Trinity Capital Inc. 7.875% Notes due 2029

TRINZ

Asset Management · Financial Services

Price

$25.26

+0.06 (+0.24%)

Market Cap

$1.13B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+154.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.2M (2021) → 69.3M (2025)

Trinity Capital Inc. is a business development company. It is a venture capital firm specializing in venture debt to growth stage companies looking for loans and/or equipment financing. Trinity Capital Inc. was founded in 2019 is based in Phoenix, Arizona with additional offices in Lutherville-Timonium, Maryland, San Diego, California and Austin, Texas.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+30.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+23.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

5.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$20M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

Trinity Capital Inc. 7.875% Notes due 2029 is growing revenue at 31% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

79.3%

Premium pricing power — 79.3% gross margin

Operating Margin

74.0%

Excellent — 74.0% operating margin

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.6%

Slow sales growth (5.6% YoY)

EPS YoY

-7.5%

Earnings shrinking (-7.5% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-62%

Weak — only -62% of profit becomes cash

FCF Margin

-38.3%

Burning cash (-38.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.16

Elevated debt (1.16)

Interest Cover

2.68x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

12.1x

Attractive valuation — P/E 12.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-0.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

10.51%

Healthy income — 10.51% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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