Avery Dennison Corporation (AVY) Balance Sheet
AVY balance sheet, 2025
December 31, 2025 · U.S. dollars$8.80B assets = $6.56B liabilities + $2.24B equity
Both columns are drawn to the same scale: what AVY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AVY financial health
Descriptive bands, not a rating. Fiscal 2025.
AVY balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.40B2016 | $8.80B2025 | +8.0%/yr | |
| Total liabilities | $3.47B2016 | $6.56B2025 | +7.3%/yr | |
| Shareholders’ equity | $925.5M2016 | $2.24B2025 | +10.3%/yr | |
| Cash & short-term investments | $195.1M2016 | $202.8M2025 | +0.4%/yr | |
| Total debt | $1.29B2016 | $3.73B2025 | +12.5%/yr | |
| Net cash (debt) | −$1.10B2016 | −$3.53B2025 | −$2.4B | |
| Working capital | −$99.5M2016 | $336.7M2025 | +$436.2M | |
| Book value per share | $10.202016 | $28.972025 | +12.3%/yr | |
| Current ratio | 0.952016 | 1.132025 | +0.18 | |
| Debt / equity | 1.402016 | 1.662025 | +0.27 | |
| Shares outstanding | 90.7M2016 | 77.4M2025 | −1.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AVY assets
AVY liabilities and equity
AVY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AVY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $202.8M | $367.2M | $215.0M | $167.2M | $162.7M | $252.3M | $253.7M | $232.0M | $224.4M | $195.1M |
| Cash & equivalents | $202.8M | $329.1M | $215.0M | $167.2M | $162.7M | $252.3M | $253.7M | $232.0M | $224.4M | $195.1M |
| Short-term investments | $48.0M | $39.6M | $35.1M | $31.3M | $33.4M | $32.6M | $30.6M | $26.1M | $22.3M | $17.6M |
| Receivables | $1.50B | $1.47B | $1.41B | $1.37B | $1.42B | $1.24B | $1.21B | $1.19B | $1.18B | $1.00B |
| Inventory | $975.8M | $978.1M | $920.7M | $1.01B | $907.2M | $717.2M | $663.0M | $651.4M | $609.6M | $519.1M |
| Other current assets | $307.8M | $267.2M | $245.4M | $230.5M | $240.2M | $211.5M | $211.7M | $224.9M | $223.6M | $189.6M |
| Total current assets | $2.99B | $3.08B | $2.80B | $2.78B | $2.73B | $2.42B | $2.34B | $2.30B | $2.24B | $1.90B |
| Property, plant & equipment (net) | $1.61B | $1.59B | $1.63B | $1.54B | $1.48B | $1.34B | $1.21B | $1.14B | $1.10B | $915.2M |
| Goodwill & intangible assets | $3.10B | $2.73B | $2.86B | $2.70B | $2.79B | $1.36B | $1.06B | $1.09B | $1.15B | $860.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $8.8M | $6.7M | $9.1M | $9.5M |
| Other non-current assets | $1.10B | $1.01B | $925.3M | $925.6M | $966.4M | $977.7M | $871.4M | $649.6M | $640.6M | $706.6M |
| Total assets | $8.80B | $8.40B | $8.21B | $7.95B | $7.97B | $6.10B | $5.49B | $5.18B | $5.14B | $4.40B |
| Liabilities | ||||||||||
| Accounts payable | $1.26B | $1.34B | $1.28B | $1.34B | $1.30B | $1.05B | $994.7M | $1.03B | $1.01B | $841.9M |
| Short-term debt | $522.9M | $592.3M | $622.2M | $598.6M | $318.8M | $64.7M | $440.2M | $194.6M | $265.4M | $579.1M |
| Deferred revenue | — | — | $18.1M | $22.2M | $24.7M | $18.9M | $12.6M | $58.1M | $196.0M | $37.9M |
| Total current liabilities | $2.65B | $2.86B | $2.70B | $2.80B | $2.55B | $1.93B | $2.25B | $1.99B | $1.97B | $2.00B |
| Long-term debt | $3.21B | $2.56B | $2.62B | $2.50B | $2.79B | $2.05B | $1.50B | $1.77B | $1.32B | $713.4M |
| Other long-term liabilities | $696.0M | $669.4M | $760.3M | $615.0M | $713.4M | $620.9M | $531.7M | $456.8M | $802.6M | $753.2M |
| Total liabilities | $6.56B | $6.09B | $6.08B | $5.92B | $6.05B | $4.60B | $4.28B | $4.22B | $4.09B | $3.47B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M |
| Retained earnings (deficit) | $5.60B | $5.15B | $4.69B | $4.41B | $3.88B | $3.35B | $2.98B | $2.86B | $2.60B | $2.47B |
| Treasury stock | — | — | — | — | −$2.66B | −$2.50B | −$2.43B | −$2.22B | −$1.86B | −$1.77B |
| Accumulated other comprehensive income | −$409.7M | −$456.1M | −$408.1M | −$364.0M | −$282.9M | −$334.6M | −$348.1M | −$682.0M | −$680.5M | −$751.9M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.24B | $2.31B | $2.13B | $2.03B | $1.92B | $1.50B | $1.20B | $955.1M | $1.05B | $925.5M |
| Key figures | ||||||||||
| Total debt | $3.73B | $3.15B | $3.24B | $3.10B | $3.10B | $2.12B | $1.94B | $1.97B | $1.58B | $1.29B |
| Net cash (debt) | −$3.53B | −$2.79B | −$3.03B | −$2.93B | −$2.94B | −$1.86B | −$1.69B | −$1.73B | −$1.36B | −$1.10B |
| Working capital | $336.7M | $216.1M | $96.5M | −$17.8M | $186.7M | $490.2M | $86.8M | $304.0M | $266.1M | −$99.5M |
| Tangible book value | −$857.9M | −$419.2M | −$734.8M | −$670.5M | −$868.5M | $138.6M | $146.7M | −$130.7M | −$105.2M | $65.2M |
| Book value per share | $28.97 | $28.65 | $26.24 | $24.72 | $22.96 | $17.83 | $14.16 | $10.78 | $11.61 | $10.20 |
| Shares outstanding | 77.4M | 80.7M | 81.1M | 82.2M | 83.8M | 84.1M | 85.0M | 88.6M | 90.1M | 90.7M |
| Current ratio | 1.13 | 1.08 | 1.04 | 0.99 | 1.07 | 1.25 | 1.04 | 1.15 | 1.13 | 0.95 |
| Quick ratio | 0.64 | 0.64 | 0.60 | 0.55 | 0.62 | 0.77 | 0.65 | 0.71 | 0.71 | 0.60 |
| Debt / equity | 1.66 | 1.36 | 1.52 | 1.53 | 1.61 | 1.41 | 1.61 | 2.06 | 1.51 | 1.40 |
| Equity / assets | 25.5% | 27.5% | 25.9% | 25.6% | 24.1% | 24.6% | 21.9% | 18.4% | 20.4% | 21.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $227.3M | $255.1M | $202.8M | $536.3M | $255.7M | $195.9M | $329.1M | $212.7M | $208.8M | $185.7M | $215.0M | $209.9M |
| Cash & equivalents | $227.3M | $255.1M | $202.8M | $536.3M | $209.5M | $195.9M | $329.1M | $212.7M | $208.8M | $185.7M | $215.0M | $209.9M |
| Short-term investments | — | — | $48.0M | $47.3M | $46.2M | $40.3M | $39.6M | $40.1M | $38.4M | $38.1M | $37.8M | $35.9M |
| Receivables | $1.79B | $1.65B | $1.50B | $1.63B | $1.63B | $1.52B | $1.47B | $1.57B | $1.53B | $1.48B | $1.41B | $1.43B |
| Inventory | $1.03B | $989.4M | $975.8M | $1.04B | $1.03B | $1.02B | $978.1M | $1.01B | $979.9M | $972.5M | $920.7M | $936.1M |
| Other current assets | $348.0M | $327.9M | $307.8M | $322.2M | $268.9M | $299.0M | $305.3M | $283.8M | $250.5M | $250.6M | $245.4M | $242.1M |
| Total current assets | $3.40B | $3.22B | $2.99B | $3.52B | $3.18B | $3.03B | $3.08B | $3.08B | $2.97B | $2.89B | $2.80B | $2.81B |
| Property, plant & equipment (net) | $1.57B | $1.57B | $1.61B | $1.58B | $1.60B | $1.58B | $1.59B | $1.61B | $1.59B | $1.60B | $1.63B | $1.56B |
| Goodwill & intangible assets | $3.04B | $3.06B | $3.10B | $2.72B | $2.74B | $2.73B | $2.73B | $2.80B | $2.79B | $2.82B | $2.86B | $2.84B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.21B | $1.12B | $1.10B | $1.04B | $1.04B | $1.02B | $1.01B | $959.0M | $949.7M | $952.7M | $925.3M | $927.0M |
| Total assets | $9.21B | $8.98B | $8.80B | $8.87B | $8.57B | $8.35B | $8.40B | $8.45B | $8.30B | $8.26B | $8.21B | $8.13B |
| Liabilities | ||||||||||||
| Accounts payable | $1.52B | $1.33B | $1.26B | $1.30B | $1.31B | $1.27B | $1.34B | $1.34B | $1.31B | $1.30B | $1.28B | $1.27B |
| Short-term debt | $500.5M | $605.0M | $522.9M | $578.8M | $922.0M | $877.5M | $592.3M | $1.12B | $1.17B | $1.17B | $622.2M | $716.0M |
| Deferred revenue | — | — | — | — | — | — | — | $275.0M | — | — | $18.1M | — |
| Total current liabilities | $3.00B | $2.80B | $2.65B | $2.79B | $3.06B | $2.95B | $2.86B | $3.35B | $3.30B | $3.31B | $2.70B | $2.74B |
| Long-term debt | $3.18B | $3.19B | $3.21B | $3.20B | $2.63B | $2.58B | $2.56B | $2.04B | $2.05B | $2.07B | $2.62B | $2.60B |
| Other long-term liabilities | $706.8M | $693.3M | $696.0M | $666.5M | $676.3M | $649.8M | $669.4M | $666.9M | $664.4M | $673.1M | $760.3M | $727.6M |
| Total liabilities | $6.89B | $6.68B | $6.56B | $6.66B | $6.37B | $6.18B | $6.09B | $6.06B | $6.01B | $6.05B | $6.08B | $6.07B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M | $124.1M |
| Retained earnings (deficit) | $5.84B | $5.71B | $5.60B | $5.50B | $5.40B | $5.28B | $5.15B | $5.04B | $4.92B | $4.81B | $4.69B | $4.61B |
| Accumulated other comprehensive income | −$379.5M | −$393.0M | −$409.7M | −$456.3M | −$450.0M | −$449.2M | −$456.1M | −$400.4M | −$437.7M | −$422.0M | −$408.1M | −$402.6M |
| Total shareholders' equity | $2.32B | $2.30B | $2.24B | $2.21B | $2.20B | $2.17B | $2.31B | $2.39B | $2.29B | $2.20B | $2.13B | $2.06B |
| Key figures | ||||||||||||
| Total debt | $3.68B | $3.79B | $3.73B | $3.78B | $3.55B | $3.46B | $3.15B | $3.16B | $3.22B | $3.24B | $3.24B | $3.31B |
| Net cash (debt) | −$3.45B | −$3.54B | −$3.53B | −$3.24B | −$3.29B | −$3.26B | −$2.82B | −$2.95B | −$3.01B | −$3.05B | −$3.03B | −$3.10B |
| Working capital | $395.5M | $419.8M | $336.7M | $736.6M | $121.7M | $77.6M | $216.1M | −$264.3M | −$332.4M | −$421.4M | $96.5M | $70.0M |
| Tangible book value | −$715.4M | −$763.7M | −$857.9M | −$512.9M | −$543.0M | −$555.6M | −$419.2M | −$402.0M | −$503.6M | −$613.5M | −$734.8M | −$773.0M |
| Book value per share | $30.28 | $29.88 | $28.97 | $28.24 | $28.12 | $27.34 | $28.76 | $29.63 | $28.24 | $27.21 | $26.27 | $25.48 |
| Shares outstanding | 76.7M | 77.0M | 77.4M | 78.3M | 78.3M | 79.4M | 80.4M | 80.8M | 81.0M | 81.0M | 81.0M | 81.0M |
| Current ratio | 1.13 | 1.15 | 1.13 | 1.26 | 1.04 | 1.03 | 1.08 | 0.92 | 0.90 | 0.87 | 1.04 | 1.03 |
| Quick ratio | 0.67 | 0.68 | 0.64 | 0.78 | 0.62 | 0.58 | 0.63 | 0.53 | 0.53 | 0.50 | 0.60 | 0.60 |
| Debt / equity | 1.58 | 1.65 | 1.66 | 1.71 | 1.61 | 1.59 | 1.36 | 1.32 | 1.41 | 1.47 | 1.52 | 1.61 |
| Equity / assets | 25.2% | 25.6% | 25.5% | 24.9% | 25.7% | 26.0% | 27.5% | 28.3% | 27.6% | 26.7% | 25.9% | 25.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
AVY financial position
At the end of fiscal 2025 (December 31, 2025), Avery Dennison had total assets of $8.8 billion (up 4.7% from a year earlier), total liabilities of $6.6 billion and shareholders' equity of $2.2 billion. It held $202.8 million in cash and short-term investments against $3.7 billion of debt, net debt of $3.5 billion. Its current ratio was 1.13. In the latest quarter (ended June 30, 2026) total assets were $9.2 billion and equity $2.3 billion.
Related: AVY income statement, AVY cash flow statement, AVY key metrics. See the AVY stock overview for the latest quote and news.
AVY balance sheet FAQ
What are Avery Dennison's total assets?
Avery Dennison reported total assets of $8.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.4 billion a year earlier.
How much debt does Avery Dennison have?
Avery Dennison had $3.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.66.
How much cash does Avery Dennison have?
Avery Dennison held $202.8 million in cash and short-term investments at the end of fiscal 2025; with $3.7 billion of debt that is net debt of $3.5 billion.
What is Avery Dennison's book value?
Avery Dennison's shareholders' equity (book value) was $2.2 billion at the end of fiscal 2025, or $28.97 per share.
What is Avery Dennison's current ratio?
Avery Dennison had current assets of $3.0 billion and current liabilities of $2.7 billion, a current ratio of 1.13 (it can cover its short-term obligations).
How much goodwill does Avery Dennison have?
Avery Dennison carried $3.1 billion of goodwill and intangible assets, 35.2% of total assets, at the end of fiscal 2025.