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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. In the quarter to June 2026, revenue grew 10.9%, EPS grew 10.8%, free cash flow grew 94.1% and total debt rose 20.9%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

175.40 0.48 −0.27%
Market cap
$13.3B
P/E
19.2×
Fwd P/E
16.3×
Dividend yield
2.21%
F-score
5/9
Altman Z
3.63
Beneish M
−2.54
Dividend safety
77/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 21.20
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 1 3 — — — — 1 1 —
Insider Ownership 1.31%

Capital & Financial Ratios $m

Market Cap 13,330.00
Revenue 9,248.10
Net Income 704.90
Free Cash Flow 1,040.60
Net Debt 2,950.40
Current Ratio 1.13
Debt/Equity 1.37
P/E ratio 19.21
Fwd P/E 16.30
P/S ratio 1.45
P/B ratio 5.76
Past 5Y EPS Growth 5.87%
This Y EPS Growth 6.85%
Next Y EPS Growth 9.83%
Next Y revenue growth 5.54%
Next 5Y EPS Growth 9.59%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.8×; over the ten years it ranged from 1.1× in 2016 to 2.7× in 2021.
P/E against its own 10 years 15.55%
10-year low 10-year high
P/S against its own 10 years 41.14%
10-year low 10-year high
P/B against its own 10 years 5.90%
10-year low 10-year high
EV/Sales against its own 10 years 49.06%
10-year low 10-year high
EV/FCF against its own 10 years 2.17%
10-year low 10-year high

Dividends

Payout Ratio 0.43
Annual Dividend Rate 3.88
Annual Dividend Yield 2.21%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.97
0.94
1.00
1.00
2025 3.70
0.88
0.94
0.94
0.94
2024 3.45
0.81
0.88
0.88
0.88
2023 3.18
0.75
0.81
0.81
0.81
2022 2.93
0.68
0.75
0.75
0.75
2021 2.66
0.62
0.68
0.68
0.68
2020 2.36
0.58
0.58
0.58
0.62
2019 2.26
0.52
0.58
0.58
0.58
2018 2.01
0.45
0.52
0.52
0.52
2017 1.76
0.41
0.45
0.45
0.45
2016 1.60
0.37
0.41
0.41
0.41
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 215 329 203 227
Receivables 1,415 1,466 1,504 1,794
Inventory 921 978 976 1,032
Other 245 305 308 348
2,796 3,079 2,990 3,401
2023 2024 2025 Q'26
Payables 1,277 1,341 1,262 1,525
ST’ Debt — — — —
Other 387 408 380 734
2,700 2,863 2,654 3,005

Compound Annual Growth %

10y 5y 3y
Sales 4.03% 4.90% (0.68%)
Cash Flow 6.41% 3.25% (2.84%)
Earnings 9.63% 4.36% (3.14%)
Book Value 8.79% 8.59% 3.33%

Revenue $m

Mar Jun Sep Dec Year
’26 2,299 2,463 — — —
’25 2,148 2,221 2,216 2,271 8,856
’24 2,151 2,235 2,183 2,186 8,756
’23 2,065 2,091 2,098 2,111 8,364
’22 2,349 2,347 2,317 2,026 9,039
’21 2,051 2,102 2,072 2,183 8,408
’20 1,723 1,529 1,729 1,991 6,972
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 137 408 — — —
’25 (16) 209 312 377 881
’24 120 198 270 351 939
’23 2 190 323 312 826
’22 126 268 221 346 961
’21 209 268 286 284 1,047
’20 4 180 258 310 751
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 101 363 — — —
’25 (60) 187 273 304 704
’24 64 144 218 273 700
’23 (68) 133 262 215 542
’22 71 209 141 245 665
’21 183 205 236 152 776
’20 (35) 144 227 205 542
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 2.18 2.67 — — —
’25 2.09 2.41 2.13 2.15 8.79
’24 2.13 2.18 2.25 2.16 8.73
’23 1.49 1.24 1.71 1.77 6.20
’22 2.39 2.61 2.70 1.51 9.21
’21 2.50 2.19 1.96 2.19 8.83
’20 1.60 0.95 1.79 2.28 6.61
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 57.06 69.53 82.89 86.90 76.96 147.40 151.62 158.93 185.29 156.23

Analyst estimates 2026–2028

Powerpack
High 79.27 117.92 123.67 134.56 156.82 229.24 219.33 203.70 233.48 196.41
People
People Employees 25,000 30,000 30,000 30,000 32,000 36,000 36,000 35,000 35,000 35,000
Revenue/emp, $m 0.24 0.22 0.24 0.24 0.22 0.23 0.25 0.24 0.25 0.25
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
Gross margin, % 27.93 27.40 26.76 26.93 27.59 27.51 26.60 27.23 28.90 28.75
EBT 477 590 555 250 737 993 999 695 954 925
EBT margin, % 7.84 8.91 7.75 3.53 10.58 11.81 11.06 8.31 10.89 10.45
Net income 321 282 467 304 556 740 757 503 705 688
Depreciation 180 179 181 179 205 244 291 298 312 328
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
Earnings 3.54 3.13 5.28 3.57 6.61 8.83 9.21 6.20 8.73 8.79
Cash flow 6.53 7.31 5.25 8.89 9.01 12.63 11.78 10.24 11.68 11.29
Capex (2.22) (2.49) (2.83) (2.97) (2.51) (3.27) (3.63) (3.52) (2.98) (2.28)
Free cash flow 4.31 4.82 2.41 5.92 6.50 9.36 8.15 6.72 8.70 9.01
Book value 10.39 11.85 10.94 14.33 17.80 23.21 24.90 26.37 28.76 28.71
Shares, m 89 88 87 84 83 83 82 81 80 78
Valuation, ×
Valuation, × P/E 19.87 36.96 17.05 36.44 23.43 24.50 19.89 32.15 21.46 20.72
P/S 1.03 1.54 1.10 1.55 1.86 2.14 1.65 1.93 1.72 1.60
P/B 6.75 9.76 8.21 9.13 8.71 9.33 7.36 7.57 6.51 6.34
EV/Sales 1.11 1.71 1.31 1.73 2.11 2.45 1.91 2.21 1.97 1.94
EV/FCF 17.62 26.57 44.53 24.61 27.19 26.52 26.00 34.18 24.69 24.46
Cash, $m
Cash, $m Operating cash flow 582 646 458 747 751 1,047 961 826 939 881
Capex (198) (220) (247) (249) (209) (271) (296) (284) (239) (178)
Free cash flow 384 426 211 497 542 776 665 542 700 704
Balance, $m
Balance, $m Working capital (99) 266 304 87 490 187 (18) 97 216 337
Total debt 713 1,316 1,772 1,499 2,052 2,786 2,504 2,622 2,560 3,210
Net debt 518 1,092 1,540 1,246 1,800 2,623 2,336 2,407 2,231 3,007
Shareholders’ equity 926 1,046 955 1,204 1,485 1,924 2,032 2,128 2,312 2,242
Returns, %
Returns, % ROA 7.52 5.91 9.06 5.69 9.61 10.53 9.51 6.23 8.49 8.00
ROIC 25.55 19.60 17.99 19.66 14.07 14.55 15.37 10.79 14.36 12.46
ROE 33.91 28.58 46.71 28.12 41.35 43.42 38.27 24.18 31.75 30.21
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $21.6B 43.3× 18.6× +1.15% (above 0%: growing) n/m +0.98% (above 0%: growing) 17.42% 3.85% Compare
PKG Packaging Corporation of America $20.7B 30.6× 22.6× +14.67% (above 0%: growing) −19.40% (below 0%: shrinking) +5.30% (above 0%: growing) 20.58% 11.70% Compare
AMCR Amcor PLC $20.2B 18.5× 11.8× +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) 25.3× −2.25% (below 0%: shrinking) n/m −95.31% (below 0%: shrinking) 27.65% 1.42% Compare
BALL Ball Corporation $16.6B 17.9× 15.0× +19.74% (above 0%: growing) +7.79% (above 0%: growing) +97.88% (above 0%: growing) 17.44% 8.68% Compare
AVY Avery Dennison Corporation $13.3B 19.2× 16.3× +10.92% (above 0%: growing) +10.79% (above 0%: growing) +94.11% (above 0%: growing) 29.62% 12.73%
CCK Crown Holdings, Inc. $12.4B 16.3× 12.9× +16.48% (above 0%: growing) +42.68% (above 0%: growing) +52.62% (above 0%: growing) 17.23% 12.65% Compare
SON Sonoco Products Company $4.9B 7.9× 11.9× −1.31% (below 0%: shrinking) −78.83% (below 0%: shrinking) +138.94% (above 0%: growing) 20.81% 10.23% Compare
REYN Reynolds Consumer Products Inc. $4.8B 13.9× 14.0× +0.64% (above 0%: growing) +20.00% (above 0%: growing) −11.76% (below 0%: shrinking) 25.95% 14.62% Compare
Median of peers $17.3B 17.9× 14.5× +7.91% +7.79% +28.96% 20.70% 10.17%

All 23 Packaging & Containers stocks →

AVY metrics, ten years each

Avery Dennison Corporation (AVY) key facts

  • Concern: Net income was $688.0 million, or $8.79 per share (basic), a net margin of 7.77%.
  • Strength: Avery Dennison Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.9 billion, up 1.14% from fiscal 2024.
  • Avery Dennison Corporation (AVY) is a Packaging & Containers company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, AVY traded at $175.40, a market capitalization of $13.3 billion.
  • At that price the stock trades at 19.2× trailing-twelve-month earnings and 1.4× sales; its P/E is higher than 16% of its own readings over the past ten years.
  • Avery Dennison Corporation pays an annual dividend of $3.88 per share, a yield of 2.21%, with a payout ratio of 42.5%.
  • Return on equity was 30.2% and debt-to-equity 1.37.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.63 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/AVY · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com