TrustCo Bank Corp NY (TRST)

FundStockNeutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· bank

$56.26▼ 1.07%

EOD close · as of 2026-10-30

Market Cap

$958.0M

Enterprise Value

$347.6M

P/E

17.3×

Revenue (FY)

—

Rev. growth

—

Gross margin

—

Net margin

—

ROIC

Net debt / EBITDA

n/a for a bank

Revenue—

—

Net Income· FY2025$61.1M

Free Cash Flow· FY2025$45.7M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 50th pct blended

P/E

16.6× now

8.1×72.3×

50th

mid

P/B

1.5× now

0.8×6.8×

50th

mid

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Cash-backed earnings

Operating cash flow 0.9× net income

0.94×

✓

Capital intensity

Reinvests 21% of operating cash flow

light

Returns on capital

ROIC 8%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Not enough detail.

Returns

Why ROE is 8.9%

DuPont — the three levers

Net margin

—

profit / rev

Asset turns

—

rev / assets

Leverage

9.38×

assets / year-end equity

ROE

8.9%

on year-end equity

ROE 9% against ROIC 8% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$120.1M

Cash & Equivalents

$730.4M

Net Debt

-$610.4M

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

—

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

FY2025 · latest

Net margin

—

— · latest

—

ROIC

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

—

— · latest

—

Free cash flow

$45.7M

FY2025 · latest

Institutional ownership: 39 holders · 1% of shares · 78th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on TRST: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$56.26▼ 1.07%

EOD close · as of 2026-10-30

Market Cap

$958.0M

Enterprise Value

$347.6M

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Not enough income-statement detail for a flow diagram.

No data reported for this breakdown.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Interest Expense	—	—	$54.4M	$6.5M	$7.6M	$24.7M	$36.3M	$20.2M	$14.6M	$15.3M
Pretax Income	$80.8M	$64.0M	$77.6M	$99.4M	$82.1M	$69.4M	$76.5M	$79.7M	$76.7M	$68.3M
Income Tax Expense	$19.7M	$15.2M	$19.0M	$24.2M	$20.6M	$17.0M	$18.7M	$18.2M	$33.6M	$25.7M
Net Income	$61.1M	$48.8M	$58.6M	$75.2M	$61.5M	$52.5M	$57.8M	$61.4M	$43.1M	$42.6M
Per Share
EPS (Basic)	$3.26	$2.57	$3.08	$3.93	$3.19	$2.72	$2.99	$0.64	$0.45	$0.45
EPS (Diluted)	$3.25	$2.57	$3.08	$3.93	$3.19	$2.72	$2.98	$0.64	$0.45	$0.45
Weighted Avg Shares (Basic)	18.8M	19.0M	19.0M	19.1M	19.3M	19.3M	19.4M	96.5M	96.1M	95.5M
Weighted Avg Shares (Diluted)	18.8M	19.0M	19.0M	19.1M	19.3M	19.3M	19.4M	96.6M	96.2M	95.6M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Margins need at least two fiscal years with a reported revenue and cost base.

Return on equity (9%) and return on invested capital (8%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Adequate

Converts 0.94x of reported profit into cash — adequate, without much margin.

FCF / net income

0.94×↘ narrowing

5-year average; latest 0.75x

Sloan accruals

0.1%

(net income − OCF) / assets · negative is better

Share count since FY2019

-6.9%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

The other side

The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a bank.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

What is on hand

Cash & equivalents

$730M

excludes restricted cash

Net debt

-$610M

net cash

Current ratio

—

not reported

Quick ratio

—

not reported

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Can't say

At $56.26, free cash flow must compound -7.94%/yr for 10 years. It has done -4.4%/yr over 6 years.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−2.6%	−7.9%
FY2021	−9.9%	−7.9%
FY2022	42.5%	−7.9%
FY2023	−21.9%	−7.9%
FY2024	−6.7%	−7.9%
FY2025	−16.2%	−7.9%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 3 of 6 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

-7.9%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

-4.4%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

—

above 1 means the price asks for more than the record

P / E

17.3× · med 14.2× · 12.7×–18.1×

P / S

not reported for this company

EV / EBITDA

not reported for this company

P / B

1.5× · med 1.2× · 1.1×–1.6×

TRST cohort median p25–p7519 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.

Basis: FY2025Source: SEC EDGAR XBRL

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TRST vs. State Commercial Banks peers

Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

TRST 17.3× · med 14.2× · p25–p75 12.7×–18.1×

35th pct

P / S

TRST — · med 3.3× · p25–p75 2.7×–3.5×

not enough peer data

—

EV / EBITDA

TRST — · med 12.8×

not enough peer data

—

P / B

TRST 1.5× · med 1.2× · p25–p75 1.1×–1.6×

30th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

TRST — · med 7.6% · p25–p75 2.3%–37.8%

not enough peer data

—

ProfitabilityMargins vs the sector

Gross margin

TRST — · med 54.3%

not enough peer data

—

Operating margin

TRST —

not enough peer data

—

Net margin

TRST — · med 21.3% · p25–p75 17.5%–24.2%

not enough peer data

—

FCF margin

TRST — · med 28.5% · p25–p75 17.9%–34.5%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

TRST 8.9% · med 9.6% · p25–p75 7.0%–10.3%

45th pct

Return on invested capital

TRST 7.6% · med 7.1% · p25–p75 5.0%–9.6%

55th pct

LeverageLess debt scores higher

Net debt / EBITDA

TRST — · med 3.1×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

TRST 39 · med 49 · p25–p75 23–140

45th pct

Institutional ownership

TRST 0.5% · med 1.3% · p25–p75 0.6%–2.6%

21st pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
STTSTATE STREET CORP	$46.2B	18.1×	—	3.3×	7.3%	—	21.1%	10.6%	10.6%	—	388
NTRSNORTHERN TRUST CORP	$30.9B	19.4×	—	3.8×	-2.5%	—	21.5%	13.4%	13.4%	—	272
CFGCITIZENS FINANCIAL GRO…	$26.7B	16.5×	—	3.2×	5.6%	—	22.2%	7.0%	4.9%	—	319
FCNCAFIRST CITIZENS BANCSHA…	$26.1B	14.2×	—	2.7×	-2.2%	—	23.1%	9.9%	3.8%	—	162
ALLYAlly Financial Inc.	$11.6B	16.1×	—	1.5×	-3.3%	—	10.8%	5.5%	2.5%	—	140
UCBUNITED COMMUNITY BANKS…	$4.4B	14.0×	—	4.1×	11.7%	—	30.9%	9.0%	8.5%	—	84
FBPFIRST BANCORP /PR/	$4.0B	12.2×	—	3.1×	2.4%	—	27.5%	17.5%	15.3%	—	67
FHBFIRST HAWAIIAN, INC.	$3.1B	11.4×	—	3.5×	8.9%	—	31.4%	10.0%	10.0%	—	74
BUSEFIRST BUSEY CORP /NV/	$2.4B	19.6×	—	3.3×	55.7%	—	18.8%	5.5%	5.5%	—	61
GABCGERMAN AMERICAN BANCOR…	$1.8B	16.0×	—	3.8×	37.8%	—	23.1%	9.7%	8.9%	—	39
PEBOPEOPLES BANCORP INC	$1.4B	12.9×	12.8×	16.0×	2.3%	—	—	8.8%	5.8%	3.1×	41
UVSPUNIVEST FINANCIAL Corp	$1.1B	12.7×	—	3.3×	9.6%	—	27.7%	9.6%	9.4%	—	49
TRSTTRUSTCO BANK CORP N Y	$958M	17.3×	—	—	—	—	—	8.9%	7.6%	—	39
FMNBFARMERS NATIONAL BANC …	$927M	10.8×	—	3.3×	3.9%	—	19.5%	11.2%	6.4%	—	33
WASHWASHINGTON TRUST BANCO…	$736M	14.2×	—	3.2×	128%	—	22.8%	9.6%	9.6%	—	39
ACNBACNB CORP	$665M	18.2×	—	3.5×	45.1%	—	19.3%	8.8%	5.0%	—	22
COFSCHOICEONE FINANCIAL SE…	$530M	17.6×	—	2.3×	63.6%	—	12.4%	6.1%	6.1%	—	23
CFFIC & F FINANCIAL CORP	$357M	13.2×	—	2.5×	10.6%	—	19.1%	10.3%	9.5%	—	11
MYFWFirst Western Financia…	$303M	23.1×	—	3.1×	7.6%	—	13.6%	5.0%	5.0%	—	17
MNSBMainStreet Bancshares,…	$152M	12.1×	—	1.1×	-1.6%	54.3%	11.5%	7.1%	7.1%	—	16

Peers = companies sharing TRST's sector (State Commercial Banks) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$80k · 4 holders

Discretionary sales

$0 · 0 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

1 of 43 filings

6 open-market purchases and 0 discretionary sales against the share price · hover a marker

2025-10-31$36.54 – $58.452026-10-23

Shares held by reporting insiders5 → 14 insiders reporting — no comparable change

2025-11-15 · 409,4792026-09-02 · 476,811 (14 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-02	Mccormick Lauren Ann VP,Treasurer, Asst. Corp. Sec.	Open-market buyindirect	436	$57.34	$25k
2026-08-12	Mccormick Lauren Ann VP,Treasurer, Asst. Corp. Sec.	Open-market buyindirect	103	$56.51	$6k
2026-07-27	Mccormick Lauren Ann VP,Treasurer, Asst. Corp. Sec.	Giftindirect13d late	1,756	$0.00	$0
2026-06-04	2 co-filers Group filing	Open-market buy

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Cash conversion bridge from net income to free cash flow
Step	Amount	Running total
Net income	$61M	$61M
Share-based comp	$1M	$62M
Other non-cash & working capital	−$5M	$58M
Operating cash flow	$58M	$58M
Capex	−$12M	$46M
Free cash flow	$46M	$46M
FCF after SBC	$44M	$44M

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

-0.1 percent

FY2020

-0.2 percent

FY2021

0.1 percent

FY2022

-0.1 percent

FY2023

-0.1 percent

FY2024

-0.2 percent

FY2025

0.1 percent

TrustCo Bank Corp NY (TRST)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 8.9%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -25%

TRST vs. State Commercial Banks peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Financials

Revenue → Profit Flow

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

TRST vs. State Commercial Banks peers

Where it ranks

Peer table

Reverse DCF — what growth does the price assume?

Ownership Map

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -25%

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 8.9%

Debt structure

How profit responds to sales

Common-size income statement