Avery Dennison

Materials Paper & Plastic Packaging Products & Materials Mentor, Ohio Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$8.9B
                    3y CAGR -0.7%
                    
                    P50
                    
                    +1.1%
                    
                    Net income
                    FY2025
                
$688.0M
                    Net margin +7.8%
                    
                    P64
                    
                    -2.4%
                    
                    Total assets
                    FY2025
                
$8.8B
                    ROA +7.8%
                    
                    P77
                    
                    +4.7%
                    
                    Operating cash flow
                    FY2025
                
$881.4M
                    FCF margin +7.7%
                    
                    P64
                    
                    -6.1%

18 yrs · FY2008–FY2025 7 filed · 1 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

25 accounts · 10 years

Total assets $8.8B

Total liabilities ~$6.6B

Shareholders equity $2.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	2.3%	3.9%	2.6%	2.1%	2.0%	4.1%	4.6%	4.5%	4.4%	4.4%
Accounts Receivable	17.1%	17.4%	17.2%	17.3%	17.9%	20.3%	22.1%	23.0%	23.0%	22.8%
Inventory	11.1%	11.6%	11.2%	12.7%	11.4%	11.8%	12.1%	12.6%	11.9%	11.8%
Other Current Assets	3.5%	3.6%	3.0%	2.9%	3.0%	3.5%	3.9%	4.3%	4.4%	4.3%
Total Current Assets	34.0%	36.6%	34.1%	35.0%	34.3%	39.7%	42.6%	44.4%	43.6%	43.3%
Property,Plant and Equipment	18.3%	18.9%	19.8%	19.4%	18.5%	22.1%	22.1%	22.0%	21.4%	20.8%
Goodwill	25.8%	23.5%	24.5%	23.4%	23.6%	18.7%	17.0%	18.2%	19.2%	18.1%
Intangible Assets	9.4%	9.0%	10.3%	10.6%	11.4%	3.7%	2.3%	2.8%	3.2%	1.5%
Deferred Tax Assets	1.4%	1.3%	1.4%	1.4%	1.6%	3.2%	4.1%	4.0%	3.8%	7.1%
Other Noncurrent Assets	11.1%	10.7%	9.9%	10.2%	10.5%	12.6%	11.9%	8.7%	8.8%	9.2%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	14.3%	16.0%	15.6%	16.8%	16.3%	17.3%	19.4%	19.9%	19.6%	19.1%
Accrued Liabilities	5.6%	6.2%	5.0%	10.8%	11.7%	13.3%	13.6%	14.9%	13.6%	13.3%
Current Portion of Long Term Debt	5.9%	7.0%	7.6%	7.5%	4.0%	1.1%	8.0%	3.8%	5.2%	13.2%
Other Current Liabilities	4.3%	4.9%	4.7%	—	—	—	—	—	—	—
Total Current Liabilities	30.1%	34.1%	32.9%	35.2%	32.0%	31.7%	41.1%	38.5%	38.4%	45.6%
Long Term Debt	36.5%	30.5%	31.9%	31.5%	34.9%	33.7%	27.3%	34.2%	25.6%	16.2%
Other Noncurrent Liabilities	7.9%	8.0%	9.3%	7.7%	8.9%	10.2%	9.7%	8.8%	15.6%	17.1%
Equity
Common Stock	1.4%	1.5%	1.5%	1.6%	1.6%	2.0%	2.3%	2.4%	2.4%	2.8%
Additional Paid In Capital	9.5%	10.0%	10.4%	11.1%	10.8%	14.2%	15.9%	16.8%	16.8%	19.4%
Retained Earnings	63.6%	61.3%	57.1%	55.5%	48.7%	55.1%	54.3%	55.3%	50.5%	56.3%
Treasury Stock	44.4%	39.8%	38.2%	38.0%	33.4%	41.1%	44.2%	43.0%	36.1%	40.3%
Accumulated Other Comprehensive Income	-4.7%	-5.4%	-5.0%	-4.6%	-3.5%	-5.7%	-6.3%	-13.2%	-13.2%	-17.1%
Total Stockholders Equity	25.5%	27.5%	25.9%	25.6%	24.1%	24.4%	21.9%	18.4%	20.1%	21.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

13 accounts · 10 years

Revenue $8.9B

Operating income Not reported

Net income $688.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.6%	104.2%	101.9%	113.7%	105.5%	114.6%	128.8%	138.3%	128.8%	138.4%
Expenses Cost of Revenue	71.7%	74.1%	74.1%	83.5%	76.5%	83.0%	94.1%	101.3%	93.5%	99.8%
Other Income Expense Gross Profit	28.9%	30.1%	27.7%	30.2%	29.0%	31.6%	34.7%	37.0%	35.3%	38.7%
Expenses Selling,General and Administrative	16.2%	16.8%	16.0%	16.7%	15.7%	17.4%	19.7%	21.8%	21.5%	24.7%
Other Income Expense Interest Expense	1.5%	1.4%	1.4%	1.1%	0.9%	1.2%	1.4%	1.1%	1.2%	1.4%
Other Income Expense Other Income/expense	-0.7%	-0.5%	-1.8%	0.1%	-0.0%	-0.9%	-9.1%	-3.4%	-1.1%	-1.8%
Other Income Expense Income Before Tax	10.5%	11.3%	8.5%	12.6%	12.5%	12.1%	4.5%	10.7%	11.5%	10.9%
Income Tax Income Tax Expense	2.7%	3.0%	2.3%	3.0%	3.1%	2.9%	-1.0%	1.6%	6.0%	3.6%
net Income net Income	7.8%	8.4%	6.1%	9.5%	9.3%	9.1%	5.5%	9.0%	5.5%	7.3%
net Income Comprehensive Income	8.3%	7.8%	5.6%	8.5%	10.1%	9.1%	11.6%	9.0%	6.9%	5.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.9%	1.0%	1.0%	1.0%	1.1%	1.4%	1.5%	1.7%	1.8%	2.1%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $881.4M

Investing cash flow $-596.0M

Financing cash flow $-414.9M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.8%	8.4%	6.1%	9.5%	9.3%	9.1%	5.5%	9.0%	5.5%	7.3%
Operating Activities Depreciation and Amortization	3.7%	3.7%	3.6%	3.7%	3.1%	3.4%	3.3%	3.5%	3.5%	1.4%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.3%	0.6%	0.5%	0.4%	0.6%	0.7%	0.6%	0.6%
Operating Activities Deferred Income Taxes	-0.2%	-0.2%	-0.3%	0.2%	0.0%	0.2%	-4.0%	-0.6%	3.0%	-1.2%
Operating Activities Changes In Operating Assets and Liabilities	-2.8%	-2.4%	-0.7%	-2.8%	-0.3%	-2.5%	-1.5%	-7.6%	-1.7%	-3.2%
Operating Activities Other Non Cash Items	1.1%	1.4%	1.1%	0.9%	0.6%	1.8%	9.7%	3.9%	1.8%	3.2%
Operating Activities net Cash From Operating Activities	10.0%	11.2%	10.1%	12.1%	13.1%	12.3%	13.6%	8.8%	12.6%	13.2%
Investing Activities Capital Expenditures	-2.3%	-2.9%	-3.5%	-3.8%	-3.4%	-3.6%	-4.7%	-5.0%	-4.4%	-4.7%
Investing Activities Business Acquisitions	-4.6%	-0.0%	-2.7%	-0.5%	-18.5%	-5.8%	-0.1%	-0.1%	-6.2%	-5.4%
Investing Activities Purchases of Investments	0.0%	-0.4%	0.0%	0.0%	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	0.0%	0.4%	0.0%	0.0%	0.0%	0.1%	0.1%	0.4%	-0.1%	0.1%
Investing Activities Other Investing Activities	0.0%	0.0%	0.6%	0.0%	0.1%	0.2%	0.1%	0.2%	0.1%	0.2%
Investing Activities net Cash From Investing Activities	-6.8%	-2.9%	-5.6%	-4.2%	-21.8%	-9.1%	-4.6%	-4.5%	-10.6%	-9.8%
Financing Activities Proceeds From Debt	6.5%	6.4%	4.8%	0.0%	9.9%	16.3%	—	9.5%	10.6%	—
Financing Activities Repayment of Debt	-6.4%	-3.7%	-3.1%	-0.1%	-0.2%	-12.7%	-0.3%	-0.1%	-4.9%	-0.1%
Financing Activities Repurchase of Common Stock	-6.5%	-2.9%	-1.7%	-4.8%	-2.3%	-1.7%	-4.3%	-7.6%	-2.5%	-6.0%
Financing Activities Dividends Paid	-3.3%	-3.3%	-3.1%	-3.0%	-2.8%	-3.2%	-3.5%	-3.4%	-3.0%	-3.2%
Financing Activities Tax Withholding On Stock Based Compensation	-0.1%	-0.1%	-0.3%	-0.3%	-0.3%	-0.3%	-0.3%	-0.6%	0.0%	1.5%
Financing Activities Other Financing Activities	5.0%	-3.3%	-0.5%	0.4%	3.2%	-1.8%	-0.1%	-1.8%	-1.7%	5.3%
Financing Activities net Cash From Financing Activities	-4.7%	-6.9%	-3.9%	-7.7%	7.6%	-3.4%	-8.6%	-4.0%	-1.6%	-2.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.1%	-0.0%	-0.1%	-0.0%	0.2%	-0.1%	-0.2%	0.2%	-0.2%
Cash Reconciliation net Change In Cash	-1.4%	1.4%	0.6%	0.1%	-1.1%	-0.0%	0.4%	0.1%	0.6%	0.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+28.8%	+28.9%	+27.2%	+26.6%	+27.5%	+27.6%	+26.9%	+26.8%	+27.4%	+27.9%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	+7.8%	+8.1%	+6.0%	+8.4%	+8.8%	+8.0%	+4.3%	+6.5%	+4.3%	+5.3%
FCF margin	+7.7%	+8.0%	+6.5%	+7.3%	+9.2%	+7.6%	+6.9%	+2.8%	+6.3%	+6.2%
Growth
Revenue CAGR (3y)	-0.7%	+1.4%	+6.3%	+8.5%	+5.5%	+1.8%	+5.1%	+6.3%	+1.5%	-0.3%
Returns
ROE	+30.7%	+30.5%	+23.6%	+37.3%	+38.5%	+37.4%	+25.2%	+48.9%	+27.3%	+34.7%
ROA	+7.8%	+8.4%	+6.1%	+9.5%	+9.3%	+9.1%	+5.5%	+9.0%	+5.5%	+7.3%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.13x	1.08x	1.04x	0.99x	1.07x	1.25x	1.04x	1.15x	1.13x	0.95x
Quick ratio	0.64x	0.63x	0.60x	0.55x	0.62x	0.77x	0.65x	0.71x	0.71x	0.60x
Leverage
D/E	2.93x	2.63x	2.86x	2.91x	3.14x	3.10x	3.56x	4.42x	3.98x	3.75x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	1.01x	1.04x	1.02x	1.14x	1.05x	1.15x	1.29x	1.38x	1.29x	1.38x
Cash conversion cycle	+45d	+40d	+40d	+37d	+38d	+41d	+34d	+34d	+35d	+33d

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FY2025 fundamentals · no price

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Avery Dennison

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