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Side-by-side financial comparison of Avery Dennison (AVY) and Bath & Body Works, Inc. (BBWI). Click either name above to swap in a different company.
Avery Dennison is the larger business by last-quarter revenue ($2.3B vs $1.6B, roughly 1.4× Bath & Body Works, Inc.). Avery Dennison runs the higher net margin — 7.3% vs 4.8%, a 2.5% gap on every dollar of revenue. On growth, Avery Dennison posted the faster year-over-year revenue change (7.0% vs -1.0%). Avery Dennison produced more free cash flow last quarter ($104.4M vs $-1.0M). Over the past eight quarters, Avery Dennison's revenue compounded faster (1.4% CAGR vs -26.0%).
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.
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.
AVY vs BBWI — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $1.6B |
| Net Profit | $168.1M | $77.0M |
| Gross Margin | 28.9% | 41.3% |
| Operating Margin | 10.7% | 10.1% |
| Net Margin | 7.3% | 4.8% |
| Revenue YoY | 7.0% | -1.0% |
| Net Profit YoY | 1.1% | -27.4% |
| EPS (diluted) | — | $0.37 |
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 | $1.6B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.2B | $1.4B | ||
| Q1 25 | $2.1B | $2.8B | ||
| Q4 24 | $2.2B | $1.6B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.2B | $1.4B |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | $77.0M | ||
| Q3 25 | $166.3M | $64.0M | ||
| Q2 25 | $189.0M | $105.0M | ||
| Q1 25 | $166.3M | $453.0M | ||
| Q4 24 | $174.0M | $106.0M | ||
| Q3 24 | $181.7M | $152.0M | ||
| Q2 24 | $176.8M | $87.0M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | 41.3% | ||
| Q3 25 | 28.7% | 41.3% | ||
| Q2 25 | 28.8% | 45.4% | ||
| Q1 25 | 28.9% | 46.7% | ||
| Q4 24 | 27.9% | 43.5% | ||
| Q3 24 | 28.7% | 41.0% | ||
| Q2 24 | 29.6% | 43.8% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | 10.1% | ||
| Q3 25 | 10.6% | 10.1% | ||
| Q2 25 | 11.5% | 14.7% | ||
| Q1 25 | 10.6% | 24.3% | ||
| Q4 24 | 11.0% | 13.5% | ||
| Q3 24 | 11.0% | 12.0% | ||
| Q2 24 | 10.7% | 13.5% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | 4.8% | ||
| Q3 25 | 7.5% | 4.1% | ||
| Q2 25 | 8.5% | 7.4% | ||
| Q1 25 | 7.7% | 16.3% | ||
| Q4 24 | 8.0% | 6.6% | ||
| Q3 24 | 8.3% | 10.0% | ||
| Q2 24 | 7.9% | 6.3% |
| Q1 26 | — | — | ||
| Q4 25 | $2.16 | $0.37 | ||
| Q3 25 | $2.13 | $0.30 | ||
| Q2 25 | $2.41 | $0.49 | ||
| Q1 25 | $2.09 | $2.06 | ||
| Q4 24 | $2.17 | $0.49 | ||
| Q3 24 | $2.25 | $0.68 | ||
| Q2 24 | $2.18 | $0.38 |
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 | $236.0M |
| Total DebtLower is stronger | $3.2B | $3.9B |
| Stockholders' EquityBook value | $2.3B | $-1.6B |
| Total Assets | $9.0B | $5.0B |
| Debt / EquityLower = less leverage | 1.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $255.1M | — | ||
| Q4 25 | $202.8M | $236.0M | ||
| Q3 25 | $536.3M | $364.0M | ||
| Q2 25 | $215.9M | $636.0M | ||
| Q1 25 | $195.9M | $674.0M | ||
| Q4 24 | $329.1M | $191.0M | ||
| Q3 24 | $212.7M | $514.0M | ||
| Q2 24 | $208.8M | $855.0M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $3.9B | ||
| Q3 25 | $3.2B | $3.9B | ||
| Q2 25 | $2.6B | $3.9B | ||
| Q1 25 | $2.6B | $3.9B | ||
| Q4 24 | $2.6B | $4.2B | ||
| Q3 24 | $2.0B | $4.2B | ||
| Q2 24 | $2.0B | $4.3B |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.2B | $-1.6B | ||
| Q3 25 | $2.2B | $-1.5B | ||
| Q2 25 | $2.2B | $-1.5B | ||
| Q1 25 | $2.2B | $-1.4B | ||
| Q4 24 | $2.3B | $-1.7B | ||
| Q3 24 | $2.4B | $-1.7B | ||
| Q2 24 | $2.3B | $-1.7B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | $5.0B | ||
| Q3 25 | $8.9B | $4.8B | ||
| Q2 25 | $8.6B | $4.9B | ||
| Q1 25 | $8.4B | $4.9B | ||
| Q4 24 | $8.4B | $5.0B | ||
| Q3 24 | $8.5B | $4.9B | ||
| Q2 24 | $8.3B | $5.2B |
| Q1 26 | 1.38× | — | ||
| Q4 25 | 1.43× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.19× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 0.89× | — |
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 | — | $80.0M |
| Free Cash FlowOCF − Capex | $104.4M | $-1.0M |
| FCF MarginFCF / Revenue | 4.5% | -0.1% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | — | 1.04× |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | $946.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | $80.0M | ||
| Q3 25 | $312.1M | $-43.0M | ||
| Q2 25 | $208.8M | $188.0M | ||
| Q1 25 | $-16.3M | $955.0M | ||
| Q4 24 | $351.2M | $-99.0M | ||
| Q3 24 | $270.1M | $-46.0M | ||
| Q2 24 | $197.7M | $76.0M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | $-1.0M | ||
| Q3 25 | $276.2M | $-99.0M | ||
| Q2 25 | $178.8M | $151.0M | ||
| Q1 25 | $-52.3M | $895.0M | ||
| Q4 24 | $281.7M | $-164.0M | ||
| Q3 24 | $227.1M | $-101.0M | ||
| Q2 24 | $150.2M | $30.0M |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | -0.1% | ||
| Q3 25 | 12.5% | -6.4% | ||
| Q2 25 | 8.1% | 10.6% | ||
| Q1 25 | -2.4% | 32.1% | ||
| Q4 24 | 12.9% | -10.2% | ||
| Q3 24 | 10.4% | -6.6% | ||
| Q2 24 | 6.7% | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 5.1% | ||
| Q3 25 | 1.6% | 3.6% | ||
| Q2 25 | 1.4% | 2.6% | ||
| Q1 25 | 1.7% | 2.2% | ||
| Q4 24 | 3.2% | 4.0% | ||
| Q3 24 | 2.0% | 3.6% | ||
| Q2 24 | 2.1% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 1.04× | ||
| Q3 25 | 1.88× | -0.67× | ||
| Q2 25 | 1.10× | 1.79× | ||
| Q1 25 | -0.10× | 2.11× | ||
| Q4 24 | 2.02× | -0.93× | ||
| Q3 24 | 1.49× | -0.30× | ||
| Q2 24 | 1.12× | 0.87× |
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% |
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
