Avery Dennison (AVY)
Market Price (11/3/2026): $185.21 | Market Cap: $14.1 BilInvestor Relations Sector: Materials | Industry: Paper & Plastic Packaging Products & Materials
Avery Dennison (AVY)
Market Price (11/3/2026): $185.21Market Cap: $14.1 BilSector: MaterialsIndustry: Paper & Plastic Packaging Products & Materials
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.1%, FCF Yield is 7.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Circular Economy & Recycling, E-commerce & DTC Adoption, and Automation & Robotics. Themes include Sustainable Packaging Materials, Show more. | Trading close to highsDist 52W High is -3.7% Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -66% | Key risksAVY key risks include [1] high dependency on volatile raw material costs and [2] underwhelming organic revenue growth in its core materials business due to competitive and deflationary pressures. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.1%, FCF Yield is 7.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, E-commerce & DTC Adoption, and Automation & Robotics. Themes include Sustainable Packaging Materials, Show more. |
| Trading close to highsDist 52W High is -3.7% |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -66% |
| Key risksAVY key risks include [1] high dependency on volatile raw material costs and [2] underwhelming organic revenue growth in its core materials business due to competitive and deflationary pressures. |
Qualitative Assessment
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Avery Dennison (AVY) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Earnings Performance and Raised Fiscal Year 2026 Guidance.
Avery Dennison delivered stronger-than-anticipated results for both fiscal Q2 2026 (ended June 30, 2026) and fiscal Q3 2026 (ended September 30, 2026). For fiscal Q2 2026, the company reported adjusted EPS of $2.89, an increase of 19.4% year-over-year, significantly beating analyst consensus estimates of $2.47. Net sales also exceeded expectations, reaching $2.5 billion, up 10.9% year-over-year. Following this, for fiscal Q3 2026, adjusted EPS was $2.42, surpassing the $2.32 consensus estimate by $0.10, and revenue was $2.33 billion, ahead of the $2.26 billion estimate. Crucially, management narrowed and slightly raised the midpoint of its full-year fiscal 2026 adjusted EPS guidance to a range of $10.10 to $10.24, implying approximately 7% year-over-year growth.
2. Robust Underlying Organic Sales Growth Despite Destocking Headwinds.
Despite facing customer inventory destocking, particularly in the Materials Group, which management estimated unfavorably impacted fiscal Q3 2026 sales by roughly 2 points and adjusted EPS by about $0.15, Avery Dennison demonstrated strong underlying organic sales growth. The company reported 3.7% organic sales growth for fiscal Q3 2026, but noted that underlying organic sales growth was an estimated 6% when adjusted for inventory management impacts. This performance was driven by continued improvement in both high-value categories and base businesses, reflecting effective operational execution.
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Avery Dennison (AVY) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Earnings Performance and Raised Fiscal Year 2026 Guidance.
Avery Dennison delivered stronger-than-anticipated results for both fiscal Q2 2026 (ended June 30, 2026) and fiscal Q3 2026 (ended September 30, 2026). For fiscal Q2 2026, the company reported adjusted EPS of $2.89, an increase of 19.4% year-over-year, significantly beating analyst consensus estimates of $2.47. Net sales also exceeded expectations, reaching $2.5 billion, up 10.9% year-over-year. Following this, for fiscal Q3 2026, adjusted EPS was $2.42, surpassing the $2.32 consensus estimate by $0.10, and revenue was $2.33 billion, ahead of the $2.26 billion estimate. Crucially, management narrowed and slightly raised the midpoint of its full-year fiscal 2026 adjusted EPS guidance to a range of $10.10 to $10.24, implying approximately 7% year-over-year growth.
2. Robust Underlying Organic Sales Growth Despite Destocking Headwinds.
Despite facing customer inventory destocking, particularly in the Materials Group, which management estimated unfavorably impacted fiscal Q3 2026 sales by roughly 2 points and adjusted EPS by about $0.15, Avery Dennison demonstrated strong underlying organic sales growth. The company reported 3.7% organic sales growth for fiscal Q3 2026, but noted that underlying organic sales growth was an estimated 6% when adjusted for inventory management impacts. This performance was driven by continued improvement in both high-value categories and base businesses, reflecting effective operational execution.
3. Positive Analyst Sentiment and Increased Price Targets.
Throughout the period, Avery Dennison received several positive affirmations from investment analysts. Multiple firms, including UBS Group and JPMorgan Chase & Co., raised their price targets for the stock. UBS Group, for instance, boosted its target from $225.00 to $230.00 while maintaining a "buy" rating. Similarly, JPMorgan Chase & Co. increased its price target from $190.00 to $200.00 with an "overweight" rating. Bank of America also reaffirmed a "buy" rating. This collective positive sentiment and upward revision of price targets contributed to investor confidence and demand for the stock.
4. Strategic Product Innovation and Sustainability Achievements.
Avery Dennison continued to innovate within its core markets. On September 15, 2026, the company announced the AD Visi product line, a new range of Active Bluetooth® Low Energy labels designed for advanced tracking of high-value shipments, enhancing its digital identification solutions. Additionally, on July 16, 2026, its AD CleanFlake™ RFID tags received first-to-market RecyClass Technology Approval in Europe, building on existing North American recognition for PET bottle recyclability. These innovations highlight the company's focus on high-value, sustainable solutions, which resonate positively with market trends and investor priorities.
5. Strong Free Cash Flow Generation and Shareholder Returns.
The company demonstrated robust cash generation, reporting adjusted free cash flow of $246 million in fiscal Q3 2026, bringing the year-to-date total to $715.8 million. This strong cash flow enabled Avery Dennison to return significant capital to shareholders, with $481 million distributed through dividends and share repurchases during the first nine months of fiscal 2026. This commitment to shareholder returns signals financial health and prudent capital management, appealing to investors.
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Stock Movement Drivers
Fundamental Drivers
The 10.8% change in AVY stock from 7/31/2026 to 11/2/2026 was primarily driven by a 7.7% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 168.75 | 187.01 | 10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,006 | 9,248 | 2.7% |
| Net Income Margin (%) | 7.7% | 7.6% | -0.5% |
| P/E Multiple | 18.8 | 20.2 | 7.7% |
| Shares Outstanding (Mil) | 77 | 76 | 0.7% |
| Cumulative Contribution | 10.8% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| AVY | 10.8% | |
| Market (SPY) | 0.7% | 2.0% |
| Sector (XLB) | 6.4% | 58.8% |
Fundamental Drivers
The 15.5% change in AVY stock from 4/30/2026 to 11/2/2026 was primarily driven by a 11.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 161.94 | 187.01 | 15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,856 | 9,248 | 4.4% |
| Net Income Margin (%) | 7.8% | 7.6% | -1.9% |
| P/E Multiple | 18.1 | 20.2 | 11.8% |
| Shares Outstanding (Mil) | 77 | 76 | 0.8% |
| Cumulative Contribution | 15.5% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| AVY | 15.5% | |
| Market (SPY) | 4.9% | 13.1% |
| Sector (XLB) | 4.7% | 64.5% |
Fundamental Drivers
The 9.4% change in AVY stock from 10/31/2025 to 11/2/2026 was primarily driven by a 5.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 170.98 | 187.01 | 9.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,770 | 9,248 | 5.5% |
| Net Income Margin (%) | 7.9% | 7.6% | -3.9% |
| P/E Multiple | 19.1 | 20.2 | 5.7% |
| Shares Outstanding (Mil) | 78 | 76 | 2.1% |
| Cumulative Contribution | 9.4% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| AVY | 9.4% | |
| Market (SPY) | 11.2% | 24.5% |
| Sector (XLB) | 27.0% | 64.3% |
Fundamental Drivers
The 13.9% change in AVY stock from 10/31/2023 to 11/2/2026 was primarily driven by a 30.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 164.20 | 187.01 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,280 | 9,248 | 11.7% |
| Net Income Margin (%) | 5.8% | 7.6% | 30.7% |
| P/E Multiple | 27.4 | 20.2 | -26.2% |
| Shares Outstanding (Mil) | 81 | 76 | 5.6% |
| Cumulative Contribution | 13.9% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| AVY | 13.9% | |
| Market (SPY) | 86.0% | 40.3% |
| Sector (XLB) | 48.8% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AVY Return | 41% | -15% | 14% | -6% | -1% | 5% | 33% |
| Peers Return | 47% | -19% | 2% | 38% | -5% | 11% | 74% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| AVY Win Rate | 67% | 33% | 50% | 33% | 42% | 64% | |
| Peers Win Rate | 65% | 43% | 47% | 60% | 45% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| AVY Max Drawdown | -11% | -29% | -18% | -18% | -18% | -22% | |
| Peers Max Drawdown | -24% | -44% | -36% | -22% | -39% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MMM, ZBRA, IP, FUL, PI. See AVY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | AVY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.4% | -18.8% |
| % Gain to Breakeven | 14.1% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.7% | -6.7% |
| % Gain to Breakeven | 15.9% | 7.1% |
| Time to Breakeven | 57 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.7% | -24.5% |
| % Gain to Breakeven | 36.4% | 32.4% |
| Time to Breakeven | 603 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.1% | -33.7% |
| % Gain to Breakeven | 72.8% | 50.9% |
| Time to Breakeven | 212 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.7% | -19.2% |
| % Gain to Breakeven | 27.7% | 23.8% |
| Time to Breakeven | 63 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.4% | -3.7% |
| % Gain to Breakeven | 14.1% | 3.9% |
| Time to Breakeven | 96 days | 6 days |
In The Past
Avery Dennison's stock fell -12.4% during the 2025 US Tariff Shock. Such a loss loss requires a 14.1% gain to breakeven.
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Asset Allocation
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| Event | AVY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.7% | -24.5% |
| % Gain to Breakeven | 36.4% | 32.4% |
| Time to Breakeven | 603 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.1% | -33.7% |
| % Gain to Breakeven | 72.8% | 50.9% |
| Time to Breakeven | 212 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.7% | -19.2% |
| % Gain to Breakeven | 27.7% | 23.8% |
| Time to Breakeven | 63 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.3% | 21.8% |
| Time to Breakeven | 387 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.4% | -53.4% |
| % Gain to Breakeven | 189.2% | 114.4% |
| Time to Breakeven | 1528 days | 1085 days |
In The Past
Avery Dennison's stock fell -12.4% during the 2025 US Tariff Shock. Such a loss loss requires a 14.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Avery Dennison (AVY)
Avery Dennison Corporation (AVY) is a global manufacturing company specializing in pressure-sensitive materials and a variety of labeling and branding solutions. At its core, the company develops and produces adhesive-backed materials that are integral to a wide range of products across numerous industries. With operations spanning North America, Europe, Asia, and Latin America, Avery Dennison's technologies enable everything from product labeling to industrial applications.
The company's offerings are primarily structured into three segments. Its Label and Graphic Materials segment manufactures pressure-sensitive labels and packaging materials for consumer goods in markets such as food, beverages, pharmaceuticals, and personal care, under well-known brands like Fasson and Avery Dennison. This segment also provides graphic films and reflective products used for commercial signs, vehicle wraps, and safety applications. Complementing this, the Retail Branding and Information Solutions segment delivers brand embellishments, tags, labels, sustainable packaging, and advanced solutions like RFID products and loss prevention tools, primarily serving retailers, brand owners, and apparel manufacturers.
Finally, Avery Dennison's Industrial and Healthcare Materials segment focuses on specialized adhesive tapes, pressure-sensitive materials, and medical fasteners. These products cater to a diverse set of industrial sectors, including automotive, electronics, building and construction, and general manufacturing, as well as critical applications within the personal care and medical markets. Through these distinct but interconnected segments, Avery Dennison provides essential components and solutions that support branding, information, and functionality for a global customer base.
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- A B2B version of 3M, specializing in labels, adhesive materials, and branding solutions.
- Like 3M, but focused on providing the labels, tags, and industrial adhesive products for other businesses.
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- Pressure-Sensitive Label and Packaging Materials: Materials used for labels and packaging across various industries like food, beverage, and pharmaceuticals.
- Graphics and Reflective Products: Films and products for architectural, commercial signage, digital printing, automotive, and traffic safety applications.
- Brand Embellishments, Tags, and Labels: Products like graphic tickets, tags, and labels used for retail branding and information.
- Sustainable Packaging Solutions: Environmentally friendly packaging options for retailers and brand owners.
- Radio-Frequency Identification (RFID) Products: RFID tags and systems for inventory management, visibility, and tracking.
- Retail Information Solutions: Products and systems for price ticketing, marking, visibility, loss prevention, and compliance solutions for retailers.
- Creative Services: Design and development services related to branding and packaging solutions.
- Industrial Tapes and Adhesives: Tapes and pressure-sensitive adhesive-based materials used in automotive, electronics, building, and general industrial applications.
- Healthcare Materials and Fasteners: Adhesive materials, converted products, and medical fasteners for the healthcare market.
- Performance Polymers: Specialized polymers used in various industrial and healthcare applications.
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Avery Dennison (AVY) primarily sells its products and solutions to other businesses (B2B) rather than directly to individual consumers. The company's customer base spans a wide array of industries globally.
Based on the provided background, specific names of major customer companies are not disclosed. However, Avery Dennison serves diverse market segments and types of businesses, which can be categorized as:
- Brand Owners and Product Manufacturers: This includes companies in the home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits, food, and apparel market segments. These customers utilize Avery Dennison's pressure-sensitive labels, packaging materials, brand embellishments, tags, and RFID solutions for their products.
- Retailers and Distributors: These businesses leverage Avery Dennison's retail branding and information solutions, including price ticketing, inventory management (RFID), visibility, loss prevention, and brand protection for their goods.
- Industrial, Healthcare, and Graphic Arts Businesses: This category encompasses companies in automotive, electronics, building and construction, general industrial, and medical markets that use tapes, adhesive materials, medical fasteners, and performance polymers. It also includes architectural firms, commercial sign manufacturers, digital printers, sign shops, and designers who use graphics and reflective products, as well as businesses in construction, automotive, and fleet transportation for durable films and traffic safety applications.
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Deon Stander, President and Chief Executive Officer
Deon Stander was appointed President and Chief Executive Officer of Avery Dennison in September 2023, following his role as Chief Operating Officer since March 2022. He joined Avery Dennison in 2007 through the acquisition of Paxar Corporation, where he had worked since 2003. Throughout his career at Avery Dennison, he has held various leadership positions across Asia, Europe, and North America, including leading the Solutions business. Prior to joining Avery Dennison, Mr. Stander worked in the consumer products industry with Bass PLC and in the telecommunications industry as commercial director for Caudwell Communications, a privately held company. He holds an MBA from Lancaster University, UK, and a Bachelor of Commerce from the University of Port Elizabeth, South Africa.
Greg Lovins, Senior Vice President and Chief Financial Officer
Greg Lovins has served as Senior Vice President and Chief Financial Officer of Avery Dennison since July 2017. He joined the company in 1994 and has held increasingly responsible leadership roles, including vice president and treasurer, and vice president, global finance, for the Label and Graphic Materials segment. In his current role, he is responsible for the company's overall financial strategy and leads the finance function. Mr. Lovins earned an MBA from the Weatherhead School of Management at Case Western Reserve University and a bachelor's degree in finance from Miami University. He recently resumed his role as CFO effective April 1, 2025, after a medical leave.
Deena Baker-Nel, Senior Vice President and Chief Human Resources Officer
Deena Baker-Nel is the Senior Vice President and Chief Human Resources Officer at Avery Dennison.
Danny Allouche, Senior Vice President and Chief Strategy & Corporate Development Officer
Danny Allouche serves as the Senior Vice President and Chief Strategy & Corporate Development Officer for Avery Dennison. He also served as interim Chief Financial Officer during Greg Lovins' medical leave.
Ignacio Walker, Senior Vice President and Chief Legal Officer
Ignacio Walker holds the position of Senior Vice President and Chief Legal Officer at Avery Dennison.
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The key risks to Avery Dennison's business include global economic and geopolitical instability, the cost and availability of raw materials, and intense competitive pressures.
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Global Economic Conditions, Geopolitical Uncertainty, and Regulatory Changes: Avery Dennison's financial performance is significantly influenced by global economic conditions, geopolitical events, and shifts in environmental standards and governmental regulations. Given that approximately 69% of its net sales originate from international operations, the company is particularly exposed to risks such as tariffs, trade relations (including those related to China, the Russia-Ukraine war, and the Israel-Hamas conflict), and broader economic downturns that can impact demand for its products.
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Cost and Availability of Raw Materials and Energy: The company faces substantial risk from the volatility in the cost and availability of raw materials and energy. Historically, shortages and inflationary increases in these costs have occurred and could recur, impacting profitability. Avery Dennison's ability to offset these higher costs through productivity improvements or by passing them on to customers via price increases, without a significant loss of sales volume, is a critical factor for its financial health.
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Competitive Pressures and Market Dynamics: Avery Dennison operates in highly competitive markets, where actions by rivals, including pricing strategies, market expansion, and product offerings, can affect its market share and profitability. The company must continuously adapt to technological developments, evolving customer preferences (including sustainability trends), and changes in demand for its products. There is also a risk associated with its Intelligent Labels platform, which has a significant exposure to the apparel and general retail sectors, markets that have experienced slower growth.
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Label and Graphic Materials Segment
- Pressure-Sensitive Materials: The global pressure-sensitive adhesives market was valued at approximately USD 9.9 billion in 2025 and is projected to reach USD 17.7 billion by 2035. This market is driven by demand from e-commerce packaging, labeling, automotive, electronics, and medical applications. The global pressure sensitive tapes market size was valued at USD 73.09 billion in 2025 and is projected to surpass USD 117.19 billion by 2035.
- Packaging Labels: The global packaging labels market was valued at approximately USD 55.6 billion in 2024 and is estimated to grow to USD 86.3 billion by 2034. North America held the largest revenue share in 2024 for packaging labels. The overall label market is expected to reach USD 47.01 billion in 2025 and USD 64.26 billion by 2031.
- Graphics and Reflective Products: The global graphic film market was valued at USD 31.08 billion in 2025 and is expected to grow to USD 46.99 billion by 2034. The reflective material market globally was valued at USD 30.24 billion in 2024 and is projected to reach USD 51.53 billion by 2033. For the more specialized microprismatic reflective film market, the value is expected to rise from USD 340.85 million in 2026 to USD 528.20 million by 2032 globally.
Retail Branding and Information Solutions Segment
- Radio-Frequency Identification (RFID) Products: The global RFID market size is estimated at USD 17.73 billion in 2025 and is anticipated to reach approximately USD 48.51 billion by 2034. North America held the largest market share in 2024.
Industrial and Healthcare Materials Segment
- Pressure-Sensitive Tapes: The global pressure sensitive tapes market size was valued at USD 73.09 billion in 2025 and is projected to surpass USD 117.19 billion by 2035.
- Medical Fasteners: The global medical fasteners market had an annual demand of USD 7.3 billion in 2025 and is expected to reach USD 9.5 billion by 2031. The medical implant fastener market alone was valued at USD 14.46 billion in 2025 and is projected to reach USD 21.82 billion by 2035 globally. North America generated the highest demand, with over 45% market share in 2024.
- Performance Polymers (High-Performance Polymers): The global high-performance polymers market was valued at USD 37.27 billion in 2025 and is expected to increase to USD 56.97 billion by 2032. Asia Pacific dominates this market. Additionally, the global medical plastics market size was valued at USD 61.35 billion in 2025 and is projected to reach USD 99.25 billion by 2033. The global medical engineered materials market is expected to grow from USD 21.10 billion in 2023 to USD 73.34 billion by 2033.
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Avery Dennison (AVY) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Expansion of High-Value Categories (HVCs) and Intelligent Labels: Avery Dennison is strategically focused on expanding its high-value categories, which accounted for approximately 45% of total sales in 2025, up from 33% in 2019. This segment saw mid-single-digit sales growth organically in Q4 2025. A significant driver within HVCs is the Intelligent Labels business, which leverages RFID technology and has a long-term target of approximately 15%+ organic sales growth. Growth in Intelligent Labels is anticipated from increased adoption in sectors such as food, logistics, and retail, including a major rollout with Walmart in the food segment expected to ramp up in the second half of 2026.
- Strategic Acquisitions: Acquisitions are a stated component of Avery Dennison's strategy to accelerate growth. For instance, the company's 2026 reported sales growth guidance includes approximately 1% from the Taylor Adhesives acquisition.
- Innovation and New Product/Service Launches: The company's growth strategy is deeply rooted in innovation and adaptability, with ongoing investments in cutting-edge technologies. This includes accelerating innovation outcomes across the enterprise to advance its differentiation. Within its Solutions Group, platforms like Embelex and Vestcom are expected to drive growth by offering customization, digital solutions, and productivity enhancements for customers.
- Organic Volume Growth in Core Businesses: Despite some recent flat organic sales, Avery Dennison anticipates an improvement in organic sales and earnings in Q1 2026. The company aims to grow profitably in its base businesses through organic volume and mix growth, which is expected to contribute to earnings growth.
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Share Repurchases
- Avery Dennison authorized a new stock repurchase program of up to $750 million in April 2025.
- The company completed share repurchases of approximately $570 million during 2025.
- From 2016-2024, Avery Dennison returned nearly $2.8 billion to shareholders across buybacks and dividends.
Share Issuance
- Avery Dennison's shares outstanding saw a 2.97% decline from 0.081 billion in 2024 to 0.078 billion in 2025, indicating a net reduction in shares.
Outbound Investments
- In August 2025, Avery Dennison agreed to acquire Meridian Adhesives Group's U.S. flooring adhesives business for $390 million, aimed at expanding its specialty adhesives solutions.
- In July 2021, the company acquired Vestcom International for $1.45 billion, enhancing its retail shelf-edge marketing and pricing solutions.
- Avery Dennison acquired TexTrace AG in February 2022 to integrate RFID technology for textile-based labels.
Capital Expenditures
- Capital expenditures were approximately $200 million in 2025, which included investments in RFID capacity in India.
- The company's capital expenditures were $200.40 million in 2024, $239.80 million in 2023, $285.10 million in 2022, and $298.50 million in 2021.
- Capital spending is strategically focused on high-growth areas such as RFID and specialty materials, supporting future capacity and productivity.
Peer Outperformance in Paper & Plastic Packaging Products & Materials
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AVY | Avery Dennison | 2.9% | 20.2x | 9.4% | 9.4% | -5.3% | — |
| PKG | Packaging of America | 6.0% | 33.1x | 35.5% | 76.4% | 124.1% | +129pp |
| CCK | Crown | 4.4% | 16.7x | 28.4% | 53.2% | 22.7% | +28pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel | 14 | 21.4% | 46.4% | 148.8% | STLD 332% · HCC 262% · RS 222% |
| Copper | 7 | 36.2% | 100.8% | 141.1% | SCCO 265% · TGB 237% · HBM 226% |
| Gold | 36 | 3.3% | 154.6% | 91.8% | IAG 476% · OGC 350% · AGI 280% |
| Silver | 6 | 19.2% | 217.7% | 72.7% | AYA 245% · HL 135% · EXK 45% |
| Construction Materials | 6 | -7.5% | 26.8% | 47.0% | USLM 380% · CRH 110% · VMC 54% |
| Aluminum | 3 | 13.2% | 118.4% | 42.1% | CENX 154% · AA -11% |
| Metal, Glass & Plastic Containers | 11 | 12.7% | 18.9% | 12.5% | GEF 51% · ATR 20% · SLGN 13% |
| Paper & Plastic Packaging Products & Materials ← | 7 | 25.5% | 20.9% | 3.5% | PKG 124% · CCK 23% · AMCR 4% |
| Diversified Metals & Mining | 24 | -54.5% | -6.8% | -8.7% | USAR 29615% · MTRN 157% · SKE 157% |
| Specialty Chemicals | 41 | 14.3% | 1.2% | -15.0% | NEU 147% · ESI 49% · ECL 44% |
| Diversified Chemicals | 3 | 14.9% | 2.8% | -15.4% | CBT 51% · ASH -15% |
| Commodity Chemicals | 13 | 9.2% | -18.3% | -30.7% | HWKN 341% · MEOH 64% · DOW -23% |
| Precious Metals & Minerals | 8 | -14.6% | 130.3% | -50.0% | PPTA 260% |
| Fertilizers & Agricultural Chemicals | 10 | -41.6% | -54.9% | -58.4% | CF 137% · NTR 23% · MOS -43% |
| Paper Products | 4 | -37.3% | -61.7% | -81.8% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 181.29 |
| Mkt Cap | 15.1 |
| Rev LTM | 7,548 |
| Op Inc LTM | 687 |
| FCF LTM | 698 |
| FCF 3Y Avg | 552 |
| CFO LTM | 1,106 |
| CFO 3Y Avg | 904 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 8.0% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 2.9% |
| Op Inc Chg 3Y Avg | 11.3% |
| Op Mgn LTM | 12.1% |
| Op Mgn 3Y Avg | 11.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 13.9% |
| CFO/Rev 3Y Avg | 11.1% |
| FCF/Rev LTM | 10.9% |
| FCF/Rev 3Y Avg | 7.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Materials Group | 6,267 | 6,176 | 5,968 | |
| Solutions Group | 2,817 | 2,795 | 2,588 | |
| Intersegment sales | -229 | -215 | -193 | |
| Industrial and Healthcare Materials | 776 | |||
| Label and Graphic Materials | 5,430 | |||
| Retail Branding and Information Solutions | 2,202 | |||
| Total | 8,856 | 8,756 | 8,364 | 8,408 |
| $ Mil | 2025 | 2024 | 2023 | 2008 | 2005 |
|---|---|---|---|---|---|
| Materials Group | 922 | 925 | 789 | ||
| Solutions Group | 286 | 289 | 252 | ||
| Corporate expense | -85 | -92 | -77 | ||
| Corporate | -26 | ||||
| Office and Consumer Products | 144 | 168 | |||
| Other specialty converting businesses | 6 | 10 | |||
| Pressure-sensitive Materials | 252 | ||||
| Retail Information Services | 9 | 43 | |||
| Pressure-Sensitive Materials | 260 | ||||
| Total | 1,124 | 1,122 | 964 | 386 | 480 |
| $ Mil | 1997 | 1996 | 1995 |
|---|---|---|---|
| Adhesives & Sealants | 992 | 970 | 959 |
| Consumer and Converted Products | 886 | 883 | |
| Divested Operations | 198 | 213 | 246 |
| Converted Products | 310 | ||
| Corporate | 246 | ||
| Office Products | 477 | ||
| Total | 2,076 | 2,067 | 2,238 |
Price Behavior
| Market Price | $187.01 | |
| Market Cap ($ Bil) | 14.3 | |
| First Trading Date | 12/29/1983 | |
| Distance from 52W High | -3.7% | |
| 50 Days | 200 Days | |
| DMA Price | $174.07 | $170.53 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 7.4% | 9.7% |
| 3M | 1YR | |
| Volatility | 19.9% | 23.6% |
| Downside Capture | -24.98 | 38.35 |
| Upside Capture | 26.16 | 43.66 |
| Correlation (S&P 500) | -5.2% | 24.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.28 | -0.06 | 0.08 | 0.28 | 0.46 | 0.59 |
| Up Beta | -2.69 | -0.72 | -0.32 | 0.27 | 0.58 | 0.73 |
| Down Beta | -0.32 | -0.60 | -0.53 | 0.27 | 0.49 | 0.50 |
| Up Capture | 44% | 39% | 50% | 38% | 32% | 20% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 25 | 36 | 67 | 126 | 382 |
| Down Capture | -61% | -5% | 10% | 16% | 49% | 81% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 18 | 28 | 59 | 125 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVY | |
|---|---|---|---|---|
| AVY | 8.8% | 23.6% | 0.28 | - |
| Sector ETF (XLB) | 26.4% | 17.7% | 1.16 | 64.3% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 24.4% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 14.5% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -38.4% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 46.5% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 0.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVY | |
|---|---|---|---|---|
| AVY | -1.2% | 25.1% | -0.08 | - |
| Sector ETF (XLB) | 6.6% | 19.1% | 0.23 | 69.1% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 55.2% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 8.6% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 2.2% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 57.0% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 18.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVY | |
|---|---|---|---|---|
| AVY | 11.5% | 27.2% | 0.43 | - |
| Sector ETF (XLB) | 10.7% | 20.7% | 0.46 | 71.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 61.5% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 4.7% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 12.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 56.9% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 11.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 0.8% | ||
| 7/30/2026 | 4.6% | 5.0% | 6.7% |
| 4/28/2026 | 0.9% | -2.7% | -2.7% |
| 2/4/2026 | 3.4% | 2.1% | -1.2% |
| 10/22/2025 | 9.5% | 9.6% | 3.0% |
| 7/22/2025 | 1.5% | -2.6% | -2.1% |
| 4/23/2025 | -2.6% | -1.8% | 3.0% |
| 1/30/2025 | -5.4% | -4.3% | -2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 12 | 10 | 11 |
| Median Positive | 3.3% | 4.4% | 8.0% |
| Median Negative | -2.4% | -3.6% | -3.5% |
| Max Positive | 9.5% | 10.9% | 12.8% |
| Max Negative | -7.8% | -10.7% | -16.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 0.8% | ||
| 7/30/2026 | 4.6% | 5.0% | 6.7% |
| 4/28/2026 | 0.9% | -2.7% | -2.7% |
| 2/4/2026 | 3.4% | 2.1% | -1.2% |
| 10/22/2025 | 9.5% | 9.6% | 3.0% |
| 7/22/2025 | 1.5% | -2.6% | -2.1% |
| 4/23/2025 | -2.6% | -1.8% | 3.0% |
| 1/30/2025 | -5.4% | -4.3% | -2.6% |
| 10/23/2024 | -2.2% | -2.9% | -6.9% |
| 7/23/2024 | -1.6% | -5.0% | -5.3% |
| 4/24/2024 | 0.5% | 2.8% | 8.5% |
| 1/31/2024 | -0.9% | -1.4% | 7.6% |
| 10/25/2023 | -2.7% | 0.6% | 9.7% |
| 7/25/2023 | -1.7% | 3.6% | -0.6% |
| 4/26/2023 | -3.3% | 1.5% | -3.5% |
| 2/2/2023 | -1.6% | -4.3% | -4.0% |
| 10/26/2022 | -7.8% | -4.6% | 9.0% |
| 7/27/2022 | 7.2% | 10.9% | 12.8% |
| 4/26/2022 | 3.3% | 6.3% | -3.5% |
| 2/2/2022 | -2.8% | -10.7% | -16.7% |
| 10/27/2021 | -1.8% | 2.0% | 3.3% |
| 7/28/2021 | 2.4% | 4.4% | 9.2% |
| 4/28/2021 | 3.5% | 5.1% | 6.1% |
| 2/3/2021 | 6.7% | 10.6% | 10.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 12 | 10 | 11 |
| Median Positive | 3.3% | 4.4% | 8.0% |
| Median Negative | -2.4% | -3.6% | -3.5% |
| Max Positive | 9.5% | 10.9% | 12.8% |
| Max Negative | -7.8% | -10.7% | -16.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 10/29/2019 | 10-Q |
Recent Forward Guidance
Updated 10/30/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Restructuring Charges and Other Items Impact Per Share | Reported | 0.65 | ||||||
| 2026 Reported EPS | Reported | 9.45 | 9.52 | 9.59 | -0.3% | Lowered | Guidance: 9.55 for 2026 | |
| 2026 Adjusted EPS | Reported | 10.1 | 10.17 | 10.24 | 0.2% | Raised | Guidance: 10.15 for 2026 | |
Prior: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Reported EPS | Reported | 9.4 | 9.55 | 9.7 | ||||
| 2026 Adjusted EPS | Reported | 10 | 10.15 | 10.3 | ||||
Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Reported EPS | Reported | 2.21 | 2.26 | 2.31 | -1.7% | Lower New | Guidance: 2.3 for Q1 2026 | |
| Q2 2026 Adjusted EPS | Reported | 2.43 | 2.48 | 2.53 | 2.1% | Higher New | Guidance: 2.43 for Q1 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Reported EPS | Reported | 2.27 | 2.3 | 2.33 | 4.5% | Higher New | Actual: 2.2 for Q4 2025 | |
| Q1 2026 Adjusted EPS | Reported | 2.4 | 2.43 | 2.46 | 1.2% | Higher New | Actual: 2.4 for Q4 2025 | |
Insider Activity
Updated 9/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Colisto, Nicholas | SVP & CIO | Direct | Sell | 9162026 | 170.68 | 3,886 | 663,264 | 1,216,269 | Form |
| 2 | Walker, Ignacio J | SVP and Chief Legal Officer | Direct | Sell | 8052026 | 171.61 | 1,742 | 298,945 | 1,301,662 | Form |
| 3 | Butier, Mitchell R | Direct | Sell | 3132026 | 171.50 | 13,000 | 2,229,521 | 33,982,536 | Form | |
| 4 | Butier, Mitchell R | Direct | Sell | 3132026 | 173.88 | 20,000 | 3,477,687 | 36,715,163 | Form | |
| 5 | Butier, Mitchell R | Direct | Sell | 3112026 | 175.63 | 20,000 | 3,512,600 | 40,596,344 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Colisto, Nicholas | SVP & CIO | Direct | Sell | 9162026 | 170.68 | 3,886 | 663,264 | 1,216,269 | Form |
| 2 | Walker, Ignacio J | SVP and Chief Legal Officer | Direct | Sell | 8052026 | 171.61 | 1,742 | 298,945 | 1,301,662 | Form |
| 3 | Butier, Mitchell R | Direct | Sell | 3132026 | 171.50 | 13,000 | 2,229,521 | 33,982,536 | Form | |
| 4 | Butier, Mitchell R | Direct | Sell | 3132026 | 173.88 | 20,000 | 3,477,687 | 36,715,163 | Form | |
| 5 | Butier, Mitchell R | Direct | Sell | 3112026 | 175.63 | 20,000 | 3,512,600 | 40,596,344 | Form | |
| 6 | Butier, Mitchell R | Direct | Sell | 3112026 | 175.98 | 20,000 | 3,519,678 | 44,197,833 | Form | |
| 7 | Butier, Mitchell R | Direct | Sell | 3092026 | 179.25 | 20,000 | 3,585,056 | 48,603,858 | Form | |
| 8 | Butier, Mitchell R | Direct | Sell | 3092026 | 184.59 | 20,000 | 3,691,785 | 53,742,604 | Form | |
| 9 | Walker, Ignacio J | SVP and Chief Legal Officer | Direct | Sell | 2092026 | 192.95 | 1,156 | 223,050 | 1,464,105 | Form |
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Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Paper & Plastic Packaging Products & Materials Resources |
| Packaging Europe |
| Paper, Film & Foil Converter |
| Packaging Gateway |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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