Avery Dennison Corp（AVY）の決算・業績分析
Avery Dennison Corpの2025年有価証券報告書をAI分析。売上高$8.9B(+1.1%)。Materials。
目次
Avery Dennison Corpの2025年度 業績サマリー
Avery Dennison Corp（証券コード: AVY）の2025年度決算・業績分析。売上高は$8.9B（前年比+1.1%）。純利益は$688M（前年比-2.4%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Avery Dennison Corpの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 7.5% YoY to $9.0B (XBRL), driven by expansion in labeling and RFID solutions.
- EBITDA reached $1.2B (13.6% margin) and ROE hit 39.3% (XBRL), reflecting strong profitability.
- Free cash flow (FCF) of $683M (XBRL) enabled $380M in share repurchases and $239M in dividends.
- Net debt stood at $2.4B (1.9x EBITDA) (XBRL), indicating moderate leverage despite robust cash flow.
Avery Dennison Corpの売上高変化の要因
- •Revenue grew 7.5% YoY to $9.0B (XBRL), with the Materials Group driving 69% of sales. The Solutions Group’s RFID and software offerings contributed 31% of revenue, reflecting growth in digital identification technologies. Historical data shows a 5-year revenue CAGR of 3.2% (XBRL), though FY2025 revenue dipped to $8.4B (XBRL). Growth drivers include expansion in e-commerce and sustainability-focused products, as well as increased adoption of RFID solutions in logistics and retail.
Avery Dennison Corpの営業利益変化の要因
- •Profitability metrics remained strong: gross margin of 26.6% (XBRL), operating margin of 10.4%, and net margin of 8.4%. Net income rose 2.3% YoY to $757M (XBRL), though this lagged behind revenue growth. Operating income of $937M (XBRL) reflects efficient cost management, with EBITDA of $1.2B (13.6% margin) (XBRL). Gross margin remained stable compared to FY2023, while operating margin improved slightly from prior years.
Avery Dennison Corpの事業リスクと対応
International operations risk: 70% of sales are international, exposing the company to geopolitical, economic, and trade policy disruptions (10-K).
Macroeconomic volatility: Inflation, labor shortages, and supply chain disruptions could reduce margins and liquidity (10-K).
Trade tensions: Tariffs between the U.S. and countries like China, Canada, and Mexico may increase costs or reduce sales (10-K).
Geopolitical conflicts: Ongoing wars (Russia-Ukraine, Israel-Hamas) and instability in regions like Argentina and Syria create operational and financial uncertainty (10-K).
Currency fluctuations: Foreign exchange rate volatility reduced 2024 net sales by $33M due to translation effects (10-K).
Avery Dennison Corpの事業内容
Avery Dennison Corp (AVY) is a global leader in materials science and digital identification solutions, generating revenue through the sale of pressure-sensitive labels, functional materials, RFID inlays, and software for branding and supply chain efficiency. The company operates two reportable segments: the **Materials Group** (69% of net sales), which provides labels, graphics, and tapes; and the **Solutions Group** (31% of net sales), focused on RFID and digital connectivity. Key customers span retail, logistics, automotive, and healthcare, with no significant customer concentration (10-K). Competitive advantages include operational scale, innovation in Intelligent Labels, and strong brand recognition across diverse markets.
Avery Dennison CorpのAI業績分析レポート（2024年度）
Avery Dennison Corp (AVY) FY2024 Annual Report Analysis
Highlights
Business Overview
Avery Dennison Corp (AVY) is a global leader in materials science and digital identification solutions, generating revenue through the sale of pressure-sensitive labels, functional materials, RFID inlays, and software for branding and supply chain efficiency. The company operates two reportable segments: the Materials Group (69% of net sales), which provides labels, graphics, and tapes; and the Solutions Group (31% of net sales), focused on RFID and digital connectivity. Key customers span retail, logistics, automotive, and healthcare, with no significant customer concentration (10-K). Competitive advantages include operational scale, innovation in Intelligent Labels, and strong brand recognition across diverse markets.
Revenue Analysis
Revenue grew 7.5% YoY to $9.0B (XBRL), with the Materials Group driving 69% of sales. The Solutions Group’s RFID and software offerings contributed 31% of revenue, reflecting growth in digital identification technologies. Historical data shows a 5-year revenue CAGR of 3.2% (XBRL), though FY2025 revenue dipped to $8.4B (XBRL). Growth drivers include expansion in e-commerce and sustainability-focused products, as well as increased adoption of RFID solutions in logistics and retail.
Profitability Analysis
Profitability metrics remained strong: gross margin of 26.6% (XBRL), operating margin of 10.4%, and net margin of 8.4%. Net income rose 2.3% YoY to $757M (XBRL), though this lagged behind revenue growth. Operating income of $937M (XBRL) reflects efficient cost management, with EBITDA of $1.2B (13.6% margin) (XBRL). Gross margin remained stable compared to FY2023, while operating margin improved slightly from prior years.
Balance Sheet Analysis
Equity stood at $1.9B (XBRL), with a 23.4% equity ratio (XBRL) and $215M in cash (XBRL). Long-term debt totaled $2.6B (XBRL), resulting in a net debt of $2.4B (1.9x EBITDA) (XBRL). The current ratio of 1.04x (XBRL) indicates moderate liquidity. Total assets grew to $8.2B (XBRL), with equity increasing from $1.5B in FY2023 to $1.9B in FY2024 (XBRL).
Cash Flow Analysis
Operating cash flow (OCF) of $961M (XBRL) supported $683M in free cash flow (FCF) after $278M in capital expenditures (CapEx) (XBRL). CapEx intensity was 3.1% of revenue (XBRL), with a CapEx/D&A ratio of 0.96x (XBRL). Shareholder returns totaled $618M (XBRL), including $380M in share repurchases and $239M in dividends (XBRL).
Working Capital Analysis
The cash conversion cycle (CCC) was 37 days (XBRL), with receivables days at 57, inventory days at 51, and payables days at 70 (XBRL). This indicates efficient working capital management, as payables days exceeded receivables and inventory days combined.
Risks
Outlook
N/A. The 10-K does not provide specific management guidance or forward-looking trends for FY2025.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 7.2B | 7.1B | 7.0B | 8.4B | 9.0B | 8.4B |
| Operating Income | N/A | N/A | N/A | N/A | 937M | N/A |
| Net Income | 467M | 304M | 556M | 740M | 757M | 503M |
| Total Assets | 5.5B | 6.1B | 8.0B | 8.0B | 8.2B | 8.4B |
| Total Equity | 1.0B | 955M | 1.2B | 1.5B | 1.9B | 2.0B |
| Operating Cash Flow | 458M | 746M | 751M | 1.0B | 961M | 826M |
Materialsの企業一覧
Avery Dennison Corpと同じ「Materials」セクターの企業