Avery Dennison (AVY) FY2024 10-K Annual Report
Avery Dennison (AVY) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 26, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Avery Dennison FY2024 10-K Analysis
Business Overview
- • Core business: global materials science and digital identification solutions serving diverse industries with labeling, branding, RFID, and supply chain optimization products
- • New emphasis on sustainable innovation including circular economy products and RFID digital identity solutions expanding in retail and logistics sectors
- • Strategic focus on connecting physical and digital worlds; integration of Solutions Group’s RFID and data management with Materials Group’s advanced materials
- • Workforce expansion to ~35,000 employees with 58% in Asia Pacific, 70% of net sales international, 40% from emerging markets, highlighting global geographic reach
- • 2023 acquisitions totaled $231 million enhancing sports apparel customization, brand embellishments, and labeling transfer capabilities
Management Discussion & Analysis
- • Revenue $8.76B in 2024, up 5% YoY; organic sales up 5%, net sales ex. currency down 1%
- • Gross profit margin 28.9% in 2024 vs 27.2% in 2023; driven by productivity initiatives and higher volume
- • Best performing segment: Materials Group revenue $6.01B (+4% organic), adjusted operating income $924.7M; worst: Solutions Group revenue $2.74B (+6% organic), lower adjusted operating income $289.3M vs prior year
- • Operating cash flow $939M in 2024, adjusted free cash flow $699.5M; capital expenditures $239.8M; dividends $277.5M; share repurchases $247.5M
- • 2025 outlook: net sales growth expected, volume-driven; unfavorable FX impact anticipated; mid-20% effective tax rate; incremental restructuring savings planned
Risk Factors
- • Regulatory risk from cybersecurity oversight by Audit Committee under SEC guidance on risk governance
- • Geopolitical threat from cyber threats necessitating risk intelligence from governmental and private sector sources
- • Operational risk from reliance on cybersecurity leadership team managing threat detection and incident response
- • Competitive risk from potential cybersecurity incidents affecting product security and client trust in digital solutions
- • No specific financial or structural risks disclosed in the cybersecurity risk discussion
Avery Dennison FY2024 Key Financial MetricsXBRL
Revenue
$8.8B
▲ +4.7% YoY
Net Income
$705M
▲ +40.1% YoY
Gross Margin
28.9%
▲ +167bp YoY
Net Margin
8.1%
▲ +204bp YoY
ROE
30.5%
▲ +685bp YoY
Total Assets
$8.4B
▲ +2.4% YoY
EPS (Diluted)
$8.73
▲ +40.8% YoY
Operating Cash Flow
$939M
▲ +13.7% YoY
Source: XBRL data from Avery Dennison FY2024 10-K filing on SEC EDGAR. All figures in USD.
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