AVYNYSEConverted Paper & Paperboard Prods (No Contaners/Boxes)Fiscal year ends December 31
Avery Dennison Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$175.56+0.25 (+0.14%)
Close on Oct 19, 2026
- Market cap
- $13.41B
- P/E (TTM)
- 19.2
- Dividend yield
- 2.11%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
28.8%+1.2 pts over 5 years
Net margin
7.8%−0.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.1% | -0.7% | +4.9% | +4.0% | |
| Gross profit | +0.6% | +1.9% | +5.8% | +4.5% | |
| Net income | -2.4% | -3.1% | +4.4% | – | |
| EPS, diluted | +0.7% | -1.5% | +5.9% | +11.5% | |
| Free cash flow | -2.4% | +1.4% | +5.3% | +7.7% | |
| Dividend per share | +7.2% | +8.1% | +9.4% | +9.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 33.9% | 41.3% | 30.2% | |
| Return on assets | 7.5% | 9.6% | 8.0% | |
| Current ratio | 0.95 | 1.25 | 1.13 | |
| Debt to equity | 1.40 | 1.43 | 1.66 | |
| Inventory turnover | 8.8× | 7.3× | 6.5× | |
| Capex to revenue | 2.9% | 2.9% | 1.9% | |
| Diluted shares | 91M | 84M | 78M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Avery Dennison generated $4.65B from operations and spent $3.98B on capital expenditure, dividends and share buybacks. 30% of that went back into the business.
Generated
$4.65B
Used
$3.98B
Capital expenditure$1.18B30%Dividends$1.28B32%Share buybacks$1.52B38%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.8%
×Asset turnover1.03×
×Equity multiplier3.78×
=Return on equity, FY202530.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.8% | 1.03× | 3.78× | 30.2% |
| FY2024 | 8.1% | 1.05× | 3.74× | 31.8% |
| FY2023 | 6.0% | 1.04× | 3.88× | 24.2% |
| FY2022 | 8.4% | 1.14× | 4.02× | 38.3% |
| FY2021 | 8.8% | 1.20× | 4.12× | 43.4% |
| FY2020 | 8.0% | 1.20× | 4.30× | 41.3% |
| FY2019 | 4.3% | 1.33× | 4.94× | 28.1% |
| FY2018 | 6.5% | 1.39× | 5.19× | 47.0% |
| FY2017 | 4.3% | 1.39× | 4.87× | 28.8% |
| FY2016 | 5.3% | 1.43× | 4.51× | 33.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$688.00M
- Cash generatingOperating cash flow above zero$881.40M
- Return on assets improvedROA up on the prior year8.6% → 8.2%
- Earnings backed by cashOperating cash flow above net income$881.40M vs $688.00M
- Less leverageLong-term debt to assets fell30.5% → 36.5%
- Better liquidityCurrent ratio rose1.08 → 1.13
- No dilutionShare count did not rise81M → 78M
- Gross margin improvedGross margin up on the prior year28.90% → 28.75%
- More efficientAsset turnover rose1.07 → 1.05