In this Research Note, we examine NAPCO Security Technologies, Inc., a building security products manufacturer of alarms & connectivity, locking and access control solutions. This article focuses on NAPCO’s competitive strengths, fiscal 2023 financials, recurring service revenues and their long-term goals. The company has a significant security presence in commercial settings, with around 80% of its $170 million revenues installed in commercial, industrial, institutional and government markets. Founded in 1969 and headquartered in Amityville, New York, the company consists of four Divisions: NAPCO, plus three wholly owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Over 1,000 employees work in partnership with a long-established network of 200+ distributors, 10,000+ independent dealers and locksmiths and 2,000+ systems integrators. NAPCO Security Technologies Corporate Presentation, November 2023 NAPCO Competitive Strengths NAPCO’s differentiation relies on their claim that they are the only company with products in all three security verticals – Alarms & Connectivity, Locking and Access Control. See […]