FOXF · CIK 0001424929
What Fox Factory Holding Corp told the SEC could break it.
Fox Factory's register centers on the cost and geography of making metal-intensive products. Because its goods lean heavily on aluminum and steel, the 2025 tariff escalations bear directly on it — duties on those metals raised to 50% and extended to derivative products, plus IEEPA tariffs on imports from Mexico, Canada, and China — compounded by a reliance on a limited number of suppliers for certain proprietary components. Its bike-suspension manufacturing is concentrated entirely in Taiwan, exposed to typhoons and cross-strait tensions. Standing apart from the supply-chain theme are a single customer at roughly 12% of net sales and a $557.3 million goodwill impairment in 2025 tied to underperforming acquisitions.
5 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.
Regulatory & policy
- steel/aluminum (50%) & IEEPA tariffshigh
Fox Factory's aluminum/steel-intensive products are exposed to 2025 tariff escalations — steel and aluminum tariffs raised to 50% (extended to derivative products, exemptions terminated) plus IEEPA tariffs on Mexico, Canada and China imports.
“The new Trump administration enhanced these measures beginning in 2025 by increasing the tariffs on aluminum and steel to 50% for all countries except the United Kingdom, expanding the products on which the tariffs will be assessed to include derivative products containing steel or aluminum, and terminating all countrywide exemptions and the product specific exemption process.”
SEC filing →As of 2026
Customer concentration
- Customer A ~12% of net salesmedium
Fox Factory has one >10% customer — 'Customer A' was ~12% of total net sales in 2025 (15% in 2024, 13% in 2023) and 11% of accounts receivable; no other customer was individually significant.
“In 2025, 2024, and 2023, our sales to customer A accounted for approximately 12 %, 15 %, and 13 % of total net sales, respectively. No other customers were individually significant in any of these periods presented.”
SEC filing →As of 2026
Geographic concentration
- Taiwan bike-suspension manufacturingmedium
Fox Factory's bike-suspension manufacturing is entirely located in Taiwan (typhoon-prone, and exposed to China–Taiwan tensions), with most bike-component manufacturing there too — concentrating a core product line in one geopolitically sensitive location.
“our bike suspension manufacturing is entirely located in Taiwan, which is prone to typhoons”
Other disclosures
- $557.3M goodwill impairment (acquisition underperformance)medium
Fox Factory took a $557.3M goodwill impairment plus $13.5M intangible/long-lived asset impairment in fiscal 2025, signaling underperformance of acquired businesses (e.g., recent Marucci/Marzocchi deals) and pressure on its leveraged balance sheet.
“During the fiscal year 2025, we recognized goodwill impairment charges of $557.3 million and intangible and long-lived asset impairment charges of $13.5 million as a result of our quantitative assessments on goodwill and long-lived assets”
SEC filing →As of 2026
Supplier concentration
- limited suppliers / proprietary componentsmedium
Fox Factory depends on a limited number of suppliers for certain materials, component parts and proprietary components; loss of a supplier or rising raw-material costs could disrupt manufacturing and harm results.
“We depend on a limited number of suppliers for some of our materials, component parts, and products. The loss of any of these suppliers or an increase in the cost of raw materials could harm our business.”
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.
In the MyPRIA app, this is checked against the companies you actually own.
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