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

Same yardstick, side by side (as of October 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: AVY 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 PI 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 PI 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

Impinj is a Seattle-based semiconductor and software company that builds the core technology for RAIN RFID, the ultra-high-frequency wireless standard used to identify and locate individual physical items. Its platform has two main parts: tiny endpoint ICs (the chips embedded in RFID tags and inlays that go on apparel, parcels, food, and other goods, shipped in the tens of billions per year) and systems products (reader ICs, readers, and gateways that power the antennas which read those tags), plus connectivity software. Partners like Avery Dennison turn Impinj's chips into the inlays and labels that brands actually apply, while reader makers like Zebra Technologies build hardware around Impinj silicon. The company frames its opportunity as enormous: RAIN connected roughly 52 billion items in 2024, which it estimates is only about 0.5% of all connectable items worldwide.

Full PI 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.
• PI drivers: Item-level RFID adoption; M800 ramp and Gen2X differentiation.

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 PI, the dominant risk is customer concentration and lumpy demand: a handful of large inlay partners and end customers drive most volume, so an inventory drawdown at one of them can flatten revenue for several quarters, as roughly flat Q1 2026 sales showed, and consensus already expects Q4 2026 revenue to dip ~3% year over year.

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; PI 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 PI guides.

AVY. As of October 2026 Avery Dennison trades at about 19x trailing and 16x forward earnings, with an EV/EBITDA near 11x and a share price roughly 12% below the average analyst target of about $199.50. The market is discounting part of the Q2 2026 beat as stocking-driven, which is why the stock sits below its 52-week high of about $199.54 despite record quarterly revenue. Its blend of steady materials cash flow and RFID growth optionality keeps it valued between broad packaging peers and higher-multiple specialty names.

PI. Figures are approximate and tied to the asOf date; verify live numbers before acting. Impinj trades as a growth stock, so it is valued on a rich multiple of sales rather than earnings, and the multiple has expanded from ~11x in mid-2026 to ~15.6x after the post-Q2 rally. The nine covering analysts carry a mean target near ~$184, slightly below the October 16 close, so the price now assumes the 2027 reacceleration analysts model (~$2.80 of EPS) rather than leaving room above it.

Headline figures (approximate, October 2026): AVY shows revenue (ttm) ~$9.25B, q2 2026 revenue ~$2.46B (up ~11% YoY; organic +7.6%), q2 2026 adjusted eps ~$2.89 (vs ~$2.47 consensus), 2026 adjusted eps guide ~$10.00 to $10.30; PI shows revenue (ttm) ~$372 million, up ~10.7% year over year (Q2 2026), revenue (q2 2026) ~$108 million, above the ~$103-106 million guide, gross / operating margin ~53% / ~10%, profitability TTM GAAP net loss ~$27 million (EPS ~-$0.91); Q2 2026 GAAP net income ~$12 million, non-GAAP EPS ~$0.86.

AVY and PI 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 PI exposure against your real portfolio. It is not an investment adviser.