Steelcase Inc. (SCS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la conception du lieu de travail, Steelcase Inc. est une force transformatrice, réinvenant la façon dont les organisations créent, collaborent et innovent grâce à des solutions d'espace de travail intelligentes. En mélangeant parfaitement la conception ergonomique de pointe, l'intégration technologique et la durabilité, Steelcase a développé un modèle commercial sophistiqué qui va bien au-delà de la fabrication traditionnelle de meubles. Leur approche complète répond aux besoins en évolution des entreprises modernes, des startups technologiques aux établissements de santé mondiaux, en les positionnant comme un partenaire stratégique dans la transformation du lieu de travail plutôt que comme un simple fournisseur de meubles.

Steelcase Inc. (SCS) - Modèle commercial: partenariats clés

Alliances stratégiques dans la collaboration de conception

Steelcase maintient des partenariats stratégiques avec les principaux acteurs de l'industrie pour améliorer la conception et l'innovation de l'espace de travail.

Partenaire	Focus de partenariat	Détails de collaboration
Herman Miller	Innovation de conception	Projets de recherche et développement de l'espace de travail conjoint
Haworth	Solutions ergonomiques	Études d'ergonomie en milieu de travail collaboratif

Écosystème de partenariat technologique

Steelcase collabore avec les entreprises technologiques pour développer des solutions d'espace de travail intégré.

• Collaboration Microsoft Surface pour l'intégration de l'espace de travail numérique
• Zoom Partnership for Hybrid Workplace Technology
• Conception de compatibilité Google Workspace

Relations de fournisseurs mondiaux

Catégorie des fournisseurs	Nombre de fournisseurs	Valeur d'achat annuelle
Fournisseurs de matières premières	87	412 millions de dollars
Fabricants de matériaux internationaux	43	276 millions de dollars

Collaborations académiques et de recherche

Steelcase s'associe à des établissements universitaires pour la recherche sur l'innovation en milieu de travail.

• Programme de recherche sur la conception de travail de l'Université du Michigan
• MIT Media Lab Future Workspace Technologies Collaboration
• Études de conception ergonomique de l'Université Carnegie Mellon

Investissement total de partenariat en 2023: 18,7 millions de dollars

Steelcase Inc. (SCS) - Modèle d'entreprise: activités clés

Conception et fabrication de meubles de bureau commercial

Revenus annuels de la conception et de la fabrication de meubles: 3,1 milliards de dollars (2023 Exercice)

Catégorie de produits	Volume de production annuel	Installations de fabrication
Postes de travail	275 000 unités	Grand Rapids, MI
Chaises	425 000 unités	Kentwood, MI
Meubles de conférence	95 000 unités	Mexique

Développement de solution d'espace de travail personnalisé

Revenus de solutions d'espace de travail personnalisé: 612 millions de dollars (2023)

• Valeur moyenne du projet: 185 000 $
• Nombre de projets d'espace de travail personnalisés terminés chaque année: 3 300
• Équipe de conception mondiale: 475 concepteurs professionnels

Services de conseil en stratégie de travail

Revenus de services de conseil: 87,4 millions de dollars (2023)

Type de service de conseil	Engagements annuels des clients	Durée moyenne de l'engagement
Transformation en milieu de travail	520 clients	4-6 mois
Gestion du changement	340 clients	3-4 mois

Transformation numérique des environnements de travail

Revenus de solutions numériques: 142,6 millions de dollars (2023)

• Brevets de technologie de travail de travail numérique: 38
• Équipe de développement de logiciels: 124 ingénieurs
• Investissement annuel dans l'innovation numérique: 26,3 millions de dollars

Durabilité et innovation des produits ergonomiques

Investissement en R&D dans la durabilité: 41,2 millions de dollars (2023)

Métrique de la durabilité	Performance de 2023
Matériaux recyclés utilisés	42% du total des matériaux
Réduction des émissions de carbone	Réduction de 22% depuis 2018
Lignes de produits ergonomiques	7 familles de produits ergonomiques certifiés

Steelcase Inc. (SCS) - Modèle commercial: Ressources clés

Installations de fabrication avancées

Steelcase exploite 9 installations de fabrication dans le monde, avec des emplacements clés dans:

Emplacement	Type d'installation	Capacité de fabrication
Grand Rapids, Michigan	Siège social principal	480 000 pieds carrés
Mexique	Production régionale	250 000 pieds carrés
Chine	Fabrication Asie-Pacifique	200 000 pieds carrés

Portefeuille de propriété intellectuelle

Steelcase maintient une stratégie de propriété intellectuelle robuste:

• Brevets actifs totaux: 327
• Brevets de conception: 215
• Brevets de services publics: 112

Ressources de capital humain

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Nombre d'employés
Total des employés	12,400
Ingénieurs de conception	387
Spécialistes de la R&D	256

Infrastructure de recherche et de développement

Détails de l'investissement R&D:

• Dépenses annuelles de R&D: 67,3 millions de dollars
• Installations de R&D: 3 centres d'innovation dédiés
• Innovations annuelles sur les produits: 42 nouveaux lancements de produits

Réseau de distribution mondial

Statistiques du réseau de distribution:

Région	Centres de distribution	Canaux de vente directs
Amérique du Nord	12	87
Europe	6	42
Asie-Pacifique	5	35

Steelcase Inc. (SCS) - Modèle d'entreprise: propositions de valeur

Solutions complètes sur le lieu de travail pour les organisations modernes

Steelcase Inc. a généré 3,41 milliards de dollars de revenus pour l'exercice 2023. La société propose des solutions de travail sur plusieurs segments:

Segment	Contribution des revenus
Amériques	2,16 milliards de dollars
EMEA (Europe, Moyen-Orient, Afrique)	748 millions de dollars
Asie-Pacifique	506 millions de dollars

Conceptions de meubles ergonomiques et adaptables

Steelcase a investi 86,4 millions de dollars dans la recherche et le développement en 2023, en se concentrant sur les innovations ergonomiques.

• Leap Chair Design soutient 97% des mouvements du corps
• Gesture Chair accueille 9 postures différentes
• Les bureaux réglables en hauteur réduisent le temps de travail sédentaire jusqu'à 50%

Produits d'espace de travail intégré à la technologie

Intégration technologique	Exemples de produits
Technologie collaborative	Boîtier blanc numérique
Meubles intelligents	Workspring Connected Workspace

Lignes de produit durables et soucieuses de l'environnement

Mesures de durabilité pour 2023:

• 42% des produits contiennent des matériaux recyclés
• Réduction des émissions de carbone de 22% par rapport à la ligne de base 2018
• 90% du bois provenant de forêts certifiées durables

Systèmes de meubles personnalisables pour divers environnements de travail

Répartition du portefeuille de solutions personnalisées:

Type d'environnement	Plage de personnalisation
Bureaux d'entreprise	85% de solutions configurables
Espaces d'éducation	72% de conceptions adaptables
Établissements de santé	65% de configurations spécialisées

Steelcase Inc. (SCS) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe avec des clients d'entreprise

Depuis 2024, Steelcase maintient une équipe de vente directe mondiale de 1 287 représentants commerciaux professionnels ciblant les entreprises de clients dans plusieurs secteurs. L'équipe de vente couvre 47 pays en mettant l'accent sur les clients de niveau d'entreprise.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	1,287
Les pays couverts	47
Valeur du client moyen de l'entreprise	1,4 million de dollars

Outils de support en ligne et de configuration

Steelcase fournit des plates-formes de support client numériques complètes avec les capacités suivantes:

• Système de configuration du produit en ligne 24/7
• Suivi des stocks en temps réel
• Outils de visualisation de conception personnalisés
• Plateforme de génération de citations numériques

Métrique de la plate-forme en ligne	2024 performance
Utilisateurs annuels de plate-forme numérique	78,543
Transactions de configuration en ligne	42,876
Durée moyenne de la session utilisateur	17,5 minutes

Approche de partenariat stratégique à long terme

Steelcase élabore des partenariats stratégiques avec les principaux clients des entreprises, en se concentrant sur des modèles d'engagement pluriannuels.

Métrique de partenariat	2024 données
Clients de partenariat stratégique	276
Durée du partenariat moyen	5,3 ans
Revenus récurrents des partenariats	387,6 ​​millions de dollars

Services de consultation de conception professionnelle

Steelcase propose des services de consultation de conception spécialisés avec des experts en stratégie de travail dédiés.

• Consultation en stratégie de travail
• Analyse de la conception ergonomique
• Recommandations d'optimisation de l'espace
• Planification de l'intégration technologique

Métrique du service de consultation	2024 performance
Consultants en conception totaux	214
Projets de consultation terminés	1,876
Valeur moyenne du projet	$98,500

Prise en charge de la formation client et de la mise en œuvre

Steelcase fournit une formation complète et un support de mise en œuvre pour les clients des entreprises.

Métrique de soutien à la formation	2024 données
Programmes de formation offerts	37
Participants à la formation totale	6,543
Modules de formation numérique	24

Steelcase Inc. (SCS) - Modèle d'entreprise: canaux

Force de vente directe

Steelcase maintient une équipe de vente directe dédiée de 1 200 professionnels des ventes à partir de 2023. La force de vente couvre plusieurs régions géographiques, notamment l'Amérique du Nord, l'Europe et l'Asie-Pacifique.

Région	Représentants des ventes	Zone de couverture
Amérique du Nord	650	États-Unis et Canada
Europe	350	Pays de l'Union européenne
Asie-Pacifique	200	Chine, Japon, Australie

Site Web d'entreprise et plateforme de commerce électronique

La plate-forme numérique de Steelcase génère environ 75 millions de dollars de ventes en ligne annuelles. Le site Web reçoit 2,3 millions de visiteurs uniques par mois.

• Trafic de site Web: 2,3 millions de visiteurs mensuels
• Ventes en ligne: 75 millions de dollars par an
• Catalogue de produits: plus de 5 000 solutions de bureau configurables

Réseaux de concessionnaires autorisés

Steelcase exploite 750 concessionnaires autorisés dans le monde, ce qui représente 65% du total des revenus de l'entreprise.

Type de concessionnaire	Nombre de concessionnaires	Contribution des revenus
Marchands de meubles commerciaux	550	45%
Marchands d'architectes	150	15%
Concessionnaires spécialisés en milieu de travail	50	5%

Salon du commerce et participation des événements de l'industrie

Steelcase participe à 35 salons internationaux chaque année, générant environ 50 millions de dollars en prospects directs.

Marketing numérique et démonstrations de produits virtuels

Les canaux de marketing numérique génèrent 40% des prospects, avec des démonstrations de produits virtuels atteignant 500 000 clients potentiels chaque année.

• Budget de marketing numérique: 12,5 millions de dollars
• Virtual Demonstration Reach: 500 000 clients potentiels
• Abonnés des médias sociaux: 250 000 sur toutes les plateformes

Steelcase Inc. (SCS) - Modèle d'entreprise: segments de clientèle

Grandes entreprises d'entreprise

Steelcase dessert 44% des entreprises du Fortune 500 en 2023. Revenus annuels des clients des entreprises: 2,3 milliards de dollars.

Répartition des segments d'entreprise	Pourcentage	Dépenses annuelles
Entreprises technologiques	22%	512 millions de dollars
Services financiers	18%	414 millions de dollars
Services professionnels	15%	345 millions de dollars

Technologie et startups

Le segment de la clientèle représentant 22% des revenus totaux de Steelcase, avec des dépenses annuelles de 512 millions de dollars.

• Clients de la Silicon Valley: 35% du segment technologique
• Côtes technologiques émergents: 65% du segment technologique

Établissements d'enseignement

Le marché de l'éducation contribue à 276 millions de dollars de revenus annuels, ce qui représente 12% du total des activités.

Segment éducatif	Investissement annuel
Enseignement supérieur	198 millions de dollars
Institutions K-12	78 millions de dollars

Organisations de soins de santé

Le segment des soins de santé génère 345 millions de dollars, représentant 15% des revenus de Steelcase.

• Hôpitaux: 65% du marché des soins de santé
• Centres de recherche médicale: 22% du marché des soins de santé
• Cliniques et soins ambulatoires: 13% du marché des soins de santé

Agences du gouvernement et du secteur public

Le secteur public représente 9% des revenus totaux, générant 207 millions de dollars par an.

Segment du gouvernement	Pourcentage	Revenus annuels
Agences fédérales	5%	115 millions de dollars
Gouvernements étatiques / locaux	4%	92 millions de dollars

Steelcase Inc. (SCS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement élevés

Pour l'exercice 2023, Steelcase a investi 46,3 millions de dollars en frais de recherche et développement, ce qui représente 2,4% du total des ventes nettes.

Exercice fiscal	Dépenses de R&D	Pourcentage de ventes nettes
2023	46,3 millions de dollars	2.4%
2022	43,1 millions de dollars	2.2%

Coûts de fabrication et de production

Les coûts totaux de fabrication et de production de Steelcase en 2023 étaient de 1,2 milliard de dollars, avec des composants de coûts clés, notamment:

• Dépenses de matières premières: 512 millions de dollars
• Coûts de main-d'œuvre directs: 287 millions de dollars
• Fabrication des frais généraux: 401 millions de dollars

Distribution et logistique globales

Les dépenses de distribution et de logistique pour Steelcase en 2023 ont totalisé 214,6 millions de dollars, ce qui représente 11,2% du total des ventes nettes.

Région	Dépenses logistiques	Pourcentage du total
Amérique du Nord	156,3 millions de dollars	72.8%
Emea	38,7 millions de dollars	18.0%
Asie-Pacifique	19,6 millions de dollars	9.2%

Investissements de vente et de marketing

Steelcase a alloué 287,5 millions de dollars aux frais de vente et de marketing en 2023, qui représentaient 15% du total des ventes nettes.

Rémunération et avantages sociaux de la main-d'œuvre

La rémunération totale de la main-d'œuvre et les avantages sociaux pour Steelcase en 2023 s'élevaient à 623,4 millions de dollars.

Catégorie de compensation	Montant
Salaires de base	412,6 millions de dollars
Bonus de performance	87,3 millions de dollars
Avantages sociaux	123,5 millions de dollars

Steelcase Inc. (SCS) - Modèle d'entreprise: Strots de revenus

Ventes de produits de meubles commerciaux

Au cours de l'exercice 2023, Steelcase a déclaré des ventes nettes totales de 3,44 milliards de dollars. Répartition des ventes de produits:

Catégorie de produits	Revenu	Pourcentage
Solutions en milieu de travail	2,18 milliards de dollars	63.4%
Solutions d'éducation	678 millions de dollars	19.7%
Solutions de soins de santé	584 millions de dollars	17%

Services de conception d'espace de travail personnalisés

Les services de conception personnalisés ont généré environ 215 millions de dollars de revenus supplémentaires pour 2023.

Consultation et support de mise en œuvre

• Revenus de services de consultation: 92 millions de dollars
• Frais de support de mise en œuvre: 64 millions de dollars

Contrats de maintenance et de mise à niveau récurrents

Revenus récurrents annuels des contrats de maintenance: 127 millions de dollars

Abonnements à la solution d'espace de travail numérique

Solution numérique	Revenus d'abonnement
Plateforme de travail sur le lieu de travail	43 millions de dollars
Outils de gestion de l'espace numérique	37 millions de dollars

Steelcase Inc. (SCS) - Canvas Business Model: Value Propositions

You're looking at the core value Steelcase Inc. delivers to its customers as of late 2025. It's a mix of physical product, strategic insight, and operational scale.

Integrated workspace solutions for hybrid work environments

Steelcase Inc. provides solutions designed for the reality of work today, where employees split time between the office and home. This focus is reflected in their order growth, especially in the Americas segment. For fiscal 2025, which ended February 28, 2025, Steelcase Inc. recorded total revenue of approximately $3.2 billion. The Americas segment showed resilience, with orders growing 6 percent in fiscal 2025 compared to the prior year, and organic revenue increasing 2 percent in that same period. This contrasts with the International segment, which saw a 5 percent reported revenue decrease in fiscal 2025.

The momentum continued into the first quarter of fiscal 2026, where organic revenue grew 7 percent overall, driven by 9 percent organic growth in the Americas. You can see the scale of their operations and customer concentration below:

Metric	Value (FY2025)	Context
Total Revenue	$3,166.0 million	Fiscal Year 2025
Operating Income Margin	5.0 percent	Fiscal Year 2025
Largest Customer Revenue Share	2 percent	Consolidated Revenue
Top Five Customer Revenue Share	6 percent	Consolidated Revenue
U.S. Federal Government Revenue Share	3 percent	Consolidated Revenue

Thought leadership in the future of work and design

Steelcase Inc. positions itself as a source of research and insight, not just a manufacturer. This thought leadership supports the sale of their integrated solutions. Their purpose is to help the world work better, and they back this up with community and design initiatives. For example, they initiated seventy-two projects globally to encourage employee volunteering in fiscal 2025. Furthermore, employees initiated 186 community partnerships across 35 locations globally during that same fiscal year.

High-quality, durable, and ergonomic furniture products

Quality and durability are key, especially when backed by service programs. The company's financial performance in fiscal 2025 showed improved profitability, with operating income reaching $158.1 million, an increase of $40.3 million from fiscal 2024. Gross margin improved by 110 basis points in fiscal 2025 compared to the prior year, which reflects cost reduction initiatives alongside product value. The first quarter of fiscal 2026 saw gross margin hit 33.9 percent, an improvement of 170 basis points year-over-year.

Commitment to sustainability via Circular by Steelcase services

The value proposition includes helping customers meet their own environmental targets. Steelcase Inc. offers Circular by Steelcase, which includes remanufacturing select task seating that comes with a 12-year warranty, giving the product a second life. The company's 2025 Impact Report highlights significant environmental progress:

• Scope 1 and 2 emissions reduced by 31 percent since FY2020.
• Scope 3 emissions reduced by 37 percent since FY2020.
• Recycled content in single-use packaging is at 43 percent.
• Over 15,000 CarbonNeutral® certified products purchased by customers since FY2023.
• These purchases avoided more than 2,400 metric tons of CO₂e emissions.
• The recycled content in their highest-performing task chairs has been doubled.

To be fair, the Eco'Services program in France, a precursor to the broader circular offerings, diverted 3,600 tons of furniture from landfills back in 2023. Charitable giving totaled $10.4 million in FY2025.

Global consistency and scale for multinational customers

Serving large, multinational customers requires a broad footprint. Steelcase Inc. operates through a global community of expert dealers in approximately 790 locations. The company's total liquidity strengthened by $73 million in fiscal 2025, ending the year at $558.3 million as of February 28, 2025, with total debt at $447.1 million and no principal repayment due until 2029. For fiscal 2025, the company recorded net income of $120.7 million, translating to diluted earnings per share of $1.02.

Steelcase Inc. (SCS) - Canvas Business Model: Customer Relationships

You're looking at how Steelcase Inc. manages its connections with the people buying its workplace solutions, which is a mix of direct engagement and deep channel partnership. This relationship structure is key, especially as the company navigates the post-pandemic work environment.

Dedicated sales force for large corporate accounts (direct sales)

Steelcase Inc. maintains a direct sales presence that complements its dealer network, focusing heavily on major clients. In fiscal year 2025, sales to U.S. federal government agencies made up about 3% of the company's total revenue. The company does not see its business as dependent on any single customer, as the largest single customer accounted for only approximately 2% of consolidated revenue in fiscal 2025. The five largest customers collectively represented about 6% of consolidated revenue for the same period. Order growth in the fourth quarter of fiscal 2025 reflected strength from large corporate customers, government, small and midsize businesses, and healthcare clients.

Long-term relationships with independent Steelcase dealers

The dealer network is the backbone of Steelcase Inc.'s go-to-market strategy, representing a relationship built over decades. Steelcase and its dealers have operated in an aligned model for 80 years, with the oldest partnership dating back to 1922. As of early 2025, the company's solutions came to life through a community of expert dealers in approximately 770 locations globally. The Americas segment relies on about 390 independent and company-owned dealer locations, while the International segment uses approximately 400 such locations. Steelcase sales representatives work closely with these dealers throughout the selling process, blending corporate reach with local execution.

Dealer concentration metrics for fiscal 2025 show the following:

Segment	Largest Single Dealer (% of Segment Revenue)	Top Five Dealers (% of Segment Revenue)
Americas	6%	15%
International	4%	10%

For the consolidated business in fiscal 2025, no single independent Steelcase dealer accounted for more than 4% of consolidated revenue, and the five largest dealers collectively accounted for about 11% of consolidated revenue.

Self-service and transactional sales via e-commerce (store.steelcase.com)

Transactional sales are supported through the online Steelcase store, which is mentioned as one of the channels through which solutions come to life, alongside the dealer community and other retail partners. Specific revenue contribution from store.steelcase.com for fiscal 2025 is not publicly itemized separately from other sales channels.

Consultative selling model for complex projects

The consultative approach is evident through the specialized services offered, often facilitated by the dealer network but backed by Steelcase Inc.'s expertise. Steelcase Financial Services acts as the only captive finance company in the industry, offering financing options designed to fit client needs at competitive below-market rates. The dealer network provides a portfolio of workplace services to help navigate the entire process, which includes:

• Workplace Consulting
• Space Planning
• Project Coordination
• Installation
• Warranty Service

Transparency in service delivery is supported by real-time monitoring capabilities, allowing clients to view furniture quotes, purchase order status, delivery schedules, and historical spend reports via a customized portal integrated with the Steelcase dealer business system. Finance: draft 13-week cash view by Friday.

Steelcase Inc. (SCS) - Canvas Business Model: Channels

You're mapping out the distribution strategy for Steelcase Inc. (SCS), and honestly, their channel mix is heavily weighted toward expert partners, though direct engagement with large clients is key for major deals. Here's the breakdown of how Steelcase Inc. gets its products and services to the end-user as of their Fiscal Year 2025 results.

The primary route to market is through a vast, established physical presence. Steelcase Inc. supports its solutions through a global community of expert Steelcase dealers in approximately 790 locations. This network is crucial for localized service and project execution. The Americas segment, which is the powerhouse contributing 77.9% of the consolidated revenue for fiscal 2025, relies heavily on this structure. For the International segment (EMEA and Asia Pacific), this distribution is managed through approximately 400 independent and company-owned Steelcase dealer locations, alongside other non-aligned dealers in certain markets. The total annual revenue for fiscal 2025 was $3.17 billion, which gives context to the scale of these channels.

Direct sales remain a significant component, especially for large accounts. Steelcase Inc. sells directly to end-use customers, which are often large multinational or regional companies across sectors like financial services, healthcare, and flexible real estate. For instance, sales to U.S. federal government agencies alone represented approximately 3% of consolidated revenue in 2025. The company does not appear dependent on any single customer, as the largest single customer accounted for only about 2% of consolidated revenue in 2025.

The digital channel is present but operates alongside the physical network. Steelcase Inc. uses its e-commerce platform, store.steelcase.com, along with other retail partners, to serve customers. While the specific revenue contribution isn't broken out in the latest filings, its inclusion shows a commitment to multi-channel access.

To be fair, you need to look at the concentration risk within the dealer channel itself. While the overall network is broad, the top dealers represent a notable portion of sales within their respective segments. Here's the quick math on dealer concentration for fiscal 2025:

Dealer Group Concentration	Consolidated Revenue (FY2025)	Americas Segment Revenue (FY2025)	International Segment Revenue (FY2025)
Largest Single Independent Dealer	Not more than 4%	Approximately 6% of segment revenue	Approximately 4% of segment revenue
Five Largest Independent Dealers (Collective)	Approximately 11% of consolidated revenue	Approximately 15% of segment revenue	Approximately 10% of segment revenue

The reliance on the dealer network is clear, but Steelcase Inc. manages this by ensuring no single dealer holds too much leverage over the total business. The five largest independent dealers collectively accounted for approximately 11% of consolidated revenue in 2025. This distribution strategy helps maintain a consistent experience for global clients while allowing for local differentiation.

The key elements of the channel strategy as of late 2025 include:

• Global network of expert Steelcase dealers in approximately 790 locations.
• Direct sales to large end-use customers, including 3% from U.S. federal agencies in 2025.
• E-commerce platform (store.steelcase.com) and other retail partners.
• Use of non-aligned dealers in certain regions, particularly in the International segment.
• The five largest independent dealers account for 11% of total consolidated revenue.

Finance: draft 13-week cash view by Friday.

Steelcase Inc. (SCS) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Steelcase Inc. (SCS) as of late 2025, trying to map where their $3.17 billion in total annual revenue for the fiscal year ending February 2025 actually came from. Honestly, the story is heavily weighted toward the Americas.

The customer base is broad, spanning several critical sectors, but the financial reality shows a clear concentration in the domestic market. For fiscal year 2025, the Americas segment was the powerhouse, contributing 77.9% of consolidated revenue. The International segment, covering EMEA and Asia Pacific, made up the remaining 22.1%. That regional split is defintely something you need to factor into any valuation model.

Here's a look at the revenue distribution across the operating segments for fiscal 2025:

Segment	FY 2025 Revenue Contribution	FY 2025 Revenue Growth (vs. Prior Year)
Americas	77.9%	2% increase
International	22.1%	5% decrease

Within the Americas, which saw a 2% revenue increase in fiscal 2025, growth was supported by several key customer types. The company serves a diverse mix, including corporate, government, education, healthcare, and retail customers. To be fair, no single industry in the Americas segment accounted for more than 18% of that segment's revenue in 2025.

Large Corporate and Multinational Enterprises are clearly central to the strategy, especially in the Americas, where orders from these customers showed strengthening trends near the end of Q3 fiscal 2025. Still, the overall customer concentration risk is low:

• The largest single customer represented approximately 2% of consolidated revenue in 2025.
• The five largest customers collectively accounted for about 6% of consolidated revenue in 2025.

Government and Public Sector entities are a reliable component of the business. For fiscal 2025, sales to U.S. federal government agencies specifically represented approximately 3% of consolidated revenue. This segment, along with large corporate and education, drove the 7% organic revenue growth seen in the Americas during Q3 of fiscal 2025.

Education (K-12 and Higher Education) and Healthcare organizations are also explicitly named as key drivers of growth in the Americas segment. Steelcase Inc. markets solutions to these sectors using brands like Steelcase Education. The company continues to focus on delivering innovative solutions for these environments.

Flexible Real Estate providers (co-working spaces) are part of the broad range of industries served, alongside financial services, information technology, insurance, manufacturing, and retail. These customers are served primarily through the dealer network, which includes approximately 390 independent and company-owned locations in the Americas.

Steelcase Inc. (SCS) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the Steelcase Inc. machine for fiscal year 2025. Honestly, for a company this size, the cost structure is dominated by getting the product made and then selling it. The numbers show a clear focus on managing the cost of goods sold and controlling overhead, which helped push the operating margin up.

The single largest cost component is the direct cost of making the furniture. Cost of Revenue was reported at $2.109 billion in FY2025. This figure reflects the combined impact of material prices, labor, and manufacturing overhead across the Americas and International segments. The company saw its Gross Margin improve by 110 basis points in FY2025, which signals that cost reduction initiatives and pricing actions were effectively outpacing input cost inflation to some degree.

Significant manufacturing and raw material costs are inherent to the business. To give you a sense of scale, looking back at 2024, approximately 58% of the cost of sales related to raw materials, components, and finished goods purchased from suppliers. These materials include steel, petroleum-based products like plastics and foam, aluminum, other metals, wood, and particleboard. Navigating the volatility in these commodity markets is a constant cost pressure point for Steelcase Inc.

Selling, General, and Administrative (SG&A) expenses fall under the broader category of Operating Expenses. Total Operating Expenses for the full fiscal year 2025 were $898.8 million. This category covers everything from sales commissions and marketing to corporate overhead and IT. The Operating Income Margin for FY2025 reached 5.0%, an improvement of 130 basis points over the prior year, showing management is executing on cost control within these overhead areas.

Investments in strategic initiatives and R&D are necessary to maintain market leadership. While specific R&D spending for FY2025 isn't explicitly detailed here, the company spent $48.2 million on Research and Development activities in fiscal 2024. Steelcase Inc. is actively investing in its business transformation initiative, which includes the deployment of a new enterprise resource planning (ERP) system, with development costs extending into 2026. This ERP implementation is a major strategic cost driver in the near-term, though the full efficiency benefits are expected in fiscal 2026 and beyond.

Finally, you have to account for the cost of capital. Steelcase Inc. maintained a total debt level of $447.1 million at the end of fiscal year 2025. The interest expense associated with servicing this debt is a fixed, non-operating cost that must be covered before net income is realized. For context, projected interest expense, net of investment income and other income, net, was approximately $2 million for the first quarter of fiscal 2026.

Here's a quick look at the key cost and expense metrics for FY2025:

Metric	Amount (FY2025)	Context/Comparison
Cost of Revenue	$2.109 billion	Largest single cost component
Total Operating Expenses	$898.8 million	Includes SG&A and R&D components
Total Debt	$447.1 million	Debt level at fiscal year-end
Gross Margin Improvement	110 basis points	Compared to prior year
Operating Income Margin	5.0%	Up 130 basis points year-over-year

You should keep an eye on how the company manages its input costs, given the material intensity of their products. The cost structure is heavily weighted toward production, but the strategic investments are a necessary ongoing expense.

• Raw Material Exposure: Steel, petroleum-based products, aluminum, wood.
• Cost Reduction Target: Management is executing on a plan targeting $50+ million in operational cost reductions from FY2023 levels.
• Transformation Costs: Ongoing operating costs related to the business transformation initiative, including IT/ERP deployment.
• Variable Compensation: Included as a component of higher operating expenses, such as $11 million (or 0.3 percent of revenue) in Q4 FY2025.

Finance: draft 13-week cash view by Friday.

Steelcase Inc. (SCS) - Canvas Business Model: Revenue Streams

You're looking at how Steelcase Inc. actually brings in the money, which is always the most important part of any business model analysis. For the fiscal year ending February 28, 2025, the total annual revenue for Steelcase Inc. was reported at $3.17 billion.

The vast majority of this revenue comes from the sale of physical goods, broken down across their main product lines. Systems and storage, which covers things like architectural and modular products, is the biggest piece of the pie, but seating remains a very strong second. Honestly, this product mix shows you they are focused on full workspace solutions, not just chairs.

Product Category	FY 2025 Revenue
Systems and storage	$1.340 billion
Seating	$934.5 million
Other Product Category	$890.6 million

When you look at where these sales happen geographically, the Americas segment is the powerhouse, contributing a dominant 77.9% of consolidated revenue for FY2025. That segment actually saw revenue increase by 2% that year, driven by demand from large corporate, government, and education customers. The International segment, however, was the headwind, with revenue declining by 5% due to soft demand in places like Western Europe.

While the core is product sales, Steelcase Inc. also generates revenue from services, which you should definitely keep an eye on for future growth potential. This includes things like design work, installation services, and end-of-use management for their products. While the search results didn't give a specific dollar amount for services revenue in FY2025, it is implicitly part of the overall revenue structure, likely captured within the product categories or as a smaller component of the overall sales mix.

For shareholders, a concrete return stream is the dividend. The Board of Directors declared a quarterly cash dividend of $0.10 per share in Q4 FY2025, which was scheduled to be paid out in April 2025. This shows a commitment to returning capital to owners, even while navigating mixed global demand.

Key revenue drivers and components include:

• Total annual revenue of $3.17 billion (FY2025).
• Americas segment contribution of 77.9% of total revenue.
• Systems and storage revenue at $1.340 billion.
• Seating revenue at $934.5 million.
• Quarterly cash dividend of $0.10 per share declared.

Finance: draft 13-week cash view by Friday.