Avery Dennison Corporation

AVY · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$14,058	$15,146	$16,280	$14,655	$17,931	$12,842	$10,897	$7,355	$9,510	$5,814	$5,188	$4,288	$4,855	$3,437	$3,063	$4,462	$3,762	$3,103	$5,240	$6,779	$5,533	$5,991	$5,438	$5,816	$5,496	$5,395	$7,230	$4,574	$4,503	$3,757	$2,671	$1,974	$1,651	$1,693	$1,575	$1,333	$1,410	$970	$794	$755	$714
Enterprise value	$17,589	$17,930	$19,310	$17,590	$20,873	$14,707	$12,583	$9,089	$10,867	$6,911	$6,088	$5,230	$5,531	$4,424	$4,066	$5,672	$5,248	$5,207	$7,424	$7,689	$6,522	$7,118	$6,589	$6,938	$6,327	$6,211	$7,992	$5,092	$4,947	$4,220	$3,094	$2,391	$2,043	$2,117	$1,994	$1,836	$1,683	$1,247	$1,040	$1,022	$828
P/E (TTM) at period end	20.43×	21.49×	32.37×	19.36×	24.23×	23.10×	35.89×	15.74×	33.75×	18.13×	18.91×	17.49×	22.77×	15.96×	16.11×	14.08×	–	11.66×	17.26×	18.46×	24.44×	21.42×	20.30×	22.61×	22.60×	19.03×	33.56×	20.48×	21.98×	21.36×	18.59×	18.04×	19.56×	21.14×	25.00×	225.86×	16.30×	12.48×	22.89×	15.53×	14.79×
P/S (TTM) at period end	1.59×	1.73×	1.95×	1.62×	2.13×	1.84×	1.54×	1.03×	1.44×	0.96×	0.87×	0.68×	0.79×	0.59×	0.52×	0.77×	0.73×	0.46×	0.83×	1.22×	1.01×	1.13×	1.14×	1.38×	1.45×	1.39×	1.92×	1.32×	1.35×	1.17×	0.86×	0.69×	0.63×	0.65×	0.62×	0.51×	0.81×	0.61×	0.54×	0.67×	0.77×
P/B at period end	6.27×	6.55×	7.65×	7.21×	9.32×	8.65×	9.05×	7.70×	9.21×	6.28×	5.37×	4.09×	3.31×	2.24×	1.85×	2.71×	2.76×	1.77×	2.63×	4.03×	3.66×	3.87×	4.12×	5.51×	5.91×	6.51×	8.93×	5.49×	5.38×	4.52×	3.27×	2.71×	2.30×	2.11×	1.91×	1.57×	2.62×	1.90×	1.71×	2.16×	2.27×
EV / EBITDA (TTM)	13.42×	13.54×	16.90×	14.08×	17.29×	14.29×	12.60×	9.56×	12.39×	9.65×	9.30×	7.72×	8.80×	8.26×	7.63×	11.83×	10.47×	7.99×	9.11×	10.75×	9.45×	10.83×	10.90×	11.69×	11.18×	9.74×	13.56×	10.22×	10.76×	10.06×	8.24×	7.51×	7.54×	7.95×	8.50×	12.60×	–	–	–	–	–
EV / Sales (TTM)	1.99×	2.05×	2.31×	1.95×	2.48×	2.11×	1.78×	1.27×	1.64×	1.14×	1.02×	0.83×	0.90×	0.75×	0.70×	0.98×	1.01×	0.78×	1.18×	1.38×	1.19×	1.34×	1.38×	1.65×	1.66×	1.60×	2.12×	1.47×	1.48×	1.31×	0.99×	0.84×	0.78×	0.81×	0.78×	0.71×	0.97×	0.79×	0.71×	0.90×	0.89×
Returns
Return on equity	30.7%	30.5%	23.6%	37.3%	38.5%	37.4%	25.2%	48.9%	27.3%	34.7%	28.4%	23.4%	14.5%	14.0%	11.5%	19.3%	(54.8%)	15.2%	15.3%	21.9%	15.0%	18.1%	20.3%	24.3%	26.2%	34.2%	26.6%	26.8%	24.5%	21.1%	17.6%	15.0%	11.7%	10.0%	7.6%	0.7%	16.1%	15.3%	7.4%	13.9%	15.4%
Return on invested capital	14.2%	16.2%	13.4%	16.4%	16.0%	19.8%	28.4%	25.5%	15.0%	19.9%	19.0%	18.7%	15.2%	10.1%	9.1%	10.7%	9.9%	11.4%	11.2%	16.5%	15.5%	13.2%	12.4%	14.3%	15.7%	19.5%	18.2%	18.2%	17.6%	15.4%	13.8%	11.9%	9.9%	8.7%	6.9%	1.6%	12.4%	11.7%	7.8%	9.1%	12.7%
Dividend yield	2.1%	1.8%	1.6%	1.6%	1.2%	1.5%	1.7%	2.4%	1.6%	2.5%	2.6%	2.9%	2.3%	3.2%	3.5%	2.0%	3.6%	5.6%	3.3%	2.5%	3.0%	2.7%	2.9%	2.6%	2.5%	2.3%	1.5%	2.2%	1.9%	1.8%	2.2%	2.8%	3.2%	2.9%	3.0%	3.1%	–	–	–	–	–
Financial health
Current ratio	1.13×	1.08×	1.04×	0.99×	1.07×	1.25×	1.04×	1.15×	1.13×	0.95×	1.22×	1.21×	1.35×	1.16×	1.35×	1.07×	0.93×	0.94×	0.83×	0.97×	1.02×	1.11×	0.96×	0.94×	1.03×	1.23×	1.12×	1.21×	1.26×	1.16×	1.19×	1.22×	1.30×	1.51×	1.48×	1.55×	1.56×	1.52×	1.51×	1.64×	1.75×
Debt / equity	1.66×	1.36×	1.52×	1.53×	1.61×	1.43×	1.61×	2.06×	1.53×	1.40×	1.10×	1.09×	0.70×	0.80×	0.71×	0.81×	1.19×	1.26×	1.13×	0.58×	0.72×	0.78×	0.90×	1.08×	0.91×	1.00×	0.85×	0.64×	0.53×	0.56×	0.55×	0.58×	0.55×	0.53×	0.51×	0.60×	0.51×	0.56×	0.54×	0.77×	0.37×
Effective tax rate	25.6%	26.1%	27.6%	24.2%	25.0%	24.1%	(22.7%)	15.4%	52.2%	32.8%	32.9%	31.5%	34.0%	33.7%	33.5%	(1.2%)	9.9%	1.7%	19.1%	17.2%	20.4%	25.0%	27.5%	29.5%	32.4%	33.5%	34.8%	33.7%	34.2%	35.0%	36.0%	36.7%	37.0%	38.5%	39.9%	62.2%	37.8%	39.2%	55.5%	44.5%	41.6%
Share count
Diluted shares outstanding	78	81	81	82	84	84	85	89	90	91	93	96	100	104	107	107	104	99	99	100	100	100	100	99	99	100	101	104	106	108	107	111	112	118	124	124	88	88	85	80	79

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$9,248	$8,856	$8,756	$8,364	$9,039	$8,408	$6,972	$7,070	$7,159	$6,614	$6,086	$5,967	$6,330	$6,140	$5,864	$5,845	$5,782	$5,186	$6,710	$6,308	$5,576	$5,474	$5,317	$4,763	$4,207	$3,803	$3,894	$3,768	$3,460	$3,346	$3,222	$3,114	$2,857	$2,609	$2,623	$2,545	$2,590	$1,732	$1,582	$1,466	$1,131	$933
Cost of revenue	($6,568)	($6,309)	($6,225)	($6,087)	($6,635)	($6,096)	($5,048)	($5,166)	($5,244)	($4,802)	($4,387)	($4,321)	($4,679)	($4,502)	($4,335)	($4,370)	($4,268)	($3,930)	($4,983)	($4,585)	($4,048)	($3,852)	($3,742)	($3,305)	($2,853)	($2,563)	($2,404)	($2,336)	($2,188)	($2,146)	($2,091)	($2,049)	($1,846)	($1,695)	($1,691)	($1,657)	($1,692)	($1,143)	($1,023)	($945)	($730)	($600)
Gross profit	$2,680	$2,546	$2,531	$2,278	$2,404	$2,313	$1,923	$1,904	$1,916	$1,812	$1,700	$1,646	$1,651	$1,638	$1,528	$1,475	$1,514	$1,256	$1,727	$1,722	$1,528	$1,621	$1,575	$1,458	$1,354	$1,240	$1,489	$1,432	$1,272	$1,200	$1,132	$1,065	$1,010	$914	$932	$888	$898	$590	$559	$520	$401	$333
Operating expenses
Research and development	–	($137)	($138)	($136)	($136)	($137)	($113)	($93)	($98)	($93)	($90)	($92)	($102)	($96)	($99)	($94)	($88)	($79)	($94)	($96)	($88)	($85)	($82)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,493)	($1,422)	($1,415)	($1,314)	($1,331)	($1,248)	($1,060)	($1,080)	($1,128)	($1,105)	($1,086)	($1,108)	($1,159)	($1,174)	($1,149)	($1,139)	($1,179)	($1,088)	($1,304)	($1,047)	($923)	($1,047)	($1,024)	($1,035)	($913)	($830)	($851)	($843)	($773)	($740)	($712)	($690)	($692)	($643)	($666)	($654)	($753)	($385)	($368)	($360)	($273)	($219)
Total operating expenses	($1,532)	($1,442)	($1,403)	($1,323)	($1,332)	($1,273)	($1,048)	($1,084)	($1,106)	($1,062)	($1,101)	($1,117)	($1,109)	($1,145)	($1,143)	($1,110)	($1,207)	($943)	($1,280)	($1,142)	($1,011)	($1,133)	($1,106)	($1,035)	($913)	($830)	($1,008)	($993)	($900)	($857)	($826)	($798)	($794)	($738)	($760)	($746)	($843)	($428)	($407)	($396)	($300)	($240)
Total costs and expenses	($8,100)	($7,752)	($7,628)	($7,409)	($7,967)	($7,369)	($6,096)	($6,250)	($6,350)	($5,863)	($5,488)	($5,438)	($5,788)	($5,647)	($5,478)	($5,480)	($5,475)	($4,873)	($6,264)	($5,728)	($5,059)	($4,985)	($4,848)	($4,340)	($3,766)	($3,394)	($3,413)	($3,329)	($3,089)	($3,003)	($2,917)	($2,846)	($2,641)	($2,433)	($2,450)	($2,403)	($2,535)	($1,571)	($1,430)	($1,341)	($1,030)	($840)
Operating income	$1,148	$1,104	$1,127	$955	$1,072	$1,040	$875	$820	$809	$751	$599	$529	$542	$493	$385	$365	$307	$314	$447	$580	$517	$488	$469	$423	$441	$410	$481	$439	$371	$343	$306	$268	$216	$175	$172	$142	$56	$162	$152	$125	$101	$93
Earnings
EBITDA	$1,360	$1,310	$1,324	$1,142	$1,249	$1,207	$1,029	$999	$951	$877	$716	$654	$677	$628	$535	$533	$480	$501	$651	$814	$715	$690	$657	$605	$593	$566	$638	$589	$498	$460	$419	$375	$318	$271	$266	$235	$146	–	–	–	–	–
Interest income	–	–	–	$12	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($142)	($135)	($117)	($119)	($84)	($70)	($70)	($76)	($58)	($63)	($60)	($60)	($63)	($61)	($73)	($71)	($76)	($85)	($116)	($105)	($56)	($58)	($59)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$966	$925	$954	$695	$999	$993	$737	$250	$555	$590	$477	$409	$361	$366	$238	$213	$239	($927)	$271	$375	$426	$367	$375	$335	$365	$360	$426	$330	$337	$311	$271	$225	$173	$132	$130	$105	$16	$139	$128	$78	$88	$83
Income tax expense	($261)	($237)	($249)	($192)	($242)	($249)	($178)	$57	($85)	($308)	($156)	($134)	($114)	($124)	($80)	($72)	$3	$92	($4)	($72)	($73)	($75)	($94)	($92)	($108)	($116)	($143)	($115)	($113)	($106)	($95)	($81)	($64)	($49)	($50)	($42)	($10)	($53)	($50)	($43)	($39)	($34)
Net income	$705	$688	$705	$503	$757	$740	$556	$304	$467	$282	$321	$274	$245	$213	$215	$190	$317	($747)	$266	$304	$367	$226	$280	$268	$257	$243	$284	$215	$223	$205	$176	$144	$109	$84	$80	$63	$6	$86	$78	$35	$49	$48
Per share
Diluted EPS (GAAP)	$9.13	$8.79	$8.73	$6.20	$9.21	$8.83	$6.61	$3.57	$5.28	$3.13	$3.54	$2.95	$2.56	$2.13	$2.08	$1.78	$2.97	($7.21)	$2.70	$3.07	$3.72	$2.26	$2.78	$2.67	$2.59	$2.47	$2.84	$2.13	$2.15	$1.93	$1.63	$1.35	$0.99	$0.37	$0.34	$0.26	$0.03	$0.49	$0.45	$0.21	$0.16	$0.16
Basic EPS (GAAP)	$9.14	$8.81	$8.77	$6.23	$9.28	$8.93	$6.67	$3.61	$5.35	$3.19	$3.60	$3.01	$2.61	$2.17	$2.10	$1.80	$3.00	($7.21)	$2.70	$3.09	$3.74	$2.27	$2.80	$2.69	$2.61	$2.49	$2.88	$2.17	$2.20	$1.99	$1.68	$1.35	$0.99	$0.37	$0.34	$0.26	$0.03	$0.49	$0.45	$0.21	$0.16	$0.16
Basic shares outstanding	77	78	80	81	82	83	83	84	87	88	89	91	94	98	103	106	106	104	98	98	100	100	100	99	98	98	98	99	102	103	105	107	111	112	118	124	124	88	88	85	80	79
Margins
Gross margin	29.0%	28.8%	28.9%	27.2%	26.6%	27.5%	27.6%	26.9%	26.8%	27.4%	27.9%	27.6%	26.1%	26.7%	26.1%	25.2%	26.2%	24.2%	25.7%	27.3%	27.4%	29.6%	29.6%	30.6%	32.2%	32.6%	38.2%	38.0%	36.8%	35.9%	35.1%	34.2%	35.4%	35.0%	35.5%	34.9%	34.7%	34.0%	35.3%	35.5%	35.5%	35.7%
Operating margin	12.4%	12.5%	12.9%	11.4%	11.9%	12.4%	12.6%	11.6%	11.3%	11.4%	9.8%	8.9%	8.6%	8.0%	6.6%	6.2%	5.3%	6.0%	6.7%	9.2%	9.3%	8.9%	8.8%	8.9%	10.5%	10.8%	12.4%	11.6%	10.7%	10.2%	9.5%	8.6%	7.6%	6.7%	6.6%	5.6%	2.1%	9.3%	9.6%	8.5%	9.0%	10.0%
Net margin	7.6%	7.8%	8.1%	6.0%	8.4%	8.8%	8.0%	4.3%	6.5%	4.3%	5.3%	4.6%	3.9%	3.5%	3.7%	3.3%	5.5%	(14.4%)	4.0%	4.8%	6.6%	4.1%	5.3%	5.6%	6.1%	6.4%	7.3%	5.7%	6.5%	6.1%	5.5%	4.6%	3.8%	3.2%	3.1%	2.5%	0.2%	5.0%	4.9%	2.4%	4.3%	5.2%

Analyst consensus

Buy18 analysts

Bearish · 0 · Hold · 5 · Bullish · 13

Earnings history

	EPS	Estimate
Q3 2024	$2.33	$2.33	Match
Q4 2024	$2.38	$2.39	Miss
Q1 2025	$2.30	$2.32	Miss
Q2 2025	$2.42	$2.39	Beat
Q3 2025	$2.37	$2.33	Beat
Q4 2025	$2.45	$2.40	Beat
Q1 2026	$2.47	$2.43	Beat
Q2 2026	$2.89	$2.47	Beat

Peers

Company overview

IPO dateFeb 21, 1973

CEODeon Stander

Employees35,000

SectorConsumer Cyclical

IndustryPackaging & Containers

CountryUS

ExchangeNew York Stock Exchange

Websitewww.averydennison.com

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the North America, Europe, the Middle East, North Africa, Asia, and Latin America. It offers pressure-sensitive label materials, which consist of papers, plastic films, and metal foils; performance tapes products, including mechanical fasteners, which are precision-extruded and injection-molded plastic devices; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, and Avery Dennison brands. The company provides graphics and reflective products that include films and other products for the architectural, commercial sign, digital printing, and other related market segments; durable cast and reflective films to the construction, automotive, and fleet transportation markets; sign shops, commercial printers, and designers for pressure-sensitive materials; reflective films for traffic and safety applications; and pressure-sensitive vinyl and specialty materials for digital imaging, screen printing, and sign cutting applications under the Avery Dennison and Mactac brand names. In addition, it offers branding solutions, which include brand embellishments, graphic tickets, tags, labels, and sustainable packaging; information solutions, such as item-level RFID, visibility and loss prevention, price ticketing and marking, productivity and media, and brand protection and security solutions; and shelf-edge productivity and media solutions under the Vestcom brand names, as well as care, content, and country of origin compliance solutions. It serves home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals, and automotive industries. The company was formerly known as Avery International Corporation and changed its name to Avery Dennison Corporation in 1990. The company was founded in 1935 and is headquartered in Mentor, Ohio.

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