/
The Company Trinseo PLC is a public limited company existing under the laws of Ireland. Trinseo PLC was merged with our former publicly traded parent entity, Trinseo S.A., with Trinseo PLC as the surviving entity.
The business is unprofitable at the operating level (-8.54% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 15.3% YoY. Margins deteriorated 7.2pp alongside, both lines moving the wrong way.
ROIC dropped from -1.83% to -11.90%, capital efficiency is deteriorating. Negative free cash flow of -$153M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2.97B
▼ -15.3% YoY
Net Income (TTM)
-$546M
▼ -56.6% YoY
Op. Margin
-8.54%
▼ -7.2pp YoY
ROIC
-11.90%
▼ -10.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$153M
▼ -97.9% YoY
Op. Cash Flow (TTM)
-$102M
▼ -621.1% YoY
Net Debt
$2.46B
Cash & Equiv.
$147M
5Y CAGR: +1.6%
Continue Research