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1. Company Snapshot

1.a. Company Description

TriMas 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.

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1.b. Last Insights on TRS

TriMas Corporation's recent performance was impacted by its decision to sell its Aerospace segment for $1.45 billion, a move that may lead to a significant change in its business operations. The company's Q3 2025 earnings report showed net income of $9.3 million, or $0.23 per diluted share, compared to $2.5 million, or $0.06 per diluted share, in Q3 2024. Adjusted net income was $25.1 million, compared to $17.7 million in Q3 2024. The company also declared a quarterly dividend of $0.04 per share. Additionally, Ethic Inc. increased its holdings in TriMas by 28.5% during the quarter.

1.c. Company Highlights

2. TriMas Corporation's Q3 2025 Earnings: A Strong Performance

TriMas Corporation reported a robust third-quarter 2025 financial performance, with consolidated net sales reaching $269 million, a 17% year-over-year increase, driven by organic growth exceeding 16%. The company's operating profit also saw a significant jump, rising by 34% year-over-year to $30.3 million, reflecting a 140 basis point expansion in operating margin. Earnings per share (EPS) came in at $0.61, beating estimates of $0.564. The strong revenue growth and margin expansion were key highlights of the quarter.

Publication Date: Nov -19

📋 Highlights
  • Q3 Financial Performance:: Consolidated net sales rose 17% YoY to $269M, with operating profit up 34% to $30.3M and a 140 bps margin expansion.
  • Aerospace Segment Growth:: Sales surged 45% YoY, driven by sustained aerospace and defense market demand.
  • Specialty Products Growth:: Sales increased 31% YoY, led by Norris Cylinder business expansion.
  • 2025 Guidance Raised:: Full-year sales and EPS outlook elevated due to Aerospace strength and operational improvements.
  • Packaging Segment Outlook:: Anticipates GDP-plus growth despite tariffs and FX headwinds, with stable margins and ongoing operational efficiency initiatives.

Segment Performance

The Aerospace segment delivered a record-setting quarter, with sales increasing by more than 45% year-over-year, driven by continued strength in the aerospace and defense market. The Specialty Products segment also saw improved performance, with sales up 31% year-over-year, driven by growth in the Norris Cylinder business. As Thomas Snyder noted, the company is "early in the process of implementing operational excellence initiatives across the Packaging business," which is expected to drive future growth.

Outlook and Guidance

The company raised its full-year 2025 outlook, increasing sales and earnings per share guidance, supported by continued strength in the Aerospace business. For the Packaging segment, the company expects GDP-plus sales growth and relatively stable margins compared to 2024, despite ongoing tariff pressures and FX headwinds. Looking ahead to 2026, Thomas Snyder expressed optimism, citing a strong order book and capacity to grow, with a focus on improving operational alignment and driving best practices.

Valuation and Growth Prospects

With a P/E Ratio of 29.18 and an EV/EBITDA of 12.07, the market appears to be pricing in a certain level of growth for TriMas Corporation. The company's ROIC of 4.94% and ROE of 6.31% indicate a decent return on capital and equity, respectively. However, analysts estimate next year's revenue growth at -9.4%, which may be a concern. Nevertheless, the company's strong order book, with a 10% annual capacity growth based on the addition of skilled resources, suggests a positive outlook.

3. NewsRoom

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TriMas Announces New Chief Financial Officer

Dec -04

Source: businesswire.com

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Geode Capital Management LLC Sells 58,362 Shares of TriMas Corporation $TRS

Nov -29

Source: defenseworld.net

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TriMas (TRS) Upgraded to Strong Buy: What Does It Mean for the Stock?

Nov -18

Source: zacks.com

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Arnold Van Den Berg Exits Atkore Inc, Impacting Portfolio by -0.85%

Nov -14

Source: gurufocus.com

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TriMas Announces Increased Share Repurchase Authorization to $150 Million

Nov -14

Source: businesswire.com

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PennAero and Tinicum Announce Acquisition of TriMas Aerospace

Nov -04

Source: businesswire.com

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TriMas to Sell Aerospace Segment for $1.45 Billion

Nov -04

Source: wsj.com

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TriMas Enters Into Agreement to Sell TriMas Aerospace for $1.45 Billion

Nov -04

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.83%)

6. Segments

Packaging

Expected Growth: 2.5%

TriMas Corporation's Packaging segment growth is driven by increasing demand for sustainable and specialty packaging solutions, particularly in the food and beverage industry. Additionally, the company's focus on innovation, strategic acquisitions, and operational efficiencies have contributed to its 2.5% growth rate.

Aerospace

Expected Growth: 3.5%

TriMas Corporation's Aerospace segment growth of 3.5% is driven by increasing demand for commercial aircraft, rising defense spending, and growing adoption of advanced materials and technologies. Additionally, the company's focus on innovation, operational efficiency, and strategic acquisitions are contributing to its growth momentum.

Specialty Products

Expected Growth: 2.8%

TriMas Corporation's Specialty Products segment growth of 2.8% is driven by increasing demand for customized dispensing systems, growth in the beauty and personal care market, and expansion into new geographic regions. Additionally, the company's focus on innovation, operational efficiency, and strategic acquisitions also contribute to the segment's growth.

7. Detailed Products

Rieke Packaging Systems

Rieke is a leading manufacturer of dispensing and packaging systems for the beauty and personal care, food and beverage, and pharmaceutical industries.

Aramid and Laminated Products

TriMas' Aramid and Laminated Products segment produces high-performance materials used in various industrial and consumer applications.

Specialty Fasteners

TriMas' Specialty Fasteners segment produces high-performance fasteners used in aerospace, industrial, and automotive applications.

Engineered Components

TriMas' Engineered Components segment produces high-performance components used in industrial, aerospace, and defense applications.

8. TriMas Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

TriMas Corporation's products are moderately substitutable, as customers have some alternatives, but they are not easily replaceable.

Bargaining Power Of Customers

TriMas Corporation's customers have limited bargaining power due to the company's diversified customer base and lack of concentration.

Bargaining Power Of Suppliers

TriMas Corporation's suppliers have moderate bargaining power, as the company relies on a few key suppliers, but has some flexibility in its supply chain.

Threat Of New Entrants

The threat of new entrants is low for TriMas Corporation, as the company operates in a capital-intensive industry with high barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high in TriMas Corporation's industry, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.14%
Debt Cost 4.50%
Equity Weight 62.86%
Equity Cost 7.45%
WACC 6.35%
Leverage 59.09%

11. Quality Control: TriMas Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Myers Industries

A-Score: 5.7/10

Value: 5.9

Growth: 4.6

Quality: 4.2

Yield: 6.0

Momentum: 8.0

Volatility: 5.3

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TriMas

A-Score: 4.6/10

Value: 3.1

Growth: 2.7

Quality: 5.6

Yield: 0.0

Momentum: 9.0

Volatility: 7.3

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Pactiv Evergreen

A-Score: 4.4/10

Value: 5.6

Growth: 1.9

Quality: 1.6

Yield: 3.0

Momentum: 9.0

Volatility: 5.3

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Tupperware

A-Score: 4.0/10

Value: 9.5

Growth: 3.7

Quality: 5.8

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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O-I Glass

A-Score: 3.8/10

Value: 7.7

Growth: 2.6

Quality: 2.2

Yield: 0.0

Momentum: 5.0

Volatility: 5.0

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Ranpak

A-Score: 2.7/10

Value: 5.8

Growth: 2.6

Quality: 2.8

Yield: 0.0

Momentum: 3.5

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

32.72$

Current Price

32.72$

Potential

-0.00%

Expected Cash-Flows