Operating margins have compressed to 4.1% in 2026Q1, reflecting the impact of a 30.4% year-over-year revenue contraction on the company's core manufacturing segments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'96 | Dec'95 | Dec'94 | Dec'93 |
|---|
| Sales/Revenue | 867.79M | 645.72M | 925.01M | 893.55M | 883.83M | 857.11M | 769.97M | 723.53M | 705.03M | 817.74M | 794.02M | 863.98M | 1.5B | 1.39B | 1.27B | 1.08B | 942.65M | 803.65M | 1.02B | 1.07B | 1.02B | 1B | 1.05B | 905.4M | 733.58M | 732.44M | 707.18K | 600.23M | 553.49M | 535.48M | 443.23M |
| Revenue Growth % | -7.64% | -30.19% | 3.52% | 1.1% | 3.12% | 11.32% | 6.42% | 2.62% | -13.78% | 2.99% | -8.1% | -42.37% | 7.47% | 9.58% | 17.43% | 14.99% | 17.3% | -21.31% | -4.4% | 4.68% | 1.97% | -4.24% | 15.44% | 23.42% | 0.16% | 103471.93% | -99.88% | 8.44% | 3.36% | 20.81% | - |
| Cost of Goods Sold | 670M | 514.48M | 739.66M | 698.69M | 689.52M | 654.68M | 587.71M | 544.65M | 519.63M | 614.93M | 600.5M | 645.07M | 1.14B | 1.04B | 946.75M | 779.86M | 674.8M | 607.33M | 772.42M | 790.68M | 759.4M | 765.66M | 803.56M | 673.43M | 552.35M | 543.31M | 485.28K | 403.38M | 371.47M | 361.52M | 301.13M |
| COGS % of Revenue | - | 79.68% | 79.96% | 78.19% | 78.02% | 76.38% | 76.33% | 75.28% | 73.7% | 75.2% | 75.63% | 74.66% | 75.73% | 74.46% | 74.38% | 71.95% | 71.59% | 75.57% | 75.63% | 74.02% | 74.41% | 76.5% | 76.88% | 74.38% | 75.3% | 74.18% | 68.62% | 67.2% | 67.11% | 67.51% | 67.94% |
| Gross Profit | 197.79M | 131.24M | 185.35M | 194.86M | 194.31M | 202.43M | 182.26M | 178.88M | 185.4M | 202.81M | 193.52M | 218.91M | 363.84M | 356.2M | 326.16M | 304.1M | 267.85M | 196.32M | 248.88M | 277.59M | 261.13M | 235.2M | 241.6M | 231.97M | 181.23M | 189.13M | 221.9K | 196.85M | 182.02M | 173.96M | 142.1M |
| Gross Margin % | 22.79% | 20.32% | 20.04% | 21.81% | 21.98% | 23.62% | 23.67% | 24.72% | 26.3% | 24.8% | 24.37% | 25.34% | 24.27% | 25.54% | 25.62% | 28.05% | 28.41% | 24.43% | 24.37% | 25.99% | 25.59% | 23.5% | 23.12% | 25.62% | 24.7% | 25.82% | 31.38% | 32.8% | 32.89% | 32.49% | 32.06% |
| Gross Profit Growth % | - | -29.19% | -4.88% | 0.28% | -4.01% | 11.07% | 1.89% | -3.52% | -8.58% | 4.8% | -11.6% | -39.83% | 2.14% | 9.21% | 7.25% | 13.53% | 36.44% | -21.12% | -10.34% | 6.3% | 11.02% | -2.65% | 4.15% | 28% | -4.18% | 85132.09% | -99.89% | 8.15% | 4.63% | 22.42% | - |
| Operating Expenses | 143.94M | 117.19M | 132.53M | 117.82M | 112.4M | 97.51M | 114.76M | 87.51M | 76.5M | 112.56M | 135.75M | 127.25M | 219.05M | 223.04M | 197.37M | 172.52M | 152.23M | 140.59M | 152.2M | 174.61M | 157.78M | 147.23M | 163.3M | 183.12M | 114.09M | 121.45M | 112.64K | 92.56M | 83.34M | 82.56M | 72.08M |
| OpEx % of Revenue | - | 18.15% | 14.33% | 13.19% | 12.72% | 11.38% | 14.9% | 12.09% | 10.85% | 13.76% | 17.1% | 14.73% | 14.61% | 15.99% | 15.51% | 15.92% | 16.15% | 17.49% | 14.9% | 16.35% | 15.46% | 14.71% | 15.62% | 20.23% | 15.55% | 16.58% | 15.93% | 15.42% | 15.06% | 15.42% | 16.26% |
| Selling, General & Admin | 143.94M | 117.19M | 132.53M | 117.82M | 112.4M | 97.51M | 114.76M | 87.51M | 76.5M | 112.56M | 135.15M | 126.65M | 217.35M | 221.04M | 197.37M | 172.52M | 151.53M | 136.8M | 150.9M | 172.91M | 157.78M | 147.23M | 163.3M | 175.52M | 114.09M | 121.45M | 112.64K | 92.56M | 83.34M | 82.56M | 72.08M |
| SG&A % of Revenue | - | 18.15% | 14.33% | 13.19% | 12.72% | 11.38% | 14.9% | 12.09% | 10.85% | 13.76% | 17.02% | 14.66% | 14.5% | 15.85% | 15.51% | 15.92% | 16.07% | 17.02% | 14.78% | 16.19% | 15.46% | 14.71% | 15.62% | 19.39% | 15.55% | 16.58% | 15.93% | 15.42% | 15.06% | 15.42% | 16.26% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 600K | 800K | 700K | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 0.08% | 0.07% | 0.05% | 0.05% | 0.1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.89M | 0 | 0 | 0 | 0 | 0 | 183.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 53.85M | 14.05M | 52.82M | 77.04M | 81.91M | 104.92M | 67.5M | 91.37M | 108.9M | 90.25M | 57.77M | 91.66M | 144.79M | 133.16M | 128.79M | 131.58M | 115.62M | 55.73M | 96.68M | 102.98M | 103.35M | 87.97M | 78.3M | 48.85M | 67.14M | 67.68M | 109.26K | 104.29M | 98.68M | 91.4M | 70.02M |
| Operating Margin % | 6.21% | 2.18% | 5.71% | 8.62% | 9.27% | 12.24% | 8.77% | 12.63% | 15.45% | 11.04% | 7.28% | 10.61% | 9.66% | 9.55% | 10.12% | 12.14% | 12.27% | 6.93% | 9.47% | 9.64% | 10.13% | 8.79% | 7.49% | 5.4% | 9.15% | 9.24% | 15.45% | 17.38% | 17.83% | 17.07% | 15.8% |
| Operating Income Growth % | - | -73.4% | -31.44% | -5.95% | -21.93% | 55.44% | -26.12% | -16.1% | 20.66% | 56.22% | -36.97% | -36.69% | 8.73% | 3.39% | -2.12% | 13.8% | 107.46% | -42.36% | -6.12% | -0.36% | 17.48% | 12.35% | 60.29% | -27.24% | -0.8% | 61843.99% | -99.9% | 5.68% | 7.96% | 30.53% | - |
| EBITDA | 111.57M | 71.08M | 117.74M | 134.63M | 135.13M | 158.37M | 117.27M | 134.87M | 149.39M | 137.12M | 102.63M | 135.2M | 201.27M | 183.74M | 173.66M | 172.05M | 153.36M | 99.67M | 140.75M | 144.33M | 142.09M | 128.72M | 118.31M | 103.7M | 106.01M | 121.46M | 4.65M | 127.22M | 120.16M | 111.98M | 88.49M |
| EBITDA Margin % | 12.86% | 11.01% | 12.73% | 15.07% | 15.29% | 18.48% | 15.23% | 18.64% | 21.19% | 16.77% | 12.93% | 15.65% | 13.43% | 13.17% | 13.64% | 15.87% | 16.27% | 12.4% | 13.78% | 13.51% | 13.92% | 12.86% | 11.32% | 11.45% | 14.45% | 16.58% | 657.44% | 21.2% | 21.71% | 20.91% | 19.96% |
| EBITDA Growth % | -7.43% | -39.63% | -12.55% | -0.37% | -14.67% | 35.05% | -13.05% | -9.72% | 8.95% | 33.61% | -24.09% | -32.83% | 9.54% | 5.8% | 0.94% | 12.19% | 53.87% | -29.19% | -2.48% | 1.58% | 10.39% | 8.8% | 14.09% | -2.18% | -12.72% | 2512.46% | -96.35% | 5.88% | 7.3% | 26.55% | - |
| D&A (Non-Cash Add-back) | 57.72M | 57.03M | 64.92M | 57.59M | 53.22M | 53.45M | 49.77M | 43.5M | 40.49M | 46.87M | 44.86M | 43.54M | 56.48M | 50.58M | 44.87M | 40.47M | 37.74M | 43.94M | 44.07M | 41.35M | 38.74M | 40.75M | 40.01M | 54.85M | 38.87M | 53.78M | 4.54M | 22.93M | 21.48M | 20.58M | 18.47M |
| EBIT | 53.85M | 14.05M | 49.6M | 66.51M | 101.78M | 83.62M | -88.05M | 92.21M | 106.27M | 80.61M | -45.18M | -8.48M | 113.65M | 117.12M | 77.73M | 123.85M | 109.02M | 63.69M | -74.93M | -103.09M | -26.38M | 78.23M | 61.17M | 800.91M | 647.66M | 67.68M | 109.26K | 104.29M | 98.68M | 91.4M | 70.02M |
| Net Interest Income | -18.75M | -18.03M | -19.56M | -15.92M | -14.11M | -14.51M | -14.66M | -13.95M | -13.91M | -14.39M | -13.72M | -14.06M | -12.95M | -17.73M | 35.8M | -48.45M | -51.83M | -45.07M | -55.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 600K | 35.8M | -3.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 18.75M | 18.03M | 19.56M | 15.92M | 14.11M | 14.51M | 14.66M | 13.95M | 13.91M | 14.4M | 13.72M | 14.06M | 15.02M | 18.33M | 0 | 44.48M | 51.83M | 45.07M | 55.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 8.19M | 10.21M | -22.78M | -26.45M | 5.76M | -35.81M | -170.21M | -13.11M | -16.54M | -24.04M | -116M | -113.78M | -45.19M | -35.4M | -86.53M | -51.84M | -54.47M | -34.65M | -227.35M | -274.38M | -208.79M | -84.95M | -84.78M | -85.37M | -59.4M | -77.13M | 0 | -3.7M | -6.84M | -7.9M | -6.15M |
| Pretax Income | 62.04M | 24.26M | 30.04M | 50.59M | 87.67M | 69.11M | -102.71M | 78.26M | 92.36M | 66.21M | -58.23M | -22.12M | 99.6M | 97.76M | 42.26M | 79.74M | 61.15M | 21.08M | -130.67M | -171.4M | -105.44M | 3.02M | -6.48M | -36.52M | 3.12M | -9.45M | 0 | 100.59M | 91.84M | 83.5M | 63.87M |
| Pretax Margin % | 7.15% | 3.76% | 3.25% | 5.66% | 9.92% | 8.06% | -13.34% | 10.82% | 13.1% | 8.1% | -7.33% | -2.56% | 6.64% | 7.01% | 3.32% | 7.36% | 6.49% | 2.62% | -12.79% | -16.04% | -10.33% | 0.3% | -0.62% | -4.03% | 0.43% | -1.29% | - | 16.76% | 16.59% | 15.59% | 14.41% |
| Income Tax | 14.93M | -48.05M | 5.79M | 10.23M | 21.5M | 11.8M | -22.95M | 16.32M | 18.65M | 35.25M | -18.43M | 6.54M | 32.87M | 18.39M | 5.97M | 28.93M | 19.25M | 8.35M | -2.08M | -12.08M | 2.74M | 2.01M | -4.29M | -5.59M | 2.25M | 1.87M | 67.61K | 39.23M | 35.82M | 33.4M | 25.87M |
| Effective Tax Rate % | 24.07% | -198.06% | 19.27% | 20.22% | 24.52% | 17.07% | 22.34% | 20.85% | 20.19% | 53.24% | 31.65% | -29.57% | 33% | 18.81% | 14.13% | 36.28% | 31.48% | 39.61% | 1.59% | 7.05% | -2.6% | 66.56% | 66.2% | 15.31% | 72.12% | -19.79% | - | 39% | 39% | 40% | 40.5% |
| Net Income | 908.55M | 120.14M | 24.25M | 40.36M | 66.17M | 57.31M | -79.76M | 98.62M | 83.3M | 30.96M | -39.8M | -33.4M | 68.47M | 75.55M | 33.88M | 60.36M | 45.27M | -220K | -136.19M | -158.43M | -128.91M | -45.46M | -2.19M | -30.93M | -35.76M | -11.32M | 41.65K | 61.36M | 56.02M | 50.1M | 38M |
| Net Margin % | 104.7% | 18.61% | 2.62% | 4.52% | 7.49% | 6.69% | -10.36% | 13.63% | 11.82% | 3.79% | -5.01% | -3.87% | 4.57% | 5.42% | 2.66% | 5.57% | 4.8% | -0.03% | -13.33% | -14.83% | -12.63% | -4.54% | -0.21% | -3.42% | -4.87% | -1.55% | 5.89% | 10.22% | 10.12% | 9.36% | 8.57% |
| Net Income Growth % | 2781.54% | 395.42% | -39.92% | -39.01% | 15.46% | 171.85% | -180.88% | 18.39% | 169.06% | 177.79% | -19.16% | -148.78% | -9.37% | 122.99% | -43.87% | 33.33% | 20677.27% | 99.84% | 14.04% | -22.9% | -183.57% | -1975.8% | 92.92% | 13.51% | -215.9% | -27278.87% | -99.93% | 9.53% | 11.82% | 31.84% | - |
| Net Income (Continuing) | 47.11M | 72.31M | 24.25M | 40.36M | 66.17M | 57.31M | -79.76M | 61.94M | 73.71M | 30.96M | -39.8M | -28.66M | 66.73M | 79.37M | 36.29M | 50.81M | 41.9M | 12.73M | -128.59M | -159.32M | -108.18M | 1.01M | -2.19M | -18.7M | 5.67M | -11.32M | 41.65K | 61.36M | 56.02M | 50.1M | 38M |
| Discontinued Operations | 2M | 47.83M | 0 | 0 | 0 | 0 | 0 | 36.68M | 9.59M | 0 | 0 | -4.74M | 2.55M | 700K | 0 | 9.55M | 3.37M | -12.95M | -7.6M | 890K | -20.73M | -46.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.48M | 26.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 24.28 | 2.95 | 0.59 | 0.97 | 1.56 | 1.32 | -1.83 | 1.36 | 1.80 | 0.67 | -0.88 | -0.74 | 1.51 | 1.83 | 0.89 | 1.73 | 1.31 | -0.01 | -4.07 | -5.56 | -6.37 | -2.27 | -0.11 | -1.54 | -0.96 | -0.31 | 0.00 | 1.55 | 1.42 | 1.35 | 1.01 |
| EPS Growth % | 3019.98% | 400% | -39.18% | -37.82% | 18.18% | 172.13% | -234.56% | -24.44% | 168.66% | 176.14% | -18.92% | -149.01% | -17.49% | 105.62% | -48.55% | 32.06% | - | 99.84% | 26.8% | 12.72% | -180.62% | -1963.64% | 92.86% | -60.42% | -209.68% | - | -99.93% | 9.15% | 5.19% | 33.66% | - |
| EPS (Basic) | - | 2.97 | 0.60 | 0.97 | 1.57 | 1.33 | -1.83 | 1.37 | 1.82 | 0.68 | -0.88 | -0.75 | 1.53 | 1.85 | 0.90 | 1.76 | 1.34 | -0.01 | -4.07 | -5.56 | -6.37 | -2.27 | -0.11 | -1.54 | -1.72 | -0.55 | 0.00 | 1.66 | 1.51 | 1.35 | 1.05 |
| Diluted Shares Outstanding | 37.43M | 40.79M | 41.06M | 41.69M | 42.48M | 43.28M | 43.58M | 45.6M | 46.17M | 45.99M | 45.41M | 45.12M | 45.27M | 41.4M | 37.95M | 34.78M | 34.44M | 33.89M | 33.42M | 28.5M | 20.23M | 20.01M | 20.76M | 20.05M | 37.1M | 37.1M | 37.1M | 39.59M | 39.45M | 37.11M | 32.43M |
| Basic Shares Outstanding | 37.43M | 40.38M | 40.73M | 41.44M | 42.25M | 43.01M | 43.58M | 45.3M | 45.82M | 45.68M | 45.23M | 44.78M | 44.88M | 40.93M | 37.52M | 34.25M | 33.76M | 33.49M | 33.42M | 28.5M | 20.23M | 20.01M | 20.01M | 20.05M | 20.76M | 20.76M | 20.76M | 36.96M | 37.1M | 37.11M | 31.19M |
| Dividend Payout Ratio | - | 5.5% | 27.34% | 16.6% | 10.4% | 3.04% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 13.14% | 11.76% | 10.24% | 8.34% |
Structural Revenue Contraction
As reported in recent financial filings, TriMas experienced a significant 30.4% year-over-year revenue decline in 2026Q1, signaling a potential pivot in the company's operational footprint that warrants careful scrutiny regarding whether this represents a permanent reduction in scale or a strategic divestiture of non-core business units.
The sharp drop in top-line performance suggests that the company is undergoing a fundamental reorganization, likely shedding lower-margin industrial assets to focus on its core packaging and aerospace segments. Investors should monitor whether this contraction stabilizes in coming quarters or if the loss of volume creates a permanent headwind for organic growth.
Based on the 2026Q1 income statement, TriMas reported a net income of $800.8 million despite an operating income of only $6.9 million, indicating that the bottom line is heavily influenced by non-recurring gains rather than the underlying operational performance of the company's core manufacturing segments.
This massive discrepancy between operating and net margins suggests a significant one-time event, such as a divestiture or tax-related windfall, which obscures the true earnings power of the business. Analysts should strip out these non-operating items to assess the sustainability of the company's current profitability profile.
According to the latest quarterly data, TriMas's operating margin has compressed to 2.18% in recent periods, reflecting a struggle to maintain profitability amidst a 30% revenue decline and suggesting that fixed-cost deleveraging is currently outweighing any potential benefits from the company's specialized engineering-led business model.
The thin operating margin indicates that the company's cost structure may be too rigid to absorb significant volume drops without sacrificing profitability. This warrants further investigation into whether management can successfully implement cost-rationalization measures to protect margins if the current revenue environment persists.
While management emphasizes a 'specified-in' engineering moat, the company's income statement reveals a vulnerability to industrial cycles, as evidenced by the volatility in operating margins and the persistent reliance on commodity-sensitive inputs that continue to challenge the company's ability to achieve consistent, high-margin growth.
Short-sellers may focus on the company's inability to scale operating income effectively, arguing that the conglomerate structure creates unnecessary complexity and overhead. The lack of consistent margin expansion suggests that the 'specified-in' advantage may not be sufficient to offset the cyclical pressures inherent in its packaging and industrial segments.
Quick answers to the most common questions about buying TRS stock.
For fiscal year 2025, TriMas Corporation (TRS) reported total revenue of $645.7M. This represents a 45.7% increase compared to $443.2M in 1993.
TriMas Corporation (TRS) is profitable, generating $120.1M in net income for the fiscal year ending 2025 with a net profit margin of 18.6%.
TriMas Corporation (TRS) reported an operating income of $14.1M, resulting in an operating profit margin of 2.2%. This margin reflects the operational efficiency of the business before interest and taxes.
TriMas Corporation (TRS) generated $131.2M in gross profit for the year, representing a gross profit margin of 20.3%. This demonstrates the company's core pricing power and production efficiency.