $35.3M | $253.5M | $32.0M | $255.4M | $229.1M |
| Net Debt | -$18.7M | -$30.5M | -$105.7M | -$107.5M | -$86.4M | -$105.7M | $241.1M | $30.0M | $254.1M | $225.3M |
| Working Capital | $54.3M | $86.3M | $177.4M | $224.5M | $215.6M | $312.4M | -$3.8M | $81.2M | -$23.6M | $59.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +17.8% | +21.1% | +8.9% | +18.2% | +35.9% | -7.6% | -1.0% | +5.2% | +2.0% | |
| Net Income Growth (YoY) | +40.2% | +41.5% | +7.6% | +21.3% | +18.8% | -11.6% | +11.2% | +10.2% | -15.9% | |
| EPS Growth (YoY) | +39.7% | +42.0% | +7.8% | +22.6% | +19.1% | -8.8% | +14.5% | +10.6% | -14.8% | |
| Shares Change (YoY) | -0.1% | -0.1% | -0.7% | -0.9% | -0.4% | -3.4% | -2.7% | -0.4% | -1.1% | |
| Gross Margin | 39.0% | 43.1% | 43.1% | 41.1% | 40.8% | 38.5% | 36.5% | 41.3% | 42.2% | 39.2% |
| Operating Margin | 21.7% | 25.2% | 25.8% | 25.2% | 26.5% | 23.0% | 22.3% | 25.2% | 26.5% | 22.0% |
| EBITDA Margin | 24.7% | 28.2% | 28.2% | 27.1% | 28.6% | 29.8% | 27.7% | 29.8% | 31.3% | 27.3% |
| Net Margin | 14.1% | 16.8% | 19.7% | 19.4% | 19.9% | 17.4% | 16.7% | 18.8% | 19.7% | 16.2% |
| Effective Tax Rate | 34.0% | 33.0% | 23.9% | 23.7% | 25.1% | 24.2% | 25.2% | 25.6% | 25.9% | 26.2% |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 17.38% |
| Return on Invested Capital | 12.53% |
| Return on Assets | 10.90% |
| Gross Margin | 38.20% |
| Operating Margin | 20.17% |
| Net Margin | 14.68% |
Financial Health
| Debt / Equity | 0.29 |
| Current Ratio | 1.06 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 8.02 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 27.76 | 33.45 | 25.81 | 36.24 | 55.08 | 74.60 | 25.65 | 43.80 | 33.03 | 19.71 |
| P/B | 14.11 | 13.78 | 10.17 | 11.69 | 16.49 | 21.50 | 9.12 | 12.55 | 8.78 | 3.63 |
| P/S | 3.95 | 5.64 | 5.10 | 7.05 | 11.01 | 13.03 | 4.28 | 8.22 | 6.49 | 3.20 |
| Gross Margin | 39.0% | 43.1% | 43.1% | 41.1% | 40.8% | 38.5% | 36.5% | 41.3% | 42.2% | 39.2% |
| Operating Margin | 21.7% | 25.2% | 25.8% | 25.2% | 26.5% | 23.0% | 22.3% | 25.2% | 26.5% | 22.0% |
| Net Margin | 14.1% | 16.8% | 19.7% | 19.4% | 19.9% | 17.4% | 16.7% | 18.8% | 19.7% | 16.2% |
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Explore sector: Basic Materials · Construction Materials
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