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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Avery Dennison's Net-Net Working Capital for the quarter that ended in Mar. 2026 was MXN-1,103.90.
The industry rank for Avery Dennison's Net-Net Working Capital or its related term are showing as below:
MEX:AVY's Price-to-Net-Net-Working-Capital is not ranked *
in the Packaging & Containers industry.
Industry Median: 5.025 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Avery Dennison (MEX:AVY) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Avery Dennison Net-Net Working Capital Related Terms
Avery Dennison Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Avery Dennison's Net-Net Working Capital 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.
MEX:AVY vs CCK, BALL, SON: Net-Net Working Capital Comparison
For the Packaging & Containers subindustry, Avery Dennison's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Avery Dennison's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Avery Dennison's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of MXN-1,103.90 mean?
Avery Dennison (MEX:AVY) has a Net-Net Working Capital of MXN-1,103.90 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Avery Dennison According to the industry distribution chart, Avery Dennison ranks #999999 out of 128 companies in the Packaging & Containers industry.
Is Avery Dennison's Net-Net Working Capital too high?
Avery Dennison's current Net-Net Working Capital is MXN-1,103.90. Based on the distribution chart, Avery Dennison ranks #999999 out of 128 companies in the Packaging & Containers industry, which is in the bottom quartile relative to peers. Overall, Avery Dennison has a GF Score™ of 85/100, reflecting its overall financial health beyond just this single metric.
How does Avery Dennison's Net-Net Working Capital compare to CCK and BALL?
According to the Packaging & Containers industry distribution chart, Avery Dennison ranks #999999 out of 128 companies for Net-Net Working Capital. This places Avery Dennison in the lower half of its industry. The industry median Net-Net Working Capital is 5.03. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Packaging & Containers company?
The median Net-Net Working Capital among Packaging & Containers companies is 5.03, based on 128 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Avery Dennison For the Packaging & Containers industry, the median Net-Net Working Capital is 5.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Avery Dennison's current Net-Net Working Capital is MXN-1,103.90. 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?
Avery Dennison (MEX:AVY) has a current Net-Net Working Capital of MXN-1,103.90. The stock's GF Value™ is MXN5,473.03, compared to a current price of MXN4,390.00 — trading 19.8% below its estimated fair value. The current Net-Net Working Capital is MXN-1,103.90. 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 Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Avery Dennison (MEX:AVY), the current Net-Net Working Capital is MXN-1,103.90 as of Mar. 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 (MEX:AVY) Overvalued in 2026?
Based on GuruFocus' analysis, Avery Dennison stock appears to be undervalued.
The current stock price of MXN4,390.00 is trading 19.8% below its estimated GF Value™ of MXN5,473.03.
Key valuation signals for MEX:AVY:
Net-Net Working Capital: MXN-1,103.90
GF Value™: MXN5,473.03 vs. price of MXN4,390.00 (19.8% below fair value)
No single metric tells the full story. See the MEX:AVY 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
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