Trimble

TRMB · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

TRMB · Last close · October 26, 2026

$63.37

Trimble's revenue fell 2.6% to $3.6 billion in fiscal 2025. Its operating margin was 16.5%, up from 12.5% a year earlier. Free cash flow was $361 million, down 27.5%. It paid out $863 million in dividends and buybacks, 239% of free cash flow. The diluted share count fell 2.3%.

TRIMBLE INC. Latest fiscal year ended January 2, 2026 10-K filed February 25, 2026 · 0000864749-26-000015 Updated October 9, 2026

Revenue

$3.6B

2.6%

Operating margin

16.5%

4.0 pts

Net income

$424M

71.8%

Free cash flow

$361M

27.5%

Return on capital

7.4%

2.5 pts

Market cap

$14.8B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 14.5% a year and net income 13.8% a year, as buybacks cut the share count by 5%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Trimble yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Trimble's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Trimble's fiscal 2025 free cash flow of $361M, net cash of −$1.1B at January 2, 2026 and 242 million diluted shares, from its filings. The scenarios are fitted to Trimble: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -0.8% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Application Software), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 2, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Trimble's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $63.37
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Trimble's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	326	271	230	739	253
Debt incl. finance leases	1,293	1,520	3,597	1,391	1,392
Net debt (negative means net cash)	968	1,249	3,367	652	1,139
Net debt to EBITDA	1.5x	1.8x	4.8x	0.9x	1.4x
Debt to equity	0.3x	0.4x	0.8x	0.2x	0.2x
Interest coverage	9.1x	7.0x	2.8x	5.1x	8.0x
Current ratio	1.2x	1.0x	1.0x	1.3x	1.1x
Quick ratio	0.9x	0.8x	0.9x	1.2x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Trimble shares on the open market, and 6 insiders sold $5.3 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 4, 2026	Kaigham GabrielDirector	Sold plan	1,718	$60.00	$103,080	Form 4
Apr 16, 2026	Mark David SchwartzSenior VP, Aeco	Sold plan	16,725	$67.01	$1.1 million	Form 4
Apr 14, 2026	Robert G PainterPresident & CEO, Director	Sold plan	7,500	$66.94	$502,050	Form 4
Mar 10, 2026	Robert G PainterPresident & CEO, Director	Sold plan	7,500	$70.45	$528,375	Form 4
Feb 27, 2026	James Calvin DaltonDirector	Sold plan	733	$67.02	$49,126	Form 4
Feb 10, 2026	Robert G PainterPresident & CEO, Director	Sold plan	7,500	$65.14	$488,550	Form 4
Jan 13, 2026	Robert G PainterPresident & CEO, Director	Sold plan	7,500	$80.88	$606,600	Form 4
Dec 16, 2025	Phillip SawarynskiCFO	Sold plan	2,250	$80.45	$181,012	Form 4
Dec 9, 2025	Robert G PainterPresident & CEO, Director	Sold plan	7,500	$81.39	$610,425	Form 4
Nov 28, 2025	James Calvin DaltonDirector	Sold plan	616	$81.99	$50,506	Form 4
Nov 26, 2025	Ronald BisioSr. Vice President	Sold plan	2,500	$80.87	$202,175	Form 4
Nov 17, 2025	Mark David SchwartzSenior VP, Aeco	Sold plan	1,672	$76.83	$128,460	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	6 of 9	7 of 9	4 of 9
Accruals ratio	−3.4%	10.2%	0.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Trimble side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Trimble	FY25	−2.6%	16.5%	10.1%	7.4%	1.4x	4
Datadog	FY25	27.7%	−1.3%	29.2%	—	−723.3x	5	Compare
Docusign	FY26	8.2%	9.3%	32.9%	25.4%	−2.1x	5	Compare
HubSpot	FY25	19.2%	0.2%	22.6%	—	—	—	Compare
NiCE	FY25	7.7%	21.9%	23.7%	19.0%	−0.5x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,362	2,654	3,132	3,271	3,152	3,659	3,676	3,799	3,683	3,587
Revenue growth	3.1%	12.4%	18.0%	4.5%	−3.6%	16.1%	0.5%	3.3%	−3.0%	−2.6%
Gross profit	1,234	1,378	1,681	1,781	1,755	2,035	2,106	2,333	2,396	2,478
Research and development	350	370	446	470	476	537	542	664	662	631
Operating income	180	236	321	376	420	561	511	449	461	592
Net income	132	118	283	514	390	493	450	311	1,504	424
Diluted EPS (US$)	0.52	0.46	1.12	2.03	1.55	1.94	1.80	1.25	6.09	1.76
Diluted shares (millions)	254	257	253	253	252	254	250	249	247	242
Cash flow
Cash from operations	431	430	487	585	672	750	391	597	531	386
Capital expenditure	26	44	68	69	57	46	43	42	34	25
Free cash flow	405	386	419	516	615	704	348	555	498	361
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	120	285	93	180	82	180	395	100	175	863
Acquisitions	24	280	1,764	221	202	236	374	2,089	22	4
Stock-based compensation	53	65	77	75	83	123	120	145	159	146
Balance sheet at fiscal year end
Cash and short-term investments	327	537	172	189	238	326	271	230	739	253
Debt incl. finance leases	620	914	1,968	1,843	1,547	1,293	1,520	3,597	1,391	1,392
Total assets	3,674	4,316	5,776	6,641	6,877	7,100	7,269	9,539	9,488	9,312
Total liabilities	1,368	1,902	3,102	3,520	3,278	3,155	3,219	5,039	3,743	3,476
Shareholders' equity	2,306	2,414	2,674	3,119	3,599	3,945	4,050	4,500	5,745	5,836
Margins and ratios
Gross margin	52.3%	51.9%	53.7%	54.4%	55.7%	55.6%	57.3%	61.4%	65.1%	69.1%
Operating margin	7.6%	8.9%	10.2%	11.5%	13.3%	15.3%	13.9%	11.8%	12.5%	16.5%
Net margin	5.6%	4.5%	9.0%	15.7%	12.4%	13.5%	12.2%	8.2%	40.8%	11.8%
Free cash flow margin	17.1%	14.5%	13.4%	15.8%	19.5%	19.2%	9.5%	14.6%	13.5%	10.1%
Return on capital	4.9%	4.3%	8.8%	8.1%	8.6%	9.8%	7.9%	5.9%	4.8%	7.4%
Return on equity	5.8%	5.0%	11.1%	17.8%	11.6%	13.1%	11.2%	7.3%	29.4%	7.3%
Return on assets	3.6%	3.0%	5.6%	8.3%	5.8%	7.0%	6.3%	3.7%	15.8%	4.5%
Net debt to EBITDA	1.1x	1.1x	4.2x	3.4x	2.5x	1.5x	1.8x	4.8x	0.9x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Trimble's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Trimble.