olivLaw · US equity research
TriMas Corporation TRS
Metal Forgings & Stampings · SIC 3460 · Vertical: Fabricated metal products (SIC 34xx)
TriMas makes plastic and steel closures, dispensing systems and steel gas cylinders, and after selling its Aerospace unit in March 2026 it is focused on packaging and life sciences with a very strong balance sheet. Sales in the second quarter of 2026 edged up and the company raised the low end of its 2026 adjusted EPS outlook while it deploys the cash from the sale. Packaging made up 83% of continuing net sales in 2025, and at June 30 2026 the company held 1.24 bn USD of cash.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TriMas Corporation (TRS) stock was 39.40 USD (+0.48% on the day), with market capitalisation 1.4 bn USD, P/E 1.6 on diluted EPS of 24.03 USD over the last 12 months, dividend yield 0.30%, beta 0.85, 52-week range 31.08–45.03 USD. Latest reported quarter (Q2 2026): revenue of 174.6 m USD (+1.6% YoY), net income of 13.4 m USD (−20.0% YoY), diluted EPS 0.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.5
- neutral
- Bollinger (20, 2)
- 37.80 – 40.30
- in the upper half of the band · %B 0.64 · band width 6.4%
- SMA 50 / 200
- 38.94 / 38.74
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.2% | −1.1% | +2.3 pp | — |
| 3 months | −3.7% | −0.5% | −3.2 pp | — |
| 6 months | −5.3% | +4.4% | −9.7 pp | — |
| Year to date | +11.1% | +12.3% | −1.2 pp | — |
| 1 year | +16.9% | +13.5% | +3.4 pp | +12.6% |
| 3 years | +60.1% | +76.4% | −16.3 pp | +36.3% |
| 5 years | +6.8% | +63.7% | −56.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 158.5 m | 149.7 m | 152.5 m | 171.8 m | 166.0 m | 155.5 m | 168.3 m | 174.6 m |
| Cost of revenue | 177.7 m | -37.3 m | 119.6 m | 133.8 m | 203.4 m | -85.5 m | 131.4 m | 139.2 m |
| Gross profit | 35.2 m | 22.5 m | 32.8 m | 38.0 m | 34.5 m | 32.9 m | 36.9 m | 35.3 m |
| SG&A | 39.0 m | -5.7 m | 31.0 m | 30.5 m | 41.1 m | 5.1 m | 30.0 m | 24.5 m |
| Operating income | 8.3 m | -23.4 m | 7.2 m | 7.4 m | 16.6 m | -24.2 m | 6.9 m | 10.9 m |
| Depreciation & amortisation | 14.2 m | 22.3 m | 9.2 m | 9.6 m | 14.5 m | — | 9.6 m | 9.9 m |
| Interest expense | 4.9 m | 4.6 m | 4.5 m | 4.6 m | 4.4 m | 4.6 m | 5.2 m | 4.1 m |
| Pre-tax income | 3.4 m | -27.4 m | 2.6 m | 3.1 m | 12.1 m | -27.4 m | 2.5 m | 18.1 m |
| Income tax | 860.0 k | -6.9 m | 650.0 k | 700.0 k | 2.8 m | -61.2 m | 54.3 m | -49.2 m |
| Net income | 2.5 m | 5.6 m | 12.4 m | 16.7 m | 9.3 m | 81.7 m | 800.8 m | 13.4 m |
| Diluted EPS | 0.06 | 0.14 | 0.30 | 0.41 | 0.23 | 2.03 | 21.40 | 0.37 |
| Operating cash flow | 22.0 m ≈ | 27.1 m | 9.2 m | 30.3 m ≈ | 36.5 m ≈ | 41.5 m | -19.4 m | -38.5 m ≈ |
| Capex | 11.9 m | 15.0 m | 12.9 m | 12.1 m | 13.7 m | 4.7 m | 5.2 m | 6.5 m |
| Dividends paid | 1.7 m ≈ | 1.7 m | 1.6 m | 1.7 m ≈ | 1.7 m ≈ | 1.7 m | 1.5 m | 1.5 m ≈ |
| Share repurchases | 2.4 m ≈ | 0 | 460.0 k | 1.8 m ≈ | 0 ≈ | 101.1 m | 54.5 m | 18.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 31-quarter history (min 1.5, median 20.6, max 41.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 705.0 m | 723.5 m | 770.0 m | 857.1 m | 883.8 m | 652.2 m | 630.8 m | 645.7 m |
| Revenue YoY | +7.4% | +2.6% | +6.4% | +11.3% | +3.1% | −26.2% | −3.3% | +2.4% |
| Net income | 83.3 m | 98.6 m | -79.8 m | 57.3 m | 66.2 m | 40.4 m | 24.3 m | 120.1 m |
| Net income YoY | +169.1% | +18.4% | −180.9% | unavailable | +15.5% | −39.0% | −39.9% | +395.4% |
| Diluted EPS | 1.80 | 2.16 | -1.83 | 1.32 | 1.56 | 0.97 | 0.60 | 2.95 |
| Diluted EPS YoY | +168.7% | +20.0% | −184.7% | unavailable | +18.2% | −37.8% | −38.1% | +391.7% |
| net % | 11.8% | 13.6% | -10.4% | 6.7% | 7.5% | 6.2% | 3.8% | 18.6% |
| Free cash flow | 105.9 m | 45.9 m | 86.9 m | 89.2 m | 26.6 m | 34.0 m | 12.8 m | 69.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.0 m USD
- Financial debt
- 472.8 m USD
- Net debt
- 442.8 m USD
- Equity
- 705.6 m USD
- Total assets
- 1.5 bn USD
- Debt / equity
- 0.67x
- Current ratio
- 2.52x
- ROE
- 17.5%
- ROA
- 8.6%
- FCF margin
- 10.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 770.0 m | 857.1 m | 883.8 m | 652.2 m | 630.8 m | 645.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 587.9 m | 639.9 m | 675.5 m | 498.9 m | 501.3 m | 507.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 182.1 m | 217.2 m | 208.3 m | 153.3 m | 129.5 m | 138.2 m | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 134.5 m | 122.0 m | 131.2 m | 102.5 m | 109.7 m | 129.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -88.3 m | 95.1 m | 99.1 m | 50.7 m | 15.2 m | 41.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 49.8 m | 53.5 m | 53.2 m | 57.6 m | 64.9 m | — | SEC (XBRL)· 27 Feb 2025verified |
| EBITDA | -38.5 m ≈ | 148.5 m ≈ | 152.3 m ≈ | 108.3 m ≈ | 80.1 m ≈ | — | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 14.7 m | 14.5 m | 14.1 m | 15.9 m | 19.6 m | 18.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -102.7 m | 69.1 m | 87.7 m | 35.9 m | -4.2 m | 24.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -23.0 m | 11.8 m | 21.5 m | 6.3 m | -2.2 m | -48.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -79.8 m | 57.3 m | 66.2 m | 40.4 m | 24.3 m | 120.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -1.83 | 1.32 | 1.56 | 0.97 | 0.60 | 2.95 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 43.6 m | 43.3 m | 42.5 m | 41.7 m | 40.7 m | 40.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividend per share | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 74.0 m | 140.7 m | 112.1 m | 34.9 m | 23.1 m | 30.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 113.4 m | 125.6 m | 132.4 m | 148.0 m | 115.6 m | 111.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 149.4 m | 152.5 m | 163.4 m | 192.5 m | 110.4 m | 108.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 351.8 m | 431.8 m | 422.7 m | 397.4 m | 426.6 m | 462.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 253.1 m | 265.6 m | 277.8 m | 330.0 m | 237.7 m | 247.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 304.0 m | 315.5 m | 339.8 m | 293.9 m | 287.1 m | 300.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 206.2 m | 196.7 m | 188.1 m | 181.0 m | 78.4 m | 76.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 69.9 m | 87.8 m | 85.2 m | 91.9 m | 72.4 m | 72.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 0 | — | — | 0 | — | — | SEC (XBRL)· 04 Nov 2024verified |
| Long-term debt | 350.5 m | 400.0 m | 400.0 m | 400.0 m | 401.5 m | 472.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 137.2 m | 154.9 m | 140.2 m | 159.5 m | 159.4 m | 183.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 609.6 m | 672.8 m | 653.2 m | 658.7 m | 656.9 m | 779.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 584.3 m | 630.9 m | 651.8 m | 683.0 m | 667.3 m | 705.6 m | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 127.4 m | 134.2 m | 72.6 m | 88.2 m | 63.8 m | 117.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 40.5 m | 45.1 m | 46.0 m | 54.2 m | 51.0 m | 48.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 86.9 m ≈ | 89.2 m ≈ | 26.6 m ≈ | 34.0 m ≈ | 12.8 m ≈ | 69.1 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -232.1 m | -79.2 m | -55.0 m | -134.4 m | -47.0 m | -64.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 6.1 m | 11.8 m | -46.2 m | -30.9 m | -28.6 m | -46.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 0 | 1.7 m | 6.9 m | 6.7 m | 6.6 m | 6.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 39.4 m | 19.1 m | 36.9 m | 18.8 m | 19.3 m | 103.3 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet40
- Valuation56
- Quality50
- Growth50
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 460.87 – 659.39 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E460.87 – 659.39 (Mid 555.09)25 companies used · median multiple 23.1x · quartiles 19.2x – 27.4xACA, ACU, AZZ, BALL, CIX, CR, CXT, EML, GFF, JBI, LCUT, MAS, MWA, NPK, OFLX, PH, PKOH, RECT, SNA, SSD, SWBI, SWK, WTS, XPEL, ZJK
- Dividend discount (DDM)outside the aggregate0.53 – 0.71 (Mid 0.60)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 136.2% | 100 (vs peers) | 10% |
| FCF conversion · Quality | -1.1% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -9.9% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 23.7% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.6x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 5.4x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 1.6x | 100 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.7% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 12.8% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRIMAS CORPORATION (TRS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 645.7 m USD in 2025; YoY growth 2.4%; net margin 136.2%; ROE 83.9%.
The estimated value range is 460.87–659.39 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 555.09 USD, the price of 39.40 USD leaves a potential of 1,308.8% (value / price − 1) and a margin of safety of 92.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 136.2%
- EPS CAGR 3Y: 23.7%
- Current ratio: 5.4x
- P/E (TTM): 1.6x
- Shareholder yield (distributions): 12.8%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -1.1%
- Revenue CAGR 3Y: -9.9%
- Interest coverage: 0.6x
- FCF yield: -0.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 34xx) · same major group (2-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 114.7 bn | 32.0 | 25.1% | 17.0% | +8.3% | +6% / +110% |
| AXONAxon Enterprise, Inc. | 34.5 bn | 175.8 | 6.2% | 6.2% | +33.5% | −21% / +85% |
| SNASnap-on Inc | 19.0 bn | 19.2 | 17.0% | 19.2% | unavailable | +8% / +34% |
| SWKStanley Black & Decker, Inc. | 17.6 bn | 21.2 | 9.4% | 5.5% | unavailable | +65% / +30% |
| BALLBall Corporation | 17.5 bn | 33.9 | 9.6% | 3.5% | +11.6% | +36% / +22% |
| MASMasco Corporation | 16.7 bn | 18.8 | — | 12.1% | −3.4% | +34% / +43% |
| CRCrane Company | 11.9 bn | 35.4 | 16.2% | 12.4% | +8.2% | +13% / +95% |
| SSDSimpson Manufacturing Co., Inc. | 8.4 bn | 22.4 | 18.7% | 15.6% | +4.5% | +23% / +23% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.9 bn | 27.4 | 185.4% | 6.5% | −3.9% | +43% / +131% |
| AZZAZZ Inc. | 4.0 bn | 23.8 | 12.3% | 9.6% | +4.6% | +25% / +169% |
| MWAMueller Water Products, Inc. | 3.8 bn | 17.0 | 21.7% | 15.0% | +8.7% | −1% / +81% |
| CXTCrane Nxt, Co. | 3.5 bn | 27.3 | 10.5% | 7.1% | +11.4% | +9% / +20% |
| AMBPArdagh Metal Packaging S.A. | 2.8 bn | — | — | 0.2% | +12.0% | +27% / +18% |
| HLMNHillman Solutions Corp. | 1.7 bn | 68.6 | 2.0% | 1.5% | +5.4% | +0% / +20% |
| PRLBProto Labs, Inc. | 1.6 bn | 46.6 | 5.1% | 6.0% | +6.4% | +31% / +84% |
| TRSTrimas Corporation | 1.4 bn | 1.6 | 83.9% | 136.2% | +2.4% | +17% / +60% |
| SMRNUSCALE POWER Corp | 1.2 bn | — | -30.2% | -3,888.7% | −15.0% | −74% / +85% |
| XPELXpel, Inc. | 1.2 bn | 21.3 | 19.5% | 10.8% | +13.3% | −9% / −8% |
| NPKNational Presto Industries Inc | 1.1 bn | 25.0 | 10.9% | 7.9% | +29.7% | +59% / +100% |
| JBIJanus International Group, Inc. | 682.2 m | 20.7 | 6.0% | 3.7% | unavailable | −19% / −53% |
| SWBISmith & Wesson Brands, Inc. | 649.7 m | 26.5 | 6.6% | 4.4% | +10.4% | +66% / +5% |
| PKOHPark-Ohio Holdings Corp | 630.3 m | 23.1 | 7.0% | 1.6% | −3.4% | +103% / +91% |
| BWBabcock & Wilcox Enterprises, Inc | 549.7 m | — | — | -2.2% | +1.1% | −41% / +160% |
| CIXCompx International Inc | 457.6 m | 23.1 | 16.3% | 14.0% | +8.5% | +65% / +58% |
1- and 3-year price returns: for TRS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.12 Total return -44% · Per year -44% | 39.30 Total return 0% · Per year 0% | 59.47 Total return 51% · Per year 51% |
| 3 years | 17.56 Total return -55% · Per year -23% | 35.47 Total return -9% · Per year -3% | 59.47 Total return 52% · Per year 15% |
| 5 years | 13.95 Total return -64% · Per year -18% | 32.01 Total return -17% · Per year -4% | 59.47 Total return 53% · Per year 9% |
- Exit P/E± 8.87
- Net margin± 6.21
- Annual revenue growth± 5.61
- Annual dilution± 0.52
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results).
In brief
TriMas makes plastic and steel closures, dispensing systems and steel gas cylinders, and after selling its Aerospace unit in March 2026 it is focused on packaging and life sciences with a very strong balance sheet. Sales in the second quarter of 2026 edged up and the company raised the low end of its 2026 adjusted EPS outlook while it deploys the cash from the sale. Packaging made up 83% of continuing net sales in 2025 1, and at June 30 2026 the company held 1.24 bn USD of cash 3.
SWOT
Strengths
- The company holds a solid market position in customized closures and dispensers, with long relationships with large customers and its own capacity for innovation and patenting.
- The balance sheet is very strong after the Aerospace sale, with abundant cash and low debt, giving flexibility for investment or buybacks.
- Plants spread across several countries allow production close to customers and reduce exposure to supply chain disruptions.
Weaknesses
- Sales depend heavily on the Packaging segment, and customer concentration is rising, which increases the risk of sudden order cuts.
- Specialty Products has had thin margins and high demand volatility, and raw material cost increases have been hard to pass on in time.
- Second quarter 2026 results were distorted by a tax accounting misapplication that was later corrected, which points to weaknesses in financial controls.
Opportunities
- Deploying the remaining Aerospace proceeds into packaging and life sciences acquisitions could broaden the portfolio and add new customers.
- Cost savings and the operational excellence program could improve margins if they are sustained into the second half of the year.
- Demand for recyclable and lower-plastic packaging could favor the company's newer product lines.
Threats
- Tariffs and trade uncertainty may raise input costs or reduce competitiveness of products made outside the US.
- A fall in interest rates could sharply reduce income from the invested cash that has supported 2026 adjusted earnings.
- Competition from lower-cost manufacturers in Asia could limit volumes and pressure prices.
Risks
- Reliance on cash interest incomehigh
A large part of the 2026 adjusted profit comes from interest on the cash left after the Aerospace sale, and lower rates would reduce this income.
- Supply chain disruptionmedium
The company relies on single sources for some materials, and disruptions from geopolitics, climate or logistics could affect deliveries.
- Raw material cost volatilitymedium
Resins and steel have volatile costs and price recovery lags, which can compress margins.
- Goodwill impairmentmedium
Goodwill and intangible assets make up a large share of total assets, and weaker results could trigger significant impairments.
- Customer concentrationmedium
Large packaging and cylinder customers could reduce orders or seek less favorable terms, affecting sales stability.
Investment thesis
What would need to be true (bull case)
- If acquisitions in packaging and life sciences are made at sensible prices, the company could grow revenue over the long term while keeping a very strong balance sheet.
- Cost reduction and operational excellence programs could lift margins, as the 2026 guidance indicates 3.
- A recovery in steel cylinder demand could support Specialty Products, whose sales rose in the second quarter of 2026 3.
What would break the thesis
- Adjusted profit for 2026 depends largely on cash interest income, and a fall in rates could significantly reduce results.
- Organic packaging sales declined in the second quarter of 2026, showing that demand in some consumer markets remains volatile 2.
- If the remaining proceeds go to poor acquisitions or excessive buybacks, value for shareholders could be diluted.
What to watch
- Quarterly results and the 2026 adjusted EPS outlookQ3 2026
- Use of the remaining Aerospace proceeds, including acquisitions and buybacks2026
- Packaging organic demand and Specialty Products margin trendQ4 2026
- Impact of tariffs and the Supreme Court refunds on costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results).
The business
TriMas designs, develops and manufactures products for consumer, aerospace and defense, and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups 1. Net sales from continuing operations were 645.7 mn USD in 2025, and roughly 66% came from North America 1. On March 16 2026 the company completed the sale of TriMas Aerospace for about 1,456.9 mn USD, leaving packaging and Specialty Products as the continuing businesses 2. Headquarters are in Bloomfield Hills, Michigan, with about 3,700 employees 1.
The stated strategy combines organic growth in new and sustainable products, strategic acquisitions in packaging and life sciences, and a single operating model across the company 1. The Strategic Investment Committee is evaluating uses of the remaining sale proceeds, which may include organic investment, acquisitions and share repurchases 13. Cost reduction continued, including the closure of the Atkins, Arkansas packaging plant 3.
The value model rests on engineered closures and dispensing systems sold on long customer qualification cycles, and on forged steel cylinders, where Norris Cylinder is the only remaining US maker of high-pressure Type 1 forged steel cylinders 1. If cylinder demand stabilizes, the Specialty Products segment could see less of the volatility it experienced in recent years 1.
Segments
Packaging
The Packaging segment designs and makes polymeric and steel dispensing systems, closures and flexible packaging for beauty, personal care, food and beverage and life sciences customers 1. In 2025 it had net sales of 535.5 mn USD and operating profit of 68.1 mn USD 1. In the second quarter of 2026 sales were roughly flat, while adjusted operating profit and margin improved from the prior quarter 3.
Specialty Products
The Specialty Products segment consists mainly of Norris Cylinder, which makes steel cylinders for compressed gases for industrial, welding and defense customers 1. The Arrow Engine business was sold in January 2025 1. In 2025 it had net sales of 110.2 mn USD and operating profit of 4.2 mn USD 1. In the second quarter of 2026 sales rose 10.2% year over year, but margin fell on raw material cost lags and manufacturing inefficiencies 3.
Market context
The closures and dispensing market is fragmented, with large global groups and smaller producers, many in Asia, each focused on particular products 1. Demand here depends on consumer goods volumes and customer inventory levels, which can shift quickly 1. Cylinder demand went through a destocking period after strong purchases in earlier years and picked up again in 2026 12.
Tariffs introduced in 2025 raised the cost of some products sourced outside the US, and after the February 2026 Supreme Court decision the company is entitled to refunds of some tariffs paid 12. Raw material costs, especially resins and steel, remain volatile and could compress margins if they cannot be passed on to customers 1.
Trends
- Cylinder demand recoverytailwind
Demand for steel cylinders rose in the second quarter of 2026 after the earlier destocking period, supporting Specialty Products sales 23. If this demand holds, it could support segment revenue growth.
- Tariffs and input costsheadwind
Tariffs on products from China and other countries raised the cost of some materials and components, and uncertainty about future tariffs remains high 12. If these costs cannot be passed on to customers, margins could fall.
- Interest income on cashmixed
Proceeds from the Aerospace sale are held in liquid interest-bearing instruments, which produced significant financial income in the second quarter of 2026 23. If rates fall or the company uses the cash for acquisitions, this support could disappear.
- Sustainable packagingtailwind
Packaging customers increasingly ask for recyclable products with less plastic, and the company has launched single-material pumps and recyclable closures 1. This trend can open sales opportunities but requires continued innovation spending.
Competitive position
In packaging the company faces large players such as Amcor, Aptar, Silgan and Greif, as well as specialist producers such as Bericap, Mold-Rite, Phoenix Closures and Technocraft, plus smaller Asian companies 1. TriMas does not believe a single competitor matches its full product range 1.
Norris Cylinder competes with non-US producers including Beijing Tianhai, ENK, Everest Kanto, Faber, MAT and Zhejiang Jindun, and it is the only remaining US manufacturer of high-pressure Type 1 forged steel cylinders 1. Building new capacity is costly and slow, which limits entry by other players 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement31 Mar 2026
- Current report18 Mar 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report12 Mar 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report02 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TriMas Corporation · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TriMas Corporation · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TriMas Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.