Acme United

Gross margin reached ~39.4 percent in 2025 and 39.7 percent in Q1 2026 as mix favored first aid and medical, and ACU benefits from branded positioning in many SKUs. However, retailer concentration curtails unilateral price action and tariff pass-through can lag.

First aid compliance kits and refills have better stickiness and value-in-use than commodity cutting tools, implying selective pricing power rather than broad-based.

We see room for continued mix-led expansion as Elite and My Medic integrate, Tennessee capacity ramps, and robotics lower costs, but we stay conservative given competitive sets and procurement pressures.