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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
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.
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.
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.
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.
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.
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.
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
Earnings & Revenue
Avery Dennison Corp generated $8.9B in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Avery Dennison Corp reported $688.0M in net income in fiscal year 2025. This represents a decrease of 2.4% from the prior year.
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
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.
Avery Dennison Corp held $202.8M in cash against $3.2B in long-term debt as of fiscal year 2025.
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.
Avery Dennison Corp had 77M shares outstanding in fiscal year 2025. This represents a decrease of 3.7% from the prior year.
Margins & Returns
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.
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.
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
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.
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.
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
What is Avery Dennison Corp's annual revenue?
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.
How fast is Avery Dennison Corp's revenue growing?
Avery Dennison Corp (AVY) revenue grew by 1.1% year-over-year, from $8.8B to $8.9B in fiscal year 2025.
Is Avery Dennison Corp profitable?
Yes, Avery Dennison Corp (AVY) reported a net income of $688.0M in fiscal year 2025, with a net profit margin of 7.8%.
How much debt does Avery Dennison Corp have?
As of fiscal year 2025, Avery Dennison Corp (AVY) had $202.8M in cash and equivalents against $3.2B in long-term debt.
What is Avery Dennison Corp's gross margin?
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.
What is Avery Dennison Corp's net profit margin?
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.
Does Avery Dennison Corp pay dividends?
Yes, Avery Dennison Corp (AVY) paid $3.70 per share in dividends during fiscal year 2025.
What is Avery Dennison Corp's return on equity (ROE)?
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.
What is Avery Dennison Corp's free cash flow?
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.
What is Avery Dennison Corp's operating cash flow?
Avery Dennison Corp (AVY) generated $881.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Avery Dennison Corp's total assets?
Avery Dennison Corp (AVY) had $8.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Avery Dennison Corp's capital expenditures?
Avery Dennison Corp (AVY) invested $169.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Avery Dennison Corp spend on research and development?
Avery Dennison Corp (AVY) invested $136.6M in research and development during fiscal year 2025.
What is Avery Dennison Corp's current ratio?
Avery Dennison Corp (AVY) had a current ratio of 1.13 as of fiscal year 2025, which is considered adequate.
What is Avery Dennison Corp's debt-to-equity ratio?
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.
What is Avery Dennison Corp's return on assets (ROA)?
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.
What is Avery Dennison Corp's Piotroski F-Score?
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.
Are Avery Dennison Corp's earnings high quality?
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.
How financially healthy is Avery Dennison Corp?
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.