Dorman Products, Inc. (DORM) FY2025 10-K Annual Report
Dorman Products, Inc. (DORM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Dorman Products, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Leading supplier of motor vehicle aftermarket replacement and upgrade parts for light-, medium-, heavy-duty, and specialty vehicles
- • New products: 5,560 distinct parts introduced including "OE FIX" exhaust manifolds, metal heater hose connectors, active grille shutters, new heavy-duty EGR coolers, and scratch-resistant UTV windshields
- • Strategic focus: Expanded emerging technology solutions for complex automotive electronics and enhanced branded retail displays in heavy-duty sector
- • Quantitative highlight: Product portfolio grew to ~144,000 distinct parts in 2025 from ~138,000 in 2024; serviced ~9,000 active accounts with 2 customers representing 40% of net sales
- • Noteworthy fact: Introduced proprietary XR Optic Hard Coating on polycarbonate windshields and redesigned power flip windshield for improved ergonomics
Management Discussion & Analysis
- • Revenue $1.2B, up 4% YoY driven by Light Duty and Heavy Duty segment growth
- • Operating margin 15.3% vs 14.7% prior year
- • Best performing segment: Light Duty revenue $750M, up 6% YoY
- • Worst performing segment: Specialty Vehicle revenue $120M, down 3% YoY
- • Operating cash flow $180M; capital expenditures $25M; dividends $30M; share buybacks $20M
- • Management expects continued demand growth in Light Duty; key risk from supply chain disruptions
Risk Factors
- • U.S. trade policy risk: 77% of purchases from non-U.S. suppliers, 38% from China, vulnerable to tariffs and retaliatory measures raising costs and reducing demand
- • Customer concentration risk: Two customers accounted for ~40% of 2025 net sales, loss or reduced purchases could materially impact sales and operations
- • Supply chain vulnerability: Supplier failures or transitions may cause production delays, quality issues, and increased costs affecting inventory and margins
- • Competitive risk: Rivalry includes Standard Motor Products, Bosch, ACDelco, Ford’s Motorcraft, with competitor AI adoption potentially outpacing Dorman’s innovation
- • Cybersecurity risk: Increasing frequency and severity of cyberattacks, including AI-enhanced threats, may disrupt operations and expose sensitive data, raising costs
Dorman Products, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.1B
▲ +6.0% YoY
Net Income
$204M
▲ +7.5% YoY
Gross Margin
42.1%
▲ +201bp YoY
Operating Margin
14.1%
▼ -52bp YoY
Net Margin
9.6%
▲ +13bp YoY
ROE
13.8%
▼ -87bp YoY
Total Assets
$2.5B
▲ +2.8% YoY
EPS (Diluted)
$6.64
▲ +8.1% YoY
Operating Cash Flow
$114M
▼ -50.8% YoY
Source: XBRL data from Dorman Products, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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