TRNS Industrials

Transcat, Inc.

$89.52+1.82%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Industrials
Industry: Specialty Business Services
Country: United States
Market cap: 837.9M USD
Enterprise value: 855.7M USD
Full-time employees: 1,413

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: growth

Ranks #1,494 of 2,308 industrials companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 24% from March 2023 to July 2026.
Transcat had 24% more shares at July 2026 than at March 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Transcat had 24% more shares at July 2026 than at March 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay outran buybacks. Stock-based pay expense $15M vs $9M spent repurchasing shares over the 3 fiscal years to FY Mar 2026.
Over three fiscal years Transcat recorded $15M of stock-based pay expense and spent $9M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Transcat recorded $15M of stock-based pay expense and spent $9M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 6-year low. 4.0% in FY Mar 2026, the weakest of the last 6 years.
Transcat's operating margin fell to 4.0% in FY Mar 2026, its lowest in the 6 years of filings we have.
Borrowing rising faster than profit. Since FY Mar 2023: debt +103%, operating profit −18%.
Transcat's debt grew 103% since FY Mar 2023 while operating profit changed −18%.

StockQuotient Score

44/ 100

Oct 5 44 → Nov 4 44

Valuation

Is the price right?

27/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.4%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -1.14Sector median: 0.0377 · MAD: 0.0294

EBITDA yield4.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.65Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield3.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.18Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield36.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

55/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.0%

Why

Mixed versus peers:

▲ Revenue growth
▲ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-74.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.05Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth13.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.53Sector median: 0.0421 · MAD: 0.0625

Revenue growth20.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.16Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

23/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin3.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.87Sector median: 0.0773 · MAD: 0.0507

Return on assets0.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.00Sector median: 0.0311 · MAD: 0.0241

Return on invested capital2.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.88Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin32.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity1.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.67

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.11Sector median: 0.6440 · MAD: 0.2745

Current ratio2.49×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.63Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.36×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.11Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Transcat

Is Transcat getting weaker?: Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.
How is Transcat valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 27/100 against 2,459 industrials peers. Earnings yield 0.4% vs a peer median of 3.8% (weaker than 78% of peers).Earnings yield 0.4% vs peers 3.8% (weaker than 78% of peers).
Is Transcat growing?: At about the same pace as its peers. Growth scores 55/100 against 2,459 industrials peers. Revenue growth 20.9% vs a peer median of 4.4% (stronger than 87% of peers).Revenue growth 20.9% vs peers 4.4% (stronger than 87% of peers). Earnings per share growth -74.3% vs a peer median of 7.1% (weaker than 100% of peers).Earnings per share growth -74.3% vs peers 7.1% (weaker than 100% of peers).
How profitable is Transcat?: Less profitable than most of its peers. Profitability scores 23/100 against 2,459 industrials peers. Return on assets 0.7% vs a peer median of 3.1% (weaker than 76% of peers).Return on assets 0.7% vs peers 3.1% (weaker than 76% of peers).
How risky is Transcat?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.49× vs a peer median of 1.62× (stronger than 76% of peers).Current ratio 2.49× vs peers 1.62× (stronger than 76% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 27, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 28, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	331.9M USD	348.4M USD	+5.0%
Net income (12 months)	5.4M USD	3.4M USD	−35.9%
Operating margin	4.0%	3.3%	−0.7 pts
Free cash flow (12 months)	19.6M USD	25.4M USD	+29.7%
Debt	99.9M USD	110.4M USD	+10.5%
Cash	4.9M USD	6.7M USD	+35.8%
Shares outstanding	9.3M	9.4M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Specialty Business Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Mar 2022	FY Mar 2023	FY Mar 2024	FY Mar 2025	FY Mar 2026	Change
Gross margin	28.5%	29.6%	32.3%	32.1%	32.6%	▲ 0.5 pts
Operating margin	6.9%	7.0%	7.6%	6.4%	4.0%	▼ 2.4 pts
Net margin	5.6%	4.6%	5.3%	5.2%	1.6%	▼ 3.6 pts
Return on assets (ROA)	6.4%	5.5%	4.7%	3.8%	1.1%	▼ 2.6 pts
Return on equity (ROE)	13.2%	10.7%	6.1%	5.1%	1.8%	▼ 3.3 pts
Free cash flow margin	3.6%	3.3%	7.5%	9.3%	5.9%	▼ 3.4 pts
Current ratio	2.15×	2.39×	3.14×	2.29×	2.33×	▲ 1.8%
Quick ratio	1.70×	1.79×	2.62×	1.87×	1.99×	▲ 6.5%
Debt to equity	0.56×	0.49×	0.02×	0.11×	0.33×	▲ 191%
Interest coverage	17.46×	6.72×	10.78×	22.40×	2.88×	▼ 87%

TRNS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: growth

Ranks #1,494 of 2,308 industrials companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 24% from March 2023 to July 2026.

Transcat had 24% more shares at July 2026 than at March 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Transcat had 24% more shares at July 2026 than at March 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock pay outran buybacks. Stock-based pay expense $15M vs $9M spent repurchasing shares over the 3 fiscal years to FY Mar 2026.

Over three fiscal years Transcat recorded $15M of stock-based pay expense and spent $9M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Transcat recorded $15M of stock-based pay expense and spent $9M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Operating margin at a 6-year low. 4.0% in FY Mar 2026, the weakest of the last 6 years.

Transcat's operating margin fell to 4.0% in FY Mar 2026, its lowest in the 6 years of filings we have.

Borrowing rising faster than profit. Since FY Mar 2023: debt +103%, operating profit −18%.

Transcat's debt grew 103% since FY Mar 2023 while operating profit changed −18%.

Questions investors ask about Transcat

Is Transcat getting weaker?

Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.

How is Transcat valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 27/100 against 2,459 industrials peers. Earnings yield 0.4% vs a peer median of 3.8% (weaker than 78% of peers).Earnings yield 0.4% vs peers 3.8% (weaker than 78% of peers).

Is Transcat growing?

At about the same pace as its peers. Growth scores 55/100 against 2,459 industrials peers. Revenue growth 20.9% vs a peer median of 4.4% (stronger than 87% of peers).Revenue growth 20.9% vs peers 4.4% (stronger than 87% of peers). Earnings per share growth -74.3% vs a peer median of 7.1% (weaker than 100% of peers).Earnings per share growth -74.3% vs peers 7.1% (weaker than 100% of peers).

How profitable is Transcat?

Less profitable than most of its peers. Profitability scores 23/100 against 2,459 industrials peers. Return on assets 0.7% vs a peer median of 3.1% (weaker than 76% of peers).Return on assets 0.7% vs peers 3.1% (weaker than 76% of peers).

How risky is Transcat?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.49× vs a peer median of 1.62× (stronger than 76% of peers).Current ratio 2.49× vs peers 1.62× (stronger than 76% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

331.9M USD

348.4M USD

+5.0%

Net income (12 months)

5.4M USD

3.4M USD

−35.9%

Operating margin

4.0%

3.3%

−0.7 pts

Free cash flow (12 months)

19.6M USD

25.4M USD

+29.7%

Debt

99.9M USD

110.4M USD

+10.5%

Cash

4.9M USD

6.7M USD

+35.8%

Shares outstanding

9.3M

9.4M

+0.2%

Key ratios

FY Mar 2022

FY Mar 2023

FY Mar 2024

FY Mar 2025

FY Mar 2026

Change

Gross margin

28.5%

29.6%

32.3%

32.1%

32.6%

▲ 0.5 pts

Operating margin

6.9%

7.0%

7.6%

6.4%

4.0%

▼ 2.4 pts

Net margin

5.6%

4.6%

5.3%

5.2%

1.6%

▼ 3.6 pts

Return on assets (ROA)

6.4%

5.5%

4.7%

3.8%

1.1%

▼ 2.6 pts

Return on equity (ROE)

13.2%

10.7%

6.1%

5.1%

1.8%

▼ 3.3 pts

Free cash flow margin

3.6%

3.3%

7.5%

9.3%

5.9%

▼ 3.4 pts

Current ratio

2.15×

2.39×

3.14×

2.29×

2.33×

▲ 1.8%

Quick ratio

1.70×

1.79×

2.62×

1.87×

1.99×

▲ 6.5%

Debt to equity

0.56×

0.49×

0.02×

0.11×

0.33×

▲ 191%

Interest coverage

17.46×

6.72×

10.78×

22.40×

2.88×

▼ 87%