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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 -2.63 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:
STU:AV3'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -2.54 Max: -2.2
Current: -2.63
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 -2.54.
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.
STU:AV3 vs CCK, BALL, SON: 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.
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:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.1059
+
0.528 * 0.9855
+
0.404 * 1.0449
+
0.892 * 0.9983
+
0.115 * 0.9601
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0422
+
4.679 * -0.04824
-
0.327 * 1.0106
=
-2.61
* 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.
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.
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))
=
(287.16 / (287.16 + 1390.841))
/
(294.662 / (294.662 + 1358.507))
=
0.171132
/
0.178241
=
0.9601
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
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
=
(606.359 - -67.985
-
1060.086)
/
7996.276
=
-0.04824
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 -2.61 suggests that the company is unlikely to be a manipulator.
Avery Dennison (STU:AV3) has a Beneish M-Score of -2.63 as of Aug. 02, 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 #163 out of 375 companies in the Packaging & Containers industry, placing it in the top 43.5%.
Is Avery Dennison's Beneish M-Score too high?
Avery Dennison's current Beneish M-Score is -2.63. Based on the distribution chart, Avery Dennison ranks #163 out of 375 companies in the Packaging & Containers industry, which is above the industry midpoint. Overall, Avery Dennison has a GF Score™ of 85/100 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 #163 out of 375 companies for Beneish M-Score. This puts Avery Dennison in the upper 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 -2.63. 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 (STU:AV3) is currently considered Modestly Undervalued. The stock's GF Value™ is €179.33, compared to a current price of €147.00 — trading 18% below its estimated fair value. The current Beneish M-Score is -2.63. Avery Dennison's overall GF Score™ is 85/100 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 (STU:AV3), the current Beneish M-Score is -2.63 as of Aug. 02, 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 (STU:AV3) Overvalued in 2026?
Based on GuruFocus' analysis, Avery Dennison stock appears to be undervalued.
The current stock price of €147.00 is trading 18% below its estimated GF Value™ of €179.33.
GuruFocus considers Avery Dennison to be Modestly Undervalued.
Key valuation signals for STU:AV3:
Beneish M-Score: -2.63
GF Value™: €179.33 vs. price of €147.00 (18% below fair value)
No single metric tells the full story. See the STU:AV3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
85GF Score
Get the complete analysis for STU:AV3
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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