What Hubbell Incorporated told the SEC could break it.

Hubbell's products use steel, aluminum, brass, copper, bronze, zinc, nickel, plastics, elastomers and petrochemicals plus electronic components; while not dependent on any one supplier, raw-material cost/availability disruptions can hurt results.

“Raw materials used in the manufacture of Hubbell products primarily include steel, aluminum, brass, copper, bronze, zinc, nickel, plastics, elastomers and petrochemicals. Hubbell also purchases certain electrical and electronic components, including solenoids, printed circuit boards, integrated circuit chips and cord sets, from a number of suppliers. Hubbell is not materially dependent upon any one supplier for raw materials used in the manufacture of its products and equipment however the cost and supply of these materials may be affected by disruptions in availability of raw materials, components or sourced finished goods.”

Hubbell isn't dependent on a single customer, but its top ten customers account for ~42% of net sales across its distributor/utility/contractor base — a meaningful channel concentration.

“We are not dependent on a single customer, however, our top ten customers account for approximately 42% of our Net sales.”

Hubbell sources materials/components/finished goods from Mexico, China and other countries; tariff expense contributed to ~5 points of 2025 margin contraction, and further tariff increases on Canada/Mexico/China/Europe goods could materially hurt results.

“We cannot predict what changes to trade policy will be made, or the economic impact that changes to trade policy will have, including significant increases in tariffs on goods imported into the United States, particularly tariffs on products manufactured in Canada, Mexico, China, and in Europe and the length of time such tariffs may remain in place”