NYSE: AVY
Avery Dennison
Materials · Converted Paper & Paperboard Prods (No Contaners/Boxes)
52-week range
$152.42$199.54
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$12.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.19B |
| FY2017, ended Dec 30, 2017 | $10.1B |
| FY2018, ended Dec 29, 2018 | $7.46B |
| FY2019, ended Dec 28, 2019 | $11.0B |
| FY2020, ended Jan 2, 2021 | $12.9B |
| FY2021, ended Jan 1, 2022 | $17.9B |
| FY2022, ended Dec 31, 2022 | $14.6B |
| FY2023, ended Dec 30, 2023 | $16.3B |
| FY2024, ended Dec 28, 2024 | $14.9B |
| FY2025, ended Dec 31, 2025 | $14.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $12.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.25B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.09B |
| FY2017, ended Dec 30, 2017 | $6.61B |
| FY2018, ended Dec 29, 2018 | $7.16B |
| FY2019, ended Dec 28, 2019 | $7.07B |
| FY2020, ended Jan 2, 2021 | $6.97B |
| FY2021, ended Jan 1, 2022 | $8.41B |
| FY2022, ended Dec 31, 2022 | $9.04B |
| FY2023, ended Dec 30, 2023 | $8.36B |
| FY2024, ended Dec 28, 2024 | $8.76B |
| FY2025, ended Dec 31, 2025 | $8.86B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $9.25B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $321M | $405M |
| FY2017, ended Dec 30, 2017 | $282M | $455M |
| FY2018, ended Dec 29, 2018 | $467M | $231M |
| FY2019, ended Dec 28, 2019 | $304M | $527M |
| FY2020, ended Jan 2, 2021 | $556M | $550M |
| FY2021, ended Jan 1, 2022 | $740M | $792M |
| FY2022, ended Dec 31, 2022 | $757M | $683M |
| FY2023, ended Dec 30, 2023 | $503M | $561M |
| FY2024, ended Dec 28, 2024 | $705M | $730M |
| FY2025, ended Dec 31, 2025 | $688M | $712M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $705M | $1.06B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$227M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $195M |
| FY2017, ended Dec 30, 2017 | $224M |
| FY2018, ended Dec 29, 2018 | $232M |
| FY2019, ended Dec 28, 2019 | $254M |
| FY2020, ended Jan 2, 2021 | $252M |
| FY2021, ended Jan 1, 2022 | $163M |
| FY2022, ended Dec 31, 2022 | $167M |
| FY2023, ended Dec 30, 2023 | $215M |
| FY2024, ended Dec 28, 2024 | $329M |
| FY2025, ended Dec 31, 2025 | $203M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $227M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.68B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.29B |
| FY2017, ended Dec 30, 2017 | $1.58B |
| FY2018, ended Dec 29, 2018 | $1.93B |
| FY2019, ended Dec 28, 2019 | $1.65B |
| FY2020, ended Jan 2, 2021 | $2.03B |
| FY2021, ended Jan 1, 2022 | $3.09B |
| FY2022, ended Dec 31, 2022 | $2.84B |
| FY2023, ended Dec 30, 2023 | $2.94B |
| FY2024, ended Dec 28, 2024 | $2.59B |
| FY2025, ended Dec 31, 2025 | $3.72B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.68B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 14.0% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.75.8M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 88.1M |
| FY2017, ended Dec 30, 2017 | 87.9M |
| FY2018, ended Dec 29, 2018 | 84.0M |
| FY2019, ended Dec 28, 2019 | 83.3M |
| FY2020, ended Jan 2, 2021 | 83.0M |
| FY2021, ended Jan 1, 2022 | 82.5M |
| FY2022, ended Dec 31, 2022 | 80.8M |
| FY2023, ended Dec 30, 2023 | 80.5M |
| FY2024, ended Dec 28, 2024 | 79.0M |
| FY2025, ended Dec 31, 2025 | 76.9M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 75.8M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $385M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $262M | $27.2M |
| FY2017, ended Dec 30, 2017 | $130M | $30.2M |
| FY2018, ended Dec 29, 2018 | $393M | $34.3M |
| FY2019, ended Dec 28, 2019 | $238M | $34.5M |
| FY2020, ended Jan 2, 2021 | $104M | $24.0M |
| FY2021, ended Jan 1, 2022 | $181M | $37.2M |
| FY2022, ended Dec 31, 2022 | $380M | $47.4M |
| FY2023, ended Dec 30, 2023 | $138M | $22.3M |
| FY2024, ended Dec 28, 2024 | $248M | $28.7M |
| FY2025, ended Dec 31, 2025 | $572M | $27.9M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $411M | $25.4M |
Revenue (TTM)
$9.25B
+5.8% YoY
Net income (TTM)
$705M
−0.9% YoY
Cash
$227M
+5.3% YoY
Total debt
$3.68B
+3.6% YoY
Valuation
At current price- Market Cap
- $13.8B
- P/E
- 19.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.5×
- Price / Book
- 5.9×
- EV / EBITDA
- 11.9×
Growth
Trailing 12 months- Revenue (TTM)
- $9.25B
- Revenue Growth YoY
- 5.8%
- Revenue CAGR 3Y
- −0.7%
- Revenue CAGR 5Y
- 4.9%
- EPS Growth YoY
- 2.5%
- Net Income Growth YoY
- −0.9%
Profitability
Trailing 12 months- Gross Margin
- 29.0%
- Operating Margin
- —
- Net Margin
- 7.6%
- FCF Margin
- 11.5%
- Return on Equity
- 31.2%
Earnings
Trailing 12 months- Net Income
- $705M
- EPS (diluted)
- $9.14
- EBITDA
- $1.45B
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $227M
- Total Debt
- $3.68B
- Net Debt
- $3.45B
- Total Assets
- $9.21B
- Total Liabilities
- $6.89B
- Shareholders' Equity
- $2.32B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.23B
- Capital Expenditure
- $171M
- Free Cash Flow
- $1.06B
Dividends and risk
Last 12 months- Dividend Yield
- 2.1%
- Dividend / Share
- $3.88
- Beta (5Y)
- 0.79
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.8% year over year, at $9.25B.
Note
Net margin of 7.6% over the last 12 months.
Note
Net debt of $3.45B is 2.4× EBITDA.
Note
Free cash flow of $1.06B, 11.5% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K75Good news
75Good news
10-K for the fiscal year ended Dec 28, 2024
Filed Feb 26, 2025 · Read the filing on EDGAR
- Sales rose 5% to $8.76 billion and net income rose 40% to $705 million, helped by higher volume and cost savings.
- Last year's legal accrual and higher restructuring charges did not repeat, which also lifted profit; the Adasa patent case was settled and paid in 2024.
- Management expects 2025 sales growth from volume in both segments, though currency translation should hurt sales and operating income.
- The filing newly discusses announced US tariffs on Canada, Mexico and China, saying the impact so far has not been significant.
Business momentum
Strong improvement
“Net income increased from approximately $503 million in 2023 to approximately $705 million in 2024.”
Outlook
Positive
“We anticipate net sales to increase, driven by volume growth in both the Solutions Group and Materials Group reportable segments.”
Financial stress
Low
“As of December 28, 2024, our ratio was substantially below the maximum ratio allowed by the Revolver.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Volume-led sales growth after customer destocking ended
“In 2024, net sales increased on an organic basis primarily due to higher volume, partially offset by the impact of raw material deflation-related price reductions.”
Both segments grew profit
“Segment adjusted operating income increased in 2024 compared to 2023 primarily due to higher volume and benefits from productivity initiatives, including savings from restructuring actions, net of transition costs”
Adasa patent lawsuit settled
“We were party to a litigation, which we settled in 2024, in which ADASA Inc. (“Adasa”), an unrelated third party, alleged that certain of our RFID products within our Solutions Group reportable segment infringed its patent.”
Concerns
Currency translation expected to reduce 2025 results
“We expect an unfavorable impact to our full-year net sales and operating income from foreign currency translation, based on recent rates.”
Growth in intelligent labels slowed
“Company-wide, on an organic basis, sales of intelligent labels increased by a high single digit rate compared to the prior year.”
Higher employee costs and lower selling prices partly offset gains
“These items were partially offset by the following factors:”
New risks since the previous report
New US tariffs and retaliation involving Canada, Mexico and China
“The U.S. recently announced intentions to impose a significant tariff on certain goods from Canada and Mexico and a smaller tariff on certain goods from China.”
Security, privacy and bias risks from artificial intelligence
“Threat actors are increasingly leveraging AI for cyberattacks, and our increasing use of AI carries risks related to data security, privacy events, and potential algorithmic bias.”
Required payment to end the Dutch pension guarantee
“Our Dutch defined benefit plan includes a minimum guaranteed funding ratio that will have to be terminated as part of the transition, for which we will have to compensate the Dutch Pension Fund.”
Rising cost of sustainability reporting rules
“Costs to comply with these regulations will continue to grow and any failure to meet the requirements of these regulations could result in fines or other penalties.”
Leadership turnover, including an interim finance chief
“We experienced several recent key management changes, including the appointments of our President, Materials Group, and Interim Chief Financial Officer in 2024”
Biggest risks named
- Economic, geopolitical and trade conditions, including tariffs
- Currency swings, with about 70% of sales international
- Emerging market and China exposure, about 40% of sales
- Raw material, energy, freight and labor costs and supply disruptions
- Competition, changing customer orders and plastic-packaging sustainability rules
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 75 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 26, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 21, 2024 | 51 | Weakening | 1 medium | |
| 10-K | Feb 22, 2023 | 51 | Mixed | 2 minor | |
| 10-K | Feb 23, 2022 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 25, 2021 | 69 | Improving | None | |
| 10-K | Feb 27, 2019 | 51 | Mixed | 1 medium | |
| 10-K | Feb 21, 2018 | 57 | Mixed | 1 medium | |
| 10-K | Feb 23, 2017 | 67 | Improving | None | |
| 10-K | Feb 24, 2016 | 54 | Mixed | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR