Revenue has consistently declined, culminating in a 14.3% year-over-year contraction in 2025Q3 alongside a razor-thin gross margin of 5.0%.
| Metric | TTM | 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 |
|---|
| Sales/Revenue | 3.13B | 3.51B | 3.68B | 4.97B | 4.83B | 2.74B | 3.37B | 4.62B | 4.45B | 3.72B | 3.97B | 5.13B | 5.31B | 5.45B | 6.19B | 4.97B | 3.45B |
| Revenue Growth % | -11.2% | -4.41% | -25.98% | 2.86% | 75.89% | -18.65% | -27.02% | 3.93% | 19.68% | -6.43% | -22.54% | -3.38% | -2.65% | -11.96% | 24.68% | 43.97% | - |
| Cost of Goods Sold | 2.94B | 3.25B | 3.53B | 4.69B | 4.13B | 2.42B | 3.07B | 4.09B | 3.79B | 3.13B | 3.5B | 4.83B | 4.95B | 5.12B | 5.8B | 4.56B | 3.15B |
| COGS % of Revenue | - | 92.44% | 96.13% | 94.52% | 85.52% | 88.3% | 91.1% | 88.56% | 85.3% | 84.19% | 88.19% | 94.2% | 93.25% | 93.82% | 93.61% | 91.76% | 91.27% |
| Gross Profit | 193.8M | 265.6M | 142.3M | 272.3M | 698.9M | 321.1M | 300.4M | 528.8M | 654M | 587.63M | 469.1M | 297.32M | 358.01M | 336.72M | 395.58M | 409.43M | 301.29M |
| Gross Margin % | 6.18% | 7.56% | 3.87% | 5.48% | 14.48% | 11.7% | 8.9% | 11.44% | 14.7% | 15.81% | 11.81% | 5.8% | 6.75% | 6.18% | 6.39% | 8.24% | 8.73% |
| Gross Profit Growth % | - | 86.65% | -47.74% | -61.04% | 117.66% | 6.89% | -43.19% | -19.14% | 11.3% | 25.27% | 57.78% | -16.95% | 6.32% | -14.88% | -3.38% | 35.89% | - |
| Operating Expenses | 328.5M | 311.6M | 597.7M | 636.2M | 237.5M | 171.5M | 157.9M | 114.4M | 115.3M | 94M | 67.8M | 184.84M | 226.34M | 182.07M | 308.64M | 228.7M | 148.1M |
| OpEx % of Revenue | - | 8.87% | 16.26% | 12.81% | 4.92% | 6.25% | 4.68% | 2.47% | 2.59% | 2.53% | 1.71% | 3.6% | 4.26% | 3.34% | 4.98% | 4.6% | 4.29% |
| Selling, General & Admin | 319.2M | 327M | 310.3M | 398.8M | 323.4M | 227.5M | 276.9M | 258.5M | 239M | 172.1M | 147.9M | 141.79M | 147.16M | 133.77M | 308.64M | 189.31M | 142.52M |
| SG&A % of Revenue | - | 9.31% | 8.44% | 8.03% | 6.7% | 8.29% | 8.21% | 5.59% | 5.37% | 4.63% | 3.72% | 2.77% | 2.77% | 2.45% | 4.98% | 3.81% | 4.13% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.7M | 48.3M | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 0.94% | 0.89% | - | - | - |
| Other Operating Expenses | 2M | -15.4M | 287.4M | 237.4M | -85.9M | -56M | -119M | -142.6M | -123.7M | -128.2M | -132M | 0 | -27.88M | 0 | 0 | 0 | 5.59M |
| Operating Income | -134.7M | -46M | -455.4M | -363.9M | 461.4M | 149.6M | 142.5M | 414.4M | 538.7M | 498.2M | 401.32M | 112.48M | 180.29M | 181.79M | 110.81M | 180.74M | 153.19M |
| Operating Margin % | -4.3% | -1.31% | -12.39% | -7.33% | 9.56% | 5.45% | 4.22% | 8.96% | 12.11% | 13.4% | 10.1% | 2.19% | 3.4% | 3.33% | 1.79% | 3.64% | 4.44% |
| Operating Income Growth % | - | 89.9% | -25.14% | -178.87% | 208.42% | 4.98% | -65.61% | -23.07% | 8.13% | 24.14% | 256.78% | -37.61% | -0.83% | 64.06% | -38.69% | 17.98% | - |
| EBITDA | 87.8M | 164.2M | -234.2M | -127M | 628.9M | 242.2M | 234M | 544.6M | 649.3M | 594.6M | 498.07M | 216.19M | 275.49M | 267.4M | 212.42M | 290.23M | 252.31M |
| EBITDA Margin % | 2.8% | 4.67% | -6.37% | -2.56% | 13.03% | 8.82% | 6.94% | 11.78% | 14.6% | 16% | 12.54% | 4.22% | 5.19% | 4.9% | 3.43% | 5.84% | 7.31% |
| EBITDA Growth % | -37.55% | 170.11% | -84.41% | -120.19% | 159.66% | 3.5% | -57.03% | -16.13% | 9.2% | 19.38% | 130.38% | -21.52% | 3.03% | 25.88% | -26.81% | 15.03% | - |
| D&A (Non-Cash Add-back) | 222.5M | 210.2M | 221.2M | 236.9M | 167.5M | 92.6M | 91.5M | 130.2M | 110.6M | 96.4M | 96.75M | 103.71M | 95.2M | 85.6M | 101.61M | 109.49M | 99.12M |
| EBIT | -119.1M | -50.5M | -444.5M | -356.7M | 429.9M | 149M | 139.1M | 410.7M | 481.2M | 486.7M | 297.05M | 77.31M | 131.67M | 157.81M | 75.24M | 220.12M | 153.19M |
| Net Interest Income | -274.2M | -267.5M | -188.4M | -112.9M | -79.4M | -43.6M | -39.3M | -46.4M | -70.1M | -75M | -93.2M | -124.92M | -132.04M | -109.97M | -111.42M | -47.87M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 274.2M | 267.5M | 188.4M | 112.9M | 79.4M | 43.6M | 39.3M | 46.4M | 70.1M | 74.97M | 93.2M | 124.92M | 132.04M | 109.97M | 111.42M | 47.87M | 0 |
| Other Income/Expense | -258.6M | -272M | -177.5M | -105.7M | -110.9M | -44.2M | -42.7M | -50.1M | -127.6M | -92.9M | -197.5M | -160.1M | -180.66M | -133.95M | -146.99M | -53.1M | 577K |
| Pretax Income | -393.3M | -318M | -632.9M | -469.6M | 350.5M | 105.4M | 99.8M | 364.3M | 411.1M | 405.31M | 203.86M | -47.61M | -369K | 47.84M | -36.18M | 127.64M | 153.77M |
| Pretax Margin % | -12.55% | -9.05% | -17.22% | -9.46% | 7.26% | 3.84% | 2.96% | 7.88% | 9.24% | 10.91% | 5.13% | -0.93% | -0.01% | 0.88% | -0.58% | 2.57% | 4.46% |
| Income Tax | 18.8M | 30.5M | 68.4M | -41.6M | 70.9M | 42.7M | 12.7M | 71.8M | 82.8M | 87M | 70.21M | 19.72M | 21.85M | 17.56M | 39.73M | 70.87M | 90M |
| Effective Tax Rate % | -4.78% | -9.59% | -10.81% | 8.86% | 20.23% | 40.51% | 12.73% | 19.71% | 20.14% | 21.46% | 34.44% | -41.42% | -5921.14% | 36.7% | -109.82% | 55.53% | 58.53% |
| Net Income | -412.1M | -348.5M | -701.3M | -430.9M | 440M | 7.9M | 92M | 292.5M | 328.3M | 318.31M | 133.65M | -67.33M | -22.22M | 30.28M | -75.91M | 56.76M | 63.77M |
| Net Margin % | -13.15% | -9.92% | -19.08% | -8.68% | 9.11% | 0.29% | 2.73% | 6.33% | 7.38% | 8.56% | 3.36% | -1.31% | -0.42% | 0.56% | -1.23% | 1.14% | 1.85% |
| Net Income Growth % | 16.85% | 50.31% | -62.75% | -197.93% | 5469.62% | -91.41% | -68.55% | -10.9% | 3.14% | 138.17% | 298.49% | -203.05% | -173.37% | 139.89% | -233.72% | -10.98% | - |
| Net Income (Continuing) | -412.1M | -348.5M | -701.3M | -428M | 279.6M | 62.7M | 87.1M | 292.5M | 328.3M | 318.3M | 133.65M | -67.33M | -22.22M | 30.28M | -75.91M | 56.76M | 63.77M |
| Discontinued Operations | 0 | 0 | 0 | -2.9M | 160.4M | -54.8M | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -11.45 | -9.87 | -19.87 | -11.92 | 11.12 | 0.20 | 2.26 | 6.69 | 7.30 | 6.70 | 2.73 | -1.55 | -0.47 | 0.64 | -1.61 | 1.20 | 1.35 |
| EPS Growth % | 17.78% | 50.33% | -66.69% | -207.19% | 5460% | -91.15% | -66.22% | -8.36% | 8.96% | 145.42% | 276.13% | -229.79% | -173.44% | 139.75% | -234.17% | -11.11% | - |
| EPS (Basic) | - | -9.87 | -19.87 | -11.92 | 11.37 | 0.21 | 2.28 | 6.83 | 7.49 | 6.84 | 2.74 | -1.55 | -0.47 | 0.64 | -1.61 | 1.20 | 1.35 |
| Diluted Shares Outstanding | 36M | 35.3M | 35.3M | 35.9M | 39.6M | 38.6M | 40.7M | 43.7M | 45M | 47.48M | 48.97M | 43.48M | 47.27M | 47.27M | 47.27M | 47.27M | 47.27M |
| Basic Shares Outstanding | 36M | 35.3M | 35.3M | 35.9M | 38.7M | 38.3M | 40.3M | 42.8M | 43.8M | 46.51M | 48.77M | 43.44M | 47.27M | 47.27M | 47.27M | 47.27M | 47.27M |
| Dividend Payout Ratio | - | - | - | - | 4.98% | 782.28% | 71.41% | 22.56% | 17.67% | 8.58% | 11359.78% | - | - | - | - | - | - |
Persistent negative operating margins
According to the latest quarterly filings, TSE's revenue has consistently declined, culminating in a 14.3% year-over-year contraction in 2025Q3, which suggests that the company is struggling to find a floor in its core styrenics and plastics markets amidst a challenging global industrial demand environment.
The sustained downward trajectory in top-line performance indicates that the company's specialty pivot has yet to offset the structural decline in its commodity-exposed segments. Investors should monitor whether this revenue erosion reflects a permanent loss of market share or merely a cyclical trough in automotive and construction-related demand.
As reported in financial statements, TSE's gross margin has languished in the low single digits, reaching only 5.0% in 2025Q3, which highlights the company's limited pricing power and its extreme vulnerability to volatile raw material inputs like benzene and ethylene in a high-cost European manufacturing environment.
The inability to expand gross margins despite various restructuring efforts suggests that the company's cost structure is fundamentally misaligned with current market pricing. This margin profile leaves little room for error, as even minor fluctuations in feedstock costs can push the company deeper into operating losses.
Based on TSE's reported figures, the company has failed to achieve positive operating leverage, with operating margins remaining negative at -3.8% in 2025Q3, indicating that fixed overhead costs continue to overwhelm the gross profit generated by the firm's current product mix and operational footprint.
The persistent inability to scale operating income suggests that the company's SG&A expenses are not sufficiently flexible to match the ongoing revenue decline. This lack of operational efficiency warrants further investigation into whether the current cost-cutting initiatives are sufficient to reach break-even levels in the near term.
Analysis of recent income statements reveals that TSE's net income remains consistently negative, with a net margin of -14.8% in 2025Q3, a trend that is exacerbated by ongoing stock-based compensation and the absence of meaningful non-operating income to offset core operational deficits.
The recurring nature of these net losses suggests that the company's bottom line is currently disconnected from sustainable profitability. Investors should be wary of the impact that continued negative earnings will have on the company's ability to service its debt obligations and maintain necessary capital expenditures.
Quick answers to the most common questions about buying TSE stock.
For fiscal year 2024, Trinseo PLC (TSE) reported total revenue of $3.51B. This represents a 1.8% increase compared to $3.45B in 2009.
Trinseo PLC (TSE) reported a net loss of $348.5M for the fiscal year ending 2024.
Trinseo PLC (TSE) reported an operating income of $-46.0M, resulting in an operating profit margin of -1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Trinseo PLC (TSE) generated $265.6M in gross profit for the year, representing a gross profit margin of 7.6%. This demonstrates the company's core pricing power and production efficiency.