Avery Dennison (AVY) Financials

$177.68 -1.97 (-1.10%)

Closing price 03:59 PM Eastern

Extended Trading

$177.40 -0.28 (-0.16%)

As of 07:29 PM Eastern

Annual Income Statements for Avery Dennison

This table shows Avery Dennison's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/28/2024	12/30/2023	12/31/2022	1/1/2022	1/2/2021	12/28/2019	12/29/2018	12/30/2017	12/31/2016	1/2/2016
Net Income / (Loss) Attributable to Common Shareholders	705	503	757	740	556	304	467	282	321	274
Consolidated Net Income / (Loss)	705	503	757	740	556	304	467	282	321	274
Net Income / (Loss) Continuing Operations	705	503	757	740	556	304	467	282	321	274
Total Pre-Tax Income	954	695	999	993	737	250	555	590	477	409
Total Operating Income	1,115	964	1,073	1,064	863	824	788	707	614	538
Total Gross Profit	2,531	2,278	2,404	2,313	1,923	1,904	1,916	1,812	1,700	1,646
Total Revenue	8,756	8,364	9,039	8,408	6,972	7,070	7,159	6,614	6,087	5,967
Operating Revenue	8,756	8,364	9,039	8,408	6,972	7,070	7,159	6,614	6,087	5,967
Total Cost of Revenue	6,225	6,087	6,635	6,096	5,048	5,166	5,244	4,802	4,387	4,321
Operating Cost of Revenue	6,225	6,087	6,635	6,096	5,048	5,166	5,244	4,802	4,387	4,321
Total Operating Expenses	1,415	1,314	1,331	1,249	1,061	1,080	1,128	1,105	1,086	1,108
Selling, General & Admin Expense	1,415	1,314	1,331	1,249	1,061	1,080	1,128	1,105	1,086	1,108
Total Other Income / (Expense), net	-162	-269	-74	-72	-126	-574	-233	-118	-137	-129
Interest Expense	117	119	84	70	70	76	59	63	60	61
Other Income / (Expense), net	-45	-150	10	-1.50	-56	-498	-175	-55	-77	-68
Income Tax Expense	249	192	242	249	178	-57	85	308	156	135
Basic Earnings per Share	$8.77	$6.23	$9.28	$8.93	$6.67	$3.61	$5.35	$3.19	$3.60	$3.01
Weighted Average Basic Shares Outstanding	80.40M	80.70M	81.60M	82.90M	83.40M	84M	87.30M	88.30M	89.10M	91M
Diluted Earnings per Share	$8.73	$6.20	$9.21	$8.83	$6.61	$3.57	$5.28	$3.13	$3.54	$2.95
Weighted Average Diluted Shares Outstanding	80.70M	81.10M	82.20M	83.80M	84.10M	85M	88.60M	90.10M	90.70M	92.90M
Weighted Average Basic & Diluted Shares Outstanding	78.99M	80.51M	80.82M	82.46M	83.04M	83.30M	87.40M	88.30M	89.10M	91.10M
Cash Dividends to Common per Share	$3.45	$3.18	$2.93	$2.66	$2.36	$2.26	$2.01	$1.76	$1.60	$1.46

This table shows Avery Dennison's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Net Income / (Loss) Attributable to Common Shareholders	166	174	182	177	172	143	138	100	121	123	222
Consolidated Net Income / (Loss)	166	174	182	177	172	143	138	100	121	123	222
Net Income / (Loss) Continuing Operations	166	174	182	177	172	143	138	100	121	123	222
Total Pre-Tax Income	227	241	239	238	234	202	185	140	168	169	273
Total Operating Income	275	280	280	289	267	261	261	234	208	188	288
Total Gross Profit	622	609	627	663	632	596	586	553	542	500	619
Total Revenue	2,148	2,186	2,183	2,235	2,151	2,111	2,098	2,091	2,065	2,026	2,317
Operating Revenue	2,148	2,186	2,183	2,235	2,151	2,111	2,098	2,091	2,065	2,026	2,317
Total Cost of Revenue	1,527	1,577	1,557	1,573	1,519	1,515	1,513	1,537	1,523	1,526	1,698
Operating Cost of Revenue	1,527	1,577	1,557	1,573	1,519	1,515	1,513	1,537	1,523	1,526	1,698
Total Operating Expenses	347	329	347	374	365	335	325	320	334	312	331
Selling, General & Admin Expense	347	329	347	374	365	335	325	320	334	312	331
Total Other Income / (Expense), net	-48	-39	-40	-50	-33	-60	-76	-94	-40	-19	-16
Interest Expense	31	29	30	29	29	30	31	32	26	23	21
Other Income / (Expense), net	-17	-9.30	-10	-21	-4.00	-30	-45	-62	-13	3.80	5.30
Income Tax Expense	61	67	58	62	62	59	46	40	47	46	51
Basic Earnings per Share	$2.10	$2.18	$2.26	$2.19	$2.14	$1.77	$1.72	$1.24	$1.50	$1.51	$2.73
Weighted Average Basic Shares Outstanding	79.20M	80.40M	80.50M	80.60M	80.50M	80.70M	80.60M	80.70M	80.90M	81.60M	81.20M
Diluted Earnings per Share	$2.09	$2.17	$2.25	$2.18	$2.13	$1.76	$1.71	$1.24	$1.49	$1.51	$2.70
Weighted Average Diluted Shares Outstanding	79.40M	80.70M	80.80M	81M	81M	81.10M	81M	81M	81.50M	82.20M	81.90M
Weighted Average Basic & Diluted Shares Outstanding	78.18M	78.99M	80.35M	80.52M	80.55M	80.51M	80.53M	80.58M	80.73M	80.82M	80.97M
Cash Dividends to Common per Share	$0.88	-	$0.88	$0.88	$0.81	-	$0.81	$0.81	$0.75	-	$0.75

This table details how cash moves in and out of Avery Dennison's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/28/2024	12/30/2023	12/31/2022	1/1/2022	1/2/2021	12/28/2019	12/29/2018	12/30/2017	12/31/2016	1/2/2016
Net Change in Cash & Equivalents	114	48	4.50	-90	-1.40	22	7.60	29	36	-48
Net Cash From Operating Activities	939	826	961	1,047	751	747	458	646	582	474
Net Cash From Continuing Operating Activities	939	826	961	1,047	751	747	458	646	478	474
Net Income / (Loss) Continuing Operations	705	503	757	740	556	304	467	282	321	274
Consolidated Net Income / (Loss)	705	503	757	740	556	304	467	282	321	274
Depreciation Expense	197	187	177	167	154	140	142	127	118	125
Amortization Expense	115	111	113	77	51	39	40	52	63	63
Non-Cash Adjustments To Reconcile Net Income	143	109	121	85	133	566	234	121	169	135
Changes in Operating Assets and Liabilities, net	-222	-85	-208	-22	-143	-302	-425	64	-192	-124
Net Cash From Investing Activities	-243	-459	-333	-1,738	-554	-251	-233	-543	-432	-143
Net Cash From Continuing Investing Activities	-243	-461	-335	-1,738	-554	-251	-233	-543	-432	-143
Purchase of Property, Plant & Equipment	-209	-265	-278	-255	-201	-219	-227	-191	-177	-136
Acquisitions	-3.80	-225	-40	-1,478	-350	-6.50	-3.80	-319	-237	0.00
Purchase of Investments	-34	0.00	0.00	-	-	-	-	-3.90	-	-0.50
Sale of Property, Plant & Equipment	0.60	1.00	2.30	1.10	9.20	7.80	9.40	6.00	8.50	7.60
Divestitures	0.00	0.00	1.10	7.60	0.00	0.00	-	-	-	-
Sale and/or Maturity of Investments	34	0.00	0.00	3.10	5.60	4.90	19	-	3.10	-
Other Investing Activities, net	-31	28	-20	-17	-17	-38	-30	-36	-30	-14
Net Cash From Financing Activities	-576	-317	-615	604	-208	-470	-208	-84	-106	-367
Net Cash From Continuing Financing Activities	-576	-317	-615	604	-208	-470	-208	-84	-106	-367
Repayment of Debt	-313	-258	-6.30	-20	-770	-20	-84	-343	-2.70	-106
Repurchase of Common Equity	-248	-138	-380	-181	-104	-238	-393	-130	-262	-232
Payment of Dividends	-278	-257	-239	-221	-197	-190	-175	-156	-143	-133
Issuance of Debt	270	358	35	1,051	883	-5.30	493	543	235	0.00
Other Financing Activities, net	-8.40	-24	-25	-25	-20	-17	-50	1.40	67	104
Effect of Exchange Rate Changes	-5.50	-2.00	-8.60	-2.80	9.20	-3.50	-9.70	11	-7.40	-12

This table details how cash moves in and out of Avery Dennison's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Net Change in Cash & Equivalents	-133	116	3.90	23	-29	5.10	-7.20	-134	184	39	-37
Net Cash From Operating Activities	-16	351	270	198	120	312	323	190	1.90	346	221
Net Cash From Continuing Operating Activities	-16	351	270	198	120	312	323	190	1.90	346	221
Net Income / (Loss) Continuing Operations	166	174	182	177	172	143	138	100	121	123	222
Consolidated Net Income / (Loss)	166	174	182	177	172	143	138	100	121	123	222
Depreciation Expense	49	50	49	50	49	49	47	47	45	45	44
Amortization Expense	29	29	29	29	28	28	28	27	28	28	28
Non-Cash Adjustments To Reconcile Net Income	40	21	30	55	37	34	27	17	31	35	23
Changes in Operating Assets and Liabilities, net	-301	78	-20	-113	-167	58	82	-1.70	-223	115	-96
Net Cash From Investing Activities	-33	-74	-51	-57	-62	-115	-22	-205	-117	-103	-80
Net Cash From Continuing Investing Activities	-33	-74	-51	-57	-62	-118	-23	-204	-117	-105	-80
Purchase of Property, Plant & Equipment	-36	-70	-43	-48	-49	-92	-57	-51	-65	-95	-76
Acquisitions	-2.60	-1.90	-	-1.60	-0.30	-21	-9.60	-151	-44	-2.50	-
Purchase of Investments	0.00	-	-	-14	-20	-	-	-	0.00	-	-
Sale of Property, Plant & Equipment	0.00	0.20	0.10	0.20	0.10	0.30	0.40	0.10	0.20	0.10	0.10
Sale and/or Maturity of Investments	6.20	6.50	1.40	12	14	-	-	-	0.00	-1.90	-0.10
Other Investing Activities, net	-0.80	-8.90	-9.20	-6.00	-6.90	-4.50	44	-2.20	-8.80	-6.50	-4.00
Net Cash From Financing Activities	-85	-156	-218	-117	-85	-195	-306	-117	300	-205	-173
Net Cash From Continuing Financing Activities	-85	-156	-218	-117	-85	-195	-306	-117	300	-205	-173
Repayment of Debt	272	-7.70	-301	-2.90	-1.70	-1.70	-1.60	-294	40	-1.90	-1.00
Repurchase of Common Equity	-262	-140	-67	-25	-16	-20	-28	-39	-51	-61	-50
Payment of Dividends	-69	-70	-71	-71	-65	-65	-65	-65	-61	-61	-61
Other Financing Activities, net	-25	-0.20	10	-0.10	-18	-	-0.10	-0.10	-24	-	-

This table presents Avery Dennison's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/28/2024	12/30/2023	12/31/2022	1/1/2022	1/2/2021	12/28/2019	12/29/2018	12/30/2017	12/31/2016	1/2/2016
Total Assets	8,404	8,210	7,951	7,972	6,084	5,489	5,178	5,137	4,396	4,134
Total Current Assets	3,079	2,796	2,782	2,735	2,416	2,341	2,298	2,238	1,905	1,775
Cash & Equivalents	329	215	167	163	252	254	232	224	195	159
Accounts Receivable	1,466	1,415	1,374	1,425	1,235	1,212	1,190	1,180	1,001	965
Inventories, net	978	921	1,010	907	717	663	651	610	519	479
Other Current Assets	305	245	231	240	212	212	225	188	153	140
Plant, Property, & Equipment, net	1,587	1,626	1,540	1,478	1,344	1,211	1,137	1,098	915	848
Total Noncurrent Assets	3,739	3,788	3,628	3,759	2,324	1,938	1,742	1,801	1,576	1,510
Goodwill	1,976	2,014	1,862	1,882	1,136	931	942	985	794	686
Intangible Assets	755	849	840	911	225	127	144	166	67	46
Noncurrent Deferred & Refundable Income Taxes	110	116	115	130	198	225	205	196	313	372
Other Noncurrent Operating Assets	897	810	811	836	765	655	451	453	403	406
Total Liabilities & Shareholders' Equity	8,404	8,210	7,951	7,972	6,084	5,489	5,178	5,137	4,396	4,134
Total Liabilities	6,092	6,082	5,918	6,047	4,599	4,285	4,222	4,091	3,471	3,168
Total Current Liabilities	2,863	2,700	2,800	2,548	1,926	2,254	1,994	1,972	2,004	1,459
Short-Term Debt	592	622	599	319	65	440	195	265	579	95
Accounts Payable	1,341	1,277	1,339	1,299	1,051	1,066	1,031	1,007	842	815
Accrued Expenses	158	142	557	556	485	456	493	402	328	310
Current Deferred & Payable Income Tax Liabilities	75	58	76	75	86	71	58	49	38	45
Current Employee Benefit Liabilities	289	213	229	299	239	220	218	249	217	195
Other Current Liabilities	408	387	-	-	-	-	-	-	-	-
Total Noncurrent Liabilities	3,229	3,382	3,119	3,499	2,673	2,031	2,228	2,119	1,467	1,709
Long-Term Debt	2,560	2,622	2,504	2,786	2,052	1,499	1,772	1,316	713	964
Noncurrent Deferred & Payable Income Tax Liabilities	235	260	248	239	117	110	-	173	92	108
Noncurrent Employee Benefit Liabilities	435	500	367	475	504	421	335	629	661	637
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,312	2,128	2,032	1,924	1,485	1,204	955	1,046	926	966
Total Preferred & Common Equity	2,312	2,128	2,032	1,924	1,485	1,204	955	1,046	926	966
Total Common Equity	2,312	2,128	2,032	1,924	1,485	1,204	955	1,046	926	966
Common Stock	965	979	1,003	986	986	998	996	987	976	958
Retained Earnings	5,151	4,692	4,415	3,881	3,349	2,979	2,865	2,597	2,473	2,278
Treasury Stock	-3,348	-3,134	-3,022	-2,660	-2,501	-2,425	-2,224	-1,857	-1,772	-1,587
Accumulated Other Comprehensive Income / (Loss)	-456	-408	-364	-283	-350	-348	-682	-681	-752	-683

This table presents Avery Dennison's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Total Assets	8,355	8,404	8,452	8,298	8,255	8,210	8,133	8,266	8,222	7,951	8,042
Total Current Assets	3,030	3,079	3,085	2,968	2,887	2,796	2,814	2,851	2,989	2,782	2,962
Cash & Equivalents	196	329	213	209	186	215	210	217	351	167	128
Accounts Receivable	1,518	1,466	1,575	1,529	1,478	1,415	1,426	1,415	1,369	1,374	1,586
Inventories, net	1,018	978	1,014	980	973	921	936	991	1,051	1,010	1,014
Other Current Assets	299	305	284	251	251	245	242	228	218	231	234
Plant, Property, & Equipment, net	1,583	1,587	1,612	1,590	1,598	1,626	1,555	1,567	1,566	1,540	1,443
Total Noncurrent Assets	3,741	3,739	3,755	3,740	3,770	3,788	3,764	3,848	3,668	3,628	3,638
Goodwill	1,991	1,976	2,013	1,990	1,994	2,014	1,976	1,985	1,888	1,862	1,825
Intangible Assets	735	755	783	801	824	849	860	884	833	840	855
Noncurrent Deferred & Refundable Income Taxes	119	110	111	113	116	116	115	120	118	115	118
Other Noncurrent Operating Assets	896	897	848	837	837	810	812	860	829	811	840
Total Liabilities & Shareholders' Equity	8,355	8,404	8,452	8,298	8,255	8,210	8,133	8,266	8,222	7,951	8,042
Total Liabilities	6,184	6,092	6,058	6,011	6,051	6,082	6,070	6,251	6,179	5,918	6,035
Total Current Liabilities	2,953	2,863	3,349	3,300	3,308	2,700	2,744	2,609	2,644	2,800	2,939
Short-Term Debt	878	592	1,117	1,172	1,171	622	716	636	648	599	670
Accounts Payable	1,273	1,341	1,343	1,313	1,302	1,277	1,265	1,235	1,236	1,339	1,383
Current Employee Benefit Liabilities	193	289	275	235	203	213	202	179	188	229	237
Other Current Liabilities	610	408	-	-	-	387	-	-	-	-	-
Total Noncurrent Liabilities	3,231	3,229	2,709	2,711	2,743	3,382	3,325	3,642	3,536	3,119	3,096
Long-Term Debt	2,582	2,560	2,042	2,047	2,070	2,622	2,598	2,910	2,911	2,504	2,463
Noncurrent Deferred & Payable Income Tax Liabilities	219	235	251	249	255	260	253	258	257	248	218
Noncurrent Employee Benefit Liabilities	431	435	416	416	419	500	475	475	368	367	415
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,171	2,312	2,394	2,287	2,204	2,128	2,064	2,015	2,043	2,032	2,007
Total Preferred & Common Equity	2,171	2,312	2,394	2,287	2,204	2,128	2,064	2,015	2,043	2,032	2,007
Total Common Equity	2,171	2,312	2,394	2,287	2,204	2,128	2,064	2,015	2,043	2,032	2,007
Common Stock	942	965	964	957	958	979	977	975	975	1,003	991
Retained Earnings	5,277	5,151	5,043	4,922	4,809	4,692	4,608	4,527	4,486	4,415	4,347
Treasury Stock	-3,599	-3,348	-3,212	-3,155	-3,141	-3,134	-3,119	-3,094	-3,057	-3,022	-2,962
Accumulated Other Comprehensive Income / (Loss)	-449	-456	-400	-438	-422	-408	-403	-393	-361	-364	-368

This table displays calculated financial ratios and metrics derived from Avery Dennison's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/28/2024	12/30/2023	12/31/2022	1/1/2022	1/2/2021	12/28/2019	12/29/2018	12/30/2017	12/31/2016	1/2/2016
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.68%	-7.47%	7.50%	20.61%	-1.39%	-1.24%	8.24%	8.66%	2.00%	-5.74%
EBITDA Growth	24.33%	-19.07%	5.14%	29.06%	100.79%	-36.51%	-4.44%	15.91%	9.03%	5.11%
EBIT Growth	31.56%	-24.89%	1.94%	31.65%	148.17%	-46.96%	-6.01%	21.51%	14.40%	10.68%
NOPAT Growth	18.16%	-14.19%	1.94%	21.82%	-35.22%	51.63%	97.27%	-18.11%	14.38%	6.93%
Net Income Growth	40.14%	-33.56%	2.30%	33.14%	83.10%	-35.04%	65.86%	-12.13%	16.92%	11.91%
EPS Growth	40.81%	-32.68%	4.30%	33.59%	85.15%	-32.39%	68.69%	-11.58%	20.00%	15.23%
Operating Cash Flow Growth	13.66%	-14.05%	-8.20%	39.33%	0.64%	63.03%	-29.08%	10.93%	22.88%	33.47%
Free Cash Flow Firm Growth	66.70%	-28.74%	199.07%	-468.37%	-75.91%	116.33%	968.52%	-116.59%	-46.03%	-7.40%
Invested Capital Growth	-0.42%	3.83%	2.07%	45.29%	15.90%	7.46%	12.19%	18.90%	8.20%	-6.09%
Revenue Q/Q Growth	0.87%	1.02%	-1.71%	2.34%	3.23%	0.06%	0.47%	2.87%	1.60%	-2.45%
EBITDA Q/Q Growth	3.02%	4.03%	-4.94%	0.79%	10.68%	18.74%	-7.61%	3.63%	4.85%	-2.17%
EBIT Q/Q Growth	3.81%	5.12%	-6.26%	-0.65%	12.20%	32.07%	-9.78%	4.79%	6.78%	-1.47%
NOPAT Q/Q Growth	1.94%	7.49%	-6.11%	-2.75%	0.84%	-10.61%	71.75%	-31.18%	-0.59%	-4.00%
Net Income Q/Q Growth	4.58%	4.18%	-7.32%	-1.18%	5.50%	27.46%	50.43%	-30.14%	1.58%	-4.92%
EPS Q/Q Growth	4.93%	4.20%	-6.78%	-1.01%	5.76%	28.42%	50.86%	-30.29%	2.61%	-4.84%
Operating Cash Flow Q/Q Growth	4.37%	-3.94%	6.87%	-2.38%	4.16%	1.26%	3.25%	6.50%	4.47%	8.42%
Free Cash Flow Firm Q/Q Growth	33.06%	2.82%	10.43%	7.39%	-31.85%	-18.36%	37.48%	-170.03%	26.99%	-27.15%
Invested Capital Q/Q Growth	-3.83%	-0.20%	-0.89%	1.57%	4.87%	2.07%	-0.13%	-6.98%	-6.13%	-3.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.90%	27.23%	26.60%	27.51%	27.59%	26.93%	26.76%	27.40%	27.93%	27.58%
EBITDA Margin	15.79%	13.30%	15.20%	15.54%	14.52%	7.13%	11.10%	12.57%	11.78%	11.02%
Operating Margin	12.74%	11.52%	11.87%	12.66%	12.38%	11.65%	11.01%	10.69%	10.09%	9.01%
EBIT Margin	12.23%	9.73%	11.99%	12.64%	11.58%	4.60%	8.57%	9.87%	8.82%	7.87%
Profit (Net Income) Margin	8.05%	6.01%	8.38%	8.80%	7.97%	4.29%	6.53%	4.26%	5.27%	4.60%
Tax Burden Percent	73.93%	72.41%	75.76%	74.56%	75.40%	121.68%	84.25%	47.80%	67.22%	67.08%
Interest Burden Percent	89.07%	85.38%	92.24%	93.39%	91.33%	76.70%	90.46%	90.34%	88.85%	87.11%
Effective Tax Rate	26.07%	27.59%	24.24%	25.05%	24.10%	-22.73%	15.39%	52.20%	32.78%	32.89%
Return on Invested Capital (ROIC)	16.02%	13.79%	16.54%	19.42%	20.99%	36.24%	26.21%	15.32%	21.28%	18.76%
ROIC Less NNEP Spread (ROIC-NNEP)	11.93%	7.25%	14.63%	17.02%	15.42%	-5.12%	13.29%	10.71%	12.02%	9.32%
Return on Net Nonoperating Assets (RNNOA)	15.73%	10.40%	21.73%	24.00%	20.36%	-8.12%	20.50%	13.27%	12.64%	8.49%
Return on Equity (ROE)	31.75%	24.18%	38.27%	43.42%	41.35%	28.12%	46.71%	28.58%	33.92%	27.25%
Cash Return on Invested Capital (CROIC)	16.45%	10.03%	14.49%	-17.51%	6.26%	29.05%	14.73%	-1.95%	13.40%	25.04%
Operating Return on Assets (OROA)	12.89%	10.07%	13.61%	15.12%	13.95%	6.10%	11.89%	13.69%	12.59%	11.06%
Return on Assets (ROA)	8.49%	6.23%	9.51%	10.53%	9.61%	5.69%	9.06%	5.91%	7.52%	6.46%
Return on Common Equity (ROCE)	31.75%	24.18%	38.27%	43.42%	41.35%	28.12%	46.71%	28.58%	33.92%	27.25%
Return on Equity Simple (ROE_SIMPLE)	30.48%	23.64%	37.26%	38.46%	37.44%	25.22%	48.94%	26.94%	34.65%	28.40%
Net Operating Profit after Tax (NOPAT)	825	698	813	798	655	1,011	667	338	413	361
NOPAT Margin	9.42%	8.34%	9.00%	9.49%	9.39%	14.30%	9.31%	5.11%	6.78%	6.05%
Net Nonoperating Expense Percent (NNEP)	4.09%	6.53%	1.91%	2.40%	5.57%	41.36%	12.92%	4.60%	9.26%	9.44%
Return On Investment Capital (ROIC_SIMPLE)	15.09%	12.99%	15.84%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	71.10%	72.77%	73.40%	72.49%	72.41%	73.07%	73.24%	72.60%	72.07%	72.42%
SG&A Expenses to Revenue	16.16%	15.71%	14.72%	14.85%	15.21%	15.28%	15.75%	16.71%	17.84%	18.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.16%	15.71%	14.72%	14.85%	15.21%	15.28%	15.75%	16.71%	17.84%	18.57%
Earnings before Interest and Taxes (EBIT)	1,071	814	1,083	1,063	807	325	613	653	537	469
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,383	1,112	1,374	1,307	1,013	504	794	831	717	658
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.55	7.53	6.97	8.94	8.26	8.48	7.35	8.64	5.92	5.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	99.18	69.63	0.00	0.00	84.04	20.95
Price to Revenue (P/Rev)	1.73	1.92	1.57	2.05	1.76	1.44	0.98	1.37	0.90	0.82
Price to Earnings (P/E)	21.49	31.85	18.72	23.25	22.05	33.64	15.02	32.07	17.09	17.85
Dividend Yield	1.83%	1.60%	1.67%	1.28%	1.61%	1.85%	2.48%	1.71%	2.60%	2.72%
Earnings Yield	4.65%	3.14%	5.34%	4.30%	4.53%	2.97%	6.66%	3.12%	5.85%	5.60%
Enterprise Value to Invested Capital (EV/IC)	3.50	3.69	3.44	4.14	4.22	4.12	3.25	4.34	3.26	3.11
Enterprise Value to Revenue (EV/Rev)	2.05	2.28	1.89	2.40	2.03	1.68	1.22	1.57	1.08	0.97
Enterprise Value to EBITDA (EV/EBITDA)	13.00	17.13	12.45	15.42	13.95	23.60	11.02	12.51	9.17	8.81
Enterprise Value to EBIT (EV/EBIT)	16.79	23.41	15.79	18.96	17.49	36.58	14.27	15.93	12.25	12.35
Enterprise Value to NOPAT (EV/NOPAT)	21.79	27.30	21.04	25.26	21.57	11.77	13.13	30.76	15.93	16.06
Enterprise Value to Operating Cash Flow (EV/OCF)	19.14	23.07	17.80	19.25	18.80	15.94	19.11	16.10	11.30	12.23
Enterprise Value to Free Cash Flow (EV/FCFF)	21.23	37.52	24.01	0.00	72.33	14.68	23.36	0.00	25.30	12.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.36	1.52	1.53	1.61	1.43	1.61	2.06	1.51	1.40	1.10
Long-Term Debt to Equity	1.11	1.23	1.23	1.45	1.38	1.25	1.85	1.26	0.77	1.00
Financial Leverage	1.32	1.43	1.49	1.41	1.32	1.58	1.54	1.24	1.05	0.91
Leverage Ratio	3.74	3.88	4.02	4.12	4.30	4.94	5.15	4.84	4.51	4.22
Compound Leverage Factor	3.33	3.32	3.71	3.85	3.93	3.79	4.66	4.37	4.01	3.67
Debt to Total Capital	57.69%	60.39%	60.42%	61.73%	58.77%	61.70%	67.31%	60.19%	58.27%	52.30%
Short-Term Debt to Total Capital	10.84%	11.58%	11.66%	6.34%	1.80%	14.00%	6.66%	10.10%	26.11%	4.71%
Long-Term Debt to Total Capital	46.85%	48.81%	48.76%	55.40%	56.98%	47.70%	60.64%	50.09%	32.16%	47.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	42.31%	39.61%	39.58%	38.27%	41.23%	38.30%	32.69%	39.81%	41.73%	47.70%
Debt to EBITDA	2.28	2.92	2.26	2.38	2.09	3.85	2.48	1.90	1.80	1.61
Net Debt to EBITDA	2.04	2.72	2.14	2.25	1.84	3.34	2.18	1.63	1.53	1.37
Long-Term Debt to EBITDA	1.85	2.36	1.82	2.13	2.03	2.97	2.23	1.58	0.99	1.47
Debt to NOPAT	3.82	4.65	3.81	3.89	3.23	1.92	2.95	4.68	3.13	2.93
Net Debt to NOPAT	3.42	4.34	3.61	3.69	2.85	1.67	2.60	4.02	2.66	2.49
Long-Term Debt to NOPAT	3.10	3.76	3.08	3.49	3.13	1.48	2.66	3.89	1.73	2.67
Altman Z-Score	3.84	3.74	3.80	3.91	4.05	3.69	3.62	3.80	3.50	3.61
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	1.04	0.99	1.07	1.25	1.04	1.15	1.14	0.95	1.22
Quick Ratio	0.63	0.60	0.55	0.62	0.77	0.65	0.71	0.71	0.60	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	846	508	713	-719	195	810	375	-43	260	482
Operating Cash Flow to CapEx	450.91%	312.52%	348.44%	412.29%	390.89%	352.79%	210.72%	349.97%	345.67%	369.50%
Free Cash Flow to Firm to Interest Expense	7.23	4.27	8.47	-10.25	2.79	10.69	6.40	-0.68	4.34	7.96
Operating Cash Flow to Interest Expense	8.02	6.94	11.43	14.91	10.73	9.85	7.83	10.25	9.72	7.83
Operating Cash Flow Less CapEx to Interest Expense	6.24	4.72	8.15	11.29	7.99	7.06	4.11	7.32	6.91	5.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.05	1.04	1.14	1.20	1.20	1.33	1.39	1.39	1.43	1.41
Accounts Receivable Turnover	6.08	6.00	6.46	6.32	5.70	5.89	6.04	6.06	6.19	6.21
Inventory Turnover	6.56	6.31	6.92	7.50	7.32	7.86	8.32	8.51	8.79	8.90
Fixed Asset Turnover	5.45	5.28	5.99	5.96	5.46	6.02	6.41	6.57	6.90	6.93
Accounts Payable Turnover	4.76	4.65	5.03	5.19	4.77	4.93	5.15	5.19	5.30	5.36
Days Sales Outstanding (DSO)	60.05	60.86	56.51	57.73	64.07	62.00	60.42	60.19	58.94	58.81
Days Inventory Outstanding (DIO)	55.67	57.89	52.73	48.63	49.90	46.43	43.89	42.90	41.51	40.99
Days Payable Outstanding (DPO)	76.75	78.45	72.56	70.35	76.53	74.07	70.92	70.28	68.91	68.10
Cash Conversion Cycle (CCC)	38.97	40.30	36.68	36.01	37.43	34.37	33.38	32.81	31.54	31.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,135	5,157	4,967	4,866	3,349	2,890	2,689	2,397	2,016	1,863
Invested Capital Turnover	1.70	1.65	1.84	2.05	2.23	2.53	2.81	3.00	3.14	3.10
Increase / (Decrease) in Invested Capital	-22	190	101	1,517	460	201	292	381	153	-121
Enterprise Value (EV)	17,969	19,052	17,109	20,148	14,123	11,900	8,753	10,396	6,577	5,796
Market Capitalization	15,146	16,023	14,174	17,206	12,259	10,214	7,018	9,039	5,479	4,896
Book Value per Share	$28.78	$26.42	$25.10	$23.24	$17.80	$14.42	$11.01	$11.88	$10.40	$10.60
Tangible Book Value per Share	($5.22)	($9.12)	($8.28)	($10.49)	$1.48	$1.76	($1.51)	($1.20)	$0.73	$2.57
Total Capital	5,465	5,372	5,134	5,029	3,602	3,144	2,921	2,628	2,218	2,025
Total Debt	3,152	3,244	3,102	3,105	2,117	1,940	1,966	1,582	1,293	1,059
Total Long-Term Debt	2,560	2,622	2,504	2,786	2,052	1,499	1,772	1,316	713	964
Net Debt	2,823	3,029	2,935	2,942	1,865	1,686	1,734	1,357	1,097	900
Capital Expenditures (CapEx)	208	264	276	254	192	212	217	185	168	128
Debt-free, Cash-free Net Working Capital (DFCFNWC)	479	504	414	343	303	273	267	307	285	253
Debt-free Net Working Capital (DFNWC)	808	719	581	506	555	527	499	532	480	412
Net Working Capital (NWC)	216	97	-18	187	490	87	304	266	-100	316
Net Nonoperating Expense (NNE)	120	195	56	58	99	707	199	56	92	87
Net Nonoperating Obligations (NNO)	2,823	3,029	2,935	2,942	1,865	1,686	1,734	1,351	1,091	898
Total Depreciation and Amortization (D&A)	312	298	291	244	205	179	181	179	180	188
Debt-free, Cash-free Net Working Capital to Revenue	5.47%	6.02%	4.58%	4.08%	4.34%	3.87%	3.72%	4.64%	4.67%	4.24%
Debt-free Net Working Capital to Revenue	9.23%	8.59%	6.43%	6.01%	7.96%	7.45%	6.96%	8.04%	7.88%	6.90%
Net Working Capital to Revenue	2.47%	1.15%	-0.20%	2.22%	7.03%	1.23%	4.25%	4.02%	-1.63%	5.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$8.77	$6.23	$9.28	$8.93	$6.67	$3.61	$5.35	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	80.40M	80.70M	81.60M	82.90M	83.40M	84M	87.30M	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$8.73	$6.20	$9.21	$8.83	$6.61	$3.57	$5.28	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	80.70M	81.10M	82.20M	83.80M	84.10M	85M	88.60M	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	78.99M	80.51M	80.82M	82.46M	83.04M	83.30M	83.98M	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	825	698	813	798	655	577	667	495	413	361
Normalized NOPAT Margin	9.42%	8.34%	9.00%	9.49%	9.39%	8.16%	9.31%	7.48%	6.78%	6.05%
Pre Tax Income Margin	10.89%	8.31%	11.06%	11.81%	10.58%	3.53%	7.75%	8.91%	7.84%	6.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.15	6.84	12.88	15.14	11.53	4.29	10.48	10.36	8.96	7.76
NOPAT to Interest Expense	7.05	5.86	9.67	11.36	9.36	13.34	11.40	5.36	6.89	5.96
EBIT Less CapEx to Interest Expense	7.37	4.62	9.60	11.52	8.79	1.50	6.77	7.43	6.15	5.64
NOPAT Less CapEx to Interest Expense	5.27	3.64	6.39	7.75	6.61	10.54	7.68	2.44	4.08	3.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.37%	51.03%	31.55%	29.81%	35.40%	62.48%	37.44%	55.18%	44.43%	48.52%
Augmented Payout Ratio	74.48%	78.37%	81.68%	54.25%	54.16%	140.78%	121.50%	101.21%	126.26%	133.21%

This table displays calculated financial ratios and metrics derived from Avery Dennison's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.14%	3.56%	4.06%	6.93%	4.18%	4.18%	-9.44%	-10.93%	-12.10%	-7.21%	11.84%
EBITDA Growth	-1.32%	13.14%	19.50%	40.67%	27.45%	16.25%	-20.51%	-35.56%	-26.10%	-21.21%	20.18%
EBIT Growth	-1.94%	16.99%	24.91%	55.49%	35.08%	20.66%	-26.59%	-44.25%	-32.70%	-27.39%	21.16%
NOPAT Growth	2.40%	8.86%	8.61%	27.92%	31.17%	35.79%	-16.59%	-27.70%	-28.84%	-28.05%	23.66%
Net Income Growth	-3.54%	21.59%	31.38%	76.10%	42.24%	16.44%	-37.56%	-53.19%	-38.85%	-32.73%	34.98%
EPS Growth	-1.88%	23.30%	31.58%	75.81%	42.95%	16.56%	-36.67%	-52.49%	-37.66%	-30.73%	37.76%
Operating Cash Flow Growth	-113.61%	12.60%	-16.27%	4.27%	6,205.26%	-9.80%	46.11%	-29.31%	-98.49%	21.76%	-22.80%
Free Cash Flow Firm Growth	-86.15%	4,790.90%	-1.40%	251.49%	501.81%	-113.32%	196.79%	87.35%	96.76%	102.70%	100.96%
Invested Capital Growth	3.33%	-0.42%	3.34%	-0.87%	0.15%	3.83%	3.10%	6.78%	3.89%	2.07%	4.61%
Revenue Q/Q Growth	-1.71%	0.11%	-2.32%	3.90%	1.93%	0.58%	0.37%	1.23%	1.93%	-12.57%	-1.27%
EBITDA Q/Q Growth	-3.73%	0.40%	0.35%	1.73%	10.38%	6.05%	18.12%	-7.83%	0.68%	-27.48%	-4.24%
EBIT Q/Q Growth	-4.69%	0.48%	0.64%	1.75%	13.71%	7.28%	25.28%	-11.61%	1.56%	-34.73%	-4.86%
NOPAT Q/Q Growth	-0.32%	-5.00%	-0.84%	9.06%	2.88%	-5.22%	16.79%	11.83%	9.70%	-41.78%	1.24%
Net Income Q/Q Growth	-4.43%	-4.24%	2.77%	2.55%	20.48%	3.47%	37.75%	-17.16%	-1.38%	-44.51%	3.26%
EPS Q/Q Growth	-3.69%	-3.56%	3.21%	2.35%	21.02%	2.92%	37.90%	-16.78%	-1.32%	-44.07%	3.45%
Operating Cash Flow Q/Q Growth	-104.64%	30.03%	36.62%	65.03%	-61.59%	-3.32%	70.15%	9,878.95%	-99.45%	56.61%	-17.67%
Free Cash Flow Firm Q/Q Growth	-88.33%	464.87%	-84.82%	38.38%	24,333.40%	-111.87%	123.33%	-267.03%	-231.02%	164.58%	100.99%
Invested Capital Q/Q Growth	5.81%	-3.83%	0.81%	0.73%	1.97%	-0.20%	-3.30%	1.77%	5.71%	-0.89%	0.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.93%	27.87%	28.70%	29.65%	29.39%	28.24%	27.92%	26.47%	26.26%	24.69%	26.72%
EBITDA Margin	15.63%	15.96%	15.91%	15.49%	15.82%	14.61%	13.85%	11.77%	12.93%	13.09%	15.78%
Operating Margin	12.78%	12.81%	12.81%	12.92%	12.41%	12.37%	12.44%	11.18%	10.07%	9.27%	12.45%
EBIT Margin	12.00%	12.38%	12.33%	11.97%	12.23%	10.96%	10.28%	8.23%	9.43%	9.46%	12.68%
Profit (Net Income) Margin	7.74%	7.96%	8.32%	7.91%	8.01%	6.78%	6.59%	4.80%	5.87%	6.07%	9.56%
Tax Burden Percent	73.26%	72.08%	75.93%	74.16%	73.55%	70.98%	74.92%	71.61%	72.01%	72.64%	81.28%
Interest Burden Percent	88.02%	89.21%	88.86%	89.09%	89.13%	87.16%	85.62%	81.46%	86.44%	88.26%	92.78%
Effective Tax Rate	26.74%	27.92%	24.07%	25.84%	26.45%	29.02%	25.08%	28.39%	27.99%	27.36%	18.72%
Return on Invested Capital (ROIC)	15.33%	15.70%	16.07%	15.48%	14.68%	14.51%	15.16%	13.16%	12.32%	12.39%	18.98%
ROIC Less NNEP Spread (ROIC-NNEP)	14.22%	14.76%	15.06%	14.30%	13.91%	13.09%	13.29%	11.06%	11.42%	11.92%	18.55%
Return on Net Nonoperating Assets (RNNOA)	20.54%	19.45%	20.44%	21.07%	20.52%	18.77%	19.94%	17.90%	18.18%	17.71%	29.22%
Return on Equity (ROE)	35.87%	35.15%	36.51%	36.55%	35.20%	33.28%	35.09%	31.05%	30.50%	30.10%	48.21%
Cash Return on Invested Capital (CROIC)	12.24%	16.45%	12.11%	15.75%	14.03%	10.03%	9.70%	6.82%	10.81%	14.49%	13.16%
Operating Return on Assets (OROA)	12.65%	13.05%	12.91%	12.42%	12.54%	11.34%	10.52%	8.55%	10.09%	10.74%	14.56%
Return on Assets (ROA)	8.16%	8.39%	8.71%	8.21%	8.22%	7.02%	6.75%	4.99%	6.28%	6.89%	10.98%
Return on Common Equity (ROCE)	35.87%	35.15%	36.51%	36.55%	35.20%	33.28%	35.09%	31.05%	30.50%	30.10%	48.21%
Return on Equity Simple (ROE_SIMPLE)	32.20%	0.00%	28.15%	27.57%	25.15%	0.00%	23.40%	28.09%	33.29%	0.00%	40.70%
Net Operating Profit after Tax (NOPAT)	201	202	212	214	196	185	196	167	150	136	234
NOPAT Margin	9.36%	9.23%	9.73%	9.58%	9.13%	8.78%	9.32%	8.01%	7.25%	6.74%	10.12%
Net Nonoperating Expense Percent (NNEP)	1.10%	0.95%	1.01%	1.18%	0.77%	1.42%	1.87%	2.10%	0.90%	0.46%	0.43%
Return On Investment Capital (ROIC_SIMPLE)	3.57%	3.69%	-	-	-	3.45%	-	-	-	2.66%	-
Cost of Revenue to Revenue	71.07%	72.13%	71.30%	70.35%	70.61%	71.76%	72.08%	73.53%	73.74%	75.31%	73.28%
SG&A Expenses to Revenue	16.15%	15.07%	15.89%	16.73%	16.98%	15.87%	15.48%	15.29%	16.19%	15.42%	14.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.15%	15.07%	15.89%	16.73%	16.98%	15.87%	15.48%	15.29%	16.19%	15.42%	14.28%
Earnings before Interest and Taxes (EBIT)	258	271	269	268	263	231	216	172	195	192	294
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	336	349	347	346	340	308	291	246	267	265	366
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.40	6.55	7.48	7.70	8.13	7.53	7.02	6.77	6.93	6.97	6.40
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.59	1.73	2.06	2.05	2.12	1.92	1.75	1.61	1.62	1.57	1.40
Price to Earnings (P/E)	19.87	21.49	26.56	27.93	32.32	31.85	30.01	24.11	20.82	18.72	15.72
Dividend Yield	2.00%	1.83%	1.52%	1.51%	1.46%	1.60%	1.74%	1.81%	1.71%	1.67%	1.81%
Earnings Yield	5.03%	4.65%	3.76%	3.58%	3.09%	3.14%	3.33%	4.15%	4.80%	5.34%	6.36%
Enterprise Value to Invested Capital (EV/IC)	3.16	3.50	3.90	3.89	3.99	3.69	3.40	3.18	3.31	3.44	3.16
Enterprise Value to Revenue (EV/Rev)	1.96	2.05	2.40	2.40	2.48	2.28	2.12	2.00	1.98	1.89	1.72
Enterprise Value to EBITDA (EV/EBITDA)	12.44	13.00	15.53	16.04	17.69	17.13	16.46	14.84	13.57	12.45	10.96
Enterprise Value to EBIT (EV/EBIT)	16.10	16.79	20.22	21.10	23.77	23.41	22.73	19.92	17.57	15.79	13.71
Enterprise Value to NOPAT (EV/NOPAT)	20.68	21.79	25.77	26.06	28.13	27.30	27.10	24.51	23.05	21.04	18.30
Enterprise Value to Operating Cash Flow (EV/OCF)	21.36	19.14	23.18	21.66	22.21	23.07	20.46	22.39	20.76	17.80	17.62
Enterprise Value to Free Cash Flow (EV/FCFF)	26.20	21.23	32.78	24.62	28.44	37.52	35.63	48.08	31.18	24.01	24.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.59	1.36	1.32	1.41	1.47	1.52	1.61	1.76	1.74	1.53	1.56
Long-Term Debt to Equity	1.19	1.11	0.85	0.89	0.94	1.23	1.26	1.44	1.42	1.23	1.23
Financial Leverage	1.44	1.32	1.36	1.47	1.47	1.43	1.50	1.62	1.59	1.49	1.58
Leverage Ratio	3.80	3.74	3.72	3.85	3.88	3.88	3.97	4.14	4.12	4.02	4.21
Compound Leverage Factor	3.34	3.34	3.31	3.43	3.46	3.39	3.40	3.37	3.56	3.55	3.90
Debt to Total Capital	61.44%	57.69%	56.89%	58.46%	59.52%	60.39%	61.62%	63.76%	63.53%	60.42%	60.95%
Short-Term Debt to Total Capital	15.59%	10.84%	20.11%	21.29%	21.50%	11.58%	13.32%	11.43%	11.57%	11.66%	13.03%
Long-Term Debt to Total Capital	45.86%	46.85%	36.78%	37.17%	38.02%	48.81%	48.31%	52.33%	51.96%	48.76%	47.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	38.56%	42.31%	43.11%	41.54%	40.48%	39.61%	38.38%	36.24%	36.47%	39.58%	39.05%
Debt to EBITDA	2.51	2.28	2.35	2.50	2.73	2.92	3.10	3.10	2.78	2.26	2.17
Net Debt to EBITDA	2.37	2.04	2.20	2.34	2.58	2.72	2.90	2.91	2.51	2.14	2.08
Long-Term Debt to EBITDA	1.87	1.85	1.52	1.59	1.75	2.36	2.43	2.54	2.27	1.82	1.70
Debt to NOPAT	4.17	3.82	3.91	4.07	4.35	4.65	5.10	5.12	4.72	3.81	3.62
Net Debt to NOPAT	3.93	3.42	3.64	3.80	4.10	4.34	4.78	4.81	4.26	3.61	3.47
Long-Term Debt to NOPAT	3.11	3.10	2.52	2.59	2.78	3.76	4.00	4.20	3.86	3.08	2.84
Altman Z-Score	3.39	3.53	3.70	3.68	3.66	3.51	3.34	3.21	3.33	3.43	3.30
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.03	1.08	0.92	0.90	0.87	1.04	1.03	1.09	1.13	0.99	1.01
Quick Ratio	0.58	0.63	0.53	0.53	0.50	0.60	0.60	0.63	0.65	0.55	0.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	26	224	40	261	188	-4.77	40	-172	-47	36	14
Operating Cash Flow to CapEx	-45.28%	506.78%	629.60%	417.97%	246.00%	339.02%	568.96%	369.59%	2.95%	364.77%	289.38%
Free Cash Flow to Firm to Interest Expense	0.84	7.66	1.32	8.93	6.59	-0.16	1.29	-5.39	-1.78	1.59	0.64
Operating Cash Flow to Interest Expense	-0.53	12.03	9.00	6.77	4.19	10.50	10.41	5.94	0.07	15.37	10.42
Operating Cash Flow Less CapEx to Interest Expense	-1.69	9.65	7.57	5.15	2.49	7.40	8.58	4.34	-2.36	11.16	6.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.05	1.05	1.05	1.04	1.03	1.04	1.02	1.04	1.07	1.14	1.15
Accounts Receivable Turnover	5.84	6.08	5.79	5.84	5.94	6.00	5.50	5.70	6.00	6.46	6.08
Inventory Turnover	6.26	6.56	6.32	6.21	6.01	6.31	6.25	6.34	6.41	6.92	7.08
Fixed Asset Turnover	5.50	5.45	5.48	5.45	5.34	5.28	5.52	5.63	5.75	5.99	6.46
Accounts Payable Turnover	4.84	4.76	4.73	4.80	4.79	4.65	4.61	4.75	4.94	5.03	5.06
Days Sales Outstanding (DSO)	62.47	60.05	63.09	62.50	61.49	60.86	66.39	64.00	60.88	56.51	60.06
Days Inventory Outstanding (DIO)	58.27	55.67	57.73	58.77	60.69	57.89	58.37	57.53	56.92	52.73	51.52
Days Payable Outstanding (DPO)	75.37	76.75	77.24	76.00	76.13	78.45	79.26	76.84	73.81	72.56	72.14
Cash Conversion Cycle (CCC)	45.37	38.97	43.58	45.27	46.05	40.30	45.50	44.68	43.98	36.68	39.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,434	5,135	5,340	5,297	5,259	5,157	5,167	5,344	5,251	4,967	5,012
Invested Capital Turnover	1.64	1.70	1.65	1.62	1.61	1.65	1.63	1.64	1.70	1.84	1.88
Increase / (Decrease) in Invested Capital	175	-22	173	-47	8.00	190	155	340	197	101	221
Enterprise Value (EV)	17,148	17,969	20,849	20,623	20,964	19,052	17,593	16,976	17,370	17,109	15,847
Market Capitalization	13,885	15,146	17,903	17,613	17,909	16,023	14,489	13,648	14,162	14,174	12,842
Book Value per Share	$27.48	$28.78	$29.73	$28.39	$27.38	$26.42	$25.61	$24.96	$25.28	$25.10	$24.70
Tangible Book Value per Share	($7.03)	($5.22)	($4.99)	($6.25)	($7.62)	($9.12)	($9.59)	($10.58)	($8.38)	($8.28)	($8.28)
Total Capital	5,630	5,465	5,553	5,506	5,444	5,372	5,377	5,561	5,602	5,134	5,140
Total Debt	3,459	3,152	3,159	3,219	3,240	3,244	3,314	3,546	3,559	3,102	3,133
Total Long-Term Debt	2,582	2,560	2,042	2,047	2,070	2,622	2,598	2,910	2,911	2,504	2,463
Net Debt	3,263	2,823	2,946	3,010	3,055	3,029	3,104	3,328	3,208	2,935	3,005
Capital Expenditures (CapEx)	36	69	43	47	49	92	57	51	64	95	76
Debt-free, Cash-free Net Working Capital (DFCFNWC)	759	479	640	631	563	504	576	661	643	414	564
Debt-free Net Working Capital (DFNWC)	955	808	853	840	749	719	786	878	994	581	692
Net Working Capital (NWC)	78	216	-264	-332	-421	97	70	242	346	-18	23
Net Nonoperating Expense (NNE)	35	28	31	37	24	42	57	67	29	14	13
Net Nonoperating Obligations (NNO)	3,263	2,823	2,946	3,010	3,055	3,029	3,104	3,328	3,208	2,935	3,005
Total Depreciation and Amortization (D&A)	78	78	78	79	77	77	75	74	72	74	72
Debt-free, Cash-free Net Working Capital to Revenue	8.67%	5.47%	7.37%	7.34%	6.67%	6.02%	6.96%	7.78%	7.34%	4.58%	6.13%
Debt-free Net Working Capital to Revenue	10.91%	9.23%	9.82%	9.77%	8.86%	8.59%	9.49%	10.33%	11.35%	6.43%	7.53%
Net Working Capital to Revenue	0.89%	2.47%	-3.04%	-3.87%	-4.99%	1.15%	0.85%	2.85%	3.95%	-0.20%	0.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.10	$2.18	$2.26	$2.19	$2.14	$1.77	$1.72	$1.24	$1.50	$1.51	$2.73
Adjusted Weighted Average Basic Shares Outstanding	79.20M	80.40M	80.50M	80.60M	80.50M	80.70M	80.60M	80.70M	80.90M	81.60M	81.20M
Adjusted Diluted Earnings per Share	$2.09	$2.17	$2.25	$2.18	$2.13	$1.76	$1.71	$1.24	$1.49	$1.51	$2.70
Adjusted Weighted Average Diluted Shares Outstanding	79.40M	80.70M	80.80M	81M	81M	81.10M	81M	81M	81.50M	82.20M	81.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	78.18M	78.99M	80.35M	80.52M	80.55M	80.51M	80.53M	80.58M	80.73M	80.82M	80.97M
Normalized Net Operating Profit after Tax (NOPAT)	201	202	212	214	196	185	196	167	150	136	234
Normalized NOPAT Margin	9.36%	9.23%	9.73%	9.58%	9.13%	8.78%	9.32%	8.01%	7.25%	6.74%	10.12%
Pre Tax Income Margin	10.57%	11.04%	10.96%	10.67%	10.90%	9.55%	8.80%	6.71%	8.15%	8.35%	11.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.35	9.27	8.98	9.16	9.20	7.79	6.95	5.40	7.38	8.52	13.85
NOPAT to Interest Expense	6.51	6.91	7.08	7.33	6.87	6.24	6.31	5.25	5.67	6.07	11.06
EBIT Less CapEx to Interest Expense	7.18	6.89	7.55	7.54	7.49	4.69	5.13	3.79	4.94	4.31	10.25
NOPAT Less CapEx to Interest Expense	5.34	4.54	5.65	5.72	5.16	3.14	4.48	3.64	3.24	1.85	7.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	40.30%	39.37%	40.40%	42.29%	47.13%	51.03%	52.22%	43.76%	35.80%	31.55%	28.72%
Augmented Payout Ratio	110.92%	74.48%	59.38%	56.36%	65.61%	78.37%	89.08%	79.15%	76.78%	81.68%	74.44%

Frequently Asked Questions About Avery Dennison's Financials

When does Avery Dennison's financial year end?

According to the most recent income statement we have on file, Avery Dennison's fiscal year ends in December. Their fiscal year 2024 ended on December 28, 2024.

How has Avery Dennison's net income changed over the last 9 years?

Avery Dennison's net income appears to be on an upward trend, with a most recent value of $704.90 million in 2024, rising from $274.30 million in 2015. The previous period was $503 million in 2023. Find out what analysts predict for Avery Dennison in the coming months.

What is Avery Dennison's operating income?

Avery Dennison's total operating income in 2024 was $1.12 billion, based on the following breakdown:

Total Gross Profit: $2.53 billion
Total Operating Expenses: $1.42 billion

How has Avery Dennison revenue changed over the last 9 years?

Over the last 9 years, Avery Dennison's total revenue changed from $5.97 billion in 2015 to $8.76 billion in 2024, a change of 46.7%.

How much debt does Avery Dennison have?

Avery Dennison's total liabilities were at $6.09 billion at the end of 2024, a 0.2% increase from 2023, and a 92.3% increase since 2015.

How much cash does Avery Dennison have?

In the past 9 years, Avery Dennison's cash and equivalents has ranged from $158.80 million in 2015 to $329.10 million in 2024, and is currently $329.10 million as of their latest financial filing in 2024.

How has Avery Dennison's book value per share changed over the last 9 years?

Over the last 9 years, Avery Dennison's book value per share changed from 10.60 in 2015 to 28.78 in 2024, a change of 171.5%.

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This page (NYSE:AVY) was last updated on 5/30/2025 by MarketBeat.com Staff

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Avery Dennison (AVY) Financials

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Avery Dennison (AVY) Financials

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