Trinity Capital

TRIN

Asset Management · Financial Services

Price

$18.35

+0.08 (+0.44%)

Market Cap

$1.65B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+154.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.2M (2021) → 69.3M (2025)

Winston Score History

The full picture

Trinity Capital Inc. is a business development company. It is a venture capital firm specializing in venture debt to growth stage companies looking for loans and/or equipment financing. Trinity Capital Inc. was founded in 2019 is based in Phoenix, Arizona with additional offices in Lutherville-Timonium, Maryland, San Diego, California and Austin, Texas.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-22.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

5.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$2.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$2.8B cash & investments at current burn rate

Growth context

Trinity Capital is growing revenue at 15% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

79.3%

Excellent — 79.3% operating margin

Return on the money invested

ROCE

8.0%

Below par — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+4.4%

Slow sales growth (+4.4% YoY)

Profit growth

EPS YoY

-16.5%

Earnings shrinking (-16.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-137%

Weak — only -137% of profit becomes cash

Spare cash per sale

FCF Margin

-75.4%

Burning cash (-75.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.18

Elevated debt (1.18)

Covers its interest

Interest Cover

2.37x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.6x

Attractive valuation — P/E 9.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

11.23%

Healthy income — 11.23% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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