Forensic Analysis · General / Diversified · as of Sep 24, 2026
Trinity Capital Inc. (TRIN)
A forensic read on Trinity Capital Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Clean
Earnings quality
5
Forensic signals
12.1
P / E (ttm)
12.4%
ROE
$1.7B
Market cap
13.08%
Dividend yield
-46.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Trinity Capital Inc. earns an F (Poor — capital at risk) forensic quality grade. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-2.89×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was -2.89× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+33.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +33.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 33% of net operating assets, against an accruals ratio of 33.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
+27.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +62% over the last 2 years to FY2025 (+27.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~27.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~38%.
OCF ($535M)
FY2025
Shareholder returns.Returned $136M to shareholders (buybacks + dividends) in FY2025, while operating cash flow itself was ($535M) — zero or negative. Capex isn't disclosed for FY2025, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.
Key fundamentals
Latest Revenue$4.9M
Revenue Growth YoY-46.2%
Revenue CAGR (2yr)-21.7%
Net Margin2767.4%
Return on Equity12.4%
Debt / Equity1.19x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Trinity Capital Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
246% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 246% of revenue in FY2025 — about $0.17 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 27.5% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Trinity Capital Inc. (TRIN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy