AVYMEDIUM SIGNALFINANCIAL10-K

AVY shows increased financial leverage with total debt rising 25% to $3.2B while cash declined 38% to $203M, resulting in meaningfully higher interest expenses.

The company's debt expansion alongside reduced cash reserves indicates either increased capital deployment or potential liquidity management challenges. The 41% increase in interest expense will pressure margins going forward, suggesting investors should monitor debt service coverage and free cash flow generation closely.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

AVY's balance sheet reflects increased financial leverage, with total debt growing to $3.2B while cash and equivalents declined substantially to $203M. The resulting interest expense burden rose meaningfully to $119M, signaling higher financing costs that will impact profitability. This combination suggests either strategic capital deployment or tighter liquidity management, warranting attention to the company's debt servicing capacity.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+41.5%
$84.1M→$119.0M

Interest expense surged 41.5% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
-38.4%
$329.1M→$202.8M

Cash declined 38.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Debt
Balance Sheet
+25.4%
$2.6B→$3.2B

Debt rose 25.4% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
Business Overview and Reportable Segments We are a global leader in materials science and digital identification solutions.
Our reportable segments for fiscal year 2025 were Materials Group and Solutions Group, which comprised approximately 69% and 31%, respectively, of our total net sales.
In 2025, international operations constituted a substantial majority of our business, representing approximately 69% of our net sales.
As of December 31, 2025, we operated over 200 manufacturing and distribution facilities and had locations in more than 50 countries.
Our label materials enhance brands' shelf appeal, inform shoppers, advance circularity, increase transparency and improve operational supply chain efficiency.
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REMOVED
Business Overview and Reportable Segments We are a global materials science and digital identification solutions company.
Our reportable segments for fiscal year 2024 were Materials Group and Solutions Group.
In 2024, our Materials Group and Solutions Group reportable segments comprised approximately 69% and 31%, respectively, of our total net sales.
In 2024, international operations constituted a substantial majority of our business, representing approximately 70% of our net sales.
As of December 28, 2024, we operated over 200 manufacturing and distribution facilities and had locations in more than 50 countries.
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