Avery Dennison AVY

NYSE · Converted Paper & Paperboard Prods (No Contaners/Boxes) · $14.6B

Every report since 2023 →

No closes on file for AVY yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$14.6B

EV / True FCF26.5x

Revenue$8.9B +1.1%

True FCF (ex-SBC)$684.5M −2.4%

Rule of 409.1%

True FCF Yield4.7%

EPS, diluted$8.79 +0.7%

Modern Valuation (EOD)

Market Cap$14.6B

Enterprise Value$18.1B

EV / True FCF26.46

EV / FCF25.43

EV / Gross Profit7.11

EV / EBIT—

EV / Sales2.05

P / E (GAAP)21.22

P / FCF20.49

P / Oper. CF16.56

P / Book6.51

Owner & Cash Yields

True FCF Yield4.7%

FCF Yield4.9%

Owner Earn. Yield5.6%

Earnings Yield4.7%

Shareholder Yield+5.7%

Buyback Yield3.9%

Dividend Yield—

Dividend / sh$3.70

Payout Ratio42%

FCF / sh$9.43

EPS (diluted)$8.79

Compounder & Returns

Rule of 409.1%

ROIC—

Cash ROIC (CROIC)12.4%

GP / Assets28.9%

ROE30.7%

ROA7.8%

Gross Margin28.8%

Oper. Margin—

Net Margin7.8%

FCF Margin8.0%

True FCF Margin7.7%

Quality & Dilution

Cash Conversion104%

Accrual Ratio−2.2%

SBC % of FCF3.9%

SBC % of Rev0.3%

Reinvest. Rate35%

Sales Growth Y/Y+1.1%

Sales 3Y CAGR−0.7%

EPS Growth Y/Y+0.7%

FCF Growth Y/Y−2.4%

FCF 3Y CAGR+1.4%

Share Change Y/Y−3.0%

Balance Sheet & Scale

Revenue (FY)$8.9B

Gross Profit (FY)$2.5B

Oper. Income (FY)—

GAAP Net Income$688.0M

True FCF (ex-SBC)$684.5M

Cash & Equiv$202.8M

Total Debt$3.7B

Net Cash (Debt)$-3.5B

Net Cash % MCap−24.1%

Debt / FCF (yrs)5.2y

Current Ratio1.1375.51M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of AVY revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$6.3B ($71.2 / $100)

R&D Reinvestment$136.6M ($1.5 / $100)

SG&A & Other OpEx$1.4B ($16.1 / $100)

Tax & Non-Operating$1.9B ($21.0 / $100)

Net Profit Kept$688.0M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$688.0M (7.8% margin)

Operating Cash Flow (OCF)$881.4M(10.0% of rev)

Less: Capital Expenditures−$169.0M(1.9% of rev)

Standard Free Cash Flow (FCF)$712.4M(8.0% margin)

Less: Stock-Based Comp (SBC)−$27.9M(3.9% of FCF)

True FCF (Owner Cash ex-SBC)$684.5M(7.7% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$8.4B	$9.0B	$8.4B	$8.8B	$8.9B	+1.1%	+1.3%
Cost of Revenue (COGS)	$6.1B	$6.6B	$6.1B	$6.2B	$6.3B	+1.4%	+0.9%
Gross Profit	$2.3B	$2.4B	$2.3B	$2.5B	$2.5B	+0.6%	+2.4%
Research & Development (R&D)	$136.6M	$136.1M	$135.8M	$137.8M	$136.6M	−0.9%	+0.0%
Selling, General & Admin (SG&A)	$1.2B	$1.3B	$1.3B	$1.4B	$1.4B	+0.5%	+3.3%
Interest Expense	$70.2M	$84.1M	$119.0M	$117.0M	$135.4M	+15.7%	+17.8%
Income Tax Expense	$248.6M	$242.2M	$191.7M	$248.6M	$237.1M	−4.6%	−1.2%
GAAP Net Income	$740.1M	$757.1M	$503.0M	$704.9M	$688.0M	−2.4%	−1.8%
Diluted EPS	$8.83	$9.21	$6.20	$8.73	$8.79	+0.7%	−0.1%
Diluted Shares	83.8M	82.2M	81.1M	80.7M	78.3M	−3.0%	−1.7%
Balance Sheet
Cash & Equivalents	$162.7M	$167.2M	$215.0M	$329.1M	$202.8M	−38.4%	+5.7%
Inventory	$907.2M	$1.0B	$920.7M	$978.1M	$975.8M	−0.2%	+1.8%
Total Current Assets	$2.7B	$2.8B	$2.8B	$3.1B	$3.0B	−2.9%	+2.3%
Total Assets	$8.0B	$8.0B	$8.2B	$8.4B	$8.8B	+4.7%	+2.5%
Total Current Liabilities	$2.5B	$2.8B	$2.7B	$2.9B	$2.7B	−7.3%	+1.0%
Total Debt (Short + Long Term)	$3.1B	$3.1B	$3.2B	$3.1B	$3.7B	+18.4%	+4.7%
Stockholders' Equity	$1.9B	$2.0B	$2.1B	$2.3B	$2.2B	−3.0%	+3.9%
Net Cash / (Net Debt)	$-2.9B	$-2.9B	$-3.0B	$-2.8B	$-3.5B	−25.1%	—
Invested Capital	$4.9B	$5.0B	$5.2B	$5.1B	$5.8B	+12.4%	+4.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.0B	$961.0M	$826.0M	$938.8M	$881.4M	−6.1%	−4.2%
Depreciation & Amortization (D&A)	$244.1M	$290.7M	$298.4M	$312.2M	$328.2M	+5.1%	+7.7%
Stock-Based Compensation (SBC)	$37.2M	$47.4M	$22.3M	$28.7M	$27.9M	−2.8%	−6.9%
Capital Expenditures (CapEx)	$255.0M	$278.1M	$265.3M	$208.8M	$169.0M	−19.1%	−9.8%
Free Cash Flow (FCF)	$791.8M	$682.9M	$560.7M	$730.0M	$712.4M	−2.4%	−2.6%
True FCF (ex-SBC Owner Cash)	$754.6M	$635.5M	$538.4M	$701.3M	$684.5M	−2.4%	−2.4%
Share Repurchases (Buybacks)	$180.9M	$379.5M	$137.5M	$247.5M	$572.3M	+131.2%	+33.4%
Dividends Paid	$220.6M	$238.9M	$256.7M	$277.5M	$288.4M	+3.9%	+6.9%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what AVY did at the next close after each story

No Wire story has named AVY yet.

What happened · big days

19 big days in a year, and what we hold on each

A big day is a close more than 2.72% from the one before, three times AVY’s median day (0.91%). On 10 of the 19, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.72%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayAVYWhat we hold that dayGroup (median of 3) · each

1 Jan 8, 2026+3.04%
Before our storiesgroup +1.3%, did not move with it
1Jan 8, 2026+3.04%
Before our stories
+1.3% did not move with itPACK +3.9 · KMB +1.3 · DSY +1.0
2 Jan 20, 2026−3.41%
Before our storiesgroup −2.0%, moved with AVY
2Jan 20, 2026−3.41%
Before our stories
−2.0% moved with AVYPACK −4.6 · DSY −2.0 · KMB +2.2
3 Feb 4, 2026+3.38%
Resultsgroup +2.2%, moved with AVY
3Feb 4, 2026+3.38%
ResultsFirst close after the Feb 4 results filing
+2.2% moved with AVYKMB +2.4 · PACK +2.2 · DSY −3.9
4 Mar 18, 2026−3.76%
Before our storiesgroup −1.8%, did not move with it
4Mar 18, 2026−3.76%
Before our stories
−1.8% did not move with itDSY −6.3 · KMB −1.8 · PACK −0.3
5 Mar 25, 2026+2.84%
Before our storiesgroup +0.4%, did not move with it
5Mar 25, 2026+2.84%
Before our stories
+0.4% did not move with itPACK +3.4 · KMB +0.4 · DSY +0.3
6 Apr 8, 2026+4.66%
Before our storiesgroup +6.6%, moved with AVY
6Apr 8, 2026+4.66%
Before our stories
+6.6% moved with AVYPACK +7.8 · DSY +6.6 · KMB +4.3
7 Apr 17, 2026+3.73%
Before our storiesgroup +0.9%, did not move with it
7Apr 17, 2026+3.73%
Before our stories
+0.9% did not move with itPACK +7.8 · KMB +0.9 · DSY −5.0
8 May 6, 2026+2.91%
Before our storiesgroup +2.0%, moved with AVY
8May 6, 2026+2.91%
Before our stories
+2.0% moved with AVYPACK +5.8 · KMB +2.0 · DSY −2.1
9 Jun 9, 2026+4.14%
Before our storiesgroup +2.2%, moved with AVY
9Jun 9, 2026+4.14%
Before our stories
+2.2% moved with AVYKMB +2.8 · DSY +2.2 · PACK +1.6
10 Jun 24, 2026+3.35%
Nothing on AVYgroup +2.7%, moved with AVY
10Jun 24, 2026+3.35%
Nothing on AVYNo AVY story, brief or results filing in our record that day
+2.7% moved with AVYPACK +5.8 · KMB +2.7 · DSY −8.8
11 Jul 8, 2026−3.89%
Nothing on AVYgroup −4.6%, moved with AVY
11Jul 8, 2026−3.89%
Nothing on AVYNo AVY story, brief or results filing in our record that day
−4.6% moved with AVYDSY −7.8 · PACK −4.6 · KMB −3.3
12 Jul 16, 2026+4.00%
Nothing on AVYgroup −1.1%, did not move with it
12Jul 16, 2026+4.00%
Nothing on AVYNo AVY story, brief or results filing in our record that day
−1.1% did not move with itKMB +2.3 · PACK −1.1 · DSY −3.3
13 Jul 24, 2026+3.67%
Nothing on AVYgroup +2.2%, moved with AVY
13Jul 24, 2026+3.67%
Nothing on AVYNo AVY story, brief or results filing in our record that day
+2.2% moved with AVYPACK +2.5 · KMB +2.2 · DSY −8.4
14 Jul 28, 2026+3.74%
Nothing on AVYgroup −0.3%, did not move with it
14Jul 28, 2026+3.74%
Nothing on AVYNo AVY story, brief or results filing in our record that day
−0.3% did not move with itKMB +1.5 · DSY −0.3 · PACK −3.9
15 Jul 30, 2026+4.59%
Resultsgroup −2.7%, did not move with it
15Jul 30, 2026+4.59%
ResultsFirst close after the Jul 30 results filing
−2.7% did not move with itDSY +0.6 · KMB −2.7 · PACK −11.5
16 Jul 31, 2026−2.91%
Nothing on AVYgroup −0.8%, did not move with it
16Jul 31, 2026−2.91%
Nothing on AVYNo AVY story, brief or results filing in our record that day
−0.8% did not move with itPACK −1.0 · KMB −0.8 · DSY +17.4
17 Aug 19, 2026+3.07%
Nothing on AVYgroup −1.9%, did not move with it
17Aug 19, 2026+3.07%
Nothing on AVYNo AVY story, brief or results filing in our record that day
−1.9% did not move with itKMB +2.0 · PACK −1.9 · DSY −4.3
18 Oct 22, 2026+3.14%
Nothing on AVYgroup +2.0%, moved with AVY
18Oct 22, 2026+3.14%
Nothing on AVYNo AVY story, brief or results filing in our record that day
+2.0% moved with AVYKMB +5.3 · PACK +2.0 · DSY −0.9
19 Nov 4, 2026+3.89%
Nothing on AVYgroup +4.2%, moved with AVY
19Nov 4, 2026+3.89%
Nothing on AVYNo AVY story, brief or results filing in our record that day
+4.2% moved with AVYPACK +12.8 · KMB +4.2 · DSY −1.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of KMB, PACK and DSY that day, the largest companies in AVY’s SEC industry; “moved with AVY” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). AVY reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 22, 2025

day 1+9.48%day 6+7.75%

Reported Feb 4, 2026

day 1+3.38%day 6+3.19%

Reported Apr 28, 2026

day 1+0.92%day 6−1.82%

Reported Jul 30, 2026

day 1+4.59%day 6+4.10%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +6.58%. Four reports is a small sample.

Every report since 2023 →

Each line is AVY’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

AVY against three same-industry peers, a year at 100

AVY is up 10.6% in a year. Big Tree Cloud is up 5.8 times. Of these three, Kimberly Clark (+4.8%) and Ranpak Holdings (−32.3%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 5.8-fold rise and a 32.3% fall both read honestly.

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AVY +10.6%. Big Tree Cloud ×5.8, Kimberly Clark +4.8%, Ranpak Holdings −32.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The three peers are the largest US-listed companies by market value in AVY’s SEC industry (Converted Paper & Paperboard Prods (No Contaners/Boxes)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

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KMB	Kimberly Clark	$36.2B	+1.54%
PACK	Ranpak Holdings	$288M	−0.60%
DSY	Big Tree Cloud	$13M	−0.83%