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Here are 1-3 brief analogies for Knowles (KN):

• The Qualcomm for advanced audio components in mobile devices.
• The Intel of tiny, high-performance microphones and speakers.
• The Corning for specialized acoustic components in electronics.

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• MEMS Microphones: Tiny, high-performance microphones extensively used in consumer electronics such as smartphones, headphones, and hearables.
• Audio Processing Solutions: Integrated hardware and software that enhance voice capture and audio experiences in various devices.
• Precision Devices & Components: Specialty electronic components including capacitors, RF filters, and oscillators for demanding applications in medical, defense, industrial, and communications markets.

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Knowles (symbol: KN) operates primarily in a **B2B (business-to-business)** model, selling advanced micro-acoustic components, audio solutions, and precision devices to other manufacturing companies.

According to Knowles's most recent annual report (Form 10-K filed with the SEC), the company explicitly states: "We do not have a single customer that accounted for 10% or more of our consolidated net sales in 2023, 2022, or 2021." This indicates that Knowles has a **diversified customer base**, and no single customer is individually "major" enough (i.e., accounting for 10% or more of revenue) to warrant specific disclosure in their financial filings.

Therefore, while specific customer names cannot be listed as individually "major," Knowles's products are integrated into devices manufactured by leading companies across several key market segments. Its customers are typically original equipment manufacturers (OEMs) and original design manufacturers (ODMs) in the following categories:

• Mobile Device Manufacturers: Companies that produce smartphones, tablets, and other portable electronic devices that incorporate Knowles's microphones and audio solutions.
• Hearables and Consumer Audio Manufacturers: Companies that develop and produce true wireless stereo (TWS) earbuds, headphones, smart speakers, and other personal audio devices.
• Medical Device Manufacturers: Companies specializing in healthcare products, particularly those producing hearing aids, diagnostic equipment, and other medical instruments that require Knowles's precision components and micro-acoustic solutions.
• Industrial, Automotive, and Defense Companies: Manufacturers in these sectors that integrate Knowles's specialized capacitors, oscillators, RF filters, and other precision devices into their systems and equipment.

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Jeffrey S. Niew President and Chief Executive Officer

Jeffrey S. Niew was appointed President and Chief Executive Officer of Knowles in September 2013. He joined Knowles Electronics LLC in 2000, serving as Chief Operating Officer in 2007, President in 2008, and President and CEO in 2010. In 2014, he led the spin-off of Knowles from its previous owner, Dover Corporation, into a NYSE publicly traded company. Prior to joining Knowles, Mr. Niew held various positions in product management, sales, and engineering at Littelfuse, Inc. (1995-2000) and Hewlett-Packard Company (1988-1994). He also served as Vice President of Dover Corporation and President and Chief Executive Officer of Dover Communication Technologies from 2011 to 2014.

John S. Anderson Senior Vice President & Chief Financial Officer

John S. Anderson serves as the Senior Vice President and Chief Financial Officer of Knowles Corporation, a position he has held since 2018. He manages all financial functions for Knowles and is key in developing, monitoring, and evaluating the company's capital structure and allocation strategy. Mr. Anderson's previous experience includes leadership roles at Sauer Danfoss, BorgWarner Turbosystems, and BorgWarner Automotive, including a two-year expatriate assignment in Germany. He began his career with PricewaterhouseCoopers.

Robert J. Perna Senior Vice President, General Counsel and Secretary

Robert J. Perna holds the position of Senior Vice President, General Counsel, and Secretary at Knowles.

Daniel J. Giesecke Senior Vice President & Chief Operating Officer

Daniel J. Giesecke serves as the Senior Vice President and Chief Operating Officer for Knowles.

Brian Crannell Senior Vice President, Corporate Development

Brian Crannell is the Senior Vice President of Corporate Development at Knowles, responsible for strategic growth plans and merger and acquisition activities. Before this role, he led marketing and business development for Knowles' Specialty Components – Acoustics and Hearing Health business units. Earlier in his career, Mr. Crannell was with Littelfuse, Inc. from 1997 to 2011, where he managed corporate development, financial planning, marketing, and product management, successfully completing acquisitions across various countries. He also held design engineering and product management roles at Masco Corporation.

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The key risks to Knowles' (KN) business operations include intense competition, a dependency on key customers, and the rapid pace of technological change requiring continuous innovation.

1. Intense Competition and Pricing Pressures: Knowles operates in highly competitive markets for its specialized electronic components, particularly in MEMS and industrial markets. Competitors such as TDK InvenSense and Infineon are aggressively expanding, which can lead to pricing pressures and challenges to Knowles' market position.
2. Dependency on Key Customers: A significant portion of Knowles' revenue is derived from a few major clients. For example, Apple Inc. has historically accounted for a substantial percentage of the company's revenue. The loss of any key customer or a decrease in their orders could have a material adverse effect on Knowles' business and financial condition.
3. Rapid Technological Changes and the Need for Continuous Innovation: The fast-evolving nature of technology means that existing products can quickly become obsolete. Knowles' future success is highly dependent on its ability to continuously develop and introduce complex new products into the marketplace in a timely manner and ensure they are selected for integration into customer products at competitive prices.

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Rapid Commoditization and Intense Price Pressure in High-Volume Consumer Electronics

While Knowles provides premium and specialized components, the consumer electronics market is experiencing an accelerating trend where once-specialized components, like MEMS microphones, become commoditized at a rapid pace. Aggressive competition, particularly from Asia, is driving prices down dramatically. This makes it increasingly challenging for Knowles to maintain its historical premium pricing and profit margins in high-volume segments (e.g., smartphones, mainstream earbuds), forcing a continuous and resource-intensive pivot towards highly specialized, lower-volume, or technically differentiated niches to sustain profitability. This trend isn't merely increased competition; it's a systemic shift in market dynamics for component suppliers.

Increasing Vertical Integration and In-Sourcing by Major Original Equipment Manufacturers (OEMs)

Large electronics companies, which are key customers for Knowles, are exhibiting a growing strategic imperative to control their supply chains, reduce costs, and foster product differentiation by designing and, in some cases, manufacturing critical components in-house. This vertical integration trend, exemplified by major tech companies developing their own custom silicon, poses a significant emerging threat. Should a key OEM partner opt to internalize the design and production of acoustic components or other specialized parts currently supplied by Knowles, it would lead to a direct and substantial loss of revenue and market share in those specific product lines.

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• MEMS Microphones: The global MEMS microphones market was valued at approximately USD 2.2 billion in 2024 and is projected to grow to about USD 5.2 billion by 2033. Another estimate places the market at USD 2.40 billion in 2025, reaching USD 3.26 billion by 2030.
• Capacitors: The global capacitor market size was estimated at USD 41.81 billion in 2024 and is expected to reach USD 80.23 billion by 2035. Other reports indicate the market was valued around USD 18.77 billion in 2024, projected to reach USD 20.07 billion by 2033, or USD 20.59 billion in 2024, projected to reach USD 24.91 billion by 2031. Another source states the global capacitor market size at USD 38.91 billion in 2024, predicted to surpass USD 69.42 billion by 2034. A more recent estimate places the capacitor market size at USD 26.7 billion in 2025, forecasted to achieve USD 35.56 billion in 2030. Due to varying methodologies across reports, a conservative range for the global capacitor market in 2024-2025 is approximately USD 18.77 billion to USD 41.81 billion.
• Audio Processing Solutions: The global digital audio processor market size is anticipated to grow significantly, reaching USD 38.87 billion by 2034, with a revenue forecast of USD 17.6 billion for 2025. The global audio DSP market size was valued at USD 11.06 billion in 2019 and is projected to reach USD 23.43 billion by 2027.
• Oscillators (including MEMS Oscillators): The global oscillator market is valued at USD 3.60 billion in 2024 and is projected to reach USD 3.99 billion by 2025. Another report estimates the global oscillator market at USD 4.04 billion in 2025, expected to reach USD 9.17 billion by 2032. The global MEMS oscillator market specifically was valued at USD 515.1 million in 2023 and is anticipated to grow to USD 1 billion by 2032.
• Balanced Armature Speakers: null
• Radio Frequency (RF) Filtering Products: null

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Knowles Corporation (KN) is anticipated to drive future revenue growth over the next two to three years through several key areas:

1. Growth in the Precision Devices Segment: This segment is a significant growth engine for Knowles, fueled by robust demand across multiple end markets including medtech, defense, industrial, electric vehicles (EV), and energy. The company projects the Precision Devices segment to achieve growth at the higher end of its 6% to 8% range in 2025.
2. Expansion and Ramp-up of the Specialty Film Product Line: Knowles has identified its specialty film line as a critical growth driver, with a substantial backlog and expectations for significant revenue contributions. The company is actively investing in capacity expansion for this product line, which is poised to more than double its sales.
3. Performance and Demand in the Medtech & Specialty Audio Segment: This segment continues to be an important contributor, with particular strength noted in the hearing health market. Knowles anticipates this segment to grow by 2% to 4% in Q4 2025 and expects overall growth in 2025, underpinned by consistent performance.
4. Benefits from Strategic Acquisitions and Design Wins: Recent strategic acquisitions, such as Cornell Dubilier in late 2023, are contributing to revenue growth, especially within the Precision Devices segment, through integration and synergistic opportunities. Additionally, strong design win activity and a robust backlog across its businesses are positioning Knowles for sustained future growth.

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Share Repurchases

• Knowles' Board of Directors authorized a share repurchase program of up to $100 million on February 24, 2020.
• The Board increased the authorization by up to an additional $150 million on April 28, 2022.
• As of February 13, 2025, approximately $194 million remained available under the share repurchase program, following an additional $150 million authorization. The company repurchased $54 million in 2024 and $48 million in 2023.

Share Issuance

• As of December 31, 2024, Knowles had 98,551,188 shares issued.
• The company maintains equity compensation plans, with 13.1 million shares available for future awards as of December 31, 2024.

Outbound Investments

• In the fourth quarter of 2023, Knowles acquired Cornell Dubilier, which expanded its serviceable available market for high-performance capacitors, particularly in medical, defense, and industrial sectors.
• Knowles divested its Consumer MEMS Microphone (CMM) business to Syntiant Corp for $150 million, consisting of $70 million in cash and $80 million in Syntiant preferred stock. This sale was completed on December 30, 2024, as part of a strategic transformation to focus on higher-value industrial technology markets.

Capital Expenditures

• Knowles' capital investments are typically 3-5% of revenues over a cycle, aimed at supporting new business and product innovation.
• Reported capital expenditures were $29 million, $19 million, and $20 million for fiscal years ending December 31, 2023, 2022, and 2021 respectively.
• The company plans investments to expand manufacturing capacity for its Specialty Film product line, acquired with Cornell Dubilier, through 2025 and into 2026.