TRSTriMas Corporation
Is the business good?
The checks split: earnings fully cash-backed (2.5×) and elite returns on assets, but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 37% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is TRS?
TriMas Corporation earns 1.3% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.7 points below what the capital costs: growth destroys value
- Operating margin
- 1.5%
Operating margin · Packaging & Containers median 4.7% · 12 months to Q2 2026
- Cash conversion
- 2.51×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- −12%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −11% |
| FY2021 | 11% |
| FY2022 | 11% |
| FY2023 | 7.8% |
| FY2024 | 2.4% |
| FY2025 | 6.4% |
Details›
- Gross margin12 months to Q2 2026
- 21%
- Operating margin12 months to Q2 2026
- 1.5%
- Net margin12 months to Q2 2026
- 136%
- Free cash flow margin
- −1.5%
- Revenue, trailing twelve months
- $664M
- Free cash flow, trailing twelve months
- −$9.9M
- Net income, trailing twelve months
- $905M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Packaging & Containers
Ranks #9 of 12 by RyuScore