ALSN · CIK 1411207
What Allison Transmission Holdings, Inc. told the SEC could break it.
Allison is concentrated at both ends of its supply chain. On the demand side, a few truck OEMs drive its business — its top five customers were about 52% of 2025 net sales, with Daimler at 18%, PACCAR at 11% and Traton at 10% — so the loss or consolidation of any one would materially hurt results. On the supply side, roughly 75% of its component spending came from about 40 suppliers, many of them the single source for those parts, concentrating risk on a narrow validated base. In between sits commodity exposure: purchased components make up about 66% of its cost of sales, a substantial portion built from aluminum and steel, so metal-price swings pressure margins (partly indexed and passed through to customers on a 6-to-12-month lag).
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- top 5 OEM customers = 52% of net sales; top 3 (Daimler, PACCAR, Traton) = 39%high
Allison's sales are concentrated in a few truck OEMs — its top five OEM customers were ~52% of net sales in 2025, with Daimler AG (18%), PACCAR (11%) and Traton SE (10%) the largest — so loss or consolidation of any one would materially hurt results.
“For the years ended December 31, 2025, 2024 and 2023, our top five OEM customers accounted for approximately 52%, 55% and 52% of our net sales, respectively. Our top three customers, Daimler AG, PACCAR Inc. and Traton SE, accounted for approximately 18%, 11% and 10%, respectively, of our net sales during 2025.”
SEC filing →As of 2026
Commodity & input dependence
- aluminum and steel (purchased components ~66% of cost of sales)medium
About 66% of Allison's cost of sales is purchased components, a substantial portion made of aluminum and steel, exposing margins to aluminum/steel price moves (partly indexed and passed through to customers with a 6-12 month lag).
“We are subject to changes in our cost of sales caused by movements in underlying commodity prices. As of December 31, 2025, approximately 66% of our cost of sales consisted of purchased components. A substantial portion of the purchased parts are made of aluminum and steel.”
Sole-source dependency
- 75% of component spend from ~40 suppliers, many single-sourcemedium
In 2025 roughly 75% of Allison's total component spending came from about 40 suppliers, many of which are the single source for those components, concentrating supply risk on a narrow validated supplier base.
“In 2025, approximately 75% of our total spending on components was sourced from approximately 40 suppliers, many of which are the single source for such components.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our top three customers, Daimler AG, PACCAR Inc. and Traton SE, accounted for approximately 18%, 11% and 10%, respectively, of our net sales during 2025.”
Cited →Traton SE
“Our top three customers, Daimler AG, PACCAR Inc. and Traton SE, accounted for approximately 18%, 11% and 10%, respectively, of our net sales during 2025.”
Cited →Daimler AG
“Our top three customers, Daimler AG, PACCAR Inc. and Traton SE, accounted for approximately 18%, 11% and 10%, respectively, of our net sales during 2025.”
Cited →“Sales and service of MTU, Allison, and Daimler products accounted for approximately 12% of the Company's revenues during 2025.”
Cited →
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