Avery Dennison Corp

Avery Dennison makes the materials and tags that let products carry labels, prices and digital identities. Its Materials Group brought in about $6.09 billion, or 68.8%, of the company's $8.86 billion in 2025 net sales. The group makes pressure-sensitive label material, meaning paper, film or foil coated with adhesive that sticks on contact. It sells this material to converters, the printers that turn it into finished labels for food, drinks, household products and medicines. The group also makes vehicle-wrap films, reflective films and industrial tapes, under brands such as Fasson, JAC and Mactac.

The Solutions Group, 31.2% of sales or about $2.76 billion, serves apparel brands, retailers, grocers and logistics firms. It sells price tickets, care and country-of-origin labels, brand embellishments and RFID (radio-frequency identification) tags. These tags give each item a digital identity for tracking stock and reducing loss. Its Vestcom business provides shelf-edge pricing and in-store media.

In 2025 about 69% of sales came from outside the U.S. The U.S. made up 31.1%; Asia, 30.8%; Europe, the Middle East and North Africa, 27.7%; and Latin America, 6.4%. It runs over 200 manufacturing and distribution sites in more than 50 countries. Gross margin, the share of sales left after production costs such as paper, film and adhesives, was 28.8% in 2025. Net profit was 7.8% of sales.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.46B, up 10.9% from a year earlier, and net income was $204.1M (+8.0%).
• For fiscal 2025, revenue was $8.86B (+1.1% year over year; +4.9% a year from FY2020 to FY2025) with a 7.8% net margin.

• Over FY2021–FY2025: $1.52B in buybacks and $1.28B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +9.4% a year over 5 years (FY2020–FY2025).
• Dividends took 41.9% of earnings and 40.5% of free cash flow in the latest fiscal year.
• Shares outstanding changed -8.5% from Oct 30, 2021 to Aug 1, 2026.

Rank among 1514 US companies

Market value at each year end

Avery Dennison’s market value went from $6.25B at the end of 2016 to $14.17B on Nov 2, 2026, about 2.3 times as much; since the end of 2025 it is up 1%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 25 sales ($21.0M), 23 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in AVY

1. Tariffs have dented apparel-related sales. Tariffs have softened consumer demand. The company estimates they indirectly cut apparel-category sales by a low single-digit rate over the last three quarters of 2025, and it expects further trade-policy instability.
2. Raw material and freight costs squeeze margins. Its labels and tapes are made from paper, film, foil and adhesives. When those materials, energy or freight get more expensive, profits shrink unless the company can raise prices or cut costs fast enough.
3. Currency swings affect reported results. Most 2025 sales were in foreign currencies, so a stronger dollar can shrink reported results. Costs are mostly in matching currencies, which softens the effect. The Indian rupee and Brazilian real hurt 2025 results.
4. Emerging markets and conflicts add instability. About 40% of 2025 sales came from emerging markets such as Latin America, Eastern Europe and much of Asia. Civil unrest and economic swings are more common there and can disrupt operations.
5. Fewer, bigger customers could push prices down. If label converters, brands or retailers merge into fewer, larger buyers, they can push harder on prices. Some products also reach end users through third parties, so those parties' finances matter too.
6. Debt and acquisitions add financial risk. Debt was about $3.68 billion against $227 million of cash as of June 30, 2026. Acquisitions such as Taylor Adhesives, bought for about $390 million in 2025, carry integration risk.

• Oct 29, 2026 Quarterly results released
• Oct 13, 2026 Executive or board change
• Aug 19, 2026 Other company announcement
• Jul 30, 2026 Quarterly results released
• Jun 4, 2026 Executive or board change
• May 1, 2026 Shareholder vote results
• Apr 28, 2026 Quarterly results released
• Feb 26, 2026 Bylaws or fiscal year changed
• Feb 4, 2026 Quarterly results released

Avery Dennison has raised its regular dividend in every fiscal year covered by its SEC filings, 2016 through 2025. That makes the streak at least nine increases, and it may be longer. Dividends per share rose from $2.36 in 2020 to $3.70 in 2025, about 9.4% a year. In 2025 the dividend took 41.9% of earnings and 40.5% of free cash flow, the cash left after running and investing in the business. The yield was 2.15% as of October 28, 2026. The company spent more on buybacks: $1.52 billion over 2021 to 2025, versus $1.28 billion in dividends. The share count fell 8.5% between October 2021 and August 2026.

The stock lost 68.8% in the 2008 financial crisis and did not regain its peak until November 2013. It dropped 42.1% in the 2020 COVID crash and recovered seven months after the low. It fell 28.4% in the 2022 bear market and recovered in February 2024. Single stocks carry more risk than diversified funds.