# What Is a Company Dependency Map? Definition and Example

> A dependency map lays out what a company relies on: revenue segments, big customers, suppliers and rivals. Here is how to build one from public filings.

Source: https://www.exent.ai/learn/company-dependency-map · Reviewed by David, Senior Analyst, Exent · Published Oct 29, 2026 · Updated Oct 29, 2026

## Key takeaways

- A company dependency map is a one‑page picture of what a business depends on: its revenue segments, geographic mix, major customers, key suppliers and closest peers.
- Most of the inputs come from the annual report (10‑K), which breaks revenue into segments and names concentration risks.
- The point is to find single points of failure: one customer, one supplier, one country or one product line that the whole thesis rests on.
- Mapping two holdings often shows they share the same dependency, which is hidden concentration in a portfolio.

## What is a company dependency map?

It is a structured view of the links that drive a company’s results. Upstream are suppliers and inputs. Inside are the [revenue segments](https://www.exent.ai/learn/revenue-segments) and regions that earn the money. Downstream are the customers who pay. Alongside are the peers that compete for the same customers.

## How do you build one?

1. Pull segment and geographic revenue from the [10‑K and 10‑Q](https://www.exent.ai/learn/sec-10-k-10-q).
2. Read the risk factors and notes for named major customers and sole or limited suppliers.
3. List the peers that sell into the same segments, and the companies that buy from them.
4. Mark each link by size and by how hard it would be to replace.

## Example: a hypothetical chip designer

| Link (illustrative) | What the filing shows | Dependency |
| --- | --- | --- |
| Revenue segments | Data center 75%, consumer 25% | One segment drives results |
| Customers | Two cloud companies are major customers | Customer concentration |
| Suppliers | One contract manufacturer makes all chips | Single source |
| Geography | Large share of sales to one foreign market | Trade and tariff exposure |
| Peers | Two larger rivals in the same segment | Pricing pressure |

Illustrative only. The map shows that a strong headline growth rate rests on a handful of relationships.

## Why does it matter for a self‑directed investor?

A stock can look diversified on a sector chart while it depends on the same customers as three other holdings. Mapping dependencies is part of [evaluating a stock idea](https://www.exent.ai/resources/evaluate-a-stock-idea). At portfolio level, shared dependencies show up as correlation clusters and overlap. See also concentration risk.

## Common mistakes

- **Stopping at segments.** Segments show what sells, not who buys or who supplies.
- **Assuming disclosure is complete.** Companies do not always name customers or suppliers.
- **Mapping once.** Dependencies change with each product cycle; refresh the map each year.

## Frequently asked questions

### Where can I find a company’s revenue segments?

In the segment note of the annual 10-K and quarterly 10-Q filed with the SEC, and often in the earnings release.

### What is customer concentration?

When a large share of revenue comes from a few customers. Losing one of them can cut sales sharply.

### Is a dependency map the same as a supply chain map?

A supply chain map covers inputs only. A dependency map also covers revenue segments, customers, geography and peers.

---

Educational content, not investment advice. Past performance does not guarantee future results.