NYSE : AVY
Avery Dennison Corporation — Financial statements
Consumer Discretionary · Packaging & Containers · United States
Last price 182.06 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 13.80B
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Financial statements
Avery Dennison Corporation (AVY) reported revenue of 9.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.36B | 8.86B | 8.76B | 8.36B | 9.04B | 8.41B |
| Cost of Revenue | 6.66B | 6.31B | 6.22B | 6.09B | 6.64B | 6.10B |
| Gross Profit | 2.70B | 2.55B | 2.53B | 2.28B | 2.40B | 2.31B |
| Selling, General & Admin | 1.37B | 1.28B | 1.25B | 1.17B | 1.18B | 1.13B |
| Research & Development | 136.60M | 136.60M | 137.80M | 135.80M | 136.10M | 136.60M |
| Operating Expenses | 1.50B | 1.42B | 1.39B | 1.31B | 1.32B | 1.26B |
| Operating Income | 1.20B | 1.13B | 1.14B | 969.30M | 1.09B | 1.05B |
| Interest Expense | -144.40M | -135.40M | -117.00M | -119.00M | -84.10M | -70.20M |
| Earnings From Equity Investments | -3.90M | |||||
| Currency Exchange Gain (Loss) | -1.10M | -3.70M | -31.60M | -24.40M | -4.30M | 21.00M |
| Other Non Operating Income (Expenses) | 5.30M | 100.00K | 12.90M | 14.40M | -1.40M | -19.70M |
| EBT Excluding Unusual Items | 1.05B | 991.90M | 1.01B | 840.30M | 998.40M | 975.00M |
| Merger & Restructuring Charges | -67.30M | -47.20M | -41.90M | -79.40M | -7.70M | -13.60M |
| Gain (Loss) on Sale of Investments | -10.00M | -23.30M | -19.20M | -1.50M | 13.50M | 23.00M |
| Gain (Loss) on Sale of Assets | 1.10M | 12.90M | -500.00K | 1.40M | 5.50M | |
| Legal Settlements | -6.50M | -9.20M | 6.20M | -64.30M | -6.30M | 400.00K |
| Other Unusual Items | 100.00K | 100.00K | -1.60M | |||
| Pretax Income | 972.10M | 925.10M | 953.50M | 694.70M | 999.30M | 988.70M |
| Income Tax Expense | 263.80M | 237.10M | 248.60M | 191.70M | 242.20M | 248.60M |
| Earnings From Continuing Operations | 708.30M | 688.00M | 704.90M | 503.00M | 757.10M | 740.10M |
| Net Income | 708.30M | 688.00M | 704.90M | 503.00M | 757.10M | 740.10M |
| Net Income to Common | 708.30M | 688.00M | 704.90M | 503.00M | 757.10M | 740.10M |
| Shares Outstanding (Basic) | 76.45M | 78.10M | 80.40M | 80.70M | 81.60M | 82.90M |
| Shares Outstanding (Diluted) | 76.65M | 78.30M | 80.70M | 81.10M | 82.20M | 83.80M |
| EPS (Basic) | 9.26 | 8.81 | 8.77 | 6.23 | 9.28 | 8.93 |
| EPS (Diluted) | 9.24 | 8.79 | 8.73 | 6.20 | 9.21 | 8.83 |
| Free Cash Flow | 1.04B | 712.40M | 730.00M | 560.70M | 682.90M | 791.80M |
| Free Cash Flow Per Share | 13.54 | 9.10 | 9.05 | 6.91 | 8.31 | 9.45 |
| Dividend Per Share | 0.94 | 3.70 | 3.45 | 3.18 | 2.93 | 2.66 |
| Gross Margin | 28.83% | 28.75% | 28.90% | 27.23% | 26.60% | 27.51% |
| Operating Margin | 12.76% | 12.77% | 13.07% | 11.59% | 12.04% | 12.46% |
| Profit Margin | 7.56% | 7.77% | 8.05% | 6.01% | 8.38% | 8.80% |
| Free Cash Flow Margin | 11.09% | 8.04% | 8.34% | 6.70% | 7.56% | 9.42% |
| EBITDA | 1.50B | 1.42B | 1.42B | 1.24B | 1.35B | 1.26B |
| EBITDA Margin | 16.01% | 16.02% | 16.25% | 14.82% | 14.93% | 15.01% |
| D&A For EBITDA | 304.10M | 288.00M | 279.10M | 270.50M | 261.20M | 214.00M |
| EBIT | 1.20B | 1.13B | 1.14B | 969.30M | 1.09B | 1.05B |
| EBIT Margin | 12.76% | 12.77% | 13.07% | 11.59% | 12.04% | 12.46% |
| Effective Tax Rate | 27.14% | 25.63% | 26.07% | 27.59% | 24.24% | 25.14% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 271.40M | 202.80M | 329.10M | 215.00M | 167.20M | 162.70M |
| Short-Term Investments | 46.90M | 38.10M | 35.10M | 30.60M | 33.40M | |
| Cash & Short-Term Investments | 271.40M | 249.70M | 367.20M | 250.10M | 197.80M | 196.10M |
| Accounts Receivable | 1.71B | 1.50B | 1.47B | 1.41B | 1.37B | 1.42B |
| Receivables | 1.71B | 1.50B | 1.47B | 1.41B | 1.37B | 1.42B |
| Inventory | 1.05B | 975.80M | 978.10M | 920.70M | 1.01B | 907.20M |
| Other Current Assets | 354.50M | 260.90M | 267.20M | 210.30M | 199.90M | 206.80M |
| Total Current Assets | 3.38B | 2.99B | 3.08B | 2.80B | 2.78B | 2.73B |
| Property, Plant & Equipment | 1.56B | 1.82B | 1.81B | 1.83B | 1.70B | 1.66B |
| Long-Term Investments | 59.10M | 53.40M | 71.00M | 70.00M | ||
| Goodwill | 2.27B | 1.98B | 2.01B | 1.86B | 1.88B | |
| Other Intangible Assets | 3.01B | 1.05B | 945.20M | 1.00B | 948.60M | 1.03B |
| Long-Term Deferred Tax Assets | 140.10M | 125.30M | 110.00M | 115.70M | 115.10M | 130.20M |
| Other Long-Term Assets | 1.07B | 481.20M | 426.50M | 383.50M | 470.50M | 529.90M |
| Total Assets | 9.17B | 8.80B | 8.40B | 8.21B | 7.95B | 7.97B |
| Accounts Payable | 1.47B | 1.26B | 1.34B | 1.28B | 1.34B | 1.30B |
| Accrued Expenses | 404.50M | 451.80M | 366.80M | 411.30M | 477.30M | |
| Short-Term Debt | 440.80M | 517.70M | 36.90M | 316.30M | 343.50M | 313.30M |
| Current Portion of Long-Term Debt | 551.10M | 299.60M | 249.70M | |||
| Current Portion of Leases | 58.30M | 53.90M | 51.70M | 47.80M | 52.80M | |
| Current Income Taxes Payable | 86.10M | 74.70M | 57.60M | 76.20M | 74.90M | |
| Current Unearned Revenue | 16.20M | 15.50M | 18.10M | 22.20M | 24.70M | |
| Other Current Liabilities | 1.01B | 309.10M | 338.00M | 312.30M | 309.80M | 306.10M |
| Total Current Liabilities | 2.92B | 2.65B | 2.86B | 2.70B | 2.80B | 2.55B |
| Long-Term Debt | 3.17B | 3.20B | 2.55B | 2.62B | 2.50B | 2.78B |
| Long-Term Leases | 178.60M | 185.20M | 159.30M | 121.80M | 147.00M | |
| Long-Term Unearned Revenue | 1.60M | 1.20M | 1.30M | 2.10M | 1.90M | |
| Pension & Post-Retirement Benefits | 262.80M | 257.30M | 346.70M | 116.80M | 327.40M | |
| Long-Term Deferred Tax Liabilities | 264.00M | 234.80M | 260.00M | 247.90M | 238.50M | |
| Other Long-Term Liabilities | 690.60M | 134.60M | ||||
| Total Liabilities | 6.78B | 6.56B | 6.09B | 6.08B | 5.92B | 6.05B |
| Common Stock | 124.10M | 124.10M | 124.10M | 124.10M | 124.10M | 124.10M |
| Additional Paid-In Capital | 831.50M | 834.30M | 840.60M | 854.50M | 879.30M | 862.30M |
| Retained Earnings | 5.94B | 5.60B | 5.15B | 4.69B | 4.41B | 3.88B |
| Treasury Stock | -4.14B | -3.90B | -3.35B | -3.13B | -3.02B | -2.66B |
| Comprehensive Income & Other | -366.70M | -409.70M | -456.10M | -408.10M | -364.00M | -282.90M |
| Shareholders' Equity | 2.39B | 2.24B | 2.31B | 2.13B | 2.03B | 1.92B |
| Total Liabilities & Equity | 9.17B | 8.80B | 8.40B | 8.21B | 7.95B | 7.97B |
| Total Debt | 3.62B | 3.95B | 3.38B | 3.44B | 3.26B | 3.30B |
| Net Cash (Debt) | -3.34B | -3.70B | -3.01B | -3.19B | -3.06B | -3.10B |
| Net Cash Per Share | -43.62 | -47.30 | -37.31 | -39.36 | -37.23 | -37.01 |
| Filing Date Shares Outstanding | 75.90M | 76.88M | 78.99M | 80.51M | 80.82M | 82.46M |
| Total Common Shares Outstanding | 75.90M | 76.88M | 79.80M | 80.50M | 80.81M | 82.61M |
| Working Capital | 468.70M | 336.70M | 216.10M | 96.50M | -17.80M | 186.70M |
| Book Value Per Share | 31.47 | 29.16 | 28.98 | 26.43 | 25.15 | 23.30 |
| Tangible Book Value | -624.30M | -1.08B | -609.10M | -889.70M | -778.80M | -991.80M |
| Tangible Book Value Per Share | -8.23 | -14.05 | -7.63 | -11.05 | -9.64 | -12.01 |
| Land | 37.40M | 35.10M | 35.90M | 29.30M | 28.60M | |
| Buildings | 903.50M | 852.30M | 817.90M | 781.00M | 777.60M | |
| Machinery | 3.19B | 2.90B | 2.80B | 2.67B | 2.58B | |
| Construction In Progress | 138.40M | 202.70M | 317.10M | 269.60M | 237.80M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 708.30M | 688.00M | 704.90M | 503.00M | 757.10M | 740.10M |
| Depreciation & Amortization | 304.10M | 288.00M | 279.10M | 270.50M | 261.20M | 214.00M |
| Other Amortization | 40.20M | 40.20M | 33.10M | 27.90M | 29.50M | 30.10M |
| Loss (Gain) From Sale of Assets | -12.90M | -12.90M | 500.00K | -1.40M | -3.70M | |
| Asset Writedown & Restructuring Costs | 47.20M | 47.20M | 41.90M | 79.40M | 7.70M | 13.60M |
| Loss (Gain) From Sale of Investments | 23.30M | 23.30M | 19.20M | 1.50M | -13.50M | -23.00M |
| Stock-Based Compensation | 27.50M | 27.90M | 28.70M | 22.30M | 47.40M | 37.20M |
| Provision & Write-off of Bad Debts | 47.50M | 51.20M | 47.40M | 49.90M | 50.10M | 35.70M |
| Other Operating Activities | -33.70M | -28.70M | -12.40M | -68.70M | 49.10M | 27.40M |
| Change in Accounts Receivable | 44.00M | 44.00M | -107.30M | -16.70M | -22.10M | -113.20M |
| Change in Inventory | 53.20M | 53.20M | -90.70M | 111.70M | -140.70M | -182.70M |
| Change in Accounts Payable | -144.40M | -144.40M | 106.70M | -87.60M | 68.20M | 255.20M |
| Change in Income Taxes | -5.10M | -5.10M | 40.20M | -18.70M | 18.90M | -7.30M |
| Change in Other Net Operating Assets | 121.10M | -190.50M | -152.00M | -49.00M | -150.50M | 23.40M |
| Operating Cash Flow | 1.22B | 881.40M | 938.80M | 826.00M | 961.00M | 1.05B |
| Capital Expenditures | -182.20M | -169.00M | -208.80M | -265.30M | -278.10M | -255.00M |
| Sale of Property, Plant & Equipment | 4.30M | 22.60M | 600.00K | 1.00M | 2.30M | 1.10M |
| Cash Acquisitions | -472.60M | -401.80M | -3.80M | -224.90M | -39.50M | -1.48B |
| Divestitures | 1.10M | 7.60M | ||||
| Sale (Purchase) of Intangibles | -29.00M | -31.40M | -31.00M | -19.80M | -20.40M | -17.10M |
| Other Investing Activities | -6.70M | -16.40M | -100.00K | 50.00M | 1.90M | 3.10M |
| Investing Cash Flow | -686.20M | -596.00M | -243.10M | -459.00M | -332.70M | -1.74B |
| Short-Term Debt Issued | 422.50M | 34.60M | 259.20M | |||
| Long-Term Debt Issued | 576.50M | 539.20M | 394.90M | 791.70M | ||
| Total Debt Issued | -59.80M | 999.00M | 539.20M | 394.90M | 34.60M | 1.05B |
| Short-Term Debt Repaid | -269.00M | -36.60M | ||||
| Long-Term Debt Repaid | -559.40M | -308.10M | -255.90M | -6.30M | -13.40M | |
| Total Debt Repaid | -75.80M | -559.40M | -577.10M | -292.50M | -6.30M | -13.40M |
| Net Debt Issued (Repaid) | -135.60M | 439.60M | -37.90M | 102.40M | 28.30M | 1.04B |
| Repurchase of Common Stock | -385.60M | -585.10M | -255.90M | -161.30M | -404.60M | -206.30M |
| Common Dividends Paid | -296.30M | -288.40M | -277.50M | -256.70M | -238.90M | -220.60M |
| Other Financing Activities | 17.90M | 19.00M | -4.80M | -1.60M | -6.30M | |
| Financing Cash Flow | -799.60M | -414.90M | -576.10M | -317.20M | -615.20M | 604.30M |
| Foreign Exchange Rate Adjustments | 600.00K | 3.20M | -5.50M | -2.00M | -8.60M | -2.80M |
| Net Cash Flow | -264.90M | -126.30M | 114.10M | 47.80M | 4.50M | -89.60M |
| Free Cash Flow | 1.04B | 712.40M | 730.00M | 560.70M | 682.90M | 791.80M |
| Free Cash Flow Margin | 11.09% | 8.04% | 8.34% | 6.70% | 7.56% | 9.42% |
| Free Cash Flow Per Share | 13.54 | 9.10 | 9.05 | 6.91 | 8.31 | 9.45 |
| Levered Free Cash Flow | 925.73M | 618.59M | 781.08M | 494.74M | 609.96M | 599.10M |
| Unlevered Free Cash Flow | 1.02B | 703.21M | 854.20M | 569.11M | 662.52M | 642.98M |
| Cash Interest Paid | 131.30M | 131.30M | 111.80M | 109.90M | 80.90M | 62.80M |
| Cash Income Tax Paid | 265.00M | 265.00M | 226.80M | 234.90M | 204.80M | 253.40M |
| Change in Working Capital | 68.80M | -242.80M | -203.10M | -60.30M | -226.20M | -24.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.17B | 14.06B | 15.15B | 16.28B | 14.66B | 17.93B |
| Enterprise Value | 17.52B | 17.26B | 18.05B | 19.35B | 17.63B | 20.91B |
| Last Close Price | 182.22 | 178.79 | 181.43 | 191.49 | 168.48 | 198.35 |
| PE Ratio | 20.25 | 20.43 | 21.49 | 32.37 | 19.36 | 24.23 |
| Forward PE | 17.40 | 17.95 | 18.46 | 21.89 | 18.11 | 23.08 |
| PS Ratio | 1.50 | 1.59 | 1.73 | 1.95 | 1.62 | 2.13 |
| PB Ratio | 5.79 | 6.27 | 6.55 | 7.65 | 7.21 | 9.32 |
| P/FCF Ratio | 13.53 | 19.73 | 20.75 | 29.04 | 21.46 | 22.65 |
| P/OCF Ratio | 11.51 | 15.95 | 16.13 | 19.71 | 15.25 | 17.13 |
| PEG Ratio | 2.12 | 2.31 | 1.33 | 1.68 | 1.78 | 2.56 |
| EV/Sales Ratio | 1.86 | 1.95 | 2.06 | 2.31 | 1.95 | 2.49 |
| EV/EBITDA Ratio | 11.60 | 12.16 | 12.69 | 15.61 | 13.06 | 16.57 |
| EV/EBIT Ratio | 14.56 | 15.26 | 15.78 | 19.96 | 16.20 | 19.95 |
| EV/FCF Ratio | 16.76 | 24.23 | 24.73 | 34.51 | 25.82 | 26.41 |
| Debt / Equity Ratio | 1.51 | 1.76 | 1.46 | 1.62 | 1.60 | 1.71 |
| Debt / EBITDA Ratio | 2.29 | 2.64 | 2.25 | 2.62 | 2.29 | 2.48 |
| Debt / FCF Ratio | 3.48 | 5.55 | 4.63 | 6.14 | 4.77 | 4.17 |
| Net Debt / Equity Ratio | 1.40 | 1.65 | 1.30 | 1.50 | 1.51 | 1.61 |
| Net Debt / EBITDA Ratio | 2.23 | 2.61 | 2.12 | 2.58 | 2.27 | 2.46 |
| Net Debt / FCF Ratio | 3.22 | 5.20 | 4.12 | 5.69 | 4.48 | 3.92 |
| Asset Turnover | 1.04 | 1.03 | 1.05 | 1.03 | 1.14 | 1.20 |
| Inventory Turnover | 6.39 | 6.46 | 6.56 | 6.31 | 6.92 | 7.50 |
| Quick Ratio | 0.68 | 0.66 | 0.64 | 0.62 | 0.56 | 0.64 |
| Current Ratio | 1.16 | 1.13 | 1.07 | 1.04 | 0.99 | 1.07 |
| Return on Equity (ROE) | 30.80% | 30.21% | 31.75% | 24.18% | 38.27% | 43.42% |
| Return on Assets (ROA) | 8.28% | 8.22% | 8.61% | 7.50% | 8.54% | 9.32% |
| Return on Invested Capital (ROIC) | 15.19% | 14.93% | 15.89% | 13.48% | 16.30% | 18.37% |
| Return on Capital Employed (ROCE) | 19.10% | 18.40% | 20.60% | 17.60% | 21.10% | 19.30% |
| Earnings Yield | 4.94% | 4.89% | 4.65% | 3.09% | 5.17% | 4.13% |
| FCF Yield | 7.39% | 5.07% | 4.82% | 3.44% | 4.66% | 4.42% |
| Dividend Yield | 2.14% | 2.02% | 1.82% | 1.57% | 1.62% | 1.23% |
| Payout Ratio | 43.30% | 41.92% | 39.37% | 51.03% | 31.55% | 29.81% |
| Buyback Yield / Dilution | 2.94% | 2.97% | 0.49% | 1.34% | 1.91% | 0.36% |
| Total Shareholder Return | 5.10% | 5.00% | 2.31% | 2.91% | 3.52% | 1.58% |