Trimble Inc. (TRMB)
NEUTRALファンダメンタル
60
株価
$59.38
時価総額
$14.05B
パート1 · 企業の価値
概要
Trimble makes hardware — GPS receivers, laser levels, machine-control systems — and the software that runs on top of it, sold to construction firms, farmers, surveyors and trucking companies to help them position equipment precisely and manage their operations digitally. It has been reshaping itself from a positioning-hardware vendor into a software company: an increasing share of revenue now comes from subscriptions to design, project-management and fleet-tracking software rather than from selling a one-time piece of equipment.
収益の仕組み
Revenue is split between selling hardware and perpetual software licenses upfront, and collecting recurring subscription fees for cloud software and data services, with the subscription share growing steadily as a portion of the total. Because software carries much higher margins and recurs automatically, Trimble's profitability improves as annual recurring revenue rises relative to one-time hardware sales, even when equipment volumes are flat or declining in a soft construction or agriculture market.
セグメント別売上高
Positioning hardware and machine-control systems for construction equipment and agriculture, sold mainly through equipment dealers.
Design, engineering and project-management software and services for architects, construction firms and building owners, Trimble's most software-heavy and fastest-growing segment.
Software and hardware that trucking fleets and freight brokers use to plan routes, track loads and connect shippers with carriers.
競争優位性(moat)
スイッチングコスト · 狭いOnce a construction or farming operation builds its workflows around Trimble's hardware and software, from field data collection to project design, switching to a competing ecosystem means re-training crews and re-integrating data across many tools, which discourages change. But the company competes against well-resourced rivals like Deere, Topcon and Hexagon in various pieces of its business, limiting how much this lock-in translates into pricing power.
需要を左右する要因
景気循環型Hardware sales follow construction and agricultural equipment cycles, which expand when building activity and farm income are strong and contract when interest rates rise or commodity prices fall. The growing subscription software base is more resilient than the hardware it is layered on top of, but Trimble's overall results still move with the broader capital-spending cycle in the industries it serves.
主なリスク
- Construction and agriculture capex cyclicality — A large share of hardware revenue depends on construction firms and farmers being willing to invest in new equipment, and that spending slows quickly when interest rates rise or commodity and building-activity outlooks weaken.
- Software transition execution risk — Trimble's strategy depends on converting hardware customers to recurring software subscriptions faster than legacy hardware and perpetual-license revenue declines; a slower-than-expected transition would weigh on both growth and margins.
- Competition from larger, well-funded rivals — Trimble competes against much larger companies like Deere in some of its markets and specialized rivals like Topcon and Hexagon in others, any of which can outspend it on research or undercut it on price in a given product line.
- Dealer channel dependence — Much of the Field Systems hardware business is sold through third-party equipment dealers rather than directly, so Trimble's growth depends partly on decisions and inventory choices made by partners it does not control.
強気材料
Buyers argue that Trimble's shift toward recurring software revenue and rising annual recurring revenue growth show the transformation from a hardware vendor to a software company is working, that its position across construction, agriculture and transportation diversifies it beyond any single end market, and that margins should keep expanding as the software mix grows.
弱気材料
Sellers fear that hardware sales tied to construction and agriculture equipment cycles remain volatile and can offset gains from the software transition, that larger competitors in each of Trimble's markets limit its pricing power, and that the shift to subscriptions temporarily depresses reported revenue even as underlying recurring revenue grows.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$3.78B
直近12か月(2026/7/3まで)
純利益
$-105M
直近12か月(2026/7/3まで)
フリーキャッシュフロー
$361M
自己資本合計
$5.84B
負債合計
$3.48B
流動比率
0.95
利払い倍率
8.05
負債/EBITDA
1.84
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$54.67
現在株価
$59.38
安全マージン
-8.6%
適正価値レンジ
$35.54 - $73.81
推定方法
バリュエーション指標
P/E レシオ
34.23
ROE
7.3%
P/B レシオ
2.77
P/FCF
18.30
粗利益率
69.8%
ROIC
7.1%
収益性レーダー
Value Creation (Economic Moat)
ROIC
7.1%
WACC
11.1%
ROIC − WACC
-4.0 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格(18)
- EPS shows upward trend
- Price CAGR 7.17%
- ROIC 7.1%
- Gross Margin 69.8%
- P/FCF 18.30
- P/B Ratio 2.77
- Debt/Equity ratio
- Operating Margin 17.0%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- ROE 9.1%
- Analyst Consensus 95% Buy
- Earnings Surprise avg 6.4%
- Share Dilution -2.5%
- Piotroski F-Score 5/9
不合格(7)
- EPS CAGR 2.59%
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y -0.4%
- Net Margin Trend -2.8% vs 8.0%
データなし(3)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-スコア
まちまちのシグナル:一部の領域に注意が必要
利益の質
低品質:会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Robert G. Painter | CEO, President & Director | 53 |
| Mr. Phillip Sawarynski | Executive VP & CFO | 51 |
| Mr. Ronald J. Bisio | Group President of Field Systems | 55 |
| Mr. Mark Schwartz | Group President of AECO Software | 49 |
| Mr. Chris Keating | Group President of Transportation & Logistics | 53 |
| Ms. Leah K. Lambertson | Senior VP of Operations & Head of Sustainability | - |
| Mr. Kenneth B. Bement | Chief Accounting Officer | 45 |
| Mr. Jim Palermo | Chief Information Officer | - |
| Mr. Michael Leyba | Director of Investor Relations | - |
監査リスク
10
取締役会リスク
4
報酬リスク
6
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for TRMB, sourced from Markets Gazette.