Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 2026

Trio-Tech International (TRT)

A forensic read on Trio-Tech International built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

6.7

Distress distance

Forensic signals

-0.1%

ROE

71.6%

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 (auditor quality, say on pay, board independence, going concern). 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.

Trio-Tech International earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-0.5%

FY2026

Return on invested capital. Return on invested capital is -0.5% in the latest fiscal year and slipping across FY2024–FY2026 from 3.3%. After-tax operating profit was $766,912 in FY2024 and ($132,600) in FY2026, with operating income at 2.6% of revenue in FY2024, 0.7% in FY2025 and -0.3% in FY2026. The capital base behind it went from $23M in FY2024 to $25M in FY2026 (+8%), while the revenue it carried went from $42M to $63M.

0.9% of rev

FY2026

Stock-based comp load. Stock-based compensation ran 0.9% of revenue and 34% of free cash flow in FY2026 — about $0.06 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 5.5% a year across FY2025–FY2026, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.

Key fundamentals

Latest Revenue$62.6M

Revenue Growth YoY+71.6%

Revenue CAGR (2yr)+21.6%

Net Margin-0.1%

Free Cash Flow$1.7M

Return on Equity-0.1%

Debt / Equity0.01x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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