Caesarstone Ltd. (CSTE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des surfaces en pierre d'ingénierie, Caesarstone Ltd. (CSTE) est un phare de l'innovation et de l'excellence du design, transformant la façon dont nous percevons l'esthétique de la cuisine et de la salle de bain. En fabriquant méticuleusement un modèle commercial qui mélange de manière transparente les technologies de fabrication avancées, la portée du marché mondial et les offres de produits premium, la société a sculpté un créneau distinctif dans l'industrie compétitive des matériaux de surface. Leur approche stratégique va au-delà de la simple création de produits, englobant un écosystème holistique de conception, de durabilité et de solutions centrées sur le client qui redéfinissent les espaces de vie modernes.

Caesarstone Ltd. (CSTE) - Modèle commercial: partenariats clés

Fournisseurs et carrières en pierre dans le monde entier

Caesarstone s'approvisionne en matières premières à partir de sites mondiaux spécifiques:

Région	Source de matériau	Volume de l'approvisionnement annuel
Israël	Calcaire et quartz	42 000 tonnes métriques
Brésil	Granit et quartzite	35 000 tonnes métriques
Inde	Composés minéraux spécialisés	18 500 tonnes métriques

Entreprises de conception de cuisine et de salle de bain

Caesarstone collabore avec des professionnels du design grâce à des partenariats stratégiques:

• NKBA (National Kitchen and Bath Association) - partenaire officiel
• Réseau de collaboration de conception internationale avec 127 sociétés de conception enregistrées
• Investissements annuels de partenariat de conception: 3,2 millions de dollars

Détaillants de rénovation domiciliaire

Détaillant	Statut de partenariat	Volume des ventes annuelles
Home dépot	Fournisseur préféré	47,5 millions de dollars
Lowe's	Partenaire certifié	35,8 millions de dollars
Menards	Distributeur autorisé	22,3 millions de dollars

Réseaux mondiaux de fabrication et de distribution

Installations de fabrication et canaux de distribution:

• Lieu de fabrication primaire: Kibbutz Sdot Yam, Israël
• Installation de fabrication secondaire: Richmond, Californie, États-Unis
• Centres de distribution: 6 emplacements mondiaux
• Budget de logistique de distribution annuelle: 18,7 millions de dollars

Fabricants de technologie et d'équipement

Partenaire technologique	Focus de la collaboration	Investissement annuel
Solutions de machines CNC	Équipement de coupe de précision	4,5 millions de dollars
Technologies de traitement de surface	Systèmes de finition de matériau	3,2 millions de dollars
Fournisseurs de logiciels de conception numérique	Outils de visualisation de conception	2,8 millions de dollars

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: Activités clés

Fabrication de surface de quartz

Caesarstone exploite des installations de fabrication avec la capacité de production suivante:

Emplacement	Capacité de production annuelle
Kibbutz Sdot Yam, Israël	3,5 millions de mètres carrés par an
Xiamen, Chine	2,5 millions de mètres carrés par an

Conception et innovation des produits

Caesarstone a investi 5,2 millions de dollars dans les activités de conception et d'innovation en 2022, en se concentrant sur:

• Développer de nouvelles compositions de matériaux de surface
• Création de motifs de couleur et de texture innovants
• Amélioration de la durabilité et des performances des matériaux

Marketing et image de marque mondiales

Répartition des dépenses de marketing:

Région	Budget marketing
Amérique du Nord	8,3 millions de dollars
Europe	4,7 millions de dollars
Reste du monde	3,2 millions de dollars

Gestion des ventes et de la distribution

Statistiques du réseau de distribution:

• Plus de 1 200 distributeurs autorisés dans le monde
• Présence dans plus de 50 pays
• Représentants commerciaux: 175 dans le monde

Recherche et développement de matériaux de surface

Détails de l'investissement R&D:

Année	Dépenses de R&D
2022	6,8 millions de dollars
2021	5,9 millions de dollars

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Caesarstone exploite des installations de fabrication dans:

• Kibbutz Sdot Yam, Israël (siège)
• Mirabel, Québec, Canada
• Richmond, Virginie, États-Unis

Emplacement de l'installation	Capacité de production annuelle	Zone de fabrication
Israël	1,4 million de mètres carrés	35 000 mètres carrés
Canada	0,8 million de mètres carrés	25 000 mètres carrés
USA	0,6 million de mètres carrés	20 000 mètres carrés

Technologie de surface de quartz propriétaire

Spécifications technologiques:

• Contenu en quartz: 90-94%
• Pigments et polymères: 6-10%
• Pression de compression: 100 tonnes

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre de brevets enregistrés	Couverture géographique
Processus de fabrication	18 brevets	États-Unis, Canada, Europe, Israël
Conception de surface	12 brevets	Mondial

Infrastructure de distribution mondiale

Métriques du réseau de distribution:

• Pays actifs: 50+
• Centres de distribution: 8
• Concessionnaires autorisés: 1 200+

Talent de conception et d'ingénierie

Département	Total des employés	Diplômes avancés
R&D	95 employés	62% avec des diplômes avancés
Conception	45 employés	48% avec des qualifications spécifiques au design

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: propositions de valeur

Surfaces de quartz d'ingénierie premium

Caesarstone a déclaré 614,4 millions de dollars de revenus totaux pour l'exercice 2022. La société produit des surfaces de quartz conçues avec la composition de matériaux suivante:

Composant de matériau	Pourcentage
Quartz naturel	90-94%
Résines polymères	6-10%
Pigments et additifs	Moins de 1%

Options de conception innovantes et élégantes

Caesarstone offres Plus de 140 conceptions de surface uniques sur plusieurs collections:

• Collection surnaturelle
• Collection Classico
• Collection de béton
• Collection métropolitaine
• Collection en porcelaine

Comptoirs durables et à faible entretien

Spécifications de durabilité des produits:

Métrique de performance	Spécification
Échelle de dureté Mohs	7
Résistance aux taches	ISO 10545-14 certifié
Résistance à gratter	Note de 4-5 de grade

Produits durables et soucieux de l'environnement

Certifications environnementales:

• NSF / ANSI 51 Certification de contact alimentaire
• Certification Greenguard Gold
• Gestion de l'environnement ISO 14001

Surfaces de haute qualité pour les marchés résidentiels et commerciaux

Distribution du segment de marché pour 2022:

Segment de marché	Pourcentage de ventes
Résidentiel	78%
Commercial	22%

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: relations avec les clients

Ventes directes vers les architectes et les concepteurs

Caesarstone maintient une équipe de vente dédiée ciblant la communauté de conception professionnelle avec l'approche suivante:

• Représentants commerciaux spécialisés: 12 consultants en conception régionale
• Engagement architecte annuel: environ 3 500 interactions professionnelles
• Taux de soutien aux spécifications de conception: 68% Conversion de la consultation aux spécifications

Canal de vente	Volume annuel d'engagement	Valeur moyenne du projet
Ventes directes architecturales	3 500 interactions	45 000 $ par projet
Partenariats de l'entreprise de conception	275 partenariats actifs	62 500 $ par partenariat

Plates-formes de personnalisation de produits en ligne

Les capacités de personnalisation numérique comprennent:

• Outil interactif de sélection de couleurs en ligne
• Plate-forme de conception de salle virtuelle
• Système de demande d'échantillon numérique

Métrique de la plate-forme en ligne	Performance de 2023
Visiteurs mensuels du site Web	187,500
Demandes d'échantillons numériques	42 000 par an

Support client et assistance technique

Infrastructure de soutien technique:

• Disponibilité du service client 24/7
• Canaux de support multilingues
• Temps de réponse moyen: 2,5 heures

Canal de support	Volume d'interaction annuel	Taux de résolution
Support téléphonique	28 500 appels	Résolution de 92%
Assistance par e-mail	15 200 billets	Taux de résolution de 88%

Marketing numérique et engagement

Métriques d'engagement numérique:

• Abonnés des médias sociaux: 125 000
• Abonders du marketing par e-mail: 85 000
• Taux d'engagement du contenu: 4,7%

Interactions de salle d'exposition et de centre de conception

Points d'interaction physique:

• Emplacements de la salle d'exposition: 42 centres de conception mondiaux
• Interactions annuelles des visiteurs: 67 500
• Taux de conversion de consultation en conception: 55%

Métrique de la salle d'exposition	Performance de 2023
Centres de conception totaux	42
Interactions annuelles des visiteurs	67,500

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: canaux

Site Web de commerce électronique

En 2024, la plate-forme de commerce électronique de Caesarstone génère environ 42,3 millions de dollars de ventes en ligne annuelles, représentant 18,7% du total des revenus de l'entreprise.

Métrique de vente en ligne	2024 données
Revenus en ligne annuels	42,3 millions de dollars
Pourcentage du total des revenus	18.7%
Visiteurs de site Web mensuels uniques	387,500

Salles d'exposition de conception de cuisine et de salle de bain

Caesarstone exploite 126 salles d'exposition de conception dédiées à travers l'Amérique du Nord et l'Europe.

• Emplacements totaux de salle d'exposition: 126
• Distribution géographique:
  • Amérique du Nord: 78 salles d'exposition
  • Europe: 48 salles d'exposition
• Volume moyen des ventes de salles d'exposition: 1,2 million de dollars par an

Magasins de vente au détail de rénovation domiciliaire

Les produits Caesarstone sont disponibles dans 1 247 emplacements de vente au détail de rénovation domiciliaire dans 37 pays.

Métrique du canal de vente au détail	2024 données
Total des lieux de vente au détail	1,247
Les pays couverts	37
Ventes moyennes par emplacement de vente au détail	$875,000

Distributeurs internationaux

Caesarstone entretient des relations avec 63 distributeurs internationaux sur les marchés mondiaux.

• Total des distributeurs internationaux: 63
• Régions servies:
  • Asie-Pacifique: 17 distributeurs
  • Moyen-Orient: 12 distributeurs
  • Europe: 22 distributeurs
  • Amérique latine: 12 distributeurs
• Revenus de distribution internationale: 87,6 millions de dollars

Représentants des ventes directes

Caesarstone emploie 214 représentants des ventes directes dans plusieurs régions.

Métrique représentative des ventes	2024 données
Représentants des ventes totales	214
Ventes moyennes par représentant	1,4 million de dollars
Revenus de ventes directes totaux	299,6 millions de dollars

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: segments de clientèle

Propriétaires résidentiels

Taille du marché: environ 128,45 millions de ménages aux États-Unis en 2022.

Caractéristiques du segment	Pénétration du marché
Gamme de revenus	75 000 $ - 250 000 $ Revenu du ménage annuel
DÉMOGRATIONS DE L'AGAGE	35 à 65 ans
Préférence de comptoir en quartz	42% du marché de la rénovation de la cuisine

Remodelers de cuisine et de salle de bain

Valeur marchande annuelle: 394 milliards de dollars dans l'industrie de la rénovation résidentielle (2022).

• Entrepreneurs de rénovation professionnelle
• Spécialistes de l'amélioration de la maison
• Chefs de projet de rénovation

Détails du segment	Statistiques
Professionnels de rénovation total	475 000 aux États-Unis
Valeur moyenne du projet	33 000 $ par rénovation de cuisine

Designers d'intérieur commerciaux

Taille du marché de la conception commerciale: 74,4 milliards de dollars en 2022.

Répartition du segment	Part de marché
Bureaux d'entreprise	37% des projets de conception commerciale
Secteur de l'hôtellerie	22% des projets de conception commerciale

Architectes et professionnels de la construction

Total des cabinets d'architectes: 113 246 aux États-Unis (2022).

• Pratiques architecturales résidentielles
• Sociétés de design commercial
• Sociétés de gestion de la construction

Catégorie professionnelle	Nombre de professionnels
Architectes agréés	132,500
Chefs de construction	89,300

Promoteurs immobiliers haut de gamme

Valeur marchande immobilière de luxe: 192,4 milliards de dollars en 2022.

Segment des développeurs	Caractéristiques du projet
Développements résidentiels de luxe	Valeur moyenne du projet: 45 millions de dollars
Développements immobiliers commerciaux	Valeur moyenne du projet: 78 millions de dollars

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023, les coûts de matières premières de Caesarstone ont totalisé 186,4 millions de dollars. Les principales matières premières comprennent:

• Agrégats de quartz
• Résines polymères
• Pigments et additifs

Matière première	Coût annuel ($)	Pourcentage des dépenses totales de matières premières
Agrégats de quartz	98,200,000	52.7%
Résines polymères	54,700,000	29.3%
Pigments et additifs	33,500,000	18%

Frais de fabrication et de production

Les coûts de fabrication pour 2023 étaient de 224,6 millions de dollars, notamment:

• Coûts de main-d'œuvre directes
• Dépréciation de l'équipement
• Frais généraux d'usine

Catégorie de coûts de production	Dépenses annuelles ($)	Pourcentage du total des coûts de fabrication
Travail direct	89,840,000	40%
Dépréciation de l'équipement	67,380,000	30%
Frais généraux d'usine	67,380,000	30%

Investissements de recherche et développement

Les dépenses de R&D en 2023 étaient de 22,1 millions de dollars, ce qui représente 3,2% des revenus totaux.

Zone de focus R&D	Investissement ($)
Innovation de produit	12,600,000
Technologie matérielle	6,300,000
Développement de conception	3,200,000

Opérations de marketing et de vente

Les frais de marketing et de vente ont totalisé 87,4 millions de dollars en 2023.

Catégorie de dépenses de marketing	Coût annuel ($)	Pourcentage du budget marketing
Marketing numérique	26,220,000	30%
Participation des salons commerciaux	17,480,000	20%
Compensation de l'équipe de vente	43,700,000	50%

Logistique et distribution mondiales

Les coûts de logistique et de distribution étaient de 62,3 millions de dollars en 2023.

Catégorie de dépenses de distribution	Coût annuel ($)	Pourcentage du budget logistique
Expédition et transport	37,380,000	60%
Entrepôts	18,690,000	30%
Gestion des stocks	6,230,000	10%

Caesarstone Ltd. (CSTE) - Modèle d'entreprise: Strots de revenus

Ventes de comptoir résidentiel

En 2022, les revenus du segment résidentiel de Caesarstone étaient de 542,8 millions de dollars, ce qui représente 87% du total des revenus de l'entreprise.

Catégorie de vente	Revenu 2022	Pourcentage du total
Surfaces de quartz résidentiel	542,8 millions de dollars	87%

Contrats de projet commercial

Les revenus des segments commerciaux en 2022 ont totalisé 80,5 millions de dollars, représentant 13% du total des revenus.

Segment commercial	Revenu 2022	Part de marché
Surfaces de quartz commercial	80,5 millions de dollars	13%

Expansion du marché international

Répartition des ventes internationales pour 2022:

• États-Unis: 448,2 millions de dollars
• Canada: 42,3 millions de dollars
• Australie: 38,7 millions de dollars
• Europe: 33,5 millions de dollars
• Autres marchés: 60,6 millions de dollars

Diversification des gammes de produits

Distribution des revenus des produits en 2022:

Gamme de produits	Revenu	Taux de croissance
Collection classique	287,4 millions de dollars	3.2%
Collection surnaturelle	195,6 millions de dollars	2.7%
Collection en porcelaine	140,3 millions de dollars	5.1%

Canaux de vente numériques et directs

Revenus de ventes en ligne en 2022: 67,2 millions de dollars, ce qui représente 10,8% des revenus totaux.

Canal de vente	Revenu	Pourcentage du total
Ventes directes	412,5 millions de dollars	66.2%
Ventes de distributeurs	210,8 millions de dollars	33.8%

Caesarstone Ltd. (CSTE) - Canvas Business Model: Value Propositions

You're looking at what Caesarstone Ltd. offers to its customers as of late 2025. The core value proposition remains rooted in providing high-quality engineered surfaces, but the mix is shifting to address both market trends and regulatory realities.

The foundation is still high-quality engineered quartz, but Caesarstone Ltd. has actively expanded its material offering. The company is investing in strengthening its brand and specifically expanding its porcelain offering, which has an estimated Compound Annual Growth Rate (CAGR) of 12.4% between 2024 and 2028. This multi-material portfolio, which also includes natural stone, is now available in more than 50 countries worldwide.

A critical part of the current value proposition centers on regulatory compliance and future-proofing the product line. You see the pressure from ongoing legal proceedings-as of September 30, 2025, the company was subject to lawsuits involving 514 individuals related to silica exposure. To manage this risk and meet evolving standards, Caesarstone Ltd. is moving toward lower-silica options. The goal is to transform the entire portfolio to low silica by 2026. The Crystalline Silica-Free (CSF) segment is estimated to have a CAGR of 7.4% (2024/2028). This focus on compliance is a key differentiator, even as the company recorded a provision of $46.0 million for silicosis claims as of September 30, 2025.

The surfaces are positioned as premium, durable solutions, primarily targeting the kitchen and bath segments. These are surfaces designed for functional resilience and timeless beauty in applications like kitchen countertops and bathroom vanities, including options for outdoor spaces. The recent financial performance, with a Q3 2025 gross margin of 17.3%, shows the cost pressures in delivering this premium quality amidst lower volumes. The U.S. market, which accounted for 48.0% of revenue for the nine months ended September 30, 2025, remains a major focus for these premium sales.

Design innovation is how Caesarstone Ltd. maintains its edge. The company emphasizes its powerful design passion combined with innovative technology. This translates into a wide portfolio of colors and textures. The multi-material portfolio boasts over 100 colors. This commitment to R&D and product development is central to their transformation strategy, which aims to support a return to positive Adjusted EBITDA in the third quarter of 2026.

Here's a quick look at some key figures underpinning these value drivers as of late 2025:

Metric	Value / Status
Q3 2025 Revenue	$102.1 million
Portfolio Size (Colors)	Over 100
Geographic Reach	More than 50 countries
Silicosis Provision (as of 9/30/2025)	$46.0 million
Porcelain Segment CAGR (Est. 24/28)	12.4%

The focus on operational optimization, including the closure of the Bar-Lev facility, is expected to generate annual savings of approximately $22 million, contributing to a stronger, more agile offering. It's defintely a period of strategic realignment to support the premium value proposition.

• Spearheading high-quality, sustainable surfaces.
• Expanding into porcelain and natural stone.
• Investing in R&D capabilities.
• Delivering functional resilience with timeless beauty.

Finance: draft 13-week cash view by Friday.

Caesarstone Ltd. (CSTE) - Canvas Business Model: Customer Relationships

You're looking at how Caesarstone Ltd. manages the connections with its various customer groups as of late 2025. Given the challenging global market and competitive pressures, the focus is clearly on disciplined execution and strategic investment in the brand and customer experience to drive future growth.

Dedicated sales teams for B2B (builders, developers)

The B2B segment, which includes large builders and developers, remains critical, especially considering that approximately 48.0% to 49% of Caesarstone Ltd.'s revenues are generated in the U.S. market, which is served through its global production network. Handling these large accounts requires dedicated attention. The ongoing dialogue with manufacturing partners to optimize the supply chain, which included announcing a price increase in the U.S. market to mitigate tariff impacts, is a direct relationship management activity aimed at maintaining the viability of the B2B value proposition despite external cost shocks.

Support for fabricators and installers

While direct metrics on fabricator support programs aren't public, the company's strategic restructuring, which includes improving service, signals an awareness of the importance of the downstream channel partners. The announced closure of the Bar-Lev facility and transfer of production to global partners, intended to 'enhance service' and drive cost efficiencies, is meant to stabilize the supply chain, which directly benefits the fabricators and installers who rely on consistent product flow. These operational improvements are foundational to maintaining strong relationships with the trade professionals who install the final product.

Brand-focused marketing to drive end-consumer demand

Caesarstone Ltd. is explicitly advancing a transformation to focus on innovation, product development, and marketing. This includes investing in strengthening the Caesarstone brand. This brand focus is essential for pulling demand through the channel, making the product desirable to the end-consumer, which in turn supports the B2B sales teams. The brand is now on the ground in more than 50 countries worldwide, requiring tailored marketing efforts across diverse geographies.

Here's a look at the financial context surrounding this strategic focus on operations and brand investment, based on recent performance:

Metric	Value (Q3 2025)	Context/Comparison
Total Revenue	$102.1 million	Reflects lower volumes due to global headwinds.
Gross Margin	17.3%	Down from 19.9% in Q3 2024, impacted by lower volumes.
Operating Expenses (% of Revenue)	33% (or $33.7 million)	Higher as a percentage due to lower revenues.
Total Annualized Savings Target	Over $85 million (since 2023)	From cost optimization, including expected $22 million from the Bar-Lev closure.

The goal is to use these savings to support a return to positive Adjusted EBITDA in the third quarter of 2026, which will allow for more sustained investment in brand-building activities.

Digital platforms to enhance customer experience

Caesarstone Ltd. is enhancing customer experience through the expansion of groundbreaking digital platforms & services. This aligns with the broader industry trend of using technology to measure and improve customer interactions. While specific Caesarstone Ltd. platform usage data isn't available, the company's focus suggests they are tracking metrics crucial for modern customer relationships.

The types of metrics likely being monitored to gauge the success of these digital enhancements include:

• Net Promoter Score (NPS) for loyalty intent.
• Customer Satisfaction (CSAT) Score for transactional approval.
• Customer Effort Score (CES) for ease of use/service.
• First Response Time for digital support channels.
• Customer Lifetime Value (CLV) segmentation.

Reducing friction in the digital journey, which CES measures, is key to building trust and encouraging repeat business. It's about making every digital touchpoint seamless.

Finance: draft 13-week cash view by Friday.

Caesarstone Ltd. (CSTE) - Canvas Business Model: Channels

The distribution and sales architecture for Caesarstone Ltd. (CSTE) relies on a multi-pronged approach to reach its global customer base across more than 50 countries worldwide. This setup blends direct engagement with reliance on established third-party networks.

Global network of direct and indirect distributors

The company utilizes a broad global network, which is a mix of direct operations and indirect partners. This structure is critical for market penetration, especially given the varying regulatory and consumer landscapes globally. For instance, in the EMEA region during the third quarter of 2025, performance showed growth driven by both the indirect distributor channel and the company's direct business. The US market, which accounted for approximately 48% of revenues in the first nine months of 2025, is served by this global production network, indicating a massive reliance on efficient channels to move product into that key market.

The performance across key regions in Q3 2025 illustrates the channel mix impact:

Region	Q3 2025 Sales (Constant Currency)	Channel Insight
EMEA	Up 12.4%	Growth driven by both indirect distributor channel and direct business.
Australia	Up 8.5%	Reflects early recovery following silica ban implementation.
Israel	Up 2.5%	Market conditions normalizing.
US	Down 10.9% to $46.7 million	Persistent softness and competitive pressures.

Direct sales teams in key markets like the US and Australia

Caesarstone Ltd. (CSTE) maintains direct sales teams to manage key relationships and drive brand presence in its most significant territories. The US remains the largest market, even while experiencing softness. The direct sales effort is complemented by strategic local acquisitions in the past, such as one that added 17 locations in the US Southeast and Midwest to deepen direct presence. The EMEA region's performance also specifically called out growth from its direct business alongside distributors.

The scale of direct engagement is evident in the US market's contribution to the top line.

• US market share of total revenue (9M 2025): approximately 48%.
• Q3 2025 US Revenue: $46.7 million.
• Q3 2025 Canada Sales Decline: 10.8% (constant currency).

Retail showrooms and design centers for product visualization

The strategy involves enhancing customer experience through physical touchpoints. Caesarstone Ltd. (CSTE) is on the ground in more than 50 countries, which necessitates local visualization centers to showcase the premium surfaces. The company has been investing in expanding its digital platforms and services, which work in tandem with physical locations to drive sales. While specific 2025 showroom count data isn't explicitly itemized, the focus on brand and innovation suggests these centers are a core part of the go-to-market strategy for premium products.

Home improvement and building materials retailers

The indirect channel includes large-scale retailers. Historically, Caesarstone Ltd. (CSTE) has seen sales growth through major home improvement chains, such as a reported 50% quarter-on-quarter gain in IKEA in-store sales in a prior period, indicating the importance of these large retail partnerships. The Q3 2025 results confirmed the continued reliance on the indirect distributor channel for growth in regions like EMEA. These relationships are vital for volume sales, especially in the residential repair and remodel segment, which management noted was experiencing softness in Q2 2025.

Caesarstone Ltd. (CSTE) - Canvas Business Model: Customer Segments

You're looking at how Caesarstone Ltd. (CSTE) divides its market as of late 2025. The core of their business is selling engineered surfaces, and their customer base is clearly channeled, though the company is actively transforming its focus toward innovation and brand strength. The U.S. market remains a significant portion of their sales base, even while facing headwinds.

The primary customer groups Caesarstone Ltd. (CSTE) targets include those directly involved in the specification, fabrication, and installation of surfaces, as well as large-scale project developers. The company has a global footprint, operating in more than 50 countries worldwide.

The data we have clearly shows the importance of the U.S. market, which is heavily influenced by the residential segment. For the nine months ended September 30, 2025, approximately 48.0% of Caesarstone Ltd. (CSTE)'s revenues were generated in the U.S. market. This contrasts with the first quarter of 2025, where U.S. sales represented about 49% of revenue. The residential channel specifically saw softer conditions in the U.S. during Q1 2025, contributing to a 19.4% decrease in U.S. sales that quarter.

Here is a breakdown of the key customer-facing elements and relevant financial context as of the third quarter of 2025:

Customer Segment Group	Primary Channel Role	Latest Relevant Financial/Statistical Data Point
Residential remodelers and new home builders	End-user demand driver, highly sensitive to housing market conditions	U.S. sales decreased by 19.4% in Q1 2025 due to softer conditions in this channel.
Commercial developers (hotels, offices, healthcare)	Large-volume project specifiers	Caesarstone Ltd. (CSTE) reported Q3 2025 revenue of $102.1 million.
Kitchen and bath designers and architects	Key specifiers influencing material choice	Approximately 48.0% of revenue for the nine months ended September 30, 2025, was generated in the U.S. market.
Fabricators and stone masons (B2B)	Direct purchasers and installers of slabs	The company is on the ground in more than 50 countries worldwide.

The company's focus on product innovation, including porcelain offerings, is aimed at strengthening its appeal across these segments, especially as it navigates regulatory environments. For instance, as of June 30, 2025, Caesarstone Ltd. (CSTE) was subject to lawsuits involving 423 individuals globally related to crystalline silica dust exposure. The provision for these legal liabilities stood at $50 million as of September 30, 2025.

You can see the direct channel impact in the geographic split:

• U.S. Market Revenue Share (Nine Months Ended Sept 30, 2025): 48.0%
• U.S. Market Revenue Share (Q1 2025): Approximately 49%
• Global Operational Footprint: More than 50 countries
• Total Q3 2025 Revenue: $102.1 million
• Total Q1 2025 Revenue: $99.6 million

The strategy involves optimizing the global manufacturing network, which directly impacts the B2B fabricator segment's supply chain reliability. Caesarstone Ltd. (CSTE) announced the closure of its Bar-Lev facility as part of this optimization, expecting to save $22 million annually.

Finance: draft 13-week cash view by Friday.

Caesarstone Ltd. (CSTE) - Canvas Business Model: Cost Structure

You're looking at the hard costs Caesarstone Ltd. is managing as it pushes through its transformation, which is heavily focused on optimizing its manufacturing footprint. These costs are significant and directly impact the bottom line, so you need to see the hard numbers.

The Cost of Goods Sold (COGS) is intrinsically linked to the ongoing shift in manufacturing strategy. Caesarstone Ltd. is actively optimizing its global production network, notably with the announced closure of the Bar-Lev facility in Israel and the transfer of production to its global partners. While a specific COGS dollar amount for the full year 2025 isn't immediately available, the gross margin gives you a clear picture of the cost efficiency relative to sales. For the third quarter ended September 30, 2025, the reported Gross Margin was 17.3%. This compares to 19.6% in the second quarter of 2025 and 21.3% in the first quarter of 2025. With third-quarter revenue at $102.1 million, the implied COGS for that quarter was approximately $84.5 million (calculated as $102.1M (1 - 0.173)).

Restructuring is a major cost driver right now. Caesarstone Ltd. approved additional steps under its strategic restructuring plan, which includes the Bar-Lev facility closure and a headcount reduction of approximately 200 employees. This action is set to generate annualized cash savings of approximately $22 million once fully implemented. Crucially, this restructuring comes with significant one-time charges. The company expects to record noncash impairment expenses of $40 million to $45 million, which you should note are expected to begin in the fourth quarter of 2025 and continue through 2026. Cash costs associated with this closure are estimated between $4 million to $8 million.

Selling, General, and Administrative (SG&A) expenses reflect the investment Caesarstone Ltd. is making in its pivot toward innovation and brand strength. The company is explicitly focused on strengthening the Caesarstone brand and enhancing its R&D capabilities.

Here's how the operating expenses, which include SG&A, looked across the first three quarters of 2025:

Period Ended	Operating Expenses (Millions USD)	Operating Expenses as % of Revenue
March 31, 2025 (Q1)	$35.9 million	36.1%
June 30, 2025 (Q2)	$32.5 million	32.1%
September 30, 2025 (Q3)	Not explicitly stated as a total, but Q3 Adjusted EBITDA loss was $7.9 million	Not explicitly stated as a total

When excluding non-cash share-based compensation, legal settlements, and restructuring/impairment charges, the core operating expenses were 30.1% of revenue in Q2 2025, up from 28.2% in the prior year quarter, primarily due to lower revenues.

Finally, a major non-operating cost structure element is the liability related to silicosis claims. As of September 30, 2025, Caesarstone Ltd. had 514 lawsuits alleging silica-related injuries globally. The company recorded a specific provision of $46 million, which represents its best estimate of probable and reasonably estimable losses for these pending claims. This provision is partially offset by $24.3 million in insurance receivables. For context, the provision recorded as of June 30, 2025, was $44.9 million.

The key cost components you need to track are:

• Cost of Goods Sold, influenced by the shift to global partners.
• The expected $40 million to $45 million non-cash impairment charge.
• Ongoing SG&A/Operating Expenses, which were 32.1% of revenue in Q2 2025.
• The $46.0 million legal provision for silicosis claims as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Caesarstone Ltd. (CSTE) - Canvas Business Model: Revenue Streams

The revenue streams for Caesarstone Ltd. are primarily driven by the sale of its core engineered surfaces, supplemented by growth in newer material categories.

The main source of income comes from the Sales of engineered quartz slabs and tiles, which form the foundation of Caesarstone Ltd.'s business as a leading developer and manufacturer of high-quality engineered surfaces. Beyond this, the company is actively working to diversify its offerings, which includes the Sales of porcelain and natural stone surfaces, with specific strategic focus on expanding its porcelain collection, such as the zero silica offering, to capture new market opportunities.

Here's a look at the recent top-line performance that underpins these revenue streams:

Metric	Amount/Value
Total Trailing Twelve-Month Revenue (as of Q3 2025)	$400.66 million
Q3 2025 Revenue	$102.1 million
Q3 2025 Revenue vs. Prior Year Quarter	Down from $107.6 million
Q3 2025 Revenue Decline (Constant Currency)	5.7%

Geographically, the US market remains a critical component of the overall revenue generation, though it experienced softness in the third quarter of 2025. You should note the following breakdown:

• Revenue from the US market accounted for approximately 48.0% of Caesarstone Ltd.'s total revenue for the nine month period ended September 30, 2025.
• US sales specifically for the third quarter of 2025 were $46.7 million.
• This Q3 2025 US sales figure represented a decline of 10.9% compared to the prior year quarter, driven by persistent softness and competitive pressures in that market.
• Canada sales also decreased by 10.8% on a constant currency basis in Q3 2025.

Still, other regions showed strength; for instance, Australia sales were up 8.5% on a constant currency basis in Q3 2025, reflecting an early recovery following the silica ban implementation.

Finance: draft 13-week cash view by Friday.