Updated
The most significant concentration Penguin Solutions discloses is ten largest end customers at 66%, 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.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Penguin Solutions’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 1: 'In 2025, 2024, and 2023, sales to our ten largest end customers (including sales to contract manufacturers and original design manufacturers (“ODMs”) at the direction of such end customers) accounted for 66%, 58%, and 60% of total net sales respectively.'”
Penguin Solutions' concentration risk is dominated by a single, well-disclosed exposure: sales to its ten largest end customers — including sales to contract manufacturers and ODMs at the direction of those end customers — represented 66% of total net sales in 2025, compared with 58% in 2024 and 60% in 2023. This is a high-share exposure, and its character is one of dependency rather than structural diversification: concentration sits with a defined, relatively small group of counterparties whose ordering patterns can materially move total revenue, and the most recent year's share is the highest of the three periods disclosed. With only one disclosed concentration metric, there is no offsetting geographic or supplier diversification cited to balance this exposure. For an investor, this customer dependency is the single factor most likely to move the verdict: a pullback in orders from one or more of these ten customers — several of whom appear to route purchases through contract manufacturers or ODMs — would flow through disproportionately to results, and the exposure has not narrowed in the most recent disclosed year.
For the engine’s reasoning on PENG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CACI | CACI International, Inc. | 3 | 1 | 0 | 4 |
| BBAI | BigBear.ai, Inc. | 1 | 1 | 0 | 2 |
| PENG● | Penguin Solutions, Inc. | 1 | 0 | 0 | 1 |
| ACN | Accenture plc | 0 | 0 | 0 | 0 |
| APLD | Applied Digital Corporation | 0 | 0 | 0 | 0 |
| BR | Broadridge Financial Solutions, | 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.