TRIMAS CORP (TRS) FY2025 10-K Annual Report
TRIMAS CORP (TRS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TRIMAS CORP FY2025 10-K Analysis
Business Overview
- • Core business: Designs and manufactures specialty engineered products for consumer packaging, aerospace/defense (to be divested), and industrial markets
- • Divestiture of TriMas Aerospace announced Nov 2025 for $1.45B cash, expected Q1 2026 closing; Aerospace results presented as discontinued operations
- • Expansion of Packaging segment through innovation: 27 patents filed and 18 issued in 2025, including recyclable Singolo™ polymeric pumps and child-resistant closures with less plastic
- • Employee count ~3,700 with 41% outside the U.S.; completed new 3-year UAW labor agreement after 10-week strike at Aerospace facility in 2025
- • Plan to deploy ~$1.2B net proceeds from Aerospace sale toward strategic acquisitions focused on Packaging and life sciences growth
Management Discussion & Analysis
- • Revenue $630.8M in 2024, down $21.4M (3.3%) YoY; Packaging up 10.3% organically, Specialty segment down 37.2% organically
- • Gross profit margin 20.5% vs 23.5% YoY; Operating profit margin 2.4% vs 7.8%, operating profit down $35.5M to $15.2M due to cost absorption and charges
- • Best segment Aerospace (discontinued): sales $294.2M, up 21.9%, operating margin 10.9% vs 6.1% YoY; Worst Specialty segment down 37.2% in sales
- • Operating cash flow $63.8M in 2024; Capex $51.0M; Share repurchases $19.3M; Dividends $6.6M; financing cash flow used $28.6M
- • Management expects sufficient liquidity, financial covenants met (net leverage 2.68x vs 4.00x max), authorized $150M stock buyback expansion in 2025
Risk Factors
- • Regulatory/legal risk: U.S. 2025 baseline and reciprocal tariffs on imports from countries with trade deficits, including China, increasing costs on China-based imports
- • Geopolitical/macroeconomic threat: Cost inflation in 2025 for raw materials, wages, and freight amid tariff uncertainty impacts operations globally
- • Operational/supply chain vulnerability: Dependence on volatile raw materials like polypropylene, polyethylene, steel, aluminum, exacerbated by tariffs and supply disruptions
- • Competitive/market disruption: Divestiture of lower-margin Arrow Engine business in January 2025 reduces Specialty Products sales by 15%
- • Financial/structural risk: 2025 effective tax rate of (198.1)% due to a $53.9M tax benefit from Aerospace tax-basis/book-basis differences with Aerospace sale closing in 1Q 2026
TRIMAS CORP FY2025 Key Financial MetricsXBRL
Revenue
$646M
▼ -30.2% YoY
Net Income
$120M
▲ +395.4% YoY
Gross Margin
21.4%
▼ -17bp YoY
Operating Margin
6.4%
▲ +129bp YoY
Net Margin
18.6%
▲ +1598bp YoY
ROE
17.0%
▲ +1339bp YoY
Total Assets
$1.5B
▲ +12.2% YoY
EPS (Diluted)
$2.95
▲ +400.0% YoY
Operating Cash Flow
$117M
▲ +84.1% YoY
Source: XBRL data from TRIMAS CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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