NYSE: AVY · Paper & Plastic Packaging Products & Materials
Avery Dennison Corporation
Avery Dennison makes pressure-sensitive label materials, graphics and reflective films, and tapes (Materials Group, 69% of sales), plus RFID tags, apparel branding labels and tickets, and retail shelf-edge solutions (Solutions Group, 31%). About 69% of sales are outside the U.S. Fiscal 2025 sales grew 1.1% to $8.86 billion and EPS was $8.79. In 2025 it bought Taylor Adhesives for about $390 million. In Q2 2026 sales rose 10.9% and the company guided full-year 2026 EPS of $9.40–9.70.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-03
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.28x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 20.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.68
Higher than 25% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 32% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$189.50close on 2026-11-04
Market cap$14.57B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 20.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.0%
At FY2025 year-end: 20.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 6.2x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 5.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.22B → $2.33B (vs. a year earlier)↑ +5.2%$2.22B → $2.33B (vs. a year earlier)
- Net income$166M → $170M (vs. a year earlier)↑ +2.0%$166M → $170M (vs. a year earlier)
- Diluted EPS$2.13 → $2.24 (vs. a year earlier)↑ +5.2%$2.13 → $2.24 (vs. a year earlier)
- Cash$227M → $271M (vs. previous quarter-end)↑ +19.4%$227M → $271M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook • Issued
Expects 2026 adjusted EPS of $10.10–$10.24. Source sentence
Excluding an estimated $0.65 impact of restructuring charges and other items, the company expects full year 2026 adjusted EPS of $10.10 to $10.24.
Key changes
Returned $481M to shareholders in the first three quarters. Source sentence
During the first three quarters of 2026, the company returned $481 million in cash to shareholders through a combination of share repurchases and dividends.
Repurchased 1.5M shares for $257M. Source sentence
The company repurchased 1.5 million shares, with payments for share purchases totaling $257 million.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Avery Dennison Corp
- Headquarters
- MENTOR, OH
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: AVY
- Industry
- Paper & Plastic Packaging Products & Materials
- CIK
- 8818
Workforce (as of FY2025 year-end)
Employees
35,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 32–35 days after quarter end (Feb 4, 2026; Jan 30, 2025; Jan 31, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–35 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 27, 2025 | Oct 22, 2025 (+25 days) | Oct 28, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 28, 2025 | Jul 22, 2025 (+24 days) | Jul 29, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 29, 2025 | Apr 23, 2025 (+25 days) | Apr 29, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 28, 2024 | Jan 30, 2025 (+33 days) | Feb 26, 2025 10-K (+60 days) |
| Q3 FY2024 | Sep 28, 2024 | Oct 23, 2024 (+25 days) | Oct 29, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 29, 2024 | Jul 23, 2024 (+24 days) | Jul 30, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 30, 2024 | Apr 24, 2024 (+25 days) | Apr 30, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 30, 2023 | Jan 31, 2024 (+32 days) | Feb 21, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Materials Group
Label materials
Examples: Fasson, JAC, Avery Dennison
Materials Group
Graphics, reflective, tapes, adhesives
Examples: Mactac graphics, performance tapes, Taylor flooring adhesives
Solutions Group
RFID and digital identification
Examples: Ultra-high-frequency RFID inlays and tags
Solutions Group
Branding and retail
Examples: Apparel tickets and labels, Vestcom shelf-edge media
From the FY2025 Form 10-K, Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from 8-Ks.
Taylor Adhesives
Acquired in 2025 for about $390M: a Georgia-based flooring adhesives business.
Source: Form 10-K (FY2025)
Q2 2026 results
Sales $2.5B (+10.9%), reported EPS $2.67; full-year reported EPS guidance $9.40–9.70.
Source: Q2 2026 earnings release
Board chair
William Wagner became independent Board Chair on September 1, 2026, succeeding Mitchell Butier.
Source: 8-K filed 2026-08-19
Management changes
Danny Allouche became President, Materials Group, on June 1, 2026; Chief Legal Officer Ignacio Walker left in October 2026.
Source: 8-Ks filed 2026-06-04 and 2026-10-05
Capex ÷ D&A (FY2025)
0.51x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$169M ÷ $328M = 0.51x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
1.5%
formularesearch & development expense ÷ revenue × 100
e.g.$137M ÷ $8,856M × 100 = 1.5%
M&A spend (6-year total)
$2.5B
Latest year: $402M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $201M in FY2020 to $169M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$8.86B
As reported in the 10-K
Revenue CAGR (5 years)
+4.9%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($8,856M ÷ $6,972M) ^ (1÷5) − 1 = 4.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
30.2%▲favorable
6-year average: 34.2%
As reported in the 10-K
P/B (FY2025 end)
6.24x
formulafiscal year-end closing price ÷ book value per share
e.g.$181.88 ÷ $29.16 = 6.24x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.9% a year over 5 years (modest growth)
From $6.97B in FY2020 to $8.86B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 25.5% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 34.2% over 6 years (latest: 30.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Materials Group
Coating and laminating label and graphics materials- Making tapes and adhesives
Solutions Group
Making RFID and branding labels and tags- Digital identification software
06 · what it draws on
Key resources
Materials Group
Paper, film, adhesives, and chemicals- Over 200 manufacturing and distribution facilities company-wide
Solutions Group
RFID and printing technology- Production near where apparel is made and sold
02 · why customers buy
Value propositions
- Product, process and solution innovation, a global distribution network, reliable service and consistent quality, which Avery Dennison names as competitive factors.
04 · how it keeps them
Customer relationships
- Ongoing supply to label converters, apparel brands and retailers, including RFID and branding solutions.
03 · how it reaches them
Channels
- Label materials sold to converters worldwide; some products sold by third-party distributors.
01 · who it serves
Customer segments
Materials Group
Label converters and printers- Graphics, automotive, construction, and electronics customers
Solutions Group
Apparel brands and retailers- Logistics, food and grocery, and general retail companies
09 · where money goes
Cost structure
FY2025, share of revenue ($8.86B)
- Cost of revenue71.2%
- Research & development1.5%
- Selling, general & administrative16.1%
Depreciation & amortization (inside the costs above): $328M. Capital spending: $169M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Materials Group
Product salesSolutions Group
Product and solution sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Materials Group
Pressure-sensitive label materials (Fasson, JAC, Avery Dennison), graphics and reflective materials (including Mactac), and performance tapes and adhesives, sold mainly to label converters.
01 what it draws on
Inputs & resources
- Paper, film, adhesives, and chemicals
- Over 200 manufacturing and distribution facilities company-wide
02 what it does
Activities
- Coating and laminating label and graphics materials
- Making tapes and adhesives
03 who it serves
Customers
- Label converters and printers
- Graphics, automotive, construction, and electronics customers
04 how money comes in
How it earns
- Product sales
Materials Group: how it makes money
- Sales $6.09B and segment adjusted operating income $922M in 2025.
- Labels, graphics, and reflectives were $5.33B of sales.
Solutions Group
RFID inlays and tags, apparel branding (tickets, tags, labels, embellishments), price ticketing, compliance labels, and Vestcom shelf-edge and retail media solutions.
01 what it draws on
Inputs & resources
- RFID and printing technology
- Production near where apparel is made and sold
02 what it does
Activities
- Making RFID and branding labels and tags
- Digital identification software
03 who it serves
Customers
- Apparel brands and retailers
- Logistics, food and grocery, and general retail companies
04 how money comes in
How it earns
- Product and solution sales
Solutions Group: how it makes money
- Sales $2.76B and segment adjusted operating income $286M in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Avery Dennison’s operations in more than 50 countries face policy changes beyond its control.
Trade & export rules
Global policy changes
Operations in 50+ countries are influenced by trade and policy matters beyond its control.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Materials Group
6,093 (69%)profit 922 · margin 15.1%
Solutions Group
2,762 (31%)profit 286 · margin 10.4%
Source: Form 10-K (FY2025) — Note on segment information Profit is segment adjusted operating income; corporate expense was −$85M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
U.S. — 31% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
U.S.
2,751 (31%)Europe, Middle East & North Africa
2,457 (28%)Asia
2,727 (31%)Latin America
567 (6%)Other
353 (4%)
Source: Form 10-K (FY2025) — Note on revenue by geographic area By shipping location. Asia includes $1.35B from China (including Hong Kong).
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Sales are product orders to a fragmented customer base. The 10-K notes that some converter customers have consolidated, which could increase concentration and pricing pressure.
- Spot / one-off transaction
Labels, graphics, and reflectives
$5.33B (60% of 2025 sales)
Typical term: Product orders
- Spot / one-off transaction
Apparel and other (Solutions)
$1.81B (20%)
Typical term: Product orders
Identification Solutions and Vestcom
$950M (11%)
Typical term: Product and solution sales
- Spot / one-off transaction
Performance materials
$547M (6%)
Typical term: Product orders
Includes Taylor Adhesives.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Label converters, apparel brands and retailers, and customers in home and personal care, e-commerce, logistics, food and grocery, pharmaceuticals, and automotive.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- The customer base is described as highly fragmented, though some converter customers have consolidated. (Form 10-K (FY2025), Risk Factors)
Suppliers
Suppliers of paper, films, chemicals, and adhesives.
Named by the company
None named in the 10-K or the company’s press releases.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Avery Dennison's 10-K names competitors by product area.
Competitors named in the 10-K
Label materials
Plus many smaller regional and local companies.
Solutions Group
- CCL Industries (Checkpoint Systems)site ↗
- R-pac Internationalsite ↗
- SML Groupsite ↗
- Arizon RFID Technologysite ↗
- Fedrigonisite ↗
Checkpoint Systems is a CCL Industries subsidiary; Tageos is part of Fedrigoni Group.
Peer group the company chose
Relative TSR peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
U.S.-listed companies in diversified and specialty chemicals, metal and glass containers, paper and plastic packaging, and paper products, with market capitalization of at least $1.5B and revenue of $3B–30B, used for performance-unit TSR comparisons.
- Albemarlesite ↗
- Amcorsite ↗
- AptarGroupsite ↗
- Ardagh Metal Packagingsite ↗
- Avientsite ↗
- Axalta Coating Systemssite ↗
- Ballsite ↗
- Celanesesite ↗
- Crown Holdingssite ↗
- DuPontsite ↗
- Eastman Chemicalsite ↗
- Ecolabsite ↗
- Graphic Packagingsite ↗
- Greifsite ↗
- H.B. Fullersite ↗
- Huntsmansite ↗
- IFF (International Flavors & Fragrances)site ↗
- International Papersite ↗
- O-I Glasssite ↗
- Packaging Corporation of Americasite ↗
- PPGsite ↗
- RPM Internationalsite ↗
- Sealed Airsite ↗
- Silgan Holdingssite ↗
- Sonocosite ↗
- Sylvamosite ↗
- Chemourssite ↗
- Sherwin-Williamssite ↗
- Smurfit Westrocksite ↗
- SQM (Sociedad Química y Minera de Chile)site ↗
Smurfit Westrock and SQM were included only for the 2025–2027 performance units.
Source: Proxy statement (DEF 14A, filed 2026-03-12) — Peer GroupsCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Avery Dennison makes complementary acquisitions and venture investments.
Cash spent on acquisitions, FY2020–FY2025: $2.5B
2025
Taylor Adhesives (W.F. Taylor Holdings)
About $390M
A Georgia-based flooring adhesives business.
- Stated purpose (company)
- Complementary and synergistic acquisition.
Source: Form 10-K (FY2025) — Item 1
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 6,972 | 8,408 | 9,039 | 8,364 | 8,756 | 8,856 |
| Pretax income | 737 | 993 | 999 | 695 | 954 | 925 |
| Net income (attributable) | 556 | 740 | 757 | 503 | 705 | 688 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 20.6% | 7.5% | -7.5% | 4.7% | 1.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 8.0% | 8.8% | 8.4% | 6.0% | 8.1% | 7.8% |
| Balance sheet ($M) | ||||||
| Total assets | 6,084 | 7,972 | 7,951 | 8,210 | 8,404 | 8,802 |
| Total equity | 1,485 | 1,924 | 2,032 | 2,128 | 2,312 | 2,242 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,117 | 3,105 | 3,102 | 3,244 | 3,152 | 3,733 |
| Equity ratio | 24.4% | 24.1% | 25.6% | 25.9% | 27.5% | 25.5% |
| ROE | 37.4% | 43.4% | 38.3% | 24.2% | 31.8% | 30.2% |
| Cash flow ($M) | ||||||
| Operating CF | 751 | 1,047 | 961 | 826 | 939 | 881 |
| Investing CF | -554 | -1,738 | -333 | -459 | -243 | -596 |
| Financing CF | -208 | 604 | -615 | -317 | -576 | -415 |
| Free cash flowcalccash flow from operations − capital expenditures | 550 | 792 | 683 | 561 | 730 | 712 |
| Cash and equivalents | 252 | 163 | 167 | 215 | 329 | 203 |
| Per share & other | ||||||
| EPS ($) | 6.61 | 8.83 | 9.21 | 6.20 | 8.73 | 8.79 |
| BVPS ($) | 17.86 | 23.30 | 25.15 | 26.43 | 28.98 | 29.16 |
| Dividend per share ($) | 2.36 | 2.66 | 2.93 | 3.18 | 3.45 | 3.70 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 35.7% | 30.1% | 31.8% | 51.3% | 39.5% | 42.1% |
| P/E (x) | 23.5 | 24.5 | 19.7 | 32.6 | 21.6 | 20.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 8.69 | 9.30 | 7.20 | 7.65 | 6.51 | 6.24 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $2.33B+5.2% | $170M+2.0% | $2.24 |
| 2026-06-30 | $2.46B+10.9% | $204M+8.0% | $2.67 |
| 2026-03-31 | $2.3B+7.0% | $168M+1.1% | $2.18 |
| 2025-12-31 † | $2.27B+3.9% | $166M-4.4% | — |
| 2025-09-27 | $2.22B | $166M | $2.13 |
| 2025-06-28 | $2.22B | $189M | $2.41 |
| 2025-03-29 | $2.15B | $166M | $2.09 |
| 2024-12-28 † | $2.19B | $174M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.4% − 3.9%
Past FCF growth (FY2020–FY2025)
+5.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+4.9%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $712M (operating CF − capex); enterprise value $18.1B = market cap $14.57B (latest close, 2026-11-04) + debt $3.73B − cash and short-term investments $203M; r = WACC of 7.4% using this page’s default assumptions (β 0.68, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$18.27B
FCF $712M ÷ (7.4% − 3.5%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.4% | 6.4% | 7.4% | 8.4% | 9.4% |
|---|---|---|---|---|---|
| 0% | 0.73x | 0.62x | 0.53x | 0.47x | 0.42x |
| 2% | 1.16x | 0.89x | 0.73x | 0.62x | 0.53x |
| 4% | 2.81x | 1.64x | 1.16x | 0.89x | 0.73x |
| 6% | — | 9.84x | 2.81x | 1.64x | 1.16x |
| 8% | — | — | — | 9.84x | 2.81x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.38x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.2%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 65 → 61 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$881M ÷ $688M = 1.28x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,466M + $1,504M) ÷ 2 ÷ $8,856M × 365 = 61 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($978M + $976M) ÷ 2 ÷ $6,309M × 365 = 57 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 98.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 1.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 80 of 416
- Beta (adjusted)
- 0.68
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 19% of covered companies have more
above 1 = swings more than the market
- 74.5M shares reported by 781 13F filers ÷ 75.8M shares outstanding on 2026-08-01. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-12 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-01)
20
Strengths & weaknessesSite analysis
Strengths
1. Global scale
Over 200 manufacturing and distribution facilities in more than 50 countries; about 69% of sales outside the U.S.
Evidence: Form 10-K (FY2025), Item 1
2. Steady profitability
Segment adjusted operating income of about $1.2B in each of 2024 and 2025.
Evidence: Form 10-K (FY2025)
3. Rising dividends
Dividend per share rose from $2.66 (2021) to $3.70 (2025).
Evidence: SEC EDGAR XBRL
4. Growth in 2026
Q2 2026 sales rose 10.9% (organic 7.6%).
Evidence: Q2 2026 earnings release
Weaknesses
1. Slow growth
Sales were $8.41B (2021) and $8.86B (2025).
Evidence: SEC EDGAR XBRL
2. Leverage after buybacks
Total debt of $3.73B against equity of $2.2B at year-end 2025.
Evidence: Form 10-K (FY2025), MD&A; SEC EDGAR XBRL
3. Consumer and tariff headwinds
Tariff-related uncertainty and softer consumer sentiment held 2025 adjusted EPS growth to 1.1%.
Evidence: Proxy statement (DEF 14A, 2026), CD&A
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
20.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.03%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
42%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.1%
(Operating CF − capex) ÷ market cap
1. Steady cash returns
Dividends raised every year from 2021 to 2025.
- What has to hold
- Margins stay stable.
- The other side
- Sales growth has been slow.
Evidence: SEC EDGAR XBRL
2. High-value categories
The company cites outsized sales growth in high-value categories, which it says are an increasing share of its portfolio, and Q2 2026 organic sales grew 7.6%.
- What has to hold
- RFID adoption broadens.
- The other side
- Base businesses depend on consumer demand.
Evidence: Proxy statement (DEF 14A, 2026); Q2 2026 earnings release
Avery Dennison's fiscal year ends on the Saturday nearest December 31; fiscal 2021 ended January 1, 2022. Operating income isn't available in its XBRL data, so those figures are blank.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.4x
$203M vs. $523M
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
2.5x
$712M vs. $288M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -7.5% in FY2023 ($9.04B → $8.36B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Diversified end markets
Sales across consumer goods, apparel, retail, logistics, automotive, and construction.
Source: Form 10-K (FY2025), Item 1
Cash flow
Operating cash flow of $881M in 2025 against capital spending of $169M.
Source: SEC EDGAR XBRL
Global footprint
Facilities in more than 50 countries allow serving customers locally.
Source: Form 10-K (FY2025), Item 1
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Avery Dennison reports lawsuits, claims and regulatory matters it describes as mostly routine to its business.
Company statement: Avery Dennison believes the resolution of its legal proceedings would not be material, individually or in aggregate, to its financial position, results or cash flows.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Economic conditions and tariffs
- Company disclosure (summarized from the 10-K)
- Global economic conditions, tariffs, and geopolitical uncertainty affect demand.
- Company’s stated mitigation
- Productivity measures and pricing.
- This site’s assessment
- Impact Med / Likelihood High
- 2Costs & inflation
Raw material costs
- Company disclosure (summarized from the 10-K)
- Costs and availability of raw materials, and whether higher costs can be passed on without losing volume.
- Company’s stated mitigation
- Price increases and productivity.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Competition and customer consolidation
- Company disclosure (summarized from the 10-K)
- Competitors' pricing and expansion; converter consolidation could raise pricing pressure.
- Company’s stated mitigation
- Innovation, service, and global distribution.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- About 69% of sales are international, so currency moves affect reported results.
- Company’s stated mitigation
- Not stated.
- This site’s assessment
- Impact High / Likelihood High
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
Trade-related uncertainty remains elevated between the U.S. and other regions and countries, including Canada, Mexico, China, India and the European Union. Read more
In 2025, the U.S. implemented a 10% global baseline tariff rate on nearly all imports, with higher rates on certain goods. Additionally, it applied significant tariffs on goods from Canada, Mexico, China and the European Union, each of which announced reciprocal tariffs. The amount of these tariffs or the classes of goods on which they are applied continues to evolve and could significantly change. The U.S. government continues to negotiate with countries regarding the tariffs. In July 2025, the U.S. and the European Union agreed to a framework for a trade deal that included a baseline tariff rate of 15% on most goods imported from the European Union into the U.S. While the direct impacts on our operations after our mitigating…
Changes in sustainability-focused regulation present a risk to our business. Read more
In February 2026, the U.S. Environmental Protection Agency rescinded its 2009 Greenhouse Gas Endangerment Finding, which served as the foundation for various regulations of GHG emissions. Conversely, while currently in a state of flux, reporting requirements such as the European Union's Corporate Sustainability Reporting Directive, which will impose additional disclosure requirements for our company beginning in 2028 (based on 2027 data), and the state of California’s climate reporting requirements are expected to increase the amount of sustainability data we are required to generate, audit, verify through third-parties and disclose. Developments in regulatory actions regarding these matters are likely to continue and may require conflicting responses, which could divert the attention of management. In…
their climate-related risks, we have preliminarily aligned our reporting with Financial Stability Board’s Task Force on Climate-related Financial Disclosures requirements.
No longer in the text (2)
Continued growth in sustainability-focused regulation presents an increasing risk to our business. Read more
Reporting requirements such as the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive in Europe and the state of California’s climate reporting requirements are increasing the amount of sustainability disclosures we are required to make, as well as requiring the audit of a greater amount of our sustainability data. Costs to comply with these regulations will continue to grow and any failure to meet the requirements of these regulations could result in fines or other penalties. As part of our efforts to mitigate the impacts of climate change on our business, we engaged a third party to help us assess our physical and transitional risk relative to the recommendations of the Financial Stability Board's Task Force on Climate-Related Financial…
Additionally, the U.S. Congress and Presidential administration are currently controlled by the same political party, and have indicated a desire to extend or make permanent certain tax provisions of the 2017 Tax Cuts and Jobs Act, as well as potentially introduce other changes in tax laws and regulations. The timing and impact of such potential changes are uncertain and may materially impact our effective tax rate.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 26, 2025 ↗.
26
What to watch going forwardSite analysis
- Organic growth in 2026 versus EPS guidance of $9.40–9.70.
- RFID adoption in apparel, food, and logistics.
- Integration of Taylor Adhesives.
- Leadership changes in 2026 (new Materials Group president, board chair, chief legal officer).
- Tariff effects.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Avery Dennison Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.