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Lumber & wood production · Basic Materials · Fiscal year ends Dec 31
TREX reported revenue of $1.2B in the fiscal year ended Dec 2025, up 2.0% from the year before. Operating income was $258M, an operating margin of 22.0%, and net income was $190M. Operating cash flow of $358M less capital expenditure of $224M left free cash flow of $135M.
Ranks among the 5 lumber & wood production companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,197 | 1,106 | 1,095 | 1,151 | 1,174 |
| Cost of revenue | 736 | 702 | 644 | 650 | 714 |
| Gross profit | 461 | 404 | 451 | 502 | 460 |
| Research & development | 6.0 | 0.5 | 3.3 | 3.5 | 4.2 |
| Selling, general & admin | 140 | 142 | 176 | 180 | 202 |
| Operating income | 275 | 247 | 275 | 322 | 258 |
| Net interest incomeBanks | 0.0 | 0.1 | −0.0 | 0.0 | 0.0 |
| Interest expense | – | 0.0 | 0.1 | 0.0 | – |
| Pre-tax income | 275 | 247 | 275 | 322 | 258 |
| Income tax | 66.7 | 62.2 | 70.5 | 83.5 | 67.5 |
| Net income | 209 | 185 | 204 | 238 | 190 |
| Diluted EPS | 1.80 | 1.65 | 1.88 | 2.20 | 1.78 |
| Diluted shares | 116 | 112 | 109 | 108 | 107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 141 | 12.3 | 2.0 | 1.3 | 3.8 |
| Receivables | 151 | 98.1 | 41.1 | 88.4 | 48.1 |
| Inventory | 83.8 | 141 | 107 | 257 | 239 |
| Current assets | 401 | 287 | 172 | 369 | 310 |
| Net PP&E | 460 | 590 | 709 | 923 | 1,050 |
| Goodwill | 14.2 | – | – | 14.2 | 14.2 |
| Total assets | 920 | 934 | 933 | 1,374 | 1,453 |
| Payables | 24.9 | 19.9 | 24.0 | 61.3 | 34.8 |
| Deferred revenue | 0.0 | 0.0 | – | – | – |
| Current liabilities | 88.7 | 291 | 91.1 | 342 | 251 |
| Total liabilities | 195 | 415 | 216 | 487 | 419 |
| Shareholders' equity | 725 | 545 | 742 | 887 | 1,034 |
| Backlog (remaining obligations) | 26.1 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 258 | 216 | 389 | 144 | 358 |
| Capital expenditure | 159 | 176 | 166 | 232 | 224 |
| Free cash flow | 98.7 | 40.0 | 223 | −88.4 | 135 |
| Depreciation & amortisation | 35.9 | 44.3 | 50.2 | 54.7 | 63.0 |
| Stock-based compensation | 8.4 | 5.3 | 10.2 | 12.6 | 9.1 |
| Share buybacks | 82.5 | 398 | 18.5 | 106 | 54.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.6% | −1.0% | 5.2% | 2.0% |
| Operating income growth (YoY) | – | −10.4% | 11.3% | 17.2% | −19.9% |
| EPS growth (YoY) | – | −8.3% | 13.9% | 17.0% | −19.1% |
| Gross margin | 38.5% | 36.5% | 41.2% | 43.6% | 39.2% |
| Operating margin | 23.0% | 22.3% | 25.1% | 28.0% | 22.0% |
| Net margin | 17.4% | 16.7% | 18.6% | 20.7% | 16.2% |
| Return on equityBlank when equity is negative | 28.8% | 33.9% | 27.5% | 26.9% | 18.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 33.1% | 38.4% | 32.6% | 31.2% | 21.4% |
| Free cash flow margin | 8.2% | 3.6% | 20.4% | −7.7% | 11.5% |
| Cash conversion (CFO ÷ net income) | 1.24x | 1.17x | 1.91x | 0.60x | 1.88x |
| Receivable days | 46 | 32 | 14 | 28 | 15 |
| Inventory days | 42 | 73 | 61 | 144 | 122 |
| Payable days | 12 | 10 | 14 | 34 | 18 |
| Interest cover | – | – | 3520x | – | – |
| Current ratio | 4.52x | 0.99x | 1.89x | 1.08x | 1.24x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.