AVYAvery Dennison

Materials · Paper Products · NYSE

Headquarters: Mentor, OH
CEO: Deon Stander
Next results: around Feb 3, 2027

What the 10-K filed 2026-02-25 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-26.

Big customers

2 new

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

New “In 2025, no single customer represented 10% or more of our net sales, with our customer base highly fragmented.”
Read it in the 10-K ↗

“No single customer represented 10% or more of our net sales in year-end 2025, 2024 or 2023.”
Read it in the 10-K ↗

New “Our ten largest customers, which include apparel retailers and brand owners, in the aggregate represented approximately 17% of our net sales during 2025 and approximately 16% of our net sales during 2024 and 2023.”
Read it in the 10-K ↗

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

New “In 2025, net cash provided by operating activities decreased compared to 2024 primarily due to higher incentive compensation payments, higher tax payments, net of refunds, lower net income and higher trade rebate payments, partially offset by the prior-year settlement payment for the Adasa legal matter and changes in operational working capital.”
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“Outcomes of legal matters and settlements, net 9.2 (6.2) 64.3”
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“Refer to Note 8, "Contingencies," and Note 15, “Segment and Disaggregated Revenue Information,” to the Consolidated Financial Statements for more information regarding outcomes of legal matters and settlements, net.”
Read it in the 10-K ↗

“On April 25, 2024, we entered into a Settlement Agreement, License and Mutual Release with Adasa pursuant to which, among other things, (i) we agreed to pay $75.0 million to Adasa without any concessions or admissions of liability; (ii) Adasa agreed to grant us a worldwide, nonexclusive, nontransferable fully-paid up, and ongoing royalty-free perpetual license, without the right to sublicense, to the patents at issue in the litigation; and (iii) the parties mutually released all claims against one another.”
Read it in the 10-K ↗

New “We paid the agreed-upon settlement amount to Adasa on April 26, 2024 and Adasa filed a Stipulation of Satisfaction of Judgment with the trial court on April 29, 2024.”
Read it in the 10-K ↗

Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“Our exposure to these guarantees is not material.”
Read it in the 10-K ↗

Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“The Revolver contains a financial covenant requiring that we maintain a specified ratio of total debt minus unrestricted cash and cash equivalents in excess of $50 million to a certain measure of income.”
Read it in the 10-K ↗

“As of December 31, 2025 and December 28, 2024, we were in compliance with this financial covenant.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on AVY in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AVY/export.csv") into a cell.