Avery Dennison (BUE:AVY) Beneish M-Score: -2.55 (As of Jun. 25, 2026)

What is Avery Dennison Beneish M-Score?

Avery Dennison BUE:AVY +3.00% 76 Beneish M-Score is -2.55 as of Jun. 25, 2026. GuruFocus rates BUE:AVY with a GF Score™ of 76/100 and a GF Value™ of ARS17,472.49 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 373 Packaging & Containers companies, Avery Dennison ranks worse than 51.21% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Avery Dennison's Beneish M-Score or its related term are showing as below:

BUE:AVY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -2.55 Max: -2.2
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Avery Dennison was -2.20. The lowest was -2.69. And the median was -2.55.

Avery Dennison Beneish M-Score Related Terms

Avery Dennison Beneish M-Score Historical Data

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The historical data trend for Avery Dennison's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Avery Dennison Beneish M-Score Chart

Avery Dennison Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.41

-2.64

-2.55

-2.61

-2.51

Avery Dennison Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.51	-2.47	-2.54	-2.51	-2.55

BUE:AVY vs CCK, BALL, IP: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Avery Dennison's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Avery Dennison Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Avery Dennison's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Avery Dennison's Beneish M-Score falls into.

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76GF Score

Avery Dennison Corp BUE:AVY

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Avery Dennison Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Avery Dennison for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0039

0.528 * 1.0005

0.404 * 1.041

0.892 * 1.4176

0.115 * 0.8966

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0117

4.679 * -0.031563

0.327 * 1.0062

-2.25

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ARS2,303,049 Mil.
Revenue was 3213866.341 + 3296621.79 + 3008676.477 + 2636251.335 = ARS12,155,416 Mil.
Gross Profit was 929553.336 + 944483.885 + 862337.875 + 758760.742 = ARS3,495,136 Mil.
Total Current Assets was ARS4,501,650 Mil.
Total Assets was ARS12,554,283 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,200,139 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS455,471 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,761,080 Mil.
Total Current Liabilities was ARS3,914,667 Mil.
Long-Term Debt & Capital Lease Obligation was ARS4,453,550 Mil.
Net Income was 235045 + 241527.768 + 225837.462 + 224387.076 = ARS926,797 Mil.
Non Operating Income was -19155.958 + -52979.348 + -17654.161 + 3324.253 = ARS-86,465 Mil.
Cash Flow from Operations was 190860.455 + 546921.051 + 423835.671 + 247894.294 = ARS1,409,511 Mil.

Total Receivables was ARS1,618,244 Mil.
Revenue was 2290167.152 + 2207557.022 + 2075321.609 + 2001711.121 = ARS8,574,757 Mil.
Gross Profit was 662541.957 + 615292.006 + 595583.274 + 593447.842 = ARS2,466,865 Mil.
Total Current Assets was ARS3,230,518 Mil.
Total Assets was ARS8,906,419 Mil.
Property, Plant and Equipment(Net PPE) was ARS1,687,536 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS306,647 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,227,886 Mil.
Total Current Liabilities was ARS3,147,794 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,752,081 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2303049.489 / 12155415.943)	/	(1618244.071 / 8574756.904)
	=	0.189467	/	0.188722
	=	1.0039

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(2466865.079 / 8574756.904)	/	(3495135.838 / 12155415.943)
	=	0.287689	/	0.287537
	=	1.0005

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (4501650.069 + 2200138.65) / 12554283.37)	/	(1 - (3230518.335 + 1687536.472) / 8906418.8)
	=	0.466175	/	0.447808
	=	1.041

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	12155415.943	/	8574756.904
	=	1.4176

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(306646.624 / (306646.624 + 1687536.472))	/	(455471.467 / (455471.467 + 2200138.65))
	=	0.153771	/	0.171513
	=	0.8966

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1761079.643 / 12155415.943)	/	(1227885.7 / 8574756.904)
	=	0.14488	/	0.143198
	=	1.0117

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((4453550.438 + 3914666.78) / 12554283.37)	/	((2752080.957 + 3147793.869) / 8906418.8)
	=	0.666563	/	0.66243
	=	1.0062

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(926797.306 - -86465.214	-	1409511.471)	/	12554283.37
	=	-0.031563

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Avery Dennison has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.55 mean?

Avery Dennison (BUE:AVY) has a Beneish M-Score of -2.55 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Avery Dennison and its competitors. According to the industry distribution chart, Avery Dennison ranks #191 out of 373 companies in the Packaging & Containers industry, placing it in the top 51.2%.

Is Avery Dennison's Beneish M-Score too high?

Avery Dennison's current Beneish M-Score is -2.55. Based on the distribution chart, Avery Dennison ranks #191 out of 373 companies in the Packaging & Containers industry, which is below the industry midpoint. Overall, Avery Dennison has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Avery Dennison's Beneish M-Score compare to CCK and BALL?

According to the Packaging & Containers industry distribution chart, Avery Dennison ranks #191 out of 373 companies for Beneish M-Score. This places Avery Dennison in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Packaging & Containers company?

A good Beneish M-Score depends on the Packaging & Containers industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Avery Dennison and its competitors. Avery Dennison's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Avery Dennison stock overvalued right now?

Based on GuruFocus' analysis, Avery Dennison (BUE:AVY) is currently considered Modestly Undervalued. The stock's GF Value™ is ARS17,472.49, compared to a current price of ARS14,080.00 — trading 19.4% below its estimated fair value. The current Beneish M-Score is -2.55. Avery Dennison's overall GF Score™ is 76/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Avery Dennison (BUE:AVY), the current Beneish M-Score is -2.55 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Avery Dennison (BUE:AVY) Overvalued in 2026?

Based on GuruFocus' analysis, Avery Dennison stock appears to be undervalued. The current stock price of ARS14,080.00 is trading 19.4% below its estimated GF Value™ of ARS17,472.49. GuruFocus considers Avery Dennison to be Modestly Undervalued.

Key valuation signals for BUE:AVY:

Beneish M-Score: -2.55
GF Value™: ARS17,472.49 vs. price of ARS14,080.00 (19.4% below fair value)
GF Score™: 76/100 with 2 warning signs

No single metric tells the full story. See the BUE:AVY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Avery Dennison Business Description

Industry Consumer Cyclical Packaging & Containers

Comparable Companies CCK BALL IP AMCR PKG SON REYN SLGN GPK GEF SW TSX:CCL.A SZSE:002812 OHEL:STERV XSWX:SIGN SZSE:002831 TSE:5901 OHEL:HUH1V ROCO:7734 XMAD:VID

Other Exchanges AVY:USA 0HJR:UK AV3:Germany

Address 8080 Norton Parkway, Mentor, OH, USA, 44060

Website https://www.averydennison.com

Avery Dennison Corp provides materials science and digital identification solutions, offering labeling and functional materials, RFID inlays and tags, software connecting physical and digital, and products that enhance packaging and customer experience. Serving industries including retail, apparel, e-commerce, logistics, food, pharmaceuticals, and automotive it operates through two reportable segments: Materials Group, which manufactures and sells pressure-sensitive label materials, graphics, reflective products, performance tapes, and other adhesive solutions, and earns the majority of revenue; and Solutions Group, which provides brand and price tickets, tags, labels with RFID inlays, and related services, supplies, and equipment.

76GF Score

Get the complete analysis for BUE:AVY

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

ARS14,080.00

Price

ARS17,472.49

GF Value

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