Avery Dennison (AVY) Financials

$162.04 +1.58 (+0.99%)

Closing price 03:59 PM Eastern

Extended Trading

$162.30 +0.26 (+0.16%)

As of 04:51 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	274	321	282	467	304	556	740	757	503	705	688
Consolidated Net Income / (Loss)	274	321	282	467	304	556	740	757	503	705	688
Net Income / (Loss) Continuing Operations	274	321	282	467	304	556	740	757	503	705	688
Total Pre-Tax Income	409	477	590	555	250	737	993	999	695	954	925
Total Operating Income	538	614	707	788	824	863	1,064	1,073	964	1,115	1,124
Total Gross Profit	1,646	1,700	1,812	1,916	1,904	1,923	2,313	2,404	2,278	2,531	2,546
Total Revenue	5,967	6,087	6,614	7,159	7,070	6,972	8,408	9,039	8,364	8,756	8,856
Operating Revenue	5,967	6,087	6,614	7,159	7,070	6,972	8,408	9,039	8,364	8,756	8,856
Total Cost of Revenue	4,321	4,387	4,802	5,244	5,166	5,048	6,096	6,635	6,087	6,225	6,309
Operating Cost of Revenue	4,321	4,387	4,802	5,244	5,166	5,048	6,096	6,635	6,087	6,225	6,309
Total Operating Expenses	1,108	1,086	1,105	1,128	1,080	1,061	1,249	1,331	1,314	1,415	1,423
Selling, General & Admin Expense	1,108	1,086	1,105	1,128	1,080	1,061	1,249	1,331	1,314	1,415	1,423
Total Other Income / (Expense), net	-129	-137	-118	-233	-574	-126	-72	-74	-269	-162	-199
Interest Expense	61	60	63	59	76	70	70	84	119	117	135
Other Income / (Expense), net	-68	-77	-55	-175	-498	-56	-1.50	10	-150	-45	-63
Income Tax Expense	135	156	308	85	-57	178	249	242	192	249	237
Basic Earnings per Share	$3.01	$3.60	$3.19	$5.35	$3.61	$6.67	$8.93	$9.28	$6.23	$8.77	$8.81
Weighted Average Basic Shares Outstanding	91M	89.10M	88.30M	87.30M	84M	83.40M	82.90M	81.60M	80.70M	80.40M	78.10M
Diluted Earnings per Share	$2.95	$3.54	$3.13	$5.28	$3.57	$6.61	$8.83	$9.21	$6.20	$8.73	$8.79
Weighted Average Diluted Shares Outstanding	92.90M	90.70M	90.10M	88.60M	85M	84.10M	83.80M	82.20M	81.10M	80.70M	78.30M
Weighted Average Basic & Diluted Shares Outstanding	91.10M	89.10M	88.30M	87.40M	83.30M	83.04M	82.46M	80.82M	80.51M	78.99M	76.88M
Cash Dividends to Common per Share	$1.46	$1.60	$1.76	$2.01	$2.26	$2.36	$2.66	$2.93	$3.18	$3.45	$3.70

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	100	138	143	172	177	182	174	166	189	166	166
Consolidated Net Income / (Loss)	100	138	143	172	177	182	174	166	189	166	166
Net Income / (Loss) Continuing Operations	100	138	143	172	177	182	174	166	189	166	166
Total Pre-Tax Income	140	185	202	234	238	239	241	227	256	235	208
Total Operating Income	234	261	261	267	289	280	280	275	287	281	282
Total Gross Profit	553	586	596	632	663	627	609	622	639	635	651
Total Revenue	2,091	2,098	2,111	2,151	2,235	2,183	2,186	2,148	2,221	2,216	2,271
Operating Revenue	2,091	2,098	2,111	2,151	2,235	2,183	2,186	2,148	2,221	2,216	2,271
Total Cost of Revenue	1,537	1,513	1,515	1,519	1,573	1,557	1,577	1,527	1,581	1,581	1,621
Operating Cost of Revenue	1,537	1,513	1,515	1,519	1,573	1,557	1,577	1,527	1,581	1,581	1,621
Total Operating Expenses	320	325	335	365	374	347	329	347	352	354	369
Selling, General & Admin Expense	320	325	335	365	374	347	329	347	352	354	369
Total Other Income / (Expense), net	-94	-76	-60	-33	-50	-40	-39	-48	-31	-46	-74
Interest Expense	32	31	30	29	29	30	29	31	34	33	37
Other Income / (Expense), net	-62	-45	-30	-4.00	-21	-10	-9.30	-17	2.80	-13	-37
Income Tax Expense	40	46	59	62	62	58	67	61	67	69	41
Basic Earnings per Share	$1.24	$1.72	$1.77	$2.14	$2.19	$2.26	$2.18	$2.10	$2.42	$2.13	$2.16
Weighted Average Basic Shares Outstanding	80.70M	80.60M	80.70M	80.50M	80.60M	80.50M	80.40M	79.20M	78.20M	77.90M	78.10M
Diluted Earnings per Share	$1.24	$1.71	$1.76	$2.13	$2.18	$2.25	$2.17	$2.09	$2.41	$2.13	$2.16
Weighted Average Diluted Shares Outstanding	81M	81M	81.10M	81M	81M	80.80M	80.70M	79.40M	78.30M	78M	78.30M
Weighted Average Basic & Diluted Shares Outstanding	80.58M	80.53M	80.51M	80.55M	80.52M	80.35M	78.99M	78.18M	77.98M	77.30M	76.88M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Net Change in Cash & Equivalents	-48	36	29	7.60	22	-1.40	-90	4.50	48	114	-126
Net Cash From Operating Activities	474	582	646	458	747	751	1,047	961	826	939	881
Net Cash From Continuing Operating Activities	474	478	646	458	747	751	1,047	961	826	939	881
Net Income / (Loss) Continuing Operations	274	321	282	467	304	556	740	757	503	705	688
Consolidated Net Income / (Loss)	274	321	282	467	304	556	740	757	503	705	688
Depreciation Expense	125	118	127	142	140	154	167	177	187	197	206
Amortization Expense	63	63	52	40	39	51	77	113	111	115	122
Non-Cash Adjustments To Reconcile Net Income	135	169	121	234	566	133	85	121	109	143	128
Changes in Operating Assets and Liabilities, net	-124	-192	64	-425	-302	-143	-22	-208	-85	-222	-263
Net Cash From Investing Activities	-143	-432	-543	-233	-251	-554	-1,738	-333	-459	-243	-596
Net Cash From Continuing Investing Activities	-143	-432	-543	-233	-251	-554	-1,738	-335	-459	-243	-596
Purchase of Property, Plant & Equipment	-136	-177	-191	-227	-219	-201	-255	-278	-265	-209	-169
Acquisitions	0.00	-237	-319	-3.80	-6.50	-350	-1,478	-40	-225	-3.80	-402
Purchase of Investments	-0.50	-	-3.90	-	-	-	-	0.00	0.00	-34	-26
Sale of Property, Plant & Equipment	7.60	8.50	6.00	9.40	7.80	9.20	1.10	2.30	1.00	0.60	23
Sale and/or Maturity of Investments	-	3.10	-	19	4.90	5.60	3.10	0.00	1.90	34	9.70
Other Investing Activities, net	-14	-30	-36	-30	-38	-17	-17	-20	28	-31	-31
Net Cash From Financing Activities	-367	-106	-84	-208	-470	-208	604	-615	-317	-576	-415
Net Cash From Continuing Financing Activities	-367	-106	-84	-208	-470	-208	604	-615	-317	-576	-415
Repayment of Debt	-106	-2.70	-343	-84	-20	-770	-20	-6.30	-258	-313	-560
Repurchase of Common Equity	-232	-262	-130	-393	-238	-104	-181	-380	-138	-248	-572
Payment of Dividends	-133	-143	-156	-175	-190	-197	-221	-239	-257	-278	-288
Issuance of Debt	0.00	235	543	493	-5.30	883	1,051	35	358	270	999
Other Financing Activities, net	104	67	1.40	-50	-17	-20	-25	-25	-24	-8.40	6.50
Effect of Exchange Rate Changes	-12	-7.40	11	-9.70	-3.50	9.20	-2.80	-8.60	-2.00	-5.50	3.20

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025
Net Change in Cash & Equivalents	-134	-7.20	5.10	-29	23	3.90	116	-133	20	320	-334
Net Cash From Operating Activities	190	323	312	120	198	270	351	-16	209	312	377
Net Cash From Continuing Operating Activities	190	323	312	120	198	270	351	-16	209	312	377
Net Income / (Loss) Continuing Operations	100	138	143	172	177	182	174	166	189	166	166
Consolidated Net Income / (Loss)	100	138	143	172	177	182	174	166	189	166	166
Depreciation Expense	47	47	49	49	50	49	50	49	52	54	52
Amortization Expense	27	28	28	28	29	29	29	29	29	30	34
Non-Cash Adjustments To Reconcile Net Income	17	27	34	37	55	30	21	40	21	33	34
Changes in Operating Assets and Liabilities, net	-1.70	82	58	-167	-113	-20	78	-301	-82	29	91
Net Cash From Investing Activities	-205	-22	-115	-62	-57	-51	-74	-33	-28	-43	-491
Net Cash From Continuing Investing Activities	-204	-23	-118	-62	-57	-51	-74	-33	-28	-43	-491
Purchase of Property, Plant & Equipment	-51	-57	-92	-49	-48	-43	-70	-36	-30	-36	-67
Acquisitions	-151	-9.60	-21	-0.30	-1.60	-	-1.90	-2.60	-8.10	-	-391
Purchase of Investments	-	-	-	-20	-14	-	-	0.00	-	-	-26
Sale of Property, Plant & Equipment	0.10	0.40	0.30	0.10	0.20	0.10	0.20	0.00	16	4.50	2.40
Sale and/or Maturity of Investments	-	-	-	14	12	1.40	6.50	6.20	8.80	-4.30	-1.00
Other Investing Activities, net	-2.20	44	-4.50	-6.90	-6.00	-9.20	-8.90	-0.80	-14	-7.70	-8.50
Net Cash From Financing Activities	-117	-306	-195	-85	-117	-218	-156	-85	-164	53	-219
Net Cash From Continuing Financing Activities	-117	-306	-195	-85	-117	-218	-156	-85	-164	53	-219
Repayment of Debt	-294	-1.60	-1.70	-1.70	-2.90	-301	-7.70	272	-807	-23	-1.10
Repurchase of Common Equity	-39	-28	-20	-16	-25	-67	-140	-262	-98	-94	-119
Payment of Dividends	-65	-65	-65	-65	-71	-71	-70	-69	-74	-73	-72
Issuance of Debt	282	-211	-107	16	-18	210	62	-	-	243	-60
Other Financing Activities, net	-0.10	-0.10	-	-18	-0.10	10	-0.20	-25	-0.70	-0.10	33
Effect of Exchange Rate Changes	-	-1.70	2.50	-2.10	-0.70	2.20	-4.90	-	-	-1.20	0.40

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Total Assets	4,134	4,396	5,137	5,178	5,489	6,084	7,972	7,951	8,210	8,404	8,802
Total Current Assets	1,775	1,905	2,238	2,298	2,341	2,416	2,735	2,782	2,796	3,079	2,990
Cash & Equivalents	159	195	224	232	254	252	163	167	215	329	203
Accounts Receivable	965	1,001	1,180	1,190	1,212	1,235	1,425	1,374	1,415	1,466	1,504
Inventories, net	479	519	610	651	663	717	907	1,010	921	978	976
Other Current Assets	140	153	188	225	212	212	240	231	245	305	308
Plant, Property, & Equipment, net	848	915	1,098	1,137	1,211	1,344	1,478	1,540	1,626	1,587	1,608
Total Noncurrent Assets	1,510	1,576	1,801	1,742	1,938	2,324	3,759	3,628	3,788	3,739	4,204
Goodwill	686	794	985	942	931	1,136	1,882	1,862	2,014	1,976	2,273
Intangible Assets	46	67	166	144	127	225	911	840	849	755	828
Noncurrent Deferred & Refundable Income Taxes	372	313	196	205	225	198	130	115	116	110	125
Other Noncurrent Operating Assets	406	403	453	451	655	765	836	811	810	897	978
Total Liabilities & Shareholders' Equity	4,134	4,396	5,137	5,178	5,489	6,084	7,972	7,951	8,210	8,404	8,802
Total Liabilities	3,168	3,471	4,091	4,222	4,285	4,599	6,047	5,918	6,082	6,092	6,560
Total Current Liabilities	1,459	2,004	1,972	1,994	2,254	1,926	2,548	2,800	2,700	2,863	2,654
Short-Term Debt	95	579	265	195	440	65	319	599	622	592	523
Accounts Payable	815	842	1,007	1,031	1,066	1,051	1,299	1,339	1,277	1,341	1,262
Accrued Expenses	310	328	402	493	456	485	556	557	142	158	170
Current Deferred & Payable Income Tax Liabilities	45	38	49	58	71	86	75	76	58	75	86
Current Employee Benefit Liabilities	195	217	249	218	220	239	299	229	213	289	233
Other Current Liabilities	-	-	-	-	-	-	-	-	387	408	380
Total Noncurrent Liabilities	1,709	1,467	2,119	2,228	2,031	2,673	3,499	3,119	3,382	3,229	3,906
Long-Term Debt	964	713	1,316	1,772	1,499	2,052	2,786	2,504	2,622	2,560	3,210
Noncurrent Deferred & Payable Income Tax Liabilities	108	92	173	-	110	117	239	248	260	235	264
Noncurrent Employee Benefit Liabilities	637	661	629	335	421	504	475	367	500	435	432
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	966	926	1,046	955	1,204	1,485	1,924	2,032	2,128	2,312	2,242
Total Preferred & Common Equity	966	926	1,046	955	1,204	1,485	1,924	2,032	2,128	2,312	2,242
Total Common Equity	966	926	1,046	955	1,204	1,485	1,924	2,032	2,128	2,312	2,242
Common Stock	958	976	987	996	998	986	986	1,003	979	965	958
Retained Earnings	2,278	2,473	2,597	2,865	2,979	3,349	3,881	4,415	4,692	5,151	5,598
Treasury Stock	-1,587	-1,772	-1,857	-2,224	-2,425	-2,501	-2,660	-3,022	-3,134	-3,348	-3,904
Accumulated Other Comprehensive Income / (Loss)	-683	-752	-681	-682	-348	-350	-283	-364	-408	-456	-410

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 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025
Total Assets	8,222	8,266	8,133	8,210	8,255	8,298	8,452	8,404	8,355	8,568	8,867
Total Current Assets	2,989	2,851	2,814	2,796	2,887	2,968	3,085	3,079	3,030	3,184	3,524
Cash & Equivalents	351	217	210	215	186	209	213	329	196	216	536
Accounts Receivable	1,369	1,415	1,426	1,415	1,478	1,529	1,575	1,466	1,518	1,627	1,628
Inventories, net	1,051	991	936	921	973	980	1,014	978	1,018	1,027	1,037
Other Current Assets	218	228	242	245	251	251	284	305	299	315	322
Plant, Property, & Equipment, net	1,566	1,567	1,555	1,626	1,598	1,590	1,612	1,587	1,583	1,604	1,580
Total Noncurrent Assets	3,668	3,848	3,764	3,788	3,770	3,740	3,755	3,739	3,741	3,780	3,763
Goodwill	1,888	1,985	1,976	2,014	1,994	1,990	2,013	1,976	1,991	2,028	2,030
Intangible Assets	833	884	860	849	824	801	783	755	735	716	694
Noncurrent Deferred & Refundable Income Taxes	118	120	115	116	116	113	111	110	119	132	132
Other Noncurrent Operating Assets	829	860	812	810	837	837	848	897	896	904	907
Total Liabilities & Shareholders' Equity	8,222	8,266	8,133	8,210	8,255	8,298	8,452	8,404	8,355	8,568	8,867
Total Liabilities	6,179	6,251	6,070	6,082	6,051	6,011	6,058	6,092	6,184	6,367	6,656
Total Current Liabilities	2,644	2,609	2,744	2,700	3,308	3,300	3,349	2,863	2,953	3,062	2,787
Short-Term Debt	648	636	716	622	1,171	1,172	1,117	592	878	922	579
Accounts Payable	1,236	1,235	1,265	1,277	1,302	1,313	1,343	1,341	1,273	1,308	1,303
Current Employee Benefit Liabilities	188	179	202	213	203	235	275	289	193	205	243
Other Current Liabilities	-	-	-	387	-	-	-	408	610	627	662
Total Noncurrent Liabilities	3,536	3,642	3,325	3,382	2,743	2,711	2,709	3,229	3,231	3,305	3,869
Long-Term Debt	2,911	2,910	2,598	2,622	2,070	2,047	2,042	2,560	2,582	2,628	3,202
Noncurrent Deferred & Payable Income Tax Liabilities	257	258	253	260	255	249	251	235	219	228	230
Noncurrent Employee Benefit Liabilities	368	475	475	500	419	416	416	435	431	448	437
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	2,043	2,015	2,064	2,128	2,204	2,287	2,394	2,312	2,171	2,202	2,211
Total Preferred & Common Equity	2,043	2,015	2,064	2,128	2,204	2,287	2,394	2,312	2,171	2,202	2,211
Total Common Equity	2,043	2,015	2,064	2,128	2,204	2,287	2,394	2,312	2,171	2,202	2,211
Common Stock	975	975	977	979	958	957	964	965	942	946	954
Retained Earnings	4,486	4,527	4,608	4,692	4,809	4,922	5,043	5,151	5,277	5,399	5,498
Treasury Stock	-3,057	-3,094	-3,119	-3,134	-3,141	-3,155	-3,212	-3,348	-3,599	-3,694	-3,785
Accumulated Other Comprehensive Income / (Loss)	-361	-393	-403	-408	-422	-438	-400	-456	-449	-450	-456

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.74%	2.00%	8.66%	8.24%	-1.24%	-1.39%	20.61%	7.50%	-7.47%	4.68%	1.14%
EBITDA Growth	5.11%	9.03%	15.91%	-4.44%	-36.51%	100.79%	29.06%	5.14%	-19.07%	24.33%	0.43%
EBIT Growth	10.68%	14.40%	21.51%	-6.01%	-46.96%	148.17%	31.65%	1.94%	-24.89%	31.56%	-0.93%
NOPAT Growth	6.93%	14.38%	-18.11%	97.27%	51.63%	-35.22%	21.82%	1.94%	-14.19%	18.16%	1.36%
Net Income Growth	11.91%	16.92%	-12.13%	65.86%	-35.04%	83.10%	33.14%	2.30%	-33.56%	40.14%	-2.40%
EPS Growth	15.23%	20.00%	-11.58%	68.69%	-32.39%	85.15%	33.59%	4.30%	-32.68%	40.81%	0.69%
Operating Cash Flow Growth	33.47%	22.88%	10.93%	-29.08%	63.03%	0.64%	39.33%	-8.20%	-14.05%	13.66%	-6.11%
Free Cash Flow Firm Growth	-7.40%	-46.03%	-116.59%	968.52%	116.33%	-75.91%	-468.37%	199.07%	-28.74%	66.70%	-76.49%
Invested Capital Growth	-6.09%	8.20%	18.90%	12.19%	7.46%	15.90%	45.29%	2.07%	3.83%	-0.42%	12.40%
Revenue Q/Q Growth	-2.45%	1.60%	2.87%	0.47%	0.06%	3.23%	2.34%	-1.71%	1.02%	0.87%	0.97%
EBITDA Q/Q Growth	-2.17%	4.85%	3.63%	-7.61%	18.74%	10.68%	0.79%	-4.94%	4.03%	3.02%	-1.30%
EBIT Q/Q Growth	-1.47%	6.78%	4.79%	-9.78%	32.07%	12.20%	-0.65%	-6.26%	5.12%	3.81%	-2.36%
NOPAT Q/Q Growth	-4.00%	-0.59%	-31.18%	71.75%	-10.61%	0.84%	-2.75%	-6.11%	7.49%	1.94%	2.65%
Net Income Q/Q Growth	-4.92%	1.58%	-30.14%	50.43%	27.46%	5.50%	-1.18%	-7.32%	4.18%	4.58%	-1.09%
EPS Q/Q Growth	-4.84%	2.61%	-30.29%	50.86%	28.42%	5.76%	-1.01%	-6.78%	4.20%	4.93%	-0.11%
Operating Cash Flow Q/Q Growth	8.42%	4.47%	6.50%	3.25%	1.26%	4.16%	-2.38%	6.87%	-3.94%	4.37%	2.99%
Free Cash Flow Firm Q/Q Growth	-27.15%	26.99%	-170.03%	37.48%	-18.36%	-31.85%	7.39%	10.43%	2.82%	33.06%	-71.52%
Invested Capital Q/Q Growth	-3.81%	-6.13%	-6.98%	-0.13%	2.07%	4.87%	1.57%	-0.89%	-0.20%	-3.83%	5.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.58%	27.93%	27.40%	26.76%	26.93%	27.59%	27.51%	26.60%	27.23%	28.90%	28.75%
EBITDA Margin	11.02%	11.78%	12.57%	11.10%	7.13%	14.52%	15.54%	15.20%	13.30%	15.79%	15.68%
Operating Margin	9.01%	10.09%	10.69%	11.01%	11.65%	12.38%	12.66%	11.87%	11.52%	12.74%	12.69%
EBIT Margin	7.87%	8.82%	9.87%	8.57%	4.60%	11.58%	12.64%	11.99%	9.73%	12.23%	11.98%
Profit (Net Income) Margin	4.60%	5.27%	4.26%	6.53%	4.29%	7.97%	8.80%	8.38%	6.01%	8.05%	7.77%
Tax Burden Percent	67.08%	67.22%	47.80%	84.25%	121.68%	75.40%	74.56%	75.76%	72.41%	73.93%	74.37%
Interest Burden Percent	87.11%	88.85%	90.34%	90.46%	76.70%	91.33%	93.39%	92.24%	85.38%	89.07%	87.23%
Effective Tax Rate	32.89%	32.78%	52.20%	15.39%	-22.73%	24.10%	25.05%	24.24%	27.59%	26.07%	25.63%
Return on Invested Capital (ROIC)	18.76%	21.28%	15.32%	26.21%	36.24%	20.99%	19.42%	16.54%	13.79%	16.02%	15.32%
ROIC Less NNEP Spread (ROIC-NNEP)	9.32%	12.02%	10.71%	13.29%	-5.12%	15.42%	17.02%	14.63%	7.25%	11.93%	10.67%
Return on Net Nonoperating Assets (RNNOA)	8.49%	12.64%	13.27%	20.50%	-8.12%	20.36%	24.00%	21.73%	10.40%	15.73%	14.89%
Return on Equity (ROE)	27.25%	33.92%	28.58%	46.71%	28.12%	41.35%	43.42%	38.27%	24.18%	31.75%	30.21%
Cash Return on Invested Capital (CROIC)	25.04%	13.40%	-1.95%	14.73%	29.05%	6.26%	-17.51%	14.49%	10.03%	16.45%	3.65%
Operating Return on Assets (OROA)	11.06%	12.59%	13.69%	11.89%	6.10%	13.95%	15.12%	13.61%	10.07%	12.89%	12.33%
Return on Assets (ROA)	6.46%	7.52%	5.91%	9.06%	5.69%	9.61%	10.53%	9.51%	6.23%	8.49%	8.00%
Return on Common Equity (ROCE)	27.25%	33.92%	28.58%	46.71%	28.12%	41.35%	43.42%	38.27%	24.18%	31.75%	30.21%
Return on Equity Simple (ROE_SIMPLE)	28.40%	34.65%	26.94%	48.94%	25.22%	37.44%	38.46%	37.26%	23.64%	30.48%	0.00%
Net Operating Profit after Tax (NOPAT)	361	413	338	667	1,011	655	798	813	698	825	836
NOPAT Margin	6.05%	6.78%	5.11%	9.31%	14.30%	9.39%	9.49%	9.00%	8.34%	9.42%	9.44%
Net Nonoperating Expense Percent (NNEP)	9.44%	9.26%	4.60%	12.92%	41.36%	5.57%	2.40%	1.91%	6.53%	4.09%	4.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	15.84%	12.99%	15.09%	13.99%
Cost of Revenue to Revenue	72.42%	72.07%	72.60%	73.24%	73.07%	72.41%	72.49%	73.40%	72.77%	71.10%	71.25%
SG&A Expenses to Revenue	18.57%	17.84%	16.71%	15.75%	15.28%	15.21%	14.85%	14.72%	15.71%	16.16%	16.06%
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	18.57%	17.84%	16.71%	15.75%	15.28%	15.21%	14.85%	14.72%	15.71%	16.16%	16.06%
Earnings before Interest and Taxes (EBIT)	469	537	653	613	325	807	1,063	1,083	814	1,071	1,061
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	658	717	831	794	504	1,013	1,307	1,374	1,112	1,383	1,389
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.07	5.92	8.64	7.35	8.48	8.26	8.94	6.97	7.53	6.55	6.27
Price to Tangible Book Value (P/TBV)	20.95	84.04	0.00	0.00	69.63	99.18	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.82	0.90	1.37	0.98	1.44	1.76	2.05	1.57	1.92	1.73	1.59
Price to Earnings (P/E)	17.85	17.09	32.07	15.02	33.64	22.05	23.25	18.72	31.85	21.49	20.43
Dividend Yield	2.72%	2.60%	1.71%	2.48%	1.85%	1.61%	1.28%	1.67%	1.60%	1.83%	2.03%
Earnings Yield	5.60%	5.85%	3.12%	6.66%	2.97%	4.53%	4.30%	5.34%	3.14%	4.65%	4.89%
Enterprise Value to Invested Capital (EV/IC)	3.11	3.26	4.34	3.25	4.12	4.22	4.14	3.44	3.69	3.50	3.05
Enterprise Value to Revenue (EV/Rev)	0.97	1.08	1.57	1.22	1.68	2.03	2.40	1.89	2.28	2.05	1.99
Enterprise Value to EBITDA (EV/EBITDA)	8.81	9.17	12.51	11.02	23.60	13.95	15.42	12.45	17.13	13.00	12.67
Enterprise Value to EBIT (EV/EBIT)	12.35	12.25	15.93	14.27	36.58	17.49	18.96	15.79	23.41	16.79	16.59
Enterprise Value to NOPAT (EV/NOPAT)	16.06	15.93	30.76	13.13	11.77	21.57	25.26	21.04	27.30	21.79	21.04
Enterprise Value to Operating Cash Flow (EV/OCF)	12.23	11.30	16.10	19.11	15.94	18.80	19.25	17.80	23.07	19.14	19.96
Enterprise Value to Free Cash Flow (EV/FCFF)	12.03	25.30	0.00	23.36	14.68	72.33	0.00	24.01	37.52	21.23	88.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.10	1.40	1.51	2.06	1.61	1.43	1.61	1.53	1.52	1.36	1.66
Long-Term Debt to Equity	1.00	0.77	1.26	1.85	1.25	1.38	1.45	1.23	1.23	1.11	1.43
Financial Leverage	0.91	1.05	1.24	1.54	1.58	1.32	1.41	1.49	1.43	1.32	1.40
Leverage Ratio	4.22	4.51	4.84	5.15	4.94	4.30	4.12	4.02	3.88	3.74	3.78
Compound Leverage Factor	3.67	4.01	4.37	4.66	3.79	3.93	3.85	3.71	3.32	3.33	3.30
Debt to Total Capital	52.30%	58.27%	60.19%	67.31%	61.70%	58.77%	61.73%	60.42%	60.39%	57.69%	62.48%
Short-Term Debt to Total Capital	4.71%	26.11%	10.10%	6.66%	14.00%	1.80%	6.34%	11.66%	11.58%	10.84%	8.75%
Long-Term Debt to Total Capital	47.59%	32.16%	50.09%	60.64%	47.70%	56.98%	55.40%	48.76%	48.81%	46.85%	53.72%
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	47.70%	41.73%	39.81%	32.69%	38.30%	41.23%	38.27%	39.58%	39.61%	42.31%	37.52%
Debt to EBITDA	1.61	1.80	1.90	2.48	3.85	2.09	2.38	2.26	2.92	2.28	2.69
Net Debt to EBITDA	1.37	1.53	1.63	2.18	3.34	1.84	2.25	2.14	2.72	2.04	2.54
Long-Term Debt to EBITDA	1.47	0.99	1.58	2.23	2.97	2.03	2.13	1.82	2.36	1.85	2.31
Debt to NOPAT	2.93	3.13	4.68	2.95	1.92	3.23	3.89	3.81	4.65	3.82	4.47
Net Debt to NOPAT	2.49	2.66	4.02	2.60	1.67	2.85	3.69	3.61	4.34	3.42	4.22
Long-Term Debt to NOPAT	2.67	1.73	3.89	2.66	1.48	3.13	3.49	3.08	3.76	3.10	3.84
Altman Z-Score	3.61	3.50	3.80	3.62	3.69	4.05	3.91	3.80	3.74	3.84	3.63
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	1.22	0.95	1.14	1.15	1.04	1.25	1.07	0.99	1.04	1.08	1.13
Quick Ratio	0.77	0.60	0.71	0.71	0.65	0.77	0.62	0.55	0.60	0.63	0.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	482	260	-43	375	810	195	-719	713	508	846	199
Operating Cash Flow to CapEx	369.50%	345.67%	349.97%	210.72%	352.79%	390.89%	412.29%	348.44%	312.52%	450.91%	602.05%
Free Cash Flow to Firm to Interest Expense	7.96	4.34	-0.68	6.40	10.69	2.79	-10.25	8.47	4.27	7.23	1.47
Operating Cash Flow to Interest Expense	7.83	9.72	10.25	7.83	9.85	10.73	14.91	11.43	6.94	8.02	6.51
Operating Cash Flow Less CapEx to Interest Expense	5.71	6.91	7.32	4.11	7.06	7.99	11.29	8.15	4.72	6.24	5.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.41	1.43	1.39	1.39	1.33	1.20	1.20	1.14	1.04	1.05	1.03
Accounts Receivable Turnover	6.21	6.19	6.06	6.04	5.89	5.70	6.32	6.46	6.00	6.08	5.96
Inventory Turnover	8.90	8.79	8.51	8.32	7.86	7.32	7.50	6.92	6.31	6.56	6.46
Fixed Asset Turnover	6.93	6.90	6.57	6.41	6.02	5.46	5.96	5.99	5.28	5.45	5.54
Accounts Payable Turnover	5.36	5.30	5.19	5.15	4.93	4.77	5.19	5.03	4.65	4.76	4.85
Days Sales Outstanding (DSO)	58.81	58.94	60.19	60.42	62.00	64.07	57.73	56.51	60.86	60.05	61.21
Days Inventory Outstanding (DIO)	40.99	41.51	42.90	43.89	46.43	49.90	48.63	52.73	57.89	55.67	56.52
Days Payable Outstanding (DPO)	68.10	68.91	70.28	70.92	74.07	76.53	70.35	72.56	78.45	76.75	75.28
Cash Conversion Cycle (CCC)	31.70	31.54	32.81	33.38	34.37	37.43	36.01	36.68	40.30	38.97	42.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,863	2,016	2,397	2,689	2,890	3,349	4,866	4,967	5,157	5,135	5,772
Invested Capital Turnover	3.10	3.14	3.00	2.81	2.53	2.23	2.05	1.84	1.65	1.70	1.62
Increase / (Decrease) in Invested Capital	-121	153	381	292	201	460	1,517	101	190	-22	637
Enterprise Value (EV)	5,796	6,577	10,396	8,753	11,900	14,123	20,148	17,109	19,052	17,969	17,589
Market Capitalization	4,896	5,479	9,039	7,018	10,214	12,259	17,206	14,174	16,023	15,146	14,058
Book Value per Share	$10.60	$10.40	$11.88	$11.01	$14.42	$17.80	$23.24	$25.10	$26.42	$28.78	$29.01
Tangible Book Value per Share	$2.57	$0.73	($1.20)	($1.51)	$1.76	$1.48	($10.49)	($8.28)	($9.12)	($5.22)	($11.10)
Total Capital	2,025	2,218	2,628	2,921	3,144	3,602	5,029	5,134	5,372	5,465	5,975
Total Debt	1,059	1,293	1,582	1,966	1,940	2,117	3,105	3,102	3,244	3,152	3,733
Total Long-Term Debt	964	713	1,316	1,772	1,499	2,052	2,786	2,504	2,622	2,560	3,210
Net Debt	900	1,097	1,357	1,734	1,686	1,865	2,942	2,935	3,029	2,823	3,530
Capital Expenditures (CapEx)	128	168	185	217	212	192	254	276	264	208	146
Debt-free, Cash-free Net Working Capital (DFCFNWC)	253	285	307	267	273	303	343	414	504	479	657
Debt-free Net Working Capital (DFNWC)	412	480	532	499	527	555	506	581	719	808	860
Net Working Capital (NWC)	316	-100	266	304	87	490	187	-18	97	216	337
Net Nonoperating Expense (NNE)	87	92	56	199	707	99	58	56	195	120	148
Net Nonoperating Obligations (NNO)	898	1,091	1,351	1,734	1,686	1,865	2,942	2,935	3,029	2,823	3,530
Total Depreciation and Amortization (D&A)	188	180	179	181	179	205	244	291	298	312	328
Debt-free, Cash-free Net Working Capital to Revenue	4.24%	4.67%	4.64%	3.72%	3.87%	4.34%	4.08%	4.58%	6.02%	5.47%	7.42%
Debt-free Net Working Capital to Revenue	6.90%	7.88%	8.04%	6.96%	7.45%	7.96%	6.01%	6.43%	8.59%	9.23%	9.71%
Net Working Capital to Revenue	5.30%	-1.63%	4.02%	4.25%	1.23%	7.03%	2.22%	-0.20%	1.15%	2.47%	3.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$5.35	$3.61	$6.67	$8.93	$9.28	$6.23	$8.77	$8.81
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	87.30M	84M	83.40M	82.90M	81.60M	80.70M	80.40M	78.10M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$5.28	$3.57	$6.61	$8.83	$9.21	$6.20	$8.73	$8.79
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	88.60M	85M	84.10M	83.80M	82.20M	81.10M	80.70M	78.30M
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	0.00	0.00	0.00	83.98M	83.30M	83.04M	82.46M	80.82M	80.51M	78.99M	76.88M
Normalized Net Operating Profit after Tax (NOPAT)	361	413	495	667	577	655	798	813	698	825	836
Normalized NOPAT Margin	6.05%	6.78%	7.48%	9.31%	8.16%	9.39%	9.49%	9.00%	8.34%	9.42%	9.44%
Pre Tax Income Margin	6.85%	7.84%	8.91%	7.75%	3.53%	10.58%	11.81%	11.06%	8.31%	10.89%	10.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.76	8.96	10.36	10.48	4.29	11.53	15.14	12.88	6.84	9.15	7.83
NOPAT to Interest Expense	5.96	6.89	5.36	11.40	13.34	9.36	11.36	9.67	5.86	7.05	6.17
EBIT Less CapEx to Interest Expense	5.64	6.15	7.43	6.77	1.50	8.79	11.52	9.60	4.62	7.37	6.75
NOPAT Less CapEx to Interest Expense	3.85	4.08	2.44	7.68	10.54	6.61	7.75	6.39	3.64	5.27	5.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.52%	44.43%	55.18%	37.44%	62.48%	35.40%	29.81%	31.55%	51.03%	39.37%	41.92%
Augmented Payout Ratio	133.21%	126.26%	101.21%	121.50%	140.78%	54.16%	54.25%	81.68%	78.37%	74.48%	125.10%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.93%	-9.44%	4.18%	4.18%	6.93%	4.06%	3.56%	-0.14%	-0.66%	1.47%	3.91%
EBITDA Growth	-35.56%	-20.51%	16.25%	27.45%	40.67%	19.50%	13.14%	-1.32%	6.96%	1.35%	-5.25%
EBIT Growth	-44.25%	-26.59%	20.66%	35.08%	55.49%	24.91%	16.99%	-1.94%	8.18%	-0.45%	-9.46%
NOPAT Growth	-27.70%	-16.59%	35.79%	31.17%	27.92%	8.61%	8.86%	2.40%	-0.98%	-6.25%	11.73%
Net Income Growth	-53.19%	-37.56%	16.44%	42.24%	76.10%	31.38%	21.59%	-3.54%	6.90%	-8.48%	-4.37%
EPS Growth	-52.49%	-36.67%	16.56%	42.95%	75.81%	31.58%	23.30%	-1.88%	10.55%	-5.33%	-0.46%
Operating Cash Flow Growth	-29.31%	46.11%	-9.80%	6,205.26%	4.27%	-16.27%	12.60%	-113.61%	5.61%	15.55%	7.29%
Free Cash Flow Firm Growth	87.35%	196.79%	-113.32%	501.81%	251.49%	-1.40%	4,790.90%	-86.15%	-110.25%	110.72%	-284.02%
Invested Capital Growth	6.78%	3.10%	3.83%	0.15%	-0.87%	3.34%	-0.42%	3.33%	4.51%	2.17%	12.40%
Revenue Q/Q Growth	1.23%	0.37%	0.58%	1.93%	3.90%	-2.32%	0.11%	-1.71%	3.36%	-0.23%	2.51%
EBITDA Q/Q Growth	-7.83%	18.12%	6.05%	10.38%	1.73%	0.35%	0.40%	-3.73%	10.27%	-4.91%	-6.13%
EBIT Q/Q Growth	-11.61%	25.28%	7.28%	13.71%	1.75%	0.64%	0.48%	-4.69%	12.25%	-7.39%	-8.62%
NOPAT Q/Q Growth	11.83%	16.79%	-5.22%	2.88%	9.06%	-0.84%	-5.00%	-0.32%	5.46%	-6.12%	13.22%
Net Income Q/Q Growth	-17.16%	37.75%	3.47%	20.48%	2.55%	2.77%	-4.24%	-4.43%	13.65%	-12.01%	0.06%
EPS Q/Q Growth	-16.78%	37.90%	2.92%	21.02%	2.35%	3.21%	-3.56%	-3.69%	15.31%	-11.62%	1.41%
Operating Cash Flow Q/Q Growth	9,878.95%	70.15%	-3.32%	-61.59%	65.03%	36.62%	30.03%	-104.64%	1,380.98%	49.47%	20.73%
Free Cash Flow Firm Q/Q Growth	-267.03%	123.33%	-111.87%	24,333.40%	38.38%	-84.82%	464.87%	-88.33%	-202.38%	412.09%	-593.31%
Invested Capital Q/Q Growth	1.77%	-3.30%	-0.20%	1.97%	0.73%	0.81%	-3.83%	5.81%	1.88%	-1.45%	5.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.47%	27.92%	28.24%	29.39%	29.65%	28.70%	27.87%	28.93%	28.78%	28.66%	28.65%
EBITDA Margin	11.77%	13.85%	14.61%	15.82%	15.49%	15.91%	15.96%	15.63%	16.68%	15.89%	14.55%
Operating Margin	11.18%	12.44%	12.37%	12.41%	12.92%	12.81%	12.81%	12.78%	12.91%	12.69%	12.39%
EBIT Margin	8.23%	10.28%	10.96%	12.23%	11.97%	12.33%	12.38%	12.00%	13.04%	12.10%	10.79%
Profit (Net Income) Margin	4.80%	6.59%	6.78%	8.01%	7.91%	8.32%	7.96%	7.74%	8.51%	7.51%	7.33%
Tax Burden Percent	71.61%	74.92%	70.98%	73.55%	74.16%	75.93%	72.08%	73.26%	73.97%	70.83%	80.08%
Interest Burden Percent	81.46%	85.62%	87.16%	89.13%	89.09%	88.86%	89.21%	88.02%	88.26%	87.58%	84.82%
Effective Tax Rate	28.39%	25.08%	29.02%	26.45%	25.84%	24.07%	27.92%	26.74%	26.03%	29.17%	19.92%
Return on Invested Capital (ROIC)	13.16%	15.16%	14.51%	14.68%	15.48%	16.07%	15.70%	15.33%	15.41%	14.60%	16.12%
ROIC Less NNEP Spread (ROIC-NNEP)	11.06%	13.29%	13.09%	13.91%	14.30%	15.06%	14.76%	14.22%	14.68%	13.54%	14.26%
Return on Net Nonoperating Assets (RNNOA)	17.90%	19.94%	18.77%	20.52%	21.07%	20.44%	19.45%	20.54%	20.75%	18.20%	19.89%
Return on Equity (ROE)	31.05%	35.09%	33.28%	35.20%	36.55%	36.51%	35.15%	35.87%	36.16%	32.80%	36.00%
Cash Return on Invested Capital (CROIC)	6.82%	9.70%	10.03%	14.03%	15.75%	12.11%	16.45%	12.24%	10.87%	12.94%	3.65%
Operating Return on Assets (OROA)	8.55%	10.52%	11.34%	12.54%	12.42%	12.91%	13.05%	12.65%	13.51%	12.26%	11.10%
Return on Assets (ROA)	4.99%	6.75%	7.02%	8.22%	8.21%	8.71%	8.39%	8.16%	8.82%	7.60%	7.54%
Return on Common Equity (ROCE)	31.05%	35.09%	33.28%	35.20%	36.55%	36.51%	35.15%	35.87%	36.16%	32.80%	36.00%
Return on Equity Simple (ROE_SIMPLE)	28.09%	23.40%	0.00%	25.15%	27.57%	28.15%	0.00%	32.20%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	167	196	185	196	214	212	202	201	212	199	225
NOPAT Margin	8.01%	9.32%	8.78%	9.13%	9.58%	9.73%	9.23%	9.36%	9.55%	8.99%	9.93%
Net Nonoperating Expense Percent (NNEP)	2.10%	1.87%	1.42%	0.77%	1.18%	1.01%	0.95%	1.10%	0.73%	1.06%	1.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.45%	-	-	-	3.69%	3.57%	3.69%	3.32%	3.77%
Cost of Revenue to Revenue	73.53%	72.08%	71.76%	70.61%	70.35%	71.30%	72.13%	71.07%	71.22%	71.34%	71.35%
SG&A Expenses to Revenue	15.29%	15.48%	15.87%	16.98%	16.73%	15.89%	15.07%	16.15%	15.87%	15.97%	16.26%
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	15.29%	15.48%	15.87%	16.98%	16.73%	15.89%	15.07%	16.15%	15.87%	15.97%	16.26%
Earnings before Interest and Taxes (EBIT)	172	216	231	263	268	269	271	258	290	268	245
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	246	291	308	340	346	347	349	336	370	352	331
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.77	7.02	7.53	8.13	7.70	7.48	6.55	6.40	6.24	5.67	6.27
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)	1.61	1.75	1.92	2.12	2.05	2.06	1.73	1.59	1.57	1.43	1.59
Price to Earnings (P/E)	24.11	30.01	31.85	32.32	27.93	26.56	21.49	19.87	19.31	18.02	20.43
Dividend Yield	1.81%	1.74%	1.60%	1.46%	1.51%	1.52%	1.83%	2.00%	2.04%	2.26%	2.03%
Earnings Yield	4.15%	3.33%	3.14%	3.09%	3.58%	3.76%	4.65%	5.03%	5.18%	5.55%	4.89%
Enterprise Value to Invested Capital (EV/IC)	3.18	3.40	3.69	3.99	3.89	3.90	3.50	3.16	3.08	2.89	3.05
Enterprise Value to Revenue (EV/Rev)	2.00	2.12	2.28	2.48	2.40	2.40	2.05	1.96	1.95	1.80	1.99
Enterprise Value to EBITDA (EV/EBITDA)	14.84	16.46	17.13	17.69	16.04	15.53	13.00	12.44	12.17	11.22	12.67
Enterprise Value to EBIT (EV/EBIT)	19.92	22.73	23.41	23.77	21.10	20.22	16.79	16.10	15.69	14.53	16.59
Enterprise Value to NOPAT (EV/NOPAT)	24.51	27.10	27.30	28.13	26.06	25.77	21.79	20.68	20.63	19.38	21.04
Enterprise Value to Operating Cash Flow (EV/OCF)	22.39	20.46	23.07	22.21	21.66	23.18	19.14	21.36	20.97	18.44	19.96
Enterprise Value to Free Cash Flow (EV/FCFF)	48.08	35.63	37.52	28.44	24.62	32.78	21.23	26.20	28.99	22.59	88.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.76	1.61	1.52	1.47	1.41	1.32	1.36	1.59	1.61	1.71	1.66
Long-Term Debt to Equity	1.44	1.26	1.23	0.94	0.89	0.85	1.11	1.19	1.19	1.45	1.43
Financial Leverage	1.62	1.50	1.43	1.47	1.47	1.36	1.32	1.44	1.41	1.34	1.40
Leverage Ratio	4.14	3.97	3.88	3.88	3.85	3.72	3.74	3.80	3.76	3.76	3.78
Compound Leverage Factor	3.37	3.40	3.39	3.46	3.43	3.31	3.34	3.34	3.32	3.29	3.20
Debt to Total Capital	63.76%	61.62%	60.39%	59.52%	58.46%	56.89%	57.69%	61.44%	61.72%	63.10%	62.48%
Short-Term Debt to Total Capital	11.43%	13.32%	11.58%	21.50%	21.29%	20.11%	10.84%	15.59%	16.03%	9.66%	8.75%
Long-Term Debt to Total Capital	52.33%	48.31%	48.81%	38.02%	37.17%	36.78%	46.85%	45.86%	45.69%	53.44%	53.72%
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	36.24%	38.38%	39.61%	40.48%	41.54%	43.11%	42.31%	38.56%	38.28%	36.90%	37.52%
Debt to EBITDA	3.10	3.10	2.92	2.73	2.50	2.35	2.28	2.51	2.53	2.69	2.69
Net Debt to EBITDA	2.91	2.90	2.72	2.58	2.34	2.20	2.04	2.37	2.38	2.31	2.54
Long-Term Debt to EBITDA	2.54	2.43	2.36	1.75	1.59	1.52	1.85	1.87	1.87	2.28	2.31
Debt to NOPAT	5.12	5.10	4.65	4.35	4.07	3.91	3.82	4.17	4.29	4.64	4.47
Net Debt to NOPAT	4.81	4.78	4.34	4.10	3.80	3.64	3.42	3.93	4.03	3.99	4.22
Long-Term Debt to NOPAT	4.20	4.00	3.76	2.78	2.59	2.52	3.10	3.11	3.18	3.93	3.84
Altman Z-Score	3.21	3.34	3.51	3.66	3.68	3.70	3.53	3.39	3.32	3.19	3.32
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	1.09	1.03	1.04	0.87	0.90	0.92	1.08	1.03	1.04	1.26	1.13
Quick Ratio	0.63	0.60	0.60	0.50	0.53	0.53	0.63	0.58	0.60	0.78	0.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-172	40	-4.77	188	261	40	224	26	-27	83	-411
Operating Cash Flow to CapEx	369.59%	568.96%	339.02%	246.00%	417.97%	629.60%	506.78%	-45.28%	1,460.14%	993.95%	582.38%
Free Cash Flow to Firm to Interest Expense	-5.39	1.29	-0.16	6.59	8.93	1.32	7.66	0.84	-0.79	2.50	-11.06
Operating Cash Flow to Interest Expense	5.94	10.41	10.50	4.19	6.77	9.00	12.03	-0.53	6.14	9.37	10.13
Operating Cash Flow Less CapEx to Interest Expense	4.34	8.58	7.40	2.49	5.15	7.57	9.65	-1.69	5.72	8.43	8.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.02	1.04	1.03	1.04	1.05	1.05	1.05	1.04	1.01	1.03
Accounts Receivable Turnover	5.70	5.50	6.00	5.94	5.84	5.79	6.08	5.84	5.54	5.48	5.96
Inventory Turnover	6.34	6.25	6.31	6.01	6.21	6.32	6.56	6.26	6.22	6.11	6.46
Fixed Asset Turnover	5.63	5.52	5.28	5.34	5.45	5.48	5.45	5.50	5.47	5.49	5.54
Accounts Payable Turnover	4.75	4.61	4.65	4.79	4.80	4.73	4.76	4.84	4.76	4.73	4.85
Days Sales Outstanding (DSO)	64.00	66.39	60.86	61.49	62.50	63.09	60.05	62.47	65.90	66.64	61.21
Days Inventory Outstanding (DIO)	57.53	58.37	57.89	60.69	58.77	57.73	55.67	58.27	58.68	59.74	56.52
Days Payable Outstanding (DPO)	76.84	79.26	78.45	76.13	76.00	77.24	76.75	75.37	76.63	77.09	75.28
Cash Conversion Cycle (CCC)	44.68	45.50	40.30	46.05	45.27	43.58	38.97	45.37	47.94	49.30	42.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,344	5,167	5,157	5,259	5,297	5,340	5,135	5,434	5,536	5,456	5,772
Invested Capital Turnover	1.64	1.63	1.65	1.61	1.62	1.65	1.70	1.64	1.61	1.62	1.62
Increase / (Decrease) in Invested Capital	340	155	190	8.00	-47	173	-22	175	239	116	637
Enterprise Value (EV)	16,976	17,593	19,052	20,964	20,623	20,849	17,969	17,148	17,064	15,780	17,589
Market Capitalization	13,648	14,489	16,023	17,909	17,613	17,903	15,146	13,885	13,730	12,536	14,058
Book Value per Share	$24.96	$25.61	$26.42	$27.38	$28.39	$29.73	$28.78	$27.48	$28.16	$28.35	$29.01
Tangible Book Value per Share	($10.58)	($9.59)	($9.12)	($7.62)	($6.25)	($4.99)	($5.22)	($7.03)	($6.95)	($6.58)	($11.10)
Total Capital	5,561	5,377	5,372	5,444	5,506	5,553	5,465	5,630	5,752	5,992	5,975
Total Debt	3,546	3,314	3,244	3,240	3,219	3,159	3,152	3,459	3,550	3,781	3,733
Total Long-Term Debt	2,910	2,598	2,622	2,070	2,047	2,042	2,560	2,582	2,628	3,202	3,210
Net Debt	3,328	3,104	3,029	3,055	3,010	2,946	2,823	3,263	3,334	3,245	3,530
Capital Expenditures (CapEx)	51	57	92	49	47	43	69	36	14	31	65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	661	576	504	563	631	640	479	759	828	779	657
Debt-free Net Working Capital (DFNWC)	878	786	719	749	840	853	808	955	1,044	1,315	860
Net Working Capital (NWC)	242	70	97	-421	-332	-264	216	78	122	737	337
Net Nonoperating Expense (NNE)	67	57	42	24	37	31	28	35	23	33	59
Net Nonoperating Obligations (NNO)	3,328	3,104	3,029	3,055	3,010	2,946	2,823	3,263	3,334	3,245	3,530
Total Depreciation and Amortization (D&A)	74	75	77	77	79	78	78	78	81	84	86
Debt-free, Cash-free Net Working Capital to Revenue	7.78%	6.96%	6.02%	6.67%	7.34%	7.37%	5.47%	8.67%	9.47%	8.88%	7.42%
Debt-free Net Working Capital to Revenue	10.33%	9.49%	8.59%	8.86%	9.77%	9.82%	9.23%	10.91%	11.94%	15.00%	9.71%
Net Working Capital to Revenue	2.85%	0.85%	1.15%	-4.99%	-3.87%	-3.04%	2.47%	0.89%	1.39%	8.40%	3.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.24	$1.72	$1.77	$2.14	$2.19	$2.26	$2.18	$2.10	$2.42	$2.13	$2.16
Adjusted Weighted Average Basic Shares Outstanding	80.70M	80.60M	80.70M	80.50M	80.60M	80.50M	80.40M	79.20M	78.20M	77.90M	78.10M
Adjusted Diluted Earnings per Share	$1.24	$1.71	$1.76	$2.13	$2.18	$2.25	$2.17	$2.09	$2.41	$2.13	$2.16
Adjusted Weighted Average Diluted Shares Outstanding	81M	81M	81.10M	81M	81M	80.80M	80.70M	79.40M	78.30M	78M	78.30M
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	80.58M	80.53M	80.51M	80.55M	80.52M	80.35M	78.99M	78.18M	77.98M	77.30M	76.88M
Normalized Net Operating Profit after Tax (NOPAT)	167	196	185	196	214	212	202	201	212	199	225
Normalized NOPAT Margin	8.01%	9.32%	8.78%	9.13%	9.58%	9.73%	9.23%	9.36%	9.55%	8.99%	9.93%
Pre Tax Income Margin	6.71%	8.80%	9.55%	10.90%	10.67%	10.96%	11.04%	10.57%	11.51%	10.60%	9.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.40	6.95	7.79	9.20	9.16	8.98	9.27	8.35	8.51	8.05	6.59
NOPAT to Interest Expense	5.25	6.31	6.24	6.87	7.33	7.08	6.91	6.51	6.24	5.98	6.06
EBIT Less CapEx to Interest Expense	3.79	5.13	4.69	7.49	7.54	7.55	6.89	7.18	8.09	7.11	4.85
NOPAT Less CapEx to Interest Expense	3.64	4.48	3.14	5.16	5.72	5.65	4.54	5.34	5.82	5.04	4.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.76%	52.22%	51.03%	47.13%	42.29%	40.40%	39.37%	40.30%	39.97%	41.17%	41.92%
Augmented Payout Ratio	79.15%	89.08%	78.37%	65.61%	56.36%	59.38%	74.48%	110.92%	119.69%	126.51%	125.10%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise trends snapshot for Avery Dennison (AVY) using the latest four years of quarterly statements. The focus is on revenue growth, profitability, cash flow, liquidity, and leverage dynamics.

Revenue growth: In Q4 2025, operating revenue reached about $2.27B, roughly 4% higher than Q4 2024’s $2.19B, with a 2025 year-to-date trend showing continued strength versus 2024.
Gross margin expansion: Q4 2025 gross margin is about 28.7% (650.7M gross profit on 2.271B revenue) vs roughly 27.9% in Q4 2024, indicating improving profitability at the gross level.
Operating cash flow recovery: Net cash from continuing operating activities turned positive in 2H 2025, rising to 208.8M in Q2 2025, 312.1M in Q3 2025, and 376.8M in Q4 2025.
Free cash flow signaling solid cash generation: In Q4 2025, estimated free cash flow was about 309.7M (OCF of 376.8M minus capex of 67.1M), suggesting meaningful cash generation after investment needs.
Shareholder returns: The company continued shareholder-friendly actions, with a quarterly dividend of $0.94 per share in Q4 2025 and sizable buybacks (approx. $261.6M in Q4 2025 and $118.7M in Q3 2025).
Liquidity position: In Q3 2025, total current assets were about $3.523B and total current liabilities about $2.787B, implying a rough current ratio near 1.26 and improving near-term liquidity. Total assets stood around $8.867B at that point.
Capex discipline: Capital expenditures have been modest, typically in the range of $30–70M per quarter (e.g., 67.1M in Q4 2025), suggesting ongoing but restrained investment in capacity and efficiency.
Quarterly profitability pressure: Net income for Q4 2025 was 166.4M, down from 174.0M in Q4 2024, signaling some quarterly margin pressure despite higher revenue.
Leverage concerns: Total liabilities around $6.66B with total equity near $2.21B (Q3 2025), yielding a debt-to-equity scenario above 3x and indicating meaningful leverage that could limit balance sheet flexibility.
Cash flow/financing softness: Net change in cash for Q4 2025 was negative, roughly -$333.5M, and financing activities showed ongoing outflows in several quarters, signaling cash outflows beyond operating cash flow.

05/05/26 09:56 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Avery Dennison's Financials

When does Avery Dennison's fiscal year end?

According to the most recent income statement we have on file, Avery Dennison's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Avery Dennison's net income changed over the last 10 years?

Avery Dennison's net income appears to be on an upward trend, with a most recent value of $688 million in 2025, rising from $274.30 million in 2015. The previous period was $704.90 million in 2024. View Avery Dennison's forecast to see where analysts expect Avery Dennison to go next.

What is Avery Dennison's operating income?

Avery Dennison's total operating income in 2025 was $1.12 billion, based on the following breakdown:

Total Gross Profit: $2.55 billion
Total Operating Expenses: $1.42 billion

How has Avery Dennison's revenue changed over the last 10 years?

Over the last 10 years, Avery Dennison's total revenue changed from $5.97 billion in 2015 to $8.86 billion in 2025, a change of 48.4%.

How much debt does Avery Dennison have?

Avery Dennison's total liabilities were at $6.56 billion at the end of 2025, a 7.7% increase from 2024, and a 107.1% increase since 2015.

How much cash does Avery Dennison have?

In the past 10 years, Avery Dennison's cash and equivalents has ranged from $158.80 million in 2015 to $329.10 million in 2024, and is currently $202.80 million as of their latest financial filing in 2025.

How has Avery Dennison's book value per share changed over the last 10 years?

Over the last 10 years, Avery Dennison's book value per share changed from 10.60 in 2015 to 29.01 in 2025, a change of 173.6%.

Related Companies

Financial statements for NYSE:AVY last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Avery Dennison (AVY) Financials

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