Here are 1-3 brief analogies for Dorman Products (DORM):

• The Home Depot or Lowe's for car and truck repair parts, offering a vast inventory of components needed to fix and maintain vehicles.

• Like a Teva Pharmaceuticals for vehicles, providing a wide range of alternative and often improved replacement parts for original manufacturer components.

• Original Equipment (OE) Solutions: Replacement parts designed to match original equipment, including manifolds, regulators, sensors, and complex electronics.
• Automotive Replacement Parts: General repair and maintenance items for passenger cars and light trucks, such as door handles, keyless remotes, and door hinge repair components.
• Heavy Duty Aftermarket Parts: Specialized components for Class 4-8 vehicles, encompassing lighting, cooling, engine management, and cab products.
• Powertrain Products: Components for the engine, transmission, and axle, including cooling products, harmonic balancers, and fluid lines.
• Chassis Products: Parts for the steering, suspension, and braking systems, such as control arms, ball joints, and brake hardware.
• Automotive Body Products: Interior and exterior body components like window lift motors, switches, handles, and wiper parts.
• Hardware Products: Assortments of threaded bolts, automotive and home electrical wiring components, and general hardware.

Dorman Products (DORM) primarily sells its products to other companies (B2B) within the automotive aftermarket industry, rather than directly to individuals. Based on the provided background, its major customers are businesses that operate in the following categories:

• Automotive aftermarket retailers: This category includes various retail outlets, such as on-line platforms, which then sell Dorman's parts to end-users or professional repair shops. The provided background does not list the specific names of these retail companies.
• National, regional, and local warehouse distributors: These are companies that distribute Dorman's parts to a broad network of automotive businesses, including smaller retailers, repair facilities, and parts wholesalers. The provided background does not list the specific names of these distribution companies.
• Specialty markets, salvage yards, and local independent parts wholesalers: Dorman also supplies businesses operating in these more specialized segments of the automotive parts supply chain. The provided background does not list the specific names of these customer entities.
• Mass merchants: These are large retail chains that offer a wide variety of goods, including automotive parts, to the general public. The provided background does not list the specific names of these mass merchant companies.

The provided background describes the types of businesses Dorman Products serves but does not specify the names of individual customer companies, nor their public symbols.

Kevin M. Olsen President, Chief Executive Officer & Director

Kevin M. Olsen joined Dorman Products in July 2016 as Senior Vice President and Chief Financial Officer. He became Executive Vice President, Chief Financial Officer in June 2017, President and Chief Operating Officer in August 2018, and President and Chief Executive Officer in January 2019. Before joining Dorman, Mr. Olsen served as Chief Financial Officer of Colfax Fluid Handling, a division of Colfax Corporation, from January 2013 to June 2016. His prior career includes finance and operations roles at Precision Castparts, Crane, Netshape Technologies, Danaher, and PwC.

Charles W. Rayfield Senior Vice President, Chief Financial Officer Designate and Treasurer

Charles W. Rayfield was appointed Senior Vice President, Chief Financial Officer Designate and Treasurer, effective January 19, 2026. His formal appointment as Chief Financial Officer will commence on the first business day following the company’s filing of its Annual Report on Form 10-K for fiscal 2025. Most recently, he served as Chief Financial Officer of Lutron Electronics Corporation since June 2023. He also provided independent financial advisory services from November 2022 to June 2023 and previously served as CFO at Knoll Inc.

Nathan J. Porter Senior Vice President, Chief Operations Officer

Nathan J. Porter was appointed Senior Vice President, Chief Operations Officer, overseeing distribution, manufacturing, logistics, and sourcing for both Light Duty and Heavy Duty segments. He joined Dorman from ADI Global Distribution, where he previously served as Senior Vice President, Chief Operations Officer.

Eric B. Luftig President, Light Duty

Eric B. Luftig joined Dorman Products in December 2021 as Senior Vice President, Product, and has since been promoted to President, Light Duty, where he leads strategic commercial functions for that segment. He brings 27 years of global engineering, marketing, product development, and commercialization experience from roles with General Electric, Nordson Corporation, and Victaulic.

Steven A. Bashir President, Heavy Duty

Steven A. Bashir has taken on the position of President, Heavy Duty, succeeding John R. McKnight, who is retiring. Mr. Bashir previously worked at ZF Services as Head of Sales for the U.S. and Canada.

Here are the key risks to Dorman Products (DORM):

1. Transition to Electric Vehicles (EVs) and Autonomous Vehicles (AVs): The automotive aftermarket industry faces a significant long-term risk due to the widespread adoption of electric and autonomous vehicles. Electric vehicles have substantially fewer moving parts compared to traditional internal combustion engine (ICE) vehicles, which is expected to reduce the demand for many of Dorman's traditional replacement parts, such as engine components, exhaust systems, and fuel filters. While EVs will create demand for new components like battery modules and advanced electronics, the overall decrease in parts and wear and tear could lead to lower aftermarket replacement rates. Autonomous vehicles, by increasing vehicle safety and potentially reducing accident rates, could further diminish demand for collision-related parts like body panels, headlamps, and mirrors. The rise of shared mobility through autonomous vehicles may also decrease private vehicle ownership and overall miles driven, impacting the aftermarket.
2. Supply Chain Disruptions and Raw Material Costs: Dorman Products relies on a diversified global supply chain, with a notable portion of its products sourced from third-party suppliers, including a significant percentage from China. This dependence exposes the company to risks of supply chain disruptions, which can affect product availability and increase operational costs. Additionally, fluctuations in raw material costs and broader inflationary pressures are identified as key financial and economic factors that could adversely affect Dorman's profitability.
3. Customer Concentration: Dorman Products faces a risk from its concentrated customer base. In 2024 and 2025, two customers individually accounted for more than 10% of net sales, with their combined sales representing approximately 39% to 40% of total net sales. In 2023, three customers accounted for roughly 44% of net sales. The loss of, or a significant reduction in sales to, any of these major customers could have a material adverse effect on Dorman's sales and operating results. Consolidation among key customers could further intensify this concentration risk.

The increasing adoption and market penetration of electric vehicles (EVs) pose a clear emerging threat. Dorman Products' business is significantly focused on supplying replacement parts for internal combustion engine (ICE) vehicles, including components such as intake and exhaust manifolds, radiator fan assemblies, exhaust gas recirculation coolers, variable valve timing components, oil drain plugs, harmonic balancers, and various other engine, transmission, and axle components. As the global automotive fleet transitions towards EVs, the long-term demand for many of these ICE-specific parts will inevitably diminish, challenging Dorman's traditional product portfolio and market.

• Light-Duty Vehicle Aftermarket (U.S.): The light-duty vehicle sector, which encompasses passenger cars and light-duty trucks and represents the majority of Dorman's products, accounted for projected industry sales of approximately $135.1 billion in 2023. The U.S. light-duty automotive aftermarket is projected to reach $435 billion in 2025.
• Heavy-Duty Truck Parts Aftermarket (Global and U.S.): The global heavy-duty truck parts aftermarket market was valued at USD 150.1 billion in 2025 and is estimated to reach USD 195.4 billion by 2034. For the United States specifically, the heavy-duty automotive aftermarket market was valued at USD 40.5 billion in 2024 and is projected to reach USD 60.2 billion by 2034.
• Specialty Vehicle Aftermarket: While a specific market size for the "Specialty Vehicle" segment is not detailed in the provided search results beyond Dorman's internal aggregation, this segment is part of the overall $165 billion total addressable market Dorman identifies.

Here are 3-5 expected drivers of future revenue growth for Dorman Products (DORM) over the next 2-3 years:

1. Innovation and New Product Launches: Dorman Products consistently emphasizes its focus on innovation and the introduction of new products, particularly in complex electronics and non-discretionary repair parts, as a key driver for future growth. The company reported a "record year for new product sales" in 2025 and views these initiatives as crucial for driving both segment competitiveness and above-market organic growth.
2. Strong Customer Demand and Growth in the Light-Duty Aftermarket: The Light-Duty segment, which primarily serves passenger vehicles, is identified as a significant engine of growth for Dorman Products. The company has seen strong customer demand in this area, contributing substantially to net sales increases.
3. Strategic Pricing Initiatives: Pricing actions have played a role in Dorman's sales performance, particularly in relation to tariffs and inflationary pressures. The company has utilized pricing initiatives to drive top-line results and mitigate increased costs.
4. Commercialization and Operational Excellence Initiatives: Dorman's management frequently highlights commercialization initiatives and operational excellence, including investments in productivity and automation, as strategic priorities aimed at driving long-term growth and enhancing profitability. These efforts support overall business expansion and competitiveness.

Capital Allocation Decisions (2021-2025)

Share Repurchases

• In 2024, Dorman Products repurchased $78 million of its common stock at an average price of $91 per share.
• During the fourth quarter of 2023, the company repurchased $15 million of its shares.
• Dorman's Board of Directors authorized a new $500 million share repurchase plan that became effective at the beginning of 2025.

Share Issuance

• The number of shares outstanding decreased from 31,607,509 as of December 25, 2021, to 30,391,955 as of December 31, 2025, indicating net share repurchases over issuances.

Outbound Investments

• On October 4, 2022, Dorman acquired 100% of SuperATV for an aggregate consideration of $509.8 million (net of cash acquired), with a potential earn-out of up to $100 million.
• In June 2021, Dorman acquired Dayton Parts for $338 million.
• From 2019 through 2024, approximately half of Dorman's $1.73 billion in deployed capital was allocated to mergers and acquisitions.

Capital Expenditures

• Dorman reported capital expenditures of $39 million in 2024.
• In 2023, the company invested in operations to increase flexibility and efficiency, including bringing an 827,000-square-foot distribution center in Whiteland, Indiana, into full operation, and continued to assess its footprint for optimization and automation.
• In 2025, investments were expanded in emerging technology solutions for complex automotive electronic components and significant additions were made to active suspension components, loaded knuckles, and chassis components.