Trio-Tech International

TRT

Semiconductors · Technology

Price

$11.15

+0.36 (+3.34%)

Market Cap

$112.8M

Exchange

New York Stock Exchange American

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+15.8% over 4y

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

Diluted shares outstanding: 7.5M (2021) → 8.7M (2025)

Trio-Tech International is a small company that tests semiconductors and electronic components to make sure they work correctly before being used in products like cars, phones, and industrial machines. Its main business is providing testing services to chip makers and electronics manufacturers, mostly in Southeast Asia. The company also has a small real estate segment in Singapore and offers engineering services.

Trio-Tech earns money by charging fees for testing services, which require specialized equipment and technical expertise. It operates primarily in Singapore, Malaysia, Thailand, and Indonesia, with a small presence in the United States, making it heavily tied to Asian semiconductor supply chains. With a market cap of around $100 million and very thin operating margins near 1%, the company has little financial cushion, and its growth depends largely on demand cycles in the global semiconductor industry — meaning a slowdown in chip production can quickly squeeze its already narrow profits.

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

+123.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+92.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$384,000/ year

→ Flat (-2% vs prior year)

1.1% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

49.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$19M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Trio-Tech International grew revenue 124% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

15.5%

Thin — 15.5% gross margin

Operating Margin

-0.5%

Losing money on operations — -0.5%

ROCE

-0.2%

Weak — -0.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+64.1%

Fast-growing sales (+64.1% YoY)

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

475%

Turns 475% of profit into real cash

FCF Margin

0.4%

Thin free cash flow (0.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

10.58x

Comfortably covers interest (10.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

276.0x

Expensive — P/E 276.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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