Allegion

Allegion’s moat is built on several reinforcing advantages. Schlage, LCN and Von Duprin are among the most specified brands by architects and facility managers in North America, with life‑safety codes and standards embedding these products in building designs.

That installed base creates real switching costs for institutions tied to key systems, credentials, door hardware footprints and integrator ecosystems.

Scale manufacturing and a broad distribution network give Allegion cost and service advantages, while the Stanley Access Technologies acquisition adds a recurring service element that deepens customer relationships. Electronics partnerships (ENGAGE platform integrations with leading PACS providers) widen compatibility and entrenchment.

Risks: rapid innovation by competitors (e.g., ASSA ABLOY’s portfolio moves), potential standard changes (Matter/Aliro), and price pressure in residential. Overall durability remains high given code‑driven specification, installed base and channel breadth.

Sources: Q2‑2025 release; 2024 Form 10‑K (segment mix and margins); ENGAGE and brand pages; ASSA ABLOY/DOJ landscape.