RPM · CIK 110621
What RPM International Inc. told the SEC could break it.
RPM International's disclosures cluster on the retailers it sells through and the raw materials it buys. Its Consumer segment carries meaningful customer concentration — ten key retailers including Home Depot, Lowe's, Walmart, and Amazon were about 65% of segment sales and roughly 22% of consolidated net sales in fiscal 2025. On the input side, changes in international trade duties, tariffs, and sanctions could materially raise its raw-material costs, and tariff-related pressure (with labor inflation) already weighed on fiscal 2025 gross margin and is expected to continue. While it multi-sources where it can, sole-source suppliers and raw-material price increases it can't pass through remain a risk to its coatings and sealants production.
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
- key Consumer-segment retailers (~22% of consolidated sales)medium
RPM's Consumer segment has substantial customer concentration — ten key customers (Ace Hardware, Amazon, Do It Best, Hardlines Distribution, Home Depot, Lowe's, Menards, Orgill, W.W. Grainger, Walmart) were ~65% of Consumer-segment sales and ~22% of consolidated net sales in fiscal 2025.
“On a consolidated basis, sales to these customers across all of our reportable segments accounted for approximately 22%, 24% and 25% of our consolidated net sales for the fiscal years ended May 31, 2025, 2024 and 2023, respectively.”
SEC filing →As of 2025
Regulatory & policy
- tariffs / trade duties on raw materialsmedium
Changes in international trade duties, tariffs and sanctions could materially raise RPM's raw-material costs; tariff-related impacts (with labor inflation) pressured fiscal 2025 gross margin and are expected to continue into fiscal 2026 if not offset by price increases.
“Additionally, changes in international trade duties, tariffs, sanctions and other aspects of international trade policy, both in the United States and abroad, could materially impact the cost of raw materials. Any increased costs associated with tariffs, duties or other trade policies that is not offset by an increase in our prices could have a material adverse effect on our business, financial condition, results of operations or cash flows.”
Sole-source dependency
- sole-source raw-material suppliersmedium
RPM manages raw-material supply via contracts and multiple sources, but sole-source suppliers, raw-material unavailability or price increases it cannot pass through could materially affect its coatings/sealants production and results.
“Cost and adequate supply of raw materials is managed by establishing contracts, procuring from multiple sources, and identifying alternative materials or technology; however, sole source suppliers, the unavailability of raw materials or increased prices of raw materials that we are unable to pass along to our customers could have a material adverse effect on our business, financial condition, results of operations or cashflows.”
SEC filing →As of 2025
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
“Sales to The Home Depot, Inc. represented less than 10% of our consolidated net sales for fiscal 2025, 2024, and 2023, and 24%, 23% and 23% of our Consumer segment net sales for fiscal 2025, 2024 and 2023, respectively.”
Cited →“our key customers in the Consumer reportable segment include Ace Hardware, Amazon, Do It Best, Hardlines Distribution, The Home Depot, Inc., Lowe's, Menards, Orgill, W.W. Grainger, and Wal-Mart. Within our Consumer segment, sales to these customers accounted for approximately 65%, 67% and 67% of net sales for the fiscal years ended May 31, 2025, 2024 and 2023, respectively.”
Cited →“our key customers in the Consumer reportable segment include Ace Hardware, Amazon, Do It Best, Hardlines Distribution, The Home Depot, Inc., Lowe's, Menards, Orgill, W.W. Grainger, and Wal-Mart. Within our Consumer segment, sales to these customers accounted for approximately 65%, 67% and 67% of net sales for the fiscal years ended May 31, 2025, 2024 and 2023, respectively.”
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