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Avery Dennison key statistics and ratios

In fiscal 2025, Avery Dennison had return on equity of 30.2%, a net margin of 7.8%, debt equal to 166.5% of equity and a current ratio of 1.13. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Jan 20102010Jan 20112011Dec 20112012Dec 20122013Dec 20132014Jan 20152015Jan 20162016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Jan 20212021Jan 20222022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin24.2%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 margin9.6%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%
Return on equity−54.8%21.1%11.5%13.5%14.2%19.5%27.2%33.9%28.8%47.0%28.1%41.3%43.4%38.3%24.2%31.8%30.2%30.9%
Return on assets−14.9%6.3%3.8%4.3%4.4%5.5%6.5%7.5%5.9%9.1%5.7%9.6%10.5%9.5%6.2%8.5%8.0%7.8%
Asset turnover1.041.141.161.161.261.411.411.431.391.391.331.201.201.141.041.051.031.03
Current ratio0.931.071.351.161.351.211.220.951.141.151.041.251.070.991.041.081.131.13
Debt to equity119.2%81.3%71.2%79.6%70.0%109.2%109.7%139.7%153.2%205.9%161.1%142.6%161.3%152.6%152.5%136.3%166.5%158.4%
Effective tax rate—−1.2%33.5%33.7%34.0%31.5%32.9%32.8%52.2%15.4%−22.7%24.1%25.0%24.2%27.6%26.1%25.6%27.0%
R&D as % of revenue1.5%1.5%1.6%1.7%1.6%1.6%1.5%1.5%1.4%1.4%1.3%1.6%1.6%1.5%1.6%1.6%1.5%—
SG&A as % of revenue21.0%20.4%19.5%19.6%19.1%18.3%18.6%17.8%16.7%15.7%15.3%15.2%14.8%14.7%15.7%16.2%16.1%16.1%
Capital spending as % of revenue1.3%1.4%1.9%1.7%2.1%2.3%2.3%2.9%2.9%3.2%3.1%2.9%3.0%3.1%3.2%2.4%1.9%1.8%
Free cash flow ÷ net income—127.2%164.7%192.3%89.3%84.5%123.2%126.3%161.5%49.5%173.6%98.9%107.0%90.2%111.5%103.6%103.5%150.8%
Dividends ÷ net income—28.0%56.0%51.3%52.5%51.0%48.5%44.4%55.2%37.4%62.5%35.4%29.8%31.6%51.0%39.4%41.9%41.7%
Dividends and buybacks ÷ free cash flow27.0%49.0%38.3%83.4%207.7%232.2%108.1%99.9%62.7%245.6%81.1%54.8%50.7%90.6%70.3%71.9%120.8%66.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Avery Dennison's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Avery Dennison.