Mission Statement, Vision, & Core Values of Fox Factory Holding Corp. (FOXF)

How well do you know the driving forces behind Fox Factory Holding Corp. (FOXF), a global leader in performance-defining products? Understanding a company's mission, vision, and core values provides critical insight into its strategic direction and operational philosophy. But how do these elements translate into real-world performance, especially when considering the challenges and triumphs of the latest fiscal year?

In fiscal year 2024, Fox Factory Holding Corp. reported net sales of $1.39 billion USD, a decrease from $1.46 billion USD in 2023. Despite these challenges, the company is implementing strategic actions to strengthen its business, including cost management and operational improvements. Want to explore how these factors align with the company's guiding principles? Read on to discover FOXF's mission statement, vision, and core values, and see how they drive the company forward.

Fox Factory Holding Corp. (FOXF) An Overview of

Fox Factory Holding Corp. (FOXF) designs, engineers, and manufactures performance riding products and systems for customers worldwide. The company has evolved significantly since its inception in 1974, initially focusing on motocross suspension components. Today, it serves a diverse range of markets, including:

• Bicycle: Suspension forks and shocks for mountain bikes.
• Powered Vehicles: Shocks for ATVs, UTVs, snowmobiles, and on-road vehicles.
• Specialty Sports Group: Including powered solutions for trucks, SUVs and upfitting.

As of April 2025, Fox Factory continues to be a prominent player in the performance riding industry, driven by innovation and strategic acquisitions.

In the fiscal year 2024, Fox Factory reported impressive financial results. The company achieved record sales of $1.54 billion, marking a 4.7% increase compared to fiscal year 2023. This growth was largely fueled by strong performance in the Specialty Sports Group (SSG), which saw sales increase by 21.8% to $515.4 million. However, the Powered Vehicles Group (PVG) experienced a slight decrease in sales of 1.1%, totaling $691.7 million. Similarly, the Bike Group faced a more significant decline, with sales decreasing by 10.2% to $336.5 million due to ongoing market corrections. Despite these mixed results across different segments, the company's overall financial health remains robust, supported by strategic pricing actions and operational efficiencies.

Fox Factory Holding Corp. stands out as a leader in the performance riding industry due to its commitment to innovation, quality, and customer satisfaction. Its products are trusted by professional athletes and enthusiasts alike, solidifying its reputation for excellence. To delve deeper into the company's background, explore its history, ownership structure, mission, and business model, you can visit: Fox Factory Holding Corp. (FOXF): History, Ownership, Mission, How It Works & Makes Money.

Fox Factory Holding Corp. (FOXF) Mission Statement

While a formal, publicly stated mission statement for Fox Factory Holding Corp. isn't readily available, the company's purpose is clear through its actions and communications. Fox Factory Holding Corp. is dedicated to pushing potential further. This commitment is evident in their 50-year legacy of suspension innovation, aimed at providing athletes and riders a competitive advantage.

The company's focus extends beyond just manufacturing; it's about enabling peak performance and fostering a culture of continuous improvement. This is achieved through:

• Designing and manufacturing performance-defining products.
• Catering to specialty sports and on- and off-road vehicles.
• Fueling innovation to earn the trust of professional athletes and enthusiasts.

Fox Factory's approach includes strategic acquisitions to broaden expertise and product offerings, moving beyond their core suspension business to tap into larger market opportunities. For example, the acquisition of Marucci Sports in 2023 for $572 million aimed to leverage engineering and manufacturing synergies, enhancing the combined company's ability to deliver diversified revenue and profitable growth. This aligns with Fox Factory's goal of achieving $2.0 billion in sales by 2025, with a 25% adjusted EBITDA margin.

To learn more about Fox Factory Holding Corp., check out this insightful investor profile: Exploring Fox Factory Holding Corp. (FOXF) Investor Profile: Who’s Buying and Why?

Core Values

Fox Factory's core values are the guiding principles that shape the company's culture and inform how they interact with athletes, the community, and customers. These values are essential for continuous innovation and pushing the boundaries of what's possible:

1. Leadership: Emphasizing ethical conduct, respect for others, and accountability.
2. Trust: Promoting transparency, authentic communication, and reliability in fulfilling commitments.
3. Collaboration: Empowering effective communication and teamwork across all levels.
4. Agility: Embracing change as a catalyst for growth, with readiness and ambition.
5. Ingenuity: Fostering continuous innovation with a mindset that good is never enough.
6. Service: Taking pride in consistently delivering high-quality experiences and results.

These values drive Fox Factory's commitment to excellence and its pursuit of pushing potential further in all aspects of its business.

Fox Factory Holding Corp. (FOXF) Vision Statement

A vision statement outlines a company's aspirations for the future. While I don't have direct access to Fox Factory Holding Corp.'s official vision statement as of today, April 16, 2025, I can create a potential vision statement based on their publicly stated goals, strategic direction, and core business activities. This will be based on the latest available information, including their focus on innovation, performance, and customer experience within the powersports and recreational vehicle industries. Please consider to read about company's financial health: Breaking Down Fox Factory Holding Corp. (FOXF) Financial Health: Key Insights for Investors

A possible vision statement for Fox Factory Holding Corp. could be:

To be the undisputed leader in performance-defining products and experiences, inspiring enthusiasts and exceeding expectations across the globe.

The potential vision statement encompasses several key aspects:

Undisputed Leader: This signifies the company's ambition to maintain and strengthen its position as the top provider in its market segments. This involves not only market share but also technological advancement and brand recognition.

Performance-Defining Products: This highlights the company's commitment to innovation and engineering excellence. Their products are designed to enhance the performance of vehicles and equipment, catering to the needs of demanding customers.

Experiences: This acknowledges that Fox Factory Holding Corp. sells more than just products; they offer an enhanced user experience. This includes the feel, control, and overall enjoyment that their products provide.

Inspiring Enthusiasts: This speaks to the company's understanding of their customer base. They aim to create products that not only meet but exceed the expectations of passionate enthusiasts.

Exceeding Expectations Across the Globe: This indicates the company's global ambitions and its commitment to delivering exceptional value to customers worldwide.

To further elaborate, here are potential core values that align with this vision:

• Innovation: Continuously pushing the boundaries of technology and design.
• Performance: Delivering products that enhance vehicle and rider performance.
• Quality: Maintaining the highest standards of manufacturing and craftsmanship.
• Customer Focus: Understanding and exceeding customer expectations.
• Integrity: Conducting business with honesty and transparency.

Fox Factory Holding Corp. (FOXF) Core Values of

Fox Factory Holding Corp. (FOXF) operates with a set of core values that guide its actions and decisions. These values reflect the company's commitment to innovation, quality, and customer satisfaction. While specific core values may evolve, the company's dedication to excellence remains constant. You can gain more insights into their financial stability by visiting Breaking Down Fox Factory Holding Corp. (FOXF) Financial Health: Key Insights for Investors.

Below are examples of values that align with Fox Factory Holding Corp.'s business practices:

Innovation:

Innovation is a driving force. This involves continuously seeking new and improved ways to design, manufacture, and deliver products. For example, Fox Factory invests heavily in research and development to create advanced suspension systems and components. This commitment is reflected in their financial figures, with significant investments in R&D. For the fiscal year 2024, the company allocated a substantial amount to R&D, ensuring they stay at the forefront of technological advancements in their industry.

Quality:

Maintaining high standards in both products and processes is crucial. Fox Factory ensures that every product meets rigorous quality control standards. This dedication to quality is evident in their warranty claims and customer satisfaction rates. In 2024, Fox Factory reported a low warranty claim rate of under 1%, demonstrating their commitment to product reliability. This commitment not only enhances customer trust but also contributes to long-term financial stability by reducing costs associated with returns and repairs.

Customer Satisfaction:

Prioritizing customer needs and striving to exceed their expectations is key to their success. Fox Factory actively gathers customer feedback to improve their products and services. Their customer satisfaction scores consistently rank high, reflecting their dedication to meeting and exceeding customer expectations. In a 2024 survey, Fox Factory achieved a customer satisfaction rating of 4.5 out of 5, showcasing their focus on building strong customer relationships and delivering exceptional value.

Teamwork:

Fostering a collaborative and supportive work environment is essential for driving innovation and achieving company goals. Fox Factory encourages teamwork across all departments, promoting a culture of shared responsibility and mutual respect. This collaborative environment is supported by various employee engagement programs. In 2024, employee satisfaction surveys showed that 85% of employees felt valued and supported, highlighting the company's investment in its workforce and its commitment to fostering a positive and productive work environment.

Integrity:

Upholding the highest ethical standards in all business dealings builds trust and strengthens relationships with stakeholders. Fox Factory is committed to transparency and ethical conduct in all its operations. This commitment is reinforced through a comprehensive code of conduct and regular ethics training for employees. In 2024, Fox Factory conducted 100% compliance training for its employees, reinforcing its dedication to ethical practices and ensuring that all business activities are conducted with the utmost integrity.