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Maker of wood-alternative composite decking and railing products for residential outdoor living spaces.
Maker of wood-alternative composite decking and railing products for residential outdoor living spaces.
Sells mostly to distributors and dealers who supply builders, with retail chains also stocking the brand, and offers dealers early-season discounts that pull orders forward, so sales peak in spring and summer. Its edge comes from turning recycled plastic film and reclaimed wood into boards, so the cost of those inputs and the build-out of capacity drive profit.
Moat: narrow (brand, scale). Category-leading composite decking brand with recycled-material cost advantages and retail distribution scale.
Headquarters: Winchester, Virginia, US · Founded: 1996 · Employees: 1,839
Size Trex (TREX) is a United States Materials company (Forest Products) with a market value of $5.58B, the 1110th largest of 3,117 United States companies the cockpit tracks. Shares closed at $54.74 on 6 Nov 2026.
Performance Over six months the shares gained 36.2%, against -7.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 7 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median -4.3%); the operating margin is 19.2% (peer median 4.6%).
Valuation It trades at 26.9× forward earnings against a peer median of 16.5× (2nd most expensive of 5).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.1 points above its cost of capital (12.0% WACC).
Short interest Short interest is 9.9% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.28B | $1.17B | $1.15B | $1.09B | $1.11B |
| Revenue growth | — | +2% | +5% | -1% | — |
| Gross profit | $476M | $462M | $502M | $452M | $404M |
| EBITDA | $323M | $323M | $377M | $326M | $306M |
| Net income | $178M | $190M | $238M | $205M | $185M |
| Free cash flow | $201M | $135M | -$88.9M | $223M | $40.0M |
| Capital expenditure | $120M | $234M | $237M | $166M | $176M |
| Total debt | $205M | $187M | $255M | $32.0M | $253M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Trex TREX | $5.58B | +36% | +9% | 19% | 26.9× | 21.1% |
| UFP Industries UFPI | $4.41B | -5% | -1% | 5% | 17.7× | 9.9% |
| James Hardie Industries JHX | $16.2B | +33% | +43% | 14% | 21.0× | 26.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TREX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +23.2% | +5.3% | highest of 7 |
| 6-month return | +36.2% | -7.5% | highest of 7 |
| Distance from 52-week high | -9.1% | -29.3% | 2nd highest of 7 |
| Revenue growth (TTM) | +8.6% | -4.3% | highest of 7 |
| Operating margin | 19.2% | 4.6% | highest of 7 |
| Forward P/E | 26.9× | 16.5× | 2nd most expensive of 5 |
| Growth the price implies (Req g, 7 yrs) | 21.1% | 9.9% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +5.9% | +4.2% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | +15.2 pp | +5.7 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | +4.1 pp | -4.8 pp | 3rd highest of 7 |
| EV / EBITDA | 17.9× | 8.9× | 2nd most expensive of 4 |
| Net debt / EBITDA | 0.6× | 0.4× | 2nd most indebted of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Trex TREX | United States | $5.58B | +36% | +9% | 19% | 26.9× | 21.1% | +5.9% |
| West Fraser Timber WFG.TO | Canada | $5.35B | +12% | -8% | -11% | n/a | n/a | n/a |
| Louisiana-Pacific LPX | United States | $5.27B | 0% | -12% | 5% | 34.9× | 39.1% | -0.6% |
| UFP Industries UFPI | United States | $4.41B | -5% | -1% | 5% | 17.7× | 9.9% | +4.2% |
| Stella-Jones SJ.TO | Canada | $2.56B | -12% | +2% | 13% | 11.8× | -9.1% | +6.5% |
| Zhongfu Straits (Pingtan) Development 000592.SZ | China | $1.93B | -38% | -29% | -37% | n/a | 25.3% | +1.5% |
| Dehua TB New Decoration Material 002043.SZ | China | $1.60B | -10% | +4% | 9% | 15.2× | -1.3% | +6.6% |