STRT · CIK 0000933034
What Strattec Security Corp. told the SEC could break it.
Strattec's revenue is concentrated in a few automakers: its three largest customers — GM (29%), Ford (23%) and Stellantis (12%) — were about 64% of fiscal-2025 sales, so platform losses or production cuts at any would hit it hard. Its operations and trade exposure compound that, since final assembly is concentrated in three Juárez, Mexico plants (with component work in Milwaukee) and roughly 65% of sales ship cross-border to U.S. customer plants, mostly under USMCA. That cross-border model leaves it squarely exposed to evolving U.S. tariffs and retaliation — it already absorbed $2.5 million of tariff costs in fiscal 2025 and expects fiscal-2026 OEM production down 5–6%, partly on tariff uncertainty.
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
- GM, Ford & Stellantis — 64% of saleshigh
Strattec's three largest customers — GM (29%), Ford (23%) and Stellantis (12%) — together represented ~64% of fiscal-2025 sales; OEM platform/model losses or production cuts at any would materially affect results.
“In fiscal 2025, our three largest customers, General Motors Company, Ford Motor Company and Stellantis, accounted for 29%, 23% and 12%, respectively, of our annual sales, compared to 30%, 21% and 14%, respectively, in fiscal 2024.”
SEC filing →As of 2025
Regulatory & policy
- U.S. import tariffs / USMCA trade policyhigh
As a Mexico-assembling supplier shipping ~65% of sales into the U.S. under USMCA, Strattec is exposed to evolving U.S. tariffs and retaliatory measures — it already absorbed $2.5M of tariff costs in fiscal 2025 and expects FY2026 OEM production down 5-6% partly on tariff uncertainty.
“Like other automotive suppliers, we source raw materials and components from a global supply chain with final assembly for our products completed in our Mexico operations. We ship approximately 65% of our sales (the majority of which are USMCA compliant) to customer production sites in the United States, with the balance shipped to other cou”
Geographic concentration
- Mexico (Juárez) manufacturing & cross-border assemblymedium
Final assembly is concentrated in three Juárez, Mexico plants (with component manufacturing in Milwaukee, WI), and ~65% of sales ship to U.S. customer plants — making operations dependent on U.S.–Mexico border crossings and Mexican labor.
“Substantially all of our products are manufactured at the facilities we own in the United States and Mexico. Many of the components used in our products are manufactured in our facility in Milwaukee, Wisconsin, which specializes in die casting, stamping and plating operations. We also operate in three production facilities in Juarez, Mexico.”
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
“In fiscal 2025, our three largest customers, General Motors Company, Ford Motor Company and Stellantis, accounted for 29%, 23% and 12%, respectively, of our annual sales, compared to 30%, 21% and 14%, respectively, in fiscal 2024.”
Cited →“In fiscal 2025, our three largest customers, General Motors Company, Ford Motor Company and Stellantis, accounted for 29%, 23% and 12%, respectively, of our annual sales, compared to 30%, 21% and 14%, respectively, in fiscal 2024.”
Cited →“In fiscal 2025, our three largest customers, General Motors Company, Ford Motor Company and Stellantis, accounted for 29%, 23% and 12%, respectively, of our annual sales, compared to 30%, 21% and 14%, respectively, in fiscal 2024.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch