Avery Dennison Corporation
Description
Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands. The company also offers graphics and reflective products for the architectural, commercial sign, digital printing, and other related market segments; durable cast and reflective films to the construction, automotive, and fleet transportation market segments; reflective films for traffic and safety applications; and pressure-sensitive vinyl and specialty materials designed for digital imaging, screen printing, and sign cutting applications under the Avery Dennison and Mactac brand names. In addition, it provides branding solutions include brand embellishments, graphic tickets, tags, and labels, and sustainable packaging; and information solutions include item-level RFID, visibility and loss prevention, price ticketing and marking, productivity and media solutions, and brand protection and security solutions, as well as care, content, and country of origin compliance solutions. It serves home and personal care, apparel, e-commerce, logistics, food and grocery, pharmaceuticals, and automotive industries. The company was formerly known as Avery International Corporation and changed its name to Avery Dennison Corporation in 1990. Avery Dennison Corporation was founded in 1935 and is headquartered in Mentor, Ohio.
About
CEO
Mr. Deon M. Stander
Employees
35,000
Instrument type
Common Stock
Sector
Consumer Cyclical
Industry
Packaging & Containers
MIC code
XNYS
Address
8080 Norton Parkway, Mentor, OH 44060, United States
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Summary
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Oct 21, 2025 | — | — | — | — |
| Jul 21, 2025 | — | — | — | — |
| Apr 22, 2025 | — | — | — | — |
| Jan 30, 2025 | 2.38 | 2.38 | 0.00 | 0.00% |
| Oct 23, 2024 | 2.32 | 2.33 | 0.01 | 0.43% |
Earnings estimate
|
Current Quarter
(Mar 2025)
|
Next Quarter
(Jun 2025)
|
Current Year
(Dec 2025)
|
Next Year
(Dec 2026)
|
|
|---|---|---|---|---|
| Number of analysts | 4 | 4 | 10 | 11 |
| Average estimate | 2.31 | 2.57 | 10.23 | 11.33 |
| Low estimate | 2.29 | 2.45 | 9.87 | 10.69 |
| High estimate | 2.34 | 2.63 | 10.60 | 12.35 |
| Last year EPS | 2.29 | 2.42 | 9.43 | 10.23 |
[stock_revenue_estimate]
Growth estimates
Current qtr (Mar 2025)
0.960%
Next qtr. (Jun 2025)
6.200%
Current year (Dec 2025)
8.160%
Next year (Dec 2026)
10.180%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 8.36B | 9.04B | 8.41B | 6.97B | 7.07B |
| Cost of revenue | 6.09B | 6.64B | 6.10B | 5.05B | 5.17B |
| Gross profit | 2.28B | 2.40B | 2.31B | 1.92B | 1.90B |
| Operating expense | |||||
| Research & development | 135.80M | 136.10M | 136.60M | — | — |
| Selling general and admin | 1.18B | 1.19B | 1.11B | 1.06B | 1.08B |
| Other operating expenses | — | — | — | — | — |
| Operating income | 963.80M | 1.07B | 1.06B | 862.80M | 823.70M |
| Non operating interest income | |||||
| Income | — | — | — | — | — |
| Expense | 119.00M | 84.10M | 70.20M | 70.00M | 75.80M |
| Other income expense | -150.10M | 10.00M | -1.50M | -55.50M | -498.40M |
| Pretax income | 694.70M | 999.30M | 992.60M | 737.30M | 249.50M |
| Tax provision | 191.70M | 242.20M | 248.60M | 177.70M | -56.70M |
| Net income | 503.00M | 757.10M | 740.10M | 555.90M | 303.60M |
| Basic EPS | 6.23 | 9.37 | 8.94 | 6.66 | 3.64 |
| Diluted EPS | 6.20 | 9.21 | 8.83 | 6.61 | 3.57 |
| Basic average shares | 80.70M | 80.81M | 82.61M | 83.15M | 83.37M |
| Diluted average shares | 80.70M | 80.81M | 82.61M | 83.15M | 83.37M |
| EBITDA | 1.29B | 1.37B | 1.31B | 1.07B | 557.50M |
| Net income from continuing op. | 503.00M | 757.10M | 740.10M | 555.90M | 303.60M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 8.21B | 7.95B | 7.97B | 6.08B | 5.49B |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 215.00M | 167.20M | 162.70M | 252.30M | 253.70M |
| Other short term investments | — | — | — | — | — |
| Accounts receivable | 1.41B | 1.37B | 1.42B | 1.24B | 1.21B |
| Other receivables | — | — | — | — | — |
| Inventory | 920.70M | 1.01B | 907.20M | 717.20M | 663.00M |
| Prepaid assets | — | — | — | — | — |
| Restricted cash | — | — | — | — | — |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | 245.40M | 230.50M | 240.20M | 211.50M | 211.70M |
| Non current assets | |||||
| Properties | — | — | — | — | — |
| Land and improvements | 35.90M | 29.30M | 28.60M | 26.10M | 25.10M |
| Machinery furniture equipment | 2.80B | 2.67B | 2.58B | 2.54B | 2.32B |
| Construction in progress | 317.10M | 269.60M | 237.80M | 165.20M | 142.20M |
| Leases | — | — | — | — | — |
| Accumulated depreciation | -2.34B | -2.21B | -2.15B | -2.13B | -1.96B |
| Goodwill | 4.88B | 4.57B | 4.67B | 2.50B | 1.99B |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 849.10M | 840.30M | 911.40M | 224.90M | 126.50M |
| Investments and advances | — | — | — | — | — |
| Other non current assets | 925.30M | 925.60M | 966.40M | 962.70M | 880.20M |
| Total liabilities | 6.08B | 5.92B | 6.05B | 4.60B | 4.28B |
| Current liabilities | |||||
| Accounts payable | 1.28B | 1.34B | 1.30B | 1.05B | 1.07B |
| Accrued expenses | 355.80M | 402.30M | 475.30M | 379.20M | 352.80M |
| Short term debt | 622.20M | 598.60M | 318.80M | 64.70M | 440.20M |
| Deferred revenue | — | — | — | — | — |
| Tax payable | 57.60M | 76.20M | 74.90M | 86.30M | 71.40M |
| Pensions | — | — | — | — | — |
| Other current liabilities | 386.80M | 383.40M | 380.10M | 344.90M | 323.30M |
| Non current liabilities | |||||
| Long term debt | 2.62B | 2.50B | 2.79B | 2.05B | 1.50B |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | 260.00M | 247.90M | 238.50M | 117.30M | 110.30M |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | 500.30M | 367.10M | 474.90M | 503.60M | 421.40M |
| Shareholders equity | |||||
| Common stock | 124.10M | 124.10M | 124.10M | 124.10M | 124.10M |
| Retained earnings | 4.69B | 4.41B | 3.88B | 3.35B | 2.98B |
| Other shareholders equity | -408.10M | -364.00M | -282.90M | -349.60M | -348.10M |
| Total shareholders equity | 2.13B | 2.03B | 1.92B | 1.48B | 1.20B |
| Additional paid in capital | 854.50M | 879.30M | 862.30M | 862.10M | 874.00M |
| Treasury stock | 3.13B | 3.02B | 2.66B | 2.50B | 2.43B |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||||||||||||||||
| Net Income | 503.00M | 757.10M | 740.10M | 555.90M | 303.60M | 467.40M | 281.80M | 320.70M | 274.30M | 245.10M | 213.20M | 215.40M | 190.10M | 316.90M | -746.70M | 266.10M | 303.50M | 367.20M | 226.00M | 279.70M | 267.90M | 257.20M | 243.20M | 283.50M | 215.40M | 223.30M | 204.80M | 175.90M | 143.70M | 109.40M | 83.30M | 80.10M | 63.00M | 5.90M |
| Depreciation | 298.40M | 290.70M | 244.10M | 205.30M | 179.00M | 181.00M | 178.70M | 180.10M | 188.30M | 201.60M | 204.60M | 220.60M | 246.50M | 247.60M | 267.30M | 278.40M | 234.60M | 197.90M | 202.00M | 188.20M | 181.50M | 152.80M | 156.00M | 156.90M | 150.40M | 127.20M | 116.80M | 113.40M | 107.90M | 102.50M | 95.40M | 93.90M | 92.30M | 90.10M |
| Deferred Taxes | -24.40M | 18.40M | 2.60M | 9.30M | -216.90M | -32.70M | 151.60M | 52.30M | — | — | — | — | — | — | — | -114.20M | -37.50M | -10.80M | -13.00M | 93.10M | -3.80M | 22.20M | 3.00M | 11.80M | -15.30M | 13.80M | 18.40M | 800,000 | -17.60M | 13.80M | -22.80M | -13.30M | -6.60M | 4.70M |
| Stock-Based Compensation | 22.30M | 47.40M | 37.20M | 24.00M | 34.50M | 34.30M | 30.20M | 27.20M | 26.30M | 28.30M | 34.00M | 38.90M | 39.60M | 35.20M | 25.80M | 29.00M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | 37.10M | 23.50M | 11.70M | 45.40M | 472.40M | 154.10M | 53.50M | 87.60M | 50.10M | 44.20M | 38.30M | 41.80M | 36.10M | 43.10M | 32.60M | 16.60M | 50.20M | 9.80M | — | -27.60M | -33.90M | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Accounts Receivable | -16.70M | -22.10M | -113.20M | 14.70M | -42.20M | -62.50M | -141.20M | -88.20M | -135.90M | -65.40M | -136.00M | -106.70M | -43.60M | -87.60M | 95.70M | 57.70M | 1.00M | -2.30M | -44.00M | -1.40M | -44.20M | -41.10M | 1.90M | -43.40M | -66.40M | 26.90M | -31.40M | -900,000 | -52.50M | -21.80M | -13.60M | 3.60M | -2.10M | 24.30M |
| Accounts Payable | -87.60M | 68.20M | 255.20M | -68.20M | 46.40M | 43.60M | 83.40M | 31.60M | 65.50M | -62.80M | 108.20M | 68.00M | 31.30M | 76.50M | -14.50M | -15.80M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Assets & Liabilities | 44.00M | -272.30M | -166.60M | -99.10M | -89.00M | -372.90M | -29.90M | -115.40M | -60.60M | -79.70M | -109.80M | -76.60M | -8.30M | -212.60M | 45.20M | -143.40M | 34.70M | -59.90M | -61.00M | -53.90M | -56.50M | -31.90M | 28.50M | 5.40M | 2.80M | 43.40M | 15.20M | -28.80M | -10.70M | -35.30M | 64.90M | 32.00M | 83.50M | -72.50M |
| Operating Cash Flow | 776.10M | 910.90M | 1.01B | 687.30M | 687.80M | 412.30M | 608.10M | 495.90M | 408.00M | 311.30M | 352.50M | 401.40M | 491.70M | 419.10M | -294.60M | 374.40M | 586.50M | 501.90M | 310.00M | 478.10M | 311.00M | 359.20M | 432.60M | 414.20M | 286.90M | 434.60M | 323.80M | 260.40M | 170.80M | 168.60M | 207.20M | 196.30M | 230.10M | 52.50M |
| Investing Activities | ||||||||||||||||||||||||||||||||||
| Capital Expenditures | -264.30M | -275.80M | -253.90M | -192.20M | -211.60M | -217.30M | -184.50M | -168.40M | -128.20M | -143.60M | -90.50M | -95.00M | -105.00M | -83.50M | -69.70M | -128.50M | -249.90M | -179.90M | -167.00M | -170.70M | -152.20M | -141.10M | -101.70M | -187.70M | -167.60M | -190.60M | -172.70M | -175.50M | -93.60M | -147.10M | -95.70M | -61.30M | -109.60M | -149.00M |
| Net Intangibles | -19.80M | -20.40M | -17.10M | -17.20M | -37.80M | -29.90M | -35.60M | -29.70M | -15.70M | -27.10M | -52.20M | -59.10M | -26.00M | -25.10M | -30.60M | -63.10M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | -224.90M | -38.40M | -1.47B | -350.40M | -6.50M | -3.80M | -319.30M | -237.20M | — | — | 481.20M | 800,000 | 21.50M | — | — | -131.20M | -1.29B | 22.00M | -3.00M | -15.00M | -6.90M | -397.40M | -63.90M | -75.30M | -185.90M | — | — | — | — | — | — | — | — | — |
| Purchase of Investments | — | — | — | — | — | — | -8.30M | -100,000 | -500,000 | — | — | -6.70M | — | — | -500,000 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Sale of Investments | — | — | — | — | — | 18.50M | — | 3.10M | — | 300,000 | 100,000 | — | 300,000 | 800,000 | — | 17.20M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Investing Cash Flow | -439.20M | -312.30M | -1.72B | -537.00M | -213.20M | -184.10M | -516.00M | -402.60M | -127.20M | -143.30M | 391.60M | -100.90M | -78.20M | -82.70M | -75.20M | -230.40M | -1.54B | -154.90M | -168.00M | -216.90M | -167.80M | -575.40M | -268.30M | -315.50M | -375.60M | -217.50M | -189.00M | -177.60M | -112.70M | -157.30M | -90.10M | -54.30M | -102.00M | -141.90M |
| Financing Activities | ||||||||||||||||||||||||||||||||||
| Long-Term Debt Issuance | 394.90M | — | 791.70M | 493.70M | — | 493.30M | 542.90M | — | — | — | 250.00M | — | — | 249.80M | — | 400.10M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Long-Term Debt Payments | -255.90M | -6.30M | -13.40M | -880.60M | -23.90M | -6.40M | -253.80M | -2.70M | -105.80M | -1.60M | -437.20M | -1.80M | -147.90M | -439.60M | -108.30M | -440.80M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Financing Charges | -25.40M | -25.10M | -31.70M | -19.70M | -19.00M | -49.50M | 1.40M | 66.50M | -100,000 | -2.00M | -8.30M | -2.70M | -7.50M | -6.80M | 2.20M | 14.30M | -6.70M | 17.70M | 19.00M | 18.20M | 18.10M | 17.00M | 15.50M | 3.90M | 3.30M | -2.30M | 7.90M | 9.90M | 10.20M | 15.00M | — | — | — | — |
| Financing Cash Flow | -317.20M | -615.20M | 604.30M | -818.10M | -475.60M | -208.10M | -83.90M | -106.20M | -569.70M | -357.70M | -1.03B | -307.80M | -421.80M | -492.40M | -433.30M | -598.60M | -203.60M | -257.70M | -180.00M | -128.00M | -136.90M | -119.80M | -120.40M | -234.50M | -213.70M | -276.00M | -164.90M | -167.50M | -84.00M | -145.80M | -135.00M | -123.60M | -67.90M | -41.10M |
| Other Cash Details | ||||||||||||||||||||||||||||||||||
| End Cash Position | 215.00M | 167.20M | 162.70M | 252.30M | 253.70M | 232.00M | 224.40M | 195.10M | 158.80M | 207.20M | 351.10M | 235.40M | 178.00M | 127.50M | 138.10M | 105.50M | 71.50M | 58.50M | 99.00M | 84.80M | 29.50M | 22.80M | 19.10M | 11.40M | 6.90M | 18.50M | 3.30M | — | — | — | — | — | — | — |
| Income Tax Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Interest Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Free Cash Flow | 540.90M | 662.50M | 774.70M | 532.70M | 489.30M | 201.30M | 419.60M | 375.50M | 322.20M | 179.90M | 138.20M | 355.10M | 287.10M | 378.10M | 468.70M | 348.10M | 244.60M | 315.50M | 253.00M | 338.00M | 121.90M | 371.00M | 240.10M | 211.60M | 249.20M | 232.20M | 191.10M | 116.40M | -2.40M | 101.70M | 138.60M | 80.00M | 108.00M | -59.30M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | Sep 30, 2024 | 2,560,820 | 467.66M | 3.19% |
| Vanguard 500 Index Fund | Sep 30, 2024 | 2,108,767 | 385.10M | 2.62% |
| Price (T.Rowe) Mid Cap Growth Fund | Sep 30, 2024 | 1,973,800 | 360.46M | 2.46% |
| Vanguard Mid-Cap Index Fund | Sep 30, 2024 | 1,704,990 | 311.37M | 2.12% |
| Eaton Vance Atlanta Capital SMID-Cap Fd | Sep 30, 2024 | 1,269,293 | 231.80M | 1.58% |
| SPDR S&P 500 ETF Trust | Nov 30, 2024 | 994,972 | 181.70M | 1.24% |
| Fidelity 500 Index Fund | Nov 30, 2024 | 994,964 | 181.70M | 1.24% |
| Vanguard/Windsor II | Oct 31, 2024 | 978,563 | 178.71M | 1.22% |
| Columbia Fds Ser Tr I-Columbia Dividend Income Fd | Nov 30, 2024 | 977,043 | 178.43M | 1.22% |
| Victory Portfolios-Sycamore Established Value Fund | Sep 30, 2024 | 915,000 | 167.10M | 1.14% |
Article
Avery Dennison Corporation (AVY) Q4 2024 Earnings Call Transcript
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