Triton International Limited
TRTN-PAHIGH VELOCITYFILING INTENSITYTriton International Limited reads as High Velocity (composite 62/100); pressure / disclosure signals dominate the posture this cycle · primary market Industrial Services.
Lens
Disclosed M&A capital (2023–2025)
$744M
vs N/A in 2020–2022
Disclosed transactions
1
1/3 active fiscal years in window
Buyer archetype
Transformational Buyer
Episodic but very large disclosed transactions drive the profile.
Composite score
62
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $1.3B disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- 96 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 14 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 14 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 14 activism filings
- Latest activism 2.8y ago; discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 10-Q 611d stale
- 14 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 auditor change
- Latest event 2.8y ago; discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 96 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $8.8B
- 10-Q 611d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $744M · Peak count: 1
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 1 | $744M | $744M | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Given the high concentration of our customer base, a default by or a significant reduction in future lease transactions with any of our major customers could materially reduce our leasing revenues, profitability, liquidity and growth prospects.”
“The vast majority of intermodal containers are currently manufactured in China, and we currently purchase substantially all of our equipment from third-party manufacturers based there.”
“The shipping industry has been consolidating for a number of years, and further consolidation could increase the portion of our revenues that come from our largest customers.”
“Our customers are mainly international shipping lines, though we also lease containers to freight forwarding companies and manufacturers.”
“Our five largest customers represented approximately 65% of our lease billings in 2024.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Industrial Services
- Market spend (2023–2025)
- $65.5B
- Market spend (2020–2022)
- $39.6B
- Recent vs prior
- +65%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
TRTN-PA trades at a -3.4-turn discount to the Industrial Services peer median of 11.4×.
- EV / Revenue
- 6.5×
- Net debt / EBITDA
- 5.9×
- Peer median EV / EBITDA
- 11.4×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 15.1× | 1.0× | -0.4× | $24.2B | $444M | |
Paychex, Inc.PAYX | 13.1× | 5.8× | 1.1× | $6.3B | $3.2B |
| 11.4× | 0.9× | 7.8× | $2.5B | $3.9B | |
| 11.3× | 4.5× | 0.2× | $16.4B | $931M | |
AZZ Inc.AZZ | 8.7× | 3.0× | 0.8× | $1.7B | $1.3B |
Triton International LimitedTRTN-PA | 8.0× | 6.5× | 5.9× | $1.3B | $744M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Industrial Services. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)112026-02-20
- 10-Q (quarterly)282024-11-07
- 8-K (event)962024-11-18
- Proxy / DEF 14A132023-07-06
- Activism (13D / DFAN / PREC)142023-10-10
Signals on file
- elevated
Auditor change
2023-09-281 Item 4.01 filing on file; certifying accountant change.
- elevated
Activism on file
2023-10-1014 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.