MeritValue

Avery Dennison Corp

AVYdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2022FY 2023FY 2024FY 2025
Revenue$8.41B1$9.04B2$8.36B3$8.76B3$8.86B3
Net income$740.1M4$757.1M5$503M6$704.9M6$688M6
Operating cash flow$1.05B7$961M8$826M9$938.8M9$881.4M9
Capital expenditure$255M10$278.1M11$265.3M12$208.8M12$169M12
Free cash flow (derived)$791.8M7$682.9M8$560.7M9$730M9$712.4M9
Total debt$3.09B13$3.09B14$3.24B15$3.14B16$3.72B16
Cash & equivalents$162.7M17$167.2M18$215M19$329.1M20$202.8M20
Diluted shares83.8M82.2M81.1M80.7M78.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000013%
of the whole company
Your share of last year’s profit
$87.87
Your share of its debt
$475.34
Your share of free cash flow
$90.98
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$91.98
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth1.4%
  • fcfBase$712.4M
DCF · Growth Exit 5Y
$96.8
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth1.4%
  • fcfBase$712.4M
Earnings Power Value
$94.86
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$704.9M
  • growthAssumed0.0%
Graham Number
$75.25
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years1.4%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $96.8

Default growth 1.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-01-01 · accession 0000008818-24-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000008818-25-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-30 · accession 0000008818-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-01 · accession 0000008818-24-000003 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000008818-25-000003 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-30 · accession 0000008818-26-000015 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-01 · accession 0000008818-24-000003 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000008818-25-000003 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-30 · accession 0000008818-26-000015 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-01 · accession 0000008818-24-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000008818-25-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-30 · accession 0000008818-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-01 · accession 0000008818-23-000002 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000008818-24-000003 (LongTermDebt)
  15. 10-K · period ending 2023-12-30 · accession 0000008818-25-000003 (LongTermDebt)
  16. 10-K · period ending 2024-12-28 · accession 0000008818-26-000015 (LongTermDebt)
  17. 10-K · period ending 2022-01-01 · accession 0000008818-23-000002 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000008818-24-000003 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-30 · accession 0000008818-25-000003 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-28 · accession 0000008818-26-000015 (CashAndCashEquivalentsAtCarryingValue)