Trimas Corp
TRSAbove valueHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31- Revenue growth
- -30.2%
- Net margin
- 18.6%
- ROE
- 17.0%
- FCF margin
- 10.7%
Valuation · value band
Above fair value
Zero-growth floor
$15
Central IV
$17
Optimistic top
$20
Trimas Corp (TRS): A conservative value band $15–$20 / sh (zero-growth floor to growth-capped optimistic top); central read about $17. Today’s price sits above that band (price $41 as of 2026-07-21).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 1% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 12.0% · Zero-growth downside $15
Price as of 2026-07-21 · yahoo · DGS10 4.6% @ 2026-07-20.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $14.26 – $19.78 · Greenwald zero-growth $17.85 · zero-growth base $17.85 · reproduction $8.06
Moat Below asset base · terminal value 36% of present value · owner-earnings yield 5% vs 10Y 4.6%.
Graham earnings-power value (normalized NOPAT)$-1.56 – $0.48 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 302% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$14.97 – $17.85 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.4–12.4% band (9–11% base + 1.4pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 302% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.4pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 5.8 years of owner earnings, adding 1.4pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $328.76M = $8.06 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 5.8 years of owner earnings → +1.4pp cost-of-equity premium → effective 10.4%–12.4%.
Owner-earnings DCF: growth g₁ 1% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 10.50%–13.40% (DGS10 +4.5% to a 12% strict end, each +1.40pp for leverage premium, as of 2026-07-20). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $8.4M combined · this quarter +0 opened / -0 exited
- Value$8.0MWeight (prev→now)4.3% → 2.1% ▼
- Value$356,633Weight (prev→now)0.1% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Trimas Corp (TRS) is held by 2 of the superinvestors tracked on Compounder, with a combined $8.4M in reported 13F value. The largest position belongs to Connor Haley, where it makes up 2.1% of the portfolio.
Other notable holders by value include Richard Pzena (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in TRS, 0 added to existing ones, 2 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Trimas Corp (TRS) also commonly hold →
- Magna International IncMGA1 holder
- Cognizant Tech Solutions-ACTSH1 holder
- Tyson Foods Inc-Cl ATSN1 holder
- Baxter International IncBAX1 holder
- Bristol-Myers Squibb CoBMY1 holder
- Cvs Health CorpCVS1 holder
TRS's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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