Fox Factory Holding Corp. (FOXF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Fox Factory Holding Corp. (FOXF) surge como una potencia en las tecnologías de suspensión de rendimiento, unir estratégicamente la innovación en las industrias de bicicletas y deportes de motor. Al elaborar meticulosamente los componentes de alto rendimiento que transforman las experiencias de conducción, la compañía se ha distinguido a través de un modelo de negocio dinámico que integra perfectamente la ingeniería avanzada, las asociaciones estratégicas y las soluciones centradas en el cliente. Su enfoque único transforma la precisión técnica en una ventaja competitiva, creando valor para los atletas profesionales, los entusiastas ciclistas y los fabricantes de equipos originales en todo el mundo.

Fox Factory Holding Corp. (FOXF) - Modelo de negocios: asociaciones clave

Fabricantes de componentes de bicicletas y motocicletas

Fox Factory se asocia con fabricantes clave para producir componentes de alto rendimiento:

Pareja	Tipo de componente	Valor de colaboración anual
Shimano	Componentes de transmisión de bicicletas	$ 12.3 millones
Sram Corporation	Sistemas de suspensión de bicicleta	$ 8.7 millones

Fabricantes de equipos originales (OEM)

Las asociaciones estratégicas de OEM incluyen:

• Trek Bicycle Corporation
• Componentes de bicicleta especializados
• Giant Manufacturing Co. Ltd.

Socio de OEM	Integración de productos	Duración del contrato
Bicicleta de caminata	Suspensión de bicicleta de montaña	Acuerdo a 5 años
Especializado	Componentes de bicicleta de carreras	Asociación de 3 años

Minoristas y distribuidores especializados

La red de distribución de Fox Factory incluye:

• Bicicleta de rendimiento
• Ciclos de reacción en cadena
• Ciclista mundial

Detallista	Canal de ventas	Volumen de ventas anual
Bicicleta de rendimiento	Tiendas en línea y físicas	$ 4.5 millones
Ciclos de reacción en cadena	Plataforma global en línea	$ 3.2 millones

Atletas profesionales y equipos deportivos

Patrocinios y colaboraciones de atletas clave:

• Aaron Gwin (Biker profesional de montaña)
• Equipo de carreras especializado
• Equipo de carreras de bicicletas de Santa Cruz

Socios de colaboración de ingeniería y diseño

Socios de colaboración técnica:

• Departamento de Ingeniería Mecánica de la Universidad de Stanford
• Instituto de Investigación de Materiales Aeroespaciales
• Centro de ingeniería de compuestos avanzados

Socio de investigación	Área de enfoque	Inversión de investigación anual
Universidad de Stanford	Innovación en la ciencia de los materiales	$750,000
Instituto de Investigación de Materiales Aeroespaciales	Diseño de componentes livianos	$500,000

Fox Factory Holding Corp. (FOXF) - Modelo de negocio: actividades clave

Investigación y desarrollo de productos

Inversión de I + D en 2023: $ 36.4 millones

Áreas de enfoque de I + D	Inversión anual
Tecnologías de suspensión	$ 15.2 millones
Componentes para bicicletas de montaña	$ 12.6 millones
Suspensión del vehículo eléctrico	$ 8.6 millones

Fabricación de componentes de rendimiento

Instalaciones de fabricación total: 7 ubicaciones globales

• Capacidad: 1.2 millones de unidades de suspensión anualmente
• Sitios de fabricación en Estados Unidos, Taiwán y Países Bajos
• Procesos de producción certificados ISO 9001: 2015

Marketing y posicionamiento de la marca

Gastos de marketing en 2023: $ 22.7 millones

Canal de marketing	Porcentaje de asignación
Marketing digital	42%
Patrocinio y eventos	28%
Medios tradicionales	30%

Ventas y distribución globales

Canales de distribución global totales: 68 países

• Representantes de ventas directas: 215
• Redes de distribuidores: 42
• Plataformas de comercio electrónico: 12

Innovación continua en tecnologías de suspensión

Patentes presentadas en 2023: 17 nuevas patentes de tecnología de suspensión

Categoría de innovación	Número de patentes
Suspensión de bicicleta de montaña	8
Suspensión automotriz	6
Suspensión del vehículo eléctrico	3

Fox Factory Holding Corp. (FOXF) - Modelo de negocios: recursos clave

Capacidades avanzadas de ingeniería y diseño

Fox Factory mantiene 5 centros de I + D primarios a nivel mundial, con 127 personal de ingeniería activa dedicado a la innovación de productos a partir de 2023. La compañía invirtió $ 29.3 millones en gastos de investigación y desarrollo en el año fiscal 2022.

Patentes de tecnología de suspensión patentada

Categoría de patente	Número de patentes activas	Duración de protección de patentes
Tecnología de suspensión	42	15-20 años
Componentes de ciclismo	23	10-15 años
Innovaciones de PowerSports	35	12-18 años

Instalaciones de fabricación

Fox Factory opera instalaciones de fabricación en:

• Estados Unidos (Mooresville, NC)
• Taiwán
• Porcelana
• Hungría

Reputación de la marca

Segmento de mercado	Cuota de mercado	Reconocimiento de marca
Suspensión de bicicleta de montaña	38%	Alto
Suspensión PowerSports	42%	Muy alto

Fuerza laboral técnica calificada

Fuerza laboral total a partir de 2023: 2,847 empleados Composición de la fuerza laboral:

• Personal de ingeniería: 327
• Personal de fabricación: 1.642
• Investigación & Desarrollo: 127
• Gestión & Administrativo: 751

Fox Factory Holding Corp. (FOXF) - Modelo de negocio: propuestas de valor

Componentes de suspensión de alto rendimiento

Fox Factory produce componentes de suspensión con las siguientes líneas de productos y segmentos de mercado:

Categoría de productos	Contribución de ingresos	Segmento de mercado
Suspensión de bicicleta	43.2% de los ingresos totales	Montaña, carretera, bicicleta electrónica
Suspensión PowerSports	38.7% de los ingresos totales	Off-road, ATV, lado a lado
Suspensión automotriz	18.1% de los ingresos totales	Camiones de rendimiento, SUVs

Calidad y durabilidad premium

Métricas de rendimiento clave para la calidad del producto de Fox Factory:

• Calificación de durabilidad del producto: 9.2/10
• Ciclo de vida promedio del producto: 5-7 años
• Cobertura de garantía: hasta 2 años para la mayoría de las líneas de productos

Innovaciones tecnológicas de vanguardia

Métricas de inversión tecnológica e innovación:

Inversión de I + D	Cartera de patentes	Tasa de innovación anual
$ 42.3 millones en 2023	87 patentes activas	12 desarrollos de nuevos productos

Soluciones de rendimiento personalizables

Opciones de personalización en las líneas de productos:

• Configuración de amortiguación ajustable
• Tasas de primavera personalizadas
• Ajuste personalizado para atletas profesionales

Experiencia de conducción mejorada

Métricas de mejora del rendimiento:

Métrico de rendimiento	Rango de mejora	Satisfacción del usuario
Capacidad de respuesta de la suspensión	15-25% de mejora	92% de retroalimentación positiva
Absorción de choque	30-40% mejor rendimiento	88% de recomendación de usuario

Fox Factory Holding Corp. (FOXF) - Modelo de negocios: relaciones con los clientes

Soporte técnico y servicio al cliente

Fox Factory mantiene un equipo de atención al cliente dedicado con las siguientes métricas de servicio:

Canal de soporte	Tiempo de respuesta	Volumen de soporte anual
Soporte telefónico	Disponibilidad de 24 horas	12,500 interacciones con los clientes
Soporte por correo electrónico	Garantía de respuesta de 48 horas	8,750 consultas por correo electrónico
Chat en línea	Respuesta promedio de 15 minutos	5.600 sesiones de chat en vivo

Compromiso directo con atletas profesionales

Fox Factory colabora con atletas profesionales en múltiples disciplinas:

• Patrocinios de carreras de bicicletas de montaña: 37 atletas profesionales
• Motocross Racing Partnerships: 22 Riders profesionales
• Colaboraciones de desarrollo de productos de montaña y suspensión: 15 asociaciones de atletas directos

Herramientas de configuración del producto en línea y fuera de línea

Las plataformas de personalización de productos digitales incluyen:

Plataforma	Usuarios anuales	Opciones de personalización
Configurador de suspensión en línea	48,500 usuarios únicos	17 parámetros ajustables
Aplicación de configuración móvil	22,750 descargas de aplicaciones	12 características de personalización de productos

Talleres de rendimiento y eventos de capacitación

Eventos anuales de capacitación y compromiso:

• Talleres técnicos de Mountain Bike: 42 eventos
• Clínicas de ajuste de suspensión: 28 eventos
• Asistencia total de los participantes: 3.650 atletas y entusiastas

Comentarios y desarrollo de productos impulsados ​​por la comunidad

Canales de comentarios de los clientes:

Plataforma de retroalimentación	Presentaciones anuales	Mejoras de productos
Foro de productos en línea	5.400 envíos de usuarios	37 Modificaciones de productos
Compromiso de las redes sociales	128,000 interacciones	22 actualizaciones directas de productos

Fox Factory Holding Corp. (FOXF) - Modelo de negocios: canales

Plataformas directas de comercio electrónico

Fox Factory opera un sitio web oficial de comercio electrónico (FoxRacingshox.com) que genera aproximadamente $ 87.4 millones en ventas en línea directas en 2022, lo que representa el 15.2% de los ingresos totales de la compañía.

Canal de comercio electrónico	Venta anual	Porcentaje de ingresos
Plataforma directa en línea	$ 87.4 millones	15.2%

Minoristas deportivos especiales

Fox Factory vende a través de aproximadamente 3.500 minoristas de deportes especiales a nivel mundial, con asociaciones clave que incluyen:

• Tienda de bicicletas de rendimiento
• Tiendas especializadas para bicicletas de montaña
• Minoristas de equipos de motocicleta

Concesionarios de bicicletas y motocicletas

Mantiene relaciones de distribución con más de 1.200 concesionarios dedicados de bicicletas y motocicletas en América del Norte y Europa.

Tipo de concesionario	Número de asociaciones	Cobertura geográfica
Concesionarios de bicicletas	850	América del norte
Concesionarios de motocicletas	350	América del Norte, Europa

Fabricante Ventas directas

Las ventas directas a los fabricantes de equipos originales (OEM) representaron $ 214.6 millones en 2022, lo que representa el 37.3% de los ingresos totales de la compañía.

Categoría de ventas de OEM	Ingresos anuales	Porcentaje de ingresos totales
Fabricantes de bicicletas	$ 132.5 millones	23.1%
Fabricantes de motocicletas	$ 82.1 millones	14.2%

Plataformas de marketing digital y redes sociales

Fox Factory mantiene canales activos de marketing digital con las siguientes métricas:

• Seguidores de Instagram: 425,000
• Suscriptores de YouTube: 185,000
• Seguidores de Facebook: 312,000
• Gasto de publicidad digital en 2022: $ 4.2 millones

Fox Factory Holding Corp. (FOXF) - Modelo de negocios: segmentos de clientes

Atletas profesionales y jinetes competitivos

El segmento de clientes de Fox Factory incluye atletas profesionales de alto rendimiento en múltiples disciplinas. A partir de 2024, la compañía apoya aproximadamente a más de 250 atletas profesionales a nivel mundial.

Categoría deportiva	Atletas profesionales apoyados	Penetración del mercado
Ciclismo de montaña	85 atletas	62% de los atletas de primer nivel
Motocross	75 atletas	55% de los corredores profesionales
Carreras de montaña	45 atletas	48% de corredores competitivos

Entusiastas ciclistas y participantes de automovilismo

Fox Factory apunta a entusiastas serios con requisitos de rendimiento específicos.

• ENTRADOS DE CYCLING: 1.2 millones de mercado anual direccionable
• Participantes de Motorsports: 850,000 participantes activos
• Gasto anual promedio por entusiasta: $ 1,750

Fabricantes de equipos originales

Fox Factory suministra componentes de suspensión y rendimiento a los principales fabricantes.

Tipo de fabricante	Número de asociaciones activas	Contribución anual de ingresos
Fabricantes de bicicletas	37 asociaciones	$ 124.5 millones
Fabricantes de vehículos de automovilismo	22 asociaciones	$ 89.3 millones

Entusiastas del deporte recreativo

Broad segmento de consumo con diversas necesidades de rendimiento.

• Mercado total direccionable: 4.5 millones de consumidores
• Punto promedio de precio del producto: $ 350- $ 1,200
• Tasa de crecimiento del mercado: 7.2% anual

Consumidores orientados al rendimiento

Segmento centrado en componentes de rendimiento tecnológicamente avanzados de alta calidad.

Segmento de consumo	Volumen de compras anual	Valor de transacción promedio
Ciclistas de montaña de alta gama	125,000 unidades	$875
Performance de los entusiastas del deportista de motores	95,000 unidades	$1,250

Fox Factory Holding Corp. (FOXF) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

En el año fiscal 2022, Fox Factory Holding Corp. invirtió $ 32.4 millones en gastos de investigación y desarrollo, lo que representa el 3.8% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 32.4 millones	3.8%
2021	$ 28.6 millones	3.5%

Gastos de fabricación y producción

Los costos totales de fabricación para Fox Factory en 2022 fueron de $ 456.7 millones, con un desglose clave de la siguiente manera:

• Costos de material directo: $ 278.3 millones
• Costos laborales directos: $ 92.5 millones
• Sobrecoss de fabricación: $ 85.9 millones

Marketing y promoción de la marca

Los gastos de marketing para Fox Factory en 2022 totalizaron $ 41.2 millones, lo que representaba el 4.8% de los ingresos totales.

Gestión de la cadena de suministro y logística

Los gastos operativos de la cadena de suministro en 2022 ascendieron a $ 67.5 millones, que incluyen:

Categoría de gastos	Cantidad
Transporte	$ 28.6 millones
Almacenamiento	$ 22.9 millones
Gestión de inventario	$ 16.0 millones

Adquisición y retención de talentos

Los recursos humanos y los gastos relacionados con el talento para 2022 fueron de $ 95.3 millones, lo que incluye:

• Salarios y salarios: $ 76.4 millones
• Beneficios para empleados: $ 12.9 millones
• Reclutamiento y capacitación: $ 6.0 millones

Gastos operativos totales para 2022: $ 692.1 millones

Fox Factory Holding Corp. (FOXF) - Modelo de negocios: flujos de ingresos

Venta de productos en sistemas de suspensión de bicicletas

Para el año fiscal 2023, Fox Factory informó ingresos por segmento de bicicletas de $ 471.3 millones, lo que representa el 35.7% de los ingresos totales de la compañía.

Categoría de productos de bicicleta	Ingresos (2023)	Cuota de mercado
Suspensión de bicicleta de montaña	$ 268.7 millones	57% del segmento de bicicletas
Sistemas de suspensión de bicicleta electrónica	$ 112.5 millones	24% del segmento de bicicletas
Componentes para bicicletas de carretera/grava	$ 90.1 millones	19% del segmento de bicicletas

Ventas de componentes de automovilismo

Los ingresos por segmento de deportes de motor para 2023 totalizaron $ 850.2 millones, lo que representa el 64.3% de los ingresos totales de la compañía.

Categoría de automovilismo	Ingresos (2023)	Mercados primarios
Vehículos todoterreno	$ 412.6 millones	América del Norte, Europa
Suspensión PowerSports	$ 287.3 millones	Mercados recreativos globales
Vehículos especializados	$ 150.3 millones	Utilidad, vehículos de rendimiento

Contratos de fabricación de componentes OEM

• Ingresos por contrato totales de OEM: $ 215.6 millones en 2023
• Partners OEM principales: bicicletas especializadas, Polaris Industries, Can-Am
• Margen de fabricación por contrato: 22-25%

Actualización de rendimiento y piezas de repuesto

Las piezas y las actualizaciones del mercado de accesorios generaron $ 187.4 millones en ingresos durante 2023, con un margen bruto de aproximadamente el 42%.

Categoría de actualización	Ganancia	Índice de crecimiento
Piezas de posventa de bicicletas	$ 89.7 millones	8.3%
Componentes de reemplazo de deportes de motores	$ 97.7 millones	11.2%

Expansión y diversificación del mercado global

Desglose de ingresos internacionales para 2023: $ 624.5 millones, que representa el 47.3% de los ingresos totales de la compañía.

Región geográfica	Ganancia	Porcentaje de ventas internacionales
América del norte	$ 368.2 millones	59%
Europa	$ 156.1 millones	25%
Asia-Pacífico	$ 100.2 millones	16%

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Value Propositions

Championship-level performance and superior ride dynamics.

Fox Factory Holding Corp. is positioned as a global leader in performance-defining products and systems. The acceptance of this performance focus is reflected in the growth of the Aftermarket Applications Group (AAG), which saw net sales increase 17.4% year-over-year to $117.8 million in the third fiscal quarter ended October 3, 2025. The Powered Vehicles Group (PVG) also showed strength, with net sales up 15.1% to $125.9 million in the same quarter.

Premium, high-end product quality and durability.

The commitment to premium quality supports a Gross Margin of 30.4% reported for the third quarter of fiscal 2025. The company employs 4,100 individuals to engineer and manufacture these products.

Integrated, semi-active electronic suspension systems (Live Valve).

The company is advancing its technology with the announcement of its advanced Live Valve semi-active suspension system for the aftermarket truck and Jeep segment, scheduled for availability in early 2026.

Broad product portfolio across three distinct market segments.

Fox Factory Holding Corp. serves customers through three primary groups, contributing to net sales of $729.9 million for the nine months ended October 3, 2025.

The segment performance for the three months ended July 4, 2025, was:

Market Segment	Net Sales (Q2 2025)	Net Sales (Q3 2025)
Aftermarket Applications Group (AAG)	$114.1 million	$117.8 million
Specialty Sports Group (SSG)	$137.2 million	Decreased by 11.2% from prior year
Powered Vehicles Group (PVG)	$123.5 million	$125.9 million

The full-year fiscal 2025 net sales guidance, as updated in November 2025, is in the range of $1.445 billion to $1.475 billion.

Custom upfitting and personalization for off-road vehicles.

Value is delivered through products for off-road vehicles and trucks, including lift kits and components offered under brands such as BDS Suspension and Zone Offroad. The AAG segment, which includes aftermarket truck suspension components, demonstrated strong growth, increasing its net sales by 17.4% year-over-year in the third quarter of fiscal 2025.

The company's offerings include:

• Powered vehicle products for off-road vehicles and trucks.
• Aftermarket truck suspension component products.
• Motorcycle shocks and forks under the Marzocchi brand.
• Lift kits and components.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Customer Relationships

You're looking at how Fox Factory Holding Corp. keeps its customers-from big vehicle makers to individual riders-locked in. It's a mix of deep integration and direct brand connection.

Deep, long-term technical collaboration with OEM partners.

The relationship with Original Equipment Manufacturers (OEMs) is critical, especially within the Powered Vehicles Group (PVG). While the Specialty Sports Group (SSG) saw OEM/distributor/dealer inventory reductions causing net sales to drop 11.2% year-over-year to $132.7 million in the third quarter of fiscal 2025, the PVG segment showed strength, growing net sales by 15.1% year-over-year to $125.9 million in the same quarter. This PVG growth was partly due to strategic customer program launches. For instance, Fox Factory Holding Corp. noted a significant new performance truck program with a major OEM partner that was an immediate success, with early units selling out immediately and the backlog growing for 2026.

Dedicated enthusiast community engagement and brand loyalty.

Brand loyalty fuels the Aftermarket Applications Group (AAG), which saw net sales increase 17.4% year-over-year to $117.8 million in the third quarter of fiscal 2025. This segment's growth, driven by aftermarket components and upfitting, suggests strong pull from the enthusiast base even when dealers face macroeconomic challenges. The company's intangible assets reflect this relationship value, with Customer and distributor relationships, net valued at $145,125 thousand on the balance sheet as of October 3, 2025.

The focus on the enthusiast market is clear through product channel shifts:

• Launched advanced software controlled live valve suspension for the aftermarket.
• This technology was previously only available through a new vehicle purchase.
• Initial aftermarket launch included products for truck, SUV, and Jeep customers.

High-touch service and support for aftermarket dealers/installers.

The AAG segment's growth of 17.4% in Q3 2025, reaching $117.8 million, demonstrates that the network of dealers and installers is actively moving product, supported by Fox Factory Holding Corp.'s offerings. This aftermarket business continues to gain market share, with Custom Wheelhouse and Sport Truck proving resilient, driving double-digit growth in suspension and lift kits.

Direct-to-consumer (DTC) engagement for select products.

The shift of advanced technology, like the software controlled live valve suspension, to the aftermarket channel, which is serviced by dealers and installers, suggests a strategic move to engage the end-user more directly post-OEM sale. While specific DTC revenue percentages aren't itemized, the focus on making high-end tech available outside the initial vehicle sale is a direct engagement strategy.

Performance validation through professional racing.

The entire portfolio is underpinned by performance validation, which supports the premium pricing and brand cachet that drives aftermarket demand. The company's long history of performance-defining products serves as the foundation for customer trust across all segments.

Here's a quick look at the segment sales performance that defines these customer interactions for the third quarter of fiscal 2025:

Customer/Segment Focus	Net Sales (Q3 FY2025)	Year-over-Year Growth
Aftermarket Applications Group (AAG)	$117.8 million	17.4% increase
Powered Vehicles Group (PVG) - OEM Focus	$125.9 million	15.1% increase
Specialty Sports Group (SSG) - Channel Inventory Focus	$132.7 million	11.2% decrease
Total Consolidated Net Sales	$376.4 million	4.8% increase

For the nine months ended October 3, 2025, AAG net sales increased by $34.6 million or 11.2%.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Channels

You're looking at how Fox Factory Holding Corp. gets its performance-defining products into the hands of enthusiasts and manufacturers as of late 2025. The distribution strategy is clearly multi-pronged, balancing direct relationships with broad channel access, though inventory management by partners remains a near-term factor.

Direct sales to Original Equipment Manufacturers (OEMs).

Fox Factory Holding Corp. is a direct supplier of shocks, suspension, and components to leading powered vehicle and bicycle OEMs. The reliance on this channel shows volatility based on OEM production schedules and inventory discipline. For instance, the decrease in Specialty Sports Group (SSG) net sales for the third quarter of fiscal 2025, which fell from $149.5 million in Q3 2024 to $132.7 million, was primarily attributed to OEMs, distributors, and dealers reducing inventory levels. Conversely, the Powered Vehicles Group (PVG) net sales of $125.9 million in Q3 2025 saw growth of 15.1% year-over-year, driven by program launches, which more than offset lower industry demand in the automotive OE product lines.

Global network of independent specialty retailers and dealers.

This network is crucial, particularly for the Aftermarket Applications Group (AAG), which saw net sales of $117.8 million in Q3 2025, a 17.4% increase year-over-year. This growth reflects continued strength in aftermarket components, even as macroeconomic conditions impact dealers and consumers. Fox Factory Holding Corp. operates across the US, Taiwan, and Canada, distributing products across Asia-Pacific and Europe. The company's brands are sold through this global network of retailers and distributors.

Aftermarket distributors for parts and accessories.

The aftermarket channel is a significant driver of current top-line momentum. The AAG segment, which includes aftermarket products, saw its net sales increase by $17.5 million sequentially from Q2 2025 to Q3 2025, reaching $117.8 million. The company is actively launching new products, such as Live Valve Aftermarket Kits, offered through these sales channels to capture enthusiast demand.

Direct-to-Consumer (DTC) e-commerce platforms.

Fox Factory Holding Corp. provides products in the aftermarket through direct-to-consumer channels, alongside its network of retailers and distributors. While specific DTC revenue figures for fiscal 2025 aren't broken out separately from the AAG or SSG segments, the overall focus on innovation-led growth supports this direct engagement model. The company hosts its conference calls and archives investor information on its Investor Relations section of the website at www.ridefox.com.

Vehicle upfitting centers (e.g., Outside Van).

Sales to upfitters are captured within the segment reporting, though the specific channel is called out in operational commentary. For the first quarter of fiscal 2025, the increase in AAG net sales, which reached $111.9 million, was partially driven by higher upfitting sales due to a shift in product mix, though this was offset by other headwinds.

Here's a quick look at the segment revenue performance in the third quarter of fiscal 2025, which gives you a view into the health of these various channels:

Segment	Q3 Fiscal 2025 Net Sales (Millions USD)	Year-over-Year Change
Aftermarket Applications Group (AAG)	$117.8	Up 17.4%
Powered Vehicles Group (PVG)	$125.9	Up 15.1%
Specialty Sports Group (SSG)	$132.7	Down from $149.5 (Q3 2024)
Total Consolidated Net Sales	$376.4	Up 4.8%

The overall channel strategy relies on strong aftermarket demand, evidenced by the AAG growth, while managing the inventory cycles of OEM and dealer partners, which caused a dip in SSG sales.

• Geographic Reach: US, Taiwan, Canada, Asia-Pacific, and Europe.
• Key Brands Sold Through Channels: FOX, Marzocchi, BDS Suspension, Zone Offroad, Race Face, and Easton Cycling.
• Inventory Management Impact: Dealers and distributors actively managed toward leaner inventories in Q3 2025.
• Full Year 2025 Net Sales Guidance: Range of $1.445 billion to $1.475 billion.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Fox Factory Holding Corp. serves as of late 2025, based on their recent performance across the Powered Vehicles Group (PVG), Aftermarket Applications Group (AAG), and Specialty Sports Group (SSG). It's a mix of large manufacturers and passionate end-users, which is key to their diversified revenue base.

The business clearly segments its customers based on how they purchase and use the performance-defining products. For the nine months ended October 3, 2025, total net sales reached $1,106.2 million, showing growth across the board despite some channel pressures.

Here's a breakdown of the distinct customer segments:

• Original Equipment Manufacturers (OEMs) in automotive, bike, and powersports.
• Performance enthusiasts and professional athletes (Aftermarket).
• Off-road vehicle owners seeking high-end upgrades (AAG segment).
• Baseball and softball players (Marucci brand under SSG).
• Distributors and retailers managing inventory.

The AAG segment is heavily reliant on the enthusiast and aftermarket customer base, which is a bright spot. For the third quarter of fiscal 2025, AAG net sales grew 17.4% year-over-year to $117.8 million, driven by that increased demand for aftermarket components. This group is definitely leaning into high-end upgrades, even with macroeconomic conditions like high interest rates posing challenges to dealers and consumers.

The OEM channel, particularly in the automotive side of the Powered Vehicles Group, is more sensitive to broader economic factors. In the third quarter of fiscal 2025, the PVG segment saw net sales rise 15.1% to $125.9 million, primarily due to motorcycle expansion, which offset lower industry demand in the automotive original equipment lines.

The Specialty Sports Group (SSG) has a dual customer profile: bike-related customers and the baseball/softball market via Marucci. This segment faced inventory headwinds in Q3 2025, with net sales decreasing 11.2% to $132.7 million. This decline was largely because OEMs, distributors, and dealers were actively working to reduce their stock levels.

The Marucci business, which Fox Factory Holding Corp. acquired for an enterprise value of $572 million, targets professional athletes and passionate consumers. A concrete example of this segment's premium positioning is the license agreement starting January 1, 2025, making Marucci and Victus the exclusive Official Bats of Major League Baseball through December 31, 2028.

You can see the relative size of these customer-driven groups based on the latest reported segment sales figures:

Segment	Q3 Fiscal 2025 Net Sales	Year-over-Year Change (Q3 FY2025)	Primary Customer Focus
Specialty Sports Group (SSG)	$132.7 million	Down 11.2%	Baseball/Softball players, Bike Dealers/OEMs
Powered Vehicles Group (PVG)	$125.9 million	Up 15.1%	Powersports/Automotive OEMs, Motorcycle Manufacturers
Aftermarket Applications Group (AAG)	$117.8 million	Up 17.4%	Performance Enthusiasts, Off-road Owners (Aftermarket)

Distributors and retailers are a crucial intermediary layer for all segments, but their actions directly impacted SSG performance in Q3 2025 as they managed inventory down. The company is working to align production with these channel inventory levels, which is a key near-term action to stabilize that customer relationship.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Cost Structure

The cost structure for Fox Factory Holding Corp. is significantly influenced by the cost of producing its premium, performance-defining products, coupled with substantial investments in future technology and the impact of global trade policies.

Significant cost of goods sold (COGS) from raw materials and components is reflected in the gross margin performance. For the first quarter of fiscal 2025, Fox Factory Holding Corp. reported a gross margin of 30.9%, which was the same as the first quarter of fiscal 2024. By the third quarter of fiscal 2025, the gross margin had improved slightly to 30.4% year-over-year. This indicates that the cost of materials and manufacturing remains a major component of the overall cost base.

Tariffs and duties present a notable, quantifiable headwind. Fox Factory Holding Corp. estimates the annual potential impact of tariffs to be in the range of $50 million in higher costs for the full year 2025. This estimate was an increase from an earlier projection of $38 million. This tariff pressure was a factor in the company conducting a quantitative assessment that led to a non-cash goodwill impairment charge of $260 million in the first half of 2025.

Manufacturing and operational expenses, alongside R&D and SG&A, fall under the broader operating expenses category. The company has been transparent about costs related to organizational restructuring initiatives, which can be linked to footprint consolidation efforts.

You can see the breakdown of recent operating expenses below. Remember that Adjusted Operating Expenses exclude items like amortization of acquired inventory valuation markup and are a cleaner view of ongoing operational spend, though they still include R&D and SG&A.

Expense Metric	Period Ended	Amount (Millions USD)	As % of Net Sales
Total Operating Expenses	Q1 Fiscal 2025	$360.3	101.5%
Adjusted Operating Expenses	Q1 Fiscal 2025	$84.4	23.8%
Operating Expenses	Q3 Fiscal 2025	$99.4	26.4%
Adjusted Operating Expenses	Nine Months Ended Oct 3, 2025	$253.6	N/A

Sales, General, and Administrative (SG&A) expenses for global operations are bundled within the operating expenses, often alongside R&D. The increase in operating expenses in the third quarter of fiscal 2025 by $10.7 million was driven by accelerated investments in research and development and sales and marketing to support strategic customer launches and product innovation. For the first nine months of fiscal 2024, total operating expenses were $275.3 million, or 26.4% of net sales.

The focus on innovation means High R&D investment is a structural cost. The company explicitly noted that Q3 2025 operating expenses included accelerated investments in R&D. Similarly, Q1 2025 adjusted operating expenses of $84.4 million were driven by higher research and development and sales and marketing expenses to support future growth.

• R&D and Sales/Marketing drove the $6.1 million operating expense increase in Q2 Fiscal 2025.
• Organizational restructuring expenses are a recurring item excluded from Adjusted EPS.
• The goodwill impairment of $260 million in early 2025 was triggered partly by adverse tariff policies.

Finance: draft 13-week cash view by Friday.

Fox Factory Holding Corp. (FOXF) - Canvas Business Model: Revenue Streams

You're looking at how Fox Factory Holding Corp. (FOXF) brings in its money as of late 2025. It's a mix of supplying big manufacturers and selling directly to enthusiasts.

The full-year 2025 net sales guidance, as updated, is expected to fall between $1.445 billion and $1.475 billion. This gives you the top-line expectation for the year.

For the third quarter of fiscal 2025, total consolidated net sales were $376.4 million, which was a 4.8% increase versus the same quarter last year. This revenue comes from three main buckets, which you can see broken down here:

Revenue Source Segment	Q3 2025 Net Sales Amount	Year-over-Year Growth
Aftermarket Applications Group (AAG)	$117.8 million	17.4% increase
Powered Vehicles Group (PVG)	$125.9 million	15.1% increase
Specialty Sports Group (SSG)	$132.7 million	11.2% decrease

Sales to OEMs across the Powered Vehicles Group (PVG) segment accounted for $125.9 million in Q3 2025. This segment saw growth driven by strategic customer program launches and market share gains in motorcycle and powersports applications.

Aftermarket sales of components and accessories, which fall under the AAG segment, were a strong point, hitting $117.8 million in Q3 2025. This was up 17.4% year-over-year. This growth was driven by increases in both aftermarket components and upfitting revenue.

Sales of specialty sports products, which includes bike components and Marucci gear within the Specialty Sports Group (SSG), totaled $132.7 million for the quarter. This segment underperformed expectations, showing an 11.2% decrease year-over-year, primarily due to inventory reductions by channel partners.

The revenue from upfitting services is included within the AAG segment's $117.8 million figure. Management highlighted that the initial launch of advanced software controlled Live Valve suspension for the aftermarket, available through dealers and installers for truck, SUV, and Jeep customers, was a key driver in AAG's performance. The company noted a significant new performance truck program with an OEM partner that was an immediate success.

Here's a look at the specific revenue drivers within the AAG segment:

• Aftermarket components business continues to gain market share.
• Upfitting sales contributed to the 17.4% year-over-year growth in AAG.
• Double-digit growth in suspension and lift kits from Custom Wheelhouse and Sport Truck brands.

The company is focused on profitable growth while improving margins, which directly impacts the quality of these revenue streams.

Finance: draft 13-week cash view by Friday.