Trimas Corp (TRS)

Price$39.48Cached quoteAs of 2026-09-06 19:09 UTC

AI: Fair-priced

Price checkThe large cash reserve balances a demanding earnings price, making the shares fairly priced.

With 35.9 million shares outstanding, the market values TriMas’s equity at about $1.38 billion. June cash of $1.24 billion exceeded company-defined debt by roughly $846 million, leaving about $530 million as the implied value of operations. That is near nine times annualized second-quarter adjusted operating profit. However, the shares also cost about 23 times management’s $1.60–$1.70 adjusted 2026 earnings forecast, which excludes selected one-time and noncash items. The cash cushion offsets that high earnings multiple, supporting a fair-priced verdict.

Big pictureTriMas is now a smaller packaging-led company with improving profits but uneven demand.

The March aerospace sale makes older consolidated comparisons less representative. The remaining businesses produced $645.7 million of 2025 revenue and $41.3 million of operating profit. Second-quarter 2026 revenue rose 1.6% to $174.6 million. Packaging supplied $142.9 million, or about 82% of quarterly sales, but was essentially flat as weaker beauty, food and beverage demand offset industrial and life-sciences growth. Specialty Products sales rose 10.2%, yet profit declined because of delayed raw-material price recovery, machine downtime and labor ramp-up costs.

Business strengthExcess cash protects the balance sheet, although recent operating cash results remain unproven.

Operating cash flow was positive every year from 2020 through 2025. In 2025, $117.5 million of operating cash exceeded $48.4 million of capital spending by $69.1 million, but the sold aerospace business contributed to those figures. For the first half of 2026, adjusted free cash flow—cash left after running and investing in the business—was negative $29.0 million. Current assets of $1.55 billion comfortably covered $284.2 million of current liabilities. Shares fell from 43.2 million in 2020 to 35.9 million, so buybacks have more than offset employee-share dilution.

What could change the storyFuture returns depend mainly on restoring cash generation and using sale proceeds wisely.

The bull case requires roughly $16 million of annualized cost savings and management’s planned improvement of more than three percentage points in operating margin to become durable. Further buybacks or well-priced packaging acquisitions could then lift value per share. The bear case is that stagnant packaging demand and poor cash conversion expose earnings supported by temporary interest income; guidance assumes $9 million to $10 million of interest income in each remaining 2026 quarter. Positive second-half free cash flow would strengthen the case, while continued cash use or an expensive acquisition would weaken it.

AI: News

Outlook RaisedQuarterly profit improved and guidance rose, but weak cash generation and flat packaging sales tempered the result.

On July 30, TriMas reported second-quarter revenue of $174.6 million, up 1.6%, and adjusted operating profit of $14.9 million, up 29.1%. Adjusted earnings, which exclude selected one-time and noncash items, increased to $0.52 per share from $0.20. Management raised its full-year range to $1.60–$1.70. However, free cash flow was negative $12.9 million and packaging sales excluding currency effects fell 2.1%. Shares closed 3.2% lower that day, though the timing alone does not establish causation.

Buybacks Shrink Share CountLarge repurchases increase each remaining share’s ownership while reducing cash available for other uses.

Through June 30, TriMas had repurchased nearly two million shares during 2026 for $73.5 million, producing a 4.7% net reduction from year-end. More than five million shares had been bought since the aerospace-sale decision in November 2025, and $76.5 million remained authorized. A lower share count supports earnings per share without requiring equivalent business growth. The tradeoff is that buybacks consume funds that could otherwise support acquisitions, factory investment or protection against weaker demand.

Aerospace Sale CompletedSelling aerospace transformed TriMas into a cash-rich but smaller company focused mainly on packaging.

On March 16, TriMas completed the aerospace sale for approximately $1.45 billion in cash and about $1.2 billion after tax. The company used part of the proceeds to repay revolving borrowings and repurchase shares, investing the balance in interest-bearing accounts. The divested operation had generated $396.4 million of 2025 sales and $67.0 million of operating profit. Its removal strengthened the balance sheet but left investors dependent on slower-growing packaging, industrial cylinders and management’s future capital-allocation choices.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$645.7M	$630.8M	$652.1M	$883.8M	$857.1M	$770.0M	$723.5M	$705.0M	$656.2M	$794.0M	$864.0M	$887.3M	$799.7M	$1.27B	$1.08B	$902.5M	$777.0M
Gross profit	$138.2M	$129.5M	$153.3M	$208.3M	$217.2M	$182.1M	$193.9M	$200.1M	$189.3M	$210.8M	$236.1M	$237.0M	$226.0M	$342.4M	$317.7M	$271.1M	$204.5M
Gross margin	21.40%	20.54%	23.51%	23.57%	25.34%	23.65%	26.80%	28.38%	28.85%	26.55%	27.33%	26.71%	28.27%	27.02%	29.31%	30.03%	26.32%
Operating expenses	$96.9M	$114.4M	$102.6M	$109.2M	$122.1M	$270.4M	$102.7M	$91.3M	$96.6M	$252.7M	$240.4M	$150.4M	$128.8M	$214.3M	$186.4M	$161.7M	$155.0M
Operating income	$41.3M	$15.2M	$50.7M	$99.1M	$95.1M	−$88.3M	$91.2M	$108.8M	$92.7M	−$41.9M	−$4.3M	$86.7M	$97.2M	$128.1M	$131.3M	$109.3M	$49.5M
Operating margin	6.40%	2.40%	7.77%	11.21%	11.09%	−11.47%	12.61%	15.43%	14.13%	−5.28%	−0.49%	9.77%	12.16%	10.10%	12.11%	12.12%	6.37%
EBITDA	$98.3M	$80.1M	$108.3M	$152.3M	$148.5M	−$38.5M	$134.7M	$149.3M	$133.0M	$2.9M	$39.3M	$124.1M	$128.3M	$172.9M	$171.8M	$147.1M	$93.4M
EBITDA margin	15.23%	12.70%	16.60%	17.23%	17.33%	−5.00%	18.62%	21.18%	20.27%	0.37%	4.55%	13.99%	16.04%	13.64%	15.85%	16.30%	12.02%
Net income	$120.1M	$24.3M	$40.4M	$66.2M	$57.3M	−$79.8M	$98.6M	$83.3M	$31.0M	−$39.8M	−$33.4M	$68.5M	$75.5M	$33.9M	$60.4M	$45.3M	−$220,000
Net profit margin	18.61%	3.84%	6.19%	7.49%	6.69%	−10.36%	13.63%	11.82%	4.72%	−5.01%	−3.87%	7.72%	9.45%	2.67%	5.57%	5.02%	−0.03%
Basic EPSper basic share	$2.97	$0.60	$0.97	$1.57	$1.33	-$1.83	$2.18	$1.82	$0.68	-$0.88	-$0.74	$1.53	$1.85	$0.90	$1.76	$1.34	-$0.01
Diluted EPSper diluted share	$2.95	$0.60	$0.97	$1.56	$1.32	-$1.83	$2.16	$1.80	$0.67	-$0.88	-$0.74	$1.51	$1.83	$0.89	$1.73	$1.31	-$0.01

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈16.90%of listed shares

Trend International Holding AG / SEDAGHAT SHAWN6.06M shares · Apr 14, 2026

View holders

Top 20 reported holders of TRS
Holder	% owned
Trend International Holding AG / SEDAGHAT SHAWN	≈16.90%6.06M shares
BlackRock, Inc.	7.05%2.53M shares
DIMENSIONAL FUND ADVISORS LP	6.30%2.26M shares
Allspring Global Investments Holdings, LLC	5.31%1.9M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.69%1.68M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.93%1.41M shares
ADVISORY RESEARCH INC	3.38%1.21M shares
Permian Investment Partners, LP	3.25%1.17M shares
AMERICAN CENTURY COMPANIES INC	3.21%1.15M shares
GEODE CAPITAL MANAGEMENT, LLC	2.84%1.02M shares
Jefferies Financial Group Inc.	2.74%981.93K shares
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.	2.25%807.29K shares
STATE STREET CORP	2.19%784.15K shares
First Eagle Investment Management, LLC	1.85%663.11K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.61%579.28K shares
Nuveen, LLC	1.58%566.5K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.52%543.69K shares
TWO SIGMA INVESTMENTS, LP	1.26%453.43K shares
CITADEL ADVISORS LLC	1.21%432.38K shares
LOOMIS SAYLES & CO L P	1.20%430.54K shares

Percentages use 35.87M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys30$47.59M disclosed value

Sells (SEC code S)4$308.4K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 13, 2026Form 4	Tredwell Daniel PDirector	BuyCommon Stock	62.14	$40.58	$2.5K	63.5K
May 7, 2026Form 4	Robin Jodi F.General Counsel and Secretary	SellCommon Stock	2.0K	$41.61	$83.2K	34.2K
May 5, 2026Form 4	Robin Jodi F.General Counsel and Secretary	SellCommon Stock	3.0K	$41.10	$123.3K	36.2K
Mar 5, 2026Form 4	Tredwell Daniel PDirector	BuyCommon Stock	59.77	$39.38	$2.4K	60.5K
Nov 12, 2025Form 4	Tredwell Daniel PDirector	BuyCommon Stock	73.6	$31.94	$2.4K	60.5K

Review ownership filings at SEC.gov ↗

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Trimas Corp (TRS)

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