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AVYAvery Dennison

Materials · Paper Products · NYSE
AVY quote by TradingView
Headquarters
Mentor, OH
CEO
Deon Stander
Next results
around Feb 3, 2027
Compare with peers → Embed
All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)9.24Sales (ttm)9.4BNet income (ttm)708.3MSales growth+1.1%EPS growth+0.7%Sales Q/Q+5.2%
Free cash flow1.0BGross margin28.8%Oper. margin-Net margin7.6%FCF margin11.1%ROE29.7%
ROA7.7%R&D / sales1.5%Dividend3.70Debt/Eq1.51Curr. ratio1.16Cash271.4M
Op. cash flow (ttm)1.2BNet debt3.3BQuick ratio0.83Payout ratio42.1%Tax rate25.6%Stock pay / sales0.3%
Shares out.75.5MShares Y/Y-3.0%Book / share31.63Cash / share3.59Sales / share124.01Asset turnover1.02
Inventory turns6.47Days sales out.62Sales 3Y CAGR-0.7%Sales 5Y CAGR+4.9%EPS 3Y CAGR-1.5%EPS 5Y CAGR+5.9%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 44%$2.6B → $3.7B · Short-term + long-term debt at year end
What management wrote about it → · Every company →

AVY against Materials peers

Ten years, side by side → · All 24 →
GrowthProfitBalanceCleanInsiders
AVYPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+1.1%18th of 24 · median +4.4%
Net margin
7.6%14th of 24 · median 8.4%
Return on equity
29.7%3rd of 24 · median 13.1%
Free cash flow margin
11.1%7th of 24 · median 6.8%
Debt / equity (less is better)
1.5123rd of 24 · median 0.76
AVY and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
AVY Avery Dennison$9.4B +1.1%28.8%7.6%29.7%11.1%1.51
IFF International Flavors & Fragrances$10.9B -5.2%36.6%1.7%1.4%4.6%0.51
PKG Packaging Corporation of America$9.8B +7.2%20.5%7.4%15.1%7.0%0.83
VMC Vulcan Materials Company$8.0B +7.1%27.5%13.8%13.1%9.8%0.71
CF CF Industries$7.9B +19.3%42.5%27.5%38.1%26.2%0.56
MLM Martin Marietta Materials$7.2B +8.6%26.7%31.9%13.0%12.1%0.73

From $8.4B of sales to $740.1M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.3BRevenue to Cost of revenue: $6.1BGross profit to Net profit: $740.1MGross profit to Costs, tax, other: $1.6B Revenue: $8.4B Revenue$8.4B +21% Y/Y Gross profit: $2.3B · 28% margin Gross profit$2.3B28% margin +20% Y/Y Cost of revenue: $6.1B · 72% of revenue Cost of revenue$6.1B72% of revenue Net profit: $740.1M · 9% margin Net profit$740.1M9% margin +33% Y/Y Costs, tax, other: $1.6B · 19% of revenue Costs, tax, other$1.6B19% of revenue

Swipe sideways for the whole flow →

From $9.0B of sales to $757.1M of profit

FY2022, from the 10-K income statement and revenue by segment
Materials Group to Revenue: $6.5BSolutions Group to Revenue: $2.5BRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $6.6BGross profit to Net profit: $757.1MGross profit to Costs, tax, other: $1.6B Materials Group: $6.5B · 72% Materials Group$6.5B72% Solutions Group: $2.5B · 28% Solutions Group$2.5B28% Revenue: $9.0B Revenue$9.0B +8% Y/Y Gross profit: $2.4B · 27% margin Gross profit$2.4B27% margin +4% Y/Y Cost of revenue: $6.6B · 73% of revenue Cost of revenue$6.6B73% of revenue Net profit: $757.1M · 8% margin Net profit$757.1M8% margin +2% Y/Y Costs, tax, other: $1.6B · 18% of revenue Costs, tax, other$1.6B18% of revenue

Swipe sideways for the whole flow →

From $8.4B of sales to $503.0M of profit

FY2023, from the 10-K income statement and revenue by segment
Materials Group to Revenue: $5.8BSolutions Group to Revenue: $2.6BRevenue to Gross profit: $2.3BRevenue to Cost of revenue: $6.1BGross profit to Net profit: $503.0MGross profit to Costs, tax, other: $1.8B Materials Group: $5.8B · 69% Materials Group$5.8B69% Solutions Group: $2.6B · 31% Solutions Group$2.6B31% Revenue: $8.4B Revenue$8.4B −7% Y/Y Gross profit: $2.3B · 27% margin Gross profit$2.3B27% margin −5% Y/Y Cost of revenue: $6.1B · 73% of revenue Cost of revenue$6.1B73% of revenue Net profit: $503.0M · 6% margin Net profit$503.0M6% margin −34% Y/Y Costs, tax, other: $1.8B · 21% of revenue Costs, tax, other$1.8B21% of revenue

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From $8.8B of sales to $704.9M of profit

FY2024, from the 10-K income statement and revenue by segment
Materials Group to Revenue: $6.0BSolutions Group to Revenue: $2.7BRevenue to Gross profit: $2.5BRevenue to Cost of revenue: $6.2BGross profit to Net profit: $704.9MGross profit to Costs, tax, other: $1.8B Materials Group: $6.0B · 69% Materials Group$6.0B69% Solutions Group: $2.7B · 31% Solutions Group$2.7B31% Revenue: $8.8B Revenue$8.8B +5% Y/Y Gross profit: $2.5B · 29% margin Gross profit$2.5B29% margin +11% Y/Y Cost of revenue: $6.2B · 71% of revenue Cost of revenue$6.2B71% of revenue Net profit: $704.9M · 8% margin Net profit$704.9M8% margin +40% Y/Y Costs, tax, other: $1.8B · 21% of revenue Costs, tax, other$1.8B21% of revenue

Swipe sideways for the whole flow →

From $8.9B of sales to $688.0M of profit

FY2025, from the 10-K income statement and revenue by segment
Materials Group to Revenue: $6.1BSolutions Group to Revenue: $2.8BRevenue to Gross profit: $2.5BRevenue to Cost of revenue: $6.3BGross profit to Net profit: $688.0MGross profit to Costs, tax, other: $1.9B Materials Group: $6.1B · 69% Materials Group$6.1B69% Solutions Group: $2.8B · 31% Solutions Group$2.8B31% Revenue: $8.9B Revenue$8.9B +1% Y/Y Gross profit: $2.5B · 29% margin Gross profit$2.5B29% margin +1% Y/Y Cost of revenue: $6.3B · 71% of revenue Cost of revenue$6.3B71% of revenue Net profit: $688.0M · 8% margin Net profit$688.0M8% margin −2% Y/Y Costs, tax, other: $1.9B · 21% of revenue Costs, tax, other$1.9B21% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median7.6% vs 8.4%
  • ✓
    Gross margin up over 5 years27.6% → 28.8%
  • ✓
    Return on equity above 15%29.7%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 5.3% → 7.8%

Balance sheet

1 of 3
  • !
    Debt larger than equityDebt / equity 1.51 on the latest balance sheet (peer median 0.76)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.16
  • !
    Net debt over 3 years of free cash flow$3.3B net debt, 3.2 years
Debt / equity at each year end, FY2016 to FY2025: 1.40 → 1.66
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$712.4M last year
  • ✓
    Share count down over 5 years−6.9%
  • ✓
    Dividend per share up over 5 years$2.36 → $3.70
  • ✓
    Cash from operations above net income$881.4M vs $688.0M
Free cash flow, FY2016 to FY2025: 405.2M → 712.4M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $3.6B Debt$3.6B Long-term debt: $3.2B · 88% Long-term debt$3.2B · 88% Short-term debt: $440.8M · 12% Short-term debt$440.8M · 12% Year 3: $500.0M · 14% Year 3$500.0M · 14% Year 5: $500.0M · 14% Year 5$500.0M · 14% After year 5: $2.2B · 62% After year 5$2.2B · 62%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $101.5M Not stated $1.5B

Line, as the company names itKindRateFixed or floatingAmount
Senior notes due 2025 at 1.250%Notes and bonds1.25%not stated$500.0M
3.750% Senior Notes due 2034Notes and bonds–not stated$500.0M
4.000% Senior Notes due 2035Notes and bonds–not stated$500.0M
Short-term borrowings from Commercial paperCommercial paper3.93%floating$101.5M

From the debt note in the 10-K's XBRL (0000008818-26-000015), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 8.9B Net income 688.0M
FY2016 revenue 6.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001047469-19-000747 FY2016 net income 320.7M · NetIncomeLoss, 0001047469-19-000747 6.1B FY2016 FY2017 revenue 6.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-20-025360 FY2017 net income 281.8M · NetIncomeLoss, 0001104659-20-025360 6.6B FY2017 FY2018 revenue 7.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-21-055146 FY2018 net income 467.4M · NetIncomeLoss, 0001193125-21-055146 7.2B FY2018 FY2019 revenue 7.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-22-049910 FY2019 net income 303.6M · NetIncomeLoss, 0001193125-22-049910 7.1B FY2019 FY2020 revenue 7.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000008818-23-000002 FY2020 net income 555.9M · NetIncomeLoss, 0000008818-23-000002 7.0B FY2020 FY2021 revenue 8.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000008818-24-000003 FY2021 net income 740.1M · NetIncomeLoss, 0000008818-24-000003 8.4B FY2021 FY2022 revenue 9.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000008818-25-000003 FY2022 net income 757.1M · NetIncomeLoss, 0000008818-25-000003 9.0B FY2022 FY2023 revenue 8.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000008818-26-000015 FY2023 net income 503.0M · NetIncomeLoss, 0000008818-26-000015 8.4B FY2023 FY2024 revenue 8.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000008818-26-000015 FY2024 net income 704.9M · NetIncomeLoss, 0000008818-26-000015 8.8B FY2024 FY2025 revenue 8.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000008818-26-000015 FY2025 net income 688.0M · NetIncomeLoss, 0000008818-26-000015 8.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

AVY's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue8.9B
FY2016: 6.1BFY2017: 6.6BFY2018: 7.2BFY2019: 7.1BFY2020: 7.0BFY2021: 8.4BFY2022: 9.0BFY2023: 8.4BFY2024: 8.8BFY2025: 8.9B FY2017FY2019FY2021FY2023FY2025
Net income688.0M
FY2016: 320.7MFY2017: 281.8MFY2018: 467.4MFY2019: 303.6MFY2020: 555.9MFY2021: 740.1MFY2022: 757.1MFY2023: 503.0MFY2024: 704.9MFY2025: 688.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow712.4M
FY2016: 405.2MFY2017: 455.2MFY2018: 231.2MFY2019: 527.1MFY2020: 549.9MFY2021: 791.8MFY2022: 682.9MFY2023: 560.7MFY2024: 730.0MFY2025: 712.4M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.79
FY2016: 3.54FY2017: 3.13FY2018: 5.28FY2019: 3.57FY2020: 6.61FY2021: 8.83FY2022: 9.21FY2023: 6.20FY2024: 8.73FY2025: 8.79 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.70
FY2016: 1.60FY2017: 1.76FY2018: 2.01FY2019: 2.26FY2020: 2.36FY2021: 2.66FY2022: 2.93FY2023: 3.18FY2024: 3.45FY2025: 3.70 FY2017FY2019FY2021FY2023FY2025
Diluted shares78.3M
FY2016: 90.7MFY2017: 90.1MFY2018: 88.6MFY2019: 85.0MFY2020: 84.1MFY2021: 83.8MFY2022: 82.2MFY2023: 81.1MFY2024: 80.7MFY2025: 78.3M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Materials Group 6.1B68.8% +1.3%
Solutions Group 2.8B31.2% +0.7%

10-K 0000008818-26-000015, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. 2.8B31.1% +5.3%
Asia 2.7B30.8% -1.3%
Europe, the Middle East and North Africa 2.5B27.7% +1.6%
China Including Hong Kong 1.4B15.2% -3.6%
Latin America 567.3M6.4% -5.4%
Other 353.3M4.0% -2.1%

10-K 0000008818-26-000015, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue6.1B6.6B7.2B7.1B7.0B8.4B9.0B8.4B8.8B8.9B
Cost of revenue4.4B4.8B5.2B5.2B5.0B6.1B6.6B6.1B6.2B6.3B
Gross profit1.7B1.8B1.9B1.9B1.9B2.3B2.4B2.3B2.5B2.5B
R&D89.7M93.4M98.2M92.6M112.8M136.6M136.1M135.8M137.8M136.6M
SG&A1.1B1.1B1.1B1.1B1.1B1.2B1.3B1.3B1.4B1.4B
Interest expense59.9M63.0M58.5M75.8M70.0M70.2M84.1M119.0M117.0M135.4M
Pretax income477.1M589.5M554.8M249.5M737.3M992.6M999.3M694.7M953.5M925.1M
Income tax156.4M307.7M85.4M-56.7M177.7M248.6M242.2M191.7M248.6M237.1M
Net income320.7M281.8M467.4M303.6M555.9M740.1M757.1M503.0M704.9M688.0M
EPS (diluted)3.543.135.283.576.618.839.216.208.738.79
Diluted shares90.7M90.1M88.6M85.0M84.1M83.8M82.2M81.1M80.7M78.3M
Depreciation & amortization180.1M178.7M181.0M179.0M205.3M244.1M290.7M298.4M312.2M328.2M
Gross margin27.9%27.4%26.8%26.9%27.6%27.5%26.6%27.2%28.9%28.8%
Net margin5.3%4.3%6.5%4.3%8.0%8.8%8.4%6.0%8.1%7.8%
Revenue growth-+8.7%+8.2%-1.2%-1.4%+20.6%+7.5%-7.5%+4.7%+1.1%
EPS growth--11.6%+68.7%-32.4%+85.2%+33.6%+4.3%-32.7%+40.8%+0.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash195.1M224.4M232.0M253.7M252.3M162.7M167.2M215.0M329.1M202.8M
Receivables1.0B1.2B1.2B1.2B1.2B1.4B1.4B1.4B1.5B1.5B
Inventory519.1M609.6M651.4M663.0M717.2M907.2M1.0B920.7M978.1M975.8M
Current assets1.9B2.2B2.3B2.3B2.4B2.7B2.8B2.8B3.1B3.0B
Property & equipment915.2M1.1B1.1B1.2B1.3B1.5B1.5B1.6B1.6B1.6B
Goodwill793.6M985.1M941.8M930.8M1.1B1.9B1.9B2.0B2.0B2.3B
Total assets4.4B5.1B5.2B5.5B6.1B8.0B8.0B8.2B8.4B8.8B
Accounts payable841.9M1.0B1.0B1.1B1.1B1.3B1.3B1.3B1.3B1.3B
Current liabilities2.0B2.0B2.0B2.3B1.9B2.5B2.8B2.7B2.9B2.7B
Total debt1.3B1.6B1.9B1.7B2.1B3.1B2.8B2.9B2.6B3.7B
Shareholders' equity925.5M1.0B955.1M1.2B1.5B1.9B2.0B2.1B2.3B2.2B
Retained earnings2.5B2.6B2.9B3.0B3.3B3.9B4.4B4.7B5.2B5.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow582.1M645.7M457.9M746.5M751.3M1.0B961.0M826.0M938.8M881.4M
Capital spending176.9M190.5M226.7M219.4M201.4M255.0M278.1M265.3M208.8M169.0M
Free cash flow405.2M455.2M231.2M527.1M549.9M791.8M682.9M560.7M730.0M712.4M
Stock-based pay (added back)27.2M30.2M34.3M34.5M24.0M37.2M47.4M22.3M28.7M27.9M
Dividends paid142.5M155.5M175.0M189.7M196.8M220.6M238.9M256.7M277.5M288.4M
Buybacks262.4M129.7M392.9M237.7M104.3M180.9M379.5M137.5M247.5M572.3M
Investing cash flow-432.2M-543.3M-232.5M-251.0M-554.2M-1.7B-332.7M-459.0M-243.1M-596.0M
Financing cash flow-106.2M-83.9M-208.1M-470.3M-207.7M604.3M-615.2M-317.2M-576.1M-414.9M
Dividend per share1.601.762.012.262.362.662.933.183.453.70

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)27.2M30.2M34.3M34.5M24.0M37.2M47.4M22.3M28.7M27.9M
Stock-based pay / revenue0.4%0.5%0.5%0.5%0.3%0.4%0.5%0.3%0.3%0.3%
Operating lease cost---65.4M63.1M68.8M70.8M73.6M75.1M77.7M
Operating lease cash paid---53.1M54.9M54.2M60.5M55.8M61.0M63.8M
Right-of-use assets---138.1M161.3M183.0M161.7M200.2M227.5M215.8M
Operating lease liabilities---140.3M160.3M182.6M156.0M197.7M225.7M220.7M
Finance lease liabilities---28.5M28.5M17.2M13.6M13.3M13.3M16.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on AVY in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AVY/export.csv") into a cell.