AVY vs CCL: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CCL is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AVY and CCL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AVY and CCL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Avery Dennison Corporation is the world's largest maker of pressure-sensitive label and packaging materials, operating through two segments: the Materials Group (roughly three-quarters of sales), which supplies label stock, graphics, reflective and tape products used across food, beverage, personal care, logistics and industrial end markets, and the Solutions Group, which makes apparel tags, tickets, and RFID-enabled Intelligent Labels for retail and supply-chain use. It is a truly global business with heavy exposure to consumer-staples-linked volumes, which makes it defensive relative to deep cyclicals but still sensitive to retail demand and destocking cycles.

Full AVY guide

Carnival Corporation makes money by selling cruise vacations across a portfolio of brands and then earning more once guests are aboard. Revenue splits into two main streams: passenger ticket revenue (the fare for the voyage) and onboard and other revenue (drinks, dining, excursions, casino, spa, and Wi-Fi). High occupancy and pricing drive the ticket line, while onboard spend per passenger has become an increasingly important profit lever. As of its fiscal Q2 2026 report, Carnival posted record quarterly revenue of about $6.7 billion and record adjusted EBITDA near $1.6 billion, with net yields in constant currency up about 2.2% year over year.

Full CCL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AVY drivers: Materials Group volume recovery; Intelligent Labels and RFID adoption.
• CCL drivers: Record demand and booked position; Pricing power and record net yields.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Avery Dennison is exposed to raw-material cost swings (paper, film, chemicals, adhesives) and to inflationary and tariff pressures that can compress margins if pricing lags. For CCL, the most prominent risk is the balance sheet: even after cutting more than $10 billion, Carnival still carries roughly $25 billion in debt, so interest costs are heavy and a downturn would squeeze the deleveraging path.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AVY if you believe its drivers more; CCL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AVY and CCL guides.

AVY. Avery Dennison generated roughly $8.9 billion of revenue over the trailing year and posted a Q1 2026 beat with revenue near $2.3 billion (up about 7%) and adjusted EPS around $2.47. At a mid-teens-to-high-teens P/E it trades modestly above the broader packaging peer average but below higher-multiple specialty peers, reflecting its blend of steady materials cash flow and RFID growth optionality.

CCL. Carnival's valuation is best read against its balance sheet rather than P/E alone, because debt paydown is shifting value from creditors toward equity holders as leverage falls. Record EBITDA, an all-time-high deposit balance, and a reinstated dividend reflect a recovery that has turned into genuine profitability. The figures here are approximate and tied to the asOf date; verify current numbers before acting.

Headline figures (approximate, July 2026): AVY shows revenue (ttm) ~$8.9B, q1 2026 revenue ~$2.3B (up ~7% YoY), q1 2026 adjusted eps ~$2.47, market cap ~$13B; CCL shows revenue (ttm, approx.) ~$26 billion (record Q2 2026 revenue ~$6.7B, up ~5.3% YoY), net income (q2 2026) ~$537 million (adjusted ~$569 million; EPS $0.41 vs $0.35), total debt ~$24.9 billion; net debt/adjusted EBITDA ~3.1x (down from 3.4x in 2025), net yields / occupancy Record net yields for a 12th straight quarter; full-year net yields guided up ~3.2%.

AVY and CCL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AVY and CCL exposure against your real portfolio. It is not an investment adviser.