Twin Disc, Incorporated (NASDAQ: TWIN) is an industrial machinery company that designs and manufactures power transmission and motion control products for heavy-duty applications. Revenue comes from transactional product sales across marine, oil and gas, mining, construction, agriculture, and other industrial end markets. The top ten customers accounted for approximately 35% of consolidated net sales in the fiscal year ended June 30, 2025, down from 43% in fiscal year ended June 30, 2024, and no single customer reached 10% of consolidated net sales in either year. Twin Disc competes directly with divisions of larger independent manufacturers and, in some cases, with parts manufacturing divisions of its own major customers. The company is headquartered in Racine, Wisconsin, carries meaningful intangible assets from acquisitions including Katsa and Kobelt Manufacturing Co. Ltd. (acquired February 2025), and maintains a credit facility with Bank of Montreal secured by accounts receivable, inventory, machinery, equipment, and intellectual property. John H. Batten has served as President and Chief Executive Officer since July 2013. Unfilled orders for the next six months stood at $150.5 million as of June 30, 2025.

Revenue model

Transactional product sales of power transmission components and motion control equipment to OEM and industrial customers across multiple end markets. No subscription or recurring-fee model is disclosed in the filing.

Products and services

Power transmission and motion control products including marine propulsion components. The company also holds patents on inventions made in the course of development work, which it regards collectively as important but not dependent on any single patent. Recent acquisitions added Kobelt Manufacturing Co. Ltd. product lines and Katsa product lines, with recorded intangible assets covering customer relationships, technology know-how, trade names, and computer software.

Customers and end markets

Top ten customers represented approximately 35% of consolidated net sales in fiscal year ended June 30, 2025. No individual customer exceeded 10% of consolidated net sales in fiscal years 2025 or 2024. End markets referenced in the filing include marine, oil and gas, mining, construction, and agriculture. The company also competes for parts business with manufacturing divisions of some of its major customers.

Value-chain role

Manufacturer of engineered components sold to OEM customers and industrial end users. Procures steel and other raw materials as direct inputs to production. Maintains manufacturing facilities subject to property damage and business interruption insurance. Borrowings under the credit agreement are secured by substantially all personal property including accounts receivable, inventory, machinery, equipment, and intellectual property.

Geographic exposure

Operations span the United States and international markets, with foreign subsidiaries in which the company has pledged 65% of equity interests as collateral under its credit agreement. European facilities experience seasonal production curtailment due to employee vacations and plant shutdowns in July and August. The filing references exposure to U.S. and foreign tariff regulations affecting international trade and commodity costs.

Source: SEC 10-K, filed 2025-09-05

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