Detailed financial statements for Avery Dennison Corporation (AVY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Avery Dennison Corporation operates as a materials science and digital identification solutions company in the North America, Europe, the Middle East, North Africa, Asia, and Latin America. It offers pressure-sensitive label materials, which consist of papers, plastic films, and metal foils; performance tapes products, including mechanical fasteners, which are precision-extruded and injection-molded plastic devices; and other pressure-sensitive adhesive-based materials and co...
Analysis Summary
Avery Dennison Corporation reported revenue of $8.86B in the most recent fiscal year, growing at a 5-year CAGR of 4.9%. Net income reached $688.0M, with a 4.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 28.8%, operating margin 12.2%, net margin 7.6%. Free cash flow grew at 6.0% CAGR over 5 years.
At $182.22 (closing price, October 30, 2026), AVY trades at a P/E of 19.72 and an ROE of 30.62%. Market capitalisation stands at $13.8B, placing it among large-cap names.
Balance sheet quality for AVY: debt-to-equity ratio of 1.51, current ratio of 1.16 over the last 12 months, net debt of $3.53B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $712.4M represents 104% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.09B | $6.61B | $7.16B | $7.07B | $6.97B | $8.41B | $9.04B | $8.36B | $8.76B | $8.86B |
| Cost of Revenue | $4.39B | $4.80B | $5.25B | $5.17B | $5.05B | $6.10B | $6.64B | $6.09B | $6.23B | $6.31B |
| Gross Profit | $1.70B | $1.81B | $1.91B | $1.90B | $1.92B | $2.31B | $2.40B | $2.27B | $2.53B | $2.55B |
| Research & Development | $89.7M | $93.4M | $98.2M | $92.6M | $112.8M | $136.6M | $136.1M | $135.8M | $137.8M | 0 |
| Selling, General & Admin | $1.01B | $968.9M | $1.00B | $991.3M | $933.5M | $1.13B | $1.19B | $1.18B | $1.26B | $1.44B |
| Operating Expenses | $1.10B | $1.06B | $1.10B | $1.08B | $1.05B | $1.27B | $1.33B | $1.32B | $1.40B | $1.44B |
| Operating Income | $599.0M | $750.7M | $809.1M | $819.8M | $875.0M | $1.04B | $1.07B | $954.9M | $1.13B | $1.10B |
| EBITDA | $717.0M | $829.4M | $794.3M | $504.3M | $1.01B | $1.31B | $1.37B | $1.11B | $1.38B | $1.39B |
| Interest Expense | $59.9M | $63.0M | $58.5M | $75.8M | $70.0M | $70.2M | $84.1M | $119.0M | $117.0M | $135.4M |
| Pre-tax Income | $477.1M | $589.5M | $552.8M | $246.9M | $733.6M | $988.7M | $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 | $503.0M | $704.9M | $688.0M |
| EPS | $3.63 | $3.20 | $5.52 | $3.61 | $6.67 | $8.93 | $9.28 | $6.23 | $8.73 | $8.80 |
| EPS (Diluted) | $3.54 | $3.13 | $5.28 | $3.57 | $6.61 | $8.83 | $9.21 | $6.20 | $8.73 | $8.78 |
| Shares Outstanding (Diluted) | 90.7 M | 90.1 M | 88.6 M | 85.0 M | 84.1 M | 83.8 M | 82.2 M | 81.1 M | 80.7 M | 77.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.27B | $2.30B | $2.46B | $2.33B |
| Gross Profit | $650.7M | $664.8M | $729.4M | $654.8M |
| Operating Income | $281.5M | $271.9M | $313.5M | $272.5M |
| EBITDA | $330.5M | $362.8M | $405.0M | $362.5M |
| Net Income | $166.4M | $168.1M | $204.1M | $169.7M |
| EPS | $2.15 | $2.18 | $2.67 | $2.24 |
| EPS (Diluted) | $2.15 | $2.18 | $2.67 | $2.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $195.1M | $224.4M | $232.0M | $253.7M | $252.3M | $162.7M | $167.2M | $215.0M | $329.1M | $202.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $39.6M | 0 |
| Receivables | $1.00B | $1.18B | $1.19B | $1.21B | $1.24B | $1.42B | $1.37B | $1.41B | $1.47B | $1.50B |
| Inventory | $519.1M | $609.6M | $651.4M | $663.0M | $717.2M | $907.2M | $1.01B | $920.7M | $978.1M | $975.8M |
| Total Current Assets | $1.90B | $2.24B | $2.30B | $2.34B | $2.42B | $2.73B | $2.78B | $2.80B | $3.08B | $2.99B |
| Property, Plant & Equipment | $915.2M | $1.10B | $1.14B | $1.21B | $1.34B | $1.48B | $1.54B | $1.63B | $1.59B | $1.61B |
| Goodwill | $793.6M | $985.1M | $941.8M | $930.8M | $1.14B | $1.88B | $1.86B | $2.01B | $1.98B | $2.27B |
| Intangible Assets | $66.7M | $166.3M | $144.0M | $126.5M | $224.9M | $911.4M | $840.3M | $849.1M | $755.3M | $827.5M |
| Total Assets | $4.40B | $5.14B | $5.18B | $5.49B | $6.10B | $7.97B | $7.95B | $8.21B | $8.40B | $8.80B |
| Accounts Payable | $841.9M | $1.01B | $1.03B | $994.7M | $1.05B | $1.30B | $1.34B | $1.28B | $1.34B | $1.26B |
| 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 | $2.00B | $1.97B | $1.99B | $2.25B | $1.93B | $2.55B | $2.80B | $2.70B | $2.86B | $2.65B |
| Long-term Debt | $713.4M | $1.32B | $1.77B | $1.50B | $2.05B | $2.79B | $2.50B | $2.62B | $2.56B | $3.21B |
| Total Liabilities | $3.47B | $4.09B | $4.22B | $4.28B | $4.60B | $6.05B | $5.92B | $6.08B | $6.09B | $6.56B |
| Retained Earnings | $2.47B | $2.60B | $2.86B | $2.98B | $3.35B | $3.88B | $4.41B | $4.69B | $5.15B | $5.60B |
| Total Equity | $925.5M | $1.05B | $955.1M | $1.20B | $1.50B | $1.92B | $2.03B | $2.13B | $2.31B | $2.24B |
| Total Debt | $1.29B | $1.58B | $1.97B | $1.94B | $2.12B | $3.10B | $3.10B | $3.24B | $3.15B | $3.73B |
| Net Debt | $1.10B | $1.36B | $1.73B | $1.69B | $1.86B | $2.94B | $2.93B | $3.03B | $2.79B | $3.53B |
| Working Capital | -$99.5M | $266.1M | $304.0M | $86.8M | $490.2M | $186.7M | -$17.8M | $96.5M | $216.1M | $336.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $536.3M | $202.8M | $255.1M | $227.3M |
| Total Assets | $8.87B | $8.80B | $8.98B | $9.21B |
| Total Liabilities | $6.66B | $6.56B | $6.68B | $6.89B |
| Total Equity | $2.21B | $2.24B | $2.30B | $2.32B |
| Total Debt | $3.78B | $3.73B | $3.79B | $3.68B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $320.7M | $281.8M | $467.4M | $303.6M | $555.9M | $740.1M | $757.1M | $503.0M | $704.9M | $688.0M |
| Depreciation & Amortization | $180.1M | $178.7M | $181.0M | $179.0M | $205.3M | $244.1M | $290.7M | $298.4M | $312.2M | $328.2M |
| Stock-based Compensation | $27.2M | $30.2M | $34.3M | $34.5M | $24.0M | $37.2M | $47.4M | $22.3M | $28.7M | $27.9M |
| Change in Working Capital | -$139.6M | -$87.7M | -$391.8M | -$84.8M | -$152.6M | -$24.6M | -$226.2M | -$60.3M | -$203.1M | -$242.8M |
| Operating Cash Flow | $585.3M | $650.1M | $457.9M | $746.5M | $751.3M | $1.05B | $961.0M | $826.0M | $938.8M | $881.4M |
| Capital Expenditure | -$206.6M | -$226.1M | -$256.6M | -$257.2M | -$218.6M | -$272.1M | -$298.5M | -$285.1M | -$208.8M | -$169.0M |
| Acquisitions | -$237.2M | -$319.3M | -$3.8M | -$6.5M | -$350.4M | -$1.47B | -$38.4M | -$224.9M | -$3.8M | -$401.8M |
| Stock Repurchased | -$262.4M | -$129.7M | -$392.9M | -$237.7M | -$104.3M | -$180.9M | -$379.5M | -$137.5M | -$255.9M | -$572.3M |
| Dividends Paid | -$142.5M | -$155.5M | -$175.0M | -$189.7M | -$196.8M | -$220.6M | -$238.9M | -$256.7M | -$277.5M | -$288.4M |
| Free Cash Flow | $378.7M | $424.0M | $201.3M | $489.3M | $532.7M | $774.7M | $662.5M | $540.9M | $730.0M | $712.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $312.1M | $376.8M | $136.5M | $408.2M |
| Capital Expenditure | -$35.9M | -$67.1M | -$28.3M | -$39.2M |
| Free Cash Flow | $276.2M | $309.7M | $108.2M | $369.0M |
| Dividends Paid | -$73.1M | -$72.4M | -$72.3M | -$76.2M |
| Stock-based Compensation | $8.0M | $5.2M | $5.8M | $6.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.7% | +8.2% | -1.2% | -1.4% | +20.6% | +7.5% | -7.5% | +4.7% | +1.1% | |
| Net Income Growth (YoY) | -12.1% | +65.9% | -35.0% | +83.1% | +33.1% | +2.3% | -33.6% | +40.1% | -2.4% | |
| EPS Growth (YoY) | -11.8% | +72.5% | -34.6% | +84.8% | +33.9% | +3.9% | -32.9% | +40.1% | +0.8% | |
| Shares Change (YoY) | -0.7% | -1.7% | -4.1% | -1.1% | -0.4% | -1.9% | -1.3% | -0.5% | -4.1% | |
| FCF Growth (YoY) | +12.0% | -52.5% | +143.1% | +8.9% | +45.4% | -14.5% | -18.4% | +35.0% | -2.4% | |
| Gross Margin | 27.9% | 27.4% | 26.7% | 26.9% | 27.6% | 27.5% | 26.5% | 27.2% | 28.9% | 28.8% |
| Operating Margin | 9.8% | 11.4% | 11.3% | 11.6% | 12.6% | 12.4% | 11.9% | 11.4% | 12.9% | 12.5% |
| EBITDA Margin | 11.8% | 12.5% | 11.1% | 7.1% | 14.5% | 15.5% | 15.2% | 13.3% | 15.8% | 15.7% |
| Net Margin | 5.3% | 4.3% | 6.5% | 4.3% | 8.0% | 8.8% | 8.4% | 6.0% | 8.1% | 7.8% |
| FCF Margin | 6.2% | 6.4% | 2.8% | 6.9% | 7.6% | 9.2% | 7.3% | 6.5% | 8.3% | 8.0% |
| Effective Tax Rate | 32.8% | 52.2% | 15.4% | -23.0% | 24.2% | 25.1% | 24.2% | 27.6% | 26.1% | 25.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.18 | $4.71 | $2.27 | $5.76 | $6.33 | $9.24 | $8.06 | $6.67 | $9.05 | $9.20 |
| Dividends Per Share | $1.57 | $1.73 | $1.98 | $2.23 | $2.34 | $2.63 | $2.91 | $3.17 | $3.44 | $3.73 |
| Shares Outstanding (Basic) | 88.3 M | 88.0 M | 84.7 M | 84.0 M | 83.4 M | 82.9 M | 81.6 M | 80.7 M | 80.4 M | 77.4 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 30.62% |
| Return on Invested Capital | 12.40% |
| Return on Assets | 7.73% |
| Gross Margin | 28.83% |
| Operating Margin | 12.17% |
| Net Margin | 7.56% |
Financial Health
| Debt / Equity | 1.51 |
| Current Ratio | 1.16 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.64 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.34 | 35.89 | 16.09 | 36.46 | 23.25 | 24.25 | 19.50 | 32.45 | 21.59 | 20.67 |
| P/B | 6.70 | 9.66 | 7.88 | 9.18 | 8.62 | 9.33 | 7.27 | 7.67 | 6.55 | 6.28 |
| P/S | 1.02 | 1.53 | 1.05 | 1.56 | 1.86 | 2.14 | 1.63 | 1.95 | 1.73 | 1.59 |
| Gross Margin | 27.9% | 27.4% | 26.7% | 26.9% | 27.6% | 27.5% | 26.5% | 27.2% | 28.9% | 28.8% |
| Operating Margin | 9.8% | 11.4% | 11.3% | 11.6% | 12.6% | 12.4% | 11.9% | 11.4% | 12.9% | 12.5% |
| Net Margin | 5.3% | 4.3% | 6.5% | 4.3% | 8.0% | 8.8% | 8.4% | 6.0% | 8.1% | 7.8% |
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Explore sector: Consumer Cyclical · Packaging & Containers
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