Avery Dennison Corporation
AVYFinancial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.3B
Q1 2026 · +7% YoY
TTM ROIC
12.4%
FY2024 · NOPAT / Invested Capital (total assets - non-interest bearing current liabilities) · WACC ~7.5% · Moat spread +4.9pp
Financial Snapshot
ticker: AVY step: 04 generated: 2026-05-13 source: quick-research
Avery Dennison Corporation (AVY) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$8.4B | $8.36B | $8.76B | +4.7% |
| Gross Margin | ~27% | ~27% | ~28% | +1pp |
| Operating Margin | ~9% | ~9% | ~10% | +1pp |
| Net Income | ~$520M | ~$480M | ~$610M | +27% |
| EPS (adj. diluted) | ~$8.80 | ~$8.40 | ~$9.35 | +11% |
FY2025 adj. EPS guidance: $9.80–$10.20 (+5–9% YoY)
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$900M |
| Free Cash Flow (adj.) | $700M |
| Cash & Equivalents | ~$200M |
| Total Debt | ~$3.2B |
Key Ratios (approximate)
- P/E: ~19x (adj.) | EV/EBITDA: ~14x | FCF Yield: ~5%
- Revenue Growth (FY2024): +4.7% | FCF Margin: ~8%
Growth Profile
Avery Dennison has returned to solid growth after a FY2023 dip caused by downstream inventory destocking across apparel, food, and consumer goods. FY2024 saw 4.7% top-line growth and ~27% net income growth, driven by Materials Group recovery and accelerating Intelligent Labels. The Solutions Group's RFID business grew 15%+ in 2025, now representing ~10% of total revenue. The company has raised its dividend for 15 consecutive years with a 53% five-year dividend growth rate.
Forward Estimates
- FY2025 adj. EPS: $9.80–$10.20
- Intelligent Labels: targeting 15%+ growth in 2025
- High-value categories approaching 50% of portfolio mix
- Analyst avg. price target: ~$208 (vs. ~$175 current)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $AVY.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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