Avery Dennison Corp (AVY)
Materials · Paper & Plastic Packaging Products & Materials · US stock · S&P 500 component
$184.66
▲ +5.62 (3.14%)
Fair valueFair
$203 +10.0% to fair value
$102fair band $173–$246$305
Day's range
$178.43 – $184.67
52-week range
$152.42 – $199.54
About Avery Dennison Corp
Avery Dennison is a materials science company that makes pressure-sensitive labels, packaging materials, graphics and tagging products. It supplies adhesive label stock used on consumer goods, as well as apparel branding, radio frequency identification tags and specialty tapes for industrial and medical uses. Customers include consumer brands, retailers and converters. Revenue comes from product sales, and results reflect raw material costs and consumer demand.
Over the past three years revenue moved by a decline of 0.7% a year, leaving the last twelve months at $9.2 billion. Operating margin is 12.0%. Return on invested capital comes to 14%. On leverage, net debt to EBITDA is 2.4 times. A dividend is paid, with a yield of 2.1%. This gives an X-Ray Score of 61 out of 100.
Price chart
52-wk range $152.42 – $199.54Volume 984,512Daily, split-adjusted
Vitals
Market cap$14.1B
52-week range$152.42 – $199.54
Volume (last day)984,512
P/E (TTM)20.3
EBIT / EV yield6.3%
Free-cash-flow yield7.5%
Dividend yield2.1%
Revenue (TTM)$9.2B
Net income (TTM)$705M
Operating margin12.0%
Return on capital14.0%
Debt incl. leases$3.7B
Cash & securities$227M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$203middle half of models $190 – $220
Fair
+10.0% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Low, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $185
Undervalued < $173Fair $173 – $246Overvalued > $246
P/E multiple
$187
P/B multiple
$196
P/S multiple
$174
EV/EBITDA multiple
$202
EV/EBIT multiple
$217
EV/revenue multiple
$179
10-year DCF, EBITDA exit
$233
5-year DCF, EBITDA exit
$222
10-year DCF, revenue exit
$224
5-year DCF, revenue exit
$211
10-year DCF, growth exit
$209
5-year DCF, growth exit
$193
Dividend discount, stable
$146
Dividend discount, multi-stage
$219
Earnings power value
$234
Growth the price implies
8.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
74/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield6.3%
Free-cash-flow yield7.5%
Fair value vs price1.1×
Growth
Weak
42/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-0.7%
EPS growth (3y)-1.5%
Growth consistency80%
Profitability
Strong
75/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital14.0%
Operating margin12.0%
Gross profitability29.1%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA2.4×
Interest cover7.8×
Dividends
Fair
65/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.1%
Dividends vs free cash flow28%
Dividend growth6.5%
Quarterly results: last 6 quarters
-0.1%
Mar '25
-0.7%
Jun '25
+1.5%
Sep '25
+3.9%
Dec '25
+7.0%
Mar '26
+10.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.5B, diluted EPS $2.67.
Compare with peers
AMCR Amcor plc57 SW Smurfit Westrock plc56 PKG Packaging Corp Of Amer...54 IP International Paper Co38Other Paper & Plastic Packaging Products & Materials companies by X-Ray Score.
SWOT analysis: Avery Dennison Corp
Strengthsinside the company
- Free cash flow equals 7.5% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Revenue has fallen 0.7% a year over three years while industry peers grew 11.8%.
Opportunitiesvaluation and setting
- Dividends use only 28% of free cash flow, which leaves room to raise them.
- Trades at 20.0x earnings, 38% below the 32.0x median of industry peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AVY with peers and sector
Medians of 4 Paper & Plastic Packaging Products & Materials peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): SW 56, PKG 54, AMCR 57, IP 38.
| Metric | AVY | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 61 | 55 | 51 |
| Valuation | 74 | 55 | 43 |
| Growth | 42 | 68 | 57 |
| Profitability | 75 | 44 | 49 |
| Financial health | 43 | 36 | 50 |
| Dividends | 65 | 58 | 54 |
Sector leaders: highest X-Ray Score in Materials
AVY ranks #4 of 23 in Materials and #1 of 5 in Paper & Plastic Packaging Products & Materials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AVY
Each factor is rated by where AVY stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 11 Average · 6 Bad of 23
Growth: 0 · 2 · 1
Profitability: 2 · 3 · 0
Financial strength: 0 · 2 · 2
Valuation: 3 · 1 · 1
Cash flow: 0 · 3 · 1
Efficiency: 1 · 0 · 1
| Factor | AVY | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −0.7% | Average beats 37% | +0.6% | – | – |
| Revenue growth, last year | +1.1% | Bad beats 24% | +5.3% | +4.7% | ▼ Worse |
| EPS growth, 3 years a year | −1.5% | Average beats 47% | +0.5% | – | – |
| Profitability | |||||
| Gross margin | 29.0% | Average beats 57% | 27.9% | 27.5% | ≈ In line |
| Operating margin | 12.0% | Average beats 54% | 11.8% | 12.0% | ≈ In line |
| Net margin | 7.6% | Average beats 46% | 7.8% | 8.1% | ≈ In line |
| Return on invested capital | 14.0% | Good beats 76% | 10.0% | – | – |
| Return on equity | 30.3% | Good beats 89% | 14.8% | 30.7% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 2.4x | Average beats 50% | 2.4x | 2.3x | ≈ In line |
| Interest cover | 7.8x | Average beats 52% | 7.8x | 9.1x | ▼ Worse |
| Current ratio | 1.13 | Bad beats 24% | 1.61 | 1.07 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 24% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 20.0x | Average beats 61% | 21.6x | 21.6x | ≈ In line |
| Price / book | 6.1x | Bad beats 11% | 3.1x | 7.3x | ▲ Better |
| Price / sales | 1.5x | Good beats 67% | 2.1x | 1.7x | ≈ In line |
| EV / EBITDA | 12.1x | Good beats 67% | 14.2x | 13.0x | ≈ In line |
| Free cash flow yield | 7.5% | Good beats 83% | 3.4% | 4.6% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 11.5% | Average beats 61% | 7.7% | 8.0% | ▲ Better |
| Cash from operations / net income | 1.75 | Average beats 66% | 1.50 | 1.33 | ▲ Better |
| Free cash flow growth, 3 years a year | +1.4% | Bad beats 28% | +11.3% | – | – |
| Accruals (lower is better) | −5.7% | Average beats 66% | −4.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 6.4x | Good beats 69% | 5.3x | 6.6x | ≈ In line |
| Days sales outstanding | 71 days | Bad beats 13% | 54 days | 62 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 7 Average · ● 3 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 60/100.
Financials
| FY22 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $8.4B | $9.0B | $8.4B | $8.8B | $8.9B |
| Operating income | $1.1B | $1.1B | $814M | $1.1B | $1.1B |
| Net income | $740M | $757M | $503M | $705M | $688M |
| Operating cash flow | $1.0B | $961M | $826M | $939M | $881M |
| Operating margin | 12.6% | 12.0% | 9.7% | 12.2% | 12.0% |
| Free cash flow | $792M | $683M | $561M | $730M | $712M |
| Diluted EPS | $8.83 | $9.21 | $6.20 | $8.73 | $8.79 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 174.7 | Bullish |
| EMA 10 | 176.3 | Bullish |
| SMA 20 | 172.2 | Bullish |
| EMA 20 | 173.9 | Bullish |
| SMA 50 | 173.6 | Bullish |
| EMA 50 | 172.0 | Bullish |
| SMA 100 | 167.9 | Bullish |
| EMA 100 | 170.3 | Bullish |
| SMA 200 | 170.6 | Bullish |
| EMA 200 | 170.0 | Bullish |
Oscillators (daily)
| RSI (14) | 74.72 | Bearish |
| MACD (12, 26) | 2.16 | Bullish |
| Momentum (12) | 9.62 | Bullish |
| Stochastic %K (14) | 99.95 | Bearish |
| Williams %R (14) | -0.05 | Bearish |
| CCI (20) | 207.2 | Bearish |
Pivot points (classic, last session)
S3 174.3 | S2 176.3 | S1 180.5 | Pivot 182.6 | R1 186.7 | R2 188.8 | R3 193.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.88 USD
Yield on today's price
2.10%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.0000 | |
| 1.0000 | |
| 0.9400 | |
| 0.9400 | |
| 0.9400 | |
| 0.9400 | |
| 0.8800 | |
| 0.8800 | |
| 0.8800 | |
| 0.8800 | |
| 0.8100 | |
| 0.8100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold AVY
| ETF | Share of the fund |
|---|---|
| XLB Materials Select Sector SPDR | 1.66% |
| GNR SPDR S&P Global Natural Resources | 0.72% |
| DON WisdomTree U.S. MidCap Dividend | 0.46% |
| FVD First Trust Value Line Dividend Index | 0.40% |
| VBR Vanguard Small-Cap Value | 0.27% |
| SCHM Schwab U.S. Mid-Cap | 0.23% |
| RSP Invesco S&P 500 Equal Weight | 0.21% |
| TMSL T. Rowe Price Small-Mid Cap | 0.19% |
The eight funds with the largest weight in AVY among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AVY stock splits
AVY has split its stock once since 1996. The latest was a 2-for-1 split on 23 Dec 1996.
Full AVY stock split history →AVY SEC filings
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.