Cash flow Avery Dennison Corporation

Equities

AVY

US0536111091

Non-Paper Containers & Packaging

Real-time Estimate Cboe BZX Other stock markets 10:25:38 2025-01-23 am EST			5-day change	1st Jan Change
190.65 ^USD	+0.06%		-0.35%	+1.84%

Jan. 10	UBS Adjusts Price Target on Avery Dennison to $207 From $235, Keeps Neutral Rating	MT
Jan. 06	BofA Adjusts Price Target on Avery Dennison to $220 From $238	MT

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Published financial data: AVERY DENNISON CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	7.07B	6.97B	8.41B	9.04B	8.36B
Total Revenues	7.07B	6.97B	8.41B	9.04B	8.36B
Cost of Goods Sold, Total	5.17B	5.05B	6.1B	6.64B	6.09B
Gross Profit	1.9B	1.92B	2.31B	2.4B	2.28B
Selling General & Admin Expenses, Total	994M	937M	1.13B	1.18B	1.15B
R&D Expenses	92.6M	113M	137M	136M	136M
Other Operating Expenses, Total	1.09B	1.05B	1.26B	1.32B	1.28B
Operating Income	817M	874M	1.05B	1.09B	996M
Interest Expense, Total	-75.8M	-70M	-70.2M	-84.1M	-119M
Net Interest Expenses	-75.8M	-70M	-70.2M	-84.1M	-119M
Income (Loss) On Equity Invest.	-2.6M	-3.7M	-3.9M	-	-
Currency Exchange Gains (Loss)	3.5M	-14.2M	21M	-4.3M	-24.4M
Other Non Operating Income (Expenses)	-600K	-2.2M	-19.7M	-1.4M	-12.2M
EBT, Excl. Unusual Items	742M	784M	975M	998M	840M
Restructuring Charges	-50.4M	-55.3M	-13.6M	-7.7M	-79.4M
Gain (Loss) On Sale Of Investments	-	5.4M	23M	13.5M	-1.5M
Gain (Loss) On Sale Of Assets	3.2M	500K	5.5M	1.4M	-500K
Asset Writedown	-	-	-	-	-
Legal Settlements	-3.4M	-	400K	-6.3M	-64.3M
Other Unusual Items	-444M	-500K	-1.6M	0	100K
EBT, Incl. Unusual Items	247M	734M	989M	999M	695M
Income Tax Expense	-56.7M	178M	249M	242M	192M
Earnings From Continuing Operations	304M	556M	740M	757M	503M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	304M	556M	740M	757M	503M
Net Income - (IS)	304M	556M	740M	757M	503M
Net Income to Common Incl Extra Items	304M	556M	740M	757M	503M
Net Income to Common Excl. Extra Items	304M	556M	740M	757M	503M
Per Share Items
Net EPS - Basic	3.61	6.67	8.93	9.28	6.23
Basic EPS - Continuing Operations	3.61	6.67	8.93	9.28	6.23
Basic Weighted Average Shares Outstanding	84M	83.4M	82.9M	81.6M	80.7M
Net EPS - Diluted	3.57	6.61	8.83	9.21	6.2
Diluted EPS - Continuing Operations	3.57	6.61	8.83	9.21	6.2
Diluted Weighted Average Shares Outstanding	85M	84.1M	83.8M	82.2M	81.1M
Normalized Basic EPS	5.52	5.87	7.35	7.65	6.51
Normalized Diluted EPS	5.45	5.82	7.27	7.59	6.48
Dividend Per Share	2.26	2.36	2.66	2.93	3.18
Payout Ratio	62.48	35.4	29.81	31.55	51.03
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	975M	1.05B	1.26B	1.35B	1.27B
EBITA	835M	896M	1.09B	1.17B	1.08B
EBIT	817M	874M	1.05B	1.09B	996M
EBITDAR	1.04B	1.11B	1.33B	1.42B	1.34B
Effective Tax Rate - (Ratio)	-22.96	24.22	25.14	24.24	27.59
Current Domestic Taxes	11.5M	3M	12.6M	38.2M	51.5M
Current Foreign Taxes	148M	168M	230M	178M	161M
Total Current Taxes	160M	172M	242M	216M	212M
Deferred Domestic Taxes	-177M	6.6M	-6.4M	6.7M	-32.5M
Deferred Foreign Taxes	-39.4M	-400K	12.5M	19.6M	11.9M
Total Deferred Taxes	-216M	6.2M	6.1M	26.3M	-20.6M
Normalized Net Income	464M	490M	609M	624M	525M
Interest Capitalized	5.3M	3.9M	4.8M	5.7M	7.5M
Non-Cash Pension Expense	447M	3.9M	-2.9M	-10.5M	-7.8M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	92.6M	113M	137M	136M	136M
Net Rental Expense, Total	65.4M	63.1M	68.8M	70.8M	73.6M
Imputed Operating Lease Interest Expense	20.97M	16.98M	14.71M	15.52M	22.23M
Imputed Operating Lease Depreciation	44.43M	46.12M	54.09M	55.28M	51.37M
Stock-Based Comp., SG&A Exp. (Total)	53.6M	37.8M	58.5M	58.9M	38.6M
Total Stock-Based Compensation	53.6M	37.8M	58.5M	58.9M	38.6M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	254M	252M	163M	167M	215M
Short Term Investments	-	32.6M	33.4M	30.6M	35.1M
Trading Asset Securities, Total	30.2M	-	-	-	-
Total Cash And Short Term Investments	284M	285M	196M	198M	250M
Accounts Receivable, Total	1.21B	1.24B	1.42B	1.37B	1.41B
Other Receivables	-	-	-	-	-
Total Receivables	1.21B	1.24B	1.42B	1.37B	1.41B
Inventory	663M	717M	907M	1.01B	921M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	182M	179M	207M	200M	210M
Total Current Assets	2.34B	2.42B	2.73B	2.78B	2.8B
Gross Property Plant And Equipment	3.31B	3.64B	3.81B	3.91B	4.17B
Accumulated Depreciation	-1.96B	-2.13B	-2.15B	-2.21B	-2.34B
Net Property Plant And Equipment	1.35B	1.5B	1.66B	1.7B	1.83B
Long-term Investments	8.8M	5.3M	49.3M	-	71M
Goodwill	931M	1.14B	1.88B	1.86B	2.01B
Other Intangibles, Total	279M	361M	1.03B	949M	954M
Accounts Receivable Long-Term	-	-	-	15.5M	-
Deferred Tax Assets Long-Term	225M	198M	130M	115M	116M
Other Long-Term Assets, Total	355M	462M	481M	525M	434M
Total Assets	5.49B	6.08B	7.97B	7.95B	8.21B
Liabilities
Accounts Payable, Total	1.07B	1.05B	1.3B	1.34B	1.28B
Accrued Expenses, Total	363M	388M	477M	411M	367M
Short-term Borrowings	171M	59.1M	313M	593M	316M
Current Portion of Long-Term Debt	265M	-	-	-	300M
Current Portion of Leases	45.9M	49.9M	52.8M	47.8M	51.7M
Current Income Taxes Payable	71.4M	86.3M	74.9M	76.2M	57.6M
Unearned Revenue Current, Total	12.6M	18.9M	24.7M	22.2M	18.1M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	259M	273M	306M	310M	312M
Total Current Liabilities	2.25B	1.93B	2.55B	2.8B	2.7B
Long-Term Debt	1.48B	2.07B	2.78B	2.5B	2.62B
Long-Term Leases	123M	139M	147M	122M	159M
Unearned Revenue Non Current	300K	1.4M	1.9M	2.1M	1.3M
Pension & Other Post Retirement Benefits	194M	216M	180M	251M	128M
Deferred Tax Liability Non Current	110M	117M	238M	248M	260M
Other Non Current Liabilities	128M	134M	147M	-	219M
Total Liabilities	4.28B	4.6B	6.05B	5.92B	6.08B
Common Stock, Total	124M	124M	124M	124M	124M
Additional Paid In Capital	874M	862M	862M	879M	854M
Retained Earnings	2.98B	3.35B	3.88B	4.41B	4.69B
Treasury Stock	-2.43B	-2.5B	-2.66B	-3.02B	-3.13B
Comprehensive Income and Other	-348M	-350M	-283M	-364M	-408M
Total Common Equity	1.2B	1.48B	1.92B	2.03B	2.13B
Total Equity	1.2B	1.48B	1.92B	2.03B	2.13B
Total Liabilities And Equity	5.49B	6.08B	7.97B	7.95B	8.21B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	83.3M	83.04M	82.46M	80.82M	80.51M
ECS Total Common Shares Outstanding	83.37M	83.15M	82.61M	80.81M	80.5M
Book Value / Share	14.44	17.86	23.3	25.15	26.43
Tangible Book Value	-6.1M	-12.8M	-992M	-779M	-839M
Tangible Book Value Per Share	-0.07	-0.15	-12.01	-9.64	-10.43
Total Debt	2.08B	2.31B	3.3B	3.26B	3.44B
Net Debt	1.8B	2.03B	3.1B	3.06B	3.19B
Debt Equivalent of Unfunded Proj. Benefit Obligation	153M	134M	74.6M	53.4M	66M
Debt Equivalent Oper. Leases	523M	505M	550M	566M	589M
Equity Method Investments, Total	8.8M	5.3M	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	232M	269M	394M	458M	415M
Inventories - Work In Process, Total	201M	210M	233M	255M	238M
Inventories - Finished Goods, Total	230M	238M	280M	297M	267M
Land - (BS)	25.1M	26.1M	28.6M	29.3M	35.9M
Buildings, Total	687M	746M	778M	781M	818M
Machinery, Total	2.32B	2.54B	2.58B	2.67B	2.8B
Full Time Employees	30K	32K	36K	36K	35K
Accumulated Allowance for Doubtful Accounts (Supple)	27.1M	44.6M	33M	34.4M	34.4M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	304M	556M	740M	757M	503M
Depreciation & Amortization - CF	140M	154M	167M	177M	187M
Amortization of Goodwill and Intangible Assets - (CF)	17.9M	22.1M	46.7M	83.8M	87.6M
Depreciation & Amortization, Total	158M	176M	214M	261M	275M
Amortization of Deferred Charges, Total - (CF)	20.8M	29M	30.1M	29.5M	23.4M
(Gain) Loss From Sale Of Asset	-3.2M	-500K	200K	-1.4M	500K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-13.5M	1.5M
Asset Writedown & Restructuring Costs	5.1M	6.2M	3.1M	7.7M	79.4M
Stock-Based Compensation (CF)	34.5M	24M	37.2M	47.4M	22.3M
Provision and Write-off of Bad Debts	58.7M	64M	35.7M	50.1M	49.9M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	254M	49M	11M	49.1M	-68.7M
Change In Accounts Receivable	-42.2M	14.7M	-113M	-22.1M	-16.7M
Change In Inventories	-18.1M	-6M	-183M	-141M	112M
Change In Accounts Payable	46.4M	-68.2M	255M	68.2M	-87.6M
Change In Income Taxes	5.4M	-35.2M	-7.3M	18.9M	-18.7M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-76.3M	-57.9M	23.4M	-150M	-49M
Cash from Operations	746M	751M	1.05B	961M	826M
Capital Expenditure	-219M	-201M	-255M	-278M	-265M
Sale of Property, Plant, and Equipment	7.8M	9.2M	1.1M	2.3M	1M
Cash Acquisitions	-	-350M	-1.48B	-39.5M	-225M
Divestitures	-	-	7.6M	1.1M	-
Sale (Purchase) of Intangible assets	-37.8M	-17.2M	-17.1M	-20.4M	-19.8M
Investment in Marketable and Equity Securities, Total	-6.5M	-	-	-	-
Other Investing Activities, Total	4.9M	5.6M	3.1M	1.9M	50M
Cash from Investing	-251M	-554M	-1.74B	-333M	-459M
Short Term Debt Issued, Total	-	500M	259M	34.6M	-
Long-Term Debt Issued, Total	-	494M	792M	-	395M
Total Debt Issued	-	994M	1.05B	34.6M	395M
Short Term Debt Repaid, Total	-5.3M	-610M	-	-	-36.6M
Long-Term Debt Repaid, Total	-18.6M	-270M	-13.4M	-6.3M	-256M
Total Debt Repaid	-23.9M	-881M	-13.4M	-6.3M	-292M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-255M	-124M	-206M	-405M	-161M
Common Dividends Paid	-190M	-197M	-221M	-239M	-257M
Common & Preferred Stock Dividends Paid	-190M	-197M	-221M	-239M	-257M
Other Financing Activities, Total	-1.6M	-	-6.3M	-	-1.6M
Cash from Financing	-470M	-208M	604M	-615M	-317M
Foreign Exchange Rate Adjustments	-3.5M	9.2M	-2.8M	-8.6M	-2M
Net Change in Cash	21.7M	-1.4M	-89.6M	4.5M	47.8M
Supplemental Items
Cash Interest Paid	74.3M	69.6M	62.8M	80.9M	110M
Cash Income Tax Paid (Refund)	155M	203M	253M	205M	235M
Levered Free Cash Flow	395M	497M	599M	610M	511M
Unlevered Free Cash Flow	442M	541M	643M	663M	586M
Change In Net Working Capital	44M	29.8M	42.4M	68.7M	88.6M
Net Debt Issued / Repaid	-23.9M	113M	1.04B	28.3M	102M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.58	9.44	9.32	8.54	7.7
Return on Total Capital	16.46	15.42	14.52	12.94	11.46
Return On Equity %	28.12	41.35	43.42	38.27	24.18
Return on Common Equity	28.12	41.35	43.42	38.27	24.18
Margin Analysis
Gross Profit Margin %	26.93	27.59	27.51	26.6	27.23
SG&A Margin	14.06	13.44	13.42	13.05	13.7
EBITDA Margin %	13.79	15.06	15.01	14.93	15.19
EBITA Margin %	11.81	12.85	13.02	12.97	12.95
EBIT Margin %	11.56	12.53	12.46	12.04	11.91
Income From Continuing Operations Margin %	4.29	7.97	8.8	8.38	6.01
Net Income Margin %	4.29	7.97	8.8	8.38	6.01
Net Avail. For Common Margin %	4.29	7.97	8.8	8.38	6.01
Normalized Net Income Margin	6.56	7.02	7.25	6.9	6.28
Levered Free Cash Flow Margin	5.58	7.13	7.13	6.75	6.11
Unlevered Free Cash Flow Margin	6.25	7.76	7.65	7.33	7
Asset Turnover
Asset Turnover	1.33	1.2	1.2	1.14	1.04
Fixed Assets Turnover	5.69	4.89	5.31	5.38	4.74
Receivables Turnover (Average Receivables)	5.89	5.7	6.32	6.46	6
Inventory Turnover (Average Inventory)	7.86	7.32	7.5	6.92	6.31
Short Term Liquidity
Current Ratio	1.04	1.25	1.07	0.99	1.04
Quick Ratio	0.66	0.79	0.64	0.56	0.62
Operating Cash Flow to Current Liabilities	0.33	0.39	0.41	0.34	0.31
Days Sales Outstanding (Average Receivables)	61.83	65.12	57.57	56.35	60.69
Days Outstanding Inventory (Average Inventory)	46.31	50.72	48.5	52.59	57.73
Average Days Payable Outstanding	73.7	76.96	68.04