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Side-by-side financial comparison of Avery Dennison (AVY) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.3B, roughly 1.6× Avery Dennison). SHOPIFY INC. runs the higher net margin — 20.2% vs 7.3%, a 12.9% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 7.0%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $104.4M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
AVY vs SHOP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $3.7B |
| Net Profit | $168.1M | $743.0M |
| Gross Margin | 28.9% | 46.1% |
| Operating Margin | 10.7% | 17.2% |
| Net Margin | 7.3% | 20.2% |
| Revenue YoY | 7.0% | 30.6% |
| Net Profit YoY | 1.1% | -42.5% |
| EPS (diluted) | — | $0.58 |
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 | $3.7B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.2B | $2.7B | ||
| Q1 25 | $2.1B | $2.4B | ||
| Q4 24 | $2.2B | $2.8B | ||
| Q3 24 | $2.2B | $2.2B | ||
| Q2 24 | $2.2B | $2.0B |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | $743.0M | ||
| Q3 25 | $166.3M | $264.0M | ||
| Q2 25 | $189.0M | $906.0M | ||
| Q1 25 | $166.3M | $-682.0M | ||
| Q4 24 | $174.0M | $1.3B | ||
| Q3 24 | $181.7M | $828.0M | ||
| Q2 24 | $176.8M | $171.0M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | 46.1% | ||
| Q3 25 | 28.7% | 48.9% | ||
| Q2 25 | 28.8% | 48.6% | ||
| Q1 25 | 28.9% | 49.5% | ||
| Q4 24 | 27.9% | 48.1% | ||
| Q3 24 | 28.7% | 51.7% | ||
| Q2 24 | 29.6% | 51.1% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | 17.2% | ||
| Q3 25 | 10.6% | 12.1% | ||
| Q2 25 | 11.5% | 10.9% | ||
| Q1 25 | 10.6% | 8.6% | ||
| Q4 24 | 11.0% | 16.5% | ||
| Q3 24 | 11.0% | 13.1% | ||
| Q2 24 | 10.7% | 11.8% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | 20.2% | ||
| Q3 25 | 7.5% | 9.3% | ||
| Q2 25 | 8.5% | 33.8% | ||
| Q1 25 | 7.7% | -28.9% | ||
| Q4 24 | 8.0% | 46.0% | ||
| Q3 24 | 8.3% | 38.3% | ||
| Q2 24 | 7.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | $2.16 | $0.58 | ||
| Q3 25 | $2.13 | $0.20 | ||
| Q2 25 | $2.41 | $0.69 | ||
| Q1 25 | $2.09 | $-0.53 | ||
| Q4 24 | $2.17 | $0.99 | ||
| Q3 24 | $2.25 | $0.64 | ||
| Q2 24 | $2.18 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $255.1M | $5.8B |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $2.3B | $13.5B |
| Total Assets | $9.0B | $15.2B |
| Debt / EquityLower = less leverage | 1.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $255.1M | — | ||
| Q4 25 | $202.8M | $5.8B | ||
| Q3 25 | $536.3M | $6.3B | ||
| Q2 25 | $215.9M | $5.8B | ||
| Q1 25 | $195.9M | $5.5B | ||
| Q4 24 | $329.1M | $5.5B | ||
| Q3 24 | $212.7M | — | ||
| Q2 24 | $208.8M | — |
| 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 | $13.5B | ||
| Q3 25 | $2.2B | $12.5B | ||
| Q2 25 | $2.2B | $12.1B | ||
| Q1 25 | $2.2B | $11.1B | ||
| Q4 24 | $2.3B | $11.6B | ||
| Q3 24 | $2.4B | $10.1B | ||
| Q2 24 | $2.3B | $9.2B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | $15.2B | ||
| Q3 25 | $8.9B | $15.0B | ||
| Q2 25 | $8.6B | $14.6B | ||
| Q1 25 | $8.4B | $13.4B | ||
| Q4 24 | $8.4B | $13.9B | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $8.3B | — |
| 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 | — | $725.0M |
| Free Cash FlowOCF − Capex | $104.4M | $715.0M |
| FCF MarginFCF / Revenue | 4.5% | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | $725.0M | ||
| Q3 25 | $312.1M | $513.0M | ||
| Q2 25 | $208.8M | $428.0M | ||
| Q1 25 | $-16.3M | $367.0M | ||
| Q4 24 | $351.2M | $615.0M | ||
| Q3 24 | $270.1M | $423.0M | ||
| Q2 24 | $197.7M | $340.0M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | $715.0M | ||
| Q3 25 | $276.2M | $507.0M | ||
| Q2 25 | $178.8M | $422.0M | ||
| Q1 25 | $-52.3M | $363.0M | ||
| Q4 24 | $281.7M | $611.0M | ||
| Q3 24 | $227.1M | $421.0M | ||
| Q2 24 | $150.2M | $333.0M |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | 19.5% | ||
| Q3 25 | 12.5% | 17.8% | ||
| Q2 25 | 8.1% | 15.7% | ||
| Q1 25 | -2.4% | 15.4% | ||
| Q4 24 | 12.9% | 21.7% | ||
| Q3 24 | 10.4% | 19.5% | ||
| Q2 24 | 6.7% | 16.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 0.3% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 1.4% | 0.2% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 3.2% | 0.1% | ||
| Q3 24 | 2.0% | 0.1% | ||
| Q2 24 | 2.1% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 0.98× | ||
| Q3 25 | 1.88× | 1.94× | ||
| Q2 25 | 1.10× | 0.47× | ||
| Q1 25 | -0.10× | — | ||
| Q4 24 | 2.02× | 0.48× | ||
| Q3 24 | 1.49× | 0.51× | ||
| Q2 24 | 1.12× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
