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Side-by-side financial comparison of Avery Dennison (AVY) and Corpay (CPAY). Click either name above to swap in a different company.
Avery Dennison is the larger business by last-quarter revenue ($2.3B vs $1.2B, roughly 1.8× Corpay). Corpay runs the higher net margin — 21.2% vs 7.3%, a 13.9% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 7.0%). Corpay produced more free cash flow last quarter ($760.3M vs $104.4M). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs 1.4%).
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.
Corpay, Inc., headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
AVY vs CPAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $1.2B |
| Net Profit | $168.1M | $264.5M |
| Gross Margin | 28.9% | — |
| Operating Margin | 10.7% | 45.2% |
| Net Margin | 7.3% | 21.2% |
| Revenue YoY | 7.0% | 20.7% |
| Net Profit YoY | 1.1% | 7.5% |
| EPS (diluted) | — | $3.74 |
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 | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.2B | $1.0B | ||
| Q3 24 | $2.2B | $1.0B | ||
| Q2 24 | $2.2B | $975.7M |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | $264.5M | ||
| Q3 25 | $166.3M | $277.9M | ||
| Q2 25 | $189.0M | $284.2M | ||
| Q1 25 | $166.3M | $243.2M | ||
| Q4 24 | $174.0M | $246.0M | ||
| Q3 24 | $181.7M | $276.4M | ||
| Q2 24 | $176.8M | $251.6M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | — | ||
| Q3 25 | 28.7% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 28.9% | — | ||
| Q4 24 | 27.9% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 29.6% | — |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | 45.2% | ||
| Q3 25 | 10.6% | 44.6% | ||
| Q2 25 | 11.5% | 43.5% | ||
| Q1 25 | 10.6% | 42.5% | ||
| Q4 24 | 11.0% | 47.2% | ||
| Q3 24 | 11.0% | 45.5% | ||
| Q2 24 | 10.7% | 44.4% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | 21.2% | ||
| Q3 25 | 7.5% | 23.7% | ||
| Q2 25 | 8.5% | 25.8% | ||
| Q1 25 | 7.7% | 24.2% | ||
| Q4 24 | 8.0% | 23.8% | ||
| Q3 24 | 8.3% | 26.9% | ||
| Q2 24 | 7.9% | 25.8% |
| Q1 26 | — | — | ||
| Q4 25 | $2.16 | $3.74 | ||
| Q3 25 | $2.13 | $3.91 | ||
| Q2 25 | $2.41 | $3.98 | ||
| Q1 25 | $2.09 | $3.40 | ||
| Q4 24 | $2.17 | $3.43 | ||
| Q3 24 | $2.25 | $3.90 | ||
| Q2 24 | $2.18 | $3.52 |
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 | $2.4B |
| Total DebtLower is stronger | $3.2B | $10.0B |
| Stockholders' EquityBook value | $2.3B | $3.9B |
| Total Assets | $9.0B | $26.4B |
| Debt / EquityLower = less leverage | 1.38× | 2.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $255.1M | — | ||
| Q4 25 | $202.8M | $2.4B | ||
| Q3 25 | $536.3M | $2.0B | ||
| Q2 25 | $215.9M | $2.2B | ||
| Q1 25 | $195.9M | $1.6B | ||
| Q4 24 | $329.1M | $1.6B | ||
| Q3 24 | $212.7M | $1.3B | ||
| Q2 24 | $208.8M | $1.4B |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $10.0B | ||
| Q3 25 | $3.2B | $8.1B | ||
| Q2 25 | $2.6B | $8.1B | ||
| Q1 25 | $2.6B | $8.2B | ||
| Q4 24 | $2.6B | $8.0B | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.0B | — |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.2B | $3.9B | ||
| Q3 25 | $2.2B | $4.1B | ||
| Q2 25 | $2.2B | $3.9B | ||
| Q1 25 | $2.2B | $3.5B | ||
| Q4 24 | $2.3B | $3.1B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.3B | $2.8B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | $26.4B | ||
| Q3 25 | $8.9B | $19.7B | ||
| Q2 25 | $8.6B | $20.4B | ||
| Q1 25 | $8.4B | $18.5B | ||
| Q4 24 | $8.4B | $18.0B | ||
| Q3 24 | $8.5B | $17.6B | ||
| Q2 24 | $8.3B | $16.2B |
| Q1 26 | 1.38× | — | ||
| Q4 25 | 1.43× | 2.58× | ||
| Q3 25 | 1.45× | 1.99× | ||
| Q2 25 | 1.19× | 2.07× | ||
| Q1 25 | 1.19× | 2.37× | ||
| Q4 24 | 1.11× | 2.56× | ||
| 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 | — | $812.7M |
| Free Cash FlowOCF − Capex | $104.4M | $760.3M |
| FCF MarginFCF / Revenue | 4.5% | 60.9% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | 3.07× |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | $812.7M | ||
| Q3 25 | $312.1M | $-378.9M | ||
| Q2 25 | $208.8M | $1.1B | ||
| Q1 25 | $-16.3M | $-74.2M | ||
| Q4 24 | $351.2M | $648.7M | ||
| Q3 24 | $270.1M | $400.8M | ||
| Q2 24 | $197.7M | $540.9M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | $760.3M | ||
| Q3 25 | $276.2M | $-429.8M | ||
| Q2 25 | $178.8M | $1.1B | ||
| Q1 25 | $-52.3M | $-118.9M | ||
| Q4 24 | $281.7M | $604.6M | ||
| Q3 24 | $227.1M | $355.0M | ||
| Q2 24 | $150.2M | $496.8M |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | 60.9% | ||
| Q3 25 | 12.5% | -36.7% | ||
| Q2 25 | 8.1% | 98.7% | ||
| Q1 25 | -2.4% | -11.8% | ||
| Q4 24 | 12.9% | 58.4% | ||
| Q3 24 | 10.4% | 34.5% | ||
| Q2 24 | 6.7% | 50.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 4.2% | ||
| Q3 25 | 1.6% | 4.3% | ||
| Q2 25 | 1.4% | 4.8% | ||
| Q1 25 | 1.7% | 4.5% | ||
| Q4 24 | 3.2% | 4.3% | ||
| Q3 24 | 2.0% | 4.4% | ||
| Q2 24 | 2.1% | 4.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 3.07× | ||
| Q3 25 | 1.88× | -1.36× | ||
| Q2 25 | 1.10× | 4.01× | ||
| Q1 25 | -0.10× | -0.30× | ||
| Q4 24 | 2.02× | 2.64× | ||
| Q3 24 | 1.49× | 1.45× | ||
| Q2 24 | 1.12× | 2.15× |
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% |
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
