Dorman Products Inc

Dorman Products supplies replacement and upgrade parts for vehicles already on the road, a market called the aftermarket. As of December 31, 2025, it marketed about 144,000 distinct parts, up from about 138,000 a year earlier. It designed many of them itself. Its range includes parts once available only from carmakers or salvage yards, such as window regulators, exhaust manifolds and electronic modules. Most sales come from repair parts. Demand for repairs tends to hold up better in downturns than spending on upgrades.

Dorman's customers are mainly auto parts retailers and their websites, wholesale distributors and dealers. They serve do-it-yourself car owners and professional repair shops. In 2025, about 76% of products carried Dorman-owned brands such as Dorman, Dayton Parts and SuperATV. The rest went out under customers' store brands or in bulk. Two customers made up about 40% of net sales. Its gross margin, the share of sales left after product costs, was 42.1% in 2025.

The Light Duty segment, for passenger cars and light trucks, brought in about $1.69 billion, or 79.4% of fiscal 2025 revenue of $2.13 billion. Heavy Duty, for medium- and heavy-duty trucks, made up 10.9%. Specialty Vehicle, mainly parts and accessories for off-road utility and all-terrain vehicles, made up 9.7%. Most sales are in the United States, and the rest go mainly to Canada and Mexico.

• In Q3 FY2026 (ended Sep 26, 2026), revenue was $561.7M, up 3.3% from a year earlier, and net income was $59.2M (-22.6%).
• For fiscal 2025, revenue was $2.13B (+6.0% year over year; +14.3% a year from FY2020 to FY2025) with a 9.6% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -6.5% from Feb 17, 2022 to Oct 22, 2026.

Rank among 1514 US companies

Market value at each year end

Dorman Products’s market value went from $2.53B at the end of 2016 to $3.83B on Oct 28, 2026, up 51%; since the end of 2025 it is up 2%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($709K), 4 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in DORM

1. Two customers made up 40% of 2025 sales. Long-term agreements typically lack purchase commitments. If either customer orders less, drops product lines or goes direct to Dorman's suppliers, sales and profits could fall substantially.
2. Large customers press for lower prices. As retailers and distributors merge and grow, they push Dorman to cut prices, extend payment terms and offer bigger rebates. That can squeeze margins. Some customers also carry store brands that compete with Dorman's.
3. New-part pipeline faces legal and access hurdles. Dorman depends on a steady flow of new parts and introduced 5,560 in 2025. Restricted access to vehicle technology, or intellectual property claims from carmakers and others, could slow that pipeline.
4. Inventory misjudgments and overstock returns. With about 144,000 distinct parts, Dorman must keep enough stock on hand. Running short, misjudging future demand or customers returning more unsold stock than expected could hurt sales and profits.
5. Better-built cars may need fewer parts. Demand depends on the number and age of vehicles on the road and how many miles they are driven. Better-quality parts and longer carmaker warranties or maintenance plans could make replacements less frequent.
6. Tariffs and reliance on foreign suppliers. Dorman depends in part on foreign suppliers. Tariffs and other changes in U.S. trade policy, plus swings in foreign currencies, could raise costs and hurt results while customers are already pushing for lower prices.

• Oct 26, 2026 Quarterly results released
• Aug 3, 2026 Quarterly results released
• Jun 17, 2026 Major agreement signed; New debt or financial obligation
• Jun 3, 2026 Other company announcement
• May 18, 2026 Shareholder vote results
• May 4, 2026 Quarterly results released
• Feb 25, 2026 Quarterly results released
• Jan 20, 2026 Executive or board change; Investor presentation or announcement

Dorman Products pays no dividend. Its yield was 0% as of October 28, 2026. For an income investor, any return has to come from a rising share price, and getting regular cash would mean cashing out part of the holding. The share count did fall about 6.5%, from roughly 31.5 million in February 2022 to about 29.5 million in October 2026. That gives each share a larger slice of earnings.

The stock has fallen hard in past downturns. It dropped about 55% between November 2007 and March 2009, then recovered by July 2009. In the 2020 COVID crash it fell about 28% and was back at its peak by June 2020. The 2022 drop was slower to heal: a fall of about 30% took until September 2024 to recover. In the 12 months to October 28, 2026, its largest fall from a high to a low was about 36%. Single stocks carry more risk than diversified funds, which spread money across many companies.