# Trimble Inc. (TRMB)

> Source: Nexqual · https://nexqual.com/TRMB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Trimble Inc. (TRMB), nexqual.com/TRMB" · informational, not investment advice.

**Price:** USD 64.01 (+2.27% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 62.59 · day 62.39–64.12 · 52w 47.92–84.42 · market cap $14.9B · NMS

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $3.78B, net income -$105M (-2.8% margin), free cash flow $773M (SEC filings).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.7M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -20.7% vs S&P 500 +14.9%; 5Y -26.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.86, revenue estimate $966M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.66B | $3.68B | $3.80B | $3.68B | $3.59B | $3.78B |
| Gross profit | $2.03B | $2.11B | $2.33B | $2.40B | $2.48B | — |
| Operating income | $561M | $511M | $449M | $461M | $592M | $643M |
| Net income | $493M | $450M | $311M | $1.50B | $424M | -$105M |
| EPS (diluted) | $1.94 | $1.80 | $1.25 | $6.09 | $1.76 | — |
| Free cash flow | $704M | $348M | $555M | $498M | $361M | $773M |
| Gross margin | 55.6% | 57.3% | 61.4% | 65.1% | 69.1% | — |
| Operating margin | 15.3% | 13.9% | 11.8% | 12.5% | 16.5% | 17.0% |
| Net margin | 13.5% | 12.2% | 8.2% | 40.8% | 11.8% | -2.8% |
| Revenue growth | +16.1% | +0.5% | +3.3% | -3.0% | -2.6% | — |
| Cash + short-term investments | $326M | $271M | $230M | $739M | $253M | — |
| Total debt | $1.29B | $1.52B | $3.07B | $1.39B | $1.39B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/S 4.0x · EV/EBITDA 19.1x · EV/Sales 4.3x · P/FCF 19.3x · P/B 2.9x · FCF yield 5.18% · Earnings yield -0.70% · Buyback yield (TTM) 3.45% · Net debt $1.24B · EV $16.2B
P/E at fiscal year-ends: Jan 2026 38.5x, Jan 2025 12.3x, Dec 2023 42.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-04 | Gabriel Kaigham | Director | 1,718 | $103K | 9% | Yes | Too little history (no open-market trades in 2024) |
| 2026-04-16 | Schwartz Mark David | Senior VP, AECO | 16,725 | $1.1M | 46% | Yes | Too little history (no open-market trades in 2023) |
| 2026-04-14 | Painter Robert G | President & CEO | 7,500 | $502K | 2.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | JP Morgan | Target lowered | Overweight | $76 → $75 |
| 2026-08-19 | Barclays | Target raised | Overweight | $79 → $80 |
| 2026-08-13 | Bernstein | Target lowered | Outperform | $85 → $73 |
| 2026-08-13 | JP Morgan | Target raised | Overweight | $75 → $76 |
| 2026-08-13 | Piper Sandler | Reiterated | Overweight | $87 |
| 2026-07-14 | Wells Fargo | Target lowered | Overweight | $70 → $61 |
| 2026-07-13 | JP Morgan | Target lowered | Overweight | $88 → $75 |
| 2026-07-07 | Oppenheimer | Reiterated | Outperform | $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -20.7% | -26.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -20.7% | -6.0% |
| Volatility (annualized) | 32.2% | 32.8% |
| Max drawdown | -41.5% (Dec 2025→Jun 2026) | -52.8% (Nov 2021→Nov 2023) |

## Peers (Scientific & Technical Instruments)
MKSI (MKS Inc.) USD 196.11 -9.25% · FTV (Fortive Corporation) USD 60.05 +2.40% · CGNX (Cognex Corporation) USD 54.6 -5.94% · TDY (Teledyne Technologies Incorpora) USD 620.47 -1.53% · ESE (ESCO Technologies Inc.) USD 232.99 -5.87% · ST (Sensata Technologies Holding pl) USD 40.7 -3.74%

## More
Full page: https://nexqual.com/TRMB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TRMB's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/trmb-20260102.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Jabil and Benchmark Electronics | "We outsource the manufacturing of many of our hardware products to our key contract manufacturing partners, which include Jabil and Benchmark Electronics Inc. Our contract manufacturing partners are responsible for signi…" |
| Customer | Caterpillar (CAT) | "These go-to-market capabilities include: direct sales to end users; independent dealers; joint ventures, including with Caterpillar, AGCO Corporation ("AGCO"), Hilti, and Nikon;" |
| Partner | AGCO | "We maintain a joint venture, PTx Trimble, with AGCO to develop the next generation of advanced electronic guidance and control products for agriculture." |
| Partner | Platform Science | "From time to time, we have divested businesses, including the sale of our agricultural business to a joint venture with AGCO and the sale of our Mobility business to Platform Science." |

Other companies that name TRMB in their own reports (relationship from TRMB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | AGCO CORP /DE (AGCO) | 10-K 2026-02-13 | "These investments include the acquisition of the agriculture assets and technologies of Trimble through the formation of a joint venture of which we own 85% as further discussed in the PTx Trimble joi…" |

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Field Systems | $442.5M | 45.5% | +12.7% | $145.8M | 32.9% |
| AECO | $388.5M | 40.0% | +10.9% | $119.0M | 30.6% |
| T&L | $141.0M | 14.5% | +6.3% | $33.9M | 24.0% |
| Total revenue | $972.0M | 100% | — | $132.0M | 13.6% |

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription and services | $640.6M | 65.9% | +9.9% |
| Product | $331.4M | 34.1% | +13.2% |
| Total revenue | $972.0M | 100% | — |

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $580.0M | 59.7% | +13.5% |
| United States | $534.4M | 55.0% | +14.5% |
| Europe | $268.6M | 27.6% | +7.6% |
| Asia Pacific | $89.7M | 9.2% | +10.1% |
| Rest of World | $33.7M | 3.5% | +0.3% |
| Total revenue | $972.0M | 100% | — |
The lines above cover 155% of total revenue.

## Company outlook (8-K filed 2026-08-12)

- "Full Year Guidance • Record annualized recurring revenue, reflecting ongoing execution of the Connect & Scale strategy • Record second quarter gross margins • Second quarter results exceeded expectations • Raising full year 2026 revenue and earnings guidance • Board of Directors approves new share repurchase authorization of $1.0 billion WESTMINSTER, Colo., Aug 12, 2026 - Trimble Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.86 | $0.87 | -0.9% | $966.4M | 11 |
| Next quarter (ends 2026-12-31) | $1.16 | $1.13 | +3.1% | $1.05B | 11 |
| Current fiscal year (ends 2026-12-31) | $3.67 | $3.59 | +2.3% | $3.93B | 12 |
| Next fiscal year (ends 2027-12-31) | $4.14 | $4.08 | +1.5% | $4.24B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±9.9%; last 8 reports averaged ±5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.7% | ±9.9% |
| 2026-12-18 | 56 | 38.9% | ±11.8% |
| 2027-01-15 | 84 | 36.8% | ±14.2% |
| 2027-02-19 | 119 | 38.1% | ±17.4% |
| 2027-05-21 | 210 | 40.0% | ±23.5% |