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Friday 6 November 2026
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Avery Dennison Corporation
AVY Consumer Cyclical Packaging & Containers
Avery Dennison Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.9 billion, up 1.14% from fiscal 2024.
- Revenue
- +5.24%
- EPS
- +5.16%
- Free cash flow
- −9.96%
- Total debt
- −0.88%
Quarter to September 2026, against a year earlier
189.72
2.87
−1.49%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 6,087 | 6,614 | 7,159 | 7,070 | 6,972 | 8,408 | 9,039 | 8,364 | 8,756 | 8,856 | 9,364 | +4.3% | 9,375 | 9,638 | 9,975 | +4.0% | |
| Gross margin, % | 27.93 | 27.40 | 26.76 | 26.93 | 27.59 | 27.51 | 26.60 | 27.23 | 28.90 | 28.75 | 28.83 | +0.8 pt | ||||||
| EBT | 477 | 590 | 555 | 250 | 737 | 993 | 999 | 695 | 954 | 925 | 972 | +7.6% | ||||||
| EBT margin, % | 7.84 | 8.91 | 7.75 | 3.53 | 10.58 | 11.81 | 11.06 | 8.31 | 10.89 | 10.45 | 10.38 | +2.6 pt | ||||||
| Net income | 321 | 282 | 467 | 304 | 556 | 740 | 757 | 503 | 705 | 688 | 708 | +8.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 68.31 | 74.90 | 82.00 | 84.17 | 83.59 | 101.43 | 110.78 | 103.65 | 108.90 | 113.39 | 123.54 | +5.8% | |||||
| Earnings | 3.54 | 3.13 | 5.28 | 3.57 | 6.61 | 8.83 | 9.21 | 6.20 | 8.73 | 8.79 | 9.24 | +10.6% | ||||||
| Cash flow | 6.53 | 7.31 | 5.25 | 8.89 | 9.01 | 12.63 | 11.78 | 10.24 | 11.68 | 11.29 | 16.10 | +6.3% | ||||||
| Capex | (2.22) | (2.49) | (2.83) | (2.97) | (2.51) | (3.27) | (3.63) | (3.52) | (2.98) | (2.28) | (2.73) | +0.3% | ||||||
| Free cash flow | 4.31 | 4.82 | 2.41 | 5.92 | 6.50 | 9.36 | 8.15 | 6.72 | 8.70 | 9.01 | 13.37 | +8.5% | ||||||
| Book value | 10.39 | 11.85 | 10.94 | 14.33 | 17.80 | 23.21 | 24.90 | 26.37 | 28.76 | 28.71 | 31.51 | +12.0% | ||||||
| Shares, m | 89 | 88 | 87 | 84 | 83 | 83 | 82 | 81 | 80 | 78 | 77 | (1.5%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 19.87 | 36.96 | 17.05 | 36.44 | 23.43 | 24.50 | 19.89 | 32.15 | 21.46 | 20.72 | 20.53 | 25.2 | |||||
| P/S | 1.03 | 1.54 | 1.10 | 1.55 | 1.86 | 2.14 | 1.65 | 1.93 | 1.72 | 1.60 | 1.54 | 1.6 | ||||||
| P/B | 6.75 | 9.76 | 8.21 | 9.13 | 8.71 | 9.33 | 7.36 | 7.57 | 6.51 | 6.34 | 6.02 | 8.0 | ||||||
| EV/Sales | 1.11 | 1.71 | 1.31 | 1.73 | 2.11 | 2.45 | 1.91 | 2.21 | 1.97 | 1.94 | 1.85 | 1.8 | ||||||
| EV/FCF | 17.62 | 26.57 | 44.53 | 24.61 | 27.19 | 26.52 | 26.00 | 34.18 | 24.69 | 24.46 | 17.06 | 27.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 582 | 646 | 458 | 747 | 751 | 1,047 | 961 | 826 | 939 | 881 | 1,220 | +4.7% | |||||
| Capex | (198) | (220) | (247) | (249) | (209) | (271) | (296) | (284) | (239) | (178) | (207) | (1.2%) | ||||||
| Free cash flow | 384 | 426 | 211 | 497 | 542 | 776 | 665 | 542 | 700 | 704 | 1,013 | +7.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (99) | 266 | 304 | 87 | 490 | 187 | (18) | 97 | 216 | 337 | 469 | n/m | |||||
| Net debt | 518 | 1,092 | 1,540 | 1,246 | 1,800 | 2,623 | 2,336 | 2,407 | 2,231 | 3,007 | 2,903 | +21.6% | ||||||
| Shareholders’ equity | 926 | 1,046 | 955 | 1,204 | 1,485 | 1,924 | 2,032 | 2,128 | 2,312 | 2,242 | 2,389 | +10.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 7.52 | 5.91 | 9.06 | 5.69 | 9.61 | 10.53 | 9.51 | 6.23 | 8.49 | 8.00 | 7.85 | +0.5 pt | |||||
| ROIC | 25.55 | 19.60 | 17.99 | 19.66 | 14.07 | 14.55 | 15.37 | 10.79 | 14.36 | 12.46 | 12.98 | (13.1) pt | ||||||
| ROE | 33.91 | 28.58 | 46.71 | 28.12 | 41.35 | 43.42 | 38.27 | 24.18 | 31.75 | 30.21 | 30.80 | (3.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 25,000 | 30,000 | 30,000 | 30,000 | 32,000 | 36,000 | 36,000 | 35,000 | 35,000 | 35,000 | — | +3.8% | |||||
| Revenue/emp, $m | 0.24 | 0.22 | 0.24 | 0.24 | 0.22 | 0.23 | 0.25 | 0.24 | 0.25 | 0.25 | — | +0.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Materials Group | 6,093 | 68.81% |
|---|---|---|
| Solutions Group | 2,762 | 31.19% |
| Gross margin | 28.75% | |
| Operating margin | 11.82% | |
| Pre-tax margin | 10.45% |
Avery Dennison Corporation vs peers in Packaging & Containers (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SW Smurfit Westrock PLC | $23.3B | 49.6× | 29.4× | +1.97% (above 0%: growing) | −11.85% (below 0%: shrinking) | −29.37% (below 0%: shrinking) | 17.64% | 5.97% | Compare |
| PKG Packaging Corporation of America | $22.2B | 30.4× | 26.2× | +12.46% (above 0%: growing) | +16.67% (above 0%: growing) | +5.30% (above 0%: growing) | 23.21% | 14.81% | Compare |
| AMCR Amcor PLC | $21.2B | 19.4× | 15.8× | +25.90% (above 0%: growing) | n/m | +54.49% (above 0%: growing) | 20.90% | 10.10% | Compare |
| IP International Paper Company | $18.1B | — (loss-making) | — (loss-making) | −0.40% (below 0%: shrinking) | n/m | −218.18% (below 0%: shrinking) | 31.21% | 4.70% | Compare |
| BALL Ball Corporation | $17.4B | 33.6× | 19.0× | +23.94% (above 0%: growing) | n/m | −87.55% (below 0%: shrinking) | 16.93% | (1.84%) | Compare |
| AVY Avery Dennison Corporation | $14.3B | 20.5× | 19.2× | +5.24% (above 0%: growing) | +5.16% (above 0%: growing) | −9.96% (below 0%: shrinking) | 28.08% | 11.69% | |
| CCK Crown Holdings, Inc. | $13.2B | 16.9× | 16.3× | +15.90% (above 0%: growing) | +12.37% (above 0%: growing) | −39.10% (below 0%: shrinking) | 16.41% | 11.91% | Compare |
| REYN Reynolds Consumer Products Inc. | $5.2B | 16.0× | 14.6× | +1.40% (above 0%: growing) | −27.61% (below 0%: shrinking) | −81.25% (below 0%: shrinking) | 25.00% | 10.38% | Compare |
| SON Sonoco Products Company | $5.1B | — (loss-making) | — (loss-making) | −4.20% (below 0%: shrinking) | n/m | +1.80% (above 0%: growing) | 19.85% | (31.25%) | Compare |
| Median of peers | $17.8B | 24.9× | 17.7× | +7.22% | +0.26% | −34.24% | 20.38% | 8.04% |
From the latest earnings call
- CEO Deon Stander said customer destocking in Materials Group proceeded more gradually than expected, and most remaining pre-buy inventory should unwind by year-end.
- Stander said intelligent-label sales rose in apparel and general retail but fell in logistics, while the Walmart Fresh program’s commercial ramp is expected in 2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
97.96%
Held by the ten largest
53.74%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 10.69m | 14.08% | +9.08k |
| BlackRock | 6.48m | 8.54% | +100.50k |
| Wellington Management | 5.79m | 7.63% | +482.05k |
| State Street | 4.04m | 5.33% | +289.67k |
| Morgan Stanley | 3.55m | 4.67% | −90.49k |
| T. Rowe Price | 2.90m | 3.82% | −1.50m |
| Ameriprise (Columbia Threadneedle) | 2.29m | 3.02% | +394.71k |
| Geode Capital Management | 2.17m | 2.86% | +4.64k |
| Invesco | 1.56m | 2.06% | +213.19k |
| UBS | 1.31m | 1.72% | +37.21k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 12 March 2026
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group
13.50%
BlackRock, Inc.
8.30%
Wellington Management Group
6.70%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Avery Dennison Corporation (AVY) Latest News
29 Oct
24 Oct
12 Oct
31 Jul
AVY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Avery Dennison makes materials and identification products that help businesses label, decorate and track physical goods. Founded in 1935 and headquartered in Glendale, it is led by President and Chief Executive Officer Deon M. Stander.
Its Materials Group makes self-adhesive label materials, graphics films, reflective products and bonding materials such as tapes. A self-adhesive label sticks when pressed onto a surface, without needing heat or moisture to activate the adhesive. Avery Dennison sells label materials in rolls or sheets to converters, which turn them into products for uses such as package decoration, shipping and product information.