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Side-by-side financial comparison of Avery Dennison (AVY) and Baxter International (BAX). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.3B, roughly 1.3× Avery Dennison). Avery Dennison runs the higher net margin — 7.3% vs -37.9%, a 45.2% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 7.0%). Over the past eight quarters, Avery Dennison's revenue compounded faster (1.4% CAGR vs -9.0%).
Avery Dennison Corporation is an American multinational manufacturer and distributor of pressure-sensitive adhesive materials, apparel branding labels and tags, RFID inlays, and specialty medical products. The company is a member of the Fortune 500 and is headquartered in Mentor, Ohio.
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
AVY vs BAX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $3.0B |
| Net Profit | $168.1M | $-1.1B |
| Gross Margin | 28.9% | 19.4% |
| Operating Margin | 10.7% | -24.5% |
| Net Margin | 7.3% | -37.9% |
| Revenue YoY | 7.0% | 458.0% |
| Net Profit YoY | 1.1% | -120.3% |
| EPS (diluted) | — | $-2.21 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $3.0B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.1B | $2.6B | ||
| Q4 24 | $2.2B | $533.0M | ||
| Q3 24 | $2.2B | $2.7B | ||
| Q2 24 | $2.2B | $3.8B |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | $-1.1B | ||
| Q3 25 | $166.3M | $-46.0M | ||
| Q2 25 | $189.0M | $91.0M | ||
| Q1 25 | $166.3M | $126.0M | ||
| Q4 24 | $174.0M | $-512.0M | ||
| Q3 24 | $181.7M | $140.0M | ||
| Q2 24 | $176.8M | $-314.0M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | 19.4% | ||
| Q3 25 | 28.7% | 33.5% | ||
| Q2 25 | 28.8% | 35.3% | ||
| Q1 25 | 28.9% | 32.8% | ||
| Q4 24 | 27.9% | 25.0% | ||
| Q3 24 | 28.7% | 38.3% | ||
| Q2 24 | 29.6% | 37.5% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | -24.5% | ||
| Q3 25 | 10.6% | 6.1% | ||
| Q2 25 | 11.5% | 6.8% | ||
| Q1 25 | 10.6% | 2.2% | ||
| Q4 24 | 11.0% | -25.5% | ||
| Q3 24 | 11.0% | 5.7% | ||
| Q2 24 | 10.7% | -5.0% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | -37.9% | ||
| Q3 25 | 7.5% | -1.6% | ||
| Q2 25 | 8.5% | 3.2% | ||
| Q1 25 | 7.7% | 4.8% | ||
| Q4 24 | 8.0% | -96.1% | ||
| Q3 24 | 8.3% | 5.2% | ||
| Q2 24 | 7.9% | -8.2% |
| Q1 26 | — | — | ||
| Q4 25 | $2.16 | $-2.21 | ||
| Q3 25 | $2.13 | $-0.09 | ||
| Q2 25 | $2.41 | $0.18 | ||
| Q1 25 | $2.09 | $0.25 | ||
| Q4 24 | $2.17 | $-0.99 | ||
| Q3 24 | $2.25 | $0.27 | ||
| Q2 24 | $2.18 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $255.1M | $2.0B |
| Total DebtLower is stronger | $3.2B | $9.5B |
| Stockholders' EquityBook value | $2.3B | $6.1B |
| Total Assets | $9.0B | $20.1B |
| Debt / EquityLower = less leverage | 1.38× | 1.55× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $255.1M | — | ||
| Q4 25 | $202.8M | $2.0B | ||
| Q3 25 | $536.3M | $1.7B | ||
| Q2 25 | $215.9M | $1.7B | ||
| Q1 25 | $195.9M | $2.3B | ||
| Q4 24 | $329.1M | $1.8B | ||
| Q3 24 | $212.7M | $1.4B | ||
| Q2 24 | $208.8M | $2.1B |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $9.5B | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | $10.4B | ||
| Q3 24 | $2.0B | $10.4B | ||
| Q2 24 | $2.0B | $10.4B |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.2B | $6.1B | ||
| Q3 25 | $2.2B | $7.2B | ||
| Q2 25 | $2.2B | $7.3B | ||
| Q1 25 | $2.2B | $7.1B | ||
| Q4 24 | $2.3B | $7.0B | ||
| Q3 24 | $2.4B | $7.9B | ||
| Q2 24 | $2.3B | $7.6B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | $20.1B | ||
| Q3 25 | $8.9B | $21.1B | ||
| Q2 25 | $8.6B | $21.0B | ||
| Q1 25 | $8.4B | $21.3B | ||
| Q4 24 | $8.4B | $25.8B | ||
| Q3 24 | $8.5B | $26.7B | ||
| Q2 24 | $8.3B | $26.3B |
| Q1 26 | 1.38× | — | ||
| Q4 25 | 1.43× | 1.55× | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.19× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.11× | 1.49× | ||
| Q3 24 | 0.85× | 1.33× | ||
| Q2 24 | 0.89× | 1.37× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $584.0M |
| Free Cash FlowOCF − Capex | $104.4M | — |
| FCF MarginFCF / Revenue | 4.5% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | $584.0M | ||
| Q3 25 | $312.1M | $237.0M | ||
| Q2 25 | $208.8M | $217.0M | ||
| Q1 25 | $-16.3M | $-193.0M | ||
| Q4 24 | $351.2M | $488.0M | ||
| Q3 24 | $270.1M | $253.0M | ||
| Q2 24 | $197.7M | $115.0M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | — | ||
| Q3 25 | $276.2M | — | ||
| Q2 25 | $178.8M | — | ||
| Q1 25 | $-52.3M | — | ||
| Q4 24 | $281.7M | — | ||
| Q3 24 | $227.1M | — | ||
| Q2 24 | $150.2M | — |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | — | ||
| Q3 25 | 12.5% | — | ||
| Q2 25 | 8.1% | — | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.4% | — | ||
| Q2 24 | 6.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 2.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.88× | — | ||
| Q2 25 | 1.10× | 2.38× | ||
| Q1 25 | -0.10× | -1.53× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.49× | 1.81× | ||
| Q2 24 | 1.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVY
| Materials Group | $1.6B | 72% |
| Solutions Group | $649.2M | 28% |
BAX
| Other | $1.5B | 51% |
| Infusion Therapies And Technologies | $543.0M | 18% |
| Pharmaceutical Compounding | $316.0M | 11% |
| Front Line Care | $219.0M | 7% |
| Injectables And Anesthesia | $190.0M | 6% |
| Advanced Surgery | $177.0M | 6% |
