Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 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
Clean
Earnings quality
3
Forensic signals
-0.1%
ROE
71.6%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
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 (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 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 grew +13% across FY2024–FY2026, from $23M to $26M, while the return fell 3.8 points, so the dollars added over that window earned less than the 3.3% the older base was already earning.
n/m (stock split)
FY2024–FY2026
Share count (stock split).Diluted share count changed +110% over the last 2 years to FY2026, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +44.8%/yr figure isn't a real buyback/dilution read here.
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, 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)+21.7%
Net Margin-0.1%
Free Cash Flow$1.7M
Return on Equity-0.1%
Debt / Equity0.01x
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 Trio-Tech International's actual 10-K/10-Q/8-K filings?