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Avery Dennison Corp Financials

AVY
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Avery Dennison Corp (AVY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 50 / 100
Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth
35

Avery Dennison Corp's revenue grew a modest 1.1% year-over-year to $8.9B. This slow but positive growth earns a score of 35/100.

Leverage
73

Avery Dennison Corp carries a low D/E ratio of 1.43, meaning only $1.43 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
18

Avery Dennison Corp's current ratio of 1.13 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.

Cash Flow
45

Avery Dennison Corp has a free cash flow margin of 8.0%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
79

Avery Dennison Corp earns a strong 30.7% return on equity (ROE), meaning it generates $31 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is up from 30.5% the prior year.

Piotroski F-Score Neutral
5/9

Avery Dennison Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.28x

For every $1 of reported earnings, Avery Dennison Corp generates $1.28 in operating cash flow ($881.4M OCF vs $688.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$8.9B
YoY+1.1%
5Y CAGR+4.6%
10Y CAGR+3.7%

Avery Dennison Corp generated $8.9B in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.

EBITDA
N/A
Net Income
$688.0M
YoY-2.4%
5Y CAGR+17.8%
10Y CAGR+12.4%

Avery Dennison Corp reported $688.0M in net income in fiscal year 2025. This represents a decrease of 2.4% from the prior year.

EPS (Diluted)
$8.79
YoY+0.7%
5Y CAGR+19.7%
10Y CAGR+15.2%

Avery Dennison Corp earned $8.79 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$712.4M
YoY-2.4%
5Y CAGR+6.2%
10Y CAGR+14.1%

Avery Dennison Corp generated $712.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 2.4% from the prior year.

Cash & Debt
$202.8M
YoY-38.4%
5Y CAGR-4.4%
10Y CAGR-5.3%

Avery Dennison Corp held $202.8M in cash against $3.2B in long-term debt as of fiscal year 2025.

Dividends Per Share
$3.70
YoY+7.2%
5Y CAGR+10.4%
10Y CAGR+12.5%

Avery Dennison Corp paid $3.70 per share in dividends in fiscal year 2025. This represents an increase of 7.2% from the prior year.

Shares Outstanding
77M
YoY-3.7%
5Y CAGR-1.6%
10Y CAGR-2.2%

Avery Dennison Corp had 77M shares outstanding in fiscal year 2025. This represents a decrease of 3.7% from the prior year.

Margins & Returns

Gross Margin
28.7%
YoY-0.2pp
5Y CAGR+1.8pp
10Y CAGR+2.1pp

Avery Dennison Corp's gross margin was 28.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.

Operating Margin
N/A
Net Margin
7.8%
YoY-0.3pp
5Y CAGR+3.5pp
10Y CAGR+4.3pp

Avery Dennison Corp's net profit margin was 7.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.

Return on Equity
30.7%
YoY+0.2pp
5Y CAGR+5.5pp
10Y CAGR+16.2pp

Avery Dennison Corp's ROE was 30.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the prior year.

Capital Allocation

R&D Spending
$136.6M
YoY-0.9%
5Y CAGR+8.1%
10Y CAGR+3.6%

Avery Dennison Corp invested $136.6M in research and development in fiscal year 2025. This represents a decrease of 0.9% from the prior year.

Share Buybacks
$572.3M
YoY+131.2%
5Y CAGR+19.2%
10Y CAGR+7.3%

Avery Dennison Corp spent $572.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 131.2% from the prior year.

Capital Expenditures
$169.0M
YoY-19.1%
5Y CAGR-5.1%
10Y CAGR+2.7%

Avery Dennison Corp invested $169.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 19.1% from the prior year.

AVY Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $2.3B+2.5% $2.2B-0.2% $2.2B+3.4% $2.1B-1.7% $2.2B+0.1% $2.2B-2.3% $2.2B+3.9% $2.2B
Cost of Revenue $1.6B+2.5% $1.6B-0.1% $1.6B+3.6% $1.5B-3.2% $1.6B+1.3% $1.6B-1.0% $1.6B+3.5% $1.5B
Gross Profit $650.7M+2.5% $635.0M-0.6% $639.1M+2.8% $621.5M+2.0% $609.2M-2.8% $626.6M-5.4% $662.7M+4.8% $632.2M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $369.2M+4.3% $353.9M+0.4% $352.4M+1.6% $347.0M+5.4% $329.3M-5.1% $346.9M-7.2% $373.9M+2.4% $365.2M
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense $37.2M+11.7% $33.3M-2.1% $34.0M+10.0% $30.9M+5.8% $29.2M-2.7% $30.0M+2.7% $29.2M+2.1% $28.6M
Income Tax $41.4M-39.6% $68.5M+3.0% $66.5M+9.6% $60.7M-9.9% $67.4M+17.0% $57.6M-6.5% $61.6M-0.6% $62.0M
Net Income $166.4M+0.1% $166.3M-12.0% $189.0M+13.7% $166.3M-4.4% $174.0M-4.2% $181.7M+2.8% $176.8M+2.6% $172.4M
EPS (Diluted) N/A $2.13-11.6% $2.41+15.3% $2.09 N/A $2.25+3.2% $2.18+2.3% $2.13

AVY Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $8.8B-0.7% $8.9B+3.5% $8.6B+2.6% $8.4B-0.6% $8.4B-0.6% $8.5B+1.9% $8.3B+0.5% $8.3B
Current Assets $3.0B-15.1% $3.5B+10.7% $3.2B+5.1% $3.0B-1.6% $3.1B-0.2% $3.1B+3.9% $3.0B+2.8% $2.9B
Cash & Equivalents $202.8M-62.2% $536.3M+148.4% $215.9M+10.2% $195.9M-40.5% $329.1M+54.7% $212.7M+1.9% $208.8M+12.4% $185.7M
Inventory $975.8M-5.9% $1.0B+1.0% $1.0B+0.9% $1.0B+4.0% $978.1M-3.5% $1.0B+3.4% $979.9M+0.8% $972.5M
Accounts Receivable $1.5B-7.6% $1.6B+0.1% $1.6B+7.1% $1.5B+3.5% $1.5B-6.9% $1.6B+3.0% $1.5B+3.4% $1.5B
Goodwill $2.3B+12.0% $2.0B+0.1% $2.0B+1.8% $2.0B+0.8% $2.0B-1.8% $2.0B+1.2% $2.0B-0.2% $2.0B
Total Liabilities $6.6B-1.4% $6.7B+4.5% $6.4B+2.9% $6.2B+1.5% $6.1B+0.6% $6.1B+0.8% $6.0B-0.7% $6.1B
Current Liabilities $2.7B-4.8% $2.8B-9.0% $3.1B+3.7% $3.0B+3.2% $2.9B-14.5% $3.3B+1.5% $3.3B-0.2% $3.3B
Long-Term Debt $3.2B-0.1% $3.2B+21.8% $2.6B+1.8% $2.6B+1.2% $2.6B+24.9% $2.0B-0.2% $2.0B-1.1% $2.1B
Total Equity $2.2B+1.4% $2.2B+0.4% $2.2B+1.4% $2.2B-6.1% $2.3B-3.4% $2.4B+4.7% $2.3B+3.8% $2.2B
Retained Earnings $5.6B+1.8% $5.5B+1.8% $5.4B+2.3% $5.3B+2.4% $5.2B+2.2% $5.0B+2.4% $4.9B+2.4% $4.8B

AVY Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $376.8M+20.7% $312.1M+49.5% $208.8M+1381.0% -$16.3M-104.6% $351.2M+30.0% $270.1M+36.6% $197.7M+65.0% $119.8M
Capital Expenditures $67.1M+86.9% $35.9M+19.7% $30.0M-16.7% $36.0M-48.2% $69.5M+61.6% $43.0M-9.5% $47.5M-2.7% $48.8M
Free Cash Flow $309.7M+12.1% $276.2M+54.5% $178.8M+441.9% -$52.3M-118.6% $281.7M+24.0% $227.1M+51.2% $150.2M+111.5% $71.0M
Investing Cash Flow -$491.4M-1032.3% -$43.4M-55.0% -$28.0M+15.7% -$33.2M+54.9% -$73.6M-45.2% -$50.7M+10.7% -$56.8M+8.4% -$62.0M
Financing Cash Flow -$219.3M-514.6% $52.9M+132.3% -$163.6M-92.7% -$84.9M+45.7% -$156.3M+28.2% -$217.7M-85.9% -$117.1M-37.8% -$85.0M
Dividends Paid $72.4M-1.0% $73.1M-0.5% $73.5M+5.9% $69.4M-1.4% $70.4M-0.7% $70.9M0.0% $70.9M+8.6% $65.3M
Share Buybacks $118.7M+26.8% $93.6M-4.9% $98.4M-62.4% $261.6M+86.9% $140.0M+109.6% $66.8M+166.1% $25.1M+60.9% $15.6M

AVY Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 28.6%-0.0pp 28.7%-0.1pp 28.8%-0.2pp 28.9%+1.1pp 27.9%-0.8pp 28.7%-1.0pp 29.6%+0.3pp 29.4%
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin 7.3%-0.2pp 7.5%-1.0pp 8.5%+0.8pp 7.7%-0.2pp 8.0%-0.4pp 8.3%+0.4pp 7.9%-0.1pp 8.0%
Return on Equity 7.4%-0.1pp 7.5%-1.1pp 8.6%+0.9pp 7.7%+0.1pp 7.5%-0.1pp 7.6%-0.1pp 7.7%-0.1pp 7.8%
Return on Assets 1.9%0.0pp 1.9%-0.3pp 2.2%+0.2pp 2.0%-0.1pp 2.1%-0.1pp 2.1%+0.0pp 2.1%+0.0pp 2.1%
Current Ratio 1.13-0.1 1.26+0.2 1.04+0.0 1.03-0.0 1.08+0.2 0.92+0.0 0.90+0.0 0.87
Debt-to-Equity 1.43-0.0 1.45+0.3 1.190.0 1.19+0.1 1.10+0.3 0.85-0.0 0.89-0.0 0.94
FCF Margin 13.6%+1.2pp 12.5%+4.4pp 8.1%+10.5pp -2.4%-15.3pp 12.9%+2.5pp 10.4%+3.7pp 6.7%+3.4pp 3.3%

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Frequently Asked Questions

Avery Dennison Corp (AVY) reported $8.9B in total revenue for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Avery Dennison Corp (AVY) revenue grew by 1.1% year-over-year, from $8.8B to $8.9B in fiscal year 2025.

Yes, Avery Dennison Corp (AVY) reported a net income of $688.0M in fiscal year 2025, with a net profit margin of 7.8%.

Avery Dennison Corp (AVY) reported diluted earnings per share of $8.79 for fiscal year 2025. This represents a 0.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Avery Dennison Corp (AVY) had $202.8M in cash and equivalents against $3.2B in long-term debt.

Avery Dennison Corp (AVY) had a gross margin of 28.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Avery Dennison Corp (AVY) had a net profit margin of 7.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Avery Dennison Corp (AVY) paid $3.70 per share in dividends during fiscal year 2025.

Avery Dennison Corp (AVY) has a return on equity of 30.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Avery Dennison Corp (AVY) generated $712.4M in free cash flow during fiscal year 2025. This represents a -2.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Avery Dennison Corp (AVY) generated $881.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Avery Dennison Corp (AVY) had $8.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Avery Dennison Corp (AVY) invested $169.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Avery Dennison Corp (AVY) invested $136.6M in research and development during fiscal year 2025.

Yes, Avery Dennison Corp (AVY) spent $572.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Avery Dennison Corp (AVY) had 77M shares outstanding as of fiscal year 2025.

Avery Dennison Corp (AVY) had a current ratio of 1.13 as of fiscal year 2025, which is considered adequate.

Avery Dennison Corp (AVY) had a debt-to-equity ratio of 1.43 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Avery Dennison Corp (AVY) had a return on assets of 7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Avery Dennison Corp (AVY) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Avery Dennison Corp (AVY) has an earnings quality ratio of 1.28x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Avery Dennison Corp (AVY) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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