AVY · Avery Dennison Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $8.86B | $8.76B | $8.36B | $9.04B | $8.41B | $6.97B |
| Cost of Revenue | $6.31B | $6.22B | $6.09B | $6.64B | $6.10B | $5.05B |
| Gross Profit | $2.55B | $2.53B | $2.28B | $2.40B | $2.31B | $1.92B |
| R&D | $136.60M | $137.80M | $135.80M | $136.10M | $136.60M | $112.80M |
| SG&A | $1.42B | $1.42B | $1.31B | $1.33B | $1.25B | $1.06B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $328.20M | $312.20M | $298.40M | $290.70M | $244.10M | $205.30M |
| Operating Income | $925.10M | $999.30M | $694.70M | $999.30M | $992.60M | $737.30M |
| Interest Expense | $135.40M | $117.00M | $119.00M | $84.10M | $70.20M | $70.00M |
| Income Tax | $237.10M | $248.60M | $191.70M | $242.20M | $248.60M | $177.70M |
| Net Income | $688.00M | $704.90M | $503.00M | $757.10M | $740.10M | $555.90M |
| EPS - Basic | $8.81 | $8.77 | $6.23 | $9.28 | $8.93 | $6.67 |
| EPS - Diluted | $8.79 | $8.73 | $6.20 | $9.21 | $8.83 | $6.61 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $202.80M | $329.10M | $215.00M | $167.20M | $162.70M | $252.30M |
| Accounts Receivable | $1.50B | $1.47B | $1.41B | $1.37B | $1.42B | $1.24B |
| Inventory | $975.80M | $978.10M | $920.70M | $1.01B | $907.20M | $717.20M |
| Accounts Payable | $1.26B | $1.34B | $1.28B | $1.34B | $1.30B | $1.05B |
| Current Assets | $2.99B | $3.08B | $2.80B | $2.78B | $2.73B | $2.42B |
| Total Assets | $8.80B | $8.40B | $8.21B | $7.95B | $7.97B | $6.08B |
| Current Liabilities | $2.65B | $2.86B | $2.70B | $2.80B | $2.55B | $1.93B |
| Long-term Debt | $3.20B | $2.55B | $2.62B | $2.50B | $2.77B | $2.03B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $2.24B | $2.31B | $2.13B | $2.03B | $1.92B | $1.48B |
| Retained Earnings | $5.60B | $5.15B | $4.69B | $4.41B | $3.88B | $3.35B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $881.40M | $938.80M | $826.00M | $961.00M | $1.05B | $751.30M |
| Investing Cash Flow | ($596.00M) | ($243.10M) | ($459.00M) | ($332.70M) | ($1.74B) | ($554.20M) |
| Financing Cash Flow | ($414.90M) | ($576.10M) | ($317.20M) | ($615.20M) | $604.30M | ($207.70M) |
| CapEx | $169.00M | $208.80M | $265.30M | $278.10M | $255.00M | $201.40M |
| Free Cash Flow | $712.40M | $730.00M | $560.70M | $682.90M | $791.80M | $549.90M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 28.8% | 28.9% | 27.2% | 26.6% | 27.5% | 27.6% |
| Operating margin | 10.4% | 11.4% | 8.3% | 11.1% | 11.8% | 10.6% |
| EBITDA margin | 14.2% | 15.0% | 11.9% | 14.3% | 14.7% | 13.5% |
| Net margin | 7.8% | 8.1% | 6.0% | 8.4% | 8.8% | 8.0% |
| Free cash flow margin | 8.0% | 8.3% | 6.7% | 7.6% | 9.4% | 7.9% |
| FCF / Net income | 1.04 | 1.04 | 1.11 | 0.90 | 1.07 | 0.99 |
| R&D / Revenue | 1.5% | 1.6% | 1.6% | 1.5% | 1.6% | 1.6% |
| SG&A / Revenue | 16.1% | 16.2% | 15.7% | 14.7% | 14.8% | 15.2% |
| Effective tax rate | 25.6% | 26.1% | 27.6% | 24.2% | 25.1% | 24.2% |
| Return on assets | 7.8% | 8.4% | 6.1% | 9.5% | 9.3% | 9.1% |
| Return on equity | 30.7% | 30.5% | 23.6% | 37.3% | 38.5% | 37.4% |
| Return on invested capital | 12.6% | 15.2% | 10.6% | 16.7% | 15.8% | 15.9% |
| Liquidity | ||||||
| Current ratio | 1.13 | 1.08 | 1.04 | 0.99 | 1.07 | 1.25 |
| Quick ratio | 0.76 | 0.73 | 0.69 | 0.63 | 0.72 | 0.88 |
| Cash ratio | 0.08 | 0.11 | 0.08 | 0.06 | 0.06 | 0.13 |
| Leverage | ||||||
| Debt / Equity | 1.43 | 1.10 | 1.23 | 1.23 | 1.44 | 1.37 |
| Debt / Assets | 0.36 | 0.30 | 0.32 | 0.31 | 0.35 | 0.33 |
| Debt / EBITDA | 2.55 | 1.94 | 2.63 | 1.93 | 2.24 | 2.15 |
| Interest coverage | 6.8x | 8.5x | 5.8x | 11.9x | 14.1x | 10.5x |
| Equity multiplier | 3.93 | 3.63 | 3.86 | 3.91 | 4.14 | 4.10 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 1.01 | 1.04 | 1.02 | 1.14 | 1.05 | 1.15 |
| Inventory turnover | 6.47 | 6.36 | 6.61 | 6.57 | 6.72 | 7.04 |
| Days sales outstanding | 62d | 61d | 62d | 55d | 62d | 65d |
| Days inventory outstanding | 56d | 57d | 55d | 56d | 54d | 52d |
| Days payable outstanding | 73d | 79d | 77d | 74d | 78d | 76d |
| Cash conversion cycle | 45d | 40d | 40d | 37d | 38d | 41d |
| Valuation | ||||||
| P / E | 20.7x | 21.4x | 32.6x | 19.7x | 24.5x | 23.5x |
| P / B | 6.4x | 6.5x | 7.7x | 7.3x | 9.4x | 8.8x |
| P / S | 1.6x | 1.7x | 2.0x | 1.6x | 2.2x | 1.9x |
| EV / EBITDA | 13.8x | 13.2x | 18.9x | 13.3x | 16.8x | 15.7x |
| Growth | ||||||
| Revenue growth (YoY) | 1.1% | 4.7% | -7.5% | 7.5% | 20.6% | -1.4% |
| Revenue CAGR (3y) | -0.7% | 1.4% | 6.3% | 8.5% | 11.4% | 1.8% |
| Revenue CAGR (5y) | 4.9% | 4.4% | 6.6% | 6.4% | 6.7% | 3.2% |
| Gross profit growth (YoY) | 0.6% | 11.1% | -5.3% | 4.0% | 20.3% | 1.0% |
| Operating income growth (YoY) | -7.4% | 43.8% | -30.5% | 0.7% | 34.6% | 195.5% |
| Net income growth (YoY) | -2.4% | 40.1% | -33.6% | 2.3% | 33.1% | 83.1% |
| EPS growth (YoY) | 0.7% | 40.8% | -32.7% | 4.3% | 33.6% | 85.2% |
| EPS CAGR (3y) | -1.5% | -0.4% | -2.1% | 37.2% | 18.7% | 28.3% |
| EPS CAGR (5y) | 5.9% | 19.6% | 3.3% | 24.1% | 20.1% | 17.5% |
| FCF growth (YoY) | -2.4% | 30.2% | -17.9% | -13.8% | 44.0% | 4.3% |
| FCF CAGR (5y) | 5.3% | 6.7% | 19.4% | 8.2% | 14.2% | 10.2% |
| Book value growth (YoY) | -3.0% | 8.7% | 4.7% | 5.6% | 29.6% | 23.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$8.86B totalMaterials Group Segment$6.09B · 68.8%
Solutions Group Segment$2.76B · 31.2%
Product / service
$8.86B totalLabels Graphics And Reflectives$5.33B · 60.2%
Apparel And Other$1.81B · 20.5%
Identification Solutions And Vestcom$950.40M · 10.7%
Performance Materials$547.20M · 6.2%
Other Material Group Products$213.90M · 2.4%
Geographic
$10.55B totalUS$2.75B · 26.1%
Europe The Middle East And North Africa$2.15B · 20.3%
North America$1.94B · 18.4%
Asia$1.53B · 14.5%
China Including Hong Kong$1.35B · 12.8%
Latin America$469.50M · 4.5%
Other International$353.30M · 3.3%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Converted Paper & Paperboard Prods (No Contaners/Boxes)
Comparing Avery Dennison Corp against the 3 most active filers in the same SIC group.
Dividends
$3.82/share trailing 12 months · +6.7% YoY
| Ex-date | Per share |
|---|---|
| Jun 3, 2026 | $1.0000 |
| Mar 4, 2026 | $0.9400 |
| Dec 3, 2025 | $0.9400 |
| Sep 3, 2025 | $0.9400 |
| Jun 4, 2025 | $0.9400 |
| Mar 5, 2025 | $0.8800 |
| Dec 4, 2024 | $0.8800 |
| Sep 4, 2024 | $0.8800 |
| Jun 5, 2024 | $0.8800 |
| Mar 5, 2024 | $0.8100 |
| Dec 5, 2023 | $0.8100 |
| Sep 5, 2023 | $0.8100 |
| Jun 6, 2023 | $0.8100 |
| Feb 28, 2023 | $0.7500 |
| Dec 6, 2022 | $0.7500 |
| Sep 6, 2022 | $0.7500 |
| May 31, 2022 | $0.7500 |
| Mar 1, 2022 | $0.6800 |
| Nov 30, 2021 | $0.6800 |
| Aug 31, 2021 | $0.6800 |
| Jun 1, 2021 | $0.6800 |
| Mar 2, 2021 | $0.6200 |
| Dec 1, 2020 | $0.6200 |
| Sep 1, 2020 | $0.5800 |