Trigano SA (TRI) AI Stock Analysis

• Market Cap: €2.77B
• Dividend Yield: 2.07%
• Average Volume (3M): 19.11K
• Price to Earnings (P/E): 5.4
• Beta (1Y): 1.31
• Revenue Growth: -6.78%
• EPS Growth: -36.04%
• Country: FR
• Employees: 10,652
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): 6.93
• Shares Outstanding: 19,336,267
• 10 Day Avg. Volume: 21,451
• 30 Day Avg. Volume: 19,106
• PEG Ratio: -0.33
• Price to Book (P/B): 1.39
• Price to Sales (P/S): 0.79
• P/FCF Ratio: 5.51
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €197.00
• Price Target Upside: 16.98% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 15.65
• Revenue Forecast (FY): €3.95B

• Rating: 71 Outperform
• Price Target: €159.00 ▼(-5.58% Downside)
• Action: Reiterated Date: 12/26/25
• Date: Action: Reiterated 12/26/25

The score is driven by solid technical strength and a conservative balance sheet, partially offset by the latest-year deterioration in revenue/margins and historically uneven cash-flow conversion. Valuation is supportive with a moderate P/E and a modest dividend yield.

Positive Factors

Conservative balance sheet

Low leverage and meaningful equity growth provide durable financial flexibility. With debt-to-equity well below 0.25, Trigano can better withstand cyclical downturns, fund working-capital swings, and invest in capacity or product development without relying on costly external financing.

Historic profitability and ROE

Sustained mid-teens to ~20% ROE and multi-year operating profitability indicate durable earnings power and capital efficiency across cycles. This track record supports reinvestment capacity and resilience in delivering shareholder returns when industry demand normalizes.

Proven ability to generate strong FCF

Repeated episodes of strong free cash flow demonstrate the group's capacity to convert profits into liquidity. When sustained, this underpins debt reduction, capital expenditures, and shareholder returns, supporting long-term financial stability despite episodic variability.

Negative Factors

Recent revenue decline and margin squeeze

A material revenue decline combined with gross margin compression signals structural pressure on pricing or cost control. If persistent, this erodes sustainable earnings, weakens return on capital, and could force margin-restoring actions that take time to implement in manufacturing and distribution.

Inconsistent cash conversion

Uneven conversion of earnings to cash introduces execution and working-capital risk. Negative FCF in a year of high net income suggests timing or receivables/inventory exposure that can strain liquidity and make funding growth or distributions less predictable over multi-quarter horizons.

Cyclicality and demand sensitivity

High exposure to seasonal leisure demand and consumer financing cycles makes revenues sensitive to macro and credit conditions. Structural swings in buyer financing availability or travel trends can materially alter demand, complicating capacity planning and margin stability over months to years.

Trigano SA Business Overview & Revenue Model

Company Description

Trigano S.A., together with its subsidiaries, designs, manufactures, markets, and sells leisure vehicles and trailers for individuals and professionals in Europe. The company operates through Leisure Vehicles and Leisure Equipment segments. It offers leisure vehicles, including caravans, motorhomes, and mobile homes; camping and garden equipment; tents; and baggage and utility trailers, as well as accessories for leisure vehicles. The company also rents motorhomes; and provides finance for leisure vehicles, as well as offers a range of rental stay services in mobile homes. It offers its products through dealer networks and distributors, as well as through its online sales site, Triganostore.com. Trigano S.A. was founded in 1935 and is based in Paris, France.

How the Company Makes Money

Trigano makes money primarily by selling leisure vehicles to end-customers through a dealer/distributor network. Its main revenue stream is the wholesale sale of RV units (e.g., motorhomes, campervans, and caravans) that are manufactured (or assembled) under its brand portfolio and delivered to dealers across Europe; revenue is recognized from vehicle sales volumes and the average selling price/mix (entry-level vs. premium models, options, and specifications). A secondary revenue stream comes from ancillary products and services tied to the installed base of vehicles, such as spare parts, accessories, and after-sales support (typically channeled via dealer networks and parts distribution). Earnings are influenced by factors such as seasonal demand for leisure travel, consumer financing conditions, production capacity and efficiency, and the strength and coverage of its dealer/distribution relationships. Specific material partnerships or customer concentration details: null.

Trigano SA Financial Statement Overview

Summary

Strong, conservative balance sheet (low leverage and meaningful equity growth) supports resilience, but the latest year shows a sharp revenue decline and gross margin compression. Cash flow has been capable of being very strong but has been inconsistent (notably weak 2024), reducing confidence in earnings-to-cash conversion stability.

Income Statement

Profitability has been solid over the last several years, with healthy operating and net margins and strong profits in 2023–2024. However, the latest year (2025 annual) shows a sharp drop in revenue (down materially vs. 2024) and a pronounced compression in gross margin versus prior years, which pulled earnings down despite still-positive operating profitability. Overall: good multi-year earnings power, but recent results signal higher cyclicality and/or pricing/cost pressure.

Balance Sheet

The balance sheet looks conservative: debt is low relative to equity (debt-to-equity stays well below 0.25 across the period), and equity has grown meaningfully over time. Returns on equity have generally been strong (roughly mid-teens to ~20% in most years), though they softened in the latest year alongside lower earnings. Key watch-out is not leverage, but whether the recent profitability downturn persists.

Cash Flow

Cash generation is volatile. Free cash flow was strong in several years (notably 2020–2021 and 2023, and very strong in 2025), but 2024 stands out as weak with low operating cash flow and negative free cash flow despite high net income—suggesting working-capital or timing-driven cash absorption that year. The latest year rebounds sharply, but the uneven conversion of earnings into cash lowers confidence in consistency.

Breakdown	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	3.66B	3.93B	3.48B	3.18B	2.93B
Gross Profit	321.50M	1.36B	1.17B	1.03B	952.90M
EBITDA	397.60M	576.50M	472.90M	414.00M	322.40M
Net Income	239.30M	374.40M	308.10M	278.40M	222.70M
Balance Sheet
Total Assets	3.28B	2.88B	2.53B	2.33B	2.19B
Cash, Cash Equivalents and Short-Term Investments	650.80M	261.30M	359.00M	447.40M	597.52M
Total Debt	371.80M	216.60M	164.20M	321.40M	253.99M
Total Liabilities	1.19B	967.50M	923.20M	992.30M	1.02B
Stockholders Equity	2.08B	1.91B	1.60B	1.34B	1.18B
Cash Flow
Free Cash Flow	525.60M	-7.50M	125.90M	110.30M	344.06M
Operating Cash Flow	566.70M	53.30M	201.70M	171.50M	386.72M
Investing Cash Flow	-258.10M	-99.20M	-81.10M	-177.70M	-46.99M
Financing Cash Flow	83.80M	-100.00M	-153.00M	-198.90M	-74.42M

Trigano SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 168.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:TRI, the sentiment is Negative. The current price of 168.4 is above the 20-day moving average (MA) of 156.79, above the 50-day MA of 165.36, and above the 200-day MA of 155.18, indicating a bearish trend. The MACD of -5.95 indicates Positive momentum. The RSI at 27.27 is Positive, neither overbought nor oversold. The STOCH value of 7.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:TRI.

Trigano SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALVDM	74 Outperform	€607.90M	27.52	―	2.96%	5.87%	36.49%
TRI	71 Outperform	€2.77B	5.42	11.60%	2.07%	-6.78%	-36.04%
RBO	67 Neutral	€238.07M	16.76	14.30%	3.72%	0.82%	-34.14%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ARAMI	59 Neutral	€314.03M	24.27	9.91%	―	6.35%	296.55%
ALCAT	56 Neutral	€73.07M	8.49	13.33%	6.23%	-23.79%	-56.20%
MDM	48 Neutral	€39.60M	-0.29	-33.85%	3.00%	-10.98%	-905.89%