Acme United

Revenue is diversified across first aid and cutting tools, with seasonality tied to back-to-school in Q2–Q3 for cutting, while first aid replenishment supports steadier cadence year round. Management notes that first and fourth quarters are typically weaker.

Two customers were ~13 percent each of 2025 sales and three customers comprised 17, 13 and 11 percent of receivables, which adds lumpiness risk. Still, first aid has recurring characteristics, and TTM revenue through Q1 2026 grew to about 203 million dollars (+3 percent vs. 2025) even with tariff headwinds.

We view mid single-digit organic growth plus bolt-ons as a reasonable medium-term base case.