What changed in this filing

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Item 1. Business

2026-02-27 compared with 2025-02-27 · 63 added, 59 removed, 164 unchanged (43% of the section changed)

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We are one of the leading aftermarket suppliers of parts that were traditionally available to professional installers and consumers only from original equipment manufacturers ("OEMs") or salvage yards.

These parts include, among other parts, leaf springs, intake manifolds, exhaust manifolds, oil filters and coolers, window regulators, radiator fan assemblies, tire pressure monitor sensors, exhaust gas recirculation (EGR) coolers, driveshafts, UTV windshields, and complex electronics modules.

For 2024, approximately 81% of our products were sold under brands that we own, and the remainder of our products were sold for resale under customers' private labels, other brands, or in bulk.

These parts include, among others, leaf springs, intake manifolds, exhaust manifolds, oil filters and coolers, window regulators, radiator fan assemblies, tire pressure monitor sensors, exhaust gas recirculation ("EGR") coolers, driveshafts, UTV windshields, and complex electronics modules.

For 2025, approximately 76% of our products were sold under brands we own, and the remainder of our products were sold for resale under customers' private labels, other brands, or in bulk.

We generate most of our net sales from customers in North America, primarily in the United States.

Our products are sold primarily through aftermarket retailers, including through their online platforms;

national, regional, and local wholesale distributors and specialty markets;

and salvage yards.

Our products are sold primarily through aftermarket retailers, including their online platforms;

and national, regional, and local wholesale distributors and specialty markets.

We also distribute aftermarket parts outside the United States, with sales primarily into Canada and Mexico, and to a lesser extent, Europe, the Middle East, and Australia.

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light-duty, heavy-duty, and powersports (i.e., specialty vehicles).

Combined, we estimate that these three sectors had a total addressable market of over $165 billion in 2024, according to information we have derived from the 2025 Auto Care Association Factbook and other industry data.

Combined, we estimate that these three sectors had a total addressable market of over $165 billion in 2025, based on information we derived from the 2026 Auto Care Association Factbook and other industry data.

Spending in the motor vehicle aftermarket sector generally can be grouped into three categories:

discretionary, maintenance, and repair.

Discretionary, such as upgrade accessories and performance, tends to align with consumer discretionary spending.

Maintenance is composed of products and services, such as oil and oil changes, and tends to be less correlated with discretionary spending.

Repair consists mainly of replacement parts that fail over time.

While some repair work may be influenced by factors such as extreme weather in the summer or winter months, this work tends to be less cyclical as it is largely comprised of parts necessary for a vehicle to function properly or safely.

The majority of our net sales are from products in the repair category.

Light-Duty Vehicle Sector

The majority of our products are designed for light-duty vehicles, which are passenger cars and light-duty trucks.

Most of our products are designed for light-duty vehicles, which are passenger cars and light-duty trucks.

Two distinct groups of end-users buy replacement and upgrade vehicle parts for this sector:

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Professional installers include:

(i) individual vehicle repair shops, representing approximately 70% of the total aftermarket vehicle repair industry according to the Motor & Equipment Manufacturers Association, which generally service a variety of OEM vehicle makes and models and sell and install non-OEM aftermarket parts;

and (ii) dealership service departments, which generally only service specific brands of OEM vehicles and sell and install those same OEM brand aftermarket parts.

Individual consumers typically are supplied through retailers and the retail arms of warehouse distributors.

(i) individual vehicle repair shops, representing approximately 70% of the total aftermarket vehicle repair industry according to the Motor & Equipment Manufacturers Association, which generally service a variety of OEMs' vehicle makes and models and sell and install non-OEMs' aftermarket parts;

and (ii) dealership service departments, which generally only service specific brands of OEMs' vehicles and sell and install those same OEMs' brand aftermarket parts.

Individual consumers are typically supplied through retailers and the retail arms of warehouse distributors.

Vehicle repair shops generally purchase parts through local independent parts wholesalers and national parts distributors.

Automobile dealership service departments generally obtain parts through the distribution systems of vehicle manufacturers and specialized national and regional parts distributors.

Spending in the light-duty vehicle sector generally can be grouped into three categories:

discretionary, maintenance, and repair.

Discretionary, such as upgrade accessories and performance, tends to align with consumer discretionary spending.

Maintenance is composed of products and services, such as oil and oil changes, and tends to be less correlated with discretionary spending.

Repair consists mainly of replacement parts that fail over time.

The majority of our net sales are from products that fall into the repair category.

The increasing complexity and the number of different makes and models of light-duty vehicles have resulted in a significant increase in the number of products required to service domestic and foreign automotive fleets.

The requirement to include more products in inventory and the significant consolidation among

distributors of automotive replacement parts have in turn resulted in larger distributors.

See ITEM 1A, “Risk Factors – Risks Related to Our Business – Our Industry, Operations and Competition” for information regarding the potential impacts of consolidation on our business.

The requirement to include more products in inventory and the significant consolidation among distributors of automotive replacement parts have, in turn, resulted in larger distributors.

See ITEM 1A, “Risk

Factors – Risks Related to Our Business – Our Industry, Operations and Competition” for information regarding the potential impacts of consolidation on our business.

Retailers and others who purchase light-duty aftermarket parts for resale often are constrained to a finite amount of space in which to display and stock products.

Thus, the reputation for quality, customer service, and line profitability that a supplier provides typically are significant factors in a retailer’s or other reseller’s decision as to which product lines to carry in the limited space available.

Further, because of the efficiencies achieved through the ability to order all or part of a complete line of products from one supplier (with possible volume discounts), as opposed to satisfying the same requirements through a variety of different sources, retailers and other resellers of light-duty aftermarket parts often seek to purchase products from fewer but stronger suppliers.

Thus, the reputation for quality, customer service, and line profitability that a supplier provides are typically significant factors in a retailer’s or other reseller’s decision as to which product lines to carry in the limited space available.

Further, because of the efficiencies achieved through the ability to order all or part of a complete line of products from one supplier (with possible volume discounts), as opposed to satisfying the same requirements through a variety of different sources, retailers and other resellers of light-duty aftermarket parts may seek to purchase products from fewer but stronger suppliers.

Heavy-Duty Vehicle Sector

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The service work performed on medium- and heavy-duty vehicles is generally completed by end-user businesses that utilize these vehicles in their operations, fleets, and independent garages and distributors, who buy parts from the purchasers above or, in some instances, directly from suppliers like us.

The majority of our sales in the heavy-duty vehicle sector are related to replacement parts.

The majority of our sales in the heavy-duty vehicle sector are replacement parts.

Specialty Vehicle Sector

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A brand mechanics have trusted for more than 100 years.

DORMAN ® OE FIX ™ – Dorman products that are designed to be better repair solutions than the OE alternative.

These parts are made to help save the service technician time and money, and increase reliability and serviceability.

DORMAN ® OE FIX ™ – Dorman products that are designed to be better repair solutions than the OEMs' alternative.

These parts are made to help save the service technician time and money, and to increase reliability and serviceability.

® – Parts and components designed to help the automotive do-it-yourself customer, or DIYer, save time and money.

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We warrant our products against certain defects in material and workmanship when used as designed on the vehicle on which it was originally installed.

We offer a limited lifetime warranty on most of our products in the light- and medium-duty parts categories, with more limited warranties for our heavy-duty and specialty vehicle products.

We offer a limited lifetime warranty on most of our products in

the light- and medium-duty parts categories, with more limited warranties for our heavy-duty and specialty vehicle products.

Our standard warranties provide for the repair or replacement of the non-performing part.

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We categorize our product development opportunities across three different spectrums:

(1) alternative parts - direct aftermarket replacements for factory parts, (2) upgraded parts (including our "OE FIX" line) – parts with enhanced design, functionality, or features based on identifying what made original parts problematic and developing new solutions that address the original failure modes, and (3) new parts - identifying parts that are not available from the OE or in the aftermarket that can enhance vehicle performance and user experience.

Some of these opportunities are new to the aftermarket whereas others continue to expand our current portfolio offering.

(1) alternative parts – direct aftermarket replacements for factory parts, (2) upgraded parts (including our "OE FIX" line) – parts with enhanced design, functionality, or features based on identifying what made original parts problematic and developing new solutions that address the original failure modes, and (3) new parts – identifying parts that are not available from the OEMs or in the aftermarket that can enhance vehicle performance and user experience.

Some of these opportunities are new to the aftermarket, while others continue to expand our current portfolio offering.

The following table represents the number of distinct parts we introduced for each of the last three years:

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In 2025, we introduced a range of innovative, first-to-the-aftermarket repair solutions for the light-duty vehicle sector, designed to fit a wide variety of vehicles.

Our product launches included “OE FIX” solutions such as loaded magnetic strut assemblies, turbo line replacement kits, and fully loaded knuckle assemblies.

Our product launches included “OE FIX” solutions such as exhaust manifolds, metal heater hose connectors, and aluminum oil filter housings for additional makes and models of vehicles.

We also expanded our investment in our emerging technology solutions portfolio to support repairs for complex automotive electronic components.

This included the release of transmission control modules, electronic power steering racks, and various other control modules and sensors.

Additionally, we made significant additions to our industry-leading lines of turbo accessories, coolers, and chassis components.

In 2024, we significantly expanded our heavy-duty product portfolio, introducing a comprehensive range of brake components—including drums and rotors—along with a new king pin program for connecting trucks and trailers and enhancements to our leaf spring coverage.

Additionally, we launched several aftermarket-exclusive products, including EGR coolers, after-treatment injectors, and engine sensors.

Most notably, we proudly debuted our Dayton Exhaust components line, delivering innovative solutions for both above and below-chassis applications for Class 7 and Class 8 trucks.

In the specialty vehicles sector, in 2024 we released many first-to-the-aftermarket products covering accessories and nondiscretionary repair parts, including a complete line of geared reverse direct replacement transmissions for multiple makes and models of ATVs and UTVs.

We expanded our Ready Fit ® winch line, which is designed to significantly reduce installation time for the customer.

We also continued our investment in innovative solutions to enhance the rider experience like a rear steer kit, driver-adjustable electronic power steering, and creature comfort items that provide improved heat and air flow within the cab, such as our electronic thermostat bypass heaters and roof-mounted fan system.

This included the release of active grille shutters, front impact sensors, and various other control modules and sensors.

Additionally, we made significant additions to our industry-leading lines of active suspension components, loaded knuckles, and chassis components.

We continued to expand and launch new products across the heavy-duty vehicle sector in 2025, including within our core categories.

Among other things, we introduced line extensions for air disc rotors and new consolidated brake shoe kits, and we further expanded our branded shock absorber program.

We also advanced our efforts to deliver “new-to-the-aftermarket solutions” for the heavy-duty industry, releasing new EGR coolers, fuel dosing modules, and branded air tanks.

Additionally, we introduced new branded front displays for our retail customers, creating strong opportunities to drive sales growth and increase brand presence in our customers’ front rooms.

For the specialty vehicle sector, in 2025, we continued enhancing our lineup of break-fix and direct replacement parts by introducing new products and expanding fitment opportunities for existing product categories, including water pumps, fuel pumps, radiator assemblies, and brake calipers.

Additionally, we introduced a new proprietary XR Optic Hard Coating across our scratch-resistant polycarbonate windshield line and redesigned our power flip windshield for improved ergonomics.

We also released a wide range of first-to-market innovations enhancing driver and passenger comfort and machine usability.

Our product launches included two new tire lines with advanced proprietary tread designs to optimize performance, advanced turn signal kits that integrate with machine electronics, and rugged utility vehicle doors.

Sales and Marketing

We market our products to purchasers, many of whom in turn supply individual consumers and professional installers.

Our products are available in our customers’ retail stores, on our website and our customers’ websites, and through dealers and warehouse distributors.

Our products are available in our customers’ retail stores, online, and through dealers and warehouse distributors.

As of December 31, 2025, we had a sales and sales support team of approximately 300 people selling our products either directly to our customers or, for certain select customers, indirectly using independent manufacturers’ representative agencies worldwide.

Our sales efforts are not directed merely at selling individual products, but more broadly towards selling our entire product portfolio.

Our sales strategy includes increasing sales not only by securing new customers, but also by adding new product lines and expanding product selection within existing customers in an effort to make our customers a destination for our aftermarket products.

Our sales efforts are directed broadly towards selling our entire product portfolio, not solely towards selling individual products.

Our sales strategy includes increasing sales by securing new customers, adding new product lines, and expanding product selection for existing customers in an effort to make our customers a destination for our aftermarket products.

Among other things, we use digital advertising, social media, email, catalogs, and brochures to describe and promote our products.

Our websites include DormanProducts.com, DaytonParts.com, and SuperATV.com.

These sites are not and should not be considered part of this Form 10-K and are not incorporated by reference in this Form 10-K.

Our websites include, but are not limited to, DormanProducts.com, DaytonParts.com, and SuperATV.com.

These sites are not and should not be considered part of this Annual Report on Form 10-K and are not incorporated by reference in this Annual Report on Form 10-K.

As of December 31, 2025, we serviced approximately 9,000 active accounts.

During 2024, two customers each accounted for more than 10% of net sales and in the aggregate accounted for approximately 39% of net sales.

During 2025, we had two customers that individually accounted for more than 10% of net sales and, in the aggregate, accounted for approximately 40% of net sales.

Manufacturing and Procurement

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We engage third-party manufacturers around the world to develop and manufacture products according to our performance and design requirements, oftentimes using tooling that we own.

In 2024, as a percentage of our total dollar volume of purchases, approximately 28% of our products were purchased from third-party suppliers throughout the United States and the balance of our purchases were from third-party suppliers outside of the United States.

In 2024, approximately 45% of our products were purchased from third-party suppliers located in China.

In 2025, as a percentage of our total dollar volume of purchases, approximately 23% of our products was purchased from third-party suppliers throughout the United States, and the balance of our purchases were from third-party suppliers outside of the United States.

In 2025, approximately 38% of our total volume of purchases of products were from third-party suppliers located in China.

Our global supplier network provides access to a broad array of manufacturing capabilities and technologies, and coupled with our diverse product portfolio, limits our dependency on any single source of supply.

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We employ a variety of custom-designed packaging machines, which include blister sealing, skin film sealing, clamshell sealing, bagging, and boxing lines.

Packaged product generally contains our label (or a private label), a part number, a universal packaging bar code suitable for electronic scanning, a description of the part, and if appropriate, installation instructions.

Packaged products generally contain our label (or a private label), a part number, a universal packaging bar code suitable for electronic scanning, a description of the part, and, if appropriate, installation instructions.

Products are also sold in bulk to automotive parts manufacturers and packagers.

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workers combine to help ensure that the proper variety and numbers of parts meet the correct packaging materials at the appropriate places and times to produce the required quantities of finished products.

Packaged inventory is either stocked in the warehouse portions of our facilities or in distribution centers maintained by our third-party logistics providers and is organized to facilitate the most efficient methods of retrieving product to fill customer orders.

We continue to invest in technology and automation to improve the efficiency of our operations, including implementing warehouse orchestration software and utilizing autonomous mobile robots and vertical lift modules at several of our locations.

We strive to maintain a level of inventory to adequately meet current customer order demand, with additional inventory to satisfy new customer orders and special programs.

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A used core is remanufactured and sold to the customer as a replacement for a unit on a vehicle.

Customers and end-users that purchase a remanufactured replacement part will generally return the used core to us, which we then use in the remanufacturing process to make another finished good.

Customers and end-users who purchase a remanufactured replacement part will generally return the used core to us, which we then use in the remanufacturing process to make another finished good.

Our core inventory consists of used cores purchased and held in our facilities, used cores that are in the process of being returned from our customers and end-users, and remanufactured cores held in finished goods inventory at our facilities.

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Substantially all our products are subject to competition with similar products offered by other providers.

Some of these competitors are divisions and subsidiaries of companies much larger than ours that possess a longer history of operations and greater financial and other resources than we do.

We also face competition from OE manufacturers who sell through their dealerships many of the same replacement parts that we sell, although these manufacturers generally sell parts only for vehicles they produce.

Some of these competitors are divisions and subsidiaries of companies much larger than us that possess a longer history of operations and greater financial and other resources than we do.

We also face competition from OEMs who sell through their dealerships many of the same replacement parts that we sell, although these manufacturers generally sell parts only for vehicles they produce.

Some of our current or former suppliers may compete with us by supplying directly to our customers.

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Our business can be affected by weather conditions.

Extremely hot or cold weather generally results in an increase in parts failure at an accelerated rate, which generally leads to an increase in our sales for the duration of the extreme weather event.

Extremely hot or cold weather generally results in an increase in parts failing at an accelerated rate, which generally leads to an increase in our sales for the duration of the extreme weather event.

Patents, Trademarks, and Other Intellectual Property

We own patents important to our business, and we expect to continue to file patent applications to protect our research and development investments in new products.

We own patents important to our business, and we expect to continue filing patent applications to protect our research and development investments in new products.

As of December 31, 2025, we held 132 patents and 82 pending patent applications worldwide.

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Total Employees 3,503 368 3,871

None of our global employees is covered by a collective bargaining agreement.

None of our employees is covered by a collective bargaining agreement.

We consider our relations with our employees to be generally good.

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We have created and implemented processes to help eliminate safety events and reduce their frequency and severity.

We also review and monitor our safety performance closely.

We also review and monitor our safety performance.

We have adopted an environmental, health, and safety policy outlining our commitment to policies and practices that support the health and safety of our employees, contractors, and the community, and the protection of the environment in the communities where we operate.

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We empower and celebrate new ideas throughout our organization because new ideas are integral to our product development process and our evolution as a company.

our Contributors and promoting an environment where they feel valued and empowered is an essential part of our culture.

Investing in our Contributors and promoting an environment where they feel valued and empowered is an essential part of our culture.

We believe developing talented, successful people helps drive the long-term performance of our business.

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Leadership also participates in a robust annual talent review and succession planning process.

In addition, leadership reviews employee engagement surveys to monitor employee morale and receive feedback on a variety of issues.

In addition, leadership reviews employee engagement surveys to monitor employee morale and receive feedback.

We pay our employees competitively and offer a broad range of company-paid benefits, which we believe are competitive with others in our industry and in the geographies in which we compete for talent.

We conduct an executive compensation benchmarking review annually to help ensure we are providing market-based compensation, including base salary, and short-term and long-term incentives.

We conduct an executive compensation benchmarking review annually to help ensure we are providing market-based compensation, including base salary, and short-term and long-term incentives for our executives.

We also participate in annual compensation surveys for all positions and strive to compensate our top talent and key roles competitively.

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Available Information

Our Internet address is dormanproducts.com.

Our primary Internet address is DormanProducts.com.

The information on the website is not and should not be considered part of this Form 10-K and is not incorporated by reference in this Form 10-K.

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Requests should be directed to:

Secretary, Dorman Products, Inc., 3400 East Walnut Street, Colmar, Pennsylvania 18915.

Dorman Products, Inc., Attention:

Secretary, 3400 East Walnut Street, Colmar, Pennsylvania 18915.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business