TriMas Corporation (TRS) 10-Year Financial Performance & Capital Metrics

TRS • • Industrial / General

Consumer CyclicalPackagingPlastic & Flexible PackagingPlastic Containers & Closures

AboutTriMas Corporation designs, develops, manufactures, and sells products for consumer products, aerospace, and industrial markets worldwide. It operates through three segments: Packaging, Aerospace, and Specialty Products. 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, flexible spouts, and agricultural closures; polymeric jar products; integrated dispensers; bag-in-box products; aseptic closures; industrial closures and flex spouts; custom injection molded components and devices; various injection molded products; and single-bodied and assembled caps and closures under the Rieke, Taplast, Affaba & Ferrari, Stolz, Omega, and Rapak brands. The Aerospace segment provides fasteners, collars, blind bolts, rivets, ducting, and connectors for air management systems, and machined parts and components to original equipment manufacturers, supply chain distributors, MRO/aftermarket providers, and tier one suppliers; and military and defense aerospace applications and platforms under the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, TFI Aerospace, RSA Engineered Products, and Martinic Engineering brands. The Specialty Products segment offers steel cylinders for use in the transportation, storage, and dispensing of compressed gases under the Norris Cylinder brand; natural gas powered wellhead engines, compressors, and replacement parts for oil and natural gas production, and other industrial and commercial markets under the Arrow brand; and spare parts for various industrial engines. The company sells its products through a direct sales force, third-party agents, and distributors. TriMas Corporation was incorporated in 1986 and is headquartered in Bloomfield Hills, Michigan.Show more

Revenue $925M +3.5%
EBITDA $118M -12.5%
Net Income $24M -39.9%
EPS (Diluted) 0.59 -39.2%
Gross Margin 20.04% -8.1%
EBITDA Margin 12.73% -15.5%
Operating Margin 5.71% -33.8%
Net Margin 2.62% -42.0%
ROE 3.59% -40.6%
ROIC 3.64% -34.7%
Debt/Equity 0.66 +2.3%
Interest Coverage 2.70 -44.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Profits declining 24.5% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.71%

5Y5.04%

3Y2.57%

TTM11.83%

Profit (Net Income) CAGR

10Y-9.86%

5Y-24.46%

3Y-24.93%

TTM66.03%

EPS CAGR

10Y-8.97%

5Y-15.38%

3Y-23.54%

TTM68.28%

ROCE

10Y Avg7.82%

5Y Avg6.8%

3Y Avg6.05%

Latest4.5%

Peer Comparison

Plastic Containers & Closures

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MYEMyers Industries, Inc.	736.56M	19.69	103.63	2.86%	3.38%	9.73%	7.45%	1.49
TRSTriMas Corporation	1.41B	34.64	58.71	3.52%	4.35%	6.08%	0.91%	0.66

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	863.98M	794.02M	817.74M	705.03M	723.53M	769.97M	857.11M	883.83M	893.55M	925.01M
Revenue Growth %	-0.42%	-0.08%	0.03%	-0.14%	0.03%	0.06%	0.11%	0.03%	0.01%	0.04%
Cost of Goods Sold+	645.07M	600.5M	614.93M	519.63M	544.65M	587.71M	654.68M	689.52M	698.69M	739.66M
COGS % of Revenue	0.75%	0.76%	0.75%	0.74%	0.75%	0.76%	0.76%	0.78%	0.78%	0.8%
Gross Profit+	218.91M	193.52M	202.81M	185.4M	178.88M	182.26M	202.43M	194.31M	194.86M	185.35M
Gross Margin %	0.25%	0.24%	0.25%	0.26%	0.25%	0.24%	0.24%	0.22%	0.22%	0.2%
Gross Profit Growth %	-0.4%	-0.12%	0.05%	-0.09%	-0.04%	0.02%	0.11%	-0.04%	0%	-0.05%
Operating Expenses+	127.25M	135.75M	112.56M	76.5M	87.51M	114.76M	97.51M	112.4M	117.82M	132.53M
OpEx % of Revenue	0.15%	0.17%	0.14%	0.11%	0.12%	0.15%	0.11%	0.13%	0.13%	0.14%
Selling, General & Admin	126.65M	135.15M	112.56M	76.5M	87.51M	114.76M	97.51M	112.4M	117.82M	132.53M
SG&A % of Revenue	0.15%	0.17%	0.14%	0.11%	0.12%	0.15%	0.11%	0.13%	0.13%	0.14%
Research & Development	600K	600K	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	0%	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	91.66M	57.77M	90.25M	108.9M	91.37M	67.5M	104.92M	81.91M	77.04M	52.82M
Operating Margin %	0.11%	0.07%	0.11%	0.15%	0.13%	0.09%	0.12%	0.09%	0.09%	0.06%
Operating Income Growth %	-0.37%	-0.37%	0.56%	0.21%	-0.16%	-0.26%	0.55%	-0.22%	-0.06%	-0.31%
EBITDA+	135.2M	102.63M	137.12M	149.39M	134.87M	117.27M	158.37M	135.13M	134.63M	117.74M
EBITDA Margin %	0.16%	0.13%	0.17%	0.21%	0.19%	0.15%	0.18%	0.15%	0.15%	0.13%
EBITDA Growth %	-0.33%	-0.24%	0.34%	0.09%	-0.1%	-0.13%	0.35%	-0.15%	-0%	-0.13%
D&A (Non-Cash Add-back)	43.54M	44.86M	46.87M	40.49M	43.5M	49.77M	53.45M	53.22M	57.59M	64.92M
EBIT	-8.48M	-45.18M	80.61M	106.27M	92.21M	-88.05M	83.62M	101.78M	66.51M	49.6M
Net Interest Income+	-14.06M	-13.72M	-14.39M	-13.91M	-13.95M	-14.66M	-14.51M	-14.11M	-15.92M	-19.56M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	14.06M	13.72M	14.4M	13.91M	13.95M	14.66M	14.51M	14.11M	15.92M	19.56M
Other Income/Expense	-113.78M	-116M	-24.04M	-16.54M	-13.11M	-170.21M	-35.81M	5.76M	-26.45M	-22.78M
Pretax Income+	-22.12M	-58.23M	66.21M	92.36M	78.26M	-102.71M	69.11M	87.67M	50.59M	30.04M
Pretax Margin %	-0.03%	-0.07%	0.08%	0.13%	0.11%	-0.13%	0.08%	0.1%	0.06%	0.03%
Income Tax+	6.54M	-18.43M	35.25M	18.65M	16.32M	-22.95M	11.8M	21.5M	10.23M	5.79M
Effective Tax Rate %	1.51%	0.68%	0.47%	0.9%	1.26%	0.78%	0.83%	0.75%	0.8%	0.81%
Net Income+	-33.4M	-39.8M	30.96M	83.3M	98.62M	-79.76M	57.31M	66.17M	40.36M	24.25M
Net Margin %	-0.04%	-0.05%	0.04%	0.12%	0.14%	-0.1%	0.07%	0.07%	0.05%	0.03%
Net Income Growth %	-1.49%	-0.19%	1.78%	1.69%	0.18%	-1.81%	1.72%	0.15%	-0.39%	-0.4%
Net Income (Continuing)	-28.66M	-39.8M	30.96M	73.71M	61.94M	-79.76M	57.31M	66.17M	40.36M	24.25M
Discontinued Operations	-4.74M	0	0	9.59M	36.68M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.74	-0.88	0.67	1.80	1.36	-1.83	1.32	1.56	0.97	0.59
EPS Growth %	-1.49%	-0.19%	1.76%	1.69%	-0.24%	-2.35%	1.72%	0.18%	-0.38%	-0.39%
EPS (Basic)	-0.75	-0.88	0.68	1.82	1.37	-1.83	1.33	1.57	0.97	0.60
Diluted Shares Outstanding	45.12M	45.41M	45.99M	46.17M	45.6M	43.58M	43.28M	42.48M	41.69M	41.06M
Basic Shares Outstanding	44.78M	45.23M	45.68M	45.82M	45.3M	43.58M	43.01M	42.25M	41.44M	40.73M
Dividend Payout Ratio	-	-	-	-	-	-	0.03%	0.1%	0.17%	0.27%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	326.62M	308.8M	311.27M	411.81M	434.04M	351.83M	431.77M	422.66M	397.38M	426.64M
Cash & Short-Term Investments	19.45M	20.71M	27.58M	108.15M	172.47M	73.95M	140.74M	112.09M	34.89M	23.07M
Cash Only	19.45M	20.71M	27.58M	108.15M	172.47M	73.95M	140.74M	112.09M	34.89M	23.07M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	121.99M	111.57M	112.22M	97.17M	108.86M	113.41M	125.63M	132.37M	148.03M	164.82M
Days Sales Outstanding	51.54	51.29	50.09	50.31	54.92	53.76	53.5	54.67	60.47	65.04
Inventory	167.37M	160.46M	155.35M	173.12M	132.66M	149.38M	152.45M	163.36M	192.45M	209.19M
Days Inventory Outstanding	94.7	97.53	92.21	121.6	88.9	92.77	84.99	86.48	100.54	103.23
Other Current Assets	17.81M	16.06M	16.12M	79.33M	20.05M	15.09M	12.95M	14.84M	22.01M	29.56M
Total Non-Current Assets+	843.68M	742.85M	721.93M	688.71M	758.66M	842.05M	871.87M	882.34M	944.28M	897.54M
Property, Plant & Equipment	181.13M	179.16M	190.25M	187.8M	242.18M	290.88M	316.28M	325.03M	373.21M	359.13M
Fixed Asset Turnover	4.77x	4.43x	4.30x	3.75x	2.99x	2.65x	2.71x	2.72x	2.39x	2.58x
Goodwill	378.92M	315.08M	319.39M	316.65M	334.64M	303.97M	315.49M	339.81M	363.77M	356.36M
Intangible Assets	273.87M	213.92M	194.22M	174.53M	161.39M	206.2M	196.73M	188.11M	181.02M	161.08M
Long-Term Investments	-11.26M	-5.91M	0	130K	4.46M	0	7.59M	0	0	0
Other Non-Current Assets	9.76M	34.69M	8.97M	8.52M	15.49M	21.42M	26.04M	19.99M	16.05M	10.21M
Total Assets+	1.17B	1.05B	1.03B	1.1B	1.19B	1.19B	1.3B	1.3B	1.34B	1.32B
Asset Turnover	0.74x	0.76x	0.79x	0.64x	0.61x	0.64x	0.66x	0.68x	0.67x	0.70x
Asset Growth %	-0.3%	-0.1%	-0.02%	0.07%	0.08%	0%	0.09%	0%	0.03%	-0.01%
Total Current Liabilities+	152.75M	133.27M	121.88M	141.73M	119.79M	137.19M	154.9M	140.15M	159.45M	159.43M
Accounts Payable	88.42M	72.27M	72.41M	67.42M	72.67M	69.91M	87.8M	85.21M	91.91M	91.05M
Days Payables Outstanding	50.03	43.93	42.98	47.36	48.7	43.42	48.95	45.11	48.01	44.93
Short-Term Debt	13.85M	13.81M	0	0	5.1M	6.74M	8.12M	8.28M	7.9M	8.04M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	1000K
Other Current Liabilities	50.48M	24.88M	24.16M	50.28M	19.91M	32.42M	29.02M	23.08M	37.4M	24.62M
Current Ratio	2.14x	2.32x	2.55x	2.91x	3.62x	2.56x	2.79x	3.02x	2.49x	2.68x
Quick Ratio	1.04x	1.11x	1.28x	1.68x	2.52x	1.48x	1.80x	1.85x	1.29x	1.36x
Cash Conversion Cycle	96.21	104.89	99.32	124.55	95.12	103.12	89.54	96.03	112.99	123.33
Total Non-Current Liabilities+	470.36M	418.66M	367.3M	338.34M	375.43M	472.44M	517.89M	513.02M	499.26M	497.45M
Long-Term Debt	405.78M	360.84M	303.08M	293.56M	294.69M	346.29M	393.82M	394.73M	395.66M	398.12M
Capital Lease Obligations	0	0	0	0	23.1M	31.61M	43.78M	41.01M	39.69M	36.68M
Deferred Tax Liabilities	11.26M	5.91M	5.65M	5.56M	16.83M	24.85M	21.26M	20.94M	23.29M	20.11M
Other Non-Current Liabilities	53.32M	51.91M	58.57M	41.45M	40.81M	69.69M	59.03M	56.34M	40.62M	42.54M
Total Liabilities	623.11M	551.93M	489.18M	480.07M	495.22M	609.63M	672.79M	653.17M	658.71M	656.88M
Total Debt+	419.63M	374.65M	303.08M	293.56M	322.89M	384.64M	445.72M	444.02M	443.25M	442.84M
Net Debt	400.18M	353.94M	275.5M	185.41M	150.42M	310.69M	304.98M	331.93M	408.36M	419.77M
Debt / Equity	0.77x	0.75x	0.56x	0.47x	0.46x	0.66x	0.71x	0.68x	0.65x	0.66x
Debt / EBITDA	3.10x	3.65x	2.21x	1.97x	2.39x	3.28x	2.81x	3.29x	3.29x	3.76x
Net Debt / EBITDA	2.96x	3.45x	2.01x	1.24x	1.12x	2.65x	1.93x	2.46x	3.03x	3.57x
Interest Coverage	6.52x	4.21x	6.27x	7.83x	6.55x	4.60x	7.23x	5.81x	4.84x	2.70x
Total Equity+	547.19M	499.72M	544.02M	620.45M	697.48M	584.25M	630.85M	651.83M	682.95M	667.3M
Equity Growth %	-0.07%	-0.09%	0.09%	0.14%	0.12%	-0.16%	0.08%	0.03%	0.05%	-0.02%
Book Value per Share	12.13	11.01	11.83	13.44	15.30	13.41	14.58	15.35	16.38	16.25
Total Shareholders' Equity	547.19M	499.72M	544.02M	620.45M	697.48M	584.25M	630.85M	651.83M	682.95M	667.3M
Common Stock	450K	460K	460K	460K	450K	430K	430K	420K	410K	410K
Retained Earnings	-254.12M	-293.92M	-262.96M	-179.66M	-79.85M	-159.61M	-102.3M	-36.13M	4.23M	21.67M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-11.3M	-24.4M	-17.33M	-16.85M	-6M	-5.62M	230K	-8.62M	650K	-18.55M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	62.54M	80.47M	120.06M	129.32M	75.6M	127.41M	134.22M	72.57M	88.16M	63.78M
Operating CF Margin %	0.07%	0.1%	0.15%	0.18%	0.1%	0.17%	0.16%	0.08%	0.1%	0.07%
Operating CF Growth %	-0.49%	0.29%	0.49%	0.08%	-0.42%	0.69%	0.05%	-0.46%	0.21%	-0.28%
Net Income	-28.66M	-39.8M	30.96M	73.71M	61.94M	-79.76M	57.31M	66.17M	40.36M	24.25M
Depreciation & Amortization	43.54M	44.86M	46.87M	40.49M	43.5M	49.77M	53.45M	53.22M	57.59M	64.92M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-8.75M	-32.16M	15.26M	5.81M	2.1M	-33.71M	1.68M	-1.4M	-1.71M	-3.24M
Other Non-Cash Items	73.41M	108.44M	15.82M	27.09M	-12.38M	168.61M	22.56M	-5.61M	14.35M	15M
Working Capital Changes	-17M	-870K	11.15M	-17.78M	-19.56M	22.5M	-780K	-39.81M	-22.43M	-37.15M
Change in Receivables	5.3M	7.99M	1.22M	-9.57M	3.28M	9.58M	-11.18M	-6.65M	-5.52M	-20.52M
Change in Inventory	3.25M	5.18M	4.35M	-14.68M	740K	3.98M	-960K	-6.97M	-7.07M	-21.2M
Change in Payables	-29.53M	-18.12M	3.64M	-2.33M	-12.78M	4.49M	2.12M	-29.13M	-14.52M	560K
Cash from Investing+	-39.47M	-31.11M	-32.35M	-24.8M	29.08M	-232.07M	-79.18M	-55.04M	-134.42M	-46.96M
Capital Expenditures	-28.66M	-31.33M	-36.8M	-25.05M	-29.67M	-40.48M	-45.06M	-45.96M	-54.19M	-50.96M
CapEx % of Revenue	0.03%	0.04%	0.05%	0.04%	0.04%	0.05%	0.05%	0.05%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.51M	0	0	-1.44M	-2.24M	0	0	26.23M	-3.37M	0
Cash from Financing+	-28.04M	-48.1M	-80.84M	-23.95M	-40.36M	6.14M	11.75M	-46.18M	-30.94M	-28.64M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-1.74M	-6.88M	-6.7M	-6.63M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	182.73M	-3.48M	-310K	0	0	0	0	0	-3.32M	-2.33M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	33.88M	49.14M	83.26M	104.27M	45.93M	86.93M	89.16M	26.61M	33.97M	12.82M
FCF Margin %	0.04%	0.06%	0.1%	0.15%	0.06%	0.11%	0.1%	0.03%	0.04%	0.01%
FCF Growth %	-0.62%	0.45%	0.69%	0.25%	-0.56%	0.89%	0.03%	-0.7%	0.28%	-0.62%
FCF per Share	0.75	1.08	1.81	2.26	1.01	1.99	2.06	0.63	0.81	0.31
FCF Conversion (FCF/Net Income)	-1.87x	-2.02x	3.88x	1.55x	0.77x	-1.60x	2.34x	1.10x	2.18x	2.63x
Interest Paid	15.17M	11.8M	9.43M	13.8M	12.43M	13.21M	13.28M	12.96M	14.32M	18.73M
Taxes Paid	30.58M	17.21M	16.23M	7.38M	44.02M	9.06M	10.52M	20.06M	16.77M	11.87M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.87%	-7.6%	5.93%	14.31%	14.97%	-12.45%	9.43%	10.32%	6.05%	3.59%
Return on Invested Capital (ROIC)	6.39%	4.81%	8.09%	10.05%	8.29%	5.81%	8.6%	6.4%	5.57%	3.64%
Gross Margin	25.34%	24.37%	24.8%	26.3%	24.72%	23.67%	23.62%	21.98%	21.81%	20.04%
Net Margin	-3.87%	-5.01%	3.79%	11.82%	13.63%	-10.36%	6.69%	7.49%	4.52%	2.62%
Debt / Equity	0.77x	0.75x	0.56x	0.47x	0.46x	0.66x	0.71x	0.68x	0.65x	0.66x
Interest Coverage	6.52x	4.21x	6.27x	7.83x	6.55x	4.60x	7.23x	5.81x	4.84x	2.70x
FCF Conversion	-1.87x	-2.02x	3.88x	1.55x	0.77x	-1.60x	2.34x	1.10x	2.18x	2.63x
Revenue Growth	-42.37%	-8.1%	2.99%	-13.78%	2.62%	6.42%	11.32%	3.12%	1.1%	3.52%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Packaging Reportable	344.57M	368.2M	392.34M	488.34M	533.26M	522.18M	463.6M	512.32M
Packaging Reportable Growth	-	6.86%	6.56%	24.47%	9.20%	-2.08%	-11.22%	10.51%
Aerospace Reportable	184.31M	185.92M	164.84M	167.74M	183.34M	188.09M	241.4M	294.21M
Aerospace Reportable Growth	-	0.87%	-11.34%	1.76%	9.30%	2.59%	28.34%	21.88%
Specialty Products Reportable	-	323.02M	166.35M	113.89M	140.51M	173.56M	188.55M	118.48M
Specialty Products Reportable Growth	-	-	-48.50%	-31.54%	23.37%	23.52%	8.64%	-37.16%
Energy Reportable	161.58M	-	-	-	-	-	-	-
Energy Reportable Growth	-	-	-	-	-	-	-	-
Engineered Components Reportable	127.28M	-	-	-	-	-	-	-
Engineered Components Reportable Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	703.49M	755.01M	591.9M	595.53M	639.86M	690.75M	681.24M	692.45M
UNITED STATES Growth	-	7.32%	-21.60%	0.61%	7.44%	7.95%	-1.38%	1.65%
Europe	62.36M	62.42M	87.42M	116.35M	160.65M	139.78M	153.12M	159M
Europe Growth	-	0.10%	40.05%	33.09%	38.07%	-12.99%	9.54%	3.84%
Other Americas	15.26M	14.67M	6.29M	11.74M	15.29M	18.04M	24.95M	39.79M
Other Americas Growth	-	-3.87%	-57.12%	86.65%	30.24%	17.99%	38.30%	59.48%
Asia Pacific	36.63M	45.04M	37.92M	46.35M	41.31M	35.26M	34.24M	33.77M
Asia Pacific Growth	-	22.96%	-15.81%	22.23%	-10.87%	-14.65%	-2.89%	-1.37%

Frequently Asked Questions

Valuation & Price

TriMas Corporation (TRS) has a price-to-earnings (P/E) ratio of 58.7x. This suggests investors expect higher future growth.

Growth & Financials

TriMas Corporation (TRS) reported $1.01B in revenue for fiscal year 2024. This represents a 6% decrease from $1.08B in 2011.

TriMas Corporation (TRS) grew revenue by 3.5% over the past year. Growth has been modest.

Yes, TriMas Corporation (TRS) is profitable, generating $44.1M in net income for fiscal year 2024 (2.6% net margin).

Dividend & Returns

Yes, TriMas Corporation (TRS) pays a dividend with a yield of 0.47%. This makes it attractive for income-focused investors.

TriMas Corporation (TRS) has a return on equity (ROE) of 3.6%. This is below average, suggesting room for improvement.

TriMas Corporation (TRS) generated $44.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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