Trimble Inc. (TRMB) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Trimble Inc.

Updated on October 3, 2026 · accounts published on August 12, 2026

Reading of October 3, 2026: A high-margin business with stalled growth and weak cash conversion

Trimble trades at 55.7× EV/EBITDA over the last 12 months, more than twice its five-year average of 20.3×, even after a 30 % fall in a year.

• Is Trimble expensive or cheap? At 55.7× EV/EBITDA over the last 12 months, Trimble trades at more than twice its five-year average of 20.3×.
• How is the business doing? Operating margin hit 16.9 % in fiscal 2025, the best in 12 years, but revenue fell 2.6 % over the last 12 months.
• How strong is the balance sheet? Net debt was $5.11 per share in fiscal 2025, just 8.9 % of the current price, or 1.5× EBITDA.
• Does Trimble grow with real cash or by diluting shareholders? Free cash flow was only 3.7 % of revenue in fiscal 2025, against the 20 % considered healthy in technology.
• What to expect from the next earnings? Trimble reports on November 4, 2026; analysts expect EPS of $0.86, and it has beaten estimates in 8 straight quarters.

Is Trimble expensive or cheap?

Trimble's EV/EBITDA of 55.7× over the last 12 months is more than twice its five-year average of 20.3×. That is far past the 110 % line where the multiple counts as expensive. The yields point the same way: a free cash flow yield of 1.1 % and an earnings yield of 3.5 % over the last 12 months leave little cushion. The share is down 30 % in a year and 32 % below its 52-week high of $83.52. The multiple stayed high anyway, because EPS fell 71.3 %, much more than the price. P/B of 2.6× is the only moderate reading.

How is the business doing?

Trimble's operating margin of 17.5 % over the last 12 months is well above its 2014-2025 average of 11.7 %, and fiscal 2025's 16.9 % was the best of those 12 years. Sales and profit are the weak spots: revenue fell 2.6 % year on year over the last 12 months and EPS dropped 71.3 %, which leaves a net margin of −2.8 % and an ROE of −1.9 %. ROIC of 9.3 % beats the sector median of 7.9 % across 337 companies. Even so, it has not topped 10 % in any of the last ten fiscal years.

How strong is the balance sheet?

Debt is not Trimble's problem. Net debt of $5.11 per share in fiscal 2025 is 8.9 % of the share price. Debt to equity is 0.29 over the last 12 months, and net debt of 1.5× EBITDA in fiscal 2025 is within the 2.0× that hardware companies can carry. An Altman Z of 4.3 puts it in the safe zone. Two readings are weaker. A current ratio of 0.95 means short-term liabilities are slightly larger than short-term assets, and a Piotroski score of 4 out of 9 shows mixed fundamentals.

Does Trimble grow with real cash or by diluting shareholders?

In technology, accounting profit can hide heavy stock pay, so growth, pricing power and dilution tell you more than a generic P/E. Trimble's pricing power holds up: its fiscal 2025 gross margin of 68.3 % is nearly double the 35 % considered healthy for hardware. Dilution is modest, with stock-based pay at 4.1 % of revenue, well under the 10 % ceiling. Growth and cash fall short. Revenue per share grew 0.7 % a year over fiscal 2022-2025, against a 15 % benchmark, and free cash flow was 3.7 % of revenue in fiscal 2025, against 20 %.

What to expect from the next earnings?

Trimble has beaten EPS estimates in each of the last 8 quarters. The latest was on August 12, 2026, when it reported $0.86 against $0.80 expected, a 7.2 % beat. For the quarter due on November 4, 2026, analysts expect $0.86 again. The longer view is steady: the fiscal 2027 EPS consensus has stayed at $3.67 over the last 18 days among 7 analysts, and the revenue consensus has barely moved. Of the 28 analysts covering the company, 17 rate it a buy, 10 a hold and 1 a sell.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.