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ZYBERNO

Stock Report

Updated Aug 31, 2026

TRIO-TECH INTERNATIONAL (TRT)

Technology • NYSE

$9.80

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

50.0/100

AVERAGE BUSINESS

TRIO-TECH INTERNATIONAL (TRT) scores 50/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full TRT quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-25.6%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

10.7%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full TRT valuation analysis · → View full TRT Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (1.9%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.18x)

Operating Margin (Operational Efficiency):CRITICAL (1.6%)

Return on Capital (Capital Efficiency):CRITICAL (2.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

TRIO-TECH INTERNATIONAL (TRT) stock report — Zyberno Score 50/100 (AVERAGE BUSINESS), Margin of Safety -25.6%, 11% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, TRIO-TECH INTERNATIONAL (TRT) trades at $9.80 against an estimated intrinsic value per share of $7.80 — a -25.6% Margin of Safety based on Owner Earnings of $2.22M TTM, projected at 20.2% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 10.7% annually.

Over the trailing twelve months, TRT generated $2.22M in Owner Earnings. Capital was deployed as follows: $944.00K invested in capital expenditures. Owner Earnings have grown at 20.2% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:9.80

Market Cap:$86.63M

Valuation Multiples (4)

P/E Ratio:

70.00x

📊 Click to view full TRT P/E analysis →

P/B Ratio:2.67x

P/S Ratio:1.48x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$76.53M

Ev Ebitda Ratio:24.04x

Pfcf Ratio:46.57x

Price Action & Momentum (1)

% of 52-Week High:45.8%

B. Profitability Assessment

Return Metrics (3)

ROE:

1.9%

📊 Click to view full TRT ROE analysis →

ROA:1.4%

Roic:

2.1%

📊 Click to view full TRT ROIC analysis →

Margin Analysis (3)

Operating Margin Ttm:1.6%

Net Margin Ttm:1.1%

Ebitda Margin:5.5%

TTM Performance (3)

Gross Margin Ttm:17.6%

Operating Margin Ttm:1.6%

Net Margin Ttm:1.1%

Yield Metrics (3)

Earnings Yield:$1.20

Owner Earnings Yield:$2.15

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.82

📊 Click to view full TRT Earnings Surprise analysis →

EPS Surprise vs Expected:100.0%

Latest Earnings Filed:2026-05-14

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):5.0%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-36.8%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):14.8%

Operating Cash Flow Growth Rate (Linear):16.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-33.1%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.38x

Quick Ratio:3.13x

Cash Ratio:1.32x

Leverage Analysis (3)

Debt To Equity Ttm:0.18x

Debt-to-Equity Ratio:0.18x

Debt To Ebitda:0.90x

Coverage Ratios (2)

Interest Coverage Ratio:5.08x

Times Interest Earned:5.08

Capital Structure (4)

Working Capital:23,418,000.00

Cash And Cash Equivalents:12,970,000.00

Long Term Debt:$2.10M

Net Debt:-$10.10M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $58.35M

Linear Growth: 5.0%

📊 Click to view full TRT Revenue analysis & methodology →

Cost Of Revenue Ttm:$48.08M

Profitability Breakdown (2)

Gross profit TTM: $10.27M

Linear Growth: -5.1%

📊 Click to view full TRT Gross Profit analysis & methodology →

Operating income TTM: $925.00K

Linear Growth: -33.1%

📊 Click to view full TRT Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $619.00K

Linear Growth: -36.8%

📊 Click to view full TRT Net Income analysis & methodology →

Income Before Tax:$798.00K

Ebitda Ttm:3,184,000.00

Operating Expenses (5)

Operating Expenses:9,737,000.00

R And D Expense:391,000.00

Sga Expense:8,538,000.00

Income Tax Expense:$449.00K

Interest Expense:50,000.00

Expense Ratios (3)

R And D To Revenue Percentage:2.4%

Sga To Revenue Percentage:51.7%

Ebitda Margin:5.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$44.72M

Current Assets:$33.27M

Ppe Net:0.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:12,251,000.00

Current Liabilities:9,855,000.00

Long Term Debt:$2.10M

Short Term Debt:$766.00K

Equity & Capital (3)

Equity:$32.46M

Retained Earnings:$11.03M

Common Stock:14,378,000.00

Working Capital Items (3)

Accounts Receivable:13,386,000.00

Inventory:2,472,000.00

Accounts Payable:5,698,000.00

Special Items (2)

Contract Liabilities:92,000.00

Stock Based Compensation:58,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $3.16M

Linear Growth: 16.8%

Free cash flow TTM: $2.22M

Linear Growth: 14.8%

📊 Click to view full TRT Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$652.00K

Capital Expenditures Ttm:944,000.00

Financing Activities (3)

Financing Cash Flow:-$219.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:2,259,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.14

Eps diluted TTM: $0.14

Linear Growth: -44.0%

📊 Click to view full TRT EPS analysis & methodology →

Earnings Per Share Ttm:$0.07

Revenue & Cash Per Share (3)

Sales Per Share Ttm:6.60

Operating Cash Flow Per Share:$0.04

Fcf Per Share Ttm:0.25

Book Value & Capital (2)

Book Value Per Share:$3.67

Cash Per Share:1.47

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.30x

Working Capital Turnover Ttm:2.49x

Receivables Management (2)

Receivables Turnover Ttm:4.36x

Days Sales Outstanding Ttm:83.74

Inventory Management (2)

Inventory Turnover Ttm:19.45x

Days Inventory Outstanding Ttm:18.77

Payables & Cash Cycle (2)

Days Payable Outstanding:43.26

Cash Conversion Cycle:59.25

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $2.22M

Linear Growth: 20.2%

📊 Click to view full TRT Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.25

Owner Earnings Yield:$2.15

Growth Assessment (1)

Owner Earnings Growth Rate:$20.17

Intrinsic Value Models (1)

Intrinsic Value:

$68.99M

📊 Click to view full TRT DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-25.6%

📊 Click to view full TRT valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

10.7%

📊 Click to view full TRT expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):5.0%

Net Income Growth Rate (Linear):-36.8%

Operating Income Growth Rate (Linear):-33.1%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):14.8%

Operating Cash Flow Growth Rate (Linear):16.8%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-5.1%

Book Value Growth Rate (Linear):4.5%

Owner Earnings Growth Rate:$20.17

C. Company Profile & Context

Corporate Information (6)

Symbol:TRT

Company Name:TRIO-TECH INTERNATIONAL

Sector:Technology

Industry:Specialized Technology Equipment

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:8.84M

Shares Outstanding Basic:8.84M

Shares Outstanding Diluted:9.75M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 17:49:28 UTC

Data Timestamp:2026-08-19T16:33:33.381800