# Trainline Plc (TRN.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Consumer Cyclical / Hotels, Restaurants & Leisure. Price 191p, market value 650 millionp.

## Valuation
- **P/E (trailing): 10.1×** (5-yr avg 3365.9×, 3-yr avg 2585.3×). Trainline Plc trades at 10.1× trailing earnings, well below its own five-year average of 3365.9×: cheap by its own standards. The Consumer Cyclical median in the September 2026 study was 19.5×. Forward P/E is 7.2×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.16**. A PEG of 0.16 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.7×**. Each dollar of revenue is priced at 0.7×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 3.5×**. The shares trade at 3.5× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 2.8×**. Enterprise value is 2.8× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 37.7%** (5-yr avg 0.1%). Free cash flow equals 37.7% of the market value, above its five-year average of 0.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 9.9%**. The inverse of the P/E: 9.9% of the price is earned each year.

## Profitability
- **Gross margin: 76.6%**. Trainline Plc keeps 76.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 23.2%**. 23.2% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 17.6%**. 17.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 39.1%**. 39.1% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 36.2%**. Return on all capital, debt included, is 36.2%: comfortably above what that capital costs.
- **Return on assets: 19.7%**. Each dollar of assets produces 19.7% of profit.

## Growth
- **Revenue growth (1 yr): 2.4%** (3-yr 11.4%/yr, 5-yr 46.5%/yr). Revenue grew 2.4% over the last year, against 46.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 46.2%** (3-yr 61.9%/yr). Earnings per share rose 46.2%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 1.28**. Debt is 1.28 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 0.7×**. It would take 0.7 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 10.3×**. Operating profit covers interest 10.3× over, a safe margin.
- **Current ratio: 0.63** (quick 0.63). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 2.27**. A Z-score of 2.27 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Trainline Plc does not currently pay a dividend, but it returned 41.2% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): -27.2%** (YTD -12.9%, 3-mo -15.5%). The shares are down 27.2% over twelve months including dividends.
- **From 52-week high: -37.8%** (7.4% above the low). Trading 38% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 34**. An RSI of 34 is neutral.
- **Beta (1 yr): 0.62** (volatility 38%). Beta of 0.62 against the FTSE All-Share: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=TRN.L · Page: https://foliofundamentals.com/stocks/trn.l

Not investment advice.