# Trimble (TRMB.US)

Canonical: https://gigainvestors.com/s/TRMB

Analysis as of: 2026-10-16T07:35:19.447Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $60.97 per share; close as of 2026-10-15.

Estimated value: low $28.49 per share, central $32.33 per share, high $37.45 per share. Buy at or below the central value $32.33 per share. Valuation as of 2026-10-16T07:35:19.447Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.12×

- FY2020: 0.13×

- FY2021: 0.15×

- FY2022: 0.14×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.17×

- LTM to Jun 2026: 0.17×

### moat: pass

- ROIC, median of available years: 31.5%

- ROIC, second-lowest year: 22.2%

- Typical minus recent gross margin: -9.4 pp

- Typical gross margin (annual median): 55.7%

- Recent gross margin (lower of latest and 3-year median): 65.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 10.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.0%

- FY2017: 35.1%

- FY2018: 34.5%

- FY2019: 31.2%

- FY2020: 36.4%

- FY2021: 41.4%

- FY2022: 31.9%

- FY2023: 18.6%

- FY2024: 22.2%

- FY2025: 29.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.8B

- Net income, five-year total: $3.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 21.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.27×

- FY2022: 1.29×

- FY2023: 1.67×

- FY2024: 1.13×

- FY2025: 0.83×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 34.5% vs 22.2%

- Per-share earnings: 0.52 to 1.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: $11B

- Cumulative retained earnings: $2.2B

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.9%

- Per-share value change: $1.23

- Per-share value, starting three-year median: $0.52

- Per-share value, ending three-year median: $1.76

- Buybacks concentrated in cheaper years (correlation): -0.08

- Average buyback yield: 1.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $5.2B

- Cumulative net income, 10 years: $4.6B

- ROIC, first three-year median: 34.5%

- ROIC, last three-year median: 22.2%

- Ordinary dilution, 10-year annual growth: -0.7%

- Diluted shares, 10-year annual growth: -0.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.52

- FY2017: $0.47

- FY2018: $1.12

- FY2019: $2.03

- FY2020: $1.55

- FY2021: $1.94

- FY2022: $1.80

- FY2023: $1.25

- FY2024: $6.09

- FY2025: $1.76

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 0.4%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 37.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.91×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 1.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.5%

- FY2017: -6.8%

- FY2018: -3.5%

- FY2019: -1.1%

- FY2020: -4.1%

- FY2021: -3.6%

- FY2022: 0.8%

- FY2023: -3.0%

- FY2024: 10.3%

- FY2025: 0.4%

## Holders

## Price story

Down 30% since Oct 2021 · sales -2.6%

Story as of 2026-10-16T10:00:04.414Z; price observation 2026-10-15.

Price needs cash profits to grow 9% a year for ten years

- 2025-05-07: Trimble beats quarterly revenue estimates on strong product demand ([finance.yahoo.com](https://finance.yahoo.com/news/trimble-beats-quarterly-revenue-estimates-114443536.html))

- 2025-11-05: Trimble Announces Third Quarter 2025 Results and Raises Full Year Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/trimble-announces-third-quarter-2025-115500982.html))

- 2026-08-12: Trimble Announces Second Quarter 2026 Results and Raises Full Year Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/trimble-announces-second-quarter-2026-105500076.html))

### Sales · FY2024–2025

sales -2.6%; source https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/trmb-20260102.htm; observed 2026-02-25.

- FY2016: $2.4B 

- FY2017: $2.7B 

- FY2018: $3.1B 

- FY2019: $3.3B 

- FY2020: $3.1B 

- FY2021: $3.7B 

- FY2022: $3.7B 

- FY2023: $3.8B 

- FY2024: $3.7B 

- FY2025: $3.6B 

### Gross margin · FY2025

gross margin 68.3%; source https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/trmb-20260102.htm; observed 2026-02-25.

- FY2016: 52.4% 

- FY2017: 52.5% 

- FY2018: 54.1% 

- FY2019: 54.6% 

- FY2020: 55.8% 

- FY2021: 55.6% 

- FY2022: 57.3% 

- FY2023: 61.4% 

- FY2024: 65.1% 

- FY2025: 68.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in scientific & technical instruments; annual sales are USD 3.6 billion.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2025-12-31 (filed 2026-02-25); FY2025: revenue 3587300000; grossProfit 2450700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRMB.US: Trimble Inc. offers technology solutions and platform that enable office professionals and field workers to connect workflows and industry lifecycles in North America, Europe, the Asia Pacific, and internationally. The company provides architecture and interior design; building information modeling, engineering, and virtual design and construction; and construction and owner software products. It also offers field and office software for estimating and job cost management, and project design and visualization; software for 3D design and data sharing; systems to guide and control construction equipment, such as excavators, bulldozers, wheel loaders, motor graders, and paving equipment; systems to monitor, track, and manage assets, equipment, and workers; and software to facilitate the management of the construction process and for sharing and communication of data in real time. In addition, it provides positioning services comprising VRSNow; CenterPoint RTX; FieldPoint RTX; Rangepoint RTX; ViewPoint RTX; and Trimble xFill services. Further, it offers transportation and logistics solutions for shippers, carriers, retailers, and intermediaries, such as carrier transportation management software (TMS) and maintenance solutions to manage core transportation operations and maintenance workflows; transporeon solutions to provide a cloud-based ecosystem that manages the transportation lifecycle from freight sourcing and procurement through transport execution, dock and yard management, and auditing; and MAPS, a mapping and routing solutions that provide the industry standard for truck-specific routing, mileage, and navigation. It sells its technology solutions directly to end users and through software integrations. The company was formerly known as Trimble Navigation Limited and changed its name to Trimble Inc. in October 2016. Trimble Inc. was founded in 1978 and is headquartered in Westminster, Colorado.

### Why customers stay

Margins ranged from 61.4% to 68.3% during 2023–25; it earns 31.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2023-12-31 (filed 2026-02-25); FY2023: grossProfit / revenue = 61.4%.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2024-12-31 (filed 2026-02-25); FY2024: grossProfit / revenue = 65.1%.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2025-12-31 (filed 2026-02-25); FY2025: grossProfit / revenue = 68.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.259967539095573],[2017,0.35111989459815546],[2018,0.34469045571797075],[2019,0.31156237049316204],[2020,0.36443134653273906],[2021,0.4141655286860258],[2022,0.318786045792955],[2023,0.1856316153251928],[2024,0.2224420641140439],[2025,0.2913926757605888]]; median 0.3151742081430585. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.3% of cash earnings; paid dividends in 6 of 10 years.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2016-12-31 (filed 2026-02-25); FY2016: growth capex 0; upkeep 26300000; cash acquisitions 23700000; owner earnings 293900000. Growth capex plus acquisitions / owner earnings = 0.08063967335828513.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2017-12-31 (filed 2026-02-25); FY2017: growth capex 0; upkeep 43700000; owner earnings 282100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2018-12-31 (filed 2026-02-25); FY2018: growth capex 0; upkeep 67600000; cash acquisitions 1763500000; owner earnings 454000000. Growth capex plus acquisitions / owner earnings = 3.8843612334801763.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2019-12-31 (filed 2026-02-25); FY2019: growth capex 0; upkeep 69000000; cash acquisitions 220800000; owner earnings 652500000. Growth capex plus acquisitions / owner earnings = 0.33839080459770116.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2020-12-31 (filed 2026-02-25); FY2020: growth capex 0; upkeep 56800000; cash acquisitions 201900000; owner earnings 553400000. Growth capex plus acquisitions / owner earnings = 0.3648355619804843.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2021-12-31 (filed 2026-02-25); FY2021: growth capex 0; upkeep 46100000; cash acquisitions 236100000; owner earnings 626600000. Growth capex plus acquisitions / owner earnings = 0.3767954037663581.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2022-12-31 (filed 2026-02-25); FY2022: growth capex 0; upkeep 43200000; cash acquisitions 373500000; owner earnings 578300000. Growth capex plus acquisitions / owner earnings = 0.6458585509251253.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2023-12-31 (filed 2026-02-25); FY2023: growth capex 0; upkeep 42000000; cash acquisitions 2088900000; owner earnings 519900000. Growth capex plus acquisitions / owner earnings = 4.017888055395268.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2024-12-31 (filed 2026-02-25); FY2024: growth capex 0; upkeep 33600000; cash acquisitions 22000000; owner earnings 1702800000. Growth capex plus acquisitions / owner earnings = 0.012919896640826873.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2025-12-31 (filed 2026-02-25); FY2025: growth capex 0; upkeep 253000000; cash acquisitions 4400000; owner earnings 350900000. Growth capex plus acquisitions / owner earnings = 0.012539184952978056.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,355000000],[2017,18000000],[2018,2976400000],[2019,1195400000],[2020,1173800000],[2021,0],[2022,0],[2023,3108400000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/TRMB.US.json#2025-12-31 (filed 2026-02-25); FY2025: cash repurchases 863400000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRMB.US SharesStats.PercentInsiders = 0.40299999999999997 percentage points; cache date 2026-10-16.

### What could break it

"Changes in our software and subscription businesses may adversely affect our revenue" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/trmb-20260102.htm (filed 2026-02-25); Changes in our software and subscription businesses may adversely affect our revenue

### What the price says

The price assumes cash profits grow 9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.11601510651327207. Price 60.97; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $27.64 per share

- 2016-11: $28.19 per share

- 2016-12: $30.15 per share

- 2017-01: $29.62 per share

- 2017-02: $31.03 per share

- 2017-03: $32.01 per share

- 2017-04: $35.43 per share

- 2017-05: $36.04 per share

- 2017-06: $35.67 per share

- 2017-07: $37.43 per share

- 2017-08: $38.68 per share

- 2017-09: $39.25 per share

- 2017-10: $40.88 per share

- 2017-11: $41.99 per share

- 2017-12: $40.64 per share

- 2018-01: $44.10 per share

- 2018-02: $37.93 per share

- 2018-03: $35.88 per share

- 2018-04: $34.60 per share

- 2018-05: $33.06 per share

- 2018-06: $32.84 per share

- 2018-07: $35.30 per share

- 2018-08: $42.10 per share

- 2018-09: $43.46 per share

- 2018-10: $37.38 per share

- 2018-11: $38.03 per share

- 2018-12: $32.91 per share

- 2019-01: $37.66 per share

- 2019-02: $40.01 per share

- 2019-03: $40.40 per share

- 2019-04: $40.82 per share

- 2019-05: $39.90 per share

- 2019-06: $45.11 per share

- 2019-07: $42.26 per share

- 2019-08: $37.52 per share

- 2019-09: $38.81 per share

- 2019-10: $39.84 per share

- 2019-11: $40.53 per share

- 2019-12: $41.69 per share

- 2020-01: $42.52 per share

- 2020-02: $39.48 per share

- 2020-03: $31.83 per share

- 2020-04: $34.63 per share

- 2020-05: $39.12 per share

- 2020-06: $43.19 per share

- 2020-07: $44.51 per share

- 2020-08: $52.41 per share

- 2020-09: $48.70 per share

- 2020-10: $48.13 per share

- 2020-11: $59.87 per share

- 2020-12: $66.77 per share

- 2021-01: $65.91 per share

- 2021-02: $74.14 per share

- 2021-03: $77.79 per share

- 2021-04: $82.00 per share

- 2021-05: $77.79 per share

- 2021-06: $81.83 per share

- 2021-07: $85.50 per share

- 2021-08: $94.22 per share

- 2021-09: $82.25 per share

- 2021-10: $87.37 per share

- 2021-11: $85.87 per share

- 2021-12: $87.19 per share

- 2022-01: $72.16 per share

- 2022-02: $69.75 per share

- 2022-03: $72.14 per share

- 2022-04: $66.70 per share

- 2022-05: $68.05 per share

- 2022-06: $58.23 per share

- 2022-07: $69.43 per share

- 2022-08: $63.25 per share

- 2022-09: $54.27 per share

- 2022-10: $60.16 per share

- 2022-11: $59.75 per share

- 2022-12: $50.56 per share

- 2023-01: $58.06 per share

- 2023-02: $52.06 per share

- 2023-03: $52.42 per share

- 2023-04: $47.10 per share

- 2023-05: $46.67 per share

- 2023-06: $52.94 per share

- 2023-07: $53.80 per share

- 2023-08: $54.79 per share

- 2023-09: $53.86 per share

- 2023-10: $47.13 per share

- 2023-11: $46.40 per share

- 2023-12: $53.20 per share

- 2024-01: $50.86 per share

- 2024-02: $61.19 per share

- 2024-03: $64.36 per share

- 2024-04: $60.07 per share

- 2024-05: $55.68 per share

- 2024-06: $55.92 per share

- 2024-07: $54.54 per share

- 2024-08: $56.69 per share

- 2024-09: $62.09 per share

- 2024-10: $60.50 per share

- 2024-11: $72.97 per share

- 2024-12: $70.66 per share

- 2025-01: $74.96 per share

- 2025-02: $71.98 per share

- 2025-03: $65.65 per share

- 2025-04: $62.14 per share

- 2025-05: $71.27 per share

- 2025-06: $75.98 per share

- 2025-07: $83.89 per share

- 2025-08: $80.82 per share

- 2025-09: $81.65 per share

- 2025-10: $79.75 per share

- 2025-11: $81.42 per share

- 2025-12: $78.35 per share

- 2026-01: $67.60 per share

- 2026-02: $66.87 per share

- 2026-03: $65.23 per share

- 2026-04: $67.32 per share

- 2026-05: $56.41 per share

- 2026-06: $51.18 per share

- 2026-07: $56.58 per share

- 2026-08: $59.94 per share

- 2026-09: $57.11 per share

- 2026-10: $60.97 per share

## Annual estimated value (USD per share)

- FY2020: low $20.61 per share, central $23.36 per share, high $27.01 per share

- FY2021: low $27.93 per share, central $31.64 per share, high $36.58 per share

- FY2022: low $28.29 per share, central $32.08 per share, high $37.13 per share

- FY2023: low $29.16 per share, central $33.10 per share, high $38.34 per share

- FY2024: low $30.58 per share, central $34.43 per share, high $39.54 per share

- FY2025: low $26.29 per share, central $29.81 per share, high $34.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:00.755Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/trmb-20260102.htm); period 2026-01-02, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.