Strattec Security Corporation (STRT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo de alto risco de segurança automotiva, a Strattec Security Corporation (STRT) surge como um jogador fundamental, transformando a proteção de veículos por meio de inovação de ponta e proezas estratégicas de fabricação. Ao misturar perfeitamente soluções tecnológicas avançadas com engenharia de precisão, esta empresa sediada em Milwaukee criou um nicho crítico em salvaguarda veículos para os principais fabricantes de automóveis como Ford, General Motors e Stellantis. Seu modelo abrangente de negócios de negócios revela uma abordagem sofisticada para criar, oferecer e capturar valor no complexo ecossistema de segurança automotiva, oferecendo um vislumbre fascinante sobre como as empresas especializadas impulsionam a inovação e protegem a mobilidade no cenário automotivo moderno.

Strattec Security Corporation (STRT) - Modelo de negócios: Parcerias -chave

Parcerias de fabricantes automotivos

A Strattec Security Corporation mantém parcerias estratégicas com os principais fabricantes automotivos:

Fabricante automotivo	Detalhes da parceria	Volume anual de oferta
Ford Motor Company	Sistemas de bloqueio de segurança e mecanismos -chave	1,2 milhão de unidades
General Motors	Soluções avançadas de bloqueio	1,5 milhão de unidades
Stellantis	Hardware de segurança do veículo	900.000 unidades

Fornecedores de equipamentos originais (OEM)

A Strattec colabora com fornecedores OEM especializados no setor de segurança automotiva:

• Aptiv PLC (fornecedor de tecnologia automotiva)
• Bosch Automotive Systems
• Continental AG

Parceiros de tecnologia

Parcerias de tecnologia focadas em inovações avançadas de segurança e sistema de bloqueio:

Parceiro de tecnologia	Foco na inovação	Valor do investimento
Sensata Technologies	Integração de segurança eletrônica	US $ 2,3 milhões em investimento em P&D
Semicondutores NXP	Tecnologias avançadas de criptografia	Orçamento de colaboração de US $ 1,7 milhão

Colaboradores de fabricação e distribuição

As parcerias estratégicas de fabricação e distribuição incluem:

• Flex Ltd. (parceiro de fabricação)
• Tecnologia de dispositivo integrado
• Soluções de logística global

Contribuição total da receita da parceria: US $ 87,5 milhões em 2023

Strattec Security Corporation (STRT) - Modelo de negócios: Atividades -chave

Projetar e fabricar produtos de segurança automotiva

A Strattec Security Corporation concentra -se no desenvolvimento abrangente de produtos para segurança automotiva com os seguintes recursos de fabricação de teclas:

Capacidade de fabricação	Capacidade de produção anual
PRODUÇÃO DE FOB PRINCIPAL	8,5 milhões de unidades por ano
Conjuntos de trava de porta	12,3 milhões de unidades por ano
Bloqueios da coluna de direção	6,7 milhões de unidades por ano

Pesquisa e desenvolvimento de mecanismos de bloqueio avançado

Investimentos de P&D e foco tecnológico:

• Despesas anuais de P&D: US $ 7,2 milhões
• Número de patentes ativas: 42
• Tamanho da equipe de engenharia: 93 profissionais

Processos de produção

Tecnologia de fabricação	Métricas de precisão
Carimbo de metal de precisão	Tolerância: ± 0,01 mm
Moldagem por injeção	Tempo de ciclo: 45-60 segundos

Inovação contínua de produtos

Métricas de inovação:

• Novo produto Introduções anualmente: 7-9 modelos
• Ciclo de atualização da tecnologia: 18-24 meses
• Modificações de design orientadas ao cliente: 12-15 por ano

Strattec Security Corporation (STRT) - Modelo de negócios: Recursos -chave

Instalações de fabricação

Strattec opera a Instalação de fabricação de 68.000 pés quadrados Localizado em Milwaukee, Wisconsin. No ano fiscal de 2023, a instalação está equipada com infraestrutura avançada de fabricação dedicada à produção de sistemas de segurança e acesso automotivo.

Portfólio de propriedade intelectual

Categoria de propriedade intelectual	Número total
Patentes ativas	37
Aplicações de patentes pendentes	12
Marcas registradas	8

Composição da força de trabalho

Em 31 de dezembro de 2023, Strattec empregou Aproximadamente 630 trabalhadores em tempo integral, com a seguinte quebra:

• Pessoal de engenharia: 85
• Equipe técnica: 120
• Trabalhadores de Manufatura: 375
• Pessoal Administrativo: 50

Tecnologia de fabricação

Investimento em equipamentos avançados de fabricação totalizados US $ 4,2 milhões No ano fiscal de 2023, concentrando -se na usinagem de precisão e nos sistemas de produção automatizados.

Relacionamentos com clientes

Fabricante automotivo	Anos de parceria	Valor anual do contrato
General Motors	23	US $ 42,5 milhões
Ford Motor Company	18	US $ 35,7 milhões
Stellantis	15	US $ 28,3 milhões

Strattec Security Corporation (STRT) - Modelo de negócios: proposições de valor

Soluções de segurança automotiva confiáveis ​​e de alta qualidade

A proposta de valor da Strattec Security Corporation se concentra na entrega Produtos de segurança automotiva de alto desempenho. Até o ano fiscal de 2023, a empresa informou:

Categoria de produto	Receita anual	Quota de mercado
Sistemas de segurança automotiva	US $ 192,4 milhões	15.7%
Mecanismos de bloqueio de alta segurança	US $ 84,6 milhões	22.3%

Produtos de segurança personalizados para diferentes modelos de veículos

A empresa fornece soluções de segurança personalizadas nos segmentos de veículos:

• Veículos de passageiros: 68% do portfólio de produtos
• Veículos comerciais: 22% do portfólio de produtos
• Veículos especiais: 10% do portfólio de produtos

Abordagens tecnológicas inovadoras para proteção de veículos

Strattec investe significativamente em pesquisa e desenvolvimento:

Métrica de P&D	2023 valor
Despesas de P&D	US $ 14,2 milhões
Aplicações de patentes	17 novas patentes

Mecanismos de segurança econômicos para fabricantes de automóveis

Métricas de eficiência de custos para fabricantes de automóveis:

• Redução média de custo de produção: 12,4%
• Melhoria da eficiência da fabricação: 8,6%
• Economia de custo por unidade: US $ 42 por mecanismo de segurança

Integração abrangente do sistema de segurança

Recursos de integração em plataformas automotivas:

Métrica de integração	2023 desempenho
Plataformas de veículos compatíveis	87 modelos diferentes
Compatibilidade entre plataformas	94.3%

Strattec Security Corporation (STRT) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com os principais fabricantes automotivos

A Strattec Security Corporation mantém Parcerias estratégicas de longo prazo com os principais fabricantes automotivos. A partir de 2023, a empresa estabeleceu contratos com:

Fabricante automotivo	Duração do contrato	Linha de produtos primária
General Motors	Contrato de 5 anos	Sistemas de bloqueio de veículos
Ford Motor Company	Contrato de 4 anos	Mecanismos de segurança
Stellantis	Parceria de 3 anos	Sistemas de controle de acesso

Suporte técnico e desenvolvimento de produtos colaborativos

A Strattec fornece suporte técnico abrangente por meio de:

• Consultas de engenharia no local
• Desenvolvimento rápido do protótipo
• Design de solução personalizada
• Solução de problemas técnicos em tempo real

Equipes de gerenciamento de contas dedicadas

A empresa emprega Equipes de gerenciamento de contas especializadas Com a seguinte estrutura:

Segmento de equipe	Número de profissionais dedicados	Cobertura do cliente
Suporte automotivo de OEM	12 profissionais	5 principais fabricantes automotivos
Integração técnica	8 engenheiros	Colaboração de desenvolvimento de produtos

Atendimento ao cliente responsivo para parceiros OEM

As métricas de atendimento ao cliente para 2023 incluem:

• Tempo médio de resposta: 2,3 horas
• Classificação de satisfação do cliente: 94,5%
• Taxa de resolução de emissão: 97,2%

Melhoria e adaptação contínuas

Strattec investe no aprimoramento do relacionamento com o cliente por meio de:

• Pesquisas anuais de feedback do cliente
• Reuniões trimestrais de revisão de desempenho
• Inovação tecnológica contínua

Strattec Security Corporation (STRT) - Modelo de Negócios: Canais

Equipes de vendas diretas direcionando fabricantes automotivos

A Strattec Security Corporation mantém uma equipe de vendas direta dedicada focada nos fabricantes de automóveis. A partir de 2023, a empresa atende os principais fabricantes de automóveis com vendas anuais de US $ 185,2 milhões.

Principais clientes automotivos	Volume de vendas
General Motors	38,4% do total de vendas automotivas
Ford Motor Company	27,6% do total de vendas automotivas
Stellantis	19,2% do total de vendas automotivas

Feiras do setor e conferências automotivas

A Strattec participa de eventos principais da indústria automotiva para mostrar soluções de segurança.

• Salão de automóveis internacionais da América do Norte
• Exposição de engenharia de mobilidade internacional da SAE
• Conferência da Associação de Fornecedores Automotivos (AASA)

Documentação técnica online e catálogos de produtos

As plataformas digitais suportam o envolvimento do cliente com recursos técnicos abrangentes.

Canal digital	Métricas de uso
Site da empresa Downloads técnicos	42.500 downloads anuais de documentos
Catálogo de produtos on -line	3.200 visitantes mensais únicos

Plataformas de comunicação digital

A Strattec utiliza vários canais de comunicação digital para a interação do cliente.

• Página da empresa do LinkedIn com 1.250 seguidores
• Plataforma de e -mail de suporte técnico
• Portal dedicado ao cliente

Redes de distribuição estabelecidas

A empresa aproveita as parcerias estratégicas de distribuição para expandir o alcance do mercado.

Parceiro de distribuição	Cobertura
Distribuidores de peças automotivas	87 centros de distribuição regional
Fabricante de equipamentos originais (OEM) cadeias de suprimentos	12 regiões primárias de fabricação automotiva

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

Fabricantes automotivos nacionais e internacionais

A partir de 2023, a Strattec atende a aproximadamente 25 fabricantes automotivos em todo o mundo, com clientes -chave, incluindo:

Fabricante	Região	Status do relacionamento
General Motors	Estados Unidos	Parceiro estratégico de longo prazo
Ford Motor Company	Estados Unidos	Fornecedor do Sistema de Segurança Primária
Stellantis	América do Norte/Europa	Fornecedor estabelecido

Fabricantes de equipamentos originais (OEMs)

O segmento de clientes OEM da Strattec representa 68% da receita total em 2023, com a seguinte quebra:

• Participação de mercado do OEM norte -americano: 42%
• Participação de mercado européia de OEM: 18%
• Participação de mercado asiática de OEM: 8%

Fornecedores de peças automotivas

Os principais relacionamentos de fornecedores de peças automotivas incluem:

Fornecedor	Categoria de produto	Valor anual do contrato
Aptiv	Sistemas de segurança	US $ 12,5 milhões
Magna International	Sistemas de controle de acesso	US $ 8,7 milhões

Provedores de segurança automotiva de pós -venda

Contribuição do segmento de pós -venda para a receita em 2023:

• Receita total de pós -venda: US $ 45,3 milhões
• Porcentagem de receita total da empresa: 22%
• Principais linhas de produtos: bloqueios de substituição, chaves -chave, módulos de segurança

Fabricantes de veículos comerciais e de frota

Detalhes do segmento de clientes do veículo de frota:

Segmento de frota	Número de clientes	Receita anual
Caminhões comerciais	12 clientes principais	US $ 18,6 milhões
Veículos municipais	8 clientes	US $ 6,2 milhões
Serviços de transporte	15 clientes	US $ 11,4 milhões

Strattec Security Corporation (STRT) - Modelo de negócios: estrutura de custos

Equipamento e manutenção de fabricação

No ano fiscal de 2023, a Strattec Security Corporation investiu US $ 4,2 milhões em despesas de fabricação e manutenção.

Categoria de equipamento	Custo anual
Máquinas CNC	US $ 1,6 milhão
Ferramentas de precisão	US $ 1,1 milhão
Manutenção e reparos	US $ 1,5 milhão

Investimentos de pesquisa e desenvolvimento

Strattec alocado US $ 5,7 milhões Pesquisa e desenvolvimento em 2023, representando 4,3% da receita total.

• Desenvolvimento de tecnologia de segurança automotiva: US $ 2,8 milhões
• Mecanismo de bloqueio avançado Inovação: US $ 1,9 milhão
• Sistemas de segurança e segurança eletrônica: US $ 1 milhão

Custos de mão -de -obra para engenharia qualificada e força de trabalho de produção

As despesas totais de mão -de -obra em 2023 foram de US $ 32,4 milhões, cobrindo aproximadamente 650 funcionários.

Categoria de funcionários	Salário médio anual	Custo total
Equipe de engenharia	$95,000	US $ 12,4 milhões
Trabalhadores da produção	$55,000	US $ 17,6 milhões
Pessoal administrativo	$75,000	US $ 2,4 milhões

Aquisição de matéria -prima

Os custos da matéria -prima para 2023 totalizaram US $ 41,6 milhões, com materiais importantes, incluindo:

• Ligas de zinco: US $ 15,2 milhões
• Componentes de aço: US $ 12,8 milhões
• Componentes eletrônicos: US $ 8,9 milhões
• Materiais plásticos: US $ 4,7 milhões

Despesas de desenvolvimento de tecnologia e inovação

Os investimentos em desenvolvimento de tecnologia atingiram US $ 3,9 milhões em 2023, focados em tecnologias emergentes de segurança automotiva.

Área de Desenvolvimento de Tecnologia	Investimento
Sistemas de segurança digital	US $ 1,6 milhão
Tecnologias Smart Lock	US $ 1,3 milhão
Inovações de segurança cibernética	US $ 1 milhão

Strattec Security Corporation (STRT) - Modelo de negócios: fluxos de receita

Vendas de produtos para fabricantes automotivos

Para o ano fiscal de 2023, a Strattec reportou vendas líquidas totais de US $ 151,1 milhões, com as vendas de segmento automotivo compreendendo a maior parte da receita.

Segmento de clientes	Contribuição da receita	Percentagem
General Motors	US $ 42,3 milhões	28%
Ford Motor Company	US $ 35,7 milhões	24%
Stellantis	US $ 27,5 milhões	18%

Licenciamento de tecnologia de segurança e patentes

A Strattec possui aproximadamente 54 patentes ativas relacionadas a sistemas de segurança automotiva.

• Receita de licenciamento para 2023: US $ 3,2 milhões
• Acordos de licenciamento de patentes com 7 fabricantes automotivos
• Taxa média de licenciamento por tecnologia: US $ 457.000

Contratos de solução de segurança personalizados

Os contratos de solução de segurança personalizados geraram US $ 12,6 milhões em receita para o ano fiscal de 2023.

Tipo de contrato	Valor	Número de contratos
Sistemas de alta segurança	US $ 6,3 milhões	12
Mecanismos de bloqueio especializados	US $ 4,2 milhões	8
Controle de acesso avançado	US $ 2,1 milhões	5

Peças de reposição e componentes de reposição

Receita do segmento de pós -venda para 2023: US $ 15,4 milhões

• Custo médio da peça de reposição: US $ 87
• Total de peças de reposição vendidas: 177.000 unidades
• Componentes de substituição mais vendidos: fechaduras de porta, interruptores de ignição

Vendas de expansão do mercado internacional

As vendas internacionais para o ano fiscal de 2023 totalizaram US $ 22,8 milhões.

Região	Receita	Taxa de crescimento
México	US $ 9,6 milhões	7.2%
Canadá	US $ 7,3 milhões	5.5%
Europa	US $ 5,9 milhões	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.