We look for STATTEC to kick off F2026 on an up note, with EPS up 27% year over year to $1.48 in 1Q:F26. That said, profitability faces several headwinds, including potentially lower production rates, fewer new program introductions, adverse currency effects and higher labor costs that will likely make full-year profit comparisons more challenging. All told, we maintain our EPS estimates of $4.25 in F2026 and $4.72 in F2027. STRATTEC is virtually debt free and had net cash of $76.6 million ($18.66 per share) at the end of 4Q:F25. We look for an update on tariffs on the 1Q:F26 conference call. Only about 6% of revenue is exposed to new tariffs, and the company says it anticipates being able to offset its full exposure. We value STRT at 10x our estimated F2027 operating EPS of $4.89, plus projected net cash of $26.33, or $75 per share. Our Moderate risk rating reflects STRATTEC's cyclicality and small float, offset by its well-established operating history and solid balance sheet.