OC · CIK 0001370946
What Owens Corning told the SEC could break it.
Owens Corning's disclosures center on a few concentrations behind its building-products business. Two customers each exceeded 10% of 2025 net sales — one at about 16% and another at 12% — and they made up a large share of accounts receivable, so the loss of either would weigh heavily. Its glass and insulation manufacturing is energy-intensive, leaving it exposed to natural-gas and electricity prices (hedged only in part) and to raw-material inflation that pressured 2025 EBITDA across segments, and one raw material important to its Roofing segment comes from a sole supplier whose loss would interrupt production. It also flags U.S. baseline and reciprocal tariffs — and retaliatory tariffs from the EU, China and India — that could disrupt its supply chains and raise raw-material and finished-goods costs.
4 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
- two customers >10% of net sales (16% + 12%, unnamed)high
Two customers each exceeded 10% of Owens Corning's consolidated net sales in 2025 — one (Roofing/Insulation/Doors) at ~16% and one (Roofing/Insulation) at ~12% — and the two largest customers were ~25% and ~11% of accounts receivable.
“The first customer, which is a customer of the Roofing, Insulation and Doors segments, accounted for approximately 16 %, 15 % and 12 % of the Company's consolidated net sales in 2025, 2024 and 2023, respectively. The second customer, which is a customer of the Roofing and Insulation segments, accounted for approximately 12 %, 12 % and 14 % of the Company's consolidated sales in 2025, 2024 and 2023, respectively.”
SEC filing →As of 2026
Commodity & input dependence
- natural gas & electricity (energy-intensive manufacturing)medium
Owens Corning's glass/insulation manufacturing is energy-intensive; it hedges electricity and natural gas exposure with forward swaps and physical contracts, and input cost inflation pressured 2025 EBITDA across all segments (Roofing $52M, Insulation $42M, Doors $43M).
“The Company uses a combination of derivative financial instruments and physical contracts to manage forecasted exposure to electricity and natural gas prices. The Company enters into cash-settled natural gas forward swap contracts in certain markets to protect against changes in natural gas prices that mature within 15 months; however, no financial instruments are currently used to protect against changes in raw material costs.”
Regulatory & policy
- U.S. and retaliatory tariffs on raw materials and finished goodsmedium
Baseline and reciprocal U.S. tariffs (and retaliatory tariffs from the EU, China and India) could disrupt Owens Corning's supply chains and raise raw-material and finished-goods costs; the company has implemented supply-chain and cost mitigation but may not fully offset the impact.
“These trade actions and evolving U.S. trade policies with countries such as Canada, Mexico and China could disrupt our supply chains, increase our costs for raw materials, increase costs the Company may incur on finished goods shipped to customers, and negatively impact our business margins and financial results.”
Sole-source dependency
- key roofing raw material from a sole suppliermedium
One raw material important to the Roofing segment is sourced from a sole supplier; despite a long-term supply contract, loss of that supply would interrupt production until supplies returned or products were reformulated.
“One of the raw materials important to this segment is sourced from a sole supplier. We have a long-term supply contract for this material and have no reason to believe that any availability issues will exist. If this supply was to become unavailable, our production could be interrupted until such time as the supplies again became available or the Company reformulated its products.”
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
“We source the majority of our fiberglass building products from four primary U.S.-based residential fiberglass insulation manufacturers: CertainTeed, Johns Manville, Knauf, and Owens Corning.”
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