Simpson Manufacturing, operating under the Simpson Strong-Tie brand, makes structural connectors, fasteners, and anchors used in residential and commercial construction. Simpson's products connect, fasten, and anchor structural elements to improve resistance to seismic, wind, and gravitational forces — though they typically represent only about 1% of a home's total material cost, giving Simpson pricing power relative to the affordability pressures its customers face. Simpson sells through dealers, lumber yards, home centers, wood component manufacturers, OEMs, and national builders — Simpson has relationships with 25 of the top 30 U.S. national builders. A key part of Simpson's model is embedding products in the design process: Simpson's engineers work directly with architects and building officials to get Simpson products specified on blueprints before construction begins, making it difficult to substitute competitors' products once a project is underway. Revenue is driven by construction activity (U.S. housing starts influence roughly half of total revenue), content per unit, and pricing. Steel is the primary raw material, sourced largely from domestic U.S. suppliers on a spot basis. Simpson operates through three segments: North America (~78% of net sales), Europe (~22%), and a small Asia/Pacific business. Simpson's long-term volume growth target is to outpace U.S. housing starts by ~300 bps, pursued through specification pull-through, product innovation, component manufacturing software, and OEM expansion. CapEx is expected to normalize after a heavy investment cycle to build out warehouse and fastener manufacturing capacity.