Free Trial
→ The SpaceX filing is public. The window is closing. (From Behind the Markets) (Ad)tc pixel Free AVY Stock Alerts

Avery Dennison (AVY) Financials

Avery Dennison logo
$159.62 -0.04 (-0.03%)
Closing price 05/22/2026 03:59 PM Eastern
Extended Trading
$159.59 -0.03 (-0.02%)
As of 05/22/2026 07:14 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Avery Dennison

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

Quarterly Income Statements for Avery Dennison

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 138 143 172 177 182 174 166 189 166 166 168
Consolidated Net Income / (Loss)		 138 143 172 177 182 174 166 189 166 166 168
Net Income / (Loss) Continuing Operations		 138 143 172 177 182 174 166 189 166 166 168
Total Pre-Tax Income 		185 202 234 238 239 241 227 256 235 208 240
Total Operating Income		 261 261 267 289 280 280 275 287 281 282 290
Total Gross Profit		 586 596 632 663 627 609 622 639 635 651 665
Total Revenue		 2,098 2,111 2,151 2,235 2,183 2,186 2,148 2,221 2,216 2,271 2,299
Operating Revenue		 2,098 2,111 2,151 2,235 2,183 2,186 2,148 2,221 2,216 2,271 2,299
Total Cost of Revenue		 1,513 1,515 1,519 1,573 1,557 1,577 1,527 1,581 1,581 1,621 1,634
Operating Cost of Revenue		 1,513 1,515 1,519 1,573 1,557 1,577 1,527 1,581 1,581 1,621 1,634
Total Operating Expenses		 325 335 365 374 347 329 347 352 354 369 375
Selling, General & Admin Expense		 325 335 365 374 347 329 347 352 354 369 375
Total Other Income / (Expense), net		 -76 -60 -33 -50 -40 -39 -48 -31 -46 -74 -49
Interest Expense		 31 30 29 29 30 29 31 34 33 37 36
Other Income / (Expense), net		 -45 -30 -4.00 -21 -10 -9.30 -17 2.80 -13 -37 -14
Income Tax Expense		 46 59 62 62 58 67 61 67 69 41 72
Basic Earnings per Share		 $1.72 $1.77 $2.14 $2.19 $2.26 $2.18 $2.10 $2.42 $2.13 $2.16 $2.19
Weighted Average Basic Shares Outstanding		 80.60M 80.70M 80.50M 80.60M 80.50M 80.40M 79.20M 78.20M 77.90M 78.10M 76.80M
Diluted Earnings per Share		 $1.71 $1.76 $2.13 $2.18 $2.25 $2.17 $2.09 $2.41 $2.13 $2.16 $2.18
Weighted Average Diluted Shares Outstanding		 81M 81.10M 81M 81M 80.80M 80.70M 79.40M 78.30M 78M 78.30M 77M
Weighted Average Basic & Diluted Shares Outstanding		 80.53M 80.51M 80.55M 80.52M 80.35M 78.99M 78.18M 77.98M 77.30M 76.88M 76.49M
Cash Dividends to Common per Share		 $0.81 - $0.81 $0.88 $0.88 - $0.88 $0.94 $0.94 - $0.94

Annual Cash Flow Statements for Avery Dennison

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

Quarterly Cash Flow Statements for Avery Dennison

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Change in Cash & Equivalents		 -7.20 5.10 -29 23 3.90 116 -133 20 320 -334 52
Net Cash From Operating Activities		 323 312 120 198 270 351 -16 209 312 377 137
Net Cash From Continuing Operating Activities		 323 312 120 198 270 351 -16 209 312 377 137
Net Income / (Loss) Continuing Operations		 138 143 172 177 182 174 166 189 166 166 168
Consolidated Net Income / (Loss)		 138 143 172 177 182 174 166 189 166 166 168
Depreciation Expense		 47 49 49 50 49 50 49 52 54 52 53
Amortization Expense		 28 28 28 29 29 29 29 29 30 34 34
Non-Cash Adjustments To Reconcile Net Income		 27 34 37 55 30 21 40 21 33 34 32
Changes in Operating Assets and Liabilities, net		 82 58 -167 -113 -20 78 -301 -82 29 91 -150
Net Cash From Investing Activities		 -22 -115 -62 -57 -51 -74 -33 -28 -43 -491 -33
Net Cash From Continuing Investing Activities		 -23 -118 -62 -57 -51 -74 -33 -28 -43 -491 -33
Purchase of Property, Plant & Equipment		 -57 -92 -49 -48 -43 -70 -36 -30 -36 -67 -28
Acquisitions		 -9.60 -21 -0.30 -1.60 - -1.90 -2.60 -8.10 - -391 -0.50
Sale of Property, Plant & Equipment		 0.40 0.30 0.10 0.20 0.10 0.20 0.00 16 4.50 2.40 0.70
Sale and/or Maturity of Investments		 - - 14 12 1.40 6.50 13 8.80 -4.30 -1.00 3.20
Other Investing Activities, net		 44 -4.50 -6.90 -6.00 -9.20 -8.90 -7.60 -14 -7.70 -8.50 -7.70
Net Cash From Financing Activities		 -306 -195 -85 -117 -218 -156 -85 -164 53 -219 -51
Net Cash From Continuing Financing Activities		 -306 -195 -85 -117 -218 -156 -85 -164 53 -219 -51
Repayment of Debt		 -1.60 -1.70 -1.70 -2.90 -301 -7.70 -525 -807 -23 -1.10 -1.70
Repurchase of Common Equity		 -28 -20 -16 -25 -67 -140 -262 -98 -94 -119 -61
Payment of Dividends		 -65 -65 -65 -71 -71 -70 -69 -74 -73 -72 -72
Issuance of Debt		 -211 -107 16 -18 210 62 797 - 243 -60 93
Other Financing Activities, net		 -0.10 - -18 -0.10 10 -0.20 -25 -0.70 -0.10 33 -9.20
Effect of Exchange Rate Changes		 -1.70 2.50 -2.10 -0.70 2.20 -4.90 1.20 - -1.20 0.40 -1.00

Annual Balance Sheets for Avery Dennison

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
Current Employee Benefit Liabilities		 195 217 249 218 220 239 299 229 213 289 233
Other Current Liabilities		 - - - - - - - - 387 408 636
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

Quarterly Balance Sheets for Avery Dennison

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
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 3/31/2026
Total Assets		 8,266 8,133 8,210 8,255 8,298 8,452 8,404 8,355 8,568 8,867 8,979
Total Current Assets		 2,851 2,814 2,796 2,887 2,968 3,085 3,079 3,030 3,184 3,524 3,220
Cash & Equivalents		 217 210 215 186 209 213 329 196 216 536 255
Accounts Receivable		 1,415 1,426 1,415 1,478 1,529 1,575 1,466 1,518 1,627 1,628 1,647
Inventories, net		 991 936 921 973 980 1,014 978 1,018 1,027 1,037 989
Other Current Assets		 228 242 245 251 251 284 305 299 315 322 328
Plant, Property, & Equipment, net		 1,567 1,555 1,626 1,598 1,590 1,612 1,587 1,583 1,604 1,580 1,574
Total Noncurrent Assets		 3,848 3,764 3,788 3,770 3,740 3,755 3,739 3,741 3,780 3,763 4,186
Goodwill		 1,985 1,976 2,014 1,994 1,990 2,013 1,976 1,991 2,028 2,030 2,263
Intangible Assets		 884 860 849 824 801 783 755 735 716 694 801
Noncurrent Deferred & Refundable Income Taxes		 120 115 116 116 113 111 110 119 132 132 142
Other Noncurrent Operating Assets		 860 812 810 837 837 848 897 896 904 907 979
Total Liabilities & Shareholders' Equity		 8,266 8,133 8,210 8,255 8,298 8,452 8,404 8,355 8,568 8,867 8,979
Total Liabilities		 6,251 6,070 6,082 6,051 6,011 6,058 6,092 6,184 6,367 6,656 6,678
Total Current Liabilities		 2,609 2,744 2,700 3,308 3,300 3,349 2,863 2,953 3,062 2,787 2,800
Short-Term Debt		 636 716 622 1,171 1,172 1,117 592 878 922 579 605
Accounts Payable		 1,235 1,265 1,277 1,302 1,313 1,343 1,341 1,273 1,308 1,303 1,330
Current Employee Benefit Liabilities		 179 202 213 203 235 275 289 193 205 243 200
Other Current Liabilities		 - - 387 - - - 408 610 627 662 665
Total Noncurrent Liabilities		 3,642 3,325 3,382 2,743 2,711 2,709 3,229 3,231 3,305 3,869 3,878
Long-Term Debt		 2,910 2,598 2,622 2,070 2,047 2,042 2,560 2,582 2,628 3,202 3,185
Noncurrent Deferred & Payable Income Tax Liabilities		 258 253 260 255 249 251 235 219 228 230 282
Noncurrent Employee Benefit Liabilities		 475 475 500 419 416 416 435 431 448 437 411
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		 2,015 2,064 2,128 2,204 2,287 2,394 2,312 2,171 2,202 2,211 2,301
Total Preferred & Common Equity		 2,015 2,064 2,128 2,204 2,287 2,394 2,312 2,171 2,202 2,211 2,301
Total Common Equity		 2,015 2,064 2,128 2,204 2,287 2,394 2,312 2,171 2,202 2,211 2,301
Common Stock		 975 977 979 958 957 964 965 942 946 954 942
Retained Earnings		 4,527 4,608 4,692 4,809 4,922 5,043 5,151 5,277 5,399 5,498 5,709
Treasury Stock		 -3,094 -3,119 -3,134 -3,141 -3,155 -3,212 -3,348 -3,599 -3,694 -3,785 -3,958
Accumulated Other Comprehensive Income / (Loss)		 -393 -403 -408 -422 -438 -400 -456 -449 -450 -456 -393

Annual Metrics And Ratios for Avery Dennison

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%

Quarterly Metrics And Ratios for Avery Dennison

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 76,877,940.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 76,877,940.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.19
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -9.44% 4.18% 4.18% 6.93% 4.06% 3.56% -0.14% -0.66% 1.47% 3.91% 6.99%
EBITDA Growth		 -20.51% 16.25% 27.45% 40.67% 19.50% 13.14% -1.32% 6.96% 1.35% -5.25% 8.04%
EBIT Growth		 -26.59% 20.66% 35.08% 55.49% 24.91% 16.99% -1.94% 8.18% -0.45% -9.46% 7.02%
NOPAT Growth		 -16.59% 35.79% 31.17% 27.92% 8.61% 8.86% 2.40% -0.98% -6.25% 11.73% 0.73%
Net Income Growth		 -37.56% 16.44% 42.24% 76.10% 31.38% 21.59% -3.54% 6.90% -8.48% -4.37% 1.08%
EPS Growth		 -36.67% 16.56% 42.95% 75.81% 31.58% 23.30% -1.88% 10.55% -5.33% -0.46% 4.31%
Operating Cash Flow Growth		 46.11% -9.80% 6,205.26% 4.27% -16.27% 12.60% -113.61% 5.61% 15.55% 7.29% 937.42%
Free Cash Flow Firm Growth		 196.79% -113.32% 501.81% 251.49% -1.40% 4,790.90% -86.15% -110.25% 110.72% -284.02% -863.37%
Invested Capital Growth		 3.10% 3.83% 0.15% -0.87% 3.34% -0.42% 3.33% 4.51% 2.17% 12.40% 7.39%
Revenue Q/Q Growth		 0.37% 0.58% 1.93% 3.90% -2.32% 0.11% -1.71% 3.36% -0.23% 2.51% 1.20%
EBITDA Q/Q Growth		 18.12% 6.05% 10.38% 1.73% 0.35% 0.40% -3.73% 10.27% -4.91% -6.13% 9.77%
EBIT Q/Q Growth		 25.28% 7.28% 13.71% 1.75% 0.64% 0.48% -4.69% 12.25% -7.39% -8.62% 12.65%
NOPAT Q/Q Growth		 16.79% -5.22% 2.88% 9.06% -0.84% -5.00% -0.32% 5.46% -6.12% 13.22% -10.13%
Net Income Q/Q Growth		 37.75% 3.47% 20.48% 2.55% 2.77% -4.24% -4.43% 13.65% -12.01% 0.06% 1.02%
EPS Q/Q Growth		 37.90% 2.92% 21.02% 2.35% 3.21% -3.56% -3.69% 15.31% -11.62% 1.41% 0.93%
Operating Cash Flow Q/Q Growth		 70.15% -3.32% -61.59% 65.03% 36.62% 30.03% -104.64% 1,380.98% 49.47% 20.73% -63.77%
Free Cash Flow Firm Q/Q Growth		 123.33% -111.87% 24,333.40% 38.38% -84.82% 464.87% -88.33% -202.38% 412.09% -593.31% 51.57%
Invested Capital Q/Q Growth		 -3.30% -0.20% 1.97% 0.73% 0.81% -3.83% 5.81% 1.88% -1.45% 5.80% 1.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.92% 28.24% 29.39% 29.65% 28.70% 27.87% 28.93% 28.78% 28.66% 28.65% 28.92%
EBITDA Margin		 13.85% 14.61% 15.82% 15.49% 15.91% 15.96% 15.63% 16.68% 15.89% 14.55% 15.78%
Operating Margin		 12.44% 12.37% 12.41% 12.92% 12.81% 12.81% 12.78% 12.91% 12.69% 12.39% 12.60%
EBIT Margin		 10.28% 10.96% 12.23% 11.97% 12.33% 12.38% 12.00% 13.04% 12.10% 10.79% 12.01%
Profit (Net Income) Margin		 6.59% 6.78% 8.01% 7.91% 8.32% 7.96% 7.74% 8.51% 7.51% 7.33% 7.31%
Tax Burden Percent		 74.92% 70.98% 73.55% 74.16% 75.93% 72.08% 73.26% 73.97% 70.83% 80.08% 69.93%
Interest Burden Percent		 85.62% 87.16% 89.13% 89.09% 88.86% 89.21% 88.02% 88.26% 87.58% 84.82% 87.10%
Effective Tax Rate		 25.08% 29.02% 26.45% 25.84% 24.07% 27.92% 26.74% 26.03% 29.17% 19.92% 30.07%
Return on Invested Capital (ROIC)		 15.16% 14.51% 14.68% 15.48% 16.07% 15.70% 15.33% 15.41% 14.60% 16.12% 14.09%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.29% 13.09% 13.91% 14.30% 15.06% 14.76% 14.22% 14.68% 13.54% 14.26% 13.07%
Return on Net Nonoperating Assets (RNNOA)		 19.94% 18.77% 20.52% 21.07% 20.44% 19.45% 20.54% 20.75% 18.20% 19.89% 19.88%
Return on Equity (ROE)		 35.09% 33.28% 35.20% 36.55% 36.51% 35.15% 35.87% 36.16% 32.80% 36.00% 33.96%
Cash Return on Invested Capital (CROIC)		 9.70% 10.03% 14.03% 15.75% 12.11% 16.45% 12.24% 10.87% 12.94% 3.65% 7.73%
Operating Return on Assets (OROA)		 10.52% 11.34% 12.54% 12.42% 12.91% 13.05% 12.65% 13.51% 12.26% 11.10% 12.48%
Return on Assets (ROA)		 6.75% 7.02% 8.22% 8.21% 8.71% 8.39% 8.16% 8.82% 7.60% 7.54% 7.60%
Return on Common Equity (ROCE)		 35.09% 33.28% 35.20% 36.55% 36.51% 35.15% 35.87% 36.16% 32.80% 36.00% 33.96%
Return on Equity Simple (ROE_SIMPLE)		 23.40% 0.00% 25.15% 27.57% 28.15% 0.00% 32.20% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 196 185 196 214 212 202 201 212 199 225 203
NOPAT Margin		 9.32% 8.78% 9.13% 9.58% 9.73% 9.23% 9.36% 9.55% 8.99% 9.93% 8.81%
Net Nonoperating Expense Percent (NNEP)		 1.87% 1.42% 0.77% 1.18% 1.01% 0.95% 1.10% 0.73% 1.06% 1.86% 1.01%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.45% - - - 3.69% 3.57% 3.69% 3.32% 3.77% 3.33%
Cost of Revenue to Revenue		 72.08% 71.76% 70.61% 70.35% 71.30% 72.13% 71.07% 71.22% 71.34% 71.35% 71.08%
SG&A Expenses to Revenue		 15.48% 15.87% 16.98% 16.73% 15.89% 15.07% 16.15% 15.87% 15.97% 16.26% 16.32%
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		 15.48% 15.87% 16.98% 16.73% 15.89% 15.07% 16.15% 15.87% 15.97% 16.26% 16.32%
Earnings before Interest and Taxes (EBIT)		 216 231 263 268 269 271 258 290 268 245 276
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 291 308 340 346 347 349 336 370 352 331 363
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.02 7.53 8.13 7.70 7.48 6.55 6.40 6.24 5.67 6.27 5.77
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)		 1.75 1.92 2.12 2.05 2.06 1.73 1.59 1.57 1.43 1.59 1.47
Price to Earnings (P/E)		 30.01 31.85 32.32 27.93 26.56 21.49 19.87 19.31 18.02 20.43 19.25
Dividend Yield		 1.74% 1.60% 1.46% 1.51% 1.52% 1.83% 2.00% 2.04% 2.26% 2.03% 2.18%
Earnings Yield		 3.33% 3.14% 3.09% 3.58% 3.76% 4.65% 5.03% 5.18% 5.55% 4.89% 5.20%
Enterprise Value to Invested Capital (EV/IC)		 3.40 3.69 3.99 3.89 3.90 3.50 3.16 3.08 2.89 3.05 2.88
Enterprise Value to Revenue (EV/Rev)		 2.12 2.28 2.48 2.40 2.40 2.05 1.96 1.95 1.80 1.99 1.87
Enterprise Value to EBITDA (EV/EBITDA)		 16.46 17.13 17.69 16.04 15.53 13.00 12.44 12.17 11.22 12.67 11.87
Enterprise Value to EBIT (EV/EBIT)		 22.73 23.41 23.77 21.10 20.22 16.79 16.10 15.69 14.53 16.59 15.59
Enterprise Value to NOPAT (EV/NOPAT)		 27.10 27.30 28.13 26.06 25.77 21.79 20.68 20.63 19.38 21.04 20.08
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.46 23.07 22.21 21.66 23.18 19.14 21.36 20.97 18.44 19.96 16.25
Enterprise Value to Free Cash Flow (EV/FCFF)		 35.63 37.52 28.44 24.62 32.78 21.23 26.20 28.99 22.59 88.40 38.61
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.61 1.52 1.47 1.41 1.32 1.36 1.59 1.61 1.71 1.66 1.65
Long-Term Debt to Equity		 1.26 1.23 0.94 0.89 0.85 1.11 1.19 1.19 1.45 1.43 1.38
Financial Leverage		 1.50 1.43 1.47 1.47 1.36 1.32 1.44 1.41 1.34 1.40 1.52
Leverage Ratio		 3.97 3.88 3.88 3.85 3.72 3.74 3.80 3.76 3.76 3.78 3.88
Compound Leverage Factor		 3.40 3.39 3.46 3.43 3.31 3.34 3.34 3.32 3.29 3.20 3.38
Debt to Total Capital		 61.62% 60.39% 59.52% 58.46% 56.89% 57.69% 61.44% 61.72% 63.10% 62.48% 62.23%
Short-Term Debt to Total Capital		 13.32% 11.58% 21.50% 21.29% 20.11% 10.84% 15.59% 16.03% 9.66% 8.75% 9.93%
Long-Term Debt to Total Capital		 48.31% 48.81% 38.02% 37.17% 36.78% 46.85% 45.86% 45.69% 53.44% 53.72% 52.30%
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		 38.38% 39.61% 40.48% 41.54% 43.11% 42.31% 38.56% 38.28% 36.90% 37.52% 37.77%
Debt to EBITDA		 3.10 2.92 2.73 2.50 2.35 2.28 2.51 2.53 2.69 2.69 2.68
Net Debt to EBITDA		 2.90 2.72 2.58 2.34 2.20 2.04 2.37 2.38 2.31 2.54 2.50
Long-Term Debt to EBITDA		 2.43 2.36 1.75 1.59 1.52 1.85 1.87 1.87 2.28 2.31 2.25
Debt to NOPAT		 5.10 4.65 4.35 4.07 3.91 3.82 4.17 4.29 4.64 4.47 4.53
Net Debt to NOPAT		 4.78 4.34 4.10 3.80 3.64 3.42 3.93 4.03 3.99 4.22 4.22
Long-Term Debt to NOPAT		 4.00 3.76 2.78 2.59 2.52 3.10 3.11 3.18 3.93 3.84 3.80
Altman Z-Score		 3.34 3.51 3.66 3.68 3.70 3.53 3.39 3.32 3.19 3.32 3.24
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 1.04 0.87 0.90 0.92 1.08 1.03 1.04 1.26 1.13 1.15
Quick Ratio		 0.60 0.60 0.50 0.53 0.53 0.63 0.58 0.60 0.78 0.64 0.68
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 40 -4.77 188 261 40 224 26 -27 83 -411 -199
Operating Cash Flow to CapEx		 568.96% 339.02% 246.00% 417.97% 629.60% 506.78% -45.28% 1,460.14% 993.95% 582.38% 494.57%
Free Cash Flow to Firm to Interest Expense		 1.29 -0.16 6.59 8.93 1.32 7.66 0.84 -0.79 2.50 -11.06 -5.60
Operating Cash Flow to Interest Expense		 10.41 10.50 4.19 6.77 9.00 12.03 -0.53 6.14 9.37 10.13 3.83
Operating Cash Flow Less CapEx to Interest Expense		 8.58 7.40 2.49 5.15 7.57 9.65 -1.69 5.72 8.43 8.39 3.06
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.02 1.04 1.03 1.04 1.05 1.05 1.05 1.04 1.01 1.03 1.04
Accounts Receivable Turnover		 5.50 6.00 5.94 5.84 5.79 6.08 5.84 5.54 5.48 5.96 5.69
Inventory Turnover		 6.25 6.31 6.01 6.21 6.32 6.56 6.26 6.22 6.11 6.46 6.39
Fixed Asset Turnover		 5.52 5.28 5.34 5.45 5.48 5.45 5.50 5.47 5.49 5.54 5.71
Accounts Payable Turnover		 4.61 4.65 4.79 4.80 4.73 4.76 4.84 4.76 4.73 4.85 4.93
Days Sales Outstanding (DSO)		 66.39 60.86 61.49 62.50 63.09 60.05 62.47 65.90 66.64 61.21 64.14
Days Inventory Outstanding (DIO)		 58.37 57.89 60.69 58.77 57.73 55.67 58.27 58.68 59.74 56.52 57.08
Days Payable Outstanding (DPO)		 79.26 78.45 76.13 76.00 77.24 76.75 75.37 76.63 77.09 75.28 74.01
Cash Conversion Cycle (CCC)		 45.50 40.30 46.05 45.27 43.58 38.97 45.37 47.94 49.30 42.45 47.21
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,167 5,157 5,259 5,297 5,340 5,135 5,434 5,536 5,456 5,772 5,836
Invested Capital Turnover		 1.63 1.65 1.61 1.62 1.65 1.70 1.64 1.61 1.62 1.62 1.60
Increase / (Decrease) in Invested Capital		 155 190 8.00 -47 173 -22 175 239 116 637 402
Enterprise Value (EV)		 17,593 19,052 20,964 20,623 20,849 17,969 17,148 17,064 15,780 17,589 16,810
Market Capitalization		 14,489 16,023 17,909 17,613 17,903 15,146 13,885 13,730 12,536 14,058 13,275
Book Value per Share		 $25.61 $26.42 $27.38 $28.39 $29.73 $28.78 $27.48 $28.16 $28.35 $29.01 $29.92
Tangible Book Value per Share		 ($9.59) ($9.12) ($7.62) ($6.25) ($4.99) ($5.22) ($7.03) ($6.95) ($6.58) ($11.10) ($9.93)
Total Capital		 5,377 5,372 5,444 5,506 5,553 5,465 5,630 5,752 5,992 5,975 6,091
Total Debt		 3,314 3,244 3,240 3,219 3,159 3,152 3,459 3,550 3,781 3,733 3,790
Total Long-Term Debt		 2,598 2,622 2,070 2,047 2,042 2,560 2,582 2,628 3,202 3,210 3,185
Net Debt		 3,104 3,029 3,055 3,010 2,946 2,823 3,263 3,334 3,245 3,530 3,535
Capital Expenditures (CapEx)		 57 92 49 47 43 69 36 14 31 65 28
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 576 504 563 631 640 479 759 828 779 657 770
Debt-free Net Working Capital (DFNWC)		 786 719 749 840 853 808 955 1,044 1,315 860 1,025
Net Working Capital (NWC)		 70 97 -421 -332 -264 216 78 122 737 337 420
Net Nonoperating Expense (NNE)		 57 42 24 37 31 28 35 23 33 59 34
Net Nonoperating Obligations (NNO)		 3,104 3,029 3,055 3,010 2,946 2,823 3,263 3,334 3,245 3,530 3,535
Total Depreciation and Amortization (D&A)		 75 77 77 79 78 78 78 81 84 86 87
Debt-free, Cash-free Net Working Capital to Revenue		 6.96% 6.02% 6.67% 7.34% 7.37% 5.47% 8.67% 9.47% 8.88% 7.42% 8.55%
Debt-free Net Working Capital to Revenue		 9.49% 8.59% 8.86% 9.77% 9.82% 9.23% 10.91% 11.94% 15.00% 9.71% 11.38%
Net Working Capital to Revenue		 0.85% 1.15% -4.99% -3.87% -3.04% 2.47% 0.89% 1.39% 8.40% 3.80% 4.66%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.72 $1.77 $2.14 $2.19 $2.26 $2.18 $2.10 $2.42 $2.13 $2.16 $2.19
Adjusted Weighted Average Basic Shares Outstanding		 80.60M 80.70M 80.50M 80.60M 80.50M 80.40M 79.20M 78.20M 77.90M 78.10M 76.80M
Adjusted Diluted Earnings per Share		 $1.71 $1.76 $2.13 $2.18 $2.25 $2.17 $2.09 $2.41 $2.13 $2.16 $2.18
Adjusted Weighted Average Diluted Shares Outstanding		 81M 81.10M 81M 81M 80.80M 80.70M 79.40M 78.30M 78M 78.30M 77M
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		 80.53M 80.51M 80.55M 80.52M 80.35M 78.99M 78.18M 77.98M 77.30M 76.88M 76.49M
Normalized Net Operating Profit after Tax (NOPAT)		 196 185 196 214 212 202 201 212 199 225 203
Normalized NOPAT Margin		 9.32% 8.78% 9.13% 9.58% 9.73% 9.23% 9.36% 9.55% 8.99% 9.93% 8.81%
Pre Tax Income Margin		 8.80% 9.55% 10.90% 10.67% 10.96% 11.04% 10.57% 11.51% 10.60% 9.15% 10.46%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.95 7.79 9.20 9.16 8.98 9.27 8.35 8.51 8.05 6.59 7.75
NOPAT to Interest Expense		 6.31 6.24 6.87 7.33 7.08 6.91 6.51 6.24 5.98 6.06 5.69
EBIT Less CapEx to Interest Expense		 5.13 4.69 7.49 7.54 7.55 6.89 7.18 8.09 7.11 4.85 6.98
NOPAT Less CapEx to Interest Expense		 4.48 3.14 5.16 5.72 5.65 4.54 5.34 5.82 5.04 4.32 4.92
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 52.22% 51.03% 47.13% 42.29% 40.40% 39.37% 40.30% 39.97% 41.17% 41.92% 42.23%
Augmented Payout Ratio		 89.08% 78.37% 65.61% 56.36% 59.38% 74.48% 110.92% 119.69% 126.51% 125.10% 96.06%

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.
05/26/26 02:28 AM ETAI Generated. May Contain Errors.

Avery Dennison Financials - Frequently Asked Questions

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.

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. See Avery Dennison's forecast for analyst expectations on what's next for the company.

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

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%.

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.

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.

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 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
Hey, it's Jon Najarian. The SpaceX IPO is right around the corner. But I discovered Elon may have something BIGGER planned. Check this out before June 9th...
After being invited to the SpaceX launch headquarters in Cape Canaveral from one of Elon's top lobbyists… Hall...
Banyan Hill Publishing | Sponsoredtc pixel
The SpaceX supplier that shipped 5 billion chips to Starlink
When Nvidia surged 770%, its data center cooling supplier Vertiv climbed 1,700%. When Apple ran 2,000%, suppli...
Weiss Ratings | Sponsoredtc pixel
Trump Admin to Pump $1 Billion into this “Off-the-Radar” AI Stock
The U.S. government pumped more than $1 billion into Intel. The stock popped 128%. It pumped $400 million into...
InvestorPlace | Sponsoredtc pixel
Better than SpaceX? Grab this ticker instead.
Larry Benedict generated $274 million for his clients by finding the trades most investors missed. Now he says...
Brownstone Research | Sponsoredtc pixel
SpaceX will mint billionaires. You won't be one of them.
By the time a company goes public, 95% of profits have already been made. Insiders bought SpaceX at $20 billio...
Behind the Markets | Sponsoredtc pixel
Your book attached
Bill Poulos is offering his 'Simple Options Trading For Beginners' guide at no cost - normally priced at $29.9...
Profits Run | Sponsoredtc pixel
Gold surged 600 dollars last time this indicator peaked
The Buffett Indicator has predicted every major gold bull run this century - 2000, 2008, and 2020, when gold s...
Porter & Company | Sponsoredtc pixel
Three companies about to leapfrog Nvidia [And transform the entire industry]
Futurist George Gilder - who predicted the smartphone years before the iPhone launched - believes today's AI d...
Eagle Publishing | Sponsoredtc pixel