TRT
Trio-Tech InternationalTechnology·Semiconductors
$12.71
$129M market cap
Revenue
$58.3M
Free Cash Flow
$0.2M
Rev Growth
+0.0%
FCF Margin
0.4%
P/FCF
581.6x
EV/FCF
522.9x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Trio-Tech International, together with its subsidiaries, provides manufacturing, testing, and distribution services to the semiconductor industry. The company's Testing Services segment offers stabilization bake, thermal shock, temperature cycling, mechanical shock, constant acceleration, gross and fine leak, electrical, static and dynamic burn-in, and vibration testing, as well as reliability lab and microprocessor equipment contract cleaning services. This segment also provides qualification t
2-Year Price History
$13.82+322.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 16.5 | 0.6 | -0.1 | -0.0 | 1.3 | 0.7 | -0.5 | 16.4 | 3.4 | 9.8 | -2.3% | 50.6x | 13.8x |
| Act | 2026-Q2 | 15.7 | 0.5 | 0.1 | 0.1 | 0.1 | -0.2 | -0.3 | 17.3 | 5.5 | 8.7 | 1.6% | 24.4x | -- |
| Act | 2026-Q1 | 15.5 | 0.8 | 0.1 | 0.1 | 0.9 | 0.9 | -0.1 | 18.2 | 2.1 | 8.7 | 0.9% | 95.9x | -- |
| Act | 2025-Q4 | 10.7 | 0.8 | 0.5 | 0.2 | -0.7 | -1.2 | -0.6 | 16.7 | 1.7 | 8.7 | 14.6% | 89.9x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 12.71 | 0.0% | 4.6% | 3 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$12.71
Market Cap$129M
Enterprise Value$116M
P/S Ratio2.2x
P/FCF581.6x
EV/FCF522.9x
FCF Margin (TTM)0.4%
FCF Yield0.2%
Dividend Yield (TTM)0.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$58.3M
Net Income$0.3M
Free Cash Flow$0.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin4.6%
Net Margin0.6%
FCF Margin0.4%
CapEx % of Revenue2.5%
SBC % of Revenue0.3%
ROIC3.7%
WC Change % Rev1.9%
Interest Coverage53.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.5M
Days to Cover1.0
Change (vs Prior)+1912.8%
Need at least 2 settlement dates for chart
Employees
Headcount673
Revenue / Employee$86,694
Gross Profit / Employee$15,254
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
6.6%(+4.8% YoY)
17 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
2.8%(+1.4% YoY)
6 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.0% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Compound Planning, Inc. | $3.6M | $4.07 | +$1.7M | +$3.6M | +1.6% | $3.21B |
| RENAISSANCE TECHNOLOGIES LLC | $1.9M | $5.22 | +$941K | +$845K | +1.2% | $63.91B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $1.5M | $5.78 | +$1.5M | +$1.5M | — | $4.04T |
| DIMENSIONAL FUND ADVISORS LPPassive | $1.4M | $5.08 | +$699K | +$703K | -0.4% | $480.92B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $821K | $5.24 | +$338K | +$341K | -2.3% | $4.93B |
| ACADIAN ASSET MANAGEMENT LLC | $497K | $5.78 | +$249K | +$234K | -0.5% | $70.48B |
| MARSHALL WACE, LLP | $358K | $5.78 | +$358K | +$358K | +0.6% | $92.71B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $319K | $4.86 | +$156K | +$175K | +2.3% | $1.61T |
| Empowered Funds, LLC | $288K | $3.40 | +$72K | +$75K | +0.2% | $15.64B |
| STONEBRIDGE CAPITAL MANAGEMENT INC | $266K | $5.78 | +$133K | +$133K | +0.6% | $220M |
| CITADEL ADVISORS LLC | $223K | $5.06 | +$132K | +$223K | -0.4% | $138.22B |
| FNY Investment Advisers, LLC | $182K | $5.78 | +$183K | +$182K | -0.7% | $225M |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $182K | $6.20 | +$91K | +$182K | +0.0% | $632M |
| LPL Financial LLC | $177K | $5.78 | +$177K | +$177K | -0.2% | $372.65B |
| VANGUARD FIDUCIARY TRUST COPassive | $158K | $5.78 | +$158K | +$158K | — | $395.83B |
| STATE STREET CORPPassive | $139K | $5.78 | +$139K | +$139K | -0.2% | $2.89T |
| JAMES INVESTMENT RESEARCH INC | $139K | $5.10 | +$69K | +$69K | -0.2% | $888M |
| JANE STREET GROUP, LLCMM | $114K | $5.78 | −$71K | +$114K | — | $92.10B |
| NORTHERN TRUST CORPPassive | $64K | $5.78 | +$64K | +$64K | -0.2% | $755.34B |
| MORGAN STANLEY | $16K | $4.66 | +$16K | +$16K | -0.3% | $1.65T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.72%
avg per quarter
Holders (ex-self)
+0.72%
excl. this stock
Buyers (this Q)
+0.06%
12 buyers · $0.00B in
Sellers (this Q)
+0.00%
1 sellers · $0.00B out
alpha coverage: 86% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+27.3%
how holders react when this stock falls
On quiet Qs
-3.0%
−10% to +10% baseline
On rallies (+10%+)
+18.4%
how they react when this stock rises
Holders' portfolio flow this Q
+1.0%
inflows — adds are organic
Sellers' portfolio flow this Q
+11.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.6%
Holder mid (any stock)
-4.0%
Holder rally (any stock)
-1.8%
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 74.6%
Compound Planning, Inc.--
RENAISSANCE TECHNOLOGIES LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
DIMENSIONAL FUND ADVISORS LP--
BRIDGEWAY CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Compound Planning, Inc.622KRENAISSANCE TECHNOLOGIES LLC326KInformed Momentum Co LLC—BRIDGEWAY CAPITAL MANAGEMENT, LLC142KFMR LLC44ACADIAN ASSET MANAGEMENT LLC86KEmpowered Funds, LLC50KMARSHALL WACE, LLP62KSTONEBRIDGE CAPITAL MANAGEMENT INC46KCITADEL ADVISORS LLC39K
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.31M
18 txns · 2 insiders · 125,045 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$56K
1 txn · 1 insider · 7,500 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-19 | SELL | ADELMAN JASON T | director | 14,975 | $13.99 | $210K | $560K |
| 2026-05-18 | SELL | ADELMAN JASON T | director | 35,000 | $17.39 | $609K | $956K |
| 2026-04-20 | SELL | TING HOCK MING | director | 2,000 | $7.13 | $14K | $1.06M |
| 2026-04-17 | SELL | TING HOCK MING | director | 3,800 | $7.08 | $27K | $1.06M |
| 2026-04-16 | SELL | TING HOCK MING | director | 4,000 | $7.04 | $28K | $1.08M |
| 2026-04-15 | SELL | TING HOCK MING | director | 3,000 | $6.99 | $21K | $1.10M |
| 2026-04-14 | SELL | TING HOCK MING | director | 12,600 | $6.93 | $87K | $1.12M |
| 2026-04-13 | SELL | TING HOCK MING | director | 6,000 | $6.73 | $40K | $1.17M |
| 2026-04-09 | SELL | TING HOCK MING | director | 4,000 | $6.78 | $27K | $1.22M |
| 2026-03-16 | SELL | ADELMAN JASON T | director | 5,000 | $5.61 | $28K | $280K |
| 2026-03-10 | SELL | ADELMAN JASON T | director | 5,000 | $5.82 | $29K | $320K |
| 2026-03-06 | SELL | ADELMAN JASON T | director | 7,489 | $5.53 | $41K | $332K |
| 2026-03-05 | SELL | ADELMAN JASON T | director | 4,511 | $5.55 | $25K | $374K |
| 2026-01-16 | SELL | TING HOCK MING | director | 70 | $6.78 | $475 | $1.25M |
| 2026-01-15 | SELL | TING HOCK MING | director | 3,000 | $6.90 | $21K | $1.29M |
| 2026-01-12 | SELL | TING HOCK MING | director | 5,000 | $7.08 | $35K | $1.34M |
| 2026-01-07 | SELL | HOROWITZ RICHARD M | director, 10 percent owner: | 7,500 | $7.50 | $56K | $4.66M |
| 2026-01-07 | SELL | TING HOCK MING | director | 6,600 | $7.37 | $49K | $1.43M |
| 2026-01-06 | SELL | TING HOCK MING | director | 3,000 | $6.63 | $20K | $1.22M |
Order Flow (FINRA, ~3w lag)
49.4%retail+2.2pp
8.7%dark+0.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Trio-Tech International: Massive Customer Concentration and China Real Estate Rot Masking Margin Collapse
Overall Risk
7/10
Fraud
4/10
Dilution
4/10
Insolvency
3/10
Earnings Overstated
6/10
Hidden Liabilities
5/10
Legal
4/10
Audit Warnings
2/10
Hidden Upside
3/10
Contextually Acceptable
3/10