What are the investment strengths of Trinseo PLC (TSE)?

Asset turnover of 1.17x exceeds industry median (0.56x) by 2x - operational efficiency exists if margins recover Working capital positive (248.2M) with receivables/inventory providing potential liquidity buffer

What are the investment risks for Trinseo PLC (TSE)?

Total debt (2.6B) is 144x market cap with negative equity - equity holders likely wiped out in restructuring Operating margin -4.1% vs industry median 0% with gross margin at 6.2% vs median 36.8% - structurally uncompetitive

How does Trinseo PLC fit the Distressed Asset Turnaround Screen investing approach?

Asset turnover of 1.17x exceeds industry median (0.56x) by 2x - operational efficiency exists if margins recover Key filters: > 1.0x (operational efficiency), > 0 (liquidity buffer exists), Improving QoQ (turnaround signal).

Trinseo PLC

TSE

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Trinseo PLC AI Insights

Informational only. Not investment advice.

As of 2025-12-31

Snapshot

Equity is NEGATIVE (-861.6M) with debt of 2.6B at 146x market cap (17.9M) - severe balance sheet distress[Common Stockholders Equity]
Interest expense TTM (274.2M) exceeds EBITDA (103.4M) by 2.6x - cannot service debt from operations[Interest Expense]
Gross profit TTM collapsed 54% YoY while revenue down only 14% 3Y CAGR - margin destruction accelerating[Gross Profit 1Y Growth]

Watch Triggers

Cash and Equivalents: Falls below 75M — At -40M quarterly burn rate, triggers liquidity crisis within 2 quarters
EBITDA: Fails to exceed interest expense (274M) — Debt covenant violations likely if coverage ratio stays below 1x
Gross Margin: Remains below 15% — Cannot generate operating profit at current 6.2% gross margin structure

Bull Case

Asset turnover of 1.17x exceeds industry median (0.56x) by 2x - operational efficiency exists if margins recover

Asset Turnover

Working capital positive (248.2M) with receivables/inventory providing potential liquidity buffer

Working CapitalAccounts ReceivableInventory

Bear Case

Total debt (2.6B) is 144x market cap with negative equity - equity holders likely wiped out in restructuring

Total DebtMarket CapCommon Stockholders Equity

Operating margin -4.1% vs industry median 0% with gross margin at 6.2% vs median 36.8% - structurally uncompetitive

Operating MarginGross Margin

Bull vs Bear Balance

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Forward Thesis

Debt restructuring or bankruptcy likely within 12-24 months without dramatic operational turnaround

1-3yhigh

2.6B debt vs 17.9M market cap = 99% debt-funded
FCF negative (-96.1M TTM) with no path to coverage
Interest expense 2.6x EBITDA and growing

Net debt 2.4B vs enterprise value 2.5BOperating loss of -128.3M TTMCash burn -39.9M TTM with only 112M cash

Valuation Context

Caveats

Public Strategies Rankings

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TSE Fundamentals

Manufacturing → Plastics and Rubber Products Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$16.88M		—
Enterprise Value	$2.49B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$3.13B	-11.2%	—
Earnings Per Share (diluted) - TTM	$-11.57		—
Operating Margin - TTM	-4.09%	-0.9%	—
Net Margin - TTM	-13.2%	+0.9%	—
Free Cash Flow - TTM	$-96.1M		—
Return on Common Equity - TTM	0.00		—
Beta 5Y (Monthly)	unknown		—

TSE Dividend History

37 dividends

2025

$0.0300

07/10/25$0.0100

04/10/25$0.0100

01/10/25$0.0100

2024

$0.0400

10/10/24$0.0100

07/08/24$0.0100

04/03/24$0.0100

01/03/24$0.0100

2023

$0.4800

10/04/23$0.0100

07/05/23$0.0100

04/05/23$0.1400

01/04/23$0.3200

2022

$1.2800

10/05/22$0.3200

07/06/22$0.3200

04/06/22$0.3200

01/05/22$0.3200

2021

$0.5600

09/30/21$0.3200

07/07/21$0.0800

04/07/21$0.0800

01/06/21$0.0800

2020

$1.6000

10/07/20$0.4000

07/08/20$0.4000

04/08/20$0.4000

01/08/20$0.4000

2019

$1.6000

10/09/19$0.4000

07/10/19$0.4000

04/10/19$0.4000

01/08/19$0.4000

2018

$1.5200

10/09/18$0.4000

07/10/18$0.4000

04/10/18$0.3600

01/08/18$0.3600

2017

$1.3200

10/06/17$0.3600

07/07/17$0.3600

04/07/17$0.3000

01/09/17$0.3000

2016

$0.6000

10/07/16$0.3000

07/01/16$0.3000

TSE Stock Splits

No stock splits

TSE SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/07/25	09/30/25	10-Q	0001104659-25-108273
08/07/25	06/30/25	10-Q	0001558370-25-010698
05/08/25	03/31/25	10-Q	0001558370-25-006909
02/27/25	12/31/24	Unknown	0001558370-25-001736
11/07/24	09/30/24	10-Q	0001558370-24-014793
08/07/24	06/30/24	10-Q	0001558370-24-011273
05/09/24	03/31/24	10-Q	0001558370-24-007569
02/23/24	12/31/23	10-K	0001558370-24-001604
11/06/23	09/30/23	10-Q	0001558370-23-017725
08/04/23	06/30/23	10-Q	0001558370-23-013353
05/05/23	03/31/23	10-Q	0001558370-23-008238
02/27/23	12/31/22	10-K	0001558370-23-002165
11/04/22	09/30/22	10-Q	0001558370-22-016352
08/09/22	06/30/22	10-Q	0001558370-22-012794
05/05/22	03/31/22	10-Q	0001558370-22-007305
02/23/22	12/31/21	10-K	0001558370-22-001688
11/08/21	09/30/21	10-Q	0001558370-21-015008
08/05/21	06/30/21	10-Q	0001558370-21-010604
05/07/21	03/31/21	10-Q	0001558370-21-006407
02/22/21	12/31/20	10-K	0001558370-21-001355
11/06/20	09/30/20	10-Q	0001558370-20-013054
07/30/20	06/30/20	10-Q	0001558370-20-008715
05/08/20	03/31/20	10-Q	0001558370-20-005970
02/28/20	12/31/19	10-K	0001558370-20-001766
11/05/19	09/30/19	10-Q	0001558370-19-009928
08/09/19	06/30/19	10-Q	0001558370-19-007840
05/03/19	03/31/19	10-Q	0001558370-19-003933
02/28/19	12/31/18	10-K	0001558370-19-001261
11/09/18	09/30/18	10-Q	0001558370-18-009161
08/03/18	06/30/18	10-Q	0001558370-18-006334
05/03/18	03/31/18	10-Q	0001558370-18-003865
03/01/18	12/31/17	10-K	0001558370-18-001379
11/03/17	09/30/17	10-Q	0001558370-17-008110
08/03/17	06/30/17	10-Q	0001558370-17-005809
05/03/17	03/31/17	10-Q	0001558370-17-003355
03/01/17	12/31/16	10-K	0001558370-17-001195
11/03/16	09/30/16	10-Q	0001558370-16-009167
08/03/16	06/30/16	10-Q	0001558370-16-007175
05/05/16	03/31/16	10-Q	0001558370-16-005349
03/11/16	12/31/15	10-K	0001558370-16-004029
11/09/15	09/30/15	10-Q	0001558370-15-002510
08/07/15	06/30/15	10-Q	0001558370-15-001525
05/08/15	03/31/15	10-Q	0001193125-15-179406
03/10/15	12/31/14	10-K	0001193125-15-085094
11/14/14	09/30/14	10-Q	0001193125-14-412523
08/11/14	06/30/14	10-Q	0001193125-14-304643
06/12/14	03/31/14	424B4	0001193125-14-234453
06/12/14	12/31/13	424B4	0001193125-14-234453
12/06/13	09/30/13	S-4/A	0001193125-13-465382
08/11/14	06/30/13	10-Q	0001193125-14-304643
06/12/14	03/31/13	424B4	0001193125-14-234453
12/06/13	12/31/12	S-4/A	0001193125-13-465382
06/27/11	03/31/11	F-1	0001193125-11-174623
06/30/10	06/16/10	Unknown	--
06/27/11	03/31/10	F-1	0001193125-11-174623