Updated
The most significant concentration Barnes & Noble Education discloses is four largest suppliers at 54%, classified HIGH 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.
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Source: Barnes & Noble Education’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
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).
“10-K Item 1A: 'During Fiscal 2025, our four largest suppliers accounted for approximately 54% of our merchandise purchased, with the largest supplier accounting for approximately 45% of our merchandise purchased.'”
“10-K Item 1A: 'the largest supplier accounting for approximately 45% of our merchandise purchased'”
Barnes & Noble Education's merchandise sourcing is concentrated on the supply side. During fiscal 2025, the four largest suppliers accounted for approximately 54% of merchandise purchased — a high-share dependency exposure — with the largest single supplier alone representing approximately 45% of merchandise purchased, a medium-share dependency in its own right. The two figures describe the same underlying relationship at different levels of granularity: most of the four-supplier total sits with one dominant vendor, with the remaining three contributing comparatively little on top. Because both are dependency-type exposures rather than structural or macro-driven ones, the risk is idiosyncratic and tied directly to that single supplier's pricing, terms, and continuity — a disruption, contract renegotiation, or exit by the largest supplier would flow through directly and quickly to merchandise costs and availability, more so than a broad-based industry shock would. This is the dominant concentration theme in the filing: a retailer whose cost of goods is substantially gated by a small handful of vendors, with limited disclosed diversification to offset it.
For the engine’s reasoning on BNED’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ARKO | ARKO Corp. | 1 | 2 | 0 | 3 |
| BNED● | Barnes & Noble Education, Inc | 1 | 1 | 0 | 2 |
| BBWI | Bath & Body Works, Inc. | 0 | 3 | 1 | 4 |
| ARHS | Arhaus, Inc. | 0 | 1 | 1 | 2 |
| ASO | Academy Sports and Outdoors, In | 0 | 1 | 0 | 1 |
| BBW | Build-A-Bear Workshop, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.