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Avery Dennison

AVY NYSE Paper & Plastic Packaging Products & Materials Financials FY2016–FY2025

Avery Dennison's revenue rose 1.1% to $8.9 billion in fiscal 2025. Its net margin was 7.8%, down from 8.1% a year earlier. Free cash flow was $712 million, down 2.4%. It paid out $861 million in dividends and buybacks, 121% of free cash flow. The diluted share count fell 3.0%.

Last close · Oct 23, 2026

$181.83

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$8.9B
1.1% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$688M
2.4%
Free cash flow Cash from operations minus capital spending.
$712M
2.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.6%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$13.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.9x
On $9.13 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Avery Dennison does

No business description yet.

Legal name
AVERY DENNISON CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000008818-26-000015
0000008818

Revenue and margins

Avery Dennison had $8.9B of revenue in fiscal 2025, up 1.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $712M in fiscal 2025, 8.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Avery Dennison returned $861M to shareholders in fiscal 2025, 121% of free cash flow. The diluted share count fell 3.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Avery Dennison yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.5B and divides by 78.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.9x · peers 15.1x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably Avery Dennison can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $163M$167M$215M$377M$252M
Debt incl. finance leases $3.1B$3.1B$3.2B$3.2B$3.7B
Net debt / EBITDA 2.3x2.1x2.7x2.0x2.5x
Debt / equity 1.6x1.5x1.5x1.4x1.7x
Interest coverage 15.1x12.9x6.8x9.2x7.8x
Current ratio 1.1x1.0x1.0x1.1x1.1x
Quick ratio 0.7x0.6x0.7x0.7x0.8x
Total assets $8.0B$8.0B$8.2B$8.4B$8.8B
Total liabilities $6.0B$5.9B$6.1B$6.1B$6.6B
Shareholders' equity $1.9B$2.0B$2.1B$2.3B$2.2B
Net debt (− = net cash) $2.9B$2.9B$3.0B$2.8B$3.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$21.2M

3 insiders

Of sales under plans

94%

$20.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Nicholas ColistoSVP & CIO Sold 3,886 $170.68 $0.7M Form 4
Aug 4, 2026 Ignacio J WalkerSVP and Chief Legal Officer Sold 1,742 $171.61 $0.3M Form 4
Mar 12, 2026 Mitchell R ButierDirector Sold plan 13,000 $171.50 $2.2M Form 4
Mar 11, 2026 Mitchell R ButierDirector Sold plan 20,000 $173.88 $3.5M Form 4
Mar 10, 2026 Mitchell R ButierDirector Sold plan 20,000 $175.63 $3.5M Form 4
Mar 9, 2026 Mitchell R ButierDirector Sold plan 20,000 $175.98 $3.5M Form 4
Mar 6, 2026 Mitchell R ButierDirector Sold plan 20,000 $179.25 $3.6M Form 4
Mar 5, 2026 Mitchell R ButierDirector Sold plan 20,000 $184.59 $3.7M Form 4
Feb 6, 2026 Ignacio J WalkerSVP and Chief Legal Officer Sold 1,156 $192.95 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 99 / 95 / 9
Accruals ratio −4.0%−2.8%−2.3%
Altman Z'' 2.973.423.49

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Avery Dennison AVY $13.9B 1.1% — 8.0% 14.6% 19.9x 5
Packaging Corporation of America PKG $22.0B 7.2% 12.3% 8.1% 11.8% 32.1x 4 Compare →
Graphic Packaging GPK $2.6B −2.2% 9.3% −0.9% 7.3% 13.3x 4 Compare →
Sonoco SON $5.0B 41.7% 13.5% 4.6% 9.4% 4.9x 5 Compare →
Crown CCK $12.9B 4.8% 12.6% 9.0% 13.7% 16.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.1B $6.6B $7.2B $7.1B $7.0B $8.4B $9.0B $8.4B $8.8B $8.9B
Gross profit $1.7B $1.8B $1.9B $1.9B $1.9B $2.3B $2.4B $2.3B $2.5B $2.5B
Research and development $89.7M $93.4M $98.2M $92.6M $113M $137M $136M $136M $138M $137M
Interest expense $59.9M $63.0M $58.5M $75.8M $70.0M $70.2M $84.1M $119M $117M $135M
Pretax income $477M $590M $555M $250M $737M $993M $999M $695M $954M $925M
Income tax $156M $308M $85.4M −$56.7M $178M $249M $242M $192M $249M $237M
Net income $321M $282M $467M $304M $556M $740M $757M $503M $705M $688M
Diluted EPS $3.54 $3.13 $5.28 $3.57 $6.61 $8.83 $9.21 $6.20 $8.73 $8.79
Diluted shares 0.09B 0.09B 0.09B 0.09B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $582M $646M $458M $747M $751M $1.0B $961M $826M $939M $881M
Capital expenditure $177M $191M $227M $219M $201M $255M $278M $265M $209M $169M
Free cash flow $405M $455M $231M $527M $550M $792M $683M $561M $730M $712M
Depreciation and amortization $180M $179M $181M $179M $205M $244M $291M $298M $312M $328M
Stock-based compensation $27.2M $30.2M $34.3M $34.5M $24.0M $37.2M $47.4M $22.3M $28.7M $27.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $350M $1.5B $39.5M $225M $3.8M $402M
Share buybacks $262M $130M $393M $238M $104M $181M $380M $138M $248M $572M
Dividends paid $143M $156M $175M $190M $197M $221M $239M $257M $278M $288M
Dividends and buybacks $405M $285M $568M $427M $301M $402M $618M $394M $525M $861M
Balance sheet
Cash and short-term investments $195M $224M $232M $254M $252M $163M $167M $215M $377M $252M
Total debt $1.3B $1.6B $2.0B $1.9B $2.1B $3.1B $3.1B $3.2B $3.2B $3.7B
Finance lease liabilities $0.0M $0.0M $0.0M $28.5M $28.5M $17.2M $13.6M $13.3M $13.3M $16.2M
Current assets $1.9B $2.2B $2.3B $2.3B $2.4B $2.7B $2.8B $2.8B $3.1B $3.0B
Current liabilities $2.0B $2.0B $2.0B $2.3B $1.9B $2.5B $2.8B $2.7B $2.9B $2.7B
Inventory $519M $610M $651M $663M $717M $907M $1.0B $921M $978M $976M
Property and equipment, net $915M $1.1B $1.1B $1.2B $1.3B $1.5B $1.5B $1.6B $1.6B $1.6B
Total assets $4.4B $5.1B $5.2B $5.5B $6.1B $8.0B $8.0B $8.2B $8.4B $8.8B
Total liabilities $3.5B $4.1B $4.2B $4.3B $4.6B $6.0B $5.9B $6.1B $6.1B $6.6B
Shareholders' equity $926M $1.0B $955M $1.2B $1.5B $1.9B $2.0B $2.1B $2.3B $2.2B
Margins
Gross margin 27.9% 27.4% 26.8% 26.9% 27.6% 27.5% 26.6% 27.2% 28.9% 28.8%
EBITDA margin 11.8% 12.6% 11.1% 7.1% 14.5% 15.5% 15.2% 13.3% 15.8% 15.7%
Net margin 5.3% 4.3% 6.5% 4.3% 8.0% 8.8% 8.4% 6.0% 8.1% 7.8%
FCF margin 6.7% 6.9% 3.2% 7.5% 7.9% 9.4% 7.6% 6.7% 8.3% 8.0%
Returns
Return on capital 18.6% 14.8% 20.4% 11.7% 19.6% 19.4% 16.7% 11.6% 15.5% 14.6%
Return on capital employed 21.2% 23.5% 19.3% 10.1% 21.8% 22.2% 20.5% 15.3% 19.4% 18.1%
Return on equity 33.9% 28.8% 47.0% 28.1% 41.4% 43.4% 38.3% 24.2% 31.8% 30.2%
Return on assets 7.5% 5.9% 9.1% 5.7% 9.6% 10.5% 9.5% 6.2% 8.5% 8.0%
Growth
Revenue growth 2.0% 8.7% 8.2% −1.2% −1.4% 20.6% 7.5% −7.5% 4.7% 1.1%
Net income growth 16.9% −12.1% 65.9% −35.0% 83.1% 33.1% 2.3% −33.6% 40.1% −2.4%
EPS growth 20.0% −11.6% 68.7% −32.4% 85.2% 33.6% 4.3% −32.7% 40.8% 0.7%
FCF growth 19.9% 12.3% −49.2% 128.0% 4.3% 44.0% −13.8% −17.9% 30.2% −2.4%
Share count change −2.4% −0.7% −1.7% −4.1% −1.1% −0.4% −1.9% −1.3% −0.5% −3.0%
Financial health
Net debt / EBITDA 1.5x 1.6x 2.2x 3.3x 1.8x 2.3x 2.1x 2.7x 2.0x 2.5x
Debt / equity 1.4x 1.5x 2.1x 1.6x 1.4x 1.6x 1.5x 1.5x 1.4x 1.7x
Interest coverage 9.0x 10.4x 10.5x 4.3x 11.5x 15.1x 12.9x 6.8x 9.2x 7.8x
Current ratio 1.0x 1.1x 1.2x 1.0x 1.3x 1.1x 1.0x 1.0x 1.1x 1.1x
Quick ratio 0.7x 0.8x 0.8x 0.7x 0.9x 0.7x 0.6x 0.7x 0.7x 0.8x
Capital allocation
Capex / revenue 2.9% 2.9% 3.2% 3.1% 2.9% 3.0% 3.1% 3.2% 2.4% 1.9%
Stock comp / revenue 0.5% 0.5% 0.5% 0.5% 0.3% 0.4% 0.5% 0.3% 0.3% 0.3%
Payouts / FCF 99.9% 62.7% 245.6% 81.1% 54.8% 50.7% 90.6% 70.3% 71.9% 120.8%
Quality scores
Piotroski F-score 7.0 6.0 5.0 6.0 7.0 6.0 5.0 6.0 9.0 5.0
Altman Z'' 2.8 3.1 3.2 2.6 3.6 3.0 3.1 3.0 3.4 3.5
Accruals ratio −6.1% −7.6% 0.2% −8.3% −3.4% −4.4% −2.6% −4.0% −2.8% −2.3%

Source: SEC EDGAR XBRL filings (CIK 0000008818). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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