Start here if you're new
what it is
Trimble sells the tools and software that tell builders, farmers, surveyors, and fleets exactly where things are and what to do next.
how it gets paid
FY2025 revenue was ~$3.59B (down ~3% vs. prior year as reported). Buildings and infrastructure was the main engine at ~$1.37B, or ~38% of sales.
why growth slowed
Revenue fell ~3% last year as reported, but organic trends and ARR were stronger — read reported vs organic in filings, not just the headline decline.
what just happened
Q4 2025: GAAP EPS $0.65; non-GAAP EPS ~$1.00 — ahead of expectations. Comparing GAAP $0.65 to a non-GAAP consensus (~$0.97) is an apples-to-oranges miss narrative.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
85/100 earnings predictability — models usually land near guidance
23.0x trailing p/e — full multiple for an industrial-software hybrid
13.0% return on capital — fine, not elite
xvary composite: 54/100 — below average
What they do
Trimble sells the tools and software that tell builders, farmers, surveyors, and fleets exactly where things are and what to do next.
If your crews, machines, and office teams all work off Trimble coordinates, ripping it out is like changing the map while the job is live. That pain matters because 43.5% of 2024 sales came from outside the U.S., which tells you this workflow is embedded across customers and countries. Positioning solutions → location and jobsite data tools → so what: once your work depends on the same digital coordinates, switching gets expensive fast.
How they make money
$3.59B
annual revenue (FY2025) · reported revenue down ~3% vs. prior year
Buildings and infrastructure
$1.37B
+6.0%
Geospatial and surveying
$0.94B
+3.0%
Agriculture and field systems
$0.72B
2.0%
Transportation, logistics, and other
$0.58B
1.0%
The products that matter
construction and field workflows
construction solutions
part of a ~$3.59B FY business
this is where the software-plus-device model matters most. FY2025 revenue was ~$3.59B; profitability looks very different on GAAP (~low-double-digit net margin) versus adjusted (~low-20%s) — always check which lens you are using.
workflow lock-in
surveying and positioning tools
geospatial tools
core precision stack
these products anchor Trimble's identity. the segment table shows ~$0.94B here — paired with buildings & infrastructure at ~$1.37B, you can see where the mix actually sits.
precision
agriculture and public sector tech
field positioning software
diversified end markets
exposure across agriculture and government helps, but it did not stop reported revenue from slipping ~3% in FY2025. that's diversification, not immunity.
end-market spread
Key numbers
$3.50
2027 EPS est
Street-style 2027 non-GAAP EPS near ~$3.50 vs FY2025 non-GAAP ~$3.13 implies low-teens growth — a forecast, not a promise. GAAP EPS trails far lower because of adjustments.
16.5%
operating margin
Operating margin → profit after running the business → so what: Trimble keeps $16.50 from every $100 of sales before interest and taxes.
13.0%
return on capital
Return on capital → profit from the money tied up in the business → so what: this is solid, but it is not elite enough to justify blind faith.
$1.4B
long-term debt
Debt equals 8% of capital, which tells you the balance sheet is not the problem here.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $1.4B (8% of capital)
- net profit margin ~21% adj. net margin — non-GAAP; GAAP net margin FY2025 ~12%
- return on equity 14% — $0.14 profit for every $1 investors have put in
B++ — balance sheet is a strength; debt load is modest relative to scale.
Total return vs. market
You invested $10,000 in TRMB 3 years ago → it's now worth $12,480.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Q4 2025: revenue ~$970M; GAAP EPS $0.65; non-GAAP EPS ~$1.00 — company said results exceeded expectations.
FY2025 revenue ~$3.59B (down ~3% reported; up ~6% organic per release). Gross and operating margins hit record levels for the quarter and year on an adjusted basis — the story is mix and execution, not a pure revenue melt.
~$970M
Q4 revenue
~$1.00
Q4 EPS (non-GAAP)
68.0%
gross margin
ARR
ARR ~$2.39B (+6% vs. prior year reported; +14% organic) mattered most — it is the cleanest read on whether the subscription shift is sticking.
-
trimble shares have declined an additional 12% in value since our early november report.with FY2025 now filed, the debate shifts from “what printed?” to whether organic growth and ARR can re-rate the multiple.
-
FY2025 was mixed as reported: revenue down ~3%, but margins and ARR set records on the metrics management highlights.
-
the equity remains well-below its 52-week high, and ongoing volatility is likely.last year’s financial disclosure and 2026 outlook may stoke some reaction from the investment community.
-
we are cautiously optimistic that business fundamentals will improve in 2026 and 2027.our near-term sales and earnings estimates anticipate single-digit advances over the two-year period. the company has an ongoing ‘connect and scale’ initiative geared toward the pursuit of cost savings.
-
this tactic is expected to continue to prove beneficial to trimble’s bottom line.
source: Trimble Q4 / FY2025 release (Feb 2026)
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What could go wrong
the #1 risk is revenue staying soft while the cost-savings story does all the work.
med
revenue softness in construction, surveying, agriculture, or government
trimble already posted a ~3% decline in reported FY2025 revenue. another weak year would turn a temporary slowdown into a pattern.
with revenue near ~$3.6B and the stock still trading at ~23× trailing earnings, the valuation does not leave much room for repeated top-line misses.
med
"connect and scale" fails to convert into durable earnings power
the company is leaning on efficiency to help profits. that works best when it buys time for growth to come back, not when it becomes the whole thesis.
if savings do not support FY2026 non-GAAP EPS guidance (~$3.42–$3.62), the stock stops looking like a recovery and starts looking expensive.
med
tariffs, trade friction, or component costs pressure margins
this is still a hardware-linked business. higher input costs would squeeze margins — GAAP net margin runs much lower than adjusted, so watch both.
margin pressure matters because profitability is one of the main reasons investors give trimble the benefit of the doubt.
reported revenue already fell ~3% to ~$3.59B in FY2025, so Trimble does not have a giant margin for error if organic reacceleration stalls.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
the revenue line
~$3.59B FY revenue and ~$970M in Q4 are the anchors. trimble needs reported revenue growth to cooperate with the organic/ARR story.
calendar
next earnings report
the next release needs to show whether the recent EPS strength is being matched by a healthier top line.
risk
margin pressure from hardware and trade exposure
GAAP vs adjusted margins can diverge sharply quarter to quarter — track both so one clean print does not fool you on the other basis.
trend
whether institutions keep buying
three straight quarters of net buying is supportive. if that reverses before growth returns, the tone around the stock changes fast.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts are not giving trimble the benefit of the doubt over the next 6–12 months.
risk profile
average
stability score 3 — this is not a bunker stock, but it is not chaos either.
chart momentum
top 20%
technical score 2 — the chart has held up better than the narrative. that can happen when fundamentals are waiting for a turn.
earnings predictability
85 / 100
guidance has been fairly reliable. you usually are not walking into a total surprise here.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 375 buyers vs. 323 sellers in 3q2025. total institutional holdings: 0.2B shares.
source: institutional data
Price targets
3-5 year target range
$53
$108
$71.38
current price
$81
target midpoint · +13% from current · range high: $108 (~+51% from current)
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