Materials · Paper & Plastic Packaging Products & Materials · US stock · price as of 16 Oct 2026
Key indicators
Price
$175.31
52-week range
$150.83 – $196.15
Market cap
$13.4B
P/E (trailing)
19.3×
EV / EBITDA
11.6×
Free-cash-flow yield
7.9%
Dividend yield
2.2%
Revenue (last 12 months)
$9.2B
Revenue growth (3y a year)
−0.7%
Operating margin
12.0%
Return on invested capital
14.0%
Net debt / EBITDA
2.4×
Fair value
Blended fair value$208.96 range $196 – $222
Versus priceFair+19% to fair value
Peer multiples
$194.87
Fundamentals-adjusted multiple
$247.42
10-year DCF (market-scaled)
$184.61
Earnings power value (floor, not blended)
$74.43
Model uncertainty
Medium
X-Ray Score
60/ 100 · High confidence · ahead of 78% of sector peers
Valuation74
Growth42
Profitability75
Financial health43
Dividends65
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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 2.2%.
StocksXray gives Avery Dennison Corp an X-Ray Score of 60 out of 100 (high confidence), ahead of 78% of the S&P 500 stocks in its sector. Its strongest lens is profitability (75) and its weakest is growth (42).
Our fair value blend is $208.96 (range $196.49 to $221.98). At $175.31 the stock trades 16% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Avery Dennison Corp (AVY)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2022
FY2023
FY2024
FY2025
Now
Price
$198.35
$168.48
$191.49
$181.43
$178.79
$175.31
Market cap
$16.6B
$13.8B
$15.5B
$14.6B
$14.0B
$13.4B
P/E
22.5×
18.3×
30.9×
20.8×
20.3×
19.3×
EV / revenue
2.3×
1.9×
2.2×
2.0×
2.0×
1.8×
EV / EBITDA
15.0×
12.2×
16.7×
12.6×
12.6×
11.6×
Price / free cash flow
21.0×
20.3×
27.7×
20.1×
19.7×
12.6×
Free-cash-flow yield
4.8%
4.9%
3.6%
5.0%
5.1%
7.9%
Price / book
8.6×
6.8×
7.3×
6.3×
6.2×
5.8×
Dividend yield
1.34%
1.74%
1.66%
1.90%
2.07%
2.21%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.7%Average
Free-cash-flow yield7.9%Good
Risk models
Altman Z score3.5×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−1.5%Average
Free-cash-flow growth (3y)1.4%Bad
Revenue growth (3y)−0.7%Average
Growth consistency80%Good
Balance sheet
Current ratio1.1×Bad
Net debt / EBITDA2.4×Average
Interest cover7.8×Average
Valuation
Fair value vs price1.2×Average
EBIT / EV yield6.6%Good
Profitability
Return on invested capital14.0%Good
Operating margin12.0%Average
Gross profitability29.1%Good
XStocksXray
Avery Dennison Corp (AVY)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY22
FY23
FY24
FY25
LTM
Revenue
8,408
9,039
8,364
8,756
8,856
9,248
Gross profit
2,313
2,404
2,278
2,531
2,546
2,680
Operating income
1,063
1,083
814
1,071
1,061
1,108
Net income
740
757
503
705
688
705
Diluted EPS ($)
8.83
9.21
6.20
8.73
8.79
9.10
Free cash flow
792
683
561
730
712
1,063
Gross margin
27.5%
26.6%
27.2%
28.9%
28.8%
29.0%
Operating margin
12.6%
12.0%
9.7%
12.2%
12.0%
12.0%
Net margin
8.8%
8.4%
6.0%
8.1%
7.8%
7.6%
Balance sheet
FY22
FY22
FY23
FY24
FY25
LTM
Total assets
7,972
7,951
8,210
8,404
8,802
9,212
Cash
163
167
215
329
203
227
Total debt
3,105
3,102
3,244
3,152
3,733
3,678
Equity
1,924
2,032
2,128
2,312
2,242
2,323
Dividend per share ($)
2.66
2.93
3.18
3.45
3.70
3.82
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
2,148
2,221
2,216
2,271
2,299
2,463
Growth vs a year earlier
−0.1%
−0.7%
+1.5%
+3.9%
+7.0%
+10.9%
Net income ($M)
166
189
166
166
168
204
Diluted EPS ($)
2.09
2.41
2.13
–
2.18
2.67
XStocksXray
Avery Dennison Corp (AVY)
Peers in Paper & Plastic Packaging Products & Materials
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.