# TriMas Corporation (TRS)

> Source: Nexqual · https://nexqual.com/TRS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, TriMas Corporation (TRS), nexqual.com/TRS" · informational, not investment advice.

**Price:** USD 39.9 (+0.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 39.83 · day 39.42–40.32 · 52w 30.43–45.43 · market cap $1.43B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $768M, net income $905M (117.9% margin), free cash flow -$9.9M (SEC filings).
- Valuation: P/E 1.6x (avg 26.5x at the last 3 fiscal year-ends), EV/EBITDA 14.2x, net cash $846M.
- Earnings quality: non-operating income -$4.8M vs operating income $10.1M over the last four quarters; P/E excluding non-operating income ≈1.6x (estimate: non-operating income taxed at the company's 0% effective rate).
- 1 of 80 tracked superinvestors hold TRS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 45 (range 45–45).
- Total return with dividends: 1Y +1.6% vs S&P 500 +14.9%; 5Y +18.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.48, revenue estimate $175M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $857M | $884M | $652M | $631M | $646M | $768M |
| Gross profit | $217M | $208M | $153M | $130M | $138M | — |
| Operating income | $95.1M | $99.1M | $50.7M | $15.2M | $41.3M | $10.1M |
| Net income | $57.3M | $66.2M | $40.4M | $24.3M | $120M | $905M |
| EPS (diluted) | $1.32 | $1.56 | $0.97 | $0.60 | $2.95 | — |
| Free cash flow | $89.2M | $26.6M | $34.0M | $12.8M | $69.1M | -$9.9M |
| Gross margin | 25.3% | 23.6% | 23.5% | 20.5% | 21.4% | — |
| Operating margin | 11.1% | 11.2% | 7.8% | 2.4% | 6.4% | 1.3% |
| Net margin | 6.7% | 7.5% | 6.2% | 3.8% | 18.6% | 117.9% |
| Revenue growth | +11.3% | +3.1% | -26.2% | -3.3% | +2.4% | — |
| Cash + short-term investments | $141M | $112M | $34.9M | $23.1M | $30.0M | — |
| Total debt | $400M | $400M | $400M | $402M | $473M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 1.6x · P/E ex non-operating (est.) ≈1.6x · P/S 1.9x · EV/EBITDA 14.2x · EV/Sales 0.8x · P/B 1.0x · FCF yield -0.69% · Earnings yield 63.24% · Dividend yield (paid, TTM) 0.44% · Buyback yield (TTM) 12.19% · Net cash $846M · EV $586M
P/E at fiscal year-ends: Dec 2025 12.0x, Dec 2024 41.3x, Dec 2023 26.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TRS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $14.9M | Added +4.3% |

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 45 (low 45, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | BWS Financial | Maintained | Buy | $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.6% | +18.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.6% | +3.5% |
| Volatility (annualized) | 29.1% | 32.2% |
| Max drawdown | -22.1% (Oct 2025→Nov 2025) | -45.6% (Nov 2021→Feb 2025) |

## Peers (Packaging & Containers)
MYE (Myers Industries, Inc.) USD 32.83 -0.18% · KRT (Karat Packaging Inc.) USD 53.84 -1.07% · OI (O-I Glass, Inc.) USD 6.41 +6.13% · GPK (Graphic Packaging Holding Compa) USD 9.04 +7.75% · AMBP (Ardagh Metal Packaging S.A.) USD 4.73 +3.05% · SLGN (Silgan Holdings Inc.) USD 39.76 +2.05%

## More
Full page: https://nexqual.com/TRS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TRS's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/842633/000084263326000012/trs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Boeing (BA) | "Our customer-specified and/or qualified products are used in the production of significant long-term aircraft programs, including most Boeing and Airbus commercial jetliner programs." |
| Customer | Airbus | "Our customer-specified and/or qualified products are used in the production of significant long-term aircraft programs, including most Boeing and Airbus commercial jetliner programs." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Packaging | $142.9M | 81.9% | -0.1% |
| Specialty Products | $31.7M | 18.1% | +10.2% |
| Total revenue | $174.6M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $408.0M | 63.2% | +1.3% |
| Non-US | $237.7M | 36.8% | +4.3% |
| — Europe (part of Non-US) | $150.5M | 23.3% | -5.4% |
| — Other Americas (part of Non-US) | $52.5M | 8.1% | +49.7% |
| — Asia Pacific (part of Non-US) | $34.8M | 5.4% | +2.9% |
| Total revenue | $645.7M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.48 | $0.52 | -7.1% | $175.2M | 2 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.43 | -2.9% | $159.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.65 | $1.67 | -1.3% | $677.7M | 2 |
| Next fiscal year (ends 2027-12-31) | $2.13 | $2.17 | -1.9% | $696.6M | 2 |