Avery Dennison Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Avery Dennison Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,087	6,614	7,159	7,070	6,972	8,408	9,039	8,364	8,756	8,856
Cost of revenue	4,387	4,802	5,244	5,166	5,048	6,096	6,635	6,087	6,225	6,309
Gross profit	1,700	1,812	1,916	1,904	1,923	2,313	2,404	2,278	2,531	2,546
Research and development	89.7	93.4	98.2	92.6	113	137	136	136	138	137
Selling, general and administrative	1,086	1,105	1,128	1,080	1,061	1,249	1,331	1,314	1,415	1,423
Interest expense	59.9	63	58.5	75.8	70	70.2	84.1	119	117	135
Other non-operating income			-105	-445	-1.9	4.1	9.4	30.8	26.7	14.2
Pre-tax income	477	590	555	250	737	993	999	695	954	925
Income tax	156	308	85.4	-56.7	178	249	242	192	249	237
Income from continuing operations	321	282			737	993	999	695	954	925
Net income	321	282	467	304	556	740	757	503	705	688
EPS, basic	3.60	3.19	5.35	3.61	6.67	8.93	9.28	6.23	8.77	8.81
EPS, diluted	3.54	3.13	5.28	3.57	6.61	8.83	9.21	6.20	8.73	8.79
Shares, basic (weighted)	89.1	88.3	87.3	84	83.4	82.9	81.6	80.7	80.4	78.1
Shares, diluted (weighted)	90.7	90.1	88.6	85	84.1	83.8	82.2	81.1	80.7	78.3
Dividend per share	1.60	1.76	2.01	2.26	2.36	2.66	2.93	3.18	3.45	3.70

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	195	224	232	254	252	163	167	215	329	203
Receivables	1,001	1,180	1,190	1,212	1,235	1,425	1,374	1,415	1,466	1,504
Inventory	519	610	651	663	717	907	1,010	921	978	976
Other current assets	153	188	225	212	212	240	231	245	305	308
Total current assets	1,905	2,238	2,298	2,341	2,416	2,735	2,782	2,796	3,079	2,990
Property, plant and equipment	915	1,098	1,137	1,211	1,344	1,478	1,540	1,626	1,587	1,608
Lease right-of-use assets				138	161	183	162	200	228	216
Goodwill	794	985	942	931	1,136	1,882	1,862	2,014	1,976	2,273
Intangible assets	66.7	166	144	127	225	911	840	849	755	828
Other non-current assets	403	453	451	655	765	836	811	810	897	978
Total assets	4,396	5,137	5,178	5,489	6,084	7,972	7,951	8,210	8,404	8,802
Accounts payable	842	1,007	1,031	1,066	1,051	1,299	1,339	1,277	1,341	1,262
Accrued liabilities	217	249	218	220	239	299	229	213	289	233
Deferred revenue						24.7	22.2	18.1	15.5	16.2
Short-term debt	579	265	195	440	64.7	319	599	622	592	523
Total current liabilities	2,004	1,972	1,994	2,254	1,926	2,548	2,800	2,700	2,863	2,654
Long-term debt	713	1,316	1,772	1,499	2,052	2,786	2,504	2,622	2,560	3,210
Lease liabilities				98.9	116	135	114	152	176	168
Total liabilities	3,471	4,105	4,222	4,285	4,599	6,047	5,918	6,082	6,092	6,560
Total debt	250	1,322	1,751	1,475	2,029	2,774	2,495	2,615	2,551	3,199
Paid-in capital	852	863	872	874	862	862	879	855	841	834
Retained earnings	2,473	2,597	2,865	2,979	3,349	3,881	4,415	4,692	5,151	5,598
Treasury stock	-1,772	-1,857	-2,224	-2,425	-2,501	-2,660	-3,022	-3,134	-3,348	-3,904
Other comprehensive income	-752	-681	-682	-348	-350	-283	-364	-408	-456	-410
Shareholders' equity	926	1,032	955	1,204	1,485	1,924	2,032	2,128	2,312	2,242
Total equity	926	1,032	955	1,204	1,485	1,924	2,032	2,128	2,312	2,242
Total liabilities and equity	4,396	5,137	5,178	5,489	6,084	7,972	7,951	8,210	8,404	8,802
Shares outstanding	88.3	88	84.7	83.4	83.2	82.6	80.8	80.5	79.8	76.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	321	282	467	304	556	740	757	503	705	688
Depreciation and amortization	180	179	181	179	205	244	291	298	312	328
Stock-based compensation	27.2	30.2	34.3	34.5	24	37.2	47.4	22.3	28.7	27.9
Deferred income tax	68.4	150	-30	-216	6.2	6.1	26.3	-20.6	-12.9	-25.1
Change in receivables	-88.2	-141	-62.5	-42.2	14.7	-113	-22.1	-16.7	-107	44
Change in inventory	-19.6	-14.9	-70.5	-18.1	-6	-183	-141	112	-90.7	53.2
Change in payables	31.6	83.4	43.6	46.4	-68.2	255	68.2	-87.6	107	-144
Cash from operations	582	646	458	747	751	1,047	961	826	939	881
Capital expenditures	-177	-191	-227	-219	-201	-255	-278	-265	-209	-169
Purchases of investments							0	0	-34.2	0
Sales and maturities of investments							0	0	24	0
Cash from investing	-432	-543	-233	-251	-554	-1,738	-333	-459	-243	-596
Stock issued	71	22	1	10	2	1			10
Share buybacks	-262	-130	-393	-238	-104	-181	-380	-138	-248	-572
Dividends paid	-143	-156	-175	-190	-197	-221	-239	-257	-278	-288
Cash from financing	-106	-83.9	-208	-470	-208	604	-615	-317	-576	-415
Exchange rate effect	-7.4	10.8	-9.7	-3.5	9.2	-2.8	-8.6	-2	-5.5	3.2
Net change in cash	36.3	29.3	7.6	21.7	-1.4	-89.6	4.5	47.8	114	-126
Free cash flow	405	455	231	527	550	792	683	561	730	712
Interest paid	58.9	57.7	54.9	74.3	69.6	62.8	80.9	110	112	131
Income taxes paid	106	126	154	155	203	253	205	235	227	265

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $170.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.0%	Gross profit / revenue.
Pre-tax margin	10.4%	Pre-tax income / revenue.
Net margin	7.6%	Net income / revenue.
FCF margin	11.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.3%	Cash from operations / revenue.
Effective tax rate	27.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	30.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.7%	Net income / average total assets.
SG&A / revenue	16.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.13x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.37x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.5%	Total debt / total assets.
Liabilities / assets	74.8%	Total liabilities / total assets.
Net debt	$2.95B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$395.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$715.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	5.91x	Revenue / average property, plant and equipment.
Inventory turnover	6.37x	Cost of revenue / average inventory.
Days inventory	57 days	365 x average inventory / cost of revenue.
Receivables turnover	5.16x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	85 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	43 days	Days inventory + days sales outstanding - days payables.
FCF conversion	150.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$121.05	Revenue / diluted weighted shares.
FCF per share	$13.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.15	Cash from operations / diluted weighted shares.
Book value per share	$30.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.43	Tangible book value / shares outstanding.
Cash per share	$2.99	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	27.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	38.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.91B	Share price x shares outstanding.
Enterprise value	$15.86B	Market cap + total debt - cash - short-term investments.
P/E	18.3x	Market cap / net income. Only when net income is positive.
P/S	1.40x	Market cap / revenue.
P/B	5.56x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	12.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.5x	Market cap / cash from operations, when positive.
EV/Sales	1.71x	Enterprise value / revenue.
EV/FCF	14.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.2%	Free cash flow / market cap.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.

What was Avery Dennison Corp's revenue in fiscal 2025?

Avery Dennison Corp reported revenue of $8.86B for fiscal 2025, 1.1% higher than the year before.

Was Avery Dennison Corp profitable in fiscal 2025?

Yes. Net income was $688.0M, a net margin of 7.8%.

How much free cash flow did Avery Dennison Corp generate in fiscal 2025?

Cash from operations of $881.4M minus capital expenditures of $169.0M left free cash flow of $712.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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