Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Trainline plc is a leading independent digital rail and coach travel platform that sells tickets worldwide through its website and mobile apps. It operates across three key segments: UK Consumer, serving individual travelers on domestic journeys; International Consumer, facilitating cross-border travel from the UK to destinations abroad; and Trainline Solutions, delivering branded portals for corporates, travel management companies, and white-label e-commerce platforms for UK train operators. Founded in 1997 and headquartered in London, the company aggregates routes, fares, and schedules from over 270 rail and coach providers across approximately 45 countries, enabling seamless search, booking, and journey management. Trainline plc plays a pivotal role in the travel services sector by driving the digitization of rail travel, supporting both consumer and business markets, and generating revenue primarily from ticket sales commissions and ancillary services. With around 990 employees, it continues to expand in Europe, including markets like Spain and Italy, while navigating regulatory and competitive landscapes in the UK rail industry.
£2.18
£0.01 (-0.46%)
EOD Jul 3, 2026
Margins and capital returns are both well above average: 27.04% operating margin, ROIC at 18.83%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue growth slowed to 2.4%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 17% versus the prior year, cash generation momentum has weakened.
11.4x earnings, 11.3x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£453M
▲ +2.4% YoY
Net Income (TTM)
£80M
▲ +36.8% YoY
Op. Margin
27.04%
▲ +7.7pp YoY
ROIC
18.83%
▲ +5.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£80M
▼ -17.0% YoY
Op. Cash Flow (TTM)
£112M
▲ +13.0% YoY
Net Debt
£202M
Cash & Equiv.
£60M
3Y CAGR: +11.4%
3Y CAGR: +162.7%
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At a P/E of 11.4 and a price-to-free-cash-flow of 11.3, Trainline (TRN.XLON) trades around a two-stage DCF intrinsic value of about £2.86 per share, so at £2.18 the stock looks around fair value (31.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Trainline scores 86/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £2.86 per share for TRN.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £2.15. At today's £2.18, that puts the stock about 31.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Trainline scores 86 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a high-quality business on these measures. Recent fundamentals include a 27.0% operating margin and a 18.8% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. TRN.XLON currently trades around its estimated intrinsic value and scores 86/100 on quality (high-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.