Avery Dennison vs Packaging Corporation of America
Add, change or remove companies; up to four.
The short version
- Packaging Corporation of America is the larger business, with $9.0B of revenue in fiscal 2025 against $8.9B for Avery Dennison.
- Packaging Corporation of America grew revenue faster (7.2%, against 1.1%).
- Avery Dennison earned a higher return on the capital invested in it (14.6%, against 11.8%).
- Investors pay more for each dollar of Packaging Corporation of America’s earnings: a P/E of 32.1x against 19.9x for Avery Dennison.
| Latest fiscal year | AVY · FY25 | PKG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.9B | $22.0B |
| Revenue | $8.9B | $9.0B |
| Free cash flow | $712M | $729M |
| Net income | $688M | $774M |
| Growth | ||
| Revenue growth | 1.1% | 7.2% |
| 5-year growth | 4.9% | 6.2% |
| Share count change | −3.0% | 0.1% |
| Profitability | ||
| Gross margin | 28.8% | 21.0% |
| Operating margin | — | 12.3% |
| Net margin | 7.8% | 8.6% |
| FCF margin | 8.0% | 8.1% |
| Return on capital | 14.6% | 11.8% |
| Return on equity | 30.2% | 17.2% |
| Balance sheet | ||
| Net debt | $3.5B | $3.4B |
| Net debt / EBITDA | 2.5x | 1.9x |
| Dividends and buybacks | $861M | $603M |
| Valuation & quality | ||
| P/E | 19.9x | 32.1x |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
AVY $6.1B
PKG $5.8B
FY17
AVY $6.6B
PKG $6.4B
FY18
AVY $7.2B
PKG $7.0B
FY19
AVY $7.1B
PKG $7.0B
FY20
AVY $7.0B
PKG $6.7B
FY21
AVY $8.4B
PKG $7.7B
FY22
AVY $9.0B
PKG $8.5B
FY23
AVY $8.4B
PKG $7.8B
FY24
AVY $8.8B
PKG $8.4B
FY25
AVY $8.9B
PKG $9.0B
AVY
PKG
Operating margin
FY16
AVY —
PKG 13.6%
FY17
AVY —
PKG 14.5%
FY18
AVY —
PKG 15.2%
FY19
AVY —
PKG 15.1%
FY20
AVY —
PKG 10.9%
FY21
AVY —
PKG 16.1%
FY22
AVY —
PKG 16.8%
FY23
AVY —
PKG 13.8%
FY24
AVY —
PKG 13.1%
FY25
AVY —
PKG 12.3%
AVY
PKG
Free cash flow
FY16
AVY $405M
PKG $533M
FY17
AVY $455M
PKG $513M
FY18
AVY $231M
PKG $629M
FY19
AVY $527M
PKG $808M
FY20
AVY $550M
PKG $612M
FY21
AVY $792M
PKG $489M
FY22
AVY $683M
PKG $671M
FY23
AVY $561M
PKG $845M
FY24
AVY $730M
PKG $522M
FY25
AVY $712M
PKG $729M
AVY
PKG
Return on capital
FY16
AVY 18.6%
PKG 12.9%
FY17
AVY 14.8%
PKG 17.1%
FY18
AVY 20.4%
PKG 17.2%
FY19
AVY 11.7%
PKG 16.6%
FY20
AVY 19.6%
PKG 11.1%
FY21
AVY 19.4%
PKG 18.7%
FY22
AVY 16.7%
PKG 19.2%
FY23
AVY 11.6%
PKG 14.1%
FY24
AVY 15.5%
PKG 14.0%
FY25
AVY 14.6%
PKG 11.8%
AVY
PKG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.