# Avery Dennison Corporation (AVY)

> Source: Nexqual · https://nexqual.com/AVY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Avery Dennison Corporation (AVY), nexqual.com/AVY" · informational, not investment advice.

**Price:** USD 184.66 (+3.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 179.04 · day 179.03–184.66 · 52w 152.42–199.54 · market cap $14.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.25B, net income $705M (7.6% margin), free cash flow $1.06B (SEC filings).
- Valuation: P/E 19.9x (avg 24.9x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $962K; 2 not under a Rule 10b5-1 plan ($962K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (11 analysts), mean target USD 199.5 (range 181–225).
- Total return with dividends: 1Y +1.4% vs S&P 500 +14.9%; 5Y -7.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.32, revenue estimate $2.26B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.41B | $9.04B | $8.36B | $8.76B | $8.86B | $9.25B |
| Gross profit | $2.31B | $2.40B | $2.28B | $2.53B | $2.55B | — |
| Net income | $740M | $757M | $503M | $705M | $688M | $705M |
| EPS (diluted) | $8.83 | $9.21 | $6.20 | $8.73 | $8.79 | — |
| Free cash flow | $792M | $683M | $561M | $730M | $712M | $1.06B |
| Gross margin | 27.5% | 26.6% | 27.2% | 28.9% | 28.8% | — |
| Net margin | 8.8% | 8.4% | 6.0% | 8.1% | 7.8% | 7.6% |
| Revenue growth | +20.6% | +7.5% | -7.5% | +4.7% | +1.1% | — |
| Cash + short-term investments | $163M | $167M | $215M | $377M | $252M | — |
| Total debt | $3.09B | $3.09B | $3.24B | $3.14B | $3.72B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.9x · P/S 1.5x · P/FCF 13.2x · P/B 6.0x · FCF yield 7.60% · Earnings yield 5.04% · Dividend yield (paid, TTM) 2.10% · Buyback yield (TTM) 2.93%
P/E at fiscal year-ends: Dec 2025 20.7x, Dec 2024 21.4x, Dec 2023 32.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Colisto Nicholas | SVP & CIO | 3,886 | $663K | 35.3% | No | Too little history (no open-market trades in 2025) |
| 2026-08-04 | Walker Ignacio J | SVP and Chief Legal Officer | 1,742 | $299K | 17.5% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 11 analysts; mean target USD 199.5 (low 181, high 225).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Truist Securities | Target lowered | Buy | $209 → $208 |
| 2026-07-31 | UBS | Target raised | Buy | $218 → $225 |
| 2026-07-31 | Citigroup | Target raised | Neutral | $184 → $186 |
| 2026-07-31 | JP Morgan | Target raised | Overweight | $185 → $190 |
| 2026-07-15 | Truist Securities | Target lowered | Buy | $221 → $209 |
| 2026-07-14 | B of A Securities | Target raised | Buy | $202 → $210 |
| 2026-07-09 | Citigroup | Target lowered | Neutral | $185 → $184 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.4% | -7.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.4% | -1.4% |
| Volatility (annualized) | 23.6% | 22.2% |
| Max drawdown | -21.6% (Feb 2026→Jun 2026) | -30.8% (Nov 2021→Jun 2022) |

## Peers (Packaging & Containers)
CCK (Crown Holdings, Inc.) USD 119.26 +2.62% · BALL (Ball Corporation) USD 65.81 +2.59% · IP (International Paper Company) USD 33.68 +0.15% · AMCR (Amcor plc) USD 46.28 +2.23% · SW (Smurfit WestRock plc) USD 42.43 +2.34% · PKG (Packaging Corporation of Americ) USD 248.92 +4.15%

## More
Full page: https://nexqual.com/AVY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AVY's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/8818/000000881826000015/avy-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | 3M (MMM) | "For graphics and reflective products, our largest competitors are 3M Company ("3M") and the Orafol Group." |

Other companies that name AVY in their own reports (relationship from AVY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | TRANSACT TECHNOLOGIES INC (TACT) | 10-K 2026-03-12 | "Statement of Work (together with the License Agreement, the "Source Code Transition Agreement") with Avery Dennison." |
| partner | Gauzy Ltd. (GAUZ) | 20-F 2025-03-11 | "entities affiliated with Ibex Israel Fund LLLP, Olive Tree V Limited Partnership, Infinity Holding Ventures PTE, Avery Dennison Israel" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Materials Group | $1.80B | 72.9% | +15.9% |
| Solutions Group | $666.8M | 27.1% | -0.5% |
| Total revenue | $2.46B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Apparel and other | $437.2M | 17.8% | +1.3% |
| Identification Solutions and Vestcom | $229.6M | 9.3% | -3.8% |
| Total revenue | $2.46B | 100% | — |
The lines above cover 27.1% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.75B | 31.1% | +5.3% |
| Asia | $2.73B | 30.8% | -1.3% |
| Europe, the Middle East and North Africa | $2.46B | 27.7% | +1.6% |
| China Including Hong Kong | $1.35B | 15.2% | -3.6% |
| Latin America | $567.3M | 6.4% | -5.4% |
| Other International | $353.3M | 4.0% | -2.1% |
| Total revenue | $8.86B | 100% | — |
The lines above cover 115.2% of total revenue.

## Company outlook (8-K filed 2026-07-30)

- "Based on the factors listed and other assumptions, the company expects full year 2026 reported EPS of $9.40 to $9.70."
- "Excluding an estimated $0.60 per share impact of other items and restructuring charges, the company expects full year 2026 adjusted EPS of $10.00 to $10.30."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.32 | $2.49 | -6.8% | $2.26B | 10 |
| Next quarter (ends 2026-12-31) | $2.49 | $2.57 | -3.3% | $2.32B | 10 |
| Current fiscal year (ends 2026-12-31) | $10.18 | $10.02 | +1.6% | $9.34B | 11 |
| Next fiscal year (ends 2027-12-31) | $11.19 | $11.10 | +0.8% | $9.64B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±7.1%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.4% | ±7.1% |
| 2026-12-18 | 56 | 27.9% | ±8.8% |
| 2027-01-15 | 84 | 26.0% | ±10.0% |
| 2027-04-16 | 175 | 26.2% | ±14.4% |