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Side-by-side financial comparison of Avery Dennison (AVY) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $2.3B, roughly 1.7× Avery Dennison). NetEase, Inc. runs the higher net margin — 31.0% vs 7.3%, a 23.7% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $104.4M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% 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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
AVY vs NTES — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $4.0B |
| Net Profit | $168.1M | $1.2B |
| Gross Margin | 28.9% | 64.1% |
| Operating Margin | 10.7% | 28.3% |
| Net Margin | 7.3% | 31.0% |
| Revenue YoY | 7.0% | — |
| Net Profit YoY | 1.1% | — |
| EPS (diluted) | — | — |
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 | — | ||
| Q3 25 | $2.2B | $4.0B | ||
| Q2 25 | $2.2B | $3.9B | ||
| Q1 25 | $2.1B | $4.0B | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.2B | $3.7B | ||
| Q2 24 | $2.2B | $3.5B |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | — | ||
| Q3 25 | $166.3M | $1.2B | ||
| Q2 25 | $189.0M | $1.3B | ||
| Q1 25 | $166.3M | $1.5B | ||
| Q4 24 | $174.0M | — | ||
| Q3 24 | $181.7M | $955.7M | ||
| Q2 24 | $176.8M | $939.6M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | — | ||
| Q3 25 | 28.7% | 64.1% | ||
| Q2 25 | 28.8% | 64.7% | ||
| Q1 25 | 28.9% | 64.1% | ||
| Q4 24 | 27.9% | — | ||
| Q3 24 | 28.7% | 62.9% | ||
| Q2 24 | 29.6% | 62.9% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | — | ||
| Q3 25 | 10.6% | 28.3% | ||
| Q2 25 | 11.5% | 32.5% | ||
| Q1 25 | 10.6% | 36.2% | ||
| Q4 24 | 11.0% | — | ||
| Q3 24 | 11.0% | 27.3% | ||
| Q2 24 | 10.7% | 27.4% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | — | ||
| Q3 25 | 7.5% | 31.0% | ||
| Q2 25 | 8.5% | 32.6% | ||
| Q1 25 | 7.7% | 36.6% | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 8.3% | 25.6% | ||
| Q2 24 | 7.9% | 26.8% |
| Q1 26 | — | — | ||
| 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 | — |
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 | $31.3B |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $2.3B | $160.8B |
| Total Assets | $9.0B | $214.5B |
| Debt / EquityLower = less leverage | 1.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $255.1M | — | ||
| Q4 25 | $202.8M | — | ||
| Q3 25 | $536.3M | $31.3B | ||
| Q2 25 | $215.9M | $54.4B | ||
| Q1 25 | $195.9M | $41.7B | ||
| Q4 24 | $329.1M | — | ||
| Q3 24 | $212.7M | $20.2B | ||
| Q2 24 | $208.8M | $19.0B |
| Q1 26 | $3.2B | — | ||
| 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 26 | $2.3B | — | ||
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | $160.8B | ||
| Q2 25 | $2.2B | $154.0B | ||
| Q1 25 | $2.2B | $147.8B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.4B | $135.6B | ||
| Q2 24 | $2.3B | $134.2B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | — | ||
| Q3 25 | $8.9B | $214.5B | ||
| Q2 25 | $8.6B | $208.5B | ||
| Q1 25 | $8.4B | $200.9B | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.5B | $184.9B | ||
| Q2 24 | $8.3B | $183.3B |
| 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 | — | $1.8B |
| Free Cash FlowOCF − Capex | $104.4M | $1.8B |
| FCF MarginFCF / Revenue | 4.5% | 44.7% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | — | ||
| Q3 25 | $312.1M | $1.8B | ||
| Q2 25 | $208.8M | $1.5B | ||
| Q1 25 | $-16.3M | $1.7B | ||
| Q4 24 | $351.2M | — | ||
| Q3 24 | $270.1M | $1.5B | ||
| Q2 24 | $197.7M | $898.8M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | — | ||
| Q3 25 | $276.2M | $1.8B | ||
| Q2 25 | $178.8M | $1.5B | ||
| Q1 25 | $-52.3M | $1.6B | ||
| Q4 24 | $281.7M | — | ||
| Q3 24 | $227.1M | $1.5B | ||
| Q2 24 | $150.2M | $875.6M |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | — | ||
| Q3 25 | 12.5% | 44.7% | ||
| Q2 25 | 8.1% | 38.3% | ||
| Q1 25 | -2.4% | 40.4% | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.4% | 38.9% | ||
| Q2 24 | 6.7% | 25.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | — | ||
| Q3 25 | 1.6% | 1.0% | ||
| Q2 25 | 1.4% | 0.7% | ||
| Q1 25 | 1.7% | 1.6% | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 2.0% | 1.4% | ||
| Q2 24 | 2.1% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.88× | 1.47× | ||
| Q2 25 | 1.10× | 1.20× | ||
| Q1 25 | -0.10× | 1.15× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.49× | 1.58× | ||
| Q2 24 | 1.12× | 0.96× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
