Trimble (NASDAQ:TRMB) started as a GPS company. It made boxes that told you where you were, and it sold them to surveyors, farmers and bulldozer operators. That is a fine business. It is also a cyclical, hardware-heavy, competitor-infested business. The market pays 10 times earnings for those, and it is right to. For the last six years, a CEO named Rob Painter has been trying to turn a box company into a subscription company without breaking either one. It is one of the hardest maneuvers in industrial technology. Most who attempt it get the worst of both worlds: a shrinking hardware franchise and a software business nobody wants to pay for.
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