Avery Dennison Corp AVY
Avery Dennison Corporation ("Avery Dennison" or the "Company" and generally referred to as "we" or "us") was founded in 1935 and incorporated in Delaware in 1977 as Avery International Corporation, the successor corporation to a California corporation of the same name incorporated in 1946. In 1990, we merged one of our subsidiaries into Dennison Manufacturing Company ("Dennison"), as a result of which Dennison became our wholly-owned subsidiary and in connection with which we changed our name to Avery Dennison Corporation. You can learn more about us by visiting our website at www.averydennison.com. Our website is not intended to function as a hyperlink and the information on our website is not, nor should it be considered, part of this report or incorporated by reference into this report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.86B | $8.76B | $8.36B | $9.04B | $8.41B | $6.97B | $7.07B | $7.16B | $6.61B | $6.09B |
| Cost of revenue | $6.31B | $6.22B | $6.09B | $6.64B | $6.10B | $5.05B | $5.17B | $5.24B | $4.80B | $4.39B |
| Gross profit | $2.55B | $2.53B | $2.28B | $2.40B | $2.31B | $1.92B | $1.90B | $1.92B | $1.81B | $1.70B |
| R&D | $136.6M | $137.8M | $135.8M | $136.1M | $136.6M | $112.8M | $92.6M | $98.2M | $93.4M | $89.7M |
| SG&A | $1.42B | $1.42B | $1.31B | $1.33B | $1.25B | $1.06B | $1.08B | $1.13B | $1.11B | $1.09B |
| Interest expense | $135.4M | $117.0M | $119.0M | $84.1M | $70.2M | $70.0M | $75.8M | $58.5M | $63.0M | $59.9M |
| Pre-tax income | $925.1M | $953.5M | $694.7M | $999.3M | $992.6M | $737.3M | $249.5M | $554.8M | $589.5M | $477.1M |
| Income tax | $237.1M | $248.6M | $191.7M | $242.2M | $248.6M | $177.7M | $56.7M | $85.4M | $307.7M | $156.4M |
| Net income | $688.0M | $704.9M | $503.0M | $757.1M | $740.1M | $555.9M | $303.6M | $467.4M | $281.8M | $320.7M |
| EPS, basic | 8.81 | 8.77 | 6.23 | 9.28 | 8.93 | 6.67 | 3.61 | 5.35 | 3.19 | 3.60 |
| EPS, diluted | 8.79 | 8.73 | 6.20 | 9.21 | 8.83 | 6.61 | 3.57 | 5.28 | 3.13 | 3.54 |
| Shares, diluted (wtd. avg.) | $78.3M | $80.7M | $81.1M | $82.2M | $83.8M | $84.1M | $85.0M | $88.6M | $90.1M | $90.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $202.8M | $329.1M | $215.0M | $167.2M | $162.7M | $252.3M | $253.7M | $232.0M | $224.4M | $195.1M |
| Receivables | $1.50B | $1.47B | $1.41B | $1.37B | $1.42B | $1.24B | $1.21B | $1.19B | $1.18B | $1.00B |
| Inventory | $975.8M | $978.1M | $920.7M | $1.01B | $907.2M | $717.2M | $663.0M | $651.4M | $609.6M | $519.1M |
| Total current assets | $2.99B | $3.08B | $2.80B | $2.78B | $2.73B | $2.42B | $2.34B | $2.30B | $2.24B | $1.90B |
| Property, plant and equipment | — | — | — | $1.54B | $1.48B | $1.34B | $1.21B | $1.14B | $1.10B | $915.2M |
| Goodwill | $2.27B | $1.98B | $2.01B | $1.86B | $1.88B | $1.14B | $930.8M | $941.8M | $985.1M | $793.6M |
| Other intangibles | $827.5M | $755.3M | $849.1M | $840.3M | $911.4M | $224.9M | $126.5M | $144.0M | $122.9M | $66.7M |
| Total assets | $8.80B | $8.40B | $8.21B | $7.95B | $7.97B | $6.08B | $5.49B | $5.18B | $5.14B | $4.40B |
| Accounts payable | $1.26B | $1.34B | $1.28B | $1.34B | $1.30B | $1.05B | $1.07B | $1.03B | $1.01B | $841.9M |
| Short-term debt | $522.9M | $592.3M | $622.2M | $598.6M | $318.8M | $64.7M | $440.2M | $194.6M | $265.4M | $579.1M |
| Total current liabilities | $2.65B | $2.86B | $2.70B | $2.80B | $2.55B | $1.93B | $2.25B | $1.99B | $1.97B | $2.00B |
| Long-term debt | $3.20B | $2.55B | $2.62B | $2.50B | $2.77B | $2.03B | $1.48B | $1.75B | — | — |
| Retained earnings | $5.60B | $5.15B | $4.69B | $4.41B | $3.88B | $3.35B | $2.98B | $2.86B | $2.60B | $2.47B |
| Total equity | $2.24B | $2.31B | $2.13B | $2.03B | $1.92B | $1.48B | $1.20B | $955.1M | $1.03B | $925.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $881.4M | $938.8M | $826.0M | $961.0M | $1.05B | $751.3M | $746.5M | $457.9M | $645.7M | $582.1M |
| Depreciation and amortisation | $328.2M | $312.2M | $298.4M | $290.7M | $244.1M | $205.3M | $179.0M | $181.0M | $178.7M | $180.1M |
| Stock-based compensation | $27.9M | $28.7M | $22.3M | $47.4M | $37.2M | $24.0M | $34.5M | $34.3M | $30.2M | $27.2M |
| Capital expenditure | $169.0M | $208.8M | $265.3M | $278.1M | $255.0M | $201.4M | $219.4M | $226.7M | $190.5M | $176.9M |
| Investing cash flow | -$596.0M | -$243.1M | -$459.0M | -$332.7M | -$1.74B | -$554.2M | -$251.0M | -$232.5M | -$543.3M | -$432.2M |
| Financing cash flow | -$414.9M | -$576.1M | -$317.2M | -$615.2M | $604.3M | -$207.7M | -$470.3M | -$208.1M | -$83.9M | -$106.2M |
| Dividends paid | $288.4M | $277.5M | $256.7M | $238.9M | $220.6M | $196.8M | $189.7M | $175.0M | $155.5M | $142.5M |
| Buybacks | $572.3M | $247.5M | $137.5M | $379.5M | $180.9M | $104.3M | $237.7M | $392.9M | $129.7M | $262.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000008818-26-000015.
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