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Side-by-side financial comparison of Avery Dennison (AVY) and WATSCO INC (WSO). Click either name above to swap in a different company.
Avery Dennison is the larger business by last-quarter revenue ($2.3B vs $1.6B, roughly 1.5× WATSCO INC). Avery Dennison runs the higher net margin — 7.3% vs 4.5%, a 2.8% gap on every dollar of revenue. On growth, Avery Dennison posted the faster year-over-year revenue change (7.0% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $104.4M). Over the past eight quarters, Avery Dennison's revenue compounded faster (1.4% CAGR vs 0.4%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
AVY vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $1.6B |
| Net Profit | $168.1M | $71.7M |
| Gross Margin | 28.9% | 27.1% |
| Operating Margin | 10.7% | 6.4% |
| Net Margin | 7.3% | 4.5% |
| Revenue YoY | 7.0% | -10.0% |
| Net Profit YoY | 1.1% | -25.9% |
| EPS (diluted) | — | $1.82 |
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 | $1.6B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.2B | $2.1B | ||
| Q1 25 | $2.1B | $1.5B | ||
| Q4 24 | $2.2B | $1.8B | ||
| Q3 24 | $2.2B | $2.2B | ||
| Q2 24 | $2.2B | $2.1B |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | $71.7M | ||
| Q3 25 | $166.3M | $161.6M | ||
| Q2 25 | $189.0M | $183.6M | ||
| Q1 25 | $166.3M | $80.1M | ||
| Q4 24 | $174.0M | $96.8M | ||
| Q3 24 | $181.7M | $171.0M | ||
| Q2 24 | $176.8M | $181.4M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | 27.1% | ||
| Q3 25 | 28.7% | 27.5% | ||
| Q2 25 | 28.8% | 29.3% | ||
| Q1 25 | 28.9% | 28.1% | ||
| Q4 24 | 27.9% | 26.7% | ||
| Q3 24 | 28.7% | 26.2% | ||
| Q2 24 | 29.6% | 27.1% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | 6.4% | ||
| Q3 25 | 10.6% | 11.4% | ||
| Q2 25 | 11.5% | 13.2% | ||
| Q1 25 | 10.6% | 7.3% | ||
| Q4 24 | 11.0% | 7.8% | ||
| Q3 24 | 11.0% | 11.6% | ||
| Q2 24 | 10.7% | 12.6% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | 4.5% | ||
| Q3 25 | 7.5% | 7.8% | ||
| Q2 25 | 8.5% | 8.9% | ||
| Q1 25 | 7.7% | 5.2% | ||
| Q4 24 | 8.0% | 5.5% | ||
| Q3 24 | 8.3% | 7.9% | ||
| Q2 24 | 7.9% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $2.16 | $1.82 | ||
| Q3 25 | $2.13 | $3.98 | ||
| Q2 25 | $2.41 | $4.52 | ||
| Q1 25 | $2.09 | $1.93 | ||
| Q4 24 | $2.17 | $2.42 | ||
| Q3 24 | $2.25 | $4.22 | ||
| Q2 24 | $2.18 | $4.49 |
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 | $733.3M |
| Total DebtLower is stronger | $3.2B | $361.6M |
| Stockholders' EquityBook value | $2.3B | $2.8B |
| Total Assets | $9.0B | $4.4B |
| Debt / EquityLower = less leverage | 1.38× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $255.1M | — | ||
| Q4 25 | $202.8M | $733.3M | ||
| Q3 25 | $536.3M | $524.3M | ||
| Q2 25 | $215.9M | $293.0M | ||
| Q1 25 | $195.9M | $431.8M | ||
| Q4 24 | $329.1M | $781.9M | ||
| Q3 24 | $212.7M | $550.0M | ||
| Q2 24 | $208.8M | $424.9M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $361.6M | ||
| Q3 25 | $3.2B | $340.8M | ||
| Q2 25 | $2.6B | $338.7M | ||
| Q1 25 | $2.6B | $346.4M | ||
| Q4 24 | $2.6B | $337.2M | ||
| Q3 24 | $2.0B | $321.0M | ||
| Q2 24 | $2.0B | $307.1M |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.2B | $2.8B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.2B | $2.7B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $2.4B | $2.7B | ||
| Q2 24 | $2.3B | $2.6B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | $4.4B | ||
| Q3 25 | $8.9B | $4.6B | ||
| Q2 25 | $8.6B | $4.7B | ||
| Q1 25 | $8.4B | $4.5B | ||
| Q4 24 | $8.4B | $4.5B | ||
| Q3 24 | $8.5B | $4.5B | ||
| Q2 24 | $8.3B | $4.4B |
| Q1 26 | 1.38× | — | ||
| Q4 25 | 1.43× | 0.13× | ||
| Q3 25 | 1.45× | 0.12× | ||
| Q2 25 | 1.19× | 0.12× | ||
| Q1 25 | 1.19× | 0.13× | ||
| Q4 24 | 1.11× | 0.13× | ||
| Q3 24 | 0.85× | 0.12× | ||
| Q2 24 | 0.89× | 0.12× |
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 | — | $399.8M |
| Free Cash FlowOCF − Capex | $104.4M | $388.5M |
| FCF MarginFCF / Revenue | 4.5% | 24.6% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | $399.8M | ||
| Q3 25 | $312.1M | $354.9M | ||
| Q2 25 | $208.8M | $-7.4M | ||
| Q1 25 | $-16.3M | $-177.6M | ||
| Q4 24 | $351.2M | $378.9M | ||
| Q3 24 | $270.1M | $232.8M | ||
| Q2 24 | $197.7M | $57.7M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | $388.5M | ||
| Q3 25 | $276.2M | $346.1M | ||
| Q2 25 | $178.8M | $-14.3M | ||
| Q1 25 | $-52.3M | $-185.2M | ||
| Q4 24 | $281.7M | $370.9M | ||
| Q3 24 | $227.1M | $223.0M | ||
| Q2 24 | $150.2M | $51.3M |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | 24.6% | ||
| Q3 25 | 12.5% | 16.7% | ||
| Q2 25 | 8.1% | -0.7% | ||
| Q1 25 | -2.4% | -12.1% | ||
| Q4 24 | 12.9% | 21.1% | ||
| Q3 24 | 10.4% | 10.3% | ||
| Q2 24 | 6.7% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 0.7% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 1.4% | 0.3% | ||
| Q1 25 | 1.7% | 0.5% | ||
| Q4 24 | 3.2% | 0.5% | ||
| Q3 24 | 2.0% | 0.5% | ||
| Q2 24 | 2.1% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 5.57× | ||
| Q3 25 | 1.88× | 2.20× | ||
| Q2 25 | 1.10× | -0.04× | ||
| Q1 25 | -0.10× | -2.22× | ||
| Q4 24 | 2.02× | 3.91× | ||
| Q3 24 | 1.49× | 1.36× | ||
| Q2 24 | 1.12× | 0.32× |
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% |
WSO
Segment breakdown not available.
