# TriMas (TRS.US)

Canonical: https://gigainvestors.com/s/TRS

Analysis as of: 2026-10-16T07:32:31.888Z. Financial observations: FY2000–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $38.95 per share; close as of 2026-10-15.

Estimated value: low $52.13 per share, central $54.61 per share, high $57.90 per share. Buy at or below the central value $54.61 per share. Valuation as of 2026-10-16T07:32:31.888Z; scenarios are not confidence intervals.

Expected annual return: 35.2% at the stated quote. About 35.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.11×

- FY2018: 0.15×

- FY2019: 0.13×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.03×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.3%

- ROIC, second-lowest year: 2.1%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 23.6%

- Recent gross margin (lower of latest and 3-year median): 20.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.2%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.5%

- FY2017: 11.7%

- FY2018: 17.8%

- FY2019: 14.1%

- FY2020: 9.0%

- FY2021: 14.0%

- FY2022: 9.6%

- FY2023: 7.7%

- FY2024: 2.1%

- FY2025: 1.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $350M

- Net income, five-year total: $308M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.9 pp

- Working capital / revenue, final three-year average: 31.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.15×

- FY2022: 1.11×

- FY2023: 1.08×

- FY2024: 1.58×

- FY2025: 1.07×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.7% vs 2.1%

- Per-share earnings: -0.74 to 0.97 (three-year endpoint medians)

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: $264M

- Cumulative retained earnings: $421M

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.71

- Per-share value, starting three-year median: -$0.74

- Per-share value, ending three-year median: $0.97

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $474M

- Cumulative net income, 10 years: $402M

- ROIC, first three-year median: 11.7%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.88

- FY2017: $0.67

- FY2018: $1.80

- FY2019: $2.16

- FY2020: -$1.83

- FY2021: $1.32

- FY2022: $1.56

- FY2023: $0.97

- FY2024: $0.60

- FY2025: $2.95

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 0.66×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.53×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.4%

- FY2017: -8.6%

- FY2018: -4.2%

- FY2019: 1.9%

- FY2020: -17.4%

- FY2021: -5.9%

- FY2022: -0.5%

- FY2023: -3.6%

- FY2024: -3.0%

- FY2025: 0.2%

## Holders

## Price story

Price needs cash profits to shrink 18% a year for ten years · sales +2.4%

Story as of 2026-10-16T09:59:43.481Z; price observation 2026-10-15.

Price needs cash profits to shrink 18% a year for ten years

- 2025-07-29: TriMas earnings beat by $0.14, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/trimas-earnings-beat-by-014-revenue-topped-estimates-4157248))

- 2026-04-30: Trimas outlines $1.50-$1.70 adjusted EPS guidance for 2026 following aerospace divestiture ([seekingalpha.com](https://seekingalpha.com/news/4583105-trimas-outlines-1_50-1_70-adjusted-eps-guidance-for-2026-following-aerospace-divestiture?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +2.4%; source https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm; observed 2026-03-02.

- FY2016: $794M 

- FY2017: $818M 

- FY2018: $705M 

- FY2019: $724M 

- FY2020: $770M 

- FY2021: $857M 

- FY2022: $884M 

- FY2023: $894M 

- FY2024: $631M 

- FY2025: $646M 

### Gross margin · FY2025

gross margin 20.3%; source https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm; observed 2026-03-02.

- FY2016: 24.4% 

- FY2017: 24.8% 

- FY2018: 26.3% 

- FY2019: 24.7% 

- FY2020: 23.7% 

- FY2021: 23.6% 

- FY2022: 22.0% 

- FY2023: 21.8% 

- FY2024: 19.5% 

- FY2025: 20.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaging & containers; annual sales are USD 645.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm (filed 2026-03-02); FY2025: revenue 645720000; grossProfit 131240000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TRS.US: TriMas Corporation engages in the design, development, manufacture, and sale of products for consumer products, aerospace and defense, and industrial markets worldwide. The company operates through Packaging and Specialty Products segments. The Packaging segment offers dispensing products, such as foaming and sanitizer pumps, lotion and hand soap pumps, beverage dispensers, perfume sprayers, and nasal and trigger sprayers; polymeric and steel caps and closures comprising food lids, flip-top and beverage closures, child resistance caps, drum and pail closures, and flexible spouts; polymeric jar products; integrated dispensers; bag-in-box products; and consumable vascular delivery and diagnostic test components under the Rieke, Taplast, Affaba & Ferrari, Aarts Packaging, Intertech, Omega Plastics, and Rapak brands. The Specialty Products segment designs, manufactures, and distributes steel cylinders for use in transportation, storage, and dispensing of packaged and compressed gases under the Norris Cylinder brand. It sells its products through a direct sales force, third-party agents, and distributors. The company was incorporated in 1986 and is headquartered in Bloomfield Hills, Michigan.

### Why customers stay

Margins ranged from 19.5% to 21.8% during 2023–25; it earns 9.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 21.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 19.5%.

- Source: https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 20.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,0.08473820045304319],[2017,0.11729450342910844],[2018,0.1776540206252045],[2019,0.14089564279956926],[2020,0.09023300675161176],[2021,0.14025488993118335],[2022,0.09600523311478176],[2023,0.07707730495726053],[2024,0.02052986837664529],[2025,0.015959198973159013]]; median 0.09311911993319677. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm (filed 2026-03-02); Gross margin observations: [[2021,0.23617738679982733],[2022,0.21984997114829774],[2023,0.21807397459571373]]; range within 2 percentage points.

### Where the cash goes

Reinvests 29.3% of cash earnings; paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2017: growth capex 0; upkeep 36800000; cash acquisitions 0; owner earnings 41030000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2018: growth capex 0; upkeep 25050000; cash acquisitions 0; owner earnings 98740000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2019: growth capex 0; upkeep 29670000; cash acquisitions 67090000; owner earnings 112450000. Growth capex plus acquisitions / owner earnings = 0.5966207203201422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 0; upkeep 45060000; cash acquisitions 34340000; owner earnings 65700000. Growth capex plus acquisitions / owner earnings = 0.5226788432267885.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2022: growth capex 0; upkeep 45960000; cash acquisitions 64100000; owner earnings 73430000. Growth capex plus acquisitions / owner earnings = 0.872940215170911.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 0; upkeep 54190000; cash acquisitions 77340000; owner earnings 43760000. Growth capex plus acquisitions / owner earnings = 1.767367458866545.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 50960000; cash acquisitions 0; owner earnings 38210000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm (filed 2026-03-02); FY2025: growth capex 0; upkeep 48350000; cash acquisitions 37730000; owner earnings 128820000. Growth capex plus acquisitions / owner earnings = 0.2928893029032759.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,0],[2017,0],[2018,1740000],[2019,1740000],[2020,1740000],[2021,1740000],[2022,6880000],[2023,6700000],[2024,6630000],[2025,6610000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm (filed 2026-03-02); FY2025: cash repurchases 103320000 USD.

### Are managers owners

Insiders own 25.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TRS.US SharesStats.PercentInsiders = 25.087 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 18% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Ten-year compound average after fade. Initial solved rate -0.2613030115264664. Price 38.95; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.410428009486649 → FY2025 3.1581163848505827. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $17.95 per share

- 2016-11: $21.45 per share

- 2016-12: $23.50 per share

- 2017-01: $21.30 per share

- 2017-02: $22.05 per share

- 2017-03: $20.75 per share

- 2017-04: $22.95 per share

- 2017-05: $21.80 per share

- 2017-06: $20.85 per share

- 2017-07: $24.35 per share

- 2017-08: $24.20 per share

- 2017-09: $27.00 per share

- 2017-10: $26.55 per share

- 2017-11: $25.90 per share

- 2017-12: $26.75 per share

- 2018-01: $26.60 per share

- 2018-02: $25.90 per share

- 2018-03: $26.25 per share

- 2018-04: $27.10 per share

- 2018-05: $28.60 per share

- 2018-06: $29.40 per share

- 2018-07: $29.60 per share

- 2018-08: $30.70 per share

- 2018-09: $30.40 per share

- 2018-10: $29.45 per share

- 2018-11: $29.03 per share

- 2018-12: $27.29 per share

- 2019-01: $28.99 per share

- 2019-02: $32.33 per share

- 2019-03: $30.23 per share

- 2019-04: $30.93 per share

- 2019-05: $28.65 per share

- 2019-06: $30.97 per share

- 2019-07: $29.99 per share

- 2019-08: $29.38 per share

- 2019-09: $30.65 per share

- 2019-10: $32.32 per share

- 2019-11: $30.98 per share

- 2019-12: $31.41 per share

- 2020-01: $28.73 per share

- 2020-02: $25.35 per share

- 2020-03: $23.10 per share

- 2020-04: $23.84 per share

- 2020-05: $23.65 per share

- 2020-06: $23.95 per share

- 2020-07: $23.40 per share

- 2020-08: $25.28 per share

- 2020-09: $22.80 per share

- 2020-10: $24.33 per share

- 2020-11: $26.73 per share

- 2020-12: $31.67 per share

- 2021-01: $31.65 per share

- 2021-02: $33.59 per share

- 2021-03: $30.32 per share

- 2021-04: $31.84 per share

- 2021-05: $32.42 per share

- 2021-06: $30.33 per share

- 2021-07: $32.72 per share

- 2021-08: $32.11 per share

- 2021-09: $32.36 per share

- 2021-10: $33.35 per share

- 2021-11: $33.12 per share

- 2021-12: $37.00 per share

- 2022-01: $34.76 per share

- 2022-02: $32.51 per share

- 2022-03: $32.09 per share

- 2022-04: $29.54 per share

- 2022-05: $28.18 per share

- 2022-06: $27.69 per share

- 2022-07: $29.60 per share

- 2022-08: $27.52 per share

- 2022-09: $25.07 per share

- 2022-10: $22.85 per share

- 2022-11: $27.35 per share

- 2022-12: $27.74 per share

- 2023-01: $30.79 per share

- 2023-02: $29.99 per share

- 2023-03: $27.86 per share

- 2023-04: $25.41 per share

- 2023-05: $25.31 per share

- 2023-06: $27.49 per share

- 2023-07: $25.76 per share

- 2023-08: $26.20 per share

- 2023-09: $24.76 per share

- 2023-10: $24.21 per share

- 2023-11: $25.63 per share

- 2023-12: $25.33 per share

- 2024-01: $24.68 per share

- 2024-02: $23.50 per share

- 2024-03: $26.73 per share

- 2024-04: $25.99 per share

- 2024-05: $26.62 per share

- 2024-06: $25.56 per share

- 2024-07: $24.58 per share

- 2024-08: $25.51 per share

- 2024-09: $25.53 per share

- 2024-10: $26.85 per share

- 2024-11: $26.42 per share

- 2024-12: $24.59 per share

- 2025-01: $24.30 per share

- 2025-02: $20.49 per share

- 2025-03: $23.43 per share

- 2025-04: $24.05 per share

- 2025-05: $26.37 per share

- 2025-06: $28.61 per share

- 2025-07: $35.73 per share

- 2025-08: $38.67 per share

- 2025-09: $38.64 per share

- 2025-10: $35.53 per share

- 2025-11: $34.07 per share

- 2025-12: $35.45 per share

- 2026-01: $34.77 per share

- 2026-02: $39.08 per share

- 2026-03: $35.94 per share

- 2026-04: $37.02 per share

- 2026-05: $40.93 per share

- 2026-06: $45.03 per share

- 2026-07: $39.93 per share

- 2026-08: $38.78 per share

- 2026-09: $38.60 per share

- 2026-10: $38.95 per share

## Annual estimated value (USD per share)

- FY2016: low $5.19 per share, central $5.90 per share, high $6.83 per share

- FY2017: low $10.00 per share, central $11.34 per share, high $13.13 per share

- FY2018: low $10.41 per share, central $11.57 per share, high $13.10 per share

- FY2019: low $12.17 per share, central $13.37 per share, high $14.97 per share

- FY2020: low $11.03 per share, central $12.37 per share, high $14.15 per share

- FY2021: low $19.45 per share, central $21.74 per share, high $24.78 per share

- FY2022: low $21.12 per share, central $23.72 per share, high $27.19 per share

- FY2023: low $18.37 per share, central $20.84 per share, high $24.14 per share

- FY2024: low $10.51 per share, central $11.93 per share, high $13.81 per share

- FY2025: low $13.68 per share, central $15.51 per share, high $17.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# TRS — TriMas Corp.

Held by 1 investor · USD 357,030 total · 2026 Q1 · reported price USD 35.98 (split-adjusted).
Page: https://gigainvestors.com/s/TRS

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 357,030 | 0.0% | reduce -98.16% |

## Total held by quarter

- 2024 Q1: USD 63,978,790 · 1 holder · USD 26.73
- 2024 Q2: USD 58,519,296 · 2 holders · USD 25.57
- 2024 Q3: USD 55,390,128 · 2 holders · USD 25.53
- 2024 Q4: USD 52,718,734 · 2 holders · USD 24.60
- 2025 Q1: USD 50,580,049 · 2 holders · USD 23.44
- 2025 Q2: USD 62,865,721 · 2 holders · USD 28.62
- 2025 Q3: USD 50,319,520 · 1 holder · USD 38.64
- 2025 Q4: USD 19,085,252 · 1 holder · USD 35.45
- 2026 Q1: USD 357,030 · 1 holder · USD 35.98
- 2026 Q2: USD 0 · 0 holders