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Side-by-side financial comparison of Avery Dennison (AVY) and BELDEN INC. (BDC). Click either name above to swap in a different company.
Avery Dennison is the larger business by last-quarter revenue ($2.3B vs $720.1M, roughly 3.2× BELDEN INC.). BELDEN INC. runs the higher net margin — 9.4% vs 7.3%, a 2.1% gap on every dollar of revenue. On growth, BELDEN INC. posted the faster year-over-year revenue change (8.1% vs 3.9%). Avery Dennison produced more free cash flow last quarter ($309.7M vs $121.3M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (15.9% CAGR vs 2.7%).
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.
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
AVY vs BDC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $720.1M |
| Net Profit | $166.4M | $67.9M |
| Gross Margin | 28.7% | 36.6% |
| Operating Margin | 9.1% | 12.2% |
| Net Margin | 7.3% | 9.4% |
| Revenue YoY | 3.9% | 8.1% |
| Net Profit YoY | -4.4% | 16.3% |
| EPS (diluted) | $2.16 | $1.70 |
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.
| Q4 25 | $2.3B | $720.1M | ||
| Q3 25 | $2.2B | $698.2M | ||
| Q2 25 | $2.2B | $672.0M | ||
| Q1 25 | $2.1B | $624.9M | ||
| Q4 24 | $2.2B | $666.0M | ||
| Q3 24 | $2.2B | $654.9M | ||
| Q2 24 | $2.2B | $604.3M | ||
| Q1 24 | $2.2B | $535.7M |
| Q4 25 | $166.4M | $67.9M | ||
| Q3 25 | $166.3M | $56.7M | ||
| Q2 25 | $189.0M | $61.0M | ||
| Q1 25 | $166.3M | $51.9M | ||
| Q4 24 | $174.0M | $58.4M | ||
| Q3 24 | $181.7M | $53.7M | ||
| Q2 24 | $176.8M | $49.0M | ||
| Q1 24 | $172.4M | $37.3M |
| Q4 25 | 28.7% | 36.6% | ||
| Q3 25 | 28.7% | 37.7% | ||
| Q2 25 | 28.8% | 38.5% | ||
| Q1 25 | 28.9% | 39.3% | ||
| Q4 24 | 27.9% | 37.5% | ||
| Q3 24 | 28.7% | 37.3% | ||
| Q2 24 | 29.6% | 37.5% | ||
| Q1 24 | 29.4% | 37.6% |
| Q4 25 | 9.1% | 12.2% | ||
| Q3 25 | 10.6% | 10.9% | ||
| Q2 25 | 11.5% | 11.8% | ||
| Q1 25 | 10.6% | 11.6% | ||
| Q4 24 | 11.0% | 10.4% | ||
| Q3 24 | 11.0% | 11.5% | ||
| Q2 24 | 10.7% | 11.4% | ||
| Q1 24 | 10.9% | 9.9% |
| Q4 25 | 7.3% | 9.4% | ||
| Q3 25 | 7.5% | 8.1% | ||
| Q2 25 | 8.5% | 9.1% | ||
| Q1 25 | 7.7% | 8.3% | ||
| Q4 24 | 8.0% | 8.8% | ||
| Q3 24 | 8.3% | 8.2% | ||
| Q2 24 | 7.9% | 8.1% | ||
| Q1 24 | 8.0% | 7.0% |
| Q4 25 | $2.16 | $1.70 | ||
| Q3 25 | $2.13 | $1.41 | ||
| Q2 25 | $2.41 | $1.53 | ||
| Q1 25 | $2.09 | $1.27 | ||
| Q4 24 | $2.17 | $1.41 | ||
| Q3 24 | $2.25 | $1.30 | ||
| Q2 24 | $2.18 | $1.19 | ||
| Q1 24 | $2.13 | $0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $202.8M | $389.9M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $2.2B | $1.3B |
| Total Assets | $8.8B | $3.5B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $202.8M | $389.9M | ||
| Q3 25 | $536.3M | $314.3M | ||
| Q2 25 | $215.9M | $301.5M | ||
| Q1 25 | $195.9M | $259.0M | ||
| Q4 24 | $329.1M | $370.3M | ||
| Q3 24 | $212.7M | $323.0M | ||
| Q2 24 | $208.8M | $564.8M | ||
| Q1 24 | $185.7M | $506.8M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.1B | — |
| Q4 25 | $2.2B | $1.3B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $2.2B | $1.2B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.2B | $1.2B |
| Q4 25 | $8.8B | $3.5B | ||
| Q3 25 | $8.9B | $3.4B | ||
| Q2 25 | $8.6B | $3.4B | ||
| Q1 25 | $8.4B | $3.3B | ||
| Q4 24 | $8.4B | $3.3B | ||
| Q3 24 | $8.5B | $3.3B | ||
| Q2 24 | $8.3B | $3.5B | ||
| Q1 24 | $8.3B | $3.1B |
| 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× | — | ||
| Q1 24 | 0.94× | — |
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 | $376.8M | $160.4M |
| Free Cash FlowOCF − Capex | $309.7M | $121.3M |
| FCF MarginFCF / Revenue | 13.6% | 16.8% |
| Capex IntensityCapex / Revenue | 3.0% | 5.4% |
| Cash ConversionOCF / Net Profit | 2.26× | 2.36× |
| TTM Free Cash FlowTrailing 4 quarters | $712.4M | $218.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $376.8M | $160.4M | ||
| Q3 25 | $312.1M | $105.0M | ||
| Q2 25 | $208.8M | $82.0M | ||
| Q1 25 | $-16.3M | $7.4M | ||
| Q4 24 | $351.2M | $174.7M | ||
| Q3 24 | $270.1M | $91.7M | ||
| Q2 24 | $197.7M | $83.0M | ||
| Q1 24 | $119.8M | $2.7M |
| Q4 25 | $309.7M | $121.3M | ||
| Q3 25 | $276.2M | $65.3M | ||
| Q2 25 | $178.8M | $56.9M | ||
| Q1 25 | $-52.3M | $-24.8M | ||
| Q4 24 | $281.7M | $116.4M | ||
| Q3 24 | $227.1M | $67.2M | ||
| Q2 24 | $150.2M | $61.0M | ||
| Q1 24 | $71.0M | $-21.5M |
| Q4 25 | 13.6% | 16.8% | ||
| Q3 25 | 12.5% | 9.4% | ||
| Q2 25 | 8.1% | 8.5% | ||
| Q1 25 | -2.4% | -4.0% | ||
| Q4 24 | 12.9% | 17.5% | ||
| Q3 24 | 10.4% | 10.3% | ||
| Q2 24 | 6.7% | 10.1% | ||
| Q1 24 | 3.3% | -4.0% |
| Q4 25 | 3.0% | 5.4% | ||
| Q3 25 | 1.6% | 5.7% | ||
| Q2 25 | 1.4% | 3.7% | ||
| Q1 25 | 1.7% | 5.2% | ||
| Q4 24 | 3.2% | 8.8% | ||
| Q3 24 | 2.0% | 3.7% | ||
| Q2 24 | 2.1% | 3.6% | ||
| Q1 24 | 2.3% | 4.5% |
| Q4 25 | 2.26× | 2.36× | ||
| Q3 25 | 1.88× | 1.85× | ||
| Q2 25 | 1.10× | 1.34× | ||
| Q1 25 | -0.10× | 0.14× | ||
| Q4 24 | 2.02× | 2.99× | ||
| Q3 24 | 1.49× | 1.71× | ||
| Q2 24 | 1.12× | 1.69× | ||
| Q1 24 | 0.69× | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVY
| Other | $1.1B | 47% |
| Materials Group Segment | $475.0M | 21% |
| Apparel And Other | $460.8M | 20% |
| Identification Solutions And Vestcom | $263.4M | 12% |
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
