Avery Dennison Corporation (AVY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.47	$2.89	+17.0%	—	—	—
Q4 26	$2.43	$2.47	+1.6%	—	—	—
Q3 26	$2.39	$2.45	+2.5%	—	—	—
Q2 26	$2.33	$2.37	+1.7%	—	—	—
Q1 26	$2.39	$2.42	+1.3%	—	—	—
Q4 25	$2.32	$2.3	-0.9%	—	—	—
Q3 25	$2.41	$2.38	-1.2%	—	—	—
Q2 25	$2.34	$2.33	-0.4%	—	—	—
Q1 25	$2.26	$2.42	+7.1%	—	—	—
Q4 24	$2.15	$2.29	+6.5%	—	—	—
Q3 24	$2.16	$2.16	0.0%	—	—	—
Q2 24	$2.1	$2.1	0.0%	—	—	—
Q1 24	$2.08	$1.92	-7.7%	—	—	—
Q4 23	$1.65	$1.7	+3.0%	—	—	—
Q3 23	$2.02	$1.65	-18.3%	—	—	—
Q2 23	$2.47	$2.46	-0.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.95	—	—	$8.9B	—
FY24	—	$8.83	—	—	$8.8B	—
FY23	—	$6.23	—	—	$8.4B	—
FY22	—	$9.37	—	—	$9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.1B	$6.6B	$7.2B	$7.1B	$7B	$8.4B	$9B	$8.4B	$8.8B	$8.9B
YoY change	+2%	+8.66%	+8.24%	-1.24%	-1.39%	+20.6%	+7.5%	-7.47%	+4.68%	+1.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.1B	6.6B	7.2B	7.1B	7B	8.4B	9B	8.4B	8.8B	8.9B
Cost of revenue	4.4B	4.8B	5.2B	5.2B	5B	6.1B	6.6B	6.1B	6.2B	6.3B
Gross profit	1.7B	1.8B	1.9B	1.9B	1.9B	2.3B	2.4B	2.3B	2.5B	2.5B
Gross margin	27.9%	27.4%	26.8%	26.9%	27.6%	27.5%	26.6%	27.2%	28.9%	28.8%
Research & development	—	—	—	—	—	136.6M	136.1M	135.8M	137.8M	136.6M
Selling, general & administrative	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B
Operating expenses	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.3B	1.3B	1.4B	1.4B
Operating income	614M	707M	788M	823.7M	862.8M	1.1B	1.1B	963.8M	1.1B	1.1B
Operating margin	10.1%	10.7%	11%	11.7%	12.4%	12.7%	11.9%	11.5%	12.7%	12.7%
Non-operating income, net	-77M	-54.5M	-174.7M	-498.4M	-55.5M	-1.5M	10M	-150.1M	-44.9M	-63.3M
Pretax income	477.1M	589.5M	554.8M	249.5M	737.3M	992.6M	999.3M	694.7M	953.5M	925.1M
Income tax	156.4M	307.7M	85.4M	-56.7M	177.7M	248.6M	242.2M	191.7M	248.6M	237.1M
Net income	320.7M	281.8M	467.4M	303.6M	555.9M	740.1M	757.1M	503M	704.9M	688M
Net margin	5.27%	4.26%	6.53%	4.29%	7.97%	8.8%	8.38%	6.01%	8.05%	7.77%
EBITDA	740.9M	867.7M	864.2M	557.5M	1.1B	1.3B	1.4B	1.3B	1.5B	1.5B
EPS	3.63	3.2	5.52	3.64	6.66	8.94	9.37	6.23	8.83	8.95
Diluted EPS	3.54	3.13	5.28	3.57	6.61	8.83	9.21	6.2	8.73	8.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.1B	2.1B	2.2B	2.2B	2.2B	2.2B	2.1B	2.2B	2.2B	2.3B	2.3B	2.5B
Cost of revenue	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.5B	1.6B	1.6B	1.6B	1.6B	1.7B
Gross profit	585.8M	596M	632.2M	662.7M	626.6M	609.2M	621.5M	639.1M	635M	650.7M	664.8M	729.4M
Gross margin	27.9%	28.2%	29.4%	29.6%	28.7%	27.9%	28.9%	28.8%	28.7%	28.7%	28.9%	29.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	324.8M	191.3M	365.2M	373.9M	346.9M	191.5M	347M	352.4M	353.9M	232.6M	375.1M	394.8M
Operating expenses	324.8M	191.3M	365.2M	373.9M	346.9M	191.5M	347M	352.4M	353.9M	232.6M	375.1M	394.8M
Operating income	261M	268.9M	267M	288.8M	279.7M	279.9M	274.5M	286.7M	281.1M	281.5M	289.7M	334.6M
Operating margin	12.4%	12.7%	12.4%	12.9%	12.8%	12.8%	12.8%	12.9%	12.7%	12.4%	12.6%	13.6%
Non-operating income, net	-45.4M	-37.6M	-4M	-21.2M	-10.4M	-9.3M	-16.6M	2.8M	-13M	-36.5M	-13.7M	-16M
Pretax income	184.6M	201.6M	234.4M	238.4M	239.3M	241.4M	227M	255.5M	234.8M	207.8M	240.4M	282.7M
Income tax	46.3M	58.5M	62M	61.6M	57.6M	67.4M	60.7M	66.5M	68.5M	41.4M	72.3M	78.6M
Net income	138.3M	143.1M	172.4M	176.8M	181.7M	174M	166.3M	189M	166.3M	166.4M	168.1M	204.1M
Net margin	6.59%	6.78%	8.01%	7.91%	8.32%	7.96%	7.74%	8.51%	7.51%	7.33%	7.31%	8.29%
EBITDA	344.8M	356.8M	352.9M	373.2M	362.7M	365.5M	355.7M	370.8M	368.8M	370.9M	380.4M	426.1M
EPS	1.72	1.78	2.14	2.19	2.26	2.18	2.12	2.42	2.14	2.16	2.19	2.69
Diluted EPS	1.71	1.77	2.13	2.18	2.25	2.16	2.09	2.41	2.13	2.15	2.18	2.67

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.2B	10.1B	7.6B	10.9B	12.9B	17.9B	14.6B	16.3B	14.9B	14B	13.1B
Enterprise value	7.3B	11.5B	9.3B	12.6B	14.8B	20.8B	17.6B	19.3B	17.8B	17.5B	16.3B
Shares outstanding	88.3M	88M	84.7M	83.4M	83.2M	82.6M	80.8M	80.7M	79.8M	76.9M	76.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.3	35.9	16.3	35.9	23.2	24.2	19.3	32.4	21.2	20.3	18.6
P/S	1.02	1.53	1.06	1.54	1.85	2.13	1.62	1.95	1.71	1.58	1.41
P/B	6.7	9.66	7.97	9.06	8.69	9.3	7.2	7.67	6.46	6.24	5.58
EV/EBITDA	9.85	13.2	10.8	22.6	13.8	15.9	12.8	15	12.2	11.9	10.9
EV/Sales	1.2	1.73	1.31	1.78	2.12	2.48	1.94	2.31	2.03	1.98	1.76
Earnings yield	5.17%	2.79%	6.14%	2.78%	4.31%	4.14%	5.18%	3.08%	4.72%	4.92%	5.36%
FCF yield	6.06%	4.15%	2.64%	4.49%	4.13%	4.33%	4.53%	3.32%	4.68%	4.87%	7.64%
PEG	—	—	—	—	—	—	—	—	—	—	1.69

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	27.9%	27.4%	26.8%	26.9%	27.6%	27.5%	26.6%	27.2%	28.9%	28.8%	29.6%
Operating margin	10.1%	10.7%	11%	11.7%	12.4%	12.7%	11.9%	11.5%	12.7%	12.7%	13.6%
Net margin	5.27%	4.26%	6.53%	4.29%	7.97%	8.8%	8.38%	6.01%	8.05%	7.77%	7.62%
ROE	34.7%	26.9%	48.9%	25.2%	37.4%	38.5%	37.3%	23.6%	30.5%	30.7%	31.2%
ROA	7.29%	5.49%	9.03%	5.53%	9.14%	9.28%	9.52%	6.13%	8.39%	7.82%	8.39%
ROIC	20.4%	14.1%	24.8%	28.5%	19.6%	16.4%	16.4%	13.5%	16.1%	14.5%	15%
Return on tangible assets	12%	9.94%	15.5%	9%	16.5%	31%	29.7%	20.2%	24%	26.4%	22.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.95	1.13	1.15	1.04	1.25	1.07	0.99	1.04	1.08	1.13	1.13
Quick ratio	0.69	0.83	0.83	0.74	0.88	0.72	0.63	0.69	0.73	0.76	0.79
Debt / equity	1.4	1.51	2.06	1.61	1.43	1.61	1.53	1.52	1.36	1.66	1.59
Debt / assets	0.29	0.31	0.38	0.35	0.35	0.39	0.39	0.4	0.38	0.42	0.4
Net debt / EBITDA	1.48	1.56	2.01	3.02	1.75	2.24	2.14	2.34	1.94	2.41	2.23
Interest coverage	8.96	10.4	10.5	4.29	11.5	15.1	12.9	6.84	9.15	7.83	7.8
Effective tax rate	32.8%	52.2%	15.4%	0%	24.1%	25%	24.2%	27.6%	26.1%	25.6%	27%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	68.9	75.1	84.5	84.8	83.8	101.8	111.9	103.6	109.7	115.2	120.1
EPS (basic)	3.63	3.2	5.52	3.64	6.66	8.94	9.37	6.23	8.83	8.95	8.95
EPS (diluted)	3.54	3.13	5.28	3.57	6.61	8.83	9.21	6.2	8.73	8.79	9.15
Book value per share	10.5	11.9	11.3	14.4	17.9	23.3	25.1	26.4	29	29.2	30.6
FCF per share	4.25	4.77	2.38	5.87	6.41	9.38	8.2	6.7	8.76	8.86	13.5
Cash per share	2.21	2.55	2.74	3.04	3.03	1.97	2.07	2.66	4.12	2.64	3.63
Capex per share	1.91	2.1	2.56	2.54	2.31	3.07	3.41	3.28	2.61	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.77%	2.79%	3.04%	2.99%	2.76%	3.02%	3.05%	3.16%	2.38%	—	—
Capex / operating cash flow	34%	30.3%	52.7%	30.8%	28%	25.1%	30.3%	34.1%	23.4%	—	—
Payout ratio	44.4%	55.2%	37.4%	62.5%	35.4%	29.8%	31.6%	51%	39.4%	41.9%	41.8%
Dividend yield	2.3%	1.54%	2.3%	1.74%	1.53%	1.23%	1.63%	1.57%	1.86%	2.06%	2.33%

Yield

2.33%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.00

ex-dividend Sep 2, 2026

Payout ratio

42%

of earnings

Dividend growth

15 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 2, 2026	$1.00
Jun 3, 2026	$1.00
Mar 4, 2026	$0.94

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.1B	$2.1B	$2.2B	$2.2B	$2.2B	$2.2B	$2.1B	$2.2B	$2.2B	$2.3B	$2.3B	$2.5B
YoY change	-9.44%	+4.18%	+4.18%	+6.93%	+4.06%	+3.56%	-0.14%	-0.66%	+1.47%	+3.91%	+6.99%	+10.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	195.1M	224.4M	232M	253.7M	252.3M	162.7M	167.2M	215M	329.1M	202.8M
Receivables	1B	1.2B	1.2B	1.2B	1.2B	1.4B	1.4B	1.4B	1.5B	1.5B
Inventory	519.1M	609.6M	651.4M	663M	717.2M	907.2M	1B	920.7M	978.1M	975.8M
Total current assets	1.9B	2.2B	2.3B	2.3B	2.4B	2.7B	2.8B	2.8B	3.1B	3B
Property, plant & equipment	349.9M	459M	494.3M	523.3M	597.3M	700.1M	759.2M	807.9M	734.4M	704.2M
Goodwill & intangibles	1.7B	2.3B	2.2B	2.1B	2.7B	5.6B	5.4B	5.7B	5.5B	6.2B
Total assets	4.4B	5.1B	5.2B	5.5B	6.1B	8B	8B	8.2B	8.4B	8.8B
Accounts payable	841.9M	1B	1B	1.1B	1.1B	1.3B	1.3B	1.3B	1.3B	1.3B
Short-term debt	579.1M	265.4M	194.6M	440.2M	64.7M	318.8M	598.6M	622.2M	592.3M	522.9M
Total current liabilities	2B	2B	2B	2.3B	1.9B	2.5B	2.8B	2.7B	2.9B	2.7B
Long-term debt	713.4M	1.3B	1.8B	1.5B	2.1B	2.8B	2.5B	2.6B	2.6B	3.2B
Total liabilities	3.5B	4.1B	4.2B	4.3B	4.6B	6B	5.9B	6.1B	6.1B	6.6B
Shareholders' equity	925.5M	1B	955.1M	1.2B	1.5B	1.9B	2B	2.1B	2.3B	2.2B
Total debt	1.3B	1.6B	2B	1.9B	2.1B	3.1B	3.1B	3.2B	3.2B	3.7B
Net debt	1.1B	1.4B	1.7B	1.7B	1.9B	2.9B	2.9B	3B	2.8B	3.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	209.9M	215M	185.7M	208.8M	212.7M	329.1M	195.9M	215.9M	536.3M	202.8M	255.1M	227.3M
Receivables	1.4B	1.4B	1.5B	1.5B	1.6B	1.5B	1.5B	1.6B	1.6B	1.5B	1.6B	1.8B
Inventory	936.1M	920.7M	972.5M	979.9M	1B	978.1M	1B	1B	1B	975.8M	989.4M	1B
Total current assets	2.8B	2.8B	2.9B	3B	3.1B	3.1B	3B	3.2B	3.5B	3B	3.2B	3.4B
Property, plant & equipment	-2.3B	807.9M	-2.3B	-2.3B	-2.4B	734.4M	-2.5B	-2.6B	-2.6B	704.2M	-2.7B	-2.7B
Goodwill & intangibles	5.7B	5.7B	5.6B	5.6B	5.6B	5.5B	5.5B	5.5B	5.4B	6.2B	6.1B	6.1B
Total assets	8.1B	8.2B	8.3B	8.3B	8.5B	8.4B	8.4B	8.6B	8.9B	8.8B	9B	9.2B
Accounts payable	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.5B
Short-term debt	716M	622.2M	1.2B	1.2B	1.1B	592.3M	877.5M	922M	578.8M	522.9M	605M	500.5M
Total current liabilities	2.7B	2.7B	3.3B	3.3B	3.3B	2.9B	3B	3.1B	2.8B	2.7B	2.8B	3B
Long-term debt	2.6B	2.6B	2.1B	2B	2B	2.6B	2.6B	2.6B	3.2B	3.2B	3.2B	3.2B
Total liabilities	6.1B	6.1B	6.1B	6B	6.1B	6.1B	6.2B	6.4B	6.7B	6.6B	6.7B	6.9B
Shareholders' equity	2.1B	2.1B	2.2B	2.3B	2.4B	2.3B	2.2B	2.2B	2.2B	2.2B	2.3B	2.3B
Total debt	3.3B	3.2B	3.2B	3.2B	3.2B	3.2B	3.5B	3.6B	3.8B	3.7B	3.8B	3.7B
Net debt	3.1B	3B	3.1B	3B	2.9B	2.8B	3.3B	3.3B	3.2B	3.5B	3.5B	3.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	320.7M	281.8M	467.4M	303.6M	555.9M	740.1M	757.1M	503M	704.9M	688M
Depreciation & amortization	180.1M	178.7M	181M	179M	205.3M	244.1M	290.7M	298.4M	312.2M	328.2M
Stock-based compensation	27.2M	30.2M	34.3M	34.5M	24M	37.2M	47.4M	22.3M	28.7M	27.9M
Change in working capital	-172M	-87.7M	-391.8M	-84.8M	-152.6M	-24.6M	-226.2M	-60.3M	-203.1M	-242.8M
Operating cash flow	495.9M	608.1M	412.3M	687.8M	687.3M	1B	910.9M	776.1M	891.4M	881.4M
Capital expenditure	-168.4M	-184.5M	-217.3M	-211.6M	-192.2M	-253.9M	-275.8M	-264.3M	-208.2M	—
Investing cash flow	-402.6M	-516M	-184.1M	-213.2M	-537M	-1.7B	-312.3M	-439.2M	-212.1M	-418.2M
Dividends paid	-142.5M	-155.5M	-175M	-189.7M	-196.8M	-220.6M	-238.9M	-256.7M	-277.5M	-288.4M
Share repurchases	-262.4M	-129.7M	-392.9M	-237.7M	-104.3M	-180.9M	-379.5M	-137.5M	-247.5M	-572.3M
Financing cash flow	-106.2M	-83.9M	-208.1M	-475.6M	-818.1M	604.3M	-615.2M	-317.2M	-576.1M	-414.9M
Net change in cash	-12.9M	8.2M	20.1M	-1M	-667.8M	-105.4M	-16.6M	19.7M	103.2M	48.3M
Free cash flow	375.5M	419.6M	201.3M	489.3M	532.7M	774.7M	662.5M	540.9M	699M	681M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	138.3M	143.1M	172.4M	176.8M	181.7M	174M	166.3M	189M	166.3M	166.4M	168.1M	204.1M
Depreciation & amortization	75.1M	77M	77.3M	78.6M	78.1M	78.2M	77.9M	80.8M	84M	85.5M	86.8M	86.4M
Stock-based compensation	5.2M	4.9M	7.5M	9.9M	6.8M	4.5M	7.9M	6.8M	8M	5.2M	5.8M	6.4M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	214.9M	241.9M	272.3M	293M	280.5M	248.7M	257.8M	208.8M	312.1M	376.8M	136.5M	408.2M
Capital expenditure	-56.7M	-92M	-48.7M	-47.3M	-42.9M	-69.3M	-36M	—	—	—	—	—
Investing cash flow	-18M	-110.3M	-55.1M	-50.8M	-41.5M	-64.7M	-25.6M	-6.1M	-4.3M	-418.2M	2.7M	-72.4M
Dividends paid	-65.3M	-65.2M	-65.3M	-70.9M	-70.9M	-70.4M	-69.4M	-73.5M	-73.1M	-72.4M	-72.3M	-76.2M
Share repurchases	-27.6M	-20.4M	-15.6M	-25.1M	-66.8M	-140M	-261.6M	-98.4M	-93.6M	-118.7M	-60.6M	-137.6M
Financing cash flow	-305.8M	-194.5M	-85M	-117.1M	-217.7M	-156.3M	-84.9M	-163.6M	-523.9M	-219.3M	-50.6M	-319M
Net change in cash	-108.9M	-62.9M	132.2M	125.1M	21.3M	27.7M	147.3M	39.1M	-216.1M	-260.7M	88.6M	16.8M
Free cash flow	261.2M	215.1M	64.1M	144.2M	217.9M	272.8M	-59.9M	171.2M	268.5M	301.2M	100.5M	362.8M

Date	Ratio
Dec 23, 1996	2:1
Mar 17, 1987	2:1
Dec 29, 1983	2:1

Avery Dennison Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history