Strategic Frame · Peers
Peer benchmark — where AVY stands
Exhibit · Peer benchmark
AVY leads on ROIC and is mid-pack on margin; the gap on recurring-mix and multiple is the explicit re-rating opportunity
| Peer | Revenue ($B) | Op margin | EV/EBITDA | R&D % | Recurring % | ROIC | 5-yr TSR | Note |
|---|---|---|---|---|---|---|---|---|
| Avery Dennison (AVY) | 8.86 | 13.2% | 13× | 1.8% | 4% | 17% | 11% | Materials + RFID + atma.io platform |
| 3M | 33.0 | 9.5% | 11× | 5.8% | 8% | 14% | -4% | Diversified; restructuring drag |
| CCL Industries | 5.0 | 14.5% | 11× | 1.2% | 2% | 13% | 9% | Closest pure-play label peer; owns Checkpoint |
| Zebra Technologies | 5.0 | 11.0% | 14× | 9.0% | 18% | 11% | 8% | Software-heavy; deeper into asset visibility |
| SATO Holdings | 1.0 | 6.0% | 7× | 3.0% | 5% | 7% | 3% | Japan-led; strong APAC retail/logistics |
| Impinj | 0.36 | 9.0% | 28× | 19.0% | 12% | 18% | 38% | Pure-play RAIN RFID silicon; growth multiple |
Source: company filings 2024/25 + consensus multiples. Green = top-quartile in dimension; amber = mid; red = bottom.
Exhibit · Operating & valuation profile
EV/EBITDA tracks recurring mix more tightly than op margin — Impinj's 28× multiple is what platform-positioning earns
Bubbles sized by revenue; X = recurring % of revenue; Y = EV/EBITDA multiple.