HBB · CIK 1709164
What Hamilton Beach Brands Holding Co. told the SEC could break it.
Hamilton Beach is concentrated on both ends of its business. On the demand side, its five largest customers made up 62% of 2025 revenue, with Walmart at 29% and Amazon at 19%. On the supply side it makes nothing itself — all products come from roughly 70 third-party suppliers concentrated in Asia-Pacific, about two-thirds of them in China, with one supplier over 10% of purchases and certain products sourced single-supplier. Those two facts meet in tariffs: the China-heavy sourcing left it absorbing a $5.3 million one-time cost in 2025 (about 90 basis points of margin) when China import rates briefly spiked to 125%, on top of ordinary input-price moves in plastic, glass, steel, copper and aluminum.
6 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.
Supplier concentration
- one supplier >10% of purchasesmedium
Of approximately 70 inventory suppliers, one represented more than 10% of purchases in 2025; loss of that supplier could disrupt the business short-term.
“We purchase our inventory from approximately 70 suppliers, one of which represented more than 10% of purchases during the year ended December 31, 2025.”
SEC filing →As of 2026 - single supplier for certain productsmedium
Certain products rely on a single third-party supplier (in some cases one supplier per product), so an unforeseen disruption could delay deliveries and limit negotiating leverage.
“Certain products rely upon a single third-party supplier. In some cases, we use a single supplier to source a single product.”
SEC filing →As of 2026
Customer concentration
- five largest customers = 62% of revenuehigh
Beyond Walmart (29%) and Amazon (19%), Hamilton Beach's five largest customers together account for 62% of revenue, leaving it heavily exposed to a few large retailers' purchasing decisions.
“The Company's five largest customers accounted for approximately 62 %, 65 % and 64 % of its revenue in 2025, 2024 and 2023, respectively.”
SEC filing →As of 2026
Geographic concentration
- supplier base concentrated in China / Asia-Pacifichigh
Hamilton Beach depends on third-party suppliers for all of its products, primarily in the Asia-Pacific region with roughly two-thirds based in China.
“Our suppliers are primarily located in the Asia-Pacific region, with approximately two-thirds of our suppliers currently based in China.”
Regulatory & policy
- U.S. tariffs on China imports (spike to 125%)high
With most sourcing in China, Hamilton Beach absorbed a $5.3M one-time tariff cost in 2025 (90 bps of margin) from a temporary spike in China import tariff rates to 125%, and faces ongoing multi-tariff exposure.
“Most of these costs were from a temporary spike in tariff rates on imports from China to 125%.”
SEC filing →As of 2026
Commodity & input dependence
- plastic, glass, steel, copper, aluminumlow
Products are built from plastic, glass, steel, copper, aluminum and packaging materials; input-price moves in these commodities flow through suppliers to Hamilton Beach's costs.
“The principal raw materials used by our third-party suppliers to manufacture our products are plastic, glass, steel, copper, aluminum and packaging materials.”
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
“Amazon.com, Inc. and its subsidiaries accounted for approximately 19 %, 24 % and 24 % of the Company's revenue in 2025, 2024 and 2023 respectively.”
Cited →“Walmart Inc. and its global subsidiaries accounted for approximately 29 %, 29 % and 27 % of the Company's revenue in 2025, 2024 and 2023, respectively.”
Cited →
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