Strattec Security Corporation (STRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de la seguridad automotriz, Strattec Security Corporation (STRT) emerge como un jugador fundamental, transformando la protección del vehículo a través de la innovación de vanguardia y la destreza estratégica de fabricación. Al combinar sin problemas soluciones tecnológicas avanzadas con ingeniería de precisión, esta compañía con sede en Milwaukee ha forjado un nicho crítico en la protección de los vehículos para los principales fabricantes de automóviles como Ford, General Motors y Stellantis. Su lienzo de modelo de negocio integral revela un enfoque sofisticado para crear, entregar y capturar valor en el complejo ecosistema de seguridad automotriz, ofreciendo una visión fascinante de cómo las empresas especializadas impulsan la innovación y protegen la movilidad en el moderno paisaje automotriz.

Strattec Security Corporation (STRT) - Modelo de negocios: asociaciones clave

Asociaciones de fabricantes de automóviles

Strattec Security Corporation mantiene asociaciones estratégicas con los principales fabricantes de automóviles:

Fabricante automotriz	Detalles de la asociación	Volumen de suministro anual
Ford Motor Company	Sistemas de bloqueo de seguridad y mecanismos clave	1,2 millones de unidades
General Motors	Soluciones de bloqueo avanzado	1,5 millones de unidades
Stellantis	Hardware de seguridad del vehículo	900,000 unidades

Proveedores de equipos originales (OEM)

Strattec colabora con proveedores OEM especializados en la industria de seguridad automotriz:

• APTIV PLC (proveedor de tecnología automotriz)
• Sistemas automotrices de Bosch
• AG Continental

Socios tecnológicos

Asociaciones tecnológicas centradas en innovaciones avanzadas de seguridad y sistema de bloqueo:

Socio tecnológico	Enfoque de innovación	Monto de la inversión
Tecnologías sensata	Integración de seguridad electrónica	Inversión de I + D de $ 2.3 millones
Semiconductores NXP	Tecnologías de cifrado avanzadas	Presupuesto de colaboración de $ 1.7 millones

Colaboradores de fabricación y distribución

Las asociaciones estratégicas de fabricación y distribución incluyen:

• Flex Ltd. (socio de fabricación)
• Tecnología de dispositivos integrados
• Soluciones logísticas globales

Contribución total de ingresos de la asociación: $ 87.5 millones en 2023

Strattec Security Corporation (STRT) - Modelo de negocio: actividades clave

Diseño y fabricación de productos de seguridad automotriz

Strattec Security Corporation se centra en el desarrollo integral de productos de seguridad automotriz con las siguientes capacidades clave de fabricación:

Capacidad de fabricación	Capacidad de producción anual
Producción de llave FOB	8.5 millones de unidades por año
Conjuntos de cerradura de puerta	12.3 millones de unidades por año
Locos de columna de dirección	6.7 millones de unidades por año

Investigación y desarrollo de mecanismos de bloqueo avanzados

I + D Inversiones y enfoque tecnológico:

• Gastos anuales de I + D: $ 7.2 millones
• Número de patentes activas: 42
• Tamaño del equipo de ingeniería: 93 profesionales

Procesos de producción

Tecnología de fabricación	Métricas de precisión
Estampado de metal de precisión	Tolerancia: ± 0.01 mm
Moldura de inyección	Tiempo del ciclo: 45-60 segundos

Innovación continua de productos

Métricas de innovación:

• Nuevas presentaciones de productos anualmente: modelos 7-9
• Ciclo de actualización de tecnología: 18-24 meses
• Modificaciones de diseño impulsadas por el cliente: 12-15 por año

Strattec Security Corporation (STRT) - Modelo de negocio: recursos clave

Instalaciones de fabricación

Strattec opera un Instalación de fabricación de 68,000 pies cuadrados Ubicado en Milwaukee, Wisconsin. A partir del año fiscal 2023, la instalación está equipada con infraestructura de fabricación avanzada dedicada a la producción de seguridad automotriz y la producción de sistemas de acceso.

Cartera de propiedades intelectuales

Categoría de propiedad intelectual	Número total
Patentes activas	37
Aplicaciones de patentes pendientes	12
Marcas registradas	8

Composición de la fuerza laboral

Al 31 de diciembre de 2023, Strattec empleó Aproximadamente 630 trabajadores a tiempo completo, con el siguiente desglose:

• Personal de ingeniería: 85
• Personal técnico: 120
• Trabajadores de fabricación: 375
• Personal administrativo: 50

Tecnología de fabricación

Inversión en equipos de fabricación avanzados totalizó $ 4.2 millones En el año fiscal 2023, centrándose en el mecanizado de precisión y los sistemas de producción automatizados.

Relaciones con los clientes

Fabricante automotriz	Años de asociación	Valor anual del contrato
General Motors	23	$ 42.5 millones
Ford Motor Company	18	$ 35.7 millones
Stellantis	15	$ 28.3 millones

Strattec Security Corporation (STRT) - Modelo de negocio: propuestas de valor

Soluciones de seguridad automotriz confiables de alta calidad

La propuesta de valor de Strattec Security Corporation se centra en entregar productos de seguridad automotriz de alto rendimiento. A partir del año fiscal 2023, la compañía informó:

Categoría de productos	Ingresos anuales	Cuota de mercado
Sistemas de seguridad automotriz	$ 192.4 millones	15.7%
Mecanismos de bloqueo de alta seguridad	$ 84.6 millones	22.3%

Productos de seguridad personalizados para diferentes modelos de vehículos

La compañía ofrece soluciones de seguridad personalizadas en los segmentos de vehículos:

• Vehículos de pasajeros: 68% de la cartera de productos
• Vehículos comerciales: 22% de la cartera de productos
• Vehículos especiales: 10% de la cartera de productos

Enfoques tecnológicos innovadores para la protección del vehículo

Strattec invierte significativamente en investigación y desarrollo:

I + D Métrica	Valor 2023
Gasto de I + D	$ 14.2 millones
Solicitudes de patentes	17 nuevas patentes

Mecanismos de seguridad rentables para los fabricantes de automóviles

Métricas de eficiencia de rentabilidad para fabricantes de automóviles:

• Reducción promedio de costos de producción: 12.4%
• Mejora de la eficiencia de fabricación: 8.6%
• Ahorro de costos por unidad: $ 42 por mecanismo de seguridad

Integración integral del sistema de seguridad

Capacidades de integración en plataformas automotrices:

Métrica de integración	2023 rendimiento
Plataformas de vehículos compatibles	87 modelos diferentes
Compatibilidad multiplataforma	94.3%

Strattec Security Corporation (STRT) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con los principales fabricantes de automóviles

Strattec Security Corporation mantiene asociaciones estratégicas a largo plazo con fabricantes de automóviles clave. A partir de 2023, la compañía ha establecido contratos con:

Fabricante automotriz	Duración del contrato	Línea de productos primario
General Motors	Acuerdo a 5 años	Sistemas de bloqueo de vehículos
Ford Motor Company	Contrato de 4 años	Mecanismos de seguridad
Stellantis	Asociación de 3 años	Sistemas de control de acceso

Soporte técnico y desarrollo de productos colaborativos

Strattec proporciona soporte técnico integral a través de:

• Consultas de ingeniería en el sitio
• Desarrollo de prototipo rápido
• Diseño de soluciones personalizadas
• Solución técnica en tiempo real

Equipos de gestión de cuentas dedicados

La empresa emplea equipos especializados de gestión de cuentas Con la siguiente estructura:

Segmento de equipo	Número de profesionales dedicados	Cobertura del cliente
Soporte OEM automotriz	12 profesionales	Top 5 Fabricantes de automóviles
Integración técnica	8 ingenieros	Colaboración de desarrollo de productos

Servicio al cliente receptivo para socios OEM

Las métricas de servicio al cliente para 2023 incluyen:

• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 94.5%
• Tasa de resolución de emisión: 97.2%

Mejora y adaptación continuas

Strattec invierte en la mejora de la relación con el cliente a través de:

• Encuestas anuales de comentarios de los clientes
• Reuniones trimestrales de revisión de rendimiento
• Innovación tecnológica continua

Strattec Security Corporation (STRT) - Modelo de negocio: canales

Equipos de ventas directos dirigidos a fabricantes de automóviles

Strattec Security Corporation mantiene un equipo de ventas directo dedicado centrado en los fabricantes de automóviles. A partir de 2023, la compañía atiende a los principales fabricantes automotrices con ventas anuales de $ 185.2 millones.

Clientes automotrices clave	Volumen de ventas
General Motors	38.4% de las ventas automotrices totales
Ford Motor Company	27.6% de las ventas automotrices totales
Stellantis	19.2% de las ventas automotrices totales

Ferias comerciales de la industria y conferencias automotrices

Strattec participa en eventos clave de la industria automotriz para mostrar soluciones de seguridad.

• North American International Auto Show
• Exposición de ingeniería de movilidad internacional SAE
• Conferencia de la Asociación de Proveedores Automotriz de Aftermarket (AASA)

Documentación técnica en línea y catálogos de productos

Las plataformas digitales admiten la participación del cliente con recursos técnicos integrales.

Canal digital	Métricas de uso
Descargas técnicas del sitio web de la empresa	42,500 descargas anuales de documentos
Catálogo de productos en línea	3.200 visitantes mensuales únicos

Plataformas de comunicación digital

Strattec utiliza múltiples canales de comunicación digital para la interacción del cliente.

• Página de la compañía LinkedIn con 1.250 seguidores
• Plataforma de correo electrónico de soporte técnico
• Portal de clientes dedicado

Redes de distribución establecidas

La Compañía aprovecha las asociaciones de distribución estratégica para expandir el alcance del mercado.

Socio de distribución	Cobertura
Distribuidores de piezas automotrices	87 centros de distribución regional
Cadenas de suministro de fabricantes de equipos originales (OEM)	12 Regiones de fabricación de automóviles primarias

Strattec Security Corporation (STRT) - Modelo de negocio: segmentos de clientes

Fabricantes de automóviles nacionales e internacionales

A partir de 2023, Strattec atiende a aproximadamente 25 fabricantes automotrices a nivel mundial, con clientes clave que incluyen:

Fabricante	Región	Estado de la relación
General Motors	Estados Unidos	Socio estratégico a largo plazo
Ford Motor Company	Estados Unidos	Proveedor del sistema de seguridad primario
Stellantis	América del Norte/Europa	Proveedor establecido

Fabricantes de equipos originales (OEM)

El segmento de clientes OEM de Strattec representa el 68% de los ingresos totales en 2023, con el siguiente desglose:

• Cuota de mercado del OEM de América del Norte: 42%
• Cuota de mercado de Europa OEM: 18%
• Cuota de mercado asiático OEM: 8%

Proveedores de piezas automotrices

Las relaciones con el proveedor de piezas automotrices clave incluyen:

Proveedor	Categoría de productos	Valor anual del contrato
Aptiv	Sistemas de seguridad	$ 12.5 millones
Magna International	Sistemas de control de acceso	$ 8.7 millones

Proveedores de seguridad automotriz del mercado de accesorios

Contribución del segmento de posventa a los ingresos en 2023:

• Ingresos totales del mercado de accesorios: $ 45.3 millones
• Porcentaje de ingresos totales de la compañía: 22%
• Líneas clave de productos: bloqueos de reemplazo, llaves, módulos de seguridad

Fabricantes de vehículos comerciales y de flota

Detalles del segmento del cliente del vehículo de flota:

Segmento de flota	Número de clientes	Ingresos anuales
Camiones comerciales	12 clientes principales	$ 18.6 millones
Vehículos municipales	8 clientes	$ 6.2 millones
Servicios de transporte	15 clientes	$ 11.4 millones

Strattec Security Corporation (STRT) - Modelo de negocio: Estructura de costos

Equipos y mantenimiento de fabricación

A partir del año fiscal 2023, Strattec Security Corporation invirtió $ 4.2 millones en equipos de fabricación y gastos de mantenimiento.

Categoría de equipo	Costo anual
Maquinaria CNC	$ 1.6 millones
Herramientas de precisión	$ 1.1 millones
Mantenimiento y reparaciones	$ 1.5 millones

Inversiones de investigación y desarrollo

Strattec asignado $ 5.7 millones Para la investigación y el desarrollo en 2023, que representa el 4.3% de los ingresos totales.

• Desarrollo de tecnología de seguridad automotriz: $ 2.8 millones
• Innovación de mecanismo de bloqueo avanzado: $ 1.9 millones
• Software y sistemas de seguridad electrónica: $ 1 millón

Costos laborales para la ingeniería calificada y la fuerza laboral de producción

Los gastos laborales totales para 2023 fueron de $ 32.4 millones, que cubren aproximadamente 650 empleados.

Categoría de empleado	Salario anual promedio	Costo total
Personal de ingeniería	$95,000	$ 12.4 millones
Trabajadores de producción	$55,000	$ 17.6 millones
Personal administrativo	$75,000	$ 2.4 millones

Adquisición de materia prima

Los costos de materia prima para 2023 totalizaron $ 41.6 millones, con materiales clave que incluyen:

• Aleaciones de zinc: $ 15.2 millones
• Componentes de acero: $ 12.8 millones
• Componentes electrónicos: $ 8.9 millones
• Materiales plásticos: $ 4.7 millones

Gastos de desarrollo de tecnología e innovación

Las inversiones en desarrollo de tecnología alcanzaron los $ 3.9 millones en 2023, centrados en las tecnologías emergentes de seguridad automotriz.

Área de desarrollo tecnológico	Inversión
Sistemas de seguridad digital	$ 1.6 millones
Tecnologías de bloqueo inteligente	$ 1.3 millones
Innovaciones de ciberseguridad	$ 1 millón

Strattec Security Corporation (STRT) - Modelo de negocios: flujos de ingresos

Venta de productos a fabricantes de automóviles

Para el año fiscal 2023, Strattec reportó ventas netas totales de $ 151.1 millones, con ventas de segmentos automotrices que comprenden la mayoría de los ingresos.

Segmento de clientes	Contribución de ingresos	Porcentaje
General Motors	$ 42.3 millones	28%
Ford Motor Company	$ 35.7 millones	24%
Stellantis	$ 27.5 millones	18%

Licencias de tecnología de seguridad y patentes

Strattec posee aproximadamente 54 patentes activas relacionadas con los sistemas de seguridad automotrices.

• Ingresos de licencia para 2023: $ 3.2 millones
• Acuerdos de licencia de patentes con 7 fabricantes automotrices
• Tarifa de licencia promedio por tecnología: $ 457,000

Contratos de soluciones de seguridad personalizadas

Los contratos de soluciones de seguridad personalizadas generaron $ 12.6 millones en ingresos para el año fiscal 2023.

Tipo de contrato	Valor	Número de contratos
Sistemas de alta seguridad	$ 6.3 millones	12
Mecanismos de bloqueo especializados	$ 4.2 millones	8
Control de acceso avanzado	$ 2.1 millones	5

Piezas de posventa y componentes de reemplazo

Ingresos del segmento de posventa para 2023: $ 15.4 millones

• Costo promedio de la parte de reemplazo: $ 87
• Piezas totales del mercado de accesorios vendidos: 177,000 unidades
• Componentes de reemplazo de venta superior: cerraduras de puerta, interruptores de encendido

Ventas de expansión del mercado internacional

Las ventas internacionales para el año fiscal 2023 totalizaron $ 22.8 millones.

Región	Ganancia	Índice de crecimiento
México	$ 9.6 millones	7.2%
Canadá	$ 7.3 millones	5.5%
Europa	$ 5.9 millones	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.