TRSTRIMAS CORP

Metal Forgings & Stampings

Revenue: $646M; 2.4% YoY
Operating margin: 6.4%; 166% YoY
EBITDA: $81M; 1.1% YoY
Market cap: $1.4B
Employees: 3,700; $175K revenue each
Net debt / EBITDA: -10.4×; −$846M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
98% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
94% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 4 of 4

Low revenue per employeeYes
$175K · 4th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 10.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$809K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$857M	$884M	$652M	$631M	$646M	2.4%
Operating income	$95M	$99M	$51M	$15M	$41M	172%
Net income	$57M	$66M	$40M	$24M	$120M	395%
Operating cash flow	$134M	$73M	$88M	$64M	$117M	84%
Capex	$45M	$46M	$54M	$51M	$48M	5.1%
Stock-based comp	$10M	$10M	$10M	$7M	$12M	66%
Buybacks	$19M	$37M	$19M	$19M	$103M	436%
Dividends	$2M	$7M	$7M	$7M	$7M	0.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 8, 2026	Trend International Holding AG	SCHEDULE 13D/A	11.6%	Passive
May 22, 2025	Trend International Holding AG	SCHEDULE 13D/A	10.3%	Passive
Mar 12, 2025	Trend International Holding AG	SCHEDULE 13D/A	22.8%	Passive
Feb 11, 2025	Trend International Holding AG	SCHEDULE 13D/A	10.3%	Passive
Oct 15, 2024	Trend International Holding AG	SC 13D	10.3%	Passive

Insider trading

Open-market buys, 12 mo: $73K · 5
Open-market sells, 12 mo: $882K · 3
Net: −$809K

Pay vs performance

No pay-versus-performance disclosure yet.