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Trex Co Inc (TREX) stock

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NYSE: TREX NYSE Building Products Next results ~November 4, 2026

B Fundamentals grade

Trex Co Inc is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$16

Cash-flow model

Base case. Range ~$11–$22 across our lower- and higher-growth cases (2.2%–12.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 68% below it.

Price used: $50.54, November 2, 2026

Trex Co Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 2 selling4 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds235 adding, 199 cuttingOf 62 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Trex files

Where Trex Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.21bn, up 7.0% on a year earlier, faster than 5.4% a quarter earlier. Free-cash-flow margin rose to 17.2% from -5.8% a year earlier. Operating margin narrowed to 20.2% from 23.9%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $17.82 a share, against a share price of $48.55.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Trex Co Inc's trailing-twelve-month revenue grew 7.0% year on year, with a free-cash-flow margin of 17.2%. Where it stands out: free-cash-flow margin of 17.2% ranks 3 of 46 building products companies we cover. Where it lags: days sales outstanding of 79 days ranks 31 of 34 building products companies we cover.

Our discounted-cash-flow model values the business at ~$16 per share in the base case (~$11–$22 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 7.0% (+1.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $50.54 is 68% above our value per share of $16.
  • Margins narrowing. Operating margin is down 3.7 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 1.4 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.5 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 79 days ranks 31 of 34 building products companies we cover (median 53 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.62 against an average estimate of $0.63: missed by 2.1%
Revenue
$418m, up 7.8% on a year earlier
Share reaction
+10.6% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
net sales $1.22bn to $1.25bn (full year 2026); adjusted EBITDA $335m to $350m (full year 2026)
Next report
November 4, 2026; average EPS estimate $0.48

Trex's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.2%
  • 1 week+2.0%
  • 1 month+16.0%
  • This year+44.1%
  • 1 year+4.6%
  • 5 years-53.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
20.2%
Net margin
14.7%
EPS (TTM, diluted)
$1.68

Growth

Revenue growth
+7.0%
Change in growth rate
+1.6 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$208M
FCF margin
17.2%
Stock pay % of revenue
0.8%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Announcement
  5. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Trex Co Inc valuation models and calculator

What the price is pricing in

The share price implies about 26.1% a year of cash-flow growth for five years.That is faster than the 0.2% a year revenue growth Trex has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in26.1%
  • Last 12 months7.0%
  • 3 years a year7.4%
  • 5 years a year0.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($50.32, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$16
Price used
$50.32close November 3, 2026
Implied change
▼ 68%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Trex Co Inc's free cash flow after stock-based pay with after-tax interest added back ($85.6M, FY2026 Q2 TTM), growing 6.3% and 6.8% in the next two years (forecasts, guidance and its record), then back to 7.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$11–~$22 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Trex Co Inc's free cash flow after stock-based pay ( $85.6M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Trex Co Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$16 ~$11–$22 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$32 ~$29–$41 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$60 ~$42–$85 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$33 ~$29–$39 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$31 ~$16–$60 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Trex Co Inc with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $10$14$20$27$37$50
8.5% $7$10$14$20$27$36
10% $5$8$11$15$20$27

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.51$16.10$27.10$29.68$44.94$83.72$135.03$42.33$82.79$69.03$35.08$50.54
Market value$1.2bn$1.9bn$3.2bn$3.5bn$5.3bn$9.7bn$15.6bn$4.7bn$9.0bn$7.5bn$3.8bn$5.3bn
+ Net debt (− = net cash)$1m−$19m−$31m−$106m−$149m−$122m−$141m$210m$4m$201m$130m$247m
Enterprise value$1.2bn$1.9bn$3.2bn$3.4bn$5.1bn$9.6bn$15.5bn$4.9bn$9.0bn$7.7bn$3.9bn$5.6bn
Multiples
Price / sales 2.7x4.0x5.7x5.1x7.1x11.0x13.1x4.3x8.2x6.5x3.2x4.4x
Price / earnings 25.1x28.1x33.7x26.1x36.4x55.4x74.9x25.7x44.1x31.4x19.7x30.0x
Price / free cash flow 30.7x27.0x36.9x33.6x59.2xn/m158.4x118.4x40.3x—27.9x25.6x
EV / EBITDA 13.1x15.9x19.9x17.6x25.3x38.2x49.8x17.0x27.7x20.4x12.1x17.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

78 /100

Strong moat

How hard Trex's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 24.2% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 40.6%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 24.5%; its worst year was 20.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 6 of 10 years, at a median 11.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.2% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (83 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $314m and EPS of $0.48 (range $0.43 to $0.51) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.77 −6% $1.2bn +6%
Next $2.02 +14% $1.3bn +6%

Next year's EPS estimate has moved +4.4% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 2 analysts raised Trex Co Inc's forecast and 0 cut it.

Consensus EPS forecast Trex Co Inc, last 90 days
$1.70 $1.80 $1.90 $2.00 $2.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.77 Current fiscal year, 60 days ago: $1.77 Current fiscal year, 30 days ago: $1.77 Current fiscal year, 7 days ago: $1.77 Current fiscal year, Now: $1.77 $1.77 Next fiscal year, 90 days ago: $1.94 Next fiscal year, 60 days ago: $2.02 Next fiscal year, 30 days ago: $2.02 Next fiscal year, 7 days ago: $2.02 Next fiscal year, Now: $2.02 $2.02

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.77$1.94
60 days ago $1.77$2.02
30 days ago $1.77$2.02
7 days ago $1.77$2.02
Now $1.77$2.02

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.63 $0.62 −2.1%
Mar 2026 $0.51 $0.59 +16.1%
Dec 2025 −$0.01 $0.04 +382.3%
Sept 2025 $0.57 $0.51 −10.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Net sales full year 2026 $1.215bn to $1.25bn Maintained
    “The Company is reaffirming its recently raised full year 2026 guidance, shown in the table below, with revenue ranging from $1.215 billion to $1.25 billion and adjusted EBITDA ranging from $335 million to $350 million.” source
  • Net sales third quarter 2026 $305m to $320m New
    “The Company is also providing third quarter revenue guidance in the range of $305 to $320 million.” source
  • Adjusted EBITDA full year 2026 $335m to $350m Non-GAAP Maintained
    “The Company is reaffirming its recently raised full year 2026 guidance, shown in the table below, with revenue ranging from $1.215 billion to $1.25 billion and adjusted EBITDA ranging from $335 million to $350 million.” source
  • Depreciation and amortization full year 2026 about $85m Maintained
    “Depreciation and amortization ~$85M” source
  • SG&A full year 2026 about 18% Maintained
    “SG&A ~18% of net sales” source
  • Interest expense full year 2026 $8m to $10m Maintained
    “Interest expense $8M $10M” source
Show 2 more items
  • Effective tax rate full year 2026 25.5% to 27% Maintained
    “Effective tax rate 25.5% 27.0%” source
  • CapEx full year 2026 $100m to $120m Maintained
    “CapEx $100M $120M” source

How earlier guidance turned out

  • revenue, second quarter guided $388m to $403m Above range: $418m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Trex Co Inc's revenue by +6.3% next year and +6.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.2%, weight 57%) , management guidance (+5.2%, weight 19%) and the company's own record (+7.2%, weight 25%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy1263%
Hold526%
Sell211%

Monthly trend

  1. Oct 2026125219
  2. Sep 2026107219
  3. Aug 2026107219
  4. Jul 2026107219

Counts of recommendations published by analysts covering Trex Co Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.0%
of tradable shares
Days to cover
6.57
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.9%
of shares
Employees
1,839
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +4.6%

$48.32 on October 31, 2025 to $50.54

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.2bn +7.0%
Net margin 17.6% 14.7% −16.6%
P/E multiple 26.2x 30.0x +14.8%
Share count 108m 105m +2.1%

Biggest factor: net margin.

Last 3 years −19.4%

$62.71 on November 3, 2023 to $50.54

ThenNowEffect
Revenue (last 12 months) $976m $1.2bn +23.8%
Net margin 14.6% 14.7% +0.4%
P/E multiple 48.0x 30.0x −37.5%
Share count 109m 105m +3.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TREX+61%−69%+96%−17%−49%+44%
Industry peers (median)+22%−24%+44%+12%−11%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TREX58%33%58%50%25%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TREX−20%−70%−29%−41%−60%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 79% from December 10, 2021 to November 20, 2025. Getting back needed a 367% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$30.13 – $51.14
From 52-week high
−1.2%
vs 50-day average
+10.6%
vs 200-day average
+17.2%
Volatility (1 year)
50%
Beta vs S&P 500
1.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±7.9%
After a week
5 up, 7 down
typical move ±8.8%
After a month
6 up, 6 down
typical move ±11.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +10.6% +1.6% +11.0% −2.5%
May 7, 2026 +0.7% +0.5% −3.3% +5.4%
February 24, 2026 +3.5% +1.6% −0.3% −7.4%
November 4, 2025 −32.4% −0.8% −31.6% −28.6%
August 4, 2025 +3.7% +1.0% −7.5% −5.8%
May 8, 2025 +2.1% +0.6% +6.1% +0.9%
February 24, 2025 +3.0% −1.0% −1.7% +2.4%
October 28, 2024 +9.8% +0.5% +9.7% +16.8%
August 6, 2024 −20.4% +0.2% −18.6% −19.4%
May 9, 2024 −3.8% +0.7% −2.4% −10.2%
February 26, 2024 −0.7% −0.2% +2.4% +4.6%
October 30, 2023 +3.6% +1.8% +10.9% +29.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Trex Co Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Trex Co Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Trex Co Inc
$1.1B $1.1B $1.2B $1.2B $1.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.1B Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.2B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.1B
FY23 Q4 $1.1B
FY24 Q1 $1.2B
FY24 Q2 $1.2B
FY24 Q3 $1.2B
FY24 Q4 $1.2B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
Revenue growth, TTM YoY Trex Co Inc
-20% -10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -10.4% Revenue growth, TTM YoY, FY23 Q4: -1.0% Revenue growth, TTM YoY, FY24 Q1: 22.3% Revenue growth, TTM YoY, FY24 Q2: 28.1% Revenue growth, TTM YoY, FY24 Q3: 8.1% Revenue growth, TTM YoY, FY24 Q4: 5.2% Revenue growth, TTM YoY, FY25 Q1: -9.1% Revenue growth, TTM YoY, FY25 Q2: -9.6% Revenue growth, TTM YoY, FY25 Q3: 0.1% Revenue growth, TTM YoY, FY25 Q4: 2.0% Revenue growth, TTM YoY, FY26 Q1: 5.4% Revenue growth, TTM YoY, FY26 Q2: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -10.4%
FY23 Q4 -1.0%
FY24 Q1 22.3%
FY24 Q2 28.1%
FY24 Q3 8.1%
FY24 Q4 5.2%
FY25 Q1 -9.1%
FY25 Q2 -9.6%
FY25 Q3 0.1%
FY25 Q4 2.0%
FY26 Q1 5.4%
FY26 Q2 7.0%
Operating margin (TTM) Trex Co Inc
20% 22% 24% 26% 28% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 24.1% Operating margin (TTM), FY23 Q4: 25.1% Operating margin (TTM), FY24 Q1: 27.4% Operating margin (TTM), FY24 Q2: 27.9% Operating margin (TTM), FY24 Q3: 26.9% Operating margin (TTM), FY24 Q4: 28.0% Operating margin (TTM), FY25 Q1: 25.5% Operating margin (TTM), FY25 Q2: 23.9% Operating margin (TTM), FY25 Q3: 24.2% Operating margin (TTM), FY25 Q4: 22.0% Operating margin (TTM), FY26 Q1: 22.1% Operating margin (TTM), FY26 Q2: 20.2% 20.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 24.1%
FY23 Q4 25.1%
FY24 Q1 27.4%
FY24 Q2 27.9%
FY24 Q3 26.9%
FY24 Q4 28.0%
FY25 Q1 25.5%
FY25 Q2 23.9%
FY25 Q3 24.2%
FY25 Q4 22.0%
FY26 Q1 22.1%
FY26 Q2 20.2%
FCF margin (TTM) Trex Co Inc
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 7.2% FCF margin (TTM), FY23 Q4: 20.4% FCF margin (TTM), FY24 Q1: 13.5% FCF margin (TTM), FY24 Q2: 11.6% FCF margin (TTM), FY24 Q3: 4.1% FCF margin (TTM), FY24 Q4: -7.7% FCF margin (TTM), FY25 Q1: -9.9% FCF margin (TTM), FY25 Q2: -5.8% FCF margin (TTM), FY25 Q3: 2.0% FCF margin (TTM), FY25 Q4: 11.5% FCF margin (TTM), FY26 Q1: 19.2% FCF margin (TTM), FY26 Q2: 17.2% 17.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 7.2%
FY23 Q4 20.4%
FY24 Q1 13.5%
FY24 Q2 11.6%
FY24 Q3 4.1%
FY24 Q4 -7.7%
FY25 Q1 -9.9%
FY25 Q2 -5.8%
FY25 Q3 2.0%
FY25 Q4 11.5%
FY26 Q1 19.2%
FY26 Q2 17.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Trex took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Cost of revenue $714M · 60.8%
  3. Gross profit $460M · 39.2%
  4. Selling, general and admin $202M · 17.2%
  5. Operating income $258M · 22.0%
  6. Income tax $67.5M · 5.8%
  7. Net income $190M · 16.2%

Shares of revenue. Source: Trex's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 272 318 267 307 343 392 441 480 565 684 745 881 1,197 1,106 1,095 1,151 1,174 1,208
Gross profit 81 73 63 85 99 140 155 187 243 295 307 359 461 404 451 502 460 461
EBITDA 17 26 20 30 41 83 92 118 159 193 202 252 311 291 325 377 321 314
Operating income −8 5 2 13 25 68 77 104 142 177 188 234 275 247 275 322 258 244
Net income −17 −10 −12 3 35 42 48 68 95 135 145 176 209 185 204 238 190 177
Diluted EPS −$0.14 −$0.08 −$0.38 $0.02 $0.25 $0.32 $0.38 $0.57 $0.81 $1.14 $1.24 $1.51 $1.80 $1.65 $1.88 $2.20 $1.78 $1.68
Growth (year on year)
Revenue — +16.7% −16.0% +15.2% +11.4% +14.3% +12.5% +8.8% +17.8% +21.1% +8.9% +18.2% +35.9% −7.6% −1.0% +5.2% +2.0% +7.0%
EBITDA — +56.6% −21.3% +45.9% +37.8% +103.0% +10.6% +29.0% +34.4% +21.4% +4.6% +24.4% +23.7% −6.5% +11.6% +15.9% −14.8% −4.0%
Operating income — — — — +94.5% +175.1% +14.1% +34.3% +37.0% +24.1% +6.5% +24.1% +17.9% −10.4% +11.3% +17.2% −19.9% −9.8%
Net income — — — — — +20.0% +15.8% +41.1% +40.2% +41.5% +7.6% +21.3% +18.8% −11.6% +10.6% +16.8% −20.1% −10.8%
Diluted EPS — — — — — +25.7% +19.7% +51.3% +40.0% +41.6% +8.8% +21.8% +19.2% −8.3% +13.9% +17.0% −19.1% −8.9%
Margins
Gross margin 29.6% 22.9% 23.5% 27.5% 28.8% 35.8% 35.1% 39.0% 43.1% 43.1% 41.1% 40.8% 38.5% 36.5% 41.2% 43.6% 39.2% 38.2%
EBITDA margin 6.1% 8.1% 7.6% 9.7% 11.9% 21.2% 20.8% 24.7% 28.2% 28.2% 27.1% 28.6% 26.0% 26.3% 29.7% 32.7% 27.3% 26.0%
Operating margin −2.9% 1.6% 0.8% 4.1% 7.2% 17.3% 17.6% 21.7% 25.2% 25.8% 25.2% 26.5% 23.0% 22.3% 25.1% 28.0% 22.0% 20.2%
Net margin −6.2% −3.2% −4.3% 0.9% 10.1% 10.6% 10.9% 14.1% 16.8% 19.7% 19.4% 19.9% 17.4% 16.7% 18.6% 20.7% 16.2% 14.7%
Free-cash-flow margin 10.3% 2.8% 9.9% 17.2% 9.4% 11.7% 8.9% 14.7% 15.4% 15.2% 12.0% 1.6% 8.2% 3.6% 20.4% −7.7% 11.5% 17.2%
Cash flow
Cash from operations 35 19 34 60 45 59 63 85 102 138 156 187 258 216 389 144 358 358
Capital spending 7 10 7 8 13 13 23 15 15 34 67 173 159 176 166 232 224 150
Free cash flow 28 9 26 53 32 46 39 71 87 104 89 14 99 40 223 −88 135 208
Stock-based pay 4 4 3 3 4 5 5 5 5 6 7 7 8 5 10 13 9 9
Free cash flow after stock pay 25 5 23 49 28 41 34 66 82 98 82 7 90 35 213 −101 125 199
Balance sheet
Cash 20 27 5 2 4 10 6 19 31 106 149 122 141 12 2 1 4 6
Total debt 0 85 86 5 0 0 7 0 0 0 0 0 0 222 6 203 134 253
Net debt (negative = net cash) −20 58 82 3 −4 −10 1 −19 −31 −106 −149 −122 −141 210 4 201 130 247
Diluted shares 120m 121m 123m 137m 137m 131m 127m 118m 118m 118m 117m 116m 116m 112m 109m 108m 107m 105m
Returned to shareholders
Buybacks 1 1 3 6 31 53 53 55 4 30 47 45 82 398 18 106 54 204
Total returned 1 1 3 6 31 53 53 55 4 30 47 45 82 398 18 106 54 204

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $1.6bn
Short-term assets $478mLonger-term assets $1.1bn
What it owes, and who funded it · $1.6bn
Short-term liabilities $450mLonger-term liabilities $166mShareholders' equity $1.0bn
  • Short-term assets cover short-term liabilities $478m of assets due within a year against $450m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $478m short-term assets against $166m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Trex Co Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$204M
Returned to shareholders
98%
of free cash flow
Buybacks, last 3 fiscal years
$179M
Diluted share count
−2.1%
year over year
Total shareholder yield
4.0%
dividends 0.0% + buybacks 4.0% of market value
Sales & admin spending
17.7%
of revenue
Days sales outstanding
79 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated TREX HAYW CSW WOR APOG TILE Median
Revenue, last 12 months $1.2bn $1.2bn $1.3bn $1.4bn $1.4bn $1.4bn $1.8bn
Revenue growth, last 12 months 7.0% 7.6% 30.0% 18.4% 3.0% 6.5% 3.7%
Revenue growth, 3-year average 7.4% 6.7% 17.5% −32.9% 0.1% 3.8% 3.6%
Revenue growth, latest quarter 7.8% 6.5% 30.5% 13.2% 9.2% 5.4% 8.0%
Gross margin 38.2% 48.0% 42.1% 27.2% 23.2% 40.5% 32.0%
Operating margin 20.2% 21.6% 16.9% 5.6% 7.2% 13.6% 7.0%
Operating margin, 3-year average 24.0% 20.2% 19.2% 0.8% 7.5% 11.5% 10.7%
Net margin 14.7% 14.4% 10.2% 11.5% 4.7% 10.1% 5.1%
Cash from operations / revenue 29.6% 16.8% 15.8% 17.7% 9.0% 12.4% 12.4%
Free-cash-flow margin 17.2% 13.5% 14.2% 13.8% 6.6% 8.6% 8.9%
Free-cash-flow margin, 3-year average 7.7% 17.6% 17.0% 12.4% 7.7% 8.5% 8.5%
Stock pay / revenue 0.8% 1.3% 1.3% 1.0% 0.7% 1.2% 0.7%
Change in share count −2.1% −0.6% −2.3% −1.1% −1.4% −0.3% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 7.0% 4.0% 17 of 46
Change in growth rate Growth +1.6pp +0.8pp 17 of 46
Gross margin Profitability 38.2% 32.1% 14 of 43
Operating margin Profitability 20.2% 7.2% 7 of 45
Net margin Profitability 14.7% 5.6% 5 of 46
Free-cash-flow margin Cash generation 17.2% 9.1% 3 of 46
Stock pay as % of revenue Cash generation 0.8% 0.7% 23 of 41
Change in share count Balance sheet -2.1% -0.6% 13 of 44
Days sales outstanding Balance sheet 79 days 53 days 31 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$5.5B
Institutions reporting
466
Shares held vs prior quarter
▲ 5.1%
Positions opened / closed
92 / 52

Top buyers and sellers, Q2 2026: 235 institutions bought and 199 sold ; the biggest buyer was Millennium Management LLC (+3.3M shares) and the biggest seller Fuller & Thaler Asset Management, Inc (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $525M 10.5M 9.5% ▲ 1.3%
Wellington Management Group LLP $494M 9.9M 9.0% ▲ 18.2%
Vanguard Capital Management LLC $235M 4.7M 4.3% ▼ 1.0%
Vanguard Portfolio Management LLC $222M 4.4M 4.0% ▼ 0.9%
Alliancebernstein L.P. $220M 6.0M 4.0% ▼ 6.1%
Millennium Management LLC $189M 3.8M 3.4% ▲ 659.2%
Wasatch Advisors LP $188M 3.8M 3.4% ▲ 6.2%
AQR Capital Management LLC $181M 3.6M 3.3% ▼ 14.4%
American Century Companies Inc $166M 3.3M 3.0% ▲ 97.4%
State Street Corp $162M 3.2M 3.0% ▼ 0.1%
Citadel Advisors LLC $112M 2.2M 2.0% ▲ 66.8%
Clearbridge Investments, LLC $109M 2.2M 2.0% ▲ 2.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Trex Co Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $982,391 4 trades by 2 insiders, last 12 months Insider sales History → $122,574 2 trades by 2 insiders · 57% under pre-set plans
Net ▲ $859,817 net buying
Insider Date Trade Shares Price Value
Fernandez Amy M. SVP, CLO and Secretary August 7, 2026 Sell 1,050 $50.07 $52,574
Rudolph Jacob T. SVP, CHRO June 25, 2026 Sell pre-set plan 1,400 $50.00 $70,000
Rose B Andrew Director March 3, 2026 Buy 11,022 $40.74 $449,036
Rose B Andrew Director March 3, 2026 Buy 986 $40.14 $39,578
Rose B Andrew Director March 2, 2026 Buy 372 $40.26 $14,977
Gandhi Prithvi SVP, Chief Financial Officer November 14, 2025 Buy 15,000 $31.92 $478,800

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Trex Co Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Cheri Bustos(D-IL 17):Sale (full), $15,001 - $50,000, traded January 30, 2017, filed February 9, 2017

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 31, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 7, 2026
  • February 24, 2026
  • November 4, 2025
  • August 4, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Trex Co Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Trex Co Inc in brief

What does Trex Co Inc do?
Trex Co Inc is a US-listed company in the building products industry. Its financial year ends in December.
What is Trex Co Inc's stock ticker?
Trex Co Inc trades under the ticker TREX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Trex Co Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Trex Co Inc reported revenue of $1.2B, 7.0% higher than a year earlier, according to its SEC filings.
What is Trex Co Inc's free cash flow?
Trex Co Inc's free-cash-flow margin is 17.2% of revenue over the trailing twelve months, ranking 3 of the 46 building products companies we cover.
What is Trex Co Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Trex Co Inc's free cash flow after stock-based pay gives ~$16 per share in the base case, and ~$11–$22 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Trex Co Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Trex Co Inc buying back stock, and does it pay a dividend?
Trex Co Inc spent $204M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is Trex Co Inc's market cap?
On November 2, 2026, Trex Co Inc's market capitalisation was about $5.3B, with a price-to-earnings ratio of 30.0 and net debt of $247M. Market figures come from third-party market data and may be delayed.
Who are Trex Co Inc's competitors?
In our Building Products peer group, the companies closest to Trex Co Inc are Hayward Holdings, Inc., CSW Industrials, Inc., Worthington Enterprises, Inc., Apogee Enterprises, Inc. and Interface Inc. The side-by-side comparison below sets their revenue, margins and growth against Trex Co Inc's.
Are insiders buying or selling Trex Co Inc stock?
Over the last 12 months, Trex Co Inc's directors and officers reported 4 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Trex Co Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Trex Co Inc announces its own schedule.