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Avery Dennison Corporation ( Avery Dennison or the Company and generally referred to as we or us ) was founded in 1935 and incorporated in Delaware in 1977 as Avery International Corporation, the successor corporation to a California corporation of the same name incorporated in 1946. In 1990, we merged one of our subsidiaries into Dennison Manufacturing Company ( Dennison ), as a result of whic…
11.15% operating margin is respectable but not wide. ROIC at 13.19%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 1.1%, essentially flat. This is a business that needs a catalyst.
Net debt of $3.18B represents 4.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$9.01B
▲ +1.1% YoY
Net Income (TTM)
$690M
▼ -2.4% YoY
Op. Margin
11.13%
ROIC
12.82%
▲ +0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$873M
▼ -2.4% YoY
Op. Cash Flow (TTM)
$1.03B
▼ -6.1% YoY
Net Debt
$3.54B
Cash & Equiv.
$255M
5Y CAGR: +5.0%
5Y CAGR: +5.3%
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