Avery Dennison Corporation (AVY)
Avery Dennison makes labeling and packaging materials and RFID tags for products and logistics.
AVY vs PKG: how the two businesses compare
- Similar size: PKG and AVY each brought in about $9.0B of yearly revenue.
- More profitable: PKG keeps 9 cents of each sales dollar as profit, against 8 cents at AVY.
- More cash from each sale: PKG turns 17 cents of each sales dollar into operating cash flow, against 10 cents at AVY.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Packaging Corporation of America (PKG) and Avery Dennison (AVY) reported similar revenue: $9.0B (fiscal year ended Dec 2025) versus $8.9B (fiscal year ended Dec 2025). AVY's net margin was 7.8% and PKG's 8.6%. The SEC places them in related industries (Converted Paper & Paperboard Prods (No Contaners/Boxes); Paperboard Containers & Boxes), and both map to the Economic trends research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Materials
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 26, 2026
AVY vs PKG: quick comparison
| Company fact | AVY | PKG |
|---|---|---|
| Company | Avery Dennison Corporation | Packaging Corporation of America |
| Exchange | NYSE | NYSE |
| SEC industry | Converted Paper & Paperboard Prods (No Contaners/Boxes) | Paperboard Containers & Boxes |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-02-26 |
AVY vs PKG: audited financials
- Scale: revenue is roughly in line ($9.0B for PKG versus $8.9B for AVY).
- Net margin: nearly identical at 7.8% (AVY) and 8.6% (PKG).
- Cash conversion: operating cash flow equalled AVY 10.0% of revenue, or 1.28× net income; PKG 17.3% of revenue, or 2.01× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | AVY | PKG |
|---|---|---|
| Revenue | $8.9B2024-12-29 to 2025-12-31 · SEC filing | $9.0B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $688M2024-12-29 to 2025-12-31 · SEC filing | $774M2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $881M2024-12-29 to 2025-12-31 · SEC filing | $1.6B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $8.792024-12-29 to 2025-12-31 · SEC filing | $8.582025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 7.8%2024-12-29 to 2025-12-31 · SEC filing | 8.6%2025-01-01 to 2025-12-31 · SEC filing |
AVY: FY ending 2025-12-31 · PKG: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where AVY and PKG overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 26.
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: AVY is 2670 (Converted Paper & Paperboard Prods (No Contaners/Boxes)); PKG is 2650 (Paperboard Containers & Boxes).
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Packaging Corporation of America (PKG)
Packaging Corporation of America makes containerboard and corrugated packaging products.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves AVY
We have not yet published a company-specific driver list for AVY. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
What moves PKG
We have not yet published a company-specific driver list for PKG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-26.
The investment question
You now know how AVY and PKG are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 2 matched transaction rows for AVY and 12 matched transaction rows for PKG. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
AVY primary filings
PKG primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving AVY or PKG
AVY vs PKG FAQs
Are AVY and PKG direct competitors?
Not necessarily. Avery Dennison files as Converted Paper & Paperboard Prods (No Contaners/Boxes) and Packaging Corporation of America as Paperboard Containers & Boxes. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is AVY or PKG the bigger company by revenue?
Packaging Corporation of America (PKG) and Avery Dennison (AVY) reported similar revenue: $9.0B (fiscal year ended Dec 2025) versus $8.9B (fiscal year ended Dec 2025). AVY's net margin was 7.8% and PKG's 8.6%. The SEC places them in related industries (Converted Paper & Paperboard Prods (No Contaners/Boxes); Paperboard Containers & Boxes), and both map to the Economic trends research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, AVY or PKG?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this AVY vs PKG comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Avery Dennison Corporation and Packaging Corporation of America tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
AVY vs PKG compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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