Updated
The most significant concentration Unifirst discloses is Mexico and Nicaragua manufacturing plants at 62%, 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: Unifirst’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: 'approximately 62% of all garments we placed in service during fiscal 2025 ... manufactured at two of our plants located in San Luis Potosi, Mexico, one plant located in Managua, Nicaragua'”
“10-K Item 1A: 'a significant percentage of this segment's revenues are generated from a limited number of nuclear power plant operator customers'”
The company's concentration profile spans manufacturing geography and a specialized customer segment, with the largest exposure at high disclosed size. Approximately 62% of all garments placed in service during fiscal 2025 were manufactured at plants in San Luis Potosi, Mexico, and Managua, Nicaragua — a high-share structural concentration reflecting a deliberate, vertically integrated manufacturing footprint built around cost-effective international production. The structural character means this exposure reflects a core strategic choice rather than accidental reliance on external parties, but it does introduce trade-policy, logistics, and currency risk tied to those specific geographies. Separately, the Specialty Garments segment generates a significant percentage of revenues from a limited number of nuclear power plant operator customers, a medium-share dependency exposure by disclosed size. Nuclear power plant operators represent a highly specialized, small universe of buyers with long procurement cycles and exacting compliance requirements; the loss of or reductions by any of these few accounts would be directly felt in that segment's revenue. The two exposures are largely independent: the manufacturing geography risk affects costs and supply continuity across the broader business, while the nuclear-customer concentration is a segment-level revenue dependency. Together they define the primary watch variables: import duties, geopolitical developments affecting Mexico and Nicaragua, and the nuclear power maintenance and refueling cycle driving demand from specialized industrial customers.
For the engine’s reasoning on UNF’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ARMK | Aramark | 1 | 1 | 0 | 2 |
| UNF● | Unifirst Corporation | 1 | 1 | 0 | 2 |
| AMTM | Amentum Holdings, Inc. | 1 | 0 | 0 | 1 |
| ABM | ABM Industries Incorporated | 0 | 0 | 0 | 0 |
| AZZ | AZZ Inc. | 0 | 0 | 0 | 0 |
| CBZ | CBIZ, 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.