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Avery Dennison (AVY) stock

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NYSE: AVY NYSE Paper & Plastic Packaging Products & Materials Next results ~February 3, 2027

B+ Fundamentals grade

Avery Dennison is a materials science and digital identification business that designs and manufactures pressure-sensitive label materials, graphics and reflective films, functional and bonding tapes, radio-frequency identification (RFID) inlays and tags, software linking physical items to digital data, and branded packaging and embellishments. Its products are sold under brands including Fasson, JAC, Mactac, Vestcom and the Avery Dennison name. The company was founded in 1935 and incorporated in Delaware in 1977.

Its customers are mainly converters and companies across industries such as apparel, general retail, e-commerce, logistics, food and grocery, home and personal care, pharmaceuticals and automotive. Revenue comes from selling these materials, labels, tags and related solutions, with label materials distributed worldwide through a converter channel.

The business operates through two reportable segments: Materials Group, supplying the pressure-sensitive label and graphics industries, and Solutions Group, providing information and branding solutions including RFID and shelf-edge offerings. In 2025 these accounted for roughly 69% and 31% of net sales. International operations represented about 69% of sales. It runs over 200 manufacturing and distribution facilities in more than 50 countries, employing around 35,000 people.

Based on Avery Dennison's 10-K filed February 25, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$120–$250 across our lower- and higher-growth cases (-0.7%–9.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 4% above our base value.

Price used: $187.01, November 2, 2026

Avery Dennison valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 26 sales by directors and officers, last 12 monthsInsider trades
  • Funds367 adding, 375 cuttingOf 70 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Avery Dennison files

Where Avery Dennison stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.25bn, up 5.8% on a year earlier, faster than 2.9% a quarter earlier. Free-cash-flow margin rose to 11.5% from 7.3% a year earlier. The diluted share count is down 3.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $162 a share, against a share price of $178. At that price, our model says the market is pricing in about 5.7% a year of cash-flow growth for five years, faster than the 1.9% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Avery Dennison's trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 11.5%. Where it stands out: change in growth rate of +2.9pp ranks 1 of 11 paper & plastic packaging products & materials companies we cover. Where it lags: days sales outstanding of 71 days ranks 9 of 9 paper & plastic packaging products & materials companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$120–$250 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 67.3% while net income fell 0.9%: a 68pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 3 insiders sold $21M of stock over the past 365 days and none bought (94% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 71 days ranks 9 of 9 paper & plastic packaging products & materials companies we cover (median 55 days).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$2.42 against an average estimate of $2.32: beat by 4.1%
Revenue
$2.46bn, up 10.9% on a year earlier
Share reaction
+0.8% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
reported EPS $9.45 to $9.59 (full year 2026); adjusted EPS $10.1 to $10.24 (full year 2026)
Next report
October 29, 2026; average EPS estimate $2.43

Avery Dennison's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.6%
  • 1 week+2.0%
  • 1 month+10.1%
  • This year+4.6%
  • 1 year+9.4%
  • 5 years-5.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.2B
Net margin
7.6%
EPS (TTM, diluted)
$9.13

Growth

Revenue growth
+5.8%
Change in growth rate
+2.9 pts
Share count change
−3.0%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
11.5%
Stock pay % of revenue
0.3%

Earnings

Last results
October 29, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Dividend
  4. Leadership
  5. Leadership
  6. Leadership
  7. Announcement
  8. Announcement
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Avery Dennison valuation models and calculator

What the price is pricing in

The share price implies about 4.4% a year of cash-flow growth for five years.That is close to the 1.9% a year revenue growth Avery Dennison has delivered.

  • Priced in4.4%
  • Last 12 months5.8%
  • 3 years a year2.9%
  • 5 years a year1.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($184.50, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$180
Price used
$184.50close November 3, 2026
Implied change
▼ 3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Avery Dennison's free cash flow after stock-based pay with after-tax interest added back ($915M, FY2026 Q2 TTM), growing 3.3% and 3.8% in the next two years (forecasts, guidance and its record), then back to 4.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$120–~$250 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Avery Dennison's free cash flow after stock-based pay ( $915M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Avery Dennison as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$120–$250 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$110–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$190 ~$140–$260 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$140–$200 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$130–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Avery Dennison with Paper & Plastic Packaging Products & Materials in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +63%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $129$191$273$382$523$706
8.5% $88$133$192$270$371$501
10% $63$98$144$203$280$379

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$51.29$58.77$97.99$77.26$116.75$140.27$198.35$168.48$191.49$181.43$178.79$187.01
Market value$4.8bn$5.3bn$8.8bn$6.8bn$9.9bn$11.8bn$16.6bn$13.8bn$15.5bn$14.6bn$14.0bn$14.4bn
+ Net debt (− = net cash)$900m$1.1bn$1.4bn$1.7bn$1.7bn$1.9bn$2.9bn$2.9bn$3.0bn$2.8bn$3.5bn$3.5bn
Enterprise value$5.7bn$6.4bn$10.2bn$8.6bn$11.6bn$13.7bn$19.6bn$16.8bn$18.6bn$17.5bn$17.5bn$17.9bn
Multiples
Price / sales 0.8x0.9x1.3x1.0x1.4x1.7x2.0x1.5x1.9x1.7x1.6x1.6x
Price / earnings 17.4x16.6x31.3x14.6x32.7x21.2x22.5x18.3x30.9x20.8x20.3x20.5x
Price / free cash flow 14.1x13.2x19.4x29.6x18.8x21.5x21.0x20.3x27.7x20.1x19.7x13.6x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

68 /100

Moderate moat

How hard Avery Dennison's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.0% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 27.4%, moving by 1.0 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Net margin has been a median 7.5%; its worst year was 3.4%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.2% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 8.1% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.19 +7% $9.4bn +6%
Next $11.12 +9% $9.6bn +3%

Next year's EPS estimate has moved −0.6% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 1 analyst raised Avery Dennison's forecast and 2 cut it.

Consensus EPS forecast Avery Dennison, last 90 days
$10.00 $10.50 $11.00 $11.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.16 Current fiscal year, 60 days ago: $10.16 Current fiscal year, 30 days ago: $10.18 Current fiscal year, 7 days ago: $10.17 Current fiscal year, Now: $10.19 $10.19 Next fiscal year, 90 days ago: $11.19 Next fiscal year, 60 days ago: $11.19 Next fiscal year, 30 days ago: $11.19 Next fiscal year, 7 days ago: $11.19 Next fiscal year, Now: $11.12 $11.12

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.16$11.19
60 days ago $10.16$11.19
30 days ago $10.18$11.19
7 days ago $10.17$11.19
Now $10.19$11.12

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.32 $2.42 +4.1%
Jun 2026 $2.47 $2.89 +17.0%
Mar 2026 $2.43 $2.47 +1.8%
Dec 2025 $2.39 $2.45 +2.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Reported EPS full year 2026 $9.45 to $9.59 GAAP Lowered vs 9.4 to 9.7
    “Based on the factors listed and other assumptions, the company expects full year 2026 reported EPS of $9.45 to $9.59.” source
  • Adjusted EPS full year 2026 $10.10 to $10.24 Non-GAAP Raised vs 10 to 10.3
    “Excluding an estimated $0.65 impact of restructuring charges and other items, the company expects full year 2026 adjusted EPS of $10.10 to $10.24.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Avery Dennison's revenue by +3.3% next year and +3.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.8%, weight 68%) and the company's own record (+4.3%, weight 32%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy982%
Hold218%
Sell00%

Monthly trend

  1. Oct 202627211
  2. Sep 202627211
  3. Aug 202627211
  4. Jul 202627211

Counts of recommendations published by analysts covering Avery Dennison, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
2.92
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
0.6%
of shares
Employees
35,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.4%

$170.98 on October 31, 2025 to $187.01

ThenNowEffect
Revenue (last 12 months) $8.7bn $9.2bn +5.8%
Net margin 8.1% 7.6% −6.3%
P/E multiple 19.1x 20.5x +7.0%
Share count 80m 77m +3.1%

Biggest factor: p/e multiple.

Last 3 years +9.4%

$170.96 on November 3, 2023 to $187.01

ThenNowEffect
Revenue (last 12 months) $8.5bn $9.2bn +8.8%
Net margin 6.7% 7.6% +14.4%
P/E multiple 24.6x 20.5x −16.8%
Share count 82m 77m +5.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AVY+41%−15%+14%−6%−1%+5%
Industry peers (median)+4%−23%−5%+3%−17%−4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AVY67%33%50%33%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AVY−11%−29%−18%−18%−18%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from February 5, 2020 to March 23, 2020. Getting back needed a 77% gain, reached on October 21, 2020, 212 days after the low.

Price behaviour

52-week range
$152.13 – $194.10
From 52-week high
−3.7%
vs 50-day average
+7.4%
vs 200-day average
+9.7%
Volatility (1 year)
24%
Beta vs S&P 500
0.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.1%
After a week
5 up, 6 down
typical move ±3.5%
After a month
5 up, 6 down
typical move ±4.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +0.8% −2.1% — —
July 30, 2026 +1.5% +2.4% +4.1% +6.3%
April 28, 2026 −1.2% −0.5% −1.8% −2.3%
February 4, 2026 +3.2% −1.7% +3.2% −3.4%
October 22, 2025 +13.9% +0.1% +7.7% +1.5%
July 22, 2025 +0.4% +0.9% −3.8% −1.9%
April 23, 2025 −0.7% +3.7% −2.1% +3.1%
January 30, 2025 −3.7% 0.0% −5.8% −3.6%
October 23, 2024 −3.5% −0.7% −2.2% −6.0%
July 23, 2024 −4.2% −2.4% −3.7% −4.1%
April 24, 2024 +2.8% −0.4% +3.1% +7.4%
January 31, 2024 −0.9% −0.3% +0.9% +7.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Avery Dennison’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Avery Dennison in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Avery Dennison
$8B $8.5B $9B $9.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $8.3B Revenue (TTM), FY23 Q4: $8.4B Revenue (TTM), FY24 Q1: $8.5B Revenue (TTM), FY24 Q2: $8.6B Revenue (TTM), FY24 Q3: $8.7B Revenue (TTM), FY24 Q4: $8.8B Revenue (TTM), FY25 Q1: $8.8B Revenue (TTM), FY25 Q2: $8.7B Revenue (TTM), FY25 Q3: $8.8B Revenue (TTM), FY25 Q4: $8.9B Revenue (TTM), FY26 Q1: $9B Revenue (TTM), FY26 Q2: $9.2B $9.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $8.3B
FY23 Q4 $8.4B
FY24 Q1 $8.5B
FY24 Q2 $8.6B
FY24 Q3 $8.7B
FY24 Q4 $8.8B
FY25 Q1 $8.8B
FY25 Q2 $8.7B
FY25 Q3 $8.8B
FY25 Q4 $8.9B
FY26 Q1 $9B
FY26 Q2 $9.2B
Revenue growth, TTM YoY Avery Dennison
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -10.0% Revenue growth, TTM YoY, FY23 Q4: -7.5% Revenue growth, TTM YoY, FY24 Q1: -3.5% Revenue growth, TTM YoY, FY24 Q2: 1.1% Revenue growth, TTM YoY, FY24 Q3: 4.8% Revenue growth, TTM YoY, FY24 Q4: 4.7% Revenue growth, TTM YoY, FY25 Q1: 3.6% Revenue growth, TTM YoY, FY25 Q2: 1.7% Revenue growth, TTM YoY, FY25 Q3: 1.0% Revenue growth, TTM YoY, FY25 Q4: 1.1% Revenue growth, TTM YoY, FY26 Q1: 2.9% Revenue growth, TTM YoY, FY26 Q2: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -10.0%
FY23 Q4 -7.5%
FY24 Q1 -3.5%
FY24 Q2 1.1%
FY24 Q3 4.8%
FY24 Q4 4.7%
FY25 Q1 3.6%
FY25 Q2 1.7%
FY25 Q3 1.0%
FY25 Q4 1.1%
FY26 Q1 2.9%
FY26 Q2 5.8%
FCF margin (TTM) Avery Dennison
6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 7.2% FCF margin (TTM), FY23 Q4: 6.7% FCF margin (TTM), FY24 Q1: 8.2% FCF margin (TTM), FY24 Q2: 8.2% FCF margin (TTM), FY24 Q3: 7.7% FCF margin (TTM), FY24 Q4: 8.3% FCF margin (TTM), FY25 Q1: 6.9% FCF margin (TTM), FY25 Q2: 7.3% FCF margin (TTM), FY25 Q3: 7.8% FCF margin (TTM), FY25 Q4: 8.0% FCF margin (TTM), FY26 Q1: 9.7% FCF margin (TTM), FY26 Q2: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 7.2%
FY23 Q4 6.7%
FY24 Q1 8.2%
FY24 Q2 8.2%
FY24 Q3 7.7%
FY24 Q4 8.3%
FY25 Q1 6.9%
FY25 Q2 7.3%
FY25 Q3 7.8%
FY25 Q4 8.0%
FY26 Q1 9.7%
FY26 Q2 11.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5,186 5,782 5,845 5,864 6,140 6,330 5,967 6,087 6,614 7,159 7,070 6,972 8,408 9,039 8,364 8,756 8,856 9,248
Gross profit 1,256 1,514 1,475 1,528 1,638 1,651 1,646 1,700 1,812 1,916 1,904 1,923 2,313 2,404 2,278 2,531 2,546 2,680
Net income −747 317 190 215 213 245 274 321 282 467 304 556 740 757 503 705 688 705
Diluted EPS −$7.21 $2.97 $1.78 $2.08 $2.13 $2.56 $2.95 $3.54 $3.13 $5.28 $3.57 $6.61 $8.83 $9.21 $6.20 $8.73 $8.79 $9.13
Growth (year on year)
Revenue −22.7% +11.5% +1.1% +0.3% +4.7% +3.1% −5.7% +2.0% +8.7% +8.2% −1.2% −1.4% +20.6% +7.5% −7.5% +4.7% +1.1% +5.8%
Net income −380.6% — −40.0% +13.3% −1.0% +15.0% +11.9% +16.9% −12.1% +65.9% −35.0% +83.1% +33.1% +2.3% −33.6% +40.1% −2.4% −0.9%
Diluted EPS −367.0% — −40.1% +16.9% +2.4% +20.2% +15.2% +20.0% −11.6% +68.7% −32.4% +85.2% +33.6% +4.3% −32.7% +40.8% +0.7% +2.2%
Margins
Gross margin 24.2% 26.2% 25.2% 26.1% 26.7% 26.1% 27.6% 27.9% 27.4% 26.8% 26.9% 27.6% 27.5% 26.6% 27.2% 28.9% 28.8% 29.0%
Net margin −14.4% 5.5% 3.3% 3.7% 3.5% 3.9% 4.6% 5.3% 4.3% 6.5% 4.3% 8.0% 8.8% 8.4% 6.0% 8.1% 7.8% 7.6%
Free-cash-flow margin 9.6% 7.0% 5.4% 7.1% 3.1% 3.3% 5.7% 6.7% 6.9% 3.2% 7.5% 7.9% 9.4% 7.6% 6.7% 8.3% 8.0% 11.5%
Cash flow
Cash from operations 569 487 423 513 320 355 474 582 646 458 747 751 1,047 961 826 939 881 1,234
Capital spending 70 84 110 99 129 148 136 177 191 227 219 201 255 278 265 209 169 171
Free cash flow 499 403 313 414 190 207 338 405 455 231 527 550 792 683 561 730 712 1,063
Stock-based pay 26 35 40 39 34 28 26 27 30 34 35 24 37 47 22 29 28 25
Free cash flow after stock pay 474 368 274 375 156 179 312 378 425 197 493 526 755 636 538 701 685 1,038
Balance sheet
Cash 138 128 178 235 351 207 159 195 224 232 254 252 163 167 215 329 203 227
Total debt 1,624 1,337 1,181 1,222 1,028 1,144 1,059 1,293 1,582 1,966 1,940 2,117 3,105 3,102 3,244 3,152 3,733 3,678
Net debt (negative = net cash) 1,486 1,210 1,003 987 676 937 900 1,097 1,357 1,734 1,686 1,865 2,942 2,935 3,029 2,823 3,530 3,451
Diluted shares 104m 107m 107m 104m 100m 96m 93m 91m 90m 89m 85m 84m 84m 82m 81m 81m 78m 77m
Returned to shareholders
Dividends 135 89 107 110 112 125 133 143 156 175 190 197 221 239 257 278 288 294
Buybacks — 109 14 235 284 356 232 262 130 393 238 104 181 380 138 248 572 411
Total returned 135 197 120 346 396 481 365 405 285 568 427 301 402 618 394 525 861 705

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $9.2bn
Short-term assets $3.4bnLonger-term assets $5.8bn
What it owes, and who funded it · $5.3bn
Short-term liabilities $3.0bnShareholders' equity $2.3bn
  • Short-term assets cover short-term liabilities $3.4bn of assets due within a year against $3.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $227m of cash against $3.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 158% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 144% to 158% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.2bn of operating cash flow against $3.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Avery Dennison's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$411M
Dividends (TTM)
$294M
Returned to shareholders
66%
of free cash flow
Buybacks, last 3 fiscal years
$957M
Diluted share count
−3.0%
year over year
Total shareholder yield
5.0%
dividends 2.1% + buybacks 2.9% of market value
Dividend payout ratio
42%
of net income paid out
Sales & admin spending
16.1%
of revenue
Days sales outstanding
71 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in paper & plastic packaging products & materials
Last 12 months unless stated AVY PKG GPK SON AMCR IP Median
Revenue, last 12 months $9.2bn $9.5bn $8.6bn $7.4bn $23.5bn $24.2bn $8.6bn
Revenue growth, last 12 months 5.8% 10.3% 0.0% 3.6% 56.6% 25.4% 3.6%
Revenue growth, 3-year average 2.9% 5.9% −3.7% 18.9% 17.0% 6.1% 6.0%
Revenue growth, latest quarter 10.9% 14.7% −0.7% −4.2% 25.9% −2.2% 1.1%
Gross margin 29.0% 20.1% 15.5% 20.2% 20.0% 29.8% 20.0%
Operating margin — 10.9% 5.8% 2.7% 8.1% 11.1% 4.1%
Operating margin, 3-year average — 12.6% 9.9% 5.3% 7.9% 9.9% 5.7%
Net margin 7.6% 7.3% 2.2% −3.1% 4.7% −14.2% 1.6%
Cash from operations / revenue 13.3% 17.0% 9.2% 8.6% 9.2% 10.9% 9.2%
Free-cash-flow margin 11.5% 7.8% 2.7% 4.8% 5.2% 2.0% 4.8%
Free-cash-flow margin, 3-year average 9.0% 7.8% 3.3% 5.0% 5.6% 2.2% 4.6%
Stock pay / revenue 0.3% 0.5% 0.2% 0.2% 0.4% 0.5% 0.4%
Change in share count −3.0% >999% −1.8% 0.4% −2.9% 25.4% 0.7%

Median of all 11 companies we cover in paper & plastic packaging products & materials. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 paper & plastic packaging products & materials companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% 3.6% 5 of 11
Change in growth rate Growth +2.9pp -1.5pp 1 of 11
Gross margin Profitability 29.0% 20.1% 3 of 10
Net margin Profitability 7.6% 1.6% 1 of 11
Free-cash-flow margin Cash generation 11.5% 4.8% 1 of 11
Stock pay as % of revenue Cash generation 0.3% 0.4% 3 of 11
Long-term debt as % of assets Balance sheet 34.5% 36.0% 5 of 11
Change in share count Balance sheet -3.0% 1.0% 1 of 9
Days sales outstanding Balance sheet 71 days 55 days 9 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
United States $2.8B ▲ 5.3%
Asia $2.7B ▼ 1.3%
Europe The Middle East and North Africa $2.5B ▲ 1.6%
China Including Hong Kong $1.4B ▼ 3.6%
Latin America $567M ▼ 5.4%
Other International $353M ▼ 2.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Avery Dennison's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.1B
Institutions reporting
776
Shares held vs prior quarter
▲ 3.0%
Positions opened / closed
90 / 99

Top buyers and sellers, Q2 2026: 367 institutions bought and 375 sold ; the biggest buyer was Wellington Management Group LLP (+482K shares) and the biggest seller T. Rowe Price Investment Management, Inc (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 6.5M 8.7% ▲ 1.6%
Wellington Management Group LLP $940M 5.8M 7.8% ▲ 9.1%
Vanguard Capital Management LLC $812M 5.0M 6.7% ▼ 0.1%
Vanguard Portfolio Management LLC $790M 4.9M 6.5% 0.0%
State Street Corp $657M 4.0M 5.4% ▲ 7.7%
Morgan Stanley $576M 3.5M 4.8% ▼ 2.5%
Ameriprise Financial Inc $373M 2.3M 3.1% ▲ 20.8%
Geode Capital Management, LLC $351M 2.2M 2.9% ▲ 0.2%
Invesco Ltd. $253M 1.6M 2.1% ▲ 15.8%
Price T Rowe Associates Inc $245M 1.5M 2.0% ▲ 3.1%
T. Rowe Price Investment Management, Inc. $226M 1.4M 1.9% ▼ 52.6%
Northern Trust Corp $171M 1.1M 1.4% ▼ 1.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Avery Dennison's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $21.2M 26 trades by 3 insiders · 94% under pre-set plans
Net ▼ $21.2M net selling
Insider Date Trade Shares Price Value
Colisto Nicholas SVP & CIO September 15, 2026 Sell 3,886 $170.68 $663,264
Walker Ignacio J SVP and Chief Legal Officer August 4, 2026 Sell 1,742 $171.61 $298,945
Butier Mitchell R Director March 12, 2026 Sell pre-set plan 857 $173.50 $148,688
Butier Mitchell R Director March 12, 2026 Sell pre-set plan 3,027 $172.66 $522,653
Butier Mitchell R Director March 12, 2026 Sell pre-set plan 2,977 $171.80 $511,458
Butier Mitchell R Director March 12, 2026 Sell pre-set plan 4,979 $170.69 $849,863
Butier Mitchell R Director March 12, 2026 Sell pre-set plan 1,160 $169.71 $196,859
Butier Mitchell R Director March 11, 2026 Sell pre-set plan 2,473 $174.53 $431,619
Butier Mitchell R Director March 11, 2026 Sell pre-set plan 13,404 $173.98 $2.3M
Butier Mitchell R Director March 11, 2026 Sell pre-set plan 4,123 $173.17 $714,000
Butier Mitchell R Director March 10, 2026 Sell pre-set plan 1,594 $176.98 $282,102
Butier Mitchell R Director March 10, 2026 Sell pre-set plan 7,283 $176.38 $1.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 13 trades and filings

No trades in Avery Dennison disclosed in the last 12 months; 13 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded February 25, 2025, filed March 27, 2025
  • John James(R-MI 10):Sale (full), $1,001 - $15,000, traded September 4, 2024, filed September 6, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 28, 2026
  • February 4, 2026
  • October 22, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Avery Dennison was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Avery Dennison in brief

What does Avery Dennison do?
Avery Dennison is a US-listed company in the paper & plastic packaging products & materials industry. Its financial year ends in December.
What is Avery Dennison's stock ticker?
Avery Dennison trades under the ticker AVY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Avery Dennison's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Avery Dennison reported revenue of $9.2B, 5.8% higher than a year earlier, according to its SEC filings.
What is Avery Dennison's free cash flow?
Avery Dennison's free-cash-flow margin is 11.5% of revenue over the trailing twelve months, ranking 1 of the 11 paper & plastic packaging products & materials companies we cover.
What is Avery Dennison's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Avery Dennison's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$120–$250 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Avery Dennison's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Avery Dennison buying back stock, and does it pay a dividend?
Avery Dennison spent $411M on share repurchases over the trailing twelve months, and its diluted share count fell 3.0% over the year.
What is Avery Dennison's market cap?
On November 2, 2026, Avery Dennison's market capitalisation was about $14.4B, with a price-to-earnings ratio of 20.5 and net debt of $3.5B. Market figures come from third-party market data and may be delayed.
Does Avery Dennison pay a dividend?
Yes: Avery Dennison paid $294M in dividends over the trailing twelve months, a dividend yield of 2.07% and a payout ratio of 41.7%.
How much debt does Avery Dennison have?
Avery Dennison's debt-to-equity ratio is 158.4%, from its latest balance sheet (144.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Avery Dennison's competitors?
In our Paper & Plastic Packaging Products & Materials peer group, the companies closest to Avery Dennison are Packaging Corporation of America, Graphic Packaging Holding Co, Sonoco Products Co, Amcor and International Paper. The side-by-side comparison below sets their revenue, margins and growth against Avery Dennison's.
Are insiders buying or selling Avery Dennison stock?
Over the last 12 months, Avery Dennison's directors and officers reported 0 open-market purchases and 26 sales on Form 4. The insider trading page charts every trade.
When is Avery Dennison's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Avery Dennison announces its own schedule.