Strattec Security Corp (NASDAQ: STRT) is an automotive supplier that designs and manufactures vehicle security and access products for automotive OEMs and aftermarket channels. Revenue comes from transactional sales of components tied to specific vehicle model programs, with contracts covering customer requirements for a given model rather than fixed quantities over a vehicle's life. The company serves primarily North American OEMs from its Milwaukee, Wisconsin headquarters, with manufacturing in the United States and Mexico. In fiscal 2025, General Motors, Ford Motor Company, and Stellantis accounted for 29%, 23%, and 12% of annual sales, respectively, making customer concentration a material factor. Direct OEM sales represented approximately 90% of total sales in both fiscal 2025 and fiscal 2024. The company was incorporated as a stand-alone entity in 1995 after more than 100 years of history serving the automotive industry. The current CEO is President and Chief Executive Officer Frederic Jack Liebau, Jr., as of the 10-K filed August 25, 2025.

Revenue model

Transactional component sales to automotive OEMs and Tier 1 suppliers under vehicle model program contracts. Contracts cover a customer's requirements for a specific vehicle model averaging four to five years but do not specify fixed quantities. Approximately 10% of sales flow through aftermarket channels, based on fiscal 2025 and 2024 disclosures.

Products and services

Mechanical and electronically enhanced locks and keys, key fobs, passive entry passive start systems, digital key products, steering column and instrument panel ignition lock housings, power access solutions, and vehicle access systems. Products span security and authorization solutions as well as vehicle access systems.

Customers and end markets

Primary end market is North American light vehicle OEM production. Top three customers in fiscal 2025: General Motors (29% of sales), Ford Motor Company (23%), and Stellantis (12%). Direct OEM and Tier 1 supplier sales were approximately 90% of total sales in fiscal 2025 and fiscal 2024. Aftermarket sales accounted for the remaining approximately 10%. The company also serves other transportation industry OEMs globally.

Geographic exposure

Approximately 65% of sales ship to customer production sites in the United States, the majority of which are USMCA-compliant, with the balance shipped to other countries, as disclosed in the fiscal 2025 10-K filed August 25, 2025. Manufacturing operations are in Milwaukee, Wisconsin and three facilities in Juarez, Mexico.

Source: SEC 10-K, filed 2025-08-25

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