# Avery Dennison Corporation (AVY) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AVY/thesis · /stocks/AVY/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AVY/fundamental

## Navigation

- Overview: /stocks/AVY
- Financials (this page): /stocks/AVY/financials
- Thesis: /stocks/AVY/thesis
- Investment Memo: /stocks/AVY/memo
- Coverage universe: /stocks