A 
Avery Dennison AVY · USD
Materials · Containers & Packaging · US listing · 🇺🇸 United States
S&P 500
188.05
+0.68%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$8.86bn
FY2016FY2025
Net income
$688.0m
FY2016FY2025
Free cash flow
$712.4m
FY2016FY2025
Shareholders' equity
$2.24bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.86bn | $8.76bn | $8.36bn | $9.04bn | $8.41bn | $6.97bn | $7.07bn | $7.16bn | $6.61bn | $6.09bn |
| Gross profit | $2.55bn | $2.53bn | $2.27bn | $2.40bn | $2.31bn | $1.92bn | $1.90bn | $1.91bn | $1.81bn | $1.70bn |
| Research and development | $136.6m | $137.8m | $135.8m | $136.1m | $136.6m | $112.8m | $92.6m | $98.2m | $93.4m | $89.7m |
| Operating income | $1.06bn | $1.07bn | $954.9m | $1.08bn | $1.06bn | $875.0m | $819.8m | $809.1m | $750.7m | $599.0m |
| Net income | $688.0m | $704.9m | $503.0m | $757.1m | $740.1m | $555.9m | $303.6m | $467.4m | $281.8m | $320.7m |
| Diluted earnings per share | 8.89 | 8.77 | 6.21 | 9.28 | 8.85 | 6.61 | 3.59 | 5.36 | 3.13 | 3.56 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $8.80bn | $8.40bn | $8.21bn | $7.95bn | $7.97bn | $6.10bn | $5.49bn | $5.18bn | $5.14bn | $4.40bn |
| Cash and short-term investments | $202.8m | $367.2m | $215.0m | $167.2m | $162.7m | $252.3m | $253.7m | $232.0m | $224.4m | $195.1m |
| Total liabilities | $6.56bn | $6.09bn | $6.08bn | $5.92bn | $6.05bn | $4.60bn | $4.28bn | $4.22bn | $4.09bn | $3.47bn |
| Debt | $3.73bn | $3.15bn | $3.24bn | $3.10bn | $3.10bn | $2.12bn | $1.94bn | $1.97bn | $1.58bn | $1.29bn |
| Shareholders' equity | $2.24bn | $2.31bn | $2.13bn | $2.03bn | $1.92bn | $1.50bn | $1.20bn | $955.1m | $1.05bn | $925.5m |
| Shares outstanding | 77m | 80m | 81m | 82m | 84m | 84m | 85m | 87m | 90m | 90m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $881.4m | $938.8m | $826.0m | $961.0m | $1.05bn | $751.3m | $746.5m | $457.9m | $650.1m | $585.3m |
| Capital spending | −$169.0m | −$208.8m | −$285.1m | −$298.5m | −$272.1m | −$218.6m | −$257.2m | −$256.6m | −$226.1m | −$206.6m |
| Free cash flow | $712.4m | $730.0m | $540.9m | $662.5m | $774.7m | $532.7m | $489.3m | $201.3m | $424.0m | $378.7m |
| Dividends paid | −$288.4m | −$277.5m | −$256.7m | −$238.9m | −$220.6m | −$196.8m | −$189.7m | −$175.0m | −$155.5m | −$142.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.46bn | $2.30bn | $2.27bn | $2.22bn | $2.22bn | $2.15bn | $2.19bn | $2.18bn |
| Gross profit | $729.4m | $664.8m | $650.7m | $635.0m | $639.1m | $621.5m | $609.2m | $626.6m |
| Operating income | $313.5m | $271.9m | $281.5m | $281.1m | $286.7m | $274.5m | $279.9m | $279.7m |
| Net income | $204.1m | $168.1m | $166.4m | $166.3m | $189.0m | $166.3m | $174.0m | $181.7m |
| Diluted earnings per share | 2.66 | 2.19 | 2.15 | 2.13 | 2.41 | 2.09 | 2.17 | 2.25 |
| Cash from operations | $408.0m | $136.0m | $376.0m | $312.0m | $208.0m | −$16.0m | $351.0m | $270.0m |
| Capital spending | −$39.0m | −$28.0m | −$67.0m | −$35.0m | −$30.0m | −$36.0m | −$69.0m | −$43.0m |
| Free cash flow | $369.0m | $108.0m | $309.0m | $277.0m | $178.0m | −$52.0m | $282.0m | $227.0m |
| Total assets | $9.21bn | $8.98bn | $8.80bn | $8.87bn | $8.57bn | $8.35bn | $8.40bn | $8.45bn |
| Cash and short-term investments | $227.3m | $255.1m | $202.8m | $536.3m | $255.7m | $195.9m | $329.1m | $212.7m |
| Debt | $3.68bn | $3.79bn | $3.73bn | $3.78bn | $3.55bn | $3.46bn | $3.15bn | $3.16bn |
| Shareholders' equity | $2.32bn | $2.30bn | $2.24bn | $2.21bn | $2.20bn | $2.17bn | $2.31bn | $2.39bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 28.8% | 28.9% | 27.2% | 26.5% | 27.5% | 27.6% |
| Operating margin | 12.0% | 12.2% | 11.4% | 12.0% | 12.6% | 12.6% |
| Net margin | 7.8% | 8.1% | 6.0% | 8.4% | 8.8% | 8.0% |
| Return on equity | 30.7% | 30.5% | 23.6% | 37.3% | 38.5% | 37.1% |
| Return on assets | 7.8% | 8.4% | 6.1% | 9.5% | 9.3% | 9.1% |
| Free cash flow yield | 7.9% | 8.4% | 8.0% | 9.0% | 9.2% | 6.8% |
| Revenue growth | 1.1% | 4.7% | -7.5% | 7.5% | 20.6% | -1.4% |
| Earnings growth | -2.4% | 40.1% | -33.6% | 2.3% | 33.1% | 83.1% |
| Current ratio | 1.13x | 1.08x | 1.04x | 0.99x | 1.07x | 1.25x |
| Debt to equity | 1.66x | 1.36x | 1.52x | 1.53x | 1.61x | 1.41x |
| Equity ratio | 25.5% | 27.5% | 25.9% | 25.6% | 24.1% | 24.6% |
| Interest coverage | 7.83x | 9.15x | 8.02x | 12.88x | 15.14x | 12.50x |
| R&D as a share of sales | 1.5% | 1.6% | 1.6% | 1.5% | 1.6% | 1.6% |
| Buybacks as a share of market value | 3.7% | 0.7% | 0.7% | 2.4% | 0.6% | 0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.7% | 4.9% | 4.0% |
| Operating income | -0.7% | 3.9% | 7.2% |
| Net income | -3.1% | 4.4% | 9.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.8% | 27.8% | 27.7% | 27.5% |
| Operating margin | 12.1% | 11.9% | 12.1% | 11.5% |
| Net margin | 7.9% | 7.6% | 7.8% | 6.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.5 | 21.3 | 32.5 | 19.5 | 24.5 | 23.5 | 36.4 | 16.8 | 36.6 | 19.7 |
| Price to sales | 1.6 | 1.7 | 2.0 | 1.6 | 2.1 | 1.9 | 1.6 | 1.1 | 1.6 | 1.0 |
Market value over time
31 Oct 2016 to 29 Sept 2026, in USD
$6.35bn$13.10bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -2% | -7% | 14% | -13% | 33% | 15% | 52% | -26% | 63% | 17% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 2 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.94 | 3.70 | 3.45 | 3.18 | 2.93 | 2.66 | 2.36 | 2.26 |
- 2-for-1 split · 23 Dec 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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