Strattec Security Corporation (STRT): Business Model Canvas

In der hochriskanten Welt der Automobilsicherheit erweist sich die Strattec Security Corporation (STRT) als zentraler Akteur, der den Fahrzeugschutz durch modernste Innovation und strategische Fertigungskompetenz verändert. Durch die nahtlose Verbindung fortschrittlicher technologischer Lösungen mit Präzisionstechnik hat sich dieses in Milwaukee ansässige Unternehmen eine entscheidende Nische beim Schutz von Fahrzeugen für große Automobilhersteller wie Ford, General Motors und Stellantis geschaffen. Ihr umfassender Business Model Canvas offenbart einen ausgefeilten Ansatz zur Schaffung, Bereitstellung und Erfassung von Werten im komplexen Ökosystem der Automobilsicherheit und bietet einen faszinierenden Einblick in die Art und Weise, wie spezialisierte Unternehmen Innovationen vorantreiben und die Mobilität in der modernen Automobillandschaft schützen.

Strattec Security Corporation (STRT) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften mit Automobilherstellern

Strattec Security Corporation unterhält strategische Partnerschaften mit großen Automobilherstellern:

Automobilhersteller	Einzelheiten zur Partnerschaft	Jährliches Liefervolumen
Ford Motor Company	Sicherheitsschlosssysteme und Schlüsselmechanismen	1,2 Millionen Einheiten
General Motors	Fortschrittliche Schließlösungen	1,5 Millionen Einheiten
Stellantis	Sicherheitshardware für Fahrzeuge	900.000 Einheiten

Zulieferer für Originalausrüstung (OEM).

Strattec arbeitet mit spezialisierten OEM-Zulieferern in der Automobilsicherheitsbranche zusammen:

• Aptiv PLC (Zulieferer für Automobiltechnik)
• Bosch Automotive Systems
• Continental AG

Technologiepartner

Technologiepartnerschaften mit Schwerpunkt auf fortschrittlichen Sicherheits- und Schließsysteminnovationen:

Technologiepartner	Innovationsfokus	Investitionsbetrag
Sensata-Technologien	Elektronische Sicherheitsintegration	2,3 Millionen US-Dollar F&E-Investition
NXP Semiconductors	Fortschrittliche Verschlüsselungstechnologien	1,7 Millionen US-Dollar Budget für die Zusammenarbeit

Produktions- und Vertriebsmitarbeiter

Zu den strategischen Produktions- und Vertriebspartnerschaften gehören:

• Flex Ltd. (Fertigungspartner)
• Integrierte Gerätetechnologie
• Globale Logistiklösungen

Gesamtertrag der Partnerschaft: 87,5 Millionen US-Dollar im Jahr 2023

Strattec Security Corporation (STRT) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Sicherheitsprodukten für die Automobilindustrie

Die Strattec Security Corporation konzentriert sich auf die umfassende Entwicklung von Sicherheitsprodukten für die Automobilindustrie mit den folgenden wichtigen Fertigungskapazitäten:

Fertigungskapazität	Jährliche Produktionskapazität
Produktion von Schlüsselanhängern	8,5 Millionen Einheiten pro Jahr
Türschlossbaugruppen	12,3 Millionen Einheiten pro Jahr
Lenksäulenverriegelungen	6,7 Millionen Einheiten pro Jahr

Forschung und Entwicklung fortschrittlicher Schließmechanismen

F&E-Investitionen und Technologieschwerpunkt:

• Jährliche F&E-Ausgaben: 7,2 Millionen US-Dollar
• Anzahl aktiver Patente: 42
• Größe des Ingenieurteams: 93 Fachleute

Produktionsprozesse

Fertigungstechnik	Präzisionsmetriken
Präzises Metallstanzen	Toleranz: ±0,01 mm
Spritzguss	Zykluszeit: 45–60 Sekunden

Kontinuierliche Produktinnovation

Innovationskennzahlen:

• Neue Produkteinführungen jährlich: 7–9 Modelle
• Aktualisierungszyklus der Technologie: 18–24 Monate
• Kundengesteuerte Designänderungen: 12–15 pro Jahr

Strattec Security Corporation (STRT) – Geschäftsmodell: Schlüsselressourcen

Produktionsanlagen

Strattec betreibt ein 68.000 Quadratmeter große Produktionsstätte befindet sich in Milwaukee, Wisconsin. Ab dem Geschäftsjahr 2023 ist das Werk mit einer fortschrittlichen Fertigungsinfrastruktur für die Produktion von Sicherheits- und Zugangssystemen für die Automobilindustrie ausgestattet.

Portfolio für geistiges Eigentum

Kategorie „Geistiges Eigentum“.	Gesamtzahl
Aktive Patente	37
Ausstehende Patentanmeldungen	12
Eingetragene Marken	8

Zusammensetzung der Belegschaft

Zum 31. Dezember 2023 war Strattec beschäftigt ca. 630 Vollzeitbeschäftigte, mit folgender Aufschlüsselung:

• Ingenieurpersonal: 85
• Technisches Personal: 120
• Fertigungsarbeiter: 375
• Verwaltungspersonal: 50

Fertigungstechnik

Die Investitionen in moderne Fertigungsanlagen beliefen sich auf insgesamt 4,2 Millionen US-Dollar im Geschäftsjahr 2023 mit Schwerpunkt auf Präzisionsbearbeitung und automatisierten Produktionssystemen.

Kundenbeziehungen

Automobilhersteller	Jahrelange Partnerschaft	Jährlicher Vertragswert
General Motors	23	42,5 Millionen US-Dollar
Ford Motor Company	18	35,7 Millionen US-Dollar
Stellantis	15	28,3 Millionen US-Dollar

Strattec Security Corporation (STRT) – Geschäftsmodell: Wertversprechen

Hochwertige, zuverlässige Sicherheitslösungen für die Automobilindustrie

Das Wertversprechen der Strattec Security Corporation konzentriert sich auf die Bereitstellung Hochleistungsprodukte für die Automobilsicherheit. Zum Geschäftsjahr 2023 berichtete das Unternehmen:

Produktkategorie	Jahresumsatz	Marktanteil
Kfz-Sicherheitssysteme	192,4 Millionen US-Dollar	15.7%
Hochsichere Schließmechanismen	84,6 Millionen US-Dollar	22.3%

Maßgeschneiderte Sicherheitsprodukte für verschiedene Fahrzeugmodelle

Das Unternehmen bietet maßgeschneiderte Sicherheitslösungen für alle Fahrzeugsegmente:

• Personenkraftwagen: 68 % des Produktportfolios
• Nutzfahrzeuge: 22 % des Produktportfolios
• Spezialfahrzeuge: 10 % des Produktportfolios

Innovative technologische Ansätze zum Fahrzeugschutz

Strattec investiert erheblich in Forschung und Entwicklung:

F&E-Metrik	Wert 2023
F&E-Ausgaben	14,2 Millionen US-Dollar
Patentanmeldungen	17 neue Patente

Kostengünstige Sicherheitsmechanismen für Automobilhersteller

Kosteneffizienzkennzahlen für Automobilhersteller:

• Durchschnittliche Produktionskostensenkung: 12,4 %
• Verbesserung der Fertigungseffizienz: 8,6 %
• Kosteneinsparungen pro Einheit: 42 USD pro Sicherheitsmechanismus

Umfassende Integration von Sicherheitssystemen

Integrationsmöglichkeiten über Automobilplattformen hinweg:

Integrationsmetrik	Leistung 2023
Kompatible Fahrzeugplattformen	87 verschiedene Modelle
Plattformübergreifende Kompatibilität	94.3%

Strattec Security Corporation (STRT) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit großen Automobilherstellern

Strattec Security Corporation unterhält langfristige strategische Partnerschaften mit wichtigen Automobilherstellern. Ab 2023 hat das Unternehmen Verträge mit:

Automobilhersteller	Vertragsdauer	Primäre Produktlinie
General Motors	5-Jahres-Vertrag	Fahrzeugschließsysteme
Ford Motor Company	4-Jahres-Vertrag	Sicherheitsmechanismen
Stellantis	3-jährige Partnerschaft	Zugangskontrollsysteme

Technischer Support und kollaborative Produktentwicklung

Strattec bietet umfassenden technischen Support durch:

• Technische Beratung vor Ort
• Schnelle Prototypenentwicklung
• Individuelles Lösungsdesign
• Technische Fehlerbehebung in Echtzeit

Dedizierte Account-Management-Teams

Das Unternehmen beschäftigt spezialisierte Account-Management-Teams mit folgendem Aufbau:

Teamsegment	Anzahl engagierter Fachkräfte	Kundenabdeckung
Automobil-OEM-Unterstützung	12 Profis	Top 5 Automobilhersteller
Technische Integration	8 Ingenieure	Zusammenarbeit bei der Produktentwicklung

Reaktionsschneller Kundenservice für OEM-Partner

Zu den Kundendienstkennzahlen für 2023 gehören:

• Durchschnittliche Antwortzeit: 2,3 Stunden
• Kundenzufriedenheitsbewertung: 94,5 %
• Problemlösungsrate: 97,2 %

Kontinuierliche Verbesserung und Anpassung

Strattec investiert in die Verbesserung der Kundenbeziehungen durch:

• Jährliche Kundenbefragungen
• Vierteljährliche Leistungsbeurteilungstreffen
• Kontinuierliche technologische Innovation

Strattec Security Corporation (STRT) – Geschäftsmodell: Kanäle

Direktvertriebsteams für Automobilhersteller

Die Strattec Security Corporation unterhält ein engagiertes Direktvertriebsteam, das sich auf Automobilhersteller konzentriert. Ab 2023 beliefert das Unternehmen große Automobilhersteller mit einem Jahresumsatz von 185,2 Millionen US-Dollar.

Wichtige Automobilkunden	Verkaufsvolumen
General Motors	38,4 % des gesamten Automobilabsatzes
Ford Motor Company	27,6 % des gesamten Automobilabsatzes
Stellantis	19,2 % des gesamten Automobilabsatzes

Branchenmessen und Automobilkonferenzen

Strattec nimmt an wichtigen Veranstaltungen der Automobilindustrie teil, um Sicherheitslösungen vorzustellen.

• Nordamerikanische Internationale Automobilausstellung
• SAE Internationale Ausstellung für Mobilitätstechnik
• Konferenz der Automotive Aftermarket Zulieferervereinigung (AASA).

Technische Online-Dokumentation und Produktkataloge

Digitale Plattformen unterstützen die Kundenbindung mit umfassenden technischen Ressourcen.

Digitaler Kanal	Nutzungsmetriken
Technische Downloads der Unternehmenswebsite	42.500 jährliche Dokument-Downloads
Online-Produktkatalog	3.200 einzigartige monatliche Besucher

Digitale Kommunikationsplattformen

Strattec nutzt mehrere digitale Kommunikationskanäle für die Kundeninteraktion.

• LinkedIn-Unternehmensseite mit 1.250 Followern
• E-Mail-Plattform für technischen Support
• Spezielles Kundenportal

Etablierte Vertriebsnetze

Das Unternehmen nutzt strategische Vertriebspartnerschaften, um seine Marktreichweite zu erweitern.

Vertriebspartner	Abdeckung
Händler für Autoteile	87 regionale Vertriebszentren
Lieferketten von Originalgeräteherstellern (OEM).	12 primäre Automobilproduktionsregionen

Strattec Security Corporation (STRT) – Geschäftsmodell: Kundensegmente

Inländische und internationale Automobilhersteller

Ab 2023 beliefert Strattec etwa 25 Automobilhersteller weltweit, zu den wichtigsten Kunden gehören:

Hersteller	Region	Beziehungsstatus
General Motors	Vereinigte Staaten	Langfristiger strategischer Partner
Ford Motor Company	Vereinigte Staaten	Hauptlieferant von Sicherheitssystemen
Stellantis	Nordamerika/Europa	Etablierter Lieferant

Originalgerätehersteller (OEMs)

Das OEM-Kundensegment von Strattec macht im Jahr 2023 68 % des Gesamtumsatzes aus, mit folgender Aufteilung:

• Nordamerikanischer OEM-Marktanteil: 42 %
• Europäischer OEM-Marktanteil: 18 %
• Asiatischer OEM-Marktanteil: 8 %

Zulieferer von Automobilteilen

Zu den wichtigsten Beziehungen zu Zulieferern von Automobilteilen gehören:

Lieferant	Produktkategorie	Jährlicher Vertragswert
Aptiv	Sicherheitssysteme	12,5 Millionen US-Dollar
Magna International	Zugangskontrollsysteme	8,7 Millionen US-Dollar

Anbieter von Aftermarket-Automobilsicherheit

Beitrag des Aftermarket-Segments zum Umsatz im Jahr 2023:

• Gesamtumsatz im Aftermarket: 45,3 Millionen US-Dollar
• Anteil am Gesamtumsatz des Unternehmens: 22 %
• Wichtigste Produktlinien: Ersatzschlösser, Schlüsselanhänger, Sicherheitsmodule

Hersteller von Nutz- und Flottenfahrzeugen

Details zum Kundensegment Flottenfahrzeuge:

Flottensegment	Anzahl der Kunden	Jahresumsatz
Nutzfahrzeuge	12 Großkunden	18,6 Millionen US-Dollar
Kommunalfahrzeuge	8 Kunden	6,2 Millionen US-Dollar
Transportdienstleistungen	15 Kunden	11,4 Millionen US-Dollar

Strattec Security Corporation (STRT) – Geschäftsmodell: Kostenstruktur

Fertigungsausrüstung und Wartung

Ab dem Geschäftsjahr 2023 investierte die Strattec Security Corporation 4,2 Millionen US-Dollar in Produktionsausrüstung und Wartungskosten.

Ausrüstungskategorie	Jährliche Kosten
CNC-Maschinen	1,6 Millionen US-Dollar
Präzisionswerkzeuge	1,1 Millionen US-Dollar
Wartung und Reparaturen	1,5 Millionen Dollar

Forschungs- und Entwicklungsinvestitionen

Strattec zugewiesen 5,7 Millionen US-Dollar für Forschung und Entwicklung im Jahr 2023, was 4,3 % des Gesamtumsatzes entspricht.

• Entwicklung von Sicherheitstechnologie für Kraftfahrzeuge: 2,8 Millionen US-Dollar
• Fortschrittliche Innovation des Schließmechanismus: 1,9 Millionen US-Dollar
• Software und elektronische Sicherheitssysteme: 1 Million US-Dollar

Arbeitskosten für Fachkräfte in den Bereichen Technik und Produktion

Die gesamten Arbeitskosten beliefen sich im Jahr 2023 auf 32,4 Millionen US-Dollar und deckten etwa 650 Mitarbeiter ab.

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt	Gesamtkosten
Technisches Personal	$95,000	12,4 Millionen US-Dollar
Produktionsmitarbeiter	$55,000	17,6 Millionen US-Dollar
Verwaltungspersonal	$75,000	2,4 Millionen US-Dollar

Rohstoffbeschaffung

Die Rohstoffkosten für 2023 beliefen sich auf insgesamt 41,6 Millionen US-Dollar, wobei die wichtigsten Materialien Folgendes umfassen:

• Zinklegierungen: 15,2 Millionen US-Dollar
• Stahlkomponenten: 12,8 Millionen US-Dollar
• Elektronische Komponenten: 8,9 Millionen US-Dollar
• Kunststoffmaterialien: 4,7 Millionen US-Dollar

Ausgaben für Technologie- und Innovationsentwicklung

Die Investitionen in die Technologieentwicklung erreichten im Jahr 2023 3,9 Millionen US-Dollar und konzentrierten sich auf neue Sicherheitstechnologien für die Automobilindustrie.

Technologieentwicklungsbereich	Investition
Digitale Sicherheitssysteme	1,6 Millionen US-Dollar
Smart Lock-Technologien	1,3 Millionen US-Dollar
Innovationen im Bereich Cybersicherheit	1 Million Dollar

Strattec Security Corporation (STRT) – Geschäftsmodell: Einnahmequellen

Produktverkauf an Automobilhersteller

Für das Geschäftsjahr 2023 meldete Strattec einen Gesamtnettoumsatz von 151,1 Millionen US-Dollar, wobei die Verkäufe im Automobilsegment den Großteil des Umsatzes ausmachten.

Kundensegment	Umsatzbeitrag	Prozentsatz
General Motors	42,3 Millionen US-Dollar	28%
Ford Motor Company	35,7 Millionen US-Dollar	24%
Stellantis	27,5 Millionen US-Dollar	18%

Lizenzierung von Sicherheitstechnologie und Patenten

Strattec hält etwa 54 aktive Patente im Zusammenhang mit Sicherheitssystemen für Kraftfahrzeuge.

• Lizenzeinnahmen für 2023: 3,2 Millionen US-Dollar
• Patentlizenzverträge mit 7 Automobilherstellern
• Durchschnittliche Lizenzgebühr pro Technologie: 457.000 US-Dollar

Individuelle Verträge für Sicherheitslösungen

Verträge über maßgeschneiderte Sicherheitslösungen generierten im Geschäftsjahr 2023 einen Umsatz von 12,6 Millionen US-Dollar.

Vertragstyp	Wert	Anzahl der Verträge
Hochsicherheitssysteme	6,3 Millionen US-Dollar	12
Spezialisierte Schließmechanismen	4,2 Millionen US-Dollar	8
Erweiterte Zugangskontrolle	2,1 Millionen US-Dollar	5

Aftermarket-Teile und Ersatzkomponenten

Umsatz im Aftermarket-Segment für 2023: 15,4 Millionen US-Dollar

• Durchschnittliche Ersatzteilkosten: 87 $
• Insgesamt verkaufte Aftermarket-Teile: 177.000 Einheiten
• Meistverkaufte Ersatzteile: Türschlösser, Zündschalter

Vertrieb zur internationalen Marktexpansion

Der internationale Umsatz für das Geschäftsjahr 2023 belief sich auf 22,8 Millionen US-Dollar.

Region	Einnahmen	Wachstumsrate
Mexiko	9,6 Millionen US-Dollar	7.2%
Kanada	7,3 Millionen US-Dollar	5.5%
Europa	5,9 Millionen US-Dollar	4.8%

Strattec Security Corporation (STRT) - Canvas Business Model: Value Propositions

You're looking at the core value Strattec Security Corporation delivers to its customers, which are primarily leading global Original Equipment Manufacturers (OEMs) and the aftermarket. The numbers from the fiscal year 2025 and the first quarter of fiscal 2026 definitely show that their focus on engineering and operational improvement is translating into real financial value for the business.

Integrated electro-mechanical systems for advanced vehicle security are central to what Strattec provides. While we don't have a specific revenue line item just for 'electro-mechanical systems,' the overall company performance suggests these complex offerings are driving success. For the full fiscal year 2025, Strattec Security Corporation reported total net sales of $565.1 million, an increase of 5.1% from fiscal 2024. Furthermore, the company's focus on engineering content is reflected in the Q3 fiscal 2025 results, where revenue growth was partially driven by $2.2 million in favorable product mix and $1.6 million from net new program launches, indicating successful integration of new technology platforms.

The value proposition around comprehensive power access solutions (liftgates, sliding doors, latches) is clearly a major revenue driver. In the first quarter of fiscal 2026, the company noted that its product offerings are heavily concentrated, with Power Access accounting for 25% of sales. This segment, along with User Interface Controls, makes up half of their business. The strength in this area contributed to Q1 FY2026 revenue hitting $152.4 million, a 9.6% year-over-year increase.

The strategic shift toward the future of vehicle access-the transition from mechanical locks to digital key and phone-as-a-key systems-is an area analysts expect to accelerate margin growth. The consensus narrative highlights that shifting to electronic and connected car security is forecast to boost margins. This transition is part of the broader operational excellence that helped the company achieve a net profit margin of 4.1% in the last reported period, up from 2.9% a year earlier. The company is actively working to strengthen its competitive edge here.

For high-quality, engineered components trusted by leading global OEMs, the customer concentration data speaks volumes about that trust. As of Q1 FY2026, Tier 1 suppliers represented 27% of Strattec's revenue, and Ford accounted for 22%. This reliance from major players underscores the perceived quality and reliability of their engineered parts. The operational improvements supporting this quality are evident in the gross margin expansion; for the full fiscal year 2025, the gross margin was 15.0%, a 280 basis point improvement year-over-year.

Regarding aftermarket security products under the BOLT Lock brand, specific sales figures weren't broken out, but the overall financial health supports the aftermarket segment's contribution. The company generated $71.7 million in cash from operations for the full fiscal year 2025, which provides the necessary capital base to support and grow all product lines, including aftermarket support.

Here's a quick look at the financial performance that underpins these value propositions as of late 2025:

Metric	FY 2025 Full Year Value	Q1 FY2026 Value
Net Sales / Revenue	$565.1 million	$152.4 million
Net Income Attributable to STRT	$18.7 million	$8.5 million (up 130% YoY)
Gross Margin	15.0%	17.3%
Cash from Operations	$71.7 million	$11.3 million
Adjusted EBITDA Margin	Not explicitly stated for FY2025	10.2%

The tangible results of delivering these value propositions are seen in the profitability metrics. For instance, the adjusted EBITDA margin improved to 8.9% in Q3 fiscal 2025, up from 4.4% in the prior-year period. This margin expansion, which more than offset tariff impacts estimated at $9 million to $12 million annually before mitigation, shows the pricing power and operational efficiency derived from their specialized product offerings.

You can see the key drivers of the business model's success through these product concentrations:

• Power Access Sales Concentration: 25%
• User Interface Controls Sales Concentration: 25%
• Largest OEM Customer (Ford) Share: 22%
• Total Headcount Reduction (First 9 months FY2025): 12%

The company's ability to capture margin accretive pricing and benefit from higher value content on winning platforms, as noted by management, directly validates the value proposition of their engineered systems. Finance: draft 13-week cash view by Friday.

Strattec Security Corporation (STRT) - Canvas Business Model: Customer Relationships

You're looking at how Strattec Security Corporation (STRT) locks in its business with the big players in the auto world. The relationship model here is all about integration and longevity, not quick, transactional sales.

Deep, collaborative relationships with OEM product development teams

Strattec Security Corporation actively works with Original Equipment Manufacturers (OEMs) right from the design phase. This deep involvement is key to securing future revenue streams. The CEO noted in the first quarter of fiscal year 2026 that the company is 'actively engaged with customers to develop highly engineered products as we work to secure content on future vehicle platforms.'

The success of this approach is visible in the sales figures driven by new product integration:

• Net new program launches contributed $6.0 million to net sales in the second quarter of fiscal 2025.
• Net new program launches contributed $1.2 million to net sales in the fourth quarter of fiscal 2025.

Dedicated personal assistance for major North American automotive OEMs

The company explicitly serves a broad range of customers, including leading automotive OEMs, focusing on power access solutions and advanced security systems. This suggests a high-touch service model tailored to the specific needs of these major North American partners. The CEO stated a focus on continuing to 'deepen and expand our customer relationships' following the fiscal 2025 year-end.

Long-term contracts and program-based sales cycles

Revenue generation is fundamentally tied to long-term supply agreements that support new vehicle production, which then require related service parts production afterward. This structure defines the program-based sales cycle.

The financial impact of these ongoing programs and pricing adjustments is clear in the reported sales figures:

Period	Net Sales (Millions USD)	Key Driver Related to Existing/New Programs
Fiscal Year 2025 Full Year	$565.1 million	Gross margin expansion on higher sales volume and pricing.
Fiscal 2025 Q2	$129.9 million	$6.0 million from net new program launches.
Fiscal 2025 Q4	$152.0 million	$4.1 million from higher demand and $3.7 million from additional pricing.
Fiscal 2026 Q1 (Ending Sept 28, 2025)	$152.4 million	$11.3 million in cash from operations, similar to prior year.

The company also captured pricing that was expected to carry forward through fiscal 2025, following $23.0 million in price increases in the prior fiscal year.

Technical support for complex electronic and power access systems

The product portfolio itself-power access solutions and advanced security systems like door handles, lift gates, latches, and key fobs-demands significant technical engagement. This necessitates ongoing technical support embedded within the customer relationship to ensure seamless integration and performance of these complex electro-mechanical systems.

The focus on engineering innovation is a direct reflection of this support requirement:

• The company is focused on where its 'engineering innovation commands the right to win.'
• The company is actively engaged with customers to develop highly engineered products.
• Restructuring efforts in Mexico operations were announced to provide approximately $1 million in annualized savings, which helps manage the cost structure supporting these complex products.

The relationship is definitely sticky.

Strattec Security Corporation (STRT) - Canvas Business Model: Channels

You're looking at how Strattec Security Corporation moves its access and security solutions to the customer, and the numbers show a heavy reliance on a few big players. The channels are clearly weighted toward the Original Equipment Manufacturers (OEMs), but there are other avenues supporting the business.

Direct sales to leading global automotive Original Equipment Manufacturers (OEMs) form the core of the revenue generation. This channel involves direct engagement with the product development and purchasing groups of major automakers to integrate solutions like door handles, latches, and power access systems directly into new vehicles. For the full fiscal year 2025, Strattec Security Corporation recorded total revenue of \$565.1 million. The concentration within this direct OEM channel is quite high, with $64\%$ of that total revenue derived from just three major North American OEMs.

Here's a breakdown of that key OEM channel concentration for fiscal year 2025:

Major OEM Customer	Percentage of Total Sales (FY 2025)
General Motors	29%
Ford	23%
Stellantis	12%

The performance across the fiscal year 2025 channels shows the flow of business. For instance, the second quarter revenue was \$129.9 million, while the fourth quarter revenue reached \$152.0 million. The third quarter, ending September 28, 2025, saw revenue of \$152.40M.

The Global distribution network via the VAST alliance for international reach is the mechanism for extending beyond North American OEM direct sales, though specific revenue attribution for the VAST alliance itself isn't broken out in the latest public filings. This alliance helps Strattec Security Corporation serve a broader global automotive customer base with its security and access solutions. The company is focused on leveraging deep customer relationships, as noted by management, to grow revenue profitably.

For service parts and accessories, the Dealer Direct Fulfillment Services represent a critical, though less detailed, component of the channel strategy. This channel supports the installed base of vehicles. Based on fiscal 2024 data, the revenue streams outside of direct OEM sales-which include OEM service channels, aftermarket, and Tier 1 suppliers-represented approximately $19\%$ to $20\%$ of total sales.

The Aftermarket sales channel for BOLT Lock and other products is part of that non-direct OEM segment. While specific aftermarket revenue for BOLT Lock is not itemized, this channel caters to service and replacement needs. The growth in the overall business in fiscal 2025, which saw total revenue of \$565.1 million, was supported by contributions like \$15.9 million from net new program launches across the year.

Key revenue drivers across the channels in fiscal 2025 included:

• Net new program launches contributing \$15.9 million to the full-year sales total.
• Additional pricing captured in Q4 fiscal 2025 amounted to \$3.7 million.
• Net sales attributable to Strattec Security Corporation in Q1 fiscal 2025 were \$139.1 million.
• Net income for the full fiscal year 2025 was \$18.7 million.

Finance: draft 13-week cash view by Friday.

Strattec Security Corporation (STRT) - Canvas Business Model: Customer Segments

You're looking at the core of Strattec Security Corporation's business, which is deeply tied to the automotive production cycle. Their customer base is concentrated, which is typical for a Tier 1 supplier in this space, so you need to watch those relationships closely.

The primary focus for Strattec Security Corporation remains the original equipment manufacturers (OEMs) for vehicles. The company explicitly states that its largest customers are three leading automotive OEMs in North America. This concentration means that the health and production schedules of those three specific entities heavily influence Strattec Security Corporation's top line.

For the full fiscal year 2025, Strattec Security Corporation reported total net sales of $565.1 million. To give you a sense of recent scale, the first quarter of fiscal year 2026 (ending September 28, 2025) saw net sales reach $152.4 million. That's a big number driven by these core relationships.

Here is what we know about the structure of these customer relationships:

• Major North American automotive OEMs: Represent the largest customer base, built on a legacy of providing mechanical and electronically enhanced locks and keys.
• Other global automotive OEMs: Strattec Security Corporation provides products to other OEMs around the world. The company operates through its 51% joint venture subsidiary, ADAC-STRATTEC LLC, which supports this global reach.
• Automotive aftermarket distributors and locksmiths: This segment is referenced as a distinct business area, separate from direct OEM sales, though specific revenue figures are not itemized in the latest reports.
• Commercial vehicle and off-road vehicle manufacturers: While the core focus is passenger vehicles, the product offering covers advanced access and security solutions applicable to other vehicle types.

The company is actively working to grow revenue profitably, with the new Chief Commercial Officer focused on securing content on future vehicle platforms and ensuring pricing reflects product value. The transformation efforts are aimed at strengthening profitability and driving sustainable sales growth across these segments.

Here's a snapshot of the overall revenue context for the most recent periods available:

Reporting Period End Date	Net Sales (Millions of US $)	Year-over-Year Growth Rate
June 29, 2025 (FY 2025 Full Year)	$565.1	5.08%
September 29, 2024 (FY 2025 Q1)	$139.1	2.7%
December 29, 2024 (FY 2025 Q2)	$129.9	9.6%
September 28, 2025 (FY 2026 Q1)	$152.4	10.0%

The growth in the first quarter of fiscal 2026 was driven by several factors, including $4.3 million in sales related to higher demand on existing platforms and $3.9 million from pricing actions. This shows the direct impact of customer production trends and pricing negotiations on the revenue base.

Finance: draft 13-week cash view by Friday.

Strattec Security Corporation (STRT) - Canvas Business Model: Cost Structure

You're looking at the expenses Strattec Security Corporation incurs to keep the smart vehicle access and security solutions flowing. It's a structure heavily influenced by global manufacturing footprints and trade policy shifts, so let's break down the hard numbers we have from the latest filings.

The company's cost base includes significant manufacturing and assembly labor expenses, with operations in Mexico being a key area. This is evident because restructuring actions were specifically implemented in the Mexico operations during Q3 FY2025. In the fourth quarter of fiscal 2025, for example, there were $1.1 million higher labor costs in Mexico noted, which partially offset gross margin improvements. To combat rising costs and improve efficiency, Strattec Security Corporation reduced its headcount by 12% across the first nine months of fiscal 2025.

Material costs for components, metals, and electronics are a core part of the cost of goods sold. While specific total material costs aren't isolated in the same way as operating expenses, the company noted that improvements in materials and labor costs contributed to gross margin expansion. This suggests material costs are a substantial variable cost that the company actively manages through pricing actions and supply chain adjustments.

Engineering, Selling, and Administrative (ES&A) expenses saw a notable increase in the third quarter of fiscal year 2025. For Q3 FY2025, ES&A expenses totaled $16.0 million, which represented a 25.9% increase, or $3.3 million, over the prior year period. This figure was 11.1% of sales for that quarter.

Here's a quick look at the components driving those operating expenses and other key cost factors as of Q3 FY2025:

Cost Component	Amount (Q3 FY2025)	Detail/Context
ES&A Expenses (Total)	$16.0 million	Up $3.3 million year-over-year
Higher Incentive and Bonus Compensation	$1.2 million	Reflected better-than-expected performance
Restructuring Charges (Included in ES&A)	$0.8 million	Part of the ES&A increase
Tariff Expense Increase (in COGS/Gross Profit)	$0.8 million	Incremental cost in Q3 due to U.S. tariff policy changes
Mexico Restructuring Cash Cost	$1.6 million	Cash outlay for the Q3 restructuring action
Estimated Annual Tariff Impact (Pre-Mitigation)	$9 million to $12 million	Estimated annual incremental cost from tariffs

Restructuring costs are a direct effort to improve the cost structure. The restructuring action in Mexico during Q3 FY2025 involved a cash cost of $1.6 million and is expected to generate $4.5 million in annual savings. Collectively, all restructuring activities implemented in fiscal 2025 are now expected to generate approximately $5 million of annual cost reductions, with full realization targeted by the first quarter of fiscal 2026. To be fair, an additional restructuring action in Mexico in Q1 FY2026 is expected to add another $1 million in annualized savings.

Tariffs and logistics expenses present a dynamic cost headwind due to global trade policies. Strattec Security Corporation estimated the annual impact of tariffs to be approximately $9 million to $12 million of incremental costs before any mitigation efforts. In Q3 FY2025, the company recorded an $0.8 million increase in tariff expenses. By the end of Q4 FY2025, the net impact of tariffs was $1.6 million, which was more than offset by restructuring savings and pricing actions. The company noted that about 6% of consolidated sales, or about $30 million, was impacted by current incremental tariffs, though over 90% of those imports from Mexico were USMCA compliant.

You should track the progress of those mitigation actions, as they are key to offsetting these external cost pressures. Finance: draft 13-week cash view by Friday.

Strattec Security Corporation (STRT) - Canvas Business Model: Revenue Streams

You're looking at how Strattec Security Corporation brings in cash, which is key for understanding its valuation and near-term stability. Honestly, the revenue streams are heavily tied to the Original Equipment Manufacturer (OEM) side of the automotive business.

The Total annual revenue of Strattec Security Corporation for the fiscal year 2025 was $565.1 million. This figure represents a 5.08% increase over the prior year's revenue of $537.77 million.

The core of the business comes from selling its specialized products directly to automakers. You see this clearly when breaking down the revenue by product source for the fiscal year 2025, using the percentage breakdown provided for context:

Revenue Source Category	Percentage of Sales (FY2025 Context)	Calculated Revenue Amount (Based on $565.1M Total)
Sales of smart vehicle access and security products to OEMs (Combined Major Segments)	N/A	N/A
Power access solutions (liftgates, sliding doors)	25.02%	$141.38 million
Door Handles & Exterior Trim	25.36%	$143.28 million
Keys & Locksets	19.25%	$108.78 million
Latches	12.95%	$73.18 million
User interface controls	8.43%	$47.64 million
Revenue from aftermarket product sales (e.g., BOLT Lock)	7.06%	$39.89 million
Other	1.95%	$11.02 million

The sales of smart vehicle access and security products to OEMs are clearly the dominant driver, with Power Access Solutions and Door Handles & Exterior Trim each representing about a quarter of the total revenue base in the context of the FY2025 breakdown. The aftermarket segment, which includes products like the BOLT Lock, contributes a more modest but stable portion of the total revenue.

Regarding other potential streams, the financial reporting for fiscal year 2025 does not explicitly detail revenue derived from licensing fees or royalties from joint venture operations as a separate line item within the primary revenue segmentation provided. Any such income would likely be embedded within the reported net sales figures or classified under 'Other' revenue. The company's stated focus is on product sales and transformation efforts.

You should note the concentration risk here. For context, Strattec Security derived 64% of its sales from just three major North American OEMs in the period leading up to Q1 FY2026. This means volume fluctuations from Ford, GM, or Stellantis directly impact the top line significantly.

• Sales growth in FY2025 was supported by $2.5 million of price increases in Q3 FY2025 and $3.7 million of additional pricing in Q4 FY2025.
• Net new program launches contributed $2.2 million in Q1 FY2025 and $2.1 million in Q1 FY2026.
• Adjusted net sales for Q1 FY2025 increased by 9.1% when excluding a one-time pricing impact from the prior year.

Finance: draft a sensitivity analysis on the impact of a 5% volume decline from the top three OEMs on the $565.1 million FY2025 revenue base by next Tuesday.