Atmus

What Atmus does

• Global leader in filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining, and power generation equipment.
• Designs and manufactures premium filtration solutions primarily under the Fleetguard brand.
• Focused on reducing emissions and protecting assets.
• Product scope includes filters and related systems across multiple lines and applications, with ongoing investment in filtration and separation technologies for diesel, hydrocarbon-powered equipment, electric power, hydrogen, and other industrial systems.

Financial highlights (year ended December 31, 2025)

• Net sales (revenue): $1,764.3 million
• Net income (GAAP): $207.4 million
• Adjusted EBITDA (non-GAAP): $353.5 million
• Revenue mix: ~14% first-fit sales to OEMs; ~86% aftermarket (replacement/repair)
• Global sales outside the United States and Canada: ~46%
• Segment mix: on-highway ~58% of net sales; off-highway ~42% of net sales

Products and technology

• Product breadth: fuel filters, lube filters, air filters, crankcase ventilation, hydraulic filters, coolants and other chemicals
• Technology and product families: StrataPore, NanoNet, NanoForce, NanoNet Plus, NanoNet N3
• Digital capabilities: remote diagnostic and prognostic platforms and analytics
• Intellectual property: ~1,200 worldwide active or pending patents; more than 650 worldwide trademarks

Customers and relationships

• Largest customer: Cummins, ~18.8% of net sales in 2025 (major relationship for first-fit and aftermarket)
• Other top OEM customers: PACCAR (~16.3%), Traton Group (~11.5%)
• Cummins and its related investments/relationships accounted for about 70% of net sales in 2025; the next four top customers (excluding Cummins) accounted for roughly 40% of net sales in 2025
• Serves thousands of customers globally through OEM dealers, independent distributors, and retail outlets including truck stops

Global footprint and facilities

• Net sales outside the United States and Canada: 46% (2025)
• Presence in more than 25 countries across six continents
• Distribution network: 11 distribution centers
• Manufacturing and technical footprint: 10 manufacturing facilities and 5 technical facilities, plus 10 manufacturing facilities and 2 technical facilities operated by joint ventures
• Corporate headquarters: Nashville, Tennessee (U.S.)

People and culture

• Total employees: ~4,500 worldwide (as of December 31, 2025)
• Union representation: ~53% of employees are covered by collective bargaining agreements
• Technical staff: ~355 technical employees; ~51% of technical employees work outside the United States (India, China, and France)
• Leadership emphasizes inclusion, trust, courage, and accountability

Materials and cost structure

• Principal direct materials: steel, filter media, and petrochemical-based products (plastics, rubber, adhesives)
• Material costs: ~60% of cost of sales in 2025 (compared with 61% in 2024)

Brand and value proposition

• Fleetguard positioned as a premium brand offering comprehensive filtration solutions
• One-stop-shop approach with a broad product range that supports lower emissions, higher uptime, and reduced maintenance costs
• Product content per vehicle supports OEM technology transitions and aftermarket demand
• Warranty and reliability are central to brand trust and customer loyalty

Strategy and growth pillars

• Grow first-fit share in core markets by deepening OEM relationships, expanding product content per vehicle, accelerating new product development, and supporting OEM technology transitions
• Accelerate profitable aftermarket growth by broadening the product portfolio, using analytics to target growth, expanding multi-channel distribution, and investing in product technology
• Transform the supply chain to improve service and availability, optimize the network, reduce costs, and build future capabilities
• Expand into industrial filtration markets to pursue new growth opportunities, including potential acquisitions or partnerships

Additional context

• Seasonality: business tends to be stronger in the first half of the fiscal year; second half includes more holiday periods
• The company maintains a global, vertically integrated approach with a mix of internal production and joint-venture facilities to serve diverse end markets
• The business relies on a small group of large OEM customers, particularly Cummins, with exposure to shifts in OEM demand and aftermarket replacement preferences