Brady (BRC) is like:

• Zebra Technologies for industrial identification and safety solutions: Similar to Zebra's focus on enterprise asset intelligence, Brady provides specialized printers, labels, and software for industrial identification, plus a strong suite of safety products.

• A specialized 3M for industrial safety and identification products: While 3M (MMM) offers a wide array of industrial and safety items, Brady focuses more exclusively on high-performance labels, signs, safety devices, and identification systems for workplaces.

• High-Performance Labels and Materials: Industrial-grade labels, tapes, and materials designed for durability in harsh environments, used for product identification, tracking, and safety.
• Printers and Software: Specialized industrial printers, desktop printers, and software solutions for creating and printing labels, signs, and other identification products.
• Safety and Facility Identification: Safety signs, lockout/tagout devices, spill control products, floor marking, and other solutions to improve workplace safety and facility organization.
• Wire and Cable Identification: Markers, sleeves, and tags specifically designed for identifying wires, cables, and components in electrical and data communication applications.

Brady (BRC) primarily sells its products and solutions to other companies (B2B).

Due to the highly diversified nature of its customer base, Brady does not have any single major customer, or a small number of major customers, that account for 10% or more of its consolidated net sales. Therefore, specific names of major customer companies are not publicly disclosed.

Instead, Brady serves a broad range of businesses across various sectors. Its primary categories of business customers include:

• Industrial and Manufacturing Companies: This encompasses a wide array of industries such as electrical, telecommunications, automotive, aerospace, mass transit, and general manufacturing, which utilize Brady's high-performance labels, identification products, and safety solutions for product, wire, and component identification, as well as operational safety and efficiency.
• Commercial Businesses and Institutions: This category includes a diverse group of customers such as offices, retail establishments, healthcare providers, educational institutions, and government entities that rely on Brady's safety products, facility identification, and specialized labeling solutions to protect people, products, and places.
• Distributors: A significant portion of Brady's sales are made through an extensive global network of independent distributors. These distributors act as intermediaries, selling Brady's wide range of products to a fragmented base of end-user businesses and organizations across various industries.

Russell R. Shaller, President and Chief Executive Officer

Mr. Shaller was appointed Brady's President and CEO in April 2022, following seven years as president of Brady's Identification Solutions business. Before joining Brady, he served as President of Teledyne Microwave Solutions from 2008 to 2015. Prior to Teledyne, he held leadership positions at W.L. Gore & Associates, including Division Leader, Electronic Products Division (2003-2008) and General Manager of Gore Photonics (2001-2003). He also held engineering and program management roles at Westinghouse Corporation before 1993. His expertise includes managing and growing technology-focused businesses, mergers and acquisitions, and international business development.

Ann E. Thornton, Chief Financial Officer, Chief Accounting Officer, and Treasurer

Ms. Thornton assumed her current role in April 2023. She previously served as Chief Accounting Officer from 2016 to 2023 and has been Corporate Controller and Director of Investor Relations since 2015. Her career at Brady also includes roles as External Reporting Manager, Corporate Accounting Supervisor, Corporate Finance Manager, Corporate Accounting Manager, and Director of Global Accounting from 2009 to 2014.

Andrew Gorman, General Counsel and Corporate Secretary

Mr. Gorman joined Brady in April 2020, where he oversees the global legal function and advises the Board of Directors and senior management on legal, risk, compliance, and governance matters. Before Brady, he was Vice President, General Counsel (North America), Compliance Officer, and Assistant Secretary at AptarGroup.

Olivier Bojarski, President, Americas and Asia

Mr. Bojarski joined Brady in August 2022 as President – Identification Solutions, taking on his current role in February 2023. From 2016 to 2022, he held various positions at Belden Incorporated, including Executive Vice President, Broadband and 5G. Prior to Belden, he was General Manager of a business unit within the electrification division of ABB Ltd, and also held several roles at Panduit Corporation.

Brett Wilms, President, EMEA and Australia

Mr. Wilms joined Brady in June 2018 as Managing Director of Identification Solutions EMEA. In October 2022, he became Interim General Manager of the Workplace Safety business, before being appointed to his current role in February 2023. Prior to joining Brady, he was Managing Director of a business within Groupe Autajon and before that, Vice President of Operations EMEA for Pentair, Inc.

The accelerating digitalization and adoption of advanced technologies such as Augmented Reality (AR) for information overlay, pervasive IoT sensors for asset tracking, and computer vision systems for identification in industrial and workplace environments. These technologies offer the potential to deliver dynamic, real-time identification and safety information directly to users digitally, thereby reducing the reliance on and demand for traditional physical labels, signs, and other printed identification products, which constitute a significant portion of Brady's core business.

Addressable Markets for Brady Corporation's Main Products and Services

• Lockout/Tagout (LOTO) Devices:
  • Global market size was estimated at USD 0.33 billion in 2025, with a projection to reach USD 0.52 billion by 2034. Other estimates for the global market size include USD 2.15 billion in 2025, projected to reach USD 3.65 billion by 2033, and USD 291.84 million in 2024, expected to rise to USD 468.54 million by 2033.
  • The United States market for Lockout/Tagout Devices is projected at USD 0.10819 billion (approximately $108.19 million) in 2025. North America held a significant share of the market, approximately 36% in 2023, equivalent to USD 103.1 million.
• Wire and Cable Markers:
  • The global Wire and Cable Markers market was valued at USD 2.40 billion in 2024 and is expected to reach USD 4.14 billion by 2031. Another report estimates the global Cable Identification Marker Market size at USD 1.44 billion in 2025, projected to reach USD 2.35 billion by 2033.
  • The U.S. Cable Identification Marker Market size was valued at USD 0.27 billion in 2025 and is projected to reach USD 0.45 billion by 2033.
• Industrial Labels (includes high-performance labels, asset tracking, warning/security, and barcode labels):
  • The global industrial labels market size is valued between approximately USD 26.22 billion (in 2025, projected to reach USD 33.77 billion by 2030) and USD 63.4 billion (in 2024, estimated to grow to USD 128.9 billion by 2034). Other estimates include USD 60.78 billion in 2024, projected to reach USD 102.87 billion by 2031, and USD 31.89 billion in 2025, expected to attain USD 51.68 billion by 2034.
  • The Asia-Pacific region held a significant share, approximately 38.32% of the industrial labels market in 2024.
• Workplace Safety Market (broader market including PPE, safety signs, safety management systems, and safety services):
  • The global workplace safety market size was estimated at USD 18.79 billion in 2024 and is projected to reach USD 46.38 billion by 2030. Other estimates for the global industrial safety market range from USD 5.93 billion in 2022, expected to reach USD 12.31 billion by 2032, to USD 6.74 billion in 2023, expected to reach USD 12.39 billion by 2032.
  • The global Safety Services Market, a component of workplace safety, was valued at USD 3.94 billion in 2024, projected to reach USD 9.54 billion by 2032.
  • North America held the largest share of the workplace safety industry, nearly 35.0% in 2024. In 2023, North America held the highest market share in industrial safety, accounting for 34% of total revenue. The U.S. workplace safety industry is expected to grow significantly from 2025 to 2030.

Brady (BRC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Product Development and Increased R&D Investment: Brady consistently emphasizes its increased investment in research and development and its robust pipeline of new product launches as a primary catalyst for organic sales growth. The company has highlighted new offerings, such as the i7500 industrial label printer, which has outperformed expectations, and a focus on integrating multiple technologies into single, more cost-effective platforms.
2. Strategic Acquisitions: Acquisitions play a significant role in Brady's growth strategy, expanding its market reach and capabilities. Recent notable acquisitions include Gravotech, which is a leader in marking and engraving technology, and Funai’s Microfluidics Solutions product line. These acquisitions are expected to contribute to sales growth and are part of the company's disciplined approach to deploying cash for synergistic opportunities.
3. Geographic Expansion, particularly in Asia: The company has demonstrated strong organic sales growth in its Americas and Asia region, with India and Southeast Asia being highlighted as areas of significant expansion. While the Europe and Australia region has experienced some organic sales decline, the focus on growth in promising international markets, especially in Asia, is expected to be a revenue driver.
4. Growth in Key Product Lines: Specific product categories are identified as contributing to revenue growth, including product identification, wire identification, and safety and facility identification solutions. Printers and their associated encoded consumable products, which constitute a substantial portion of Brady's sales, are also a focus for innovation and are expected to drive future revenue. The company is also expanding its Milwaukee headquarters to accommodate sign-making and pipe-marking production lines.

Share Repurchases

• Brady's Board of Directors authorized an additional $100 million for share repurchases on September 4, 2024. Similar authorizations of $100 million were made on August 30, 2023, and May 24, 2022.
• In fiscal year 2025, Brady repurchased 733,000 shares for $50.9 million.
• In fiscal year 2024, the company repurchased 1.3 million shares for $72.2 million.

Share Issuance

• Brady's buyback program has reduced shares outstanding by 9.3% over the last five years.
• Common Shares Outstanding decreased by 1% over the last year and by an average of 2% annually over the past three and five years.

Outbound Investments

• Brady acquired Mecco Partners, LLC for approximately $20 million on August 4, 2025. This acquisition is expected to generate around $20 million in revenue for fiscal year 2026 and specializes in industrial product marking and identification systems.
• In fiscal year 2025, Brady acquired Gravotech, which is projected to contribute $125 million in sales and $13 million in EBITDA.
• Brady also acquired Funai's Microfluidics Solutions product line in fiscal year 2025.

Capital Expenditures

• Brady anticipates approximately $40 million in capital expenditures for fiscal year 2026.
• R&D spending reached a record $23.1 million, or 5.8% of sales, in Q4 fiscal 2025, and nearly $80 million, or 5.3% of sales, for the full fiscal year 2025.
• The company's capital allocation strategy includes investment in R&D and strategic acquisitions to drive organic growth.