布雷迪：2024年度报告

BRADY CORPORATION 39-0178960 (IRS Employer Identification No.) (State or other jurisdiction of incorporation or organization) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☑ The aggregate market value of the non-voting common stock held by non-affiliates of the registrant as of January31, 2025, was approximately $3,172,801,733based on theclosing sale price of $74.49 per share on that date as reported for the New York Stock Exchange. As of September2, 2025, there were43,555,822outstanding shares ofClassA Nonvoting Common Stock (the “Class A Common Stock”), and3,538,628shares of Class B Common Stock. The Class B Common Stock, all of which is held byaffiliates of the registrant, is the only voting stock. INDEXPART IItem 1. BusinessGeneral Development of BusinessNarrative Description of BusinessOverviewResearch and DevelopmentOperationsHuman Capital ManagementInformation Available on the InternetItem1A. Risk FactorsItem1B. Unresolved Staff CommentsItem 1C. CybersecurityItem2. PropertiesItem3. Legal ProceedingsItem4. Mine Safety DisclosuresPART IIItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem6. [Reserved]Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem7A. Quantitative and Qualitative Disclosures About Market RiskItem8. Financial Statements and Supplementary DataItem9. Changes in and Disagreements With Accountants on Accounting and Financial DisclosureItem9A. Controls and ProceduresItem9B. Other InformationItem 9C. Disclosure Regarding Foreign Jurisdictions That Prevent InspectionsPART IIIItem10. Directors, Executive Officers and Corporate GovernanceItem11. Executive CompensationCompensation Discussion and AnalysisManagement Development and Compensation Committee Interlocks and Insider ParticipationManagement Development and Compensation Committee ReportCompensation Policies and PracticesSummary Compensation TableGrants of Plan-Based Awards for 2025Outstanding Equity Awards at 2025Fiscal Year EndOption Exercises and Stock Vested for Fiscal 2025Pension Benefits for Fiscal 2025Non-Qualified Deferred Compensation for Fiscal 2025Potential Payments Upon Termination or Change of ControlCEO Pay Ratio DisclosureCompensation of DirectorsDirector Compensation Table — Fiscal 2025Item12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem13. Certain Relationships and Related Transactions, and Director IndependenceItem14. Principal Accountant Fees and ServicesPART IVItem15. Exhibits and Financial Statement SchedulesItem 16. Form 10-K SummarySignatures PART I Forward-Looking Statements In this Annual Report on Form 10-K for Brady Corporation (“Brady,” “Company,” “we,” “us,” or “our”), statements that are notreported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to,among other things, the Company's future financial position, business strategy, targets, projected sales, costs, income, capital expenditures,debt levels and cash flows, and plans and objectives of management for future operatio