One-glance verdict
Overvalued
$37.80 our estimate vs market $59.47
Wall Street consensus: $80.18 (112.1% higher than our fair-value estimate)
57% above our estimate, beyond the bull case
Fundamentals snapshot
Trimble Inc.
TRMB · NMS · Technology · Scientific & Technical Instruments
Current price
$59.47
52-week range
$47.92 - $84.42
Market cap
$13.87B
Balance sheet
Healthy
8.22x Adequate
Net debt $1.24B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 5.5% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Return on equity was -1.9% last year — the company lost money on shareholders' equity.
What this company does
Trimble Inc.
Trimble makes high-tech equipment and software for industries like construction, farming, and transportation. Their products range from ultra-precise GPS that can automatically guide a bulldozer to software that helps manage the routes for a fleet of delivery trucks. A growing portion of their income comes from recurring revenue (predictable payments from ongoing software subscriptions), which is important because it can provide more stable earnings than one-time hardware sales.
How the company got here
Trimble started in 1978 as Trimble Navigation, founded by an engineer from Hewlett-Packard. The company was a pioneer in using the Global Positioning System (GPS) for commercial purposes, long before it was in everyone's phones. After going public with an IPO (Initial Public Offering, the first time a company sells its stock to the public) in 1990, it grew by acquiring (buying) other companies to expand from GPS into software and hardware for many industries. This strategy of buying other companies allowed it to piece together technologies for construction, farming, and trucking. In 2016, the company changed its name from Trimble Navigation to Trimble Inc. to reflect that it does much more than just navigation.
What it actually does
Trimble makes technology that connects the real world with the digital world to make big jobs easier and more efficient. Think of a huge construction site: Trimble provides the GPS systems that guide a bulldozer to grade land with perfect accuracy, and the software that lets architects and engineers share 3D models of the building. For a trucking company, Trimble offers software to manage its fleet of trucks, track shipments, and find the best routes. Essentially, Trimble's products capture data from the physical world (like location or measurements) and use software to help industries like construction, transportation, and surveying plan, build, and move things with less waste and more accuracy.
Architects, Engineers, Construction and Owners (AECO)
This part of the business focuses on selling software to the construction industry. Customers like architects, engineers, and construction firms pay for software that helps them design buildings, manage complex projects, and keep track of costs. For example, their Tekla and SketchUp software allows professionals to create detailed 3D models of buildings before any work begins, helping to prevent errors on the job site. This segment is a key part of Trimble's business and is focused on selling directly to its end users.
Field Systems
This is Trimble's largest business segment and is centered around hardware products that are used out in the real world, or 'the field'. It sells things like high-precision GPS receivers for land surveyors, laser scanners for mapping, and control systems that get mounted on construction vehicles like excavators and pavers. These tools help workers in industries like civil construction and surveying do their jobs with extreme accuracy. Unlike the software-focused AECO segment, these products are mostly sold through a network of dealers and partners.
Transportation and Logistics
This segment provides technology solutions for the trucking and shipping industries. It offers software that helps trucking companies manage their entire operation, from dispatching trucks and planning routes to tracking maintenance and ensuring drivers follow regulations. Customers are typically freight carriers (the companies that own the trucks) and shippers (the companies that need to move goods). This part of the business aims to make the supply chain (the entire process of making and selling goods, from the factory to the store shelf) more efficient.
What management is betting on now
Management's main focus is a strategy called 'Connect & Scale,' which aims to shift the company from just selling hardware to selling integrated software and services. They are concentrating on increasing recurring revenue (predictable income from subscriptions, rather than one-time hardware sales), which makes the business more stable. The goal is to get customers to use multiple Trimble products that work together seamlessly, connecting the field with the office. They are also investing in artificial intelligence (AI) to help automate tasks and make their software smarter for customers in construction and transportation.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q3
$88.50M
FY2025 Q4
$109.00M
FY2026 Q1
$149.00M
FY2026 Q2
$-59.40M
FY2026 Q3
$116.60M
FY2026 Q4
$154.70M
FY2027 Q1
$268.60M
FY2027 Q2
$233.20M
Revenue
$972.00M
Net income
$-471.70M
Diluted EPS
-2.02
Operating cash flow
$240.30M
Free cash flow
$233.20M
Fetching…
Sources
Revenue
$939.90M
Net income
$98.90M
Diluted EPS
0.42
Operating cash flow
$274.70M
Free cash flow
$268.60M
Fetching…
Sources
Revenue
$969.80M
Net income
$156.60M
Diluted EPS
0.66
Operating cash flow
$160.30M
Free cash flow
$154.70M
Fetching…
Sources
Revenue
$901.20M
Net income
$111.50M
Diluted EPS
0.46
Operating cash flow
$123.80M
Free cash flow
$116.60M
Fetching…
Sources
Revenue
$875.70M
Net income
$89.20M
Diluted EPS
0.37
Operating cash flow
$-53.50M
Free cash flow
$-59.40M
Fetching…
Sources
Revenue
$840.60M
Net income
$66.70M
Diluted EPS
0.27
Operating cash flow
$155.60M
Free cash flow
$149.00M
Fetching…
Sources
Revenue
$983.40M
Net income
$90.20M
Diluted EPS
0.36
Operating cash flow
$115.10M
Free cash flow
$109.00M
Fetching…
Sources
Revenue
$875.80M
Net income
$40.60M
Diluted EPS
0.16
Operating cash flow
$94.90M
Free cash flow
$88.50M
Fetching…
Sources
Is it cheap or expensive?
Fair value $37.80 vs current price $59.47
Wall Street consensus is the average analyst price target: $80.18 (112.1% higher than our fair-value estimate).
Our most-likely fair value is $37.80 a share — about 36.4% below today's price of $59.47, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net debt $1.2B. Interest coverage 8.2x.
Net debt
$1.24B
Interest coverage
8.22x
Trimble Inc.'s profit covers its interest bill about 8.2 times over.
Healthy
Worse cushion
Baseline
Better cushion
TRMB
BASELINE
Trimble Inc.
Total debt $1.46B Interest coverage 8.22x This is the baseline the peer rows are being compared against.
Total debt $3.70B Interest coverage 25.27x +208% vs TRMB Carries about 3.1x more debt cushion than TRMB.
Total debt $3.07B Interest coverage 7.42x -10% vs TRMB Has roughly the same debt cushion as TRMB.
Total debt $1.27B Interest coverage 23.67x +188% vs TRMB Carries about 2.9x more debt cushion than TRMB.
Total debt $3.93B Interest coverage 33.13x +303% vs TRMB Carries about 4.0x more debt cushion than TRMB.
What you should know
The case for and against TRMB
2 Rewards
1 Risk
Rewards
-
Revenue grew 5.5% last year.
-
Free cash flow was positive in 10/10 years.
Risks
-
Return on equity was -1.9% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
14.42x
P/B
2.44x
P/S
3.67x
EV/EBITDA
17.17x
PEG ratio
1.42x
Profitability
How much profit each dollar creates
Gross margin
71.8%
Operating margin
15.1%
Net margin
-2.8%
ROE
-1.9%
ROA
4.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.29x
Current ratio
0.95x
Quick ratio
0.58x
Total debt
$1.46B
Total cash
$214.40M
Growth
How the business has been compounding
Revenue TTM
$3.78B
Revenue 5Y CAGR
-0.5%
EPS TTM
-0.48
EPS 5Y CAGR
-0.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$799.10M
Free CF TTM
$360.90M
FCF margin
9.5%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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