Strattec Security Corporation (STRT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde à enjeux élevés de la sécurité automobile, Strattec Security Corporation (STRT) émerge comme un acteur pivot, transformant la protection des véhicules grâce à l'innovation de pointe et aux prouesses de fabrication stratégique. En mélangeant de manière transparente des solutions technologiques avancées avec l'ingénierie de précision, cette société basée à Milwaukee a taillé un créneau critique dans la sauvegarde des véhicules pour les principaux constructeurs automobiles comme Ford, General Motors et Stellantis. Leur toile complète du modèle commercial révèle une approche sophistiquée de la création, de la livraison et de la capture de la valeur dans l'écosystème de sécurité automobile complexe, offrant un aperçu fascinant de la façon dont les entreprises spécialisées stimulent l'innovation et protègent la mobilité dans le paysage automobile moderne.

Strattec Security Corporation (STRT) - Modèle d'entreprise: partenariats clés

Partenariats des fabricants automobiles

Strattec Security Corporation entretient des partenariats stratégiques avec les principaux constructeurs automobiles:

Constructeur automobile	Détails du partenariat	Volume de l'offre annuelle
Ford Motor Company	Systèmes de verrouillage de sécurité et mécanismes clés	1,2 million d'unités
General Motors	Solutions de verrouillage avancées	1,5 million d'unités
Stelllantis	Matériel de sécurité des véhicules	900 000 unités

Fournisseurs d'origine (OEM)

Strattec collabore avec des fournisseurs OEM spécialisés dans l'industrie de la sécurité automobile:

• APTIV PLC (fournisseur de technologie automobile)
• Systèmes automobiles de Bosch
• AG continental

Partenaires technologiques

Les partenariats technologiques se sont concentrés sur les innovations avancées du système de sécurité et de verrouillage:

Partenaire technologique	Focus de l'innovation	Montant d'investissement
Sensata Technologies	Intégration de sécurité électronique	Investissement de R&D de 2,3 millions de dollars
Semi-conducteurs NXP	Technologies de chiffrement avancées	Budget de collaboration de 1,7 million de dollars

Collaborateurs de fabrication et de distribution

Les partenariats stratégiques de fabrication et de distribution comprennent:

• Flex Ltd. (partenaire de fabrication)
• Technologie de l'appareil intégré
• Solutions logistiques mondiales

Contribution totale des revenus de la société de personnes: 87,5 millions de dollars en 2023

Strattec Security Corporation (STRT) - Modèle d'entreprise: activités clés

Conception et fabrication de produits de sécurité automobile

Strattec Security Corporation se concentre sur le développement complet de produits de sécurité automobile avec les principales capacités de fabrication suivantes:

Capacité de fabrication	Capacité de production annuelle
Production de FOB clé	8,5 millions d'unités par an
Assemblages de verrouillage de porte	12,3 millions d'unités par an
Serrures de colonne de direction	6,7 millions d'unités par an

Recherche et développement de mécanismes de verrouillage avancés

Investissements en R&D et concentration technologique:

• Dépenses annuelles de R&D: 7,2 millions de dollars
• Nombre de brevets actifs: 42
• Taille de l'équipe d'ingénierie: 93 professionnels

Processus de production

Technologie de fabrication	Métriques de précision
Tamponnage du métal de précision	Tolérance: ± 0,01 mm
Moulage par injection	Temps de cycle: 45-60 secondes

Innovation continue des produits

Métriques d'innovation:

• Nouveaux introductions chaque année: 7-9 modèles
• Cycle de rafraîchissement de la technologie: 18-24 mois
• Modifications de conception axées sur le client: 12-15 par an

Strattec Security Corporation (STRT) - Modèle d'entreprise: Ressources clés

Installations de fabrication

Strattec exploite un Installation de fabrication de 68 000 pieds carrés Situé à Milwaukee, Wisconsin. Depuis l'exercice 2023, l'installation est équipée d'une infrastructure de fabrication avancée dédiée à la production de systèmes de sécurité et d'accès automobile.

Portefeuille de propriété intellectuelle

Catégorie de propriété intellectuelle	Nombre total
Brevets actifs	37
Demandes de brevet en instance	12
Marques enregistrées	8

Composition de la main-d'œuvre

Au 31 décembre 2023, Strattec a employé Environ 630 travailleurs à temps plein, avec la ventilation suivante:

• Personnel d'ingénierie: 85
• Personnel technique: 120
• Travailleurs de fabrication: 375
• Personnel administratif: 50

Technologie de fabrication

L'investissement dans des équipements de fabrication avancés totalisait 4,2 millions de dollars Au cours de l'exercice 2023, en se concentrant sur l'usinage de précision et les systèmes de production automatisés.

Relations avec les clients

Constructeur automobile	Années de partenariat	Valeur du contrat annuel
General Motors	23	42,5 millions de dollars
Ford Motor Company	18	35,7 millions de dollars
Stelllantis	15	28,3 millions de dollars

Strattec Security Corporation (STRT) - Modèle d'entreprise: propositions de valeur

Solutions de sécurité automobile fiables de haute qualité

La proposition de valeur de Strattec Security Corporation se concentre sur la livraison Produits de sécurité automobile haute performance. Depuis l'exercice 2023, la société a rapporté:

Catégorie de produits	Revenus annuels	Part de marché
Systèmes de sécurité automobile	192,4 millions de dollars	15.7%
Mécanismes de verrouillage de haute sécurité	84,6 millions de dollars	22.3%

Produits de sécurité personnalisés pour différents modèles de véhicules

L'entreprise fournit des solutions de sécurité sur mesure à travers les segments de véhicules:

• Véhicules de passagers: 68% du portefeuille de produits
• Véhicules commerciaux: 22% du portefeuille de produits
• Véhicules spécialisés: 10% du portefeuille de produits

Approches technologiques innovantes de la protection des véhicules

Strattec investit considérablement dans la recherche et le développement:

Métrique de R&D	Valeur 2023
Dépenses de R&D	14,2 millions de dollars
Demandes de brevet	17 nouveaux brevets

Mécanismes de sécurité rentables pour les constructeurs automobiles

Métriques de rentabilité pour les constructeurs automobiles:

• Réduction moyenne des coûts de production: 12,4%
• Amélioration de l'efficacité de la fabrication: 8,6%
• Économies de coûts par unité: 42 $ par mécanisme de sécurité

Intégration complète du système de sécurité

Capacités d'intégration sur les plates-formes automobiles:

Métrique d'intégration	Performance de 2023
Plates-formes de véhicules compatibles	87 modèles différents
Compatibilité multiplateforme	94.3%

Strattec Security Corporation (STRT) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les principaux constructeurs automobiles

Strattec Security Corporation maintient Partenariats stratégiques à long terme avec les principaux constructeurs automobiles. En 2023, la société a établi des contrats avec:

Constructeur automobile	Durée du contrat	Ligne de produit primaire
General Motors	Accord sur 5 ans	Systèmes de verrouillage des véhicules
Ford Motor Company	Contrat de 4 ans	Mécanismes de sécurité
Stelllantis	Partenariat de 3 ans	Systèmes de contrôle d'accès

Support technique et développement de produits collaboratifs

Strattec fournit un soutien technique complet à travers:

• Consultations d'ingénierie sur place
• Développement de prototypes rapides
• Conception de solution personnalisée
• Dépannage technique en temps réel

Équipes de gestion des comptes dédiés

L'entreprise emploie équipes de gestion des comptes spécialisés avec la structure suivante:

Segment d'équipe	Nombre de professionnels dévoués	Couverture client
Prise en charge des OEM automobiles	12 professionnels	Top 5 constructeurs automobiles
Intégration technique	8 ingénieurs	Collaboration de développement de produits

Service client réactif pour les partenaires OEM

Les mesures de service client pour 2023 incluent:

• Temps de réponse moyen: 2,3 heures
• Note de satisfaction du client: 94,5%
• Taux de résolution d'émission: 97,2%

Amélioration continue et adaptation

Strattec investit dans l'amélioration de la relation client à travers:

• Enquêtes de rétroaction des clients annuels
• Réunions de révision des performances trimestrielles
• Innovation technologique continue

Strattec Security Corporation (STRT) - Modèle d'entreprise: canaux

Équipes de vente directes ciblant les constructeurs automobiles

Strattec Security Corporation maintient une équipe de vente directe dédiée axée sur les constructeurs automobiles. En 2023, la société dessert de grands constructeurs automobiles avec des ventes annuelles de 185,2 millions de dollars.

Clients automobiles clés	Volume des ventes
General Motors	38,4% du total des ventes automobiles
Ford Motor Company	27,6% du total des ventes automobiles
Stelllantis	19,2% du total des ventes automobiles

Salons du commerce de l'industrie et conférences automobiles

Strattec participe à des événements clés de l'industrie automobile pour présenter des solutions de sécurité.

• Salon de l'auto international nord-américain
• SAE International Mobility Engineering Exposition
• Conférence de l'Association des fournisseurs de rechange automobile (AASA)

Documentation technique en ligne et catalogues de produits

Les plateformes numériques prennent en charge l'engagement des clients avec des ressources techniques complètes.

Canal numérique	Métriques d'utilisation
Téléchargements techniques du site Web de l'entreprise	42 500 téléchargements de documents annuels
Catalogue de produits en ligne	3 200 visiteurs mensuels uniques

Plateformes de communication numérique

Strattec utilise plusieurs canaux de communication numériques pour l'interaction client.

• Page de l'entreprise LinkedIn à 1 250 abonnés
• Plateforme de messagerie d'assistance technique
• Portail client dédié

Réseaux de distribution établis

La société tire parti des partenariats de distribution stratégique pour étendre la portée du marché.

Partenaire de distribution	Couverture
Distributeurs de pièces automobiles	87 centres de distribution régionaux
Chaînes d'alimentation du fabricant d'équipements d'origine (OEM)	12 régions de fabrication automobile primaires

Strattec Security Corporation (STRT) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles nationaux et internationaux

En 2023, Strattec dessert environ 25 constructeurs automobiles dans le monde, avec des clients clés, notamment:

Fabricant	Région	Statut de relation
General Motors	États-Unis	Partenaire stratégique à long terme
Ford Motor Company	États-Unis	Fournisseur du système de sécurité primaire
Stelllantis	Amérique du Nord / Europe	Fournisseur établi

Fabricants d'équipements d'origine (OEM)

Le segment de la clientèle OEM de Strattec représente 68% des revenus totaux en 2023, avec la ventilation suivante:

• Part de marché OEM nord-américain: 42%
• Part de marché européen OEM: 18%
• Part de marché OEM asiatique: 8%

Fournisseurs de pièces automobiles

Les relations avec les fournisseurs de pièces automobiles clés comprennent:

Fournisseur	Catégorie de produits	Valeur du contrat annuel
Aptiv	Systèmes de sécurité	12,5 millions de dollars
Magna International	Systèmes de contrôle d'accès	8,7 millions de dollars

Fournisseurs de sécurité automobile du marché secondaire

Contribution du segment du marché secondaire aux revenus en 2023:

• Revenu total du marché secondaire: 45,3 millions de dollars
• Pourcentage du total des revenus de l'entreprise: 22%
• Lignes de produit clés: verrous de remplacement, clés de clés, modules de sécurité

Fabricants de véhicules commerciaux et de flotte

Détails du segment des clients de véhicules de flotte:

Segment de la flotte	Nombre de clients	Revenus annuels
Camions commerciaux	12 clients majeurs	18,6 millions de dollars
Véhicules municipaux	8 clients	6,2 millions de dollars
Services de transport	15 clients	11,4 millions de dollars

Strattec Security Corporation (STRT) - Modèle d'entreprise: Structure des coûts

Équipement de fabrication et entretien

Depuis l'exercice 2023, Strattec Security Corporation a investi 4,2 millions de dollars dans les équipements de fabrication et les frais de maintenance.

Catégorie d'équipement	Coût annuel
Machines CNC	1,6 million de dollars
Outils de précision	1,1 million de dollars
Entretien et réparations	1,5 million de dollars

Investissements de recherche et développement

Strattec alloué 5,7 millions de dollars à la recherche et au développement en 2023, représentant 4,3% du total des revenus.

• Développement de la technologie de sécurité automobile: 2,8 millions de dollars
• Innovation avancée du mécanisme de verrouillage: 1,9 million de dollars
• Systèmes de sécurité logiciels et électroniques: 1 million de dollars

Coûts de main-d'œuvre pour l'ingénierie qualifiée et la main-d'œuvre de production

Les dépenses totales de main-d'œuvre pour 2023 étaient de 32,4 millions de dollars, couvrant environ 650 employés.

Catégorie des employés	Salaire annuel moyen	Coût total
Personnel d'ingénierie	$95,000	12,4 millions de dollars
Travailleurs de la production	$55,000	17,6 millions de dollars
Personnel administratif	$75,000	2,4 millions de dollars

Achat de matières premières

Les coûts des matières premières pour 2023 ont totalisé 41,6 millions de dollars, avec des matériaux clés, notamment:

• Alliages de zinc: 15,2 millions de dollars
• Composants en acier: 12,8 millions de dollars
• Composants électroniques: 8,9 millions de dollars
• Matériaux plastiques: 4,7 millions de dollars

Frais de développement de la technologie et de l'innovation

Les investissements en développement technologique ont atteint 3,9 millions de dollars en 2023, axé sur les technologies de sécurité automobile émergentes.

Zone de développement technologique	Investissement
Systèmes de sécurité numérique	1,6 million de dollars
Technologies de verrouillage intelligent	1,3 million de dollars
Innovations de cybersécurité	1 million de dollars

Strattec Security Corporation (STRT) - Modèle d'entreprise: Strots de revenus

Ventes de produits aux constructeurs automobiles

Pour l'exercice 2023, Strattec a déclaré des ventes nettes totales de 151,1 millions de dollars, avec des ventes de segments automobiles comprenant la majorité des revenus.

Segment de clientèle	Contribution des revenus	Pourcentage
General Motors	42,3 millions de dollars	28%
Ford Motor Company	35,7 millions de dollars	24%
Stelllantis	27,5 millions de dollars	18%

Licence de technologie de sécurité et de brevets

Strattec détient environ 54 brevets actifs liés aux systèmes de sécurité automobile.

• Revenus de licence pour 2023: 3,2 millions de dollars
• Accords de licence de brevet avec 7 constructeurs automobiles
• Frais de licence moyenne par technologie: 457 000 $

Contrats de solution de sécurité personnalisés

Les contrats de solution de sécurité personnalisés ont généré 12,6 millions de dollars de revenus pour l'exercice 2023.

Type de contrat	Valeur	Nombre de contrats
Systèmes de haute sécurité	6,3 millions de dollars	12
Mécanismes de verrouillage spécialisés	4,2 millions de dollars	8
Contrôle d'accès avancé	2,1 millions de dollars	5

Pièces de rechange et composants de remplacement

Revenus de segment du marché secondaire pour 2023: 15,4 millions de dollars

• Coût de pièce de remplacement moyen: 87 $
• Pièces totales de rechange vendues: 177 000 unités
• Composants de remplacement à vente supérieure: serrures de porte, interrupteurs d'allumage

Ventes d'expansion du marché international

Les ventes internationales pour l'exercice 2023 ont totalisé 22,8 millions de dollars.

Région	Revenu	Taux de croissance
Mexique	9,6 millions de dollars	7.2%
Canada	7,3 millions de dollars	5.5%
Europe	5,9 millions de dollars	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.