Trimble operates in industries shaped by long-term structural shifts. In construction, infrastructure upgrades in mature markets continue to push demand for digital tools that improve efficiency and reduce reliance on manual labor. Adoption of connected workflows and automation remains low in many areas, leaving room for expansion as firms modernize operations. In agriculture, rising food demand and limited farmland are accelerating the shift toward precision techniques. Surveying and mapping also benefit from steady demand tied to infrastructure development, urban expansion, and tighter regulations. Public agencies and engineering firms increasingly rely on high-accuracy geospatial data for planning and compliance, supporting continued use of Trimble’s field and office systems.

Trimble builds specialized technologies that link the physical and digital worlds across construction, infrastructure, agriculture, and logistics, shifting from selling hardware to offering integrated software platforms with recurring revenue, focusing on automation, data-driven workflows, and real-time connectivity. Its portfolio includes tools like SketchUp and Tekla, precision surveying equipment such as GNSS receivers and laser scanners, agricultural systems for yield optimization, and the Transporeon platform for freight management and supply chain operations.

Trimble reports across three segments: AECO, Field Systems, and Transportation & Logistics.

The AECO segment focuses on software solutions sold mainly through a direct channel to customers in the construction industry. Tools like SketchUp, Tekla, and ProjectSight are used for modeling, detailing, estimating, and project management, used into Trimble Construction One and Unity, which connect workflows across design, procurement, finance, and field execution. In 2024, new features included AI-powered takeoff (LiveCount), model search, and SketchUp Diffusion for generative design, and AppXchange was also launched, linking third-party tools into Trimble’s ERP environment. AECO revenue is largely recurring (94%), with ~$1.25B in ARR and high retention (~110%). Construction firms make up 40% of AECO’s customer base, followed by engineering (25%), owners (20%), and architects (15%). North America makes up for most of sales (61% of revenue), with over 4 million projects created on Connect this year and more than 1 million paid SketchUp subscribers. The current market penetration at just 20% of a $49B addressable market, AECO has room to grow.

Field Systems provides hardware and related software, distributed primarily through dealer partner channels used across surveying, civil construction, and advanced geospatial applications. Key hardware includes the R980 GNSS receiver, X9 3D laser scanner, and equipment automation systems built in partnership with Caterpillar. These tools support real-time data flow between the field and office, improving accuracy, tracking, and coordination on large infrastructure sites. It benefits  from strong partnerships such as joint ventures with Caterpillar, Hilti, Nikon, and AGCO support development of integrated field technologies; OEM partnerships with John Deere, Volvo, Bobcat, Hitachi, and Liebherr; and on the software side, collaboration with Autodesk, Bentley, and Esri enhances interoperability with industry-standard design and GIS tools. Civil construction accounts for 40% of Field Systems revenue, followed by geospatial (35%) and advanced positioning (25%). The business is still hardware-heavy (51% of revenue), though software and subscriptions are gaining traction, with $330M in ARR and mid-teens organic growth. With roughly 40% market penetration in a $15B addressable market, expansion opportunities remain, especially in Europe and Asia-Pacific. In 2024, the segment generated around $1.43B in revenue, with ~$330M in ARR growing in the mid-teens. North America remains the largest market (49%), with additional traction in Europe (28%) and Asia-Pacific (16%). With roughly 40% penetration in a $15B market, growth is supported by geographic expansion, subscription model adoption, and ongoing equipment upgrades.

Trimble’s Transportation & Logistics segment delivers solutions for customers in long-haul trucking and freight shipper markets. A core asset is Transporeon, which supports over 200,000 daily freight transactions and offers solutions for dock scheduling, transport assignment, fleet planning, and autonomous procurement. The platform is used by major clients like Nestlé—active in 50+ countries—which has progressively adopted Transporeon modules since 2012. The segment generated ~$470M in 2024, with ~$450M in ARR, driven by 92%+ recurring revenue (68% non-transactional, 24% transactional). It operates at ~76% gross margin and low 20s operating margin. North America accounts for 61% of revenue, followed by Europe at 31%. Transporeon alone contributes 40% of the segment’s revenue, with the rest split between mapping (25%), enterprise (25%), and forestry/other (10%), with a market penetration sits at 40% of an $8B addressable market. Trimble has also built long-term partnerships with major logistics operators such as Heniff (2,000 tractors) and Covenant Logistics (7,800 trailers and tractors). In 2025, Trimble divested its Mobility business to Platform Science, marking a shift toward scalable, platform-based logistics.

Trimble’s recent acquisition activity has shifted toward connected, software-driven platforms. In 2023, the company completed its largest deal to date with the $2.1 billion acquisition of Transporeon, a Germany-based transportation management platform. Smaller acquisitions in 2022, 2023, and 2024 (exceeded $60 million) - each contributing less than 1% of annual revenue - targeted niche capabilities in civil construction and related workflows, including Bid2Win Software. The most recent being Platform Science which aims to accelerate the future of transportation technology through the global expansion of Virtual Vehicle, Platform Science's open, connected vehicle application platform developed in collaboration with leading OEMs.

In 2024, Trimble generated $3.68 billion in revenue, a slight decline from $3.80 billion in 2023, driven by softer results in Field Systems, which fell from $1.97 billion to $1.54 billion. AECO saw solid growth, increasing 22% year-over-year to $1.36 billion, while Transportation & Logistics rose nearly 10% to $789 million. Operating income improved across all segments, with AECO’s margin expanding to 34.1% (vs. 29.6%), supported by higher subscription revenue. Field Systems maintained strong profitability at 28.8%, while T&L improved its margin from 16.4% to 19.7%, reflecting better cost control and efficiency gains despite macro headwinds.

In 2024, Trimble reported total revenue of $3.68 billion, slightly down from $3.80 billion in 2023. By region, North America remained the largest market, contributing $2.08 billion, up modestly from $2.02 billion. Europe generated $1.05 billion, slightly down from $1.08 billion, while Asia Pacific declined to $365 million from $429 million. Revenue from the Rest of World also decreased to $189 million from $275 million. Segment-wise, AECO grew 22% YoY to $1.36 billion, while T&L rose to $789 million from $720 million. Field Systems declined to $1.54 billion from $1.97 billion. Operating margins improved across the board, with AECO reaching 34.1% (up from 29.6%), Field Systems at 28.8%, and T&L improving from 16.4% to 19.7%.

Between 2015 and 2024, Trimble’s EBITDA grew from $426 million to $1 billion, representing a CAGR of 8.9%. EBIT reached $936 million in the latest fiscal year and is expected to rise to $1.1 billion by 2027. The company’s GAAP EPS surged by over 387% between 2023 and 2024, jumping from $1.25 to $6.09. However, projections are more conservative going forward, with EPS expected to drop by 74% to $1.50 in 2025. Free cash flow increased by 60% between 2022 and 2023 but has since declined, with a projected 22% drop to $389 million in 2025. That said, a strong rebound is expected, with FCF reaching $790 million in 2026 and $902 million in 2027. Net income followed a similar trajectory, rising 386% to $1.5 billion in 2024, but is expected to stabilize around $500 million in 2026 and 2027. The company continues to improve profitability, with net and operating margins forecasted at 13.8% and 27.3%, respectively, by 2026.

For fiscal year 2024, Trimble is trading at a historically low P/E ratio of 11.6x, compared to a 10-year average of 41x. However, the P/E is expected to rebound sharply to 45x in 2025. At the same time, the company’s P/B ratio remains slightly below its 10-year average, at 3.02x versus 3.6x. The EV/EBITDA multiple stands at 17.9x for 2024, roughly in line with the 10-year average of 17.8x.

In construction and geospatial, Trimble competes with Hexagon (24.4x), Topcon (38x), and FARO (-54x) offer similar GNSS and 3D scanning tools. Autodesk (60.8x), Bentley (64.9x), and Nemetschek (61.6x) overlap in AEC design and modeling, while Procore (-104x) challenges Trimble in cloud-based project management. In logistics, SAP (89.2x), Oracle (31.6x), and Descartes (70.9x), compete on freight visibility and transport execution, with Alpega and McLeod Software active in TMS. Esri remains dominant in GIS, a key area for Trimble’s Field Systems. The landscape is competitive, with most rivals pushing into cloud and subscription models, pressuring Trimble’s shift away from hardware.

Industry Peers, Partners & Competitors

Trimble is well-positioned, transitioning successfully from cyclical hardware sales to predictable recurring revenue streams. Still, the company remains exposed to construction and agriculture cycles and faces rising pressure from cloud-native players like Amazon, Microsoft, and Google, whose scale and AI capabilities could challenge Trimble’s pricing and product roadmap. Execution in this transition will be key to sustaining long-term growth.