Trex Co. Inc. (TREX) intrinsic value & 10-year financials
Trex Co. Inc. (TREX) has a Graham intrinsic value of $54.30 per share. At $45.73 on Oct 17, 2026, the stock trades 16% below that value. Over the last 10 fiscal years revenue grew 10.5% a year to $1.2B, with an average return on invested capital of 40.2%.
- Graham intrinsic value
- $54.30
- Share price (Oct 17, 2026)
- $45.73
- Price vs Graham value
- 16% below
- Market cap
- $4.9B
- Revenue (FY2025)
- $1.2B
- Revenue growth (10-yr CAGR)
- 10.5%
- ROIC (10-yr avg)
- 40.2%
- Free cash flow (FY2025)
- $134.5M
TREX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | $190.4M | $1.78 | $134.5M | 22.0% | 19.4% |
| FY2024 | $1.2B | $226.4M | $2.09 | -$88.4M | 26.5% | 27.9% |
| FY2023 | $1.1B | $205.4M | $1.89 | $223.3M | 25.2% | 32.5% |
| FY2022 | $1.1B | $184.6M | $1.65 | $40.0M | 22.3% | 32.3% |
| FY2021 | $1.2B | $208.7M | $1.80 | $98.7M | 23.0% | 37.7% |
| FY2020 | $880.8M | $175.6M | $1.51 | $14.5M | 26.5% | 42.1% |
| FY2019 | $745.3M | $144.7M | $1.24 | $89.1M | 25.2% | 50.2% |
| FY2018 | $684.2M | $134.6M | $1.14 | $104.3M | 25.8% | 56.7% |
| FY2017 | $565.2M | $95.1M | $0.81 | $86.8M | 25.2% | 52.2% |
| FY2016 | $479.6M | $67.8M | $0.57 | $70.7M | 21.7% | 51.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TREX CO INC is a consistent compounder, expanding top-line revenue at 10.5% annually over the past decade.
TREX CO INC has earned high returns on invested capital, averaging 40.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
TREX CO INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TREX CO INC is modeled at 13.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $54.30 per share.