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Side-by-side financial comparison of Avery Dennison (AVY) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $2.3B, roughly 1.2× Avery Dennison). Ulta Beauty runs the higher net margin — 8.1% vs 7.3%, a 0.8% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs 7.0%). Avery Dennison produced more free cash flow last quarter ($104.4M vs $-81.6M). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
AVY vs ULTA — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $2.9B |
| Net Profit | $168.1M | $230.9M |
| Gross Margin | 28.9% | 40.4% |
| Operating Margin | 10.7% | 10.8% |
| Net Margin | 7.3% | 8.1% |
| Revenue YoY | 7.0% | 12.9% |
| Net Profit YoY | 1.1% | -4.7% |
| EPS (diluted) | — | $5.14 |
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 | $2.9B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.2B | $2.5B | ||
| Q3 24 | $2.2B | $2.6B | ||
| Q2 24 | $2.2B | $2.7B |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | $230.9M | ||
| Q3 25 | $166.3M | $260.9M | ||
| Q2 25 | $189.0M | $305.1M | ||
| Q1 25 | $166.3M | — | ||
| Q4 24 | $174.0M | $242.2M | ||
| Q3 24 | $181.7M | $252.6M | ||
| Q2 24 | $176.8M | $313.1M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | 40.4% | ||
| Q3 25 | 28.7% | 39.2% | ||
| Q2 25 | 28.8% | 39.1% | ||
| Q1 25 | 28.9% | — | ||
| Q4 24 | 27.9% | 39.7% | ||
| Q3 24 | 28.7% | 38.3% | ||
| Q2 24 | 29.6% | 39.2% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | 10.8% | ||
| Q3 25 | 10.6% | 12.4% | ||
| Q2 25 | 11.5% | 14.1% | ||
| Q1 25 | 10.6% | — | ||
| Q4 24 | 11.0% | 12.6% | ||
| Q3 24 | 11.0% | 12.9% | ||
| Q2 24 | 10.7% | 14.7% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | 8.1% | ||
| Q3 25 | 7.5% | 9.4% | ||
| Q2 25 | 8.5% | 10.7% | ||
| Q1 25 | 7.7% | — | ||
| Q4 24 | 8.0% | 9.6% | ||
| Q3 24 | 8.3% | 9.9% | ||
| Q2 24 | 7.9% | 11.5% |
| Q1 26 | — | — | ||
| Q4 25 | $2.16 | $5.14 | ||
| Q3 25 | $2.13 | $5.78 | ||
| Q2 25 | $2.41 | $6.70 | ||
| Q1 25 | $2.09 | — | ||
| Q4 24 | $2.17 | $5.14 | ||
| Q3 24 | $2.25 | $5.30 | ||
| Q2 24 | $2.18 | $6.47 |
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 | $204.9M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $2.3B | $2.6B |
| Total Assets | $9.0B | $7.0B |
| Debt / EquityLower = less leverage | 1.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $255.1M | — | ||
| Q4 25 | $202.8M | $204.9M | ||
| Q3 25 | $536.3M | $242.7M | ||
| Q2 25 | $215.9M | $454.6M | ||
| Q1 25 | $195.9M | — | ||
| Q4 24 | $329.1M | $177.8M | ||
| Q3 24 | $212.7M | $414.0M | ||
| Q2 24 | $208.8M | $524.6M |
| 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 | $2.6B | ||
| Q3 25 | $2.2B | $2.6B | ||
| Q2 25 | $2.2B | $2.4B | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $2.4B | $2.3B | ||
| Q2 24 | $2.3B | $2.3B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | $7.0B | ||
| Q3 25 | $8.9B | $6.6B | ||
| Q2 25 | $8.6B | $6.0B | ||
| Q1 25 | $8.4B | — | ||
| Q4 24 | $8.4B | $6.0B | ||
| Q3 24 | $8.5B | $5.7B | ||
| Q2 24 | $8.3B | $5.6B |
| 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 | — | $5.6M |
| Free Cash FlowOCF − Capex | $104.4M | $-81.6M |
| FCF MarginFCF / Revenue | 4.5% | -2.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | — | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | $5.6M | ||
| Q3 25 | $312.1M | $96.5M | ||
| Q2 25 | $208.8M | $220.0M | ||
| Q1 25 | $-16.3M | — | ||
| Q4 24 | $351.2M | $-56.8M | ||
| Q3 24 | $270.1M | $199.5M | ||
| Q2 24 | $197.7M | $159.3M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | $-81.6M | ||
| Q3 25 | $276.2M | $19.6M | ||
| Q2 25 | $178.8M | $141.0M | ||
| Q1 25 | $-52.3M | — | ||
| Q4 24 | $281.7M | $-171.1M | ||
| Q3 24 | $227.1M | $104.3M | ||
| Q2 24 | $150.2M | $68.3M |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | -2.9% | ||
| Q3 25 | 12.5% | 0.7% | ||
| Q2 25 | 8.1% | 4.9% | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | 12.9% | -6.8% | ||
| Q3 24 | 10.4% | 4.1% | ||
| Q2 24 | 6.7% | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 3.1% | ||
| Q3 25 | 1.6% | 2.8% | ||
| Q2 25 | 1.4% | 2.8% | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 3.2% | 4.5% | ||
| Q3 24 | 2.0% | 3.7% | ||
| Q2 24 | 2.1% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 0.02× | ||
| Q3 25 | 1.88× | 0.37× | ||
| Q2 25 | 1.10× | 0.72× | ||
| Q1 25 | -0.10× | — | ||
| Q4 24 | 2.02× | -0.23× | ||
| Q3 24 | 1.49× | 0.79× | ||
| Q2 24 | 1.12× | 0.51× |
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% |
ULTA
Segment breakdown not available.
