Short answer
TRIMAS CORP (TRS) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $646M (−30.2% year over year) and net income of $120M.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $646M
- −30.2% YoY
- Net income
- $120M
- +395.4% YoY
- Operating margin
- 6.4%
- +1.3 pp YoY
- Gross margin
- 21.4%
- −0.2 pp YoY
- EPS (diluted)
- $2.95
- +400.0% YoY
- ROE
- 17.0%
- +13.4 pp YoY
- Operating cash flow
- $117M
- +84.1% YoY
Source: XBRL data from the TRIMAS CORP (TRS) FY2025 10-K on SEC EDGAR. USD.
TRIMAS CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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