Trio-Tech International (TRT) Stock

Trio-Tech International (TRT) is a Industrials stock trading at $9.80 (as of 2026-09-01), with a market capitalization of $99.10M and a trailing P/E of 284.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Trio-Tech International provides manufacturing, testing, and distribution support for the semiconductor industry. Its testing services include reliability and qualification testing and various environmental, burn-in, electrical, leak, and vibration tests, while its manufacturing segment produces semiconductor test equipment and wet process stations, along with related back-end equipment.

Understand Trio-Tech International: how it makes money

Trio-Tech builds and services high-temperature burn-in boards and runs reliability testing labs for semiconductor manufacturers, charging per-board and per-test fees. It is a tiny pure-play on chip production volumes; revenue is almost entirely from back-end semiconductor solutions, with industrial electronics a rounding error.

Revenue scales almost one-for-one with the number of burn-in boards and test-hour slots the customer needs, so profit is a function of semiconductor wafer-output volume minus a relatively fixed cost base for lab operations and board inventory.

Revenue by segment (latest quarter)
Back-end Solutions	$0.0B
Industrial Electronics	$0.0B

Business quality (Mixed): Growth is real but the base is micro; at this scale every dollar of overhead lands on a very small revenue line, keeping the company near breakeven.

Valuation: At 301× earnings, TRT trades 844% above the Machinery average (32×).

Bull case

Revenue nearly doubled year over year: Top-line revenue grew 123.6% year over year in the latest quarter, signalling that demand for burn-in and reliability testing is accelerating alongside chip production cycles. For a company this small, that growth rate implies the order book is filling faster than capacity was being added.

Bear case

Growth has not yet produced operating profit: Despite the 123.6% revenue surge, operating margin sits at negative 0.5% (roughly breakeven), meaning the incremental revenue is being absorbed by cost rather than flowing to the bottom line. Until the fixed-cost base is covered, further top-line growth does not create shareholder value.
P/E 844% above Machinery industry: The stock trades at a P/E of 301.1x versus the 32x Machinery industry average, a premium of 844%. That embedding leaves virtually no margin for execution missteps, demand softness, or further dilution before the multiple compresses sharply.

Valuation — source: SEC EDGAR (first-party)
Price	$9.80
Market Cap	$99.10M
P/E Ratio	284.8
EV / EBITDA	25.7
Price / Book	3.05
Price / Sales	1.70
FCF Yield	-0.6%
DCF Value (model)	$3.10
DCF Upside vs Price	-68.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$36.47M
Net Margin	-0.1%
Revenue Growth (YoY)	123.6%
EPS Growth (YoY)	-100.0%
FCF Growth (YoY)	13.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.64 (safe)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	284.8
Sector P/E (Industrials)	25.7
Industry P/E (Machinery)	31.6
vs Sector	1007.1%
vs Industry	800.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Compound Planning, Inc. ($3.59M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Machinery
CEO	Siew Wai Yong
Employees	673
Country	US
IPO Date	1992-06-16

Related Companies (Machinery; 8 comparable machinery makers)

Data as of 2026-09-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.