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Side-by-side financial comparison of Avery Dennison (AVY) and NATURAL RESOURCE PARTNERS LP (NRP). Click either name above to swap in a different company.
Avery Dennison is the larger business by last-quarter revenue ($2.3B vs $51.3M, roughly 44.3× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 7.3%, a 71.2% gap on every dollar of revenue. On growth, Avery Dennison posted the faster year-over-year revenue change (3.9% vs -21.8%). Over the past eight quarters, Avery Dennison's revenue compounded faster (2.7% CAGR vs -8.3%).
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.
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
AVY vs NRP — Head-to-Head
Income Statement — Q4 2025 vs Q1 2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $51.3M |
| Net Profit | $166.4M | $40.3M |
| Gross Margin | 28.7% | — |
| Operating Margin | 9.1% | 83.7% |
| Net Margin | 7.3% | 78.5% |
| Revenue YoY | 3.9% | -21.8% |
| Net Profit YoY | -4.4% | -28.4% |
| EPS (diluted) | $2.16 | — |
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 | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.1B | $51.3M | ||
| Q4 24 | $2.2B | $61.8M | ||
| Q3 24 | $2.2B | $50.4M | ||
| Q2 24 | $2.2B | $54.6M | ||
| Q1 24 | $2.2B | $65.6M |
| Q4 25 | $166.4M | — | ||
| Q3 25 | $166.3M | — | ||
| Q2 25 | $189.0M | — | ||
| Q1 25 | $166.3M | $40.3M | ||
| Q4 24 | $174.0M | $42.8M | ||
| Q3 24 | $181.7M | $38.6M | ||
| Q2 24 | $176.8M | $46.1M | ||
| Q1 24 | $172.4M | $56.2M |
| 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 24 | 29.4% | — |
| Q4 25 | 9.1% | — | ||
| Q3 25 | 10.6% | — | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | 10.6% | 83.7% | ||
| Q4 24 | 11.0% | 74.9% | ||
| Q3 24 | 11.0% | 84.9% | ||
| Q2 24 | 10.7% | 92.3% | ||
| Q1 24 | 10.9% | 91.0% |
| Q4 25 | 7.3% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | 7.7% | 78.5% | ||
| Q4 24 | 8.0% | 69.2% | ||
| Q3 24 | 8.3% | 76.6% | ||
| Q2 24 | 7.9% | 84.4% | ||
| Q1 24 | 8.0% | 85.7% |
| Q4 25 | $2.16 | — | ||
| Q3 25 | $2.13 | — | ||
| Q2 25 | $2.41 | — | ||
| Q1 25 | $2.09 | — | ||
| Q4 24 | $2.17 | — | ||
| Q3 24 | $2.25 | — | ||
| Q2 24 | $2.18 | — | ||
| Q1 24 | $2.13 | — |
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 | $30.9M |
| Total DebtLower is stronger | $3.2B | $138.8M |
| Stockholders' EquityBook value | $2.2B | — |
| Total Assets | $8.8B | $772.5M |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $202.8M | — | ||
| Q3 25 | $536.3M | — | ||
| Q2 25 | $215.9M | — | ||
| Q1 25 | $195.9M | $30.9M | ||
| Q4 24 | $329.1M | $30.4M | ||
| Q3 24 | $212.7M | $30.9M | ||
| Q2 24 | $208.8M | $32.3M | ||
| Q1 24 | $185.7M | $11.0M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | $138.8M | ||
| Q4 24 | $2.6B | $142.1M | ||
| Q3 24 | $2.0B | $197.4M | ||
| Q2 24 | $2.0B | $210.3M | ||
| Q1 24 | $2.1B | $188.8M |
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.2B | — |
| Q4 25 | $8.8B | — | ||
| Q3 25 | $8.9B | — | ||
| Q2 25 | $8.6B | — | ||
| Q1 25 | $8.4B | $772.5M | ||
| Q4 24 | $8.4B | $772.9M | ||
| Q3 24 | $8.5B | $772.9M | ||
| Q2 24 | $8.3B | $789.6M | ||
| Q1 24 | $8.3B | $772.9M |
| 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 | $34.4M |
| Free Cash FlowOCF − Capex | $309.7M | — |
| FCF MarginFCF / Revenue | 13.6% | — |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | 2.26× | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | $712.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $376.8M | — | ||
| Q3 25 | $312.1M | — | ||
| Q2 25 | $208.8M | — | ||
| Q1 25 | $-16.3M | $34.4M | ||
| Q4 24 | $351.2M | $66.2M | ||
| Q3 24 | $270.1M | $54.1M | ||
| Q2 24 | $197.7M | $56.6M | ||
| Q1 24 | $119.8M | $71.5M |
| 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 24 | $71.0M | — |
| 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 24 | 3.3% | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 3.2% | 0.0% | ||
| Q3 24 | 2.0% | 0.0% | ||
| Q2 24 | 2.1% | 0.0% | ||
| Q1 24 | 2.3% | 0.0% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.88× | — | ||
| Q2 25 | 1.10× | — | ||
| Q1 25 | -0.10× | 0.86× | ||
| Q4 24 | 2.02× | 1.55× | ||
| Q3 24 | 1.49× | 1.40× | ||
| Q2 24 | 1.12× | 1.23× | ||
| Q1 24 | 0.69× | 1.27× |
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% |
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
