AVY
Avery Dennison Corporation
AVY's fundamentals are mixed: free cash flow grew 52%, while its operating margin held steady at 10%. At 20x earnings, it's trading in line with its usual 21x. Analysts expect earnings growth.
AVY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
AVY's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
AVY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $187 | — |
| Cheap | 19x | $174 | -6.8% |
| Current | 20x | $187 | — |
| Fair | 21x | $198 | +5.7% |
| Expensive | 29x | $272 | +45% |
Historical ranges are pointers, not guarantees.
AVY's PE is in its fair range at 20x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its cheap range.
AVY Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect AVY's earnings to grow and its profitability to improve, with its revenue holding steady.
AVY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.75 | +16% |
| Q3 2026 | $9.25 | +5.1% |
| Q2 2026 | $9.14 | +2.5% |
| Q1 2026 | $8.88 | +2.2% |
| Q4 2025 | $8.79 | +0.7% |
| Q3 2025 | $8.80 | +5.8% |
| Q2 2025 | $8.92 | +15% |
| Q1 2025 | $8.69 | +27% |
| Q4 2024 | $8.73 | +41% |
AVY's earnings per share have climbed steadily: $9.25 over the past year, up 5.1% from the year before, and higher year over year for 10 quarters in a row.
AVY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.3B | +5.2% |
| Q2 2026 | $2.5B | +11% |
| Q1 2026 | $2.3B | +7% |
| Q4 2025 | $2.3B | +3.9% |
| Q3 2025 | $2.2B | +1.5% |
| Q2 2025 | $2.2B | -0.7% |
| Q1 2025 | $2.1B | -0.1% |
| Q4 2024 | $2.2B | +3.6% |
AVY's revenue has grown year over year for five quarters in a row: $2.3B last quarter, up 5.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | -0.3 points |
| Q2 2026 | 11% | 0 points |
| Q1 2026 | 10% | -0.1 points |
| Q4 2025 | 9.2% | -1.9 points |
| Q3 2025 | 11% | -0.4 points |
| Q2 2025 | 12% | +0.8 points |
| Q1 2025 | 11% | -0.3 points |
| Q4 2024 | 11% | +1.5 points |
AVY's operating margin was 10% last quarter, about level with the same quarter a year ago.
AVY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $251.2M | -9.1% |
| Q2 2026 | $369M | +106% |
| Q1 2026 | $108.2M | +$160.5M |
| Q4 2025 | $309.7M | +9.9% |
| Q3 2025 | $276.2M | +22% |
| Q2 2025 | $178.8M | +19% |
| Q1 2025 | -$52.3M | -174% |
| Q4 2024 | $281.7M | +28% |
AVY generated $1B in free cash flow over the past year, up 52% from the year before.
AVY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -500K shares |
| 1 year | -2.7% | -2.1M shares |
| 3 years | -6.3% | -5.1M shares |
| 5 years | -9.3% | -7.8M shares |
| Available history | -11% | -9.1M shares |
AVY has 76M diluted shares, down 2.7% from a year ago, with $376M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $59M |
| Q2 2026 | $137.6M |
| Q1 2026 | $60.6M |
| Q4 2025 | $118.7M |
| Q3 2025 | $93.6M |
| Q2 2025 | $98.4M |
| Q1 2025 | $261.6M |
| Q4 2024 | $140M |
AVY spent $376M buying back its own shares over the past year, down 37% from the year before.
AVY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 2.6x | Moderate |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.6x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 2.3x | Moderate |
AVY's net debt is about 2.5 years of its operating earnings (EBITDA), about the same as a year ago.
AVY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.9 | Neutral |
| Stochastic | 74.9 | Neutral |
AVY's weekly RSI is 64 (neutral) and its Stochastic is 75 (neutral).
AVY PE vs Industrials Sector
| Metric | AVY | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 24x | 16% below |
| PE % | 38 | 58 | 20 pts below |
AVY is trading at 20x earnings, a 16% discount to the Industrials sector's median of 24x.
AVY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $177.6 | 5.2% above |
| 20 week MA | $173.5 | 7.8% above |
| 50 week MA | $174.2 | 7.3% above |
| 100 week MA | $175.1 | 6.8% above |
| 200 week MA | $185.9 | 0.5% above |
AVY has climbed back above all five of its weekly moving averages, and it's now 0.5% above its 200-week average.
AVY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.6 | $153.4 | +17% |
| 2021 | $153.4 | $208.5 | +36% |
| 2022 | $208.5 | $181.1 | -13% |
| 2023 | $181.1 | $202.2 | +12% |
| 2024 | $202.2 | $188.5 | -6.8% |
| 2025 | $188.5 | $182.5 | -3.2% |
| 2026 YTD | $182.5 | $187.0 | +2.4% |
AVY has finished lower in three of the last six years. It's up 2.4% so far in 2026.