MEDIUMOutside partyCustomer
43%
top two customers
“10-K Item 1: 'the top two of which accounted for approximately $674.3 million, or approximately 43% of our total revenues in 2025'”
HLMN · Concentration risk · 10-K extracted
Hillman Solutions (HLMN) concentration risks
Updated
The most significant concentration Hillman Solutions discloses is top two customers at 43%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Hillman Solutions’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM2
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyGeographic
33%
China sourcing
“10-K Item 1A: 'We estimate we source approximately 33% of our products from China'”
LOWOutside partyCustomer
22.5%
Home Depot
“10-K Item 1: 'Home Depot was the single largest customer, representing approximately $349.9 million or 22.5% of our total revenues'”
LOWOutside partyCustomer
20.9%
Lowe's
“10-K Item 1: 'Lowe’s was the second largest customer at approximately $324.4 million or 20.9% of our total revenues'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile presents a classic home improvement retail channel dependency alongside a moderate sourcing concentration. The top two customers accounted for approximately 43% of total revenues in 2025, a moderate-share dependency that is substantially explained by two individual relationships: Home Depot at approximately 22.5% and Lowe's at approximately 20.9% of total revenues. Together those two accounts represent the near-entirety of the combined 43%, and their purchasing decisions, shelf space allocations, and promotional calendars directly govern the pacing of the company's sales volume. The character is one of dependency — these are specific named buyers whose order patterns can shift with their own inventory strategies and competitive dynamics. On the supply side, approximately 33% of products are sourced from China, a moderate geographic sourcing dependency that introduces tariff risk, currency effects, and potential logistics disruption into the cost structure. This is a dependency rather than a structural feature of the product category — sourcing percentages can be shifted over time, though not immediately. The two exposures interact: any margin compression from tariff-driven cost increases on Chinese-sourced goods would be difficult to pass through quickly to customers as large and as price-sensitive as the two major home improvement retailers. The combination of a two-customer revenue concentration and a China sourcing dependency is the primary risk pair to monitor in this profile.
For the engine’s reasoning on HLMN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Tools & Accessories
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| SWK | Stanley Black & Decker, Inc. | 2 | 1 | 2 | 5 |
| RBC | RBC Bearings Incorporated | 1 | 1 | 0 | 2 |
| SNA | Snap-On Incorporated | 1 | 1 | 0 | 2 |
| HLMN● | Hillman Solutions Corp. | 0 | 2 | 2 | 4 |
| KMT | Kennametal Inc. | 0 | 0 | 0 | 0 |
| LECO | Lincoln Electric Holdings, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.