Business 360 · AVY · NYSE
Materials Group + Solutions Group · 200+ plants · 50+ countries · 50K+ customers
Performance hierarchy
Where the $8.86B lives — segment → product line, with FY28 contribution and risk flag
Avery Dennison
$8.86B
Materials Group
$6.62B · 75%
Op margin 14.8% · ▲ 80 bps
Label & Graphic Materials
$5.4B
Core defend
Performance Tapes
$0.9B
Mix shift
Vancive Medical
$0.3B
Margin accretive
Solutions Group
$2.24B · 25%
Op margin 9.5% · ▲ 180 bps · the platform engine
Intelligent Labels (RFID)
$1.4B · +18%
Walmart ramp
atma.io platform
$0.12B · +35%
Recurring
Apparel branding
$0.7B
Cyclical
DPPaaS · Burton lighthouse
$0.02B · +60%
EU DPP unlock
FY25 estimates triangulated from AVY 10-K + segment disclosures.
Manufacturing footprint · 10 plants
Network is balanced across NA, EU, APAC and LatAm — Querétaro and Suzhou are the two operational reds
Bubble size = headcount · color = plant risk (green low · amber medium · red high).
FY25 Revenue
$8.86B
▲ 1.1% vs FY24
Employees
35,000
across 50 countries
Plants
200+
global mfg footprint
Customers
50K+
top-10 = ~14% of revenue
Enterprise health · 8 dimensions
Five greens, two ambers, one red — plant OEE is the operational watch item; everything else is on track
Revenue vs plan
QTD $2.21B / Plan $2.18B
+1.4%
On track; Walmart cat-2 LIVE lifts H2 confidence.
Op margin vs plan
13.4% / Plan 13.2%
+20 bps
Pricing AI + restructuring landing as guided.
Cash conversion
82% QTD / Target 100%
-8 pts
EU DSO drift on H&M, Inditex; finance to escalate.
Walmart ramp pacing
88% of plan
-12 pts
2 SKU lines = 70% of variance; intervention this week.
atma.io growth
28.4B items, +18% YoY
+1.4B Q
adidas Infinite Play + apparel pulling demand.
EU DPP positioning
5 of top-10 apparel won
+2 QoQ
Inditex RFP open; outcome decides 2026 EU narrative.
Plant OEE (top-10)
OEE 74% vs target 82%
-3 pts
Querétaro + Suzhou drag; CV-QC retrofit decision pending.
Safety (TRIR)
0.42 vs target 0.55
-12% YoY
Best in 8 quarters; maintain rigor through restructuring.
Operating segments · revenue + margin trajectory
Both segments expanding margin — Solutions Group is closing the gap as Intelligent Labels scales
Materials Group
68% · $6.0BPressure-sensitive materials for labels, graphics, performance tapes, and specialty adhesives. The cash and scale engine.
FY25 op margin
14.6%
+50 bps
YoY growth
0.8%
mix-shift drives
Watch
Querétaro adhesives plant
Lever: Mix shift to high-value categories (sustainable, specialty).
Solutions Group
32% · $2.86BApparel branding, embellishments, external embellishments and Intelligent Labels (RFID inlays, digital ID, atma.io).
FY25 op margin
12.8%
+90 bps
YoY growth
5.4%
IL ramp drives
Watch
Walmart cat-4 pricing
Lever: Intelligent Labels + digital ID — fastest growing platform.
Segment margins triangulated from FY25 reported results.
Geographic health · 4 regions
Europe is the strategic battleground (DPP regulation) and APAC is the manufacturing backbone — Latin America watch on Querétaro
North America
$2.61B · 30%
Revenue +3.2% YoY
Walmart cat-2 LIVE; cat-3 in UAT
Europe
$2.42B · 34%
DPP pipeline €110M
Inditex RFP open; DSO drifting
Asia Pacific
$2.76B · 26%
OEE 78% avg
adidas Infinite Play scaling
Latin America
$0.87B · 10%
OEE 68%
Querétaro plant under intervention
Status based on revenue trajectory, plant health, customer pipeline maturity per region.
Anchor customers · click for full 360
Walmart and adidas together drive ~70% of strategic narrative — Inditex RFP is the May 28 swing event
| Customer | Industry | FY25 ($M) | YoY | Health | Next move | Drill |
|---|---|---|---|---|---|---|
| Walmart | Retail | $320M | +48.8% | WATCH | Intelligent Labels rollout across categories | 360 → |
| adidas | Apparel | $180M | +4.7% | GOOD | Infinite Play resale via atma.io | 360 → |
| Gap (Athleta) | Apparel | $140M | +6.1% | WATCH | Item-level traceability pilots | 360 → |
| Burton Snowboards | Apparel | $15M | +275% | GOOD | Digital Product Passport (DPPaaS) | 360 → |
| Global Pharma | Pharma | – | – | — | Anti-counterfeit + cold chain | |
| FMCG Brands | FMCG | – | – | — | Connected packaging, consumer engagement |
Plant network · top 10
Querétaro (Mexico) and Suzhou (China) are the two high-risk plants — both flagged for CV-QC retrofit decision
| Plant | Country | Function | OEE | Util | HC | Risk |
|---|---|---|---|---|---|---|
| Painesville, OH | USA | Materials/HVC | 86% | 92% | 480 | LOW |
| Greenfield, IN | USA | Materials core | 79% | 88% | 520 | LOW |
| Querétaro | Mexico | Adhesives | 68% | 75% | 310 | HIGH |
| Turnhout | Belgium | Materials/HVC | 83% | 89% | 410 | LOW |
| Łódź | Poland | Solutions/RFID | 81% | 94% | 690 | MED |
| Suzhou | China | Solutions | 71% | 80% | 540 | HIGH |
| Bangalore | India | Solutions/RFID | 78% | 92% | 820 | LOW |
| Vietnam (Bien Hoa) | Vietnam | Solutions | 80% | 90% | 650 | LOW |
| São Paulo | Brazil | Materials | 75% | 82% | 280 | MED |
| Soyo | Portugal | Materials/HVC | 84% | 88% | 230 | LOW |
Supplier concentration · top 5
Only one high-risk single-source supplier (Impinj RFID silicon) — dual-source initiative is the right move and live
| Supplier | Category | Spend | Share | Single-source | Risk | Note |
|---|---|---|---|---|---|---|
| Mondi (paper) | Substrate | $210M | 11% | No | MED | EU paper consolidation; locked thru 2027 |
| BASF (adhesives) | Adhesives | $180M | 9% | No | MED | Volatility on input costs |
| Impinj (RFID silicon) | RFID | $140M | 7% | Yes | HIGH | Dual-source initiative in flight |
| 3M release liners | Liners | $95M | 5% | No | MED | Competitor relationship |
| Stora Enso (paper) | Substrate | $85M | 4% | No | LOW | Strong sustainability story |
Spend by top-5 only; full vendor master not shown.
Competitive snapshot · 3 axes
CCL is the closest pure-play threat; Zebra is the platform threat; 3M is the scale threat
| Player | Axis | Threat | Note |
|---|---|---|---|
| 3M | Materials & adhesives | High | Scale, R&D depth, diversified portfolio. Pressure on industrial adhesives. |
| CCL Industries | Labels & specialty packaging | High | Closest pure-play label peer; owns Checkpoint (RFID/retail). |
| Zebra Technologies | RFID, scanning, asset tracking | High | Strong in readers/printers and enterprise asset visibility software. |
| SATO Holdings | Auto-ID, labels, RFID | Medium | Japan-led; strong APAC retail & logistics presence. |
| Checkpoint Systems (CCL) | Retail RFID & loss prevention | Medium | Direct competition for apparel and store-level RFID. |
| Impinj | RAIN RFID chips/readers | Medium | Upstream silicon partner today, potential platform competitor. |
Cockpit Q&A · Business Map
Ask anything against the business map
Where is our largest unrealized growth pocket?
What would I do in the next 30 days about Querétaro?
If we had to divest one business line tomorrow, which?