Demand and volumemixed · 4 filings
“Trinity is subject to remedial orders and federal, state, local, and foreign laws and regulations relating to the environment and the workplace.”10-Q · Apr 30, 2026 ↗
Trinity Industries, Inc.
TRN
Market read
Trinity Industries, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
What changed
- Operating margin improved 3.5 percentage points.
- Revenue decreased 16.0% versus the comparable filing period.
Company+0.7% todayVolume comparison unavailable
Market group0 of 1 activeRailcar Leasing & Manufacturing · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- TRN's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if TRN's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
- Operating margin improved 3.5 percentage points.
Evidence that challenges
- Revenue decreased 16.0% versus the comparable filing period.
- Operating cash flow was 4.04x net income; review non-cash and one-time items before treating this as recurring conversion.
What would clarify the read
- TRN's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements91
Verified relationships4
Evidence supporting the case
- Operating margin changed +14.1 percentage points in the latest annual period.
- Net margin changed +7.2 percentage points in the latest annual period.
- Pricing and mix has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Latest annual revenue changed -30.0% year over year.
Questions before a position
- P/E is 61% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 88% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
28.366m-7.9%12m+0.7%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.5B-13.4%$1.75-10.4%
2022-12-31$2.0B+30.4%$0.71-18.9%
2023-12-31$3.0B+50.9%$1.27-1.0%
2024-12-31$3.1B+3.2%$1.64+1.0%
2025-12-31$2.2B-30.0%$3.05-1.5%
What management says matters
Persistent and emerging business drivers
Legal and regulatory exposuremixed · 4 filings
“Leasing Group operating profit increased by 3.5% for the three months ended March 31, 2026 when compared to the prior year period, primarily due to higher gains on lease portfolio sales and higher lease rates, partially offset by higher maintenance and compli…”10-Q · Apr 30, 2026 ↗
Pricing and mixmixed · 4 filings
“Revenues in our maintenance services business increased by 6.8% for the three months ended March 31, 2026, when compared to the prior year period as a result of higher pricing, partially offset by the mix of repairs.”10-Q · Apr 30, 2026 ↗
Credit and interest ratesmixed · 2 filings
“Interest expense, net for the nine months ended September 30, 2025 totaled $203.6 million, compared to $206.6 million for the nine months ended September 30, 2024 primarily driven by lower interest rates, partially offset by higher average debt in 2025.”10-Q · Oct 30, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.1× · EV/sales 1.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
28.36+0.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TRN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-30 against the comparable filing from 2025-05-01.
OperationscautiousEvidence score -1
liquidityneutralEvidence score 0
valuationdiscount
What improved
- Operating margin improved 3.5 percentage points.
What weakened
- Revenue decreased 16.0% versus the comparable filing period.
- Operating cash flow was 4.04x net income; review non-cash and one-time items before treating this as recurring conversion.
Filing receipts
“Revenues in our maintenance services business increased by 6.8% for the three months ended March 31, 2026, when compared to the prior year period as a result of higher pricing, partially offset by the mix of repairs.”
“Leasing Group operating profit increased by 3.5% for the three months ended March 31, 2026 when compared to the prior year period, primarily due to higher gains on lease portfolio sales and higher lease rates, partially offset by higher maintenance and compliance costs for the lease fleet and increased depreciation.”
“Cost of revenues for the Railcar Leasing and Services Group increased by 6.5% for the three months ended March 31, 2026, compared to the prior year period primarily due to higher maintenance and compliance costs for the lease fleet and increased depreciation.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind TRN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
FFord Motor CompanycustomerFeb 19, 2026 ▾
“From 2006 to 2016, he served in several operational roles of increasing responsibility for Ford Motor Company.”
Depended on by
GATXGATX CorporationcustomerMay 7, 2026 ▾
“In 2022, we entered into a long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TRN is currently a Leader in the organic co-movement group Railcar Leasing & Manufacturing. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for TRN; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.