Triton International Ltd
TRTN-PA· NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE· Services-Equipment Rental & Leasing, NEC
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 981.2%
- ROIC, 5 yr avg
- 7.2%
- Revenue, 5 yr CAGR
- +2.9%
We record prices for the companies we cover; TRTN-PA is not one of them yet.
Company statistics
Profile · FY2023
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- –
- Revenue
- $96.0M
- Free cash flow
- $942.0M
- Owner earnings
- $934.7M
Valuation · FY2023
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2023
- Gross
- 8.2%
- Operating
- 800.8%
- Net
- 493.9%
- Free cash flow
- 981.2%
- Owner earnings
- 973.6%
- Stock pay
- 7.6%
Returns
- ROIC, FY2023
- 6.6%
- ROIC, 5 yr avg
- 7.2%
- ROE, FY2023
- 16.1%
- ROE, 5 yr avg
- 16.7%
Growth (CAGR)
- Revenue, 3 yr
- 3.8%
- Revenue, 5 yr
- 2.9%
- Revenue, 9 yr
- –
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- 67.7%
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- –
Financial health · FY2023
- Cash and investments
- $57.8M
- Total debt
- $7.5B
- Net debt
- $7.5B
- Debt/Equity
- 2.6x
- Debt/FCF
- 8.0x
Shareholder returns · FY2023
- Dividend yield
- –
- Payout ratio
- 24.4%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- –
Financials: ten years from the 10-Ks
Revenue
$96.0M
+28.7% a year over 9 years
FY2014FY2023
Margins
Gross8.2%Operating800.8%Net493.9%
FY2023
FY2014FY2023
Free cash flow and owner earnings
Free cash flow$942.0MOwner earnings$934.7M
FY2023
FY2014FY2023
Diluted shares
–
+46.3% over 9 years, net dilution
FY2014FY2023
Return on invested capital
6.6%
FY2023
FY2014FY2023
Net debt (below zero)
-$7.5B
$7.5B more debt than cash
FY2014FY2023
Every figure, year by year
| Fiscal year | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | – | – | $16.4M | $37.4M | $83.0M | $84.0M | $85.8M | $143.0M | $147.9M | $96.0M |
| Revenue growth | – | – | – | 127.9% | 121.9% | 1.1% | 2.1% | 66.7% | 3.4% | -35.1% |
| Gross margin | – | – | 3.8% | 11.2% | 22.8% | 17.3% | 17.3% | 23.9% | 10.8% | 8.2% |
| Operating margin | – | – | 1073.7% | 1460.3% | 905.8% | 830.0% | 747.7% | 654.1% | 706.2% | 800.8% |
| Net income | $171.3M | $127.7M | -$5.8M | $353.5M | $356.7M | $353.3M | $329.8M | $530.2M | $746.9M | $474.1M |
| Net margin | – | – | -35.2% | 944.8% | 429.5% | 420.6% | 384.4% | 370.9% | 505.1% | 493.9% |
| Diluted EPS | $3.52 | $2.71 | $-0.24 | $4.52 | $4.35 | $4.54 | $4.16 | $7.22 | $11.19 | – |
| Return on invested capital? | – | – | – | – | 6.5% | 7.1% | 6.4% | 7.4% | 8.5% | 6.6% |
| Cash | ||||||||||
| Operating cash flow | $432.4M | $449.3M | $484.2M | $867.5M | $994.2M | $1.1B | $943.8M | $1.4B | $1.9B | $1.2B |
| Capital expenditure | $809.4M | $398.8M | $629.3M | $1.6B | $1.6B | $240.2M | $744.1M | $3.4B | $943.1M | $208.2M |
| Free cash flow | -$377.1M | $50.5M | -$145.1M | -$695.4M | -$609.3M | $821.7M | $199.6M | -$2.0B | $941.8M | $942.0M |
| Stock-based compensation | $18.7M | $12.0M | $5.4M | $5.6M | $9.0M | $9.0M | $9.9M | $9.4M | $12.5M | $7.3M |
| Owner earnings? | -$395.8M | $38.5M | -$150.5M | -$701.0M | -$618.3M | $812.8M | $189.7M | -$2.0B | $929.3M | $934.7M |
| Free cash flow per share | $-8.88 | $1.23 | $-2.59 | $-9.13 | $-7.58 | $11.00 | $2.88 | $-30.26 | $15.17 | – |
| Capital allocation | ||||||||||
| Dividends paid | $215.0M | $0 | $84.8M | $135.6M | $160.3M | $153.9M | $146.5M | $157.3M | $162.2M | $115.6M |
| Share repurchases | $0 | $0 | $0 | $0 | $56.3M | $222.2M | $158.3M | $82.5M | $554.1M | $129.8M |
| Diluted shares | 42.5M | 40.9M | 56.0M | 76.2M | 80.4M | 74.7M | 69.3M | 67.1M | 62.1M | – |
| Share count change? | – | -3.6% | 36.9% | 36.0% | 5.5% | -7.0% | -7.2% | -3.3% | -7.4% | – |
| Balance sheet | ||||||||||
| Cash and equivalents | $65.6M | $56.7M | $113.2M | $132.0M | $49.0M | $62.3M | $61.5M | $106.2M | $83.2M | $57.8M |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | – | – | $6.3B | $6.9B | $7.5B | $6.7B | $6.4B | $8.6B | $8.1B | $7.5B |
| Net debt | – | – | $6.2B | $6.7B | $7.5B | $6.6B | $6.4B | $8.5B | $8.1B | $7.5B |
| Shareholders' equity | $1.3B | $1.2B | $1.7B | $2.1B | $2.2B | $2.5B | $2.6B | $3.1B | $3.2B | $2.9B |
Latest filings
| 2026-02-20 | 20-F | Annual report |
| 2025-02-28 | 20-F | Annual report |
| 2024-11-07 | 10-Q | Quarterly report |
| 2024-08-02 | 10-Q | Quarterly report |
| 2024-05-08 | 10-Q | Quarterly report |
| 2024-02-29 | 10-K | Annual report |
| 2023-11-09 | 10-Q | Quarterly report |
| 2023-08-01 | 10-Q | Quarterly report |
| 2023-08-01 | 8-K | Earnings release |
| 2023-05-02 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
