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Side-by-side financial comparison of Avery Dennison (AVY) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $2.3B, roughly 1.0× Avery Dennison). Zoetis runs the higher net margin — 25.3% vs 7.3%, a 17.9% gap on every dollar of revenue. On growth, Avery Dennison posted the faster year-over-year revenue change (7.0% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $104.4M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% 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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
AVY vs ZTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $2.4B |
| Net Profit | $168.1M | $603.0M |
| Gross Margin | 28.9% | 70.2% |
| Operating Margin | 10.7% | 31.9% |
| Net Margin | 7.3% | 25.3% |
| Revenue YoY | 7.0% | 3.0% |
| Net Profit YoY | 1.1% | 3.8% |
| EPS (diluted) | — | $1.37 |
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 | $2.4B | ||
| Q3 25 | $2.2B | $2.4B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.2B | $2.3B | ||
| Q3 24 | $2.2B | $2.4B | ||
| Q2 24 | $2.2B | $2.4B |
| Q1 26 | $168.1M | — | ||
| Q4 25 | $166.4M | $603.0M | ||
| Q3 25 | $166.3M | $721.0M | ||
| Q2 25 | $189.0M | $718.0M | ||
| Q1 25 | $166.3M | $631.0M | ||
| Q4 24 | $174.0M | $581.0M | ||
| Q3 24 | $181.7M | $682.0M | ||
| Q2 24 | $176.8M | $624.0M |
| Q1 26 | 28.9% | — | ||
| Q4 25 | 28.7% | 70.2% | ||
| Q3 25 | 28.7% | 71.5% | ||
| Q2 25 | 28.8% | 73.6% | ||
| Q1 25 | 28.9% | 72.0% | ||
| Q4 24 | 27.9% | 69.5% | ||
| Q3 24 | 28.7% | 70.6% | ||
| Q2 24 | 29.6% | 71.7% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 9.1% | 31.9% | ||
| Q3 25 | 10.6% | 37.0% | ||
| Q2 25 | 11.5% | 36.7% | ||
| Q1 25 | 10.6% | 36.5% | ||
| Q4 24 | 11.0% | 31.6% | ||
| Q3 24 | 11.0% | 36.6% | ||
| Q2 24 | 10.7% | 33.0% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.3% | 25.3% | ||
| Q3 25 | 7.5% | 30.0% | ||
| Q2 25 | 8.5% | 29.2% | ||
| Q1 25 | 7.7% | 28.4% | ||
| Q4 24 | 8.0% | 25.1% | ||
| Q3 24 | 8.3% | 28.6% | ||
| Q2 24 | 7.9% | 26.4% |
| Q1 26 | — | — | ||
| Q4 25 | $2.16 | $1.37 | ||
| Q3 25 | $2.13 | $1.63 | ||
| Q2 25 | $2.41 | $1.61 | ||
| Q1 25 | $2.09 | $1.41 | ||
| Q4 24 | $2.17 | $1.29 | ||
| Q3 24 | $2.25 | $1.50 | ||
| Q2 24 | $2.18 | $1.37 |
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 | — |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $2.3B | $3.3B |
| Total Assets | $9.0B | $15.5B |
| 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 | $2.1B | ||
| Q2 25 | $215.9M | $1.4B | ||
| Q1 25 | $195.9M | $1.7B | ||
| Q4 24 | $329.1M | $2.0B | ||
| Q3 24 | $212.7M | $1.7B | ||
| Q2 24 | $208.8M | $1.6B |
| 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 | $3.3B | ||
| Q3 25 | $2.2B | $5.4B | ||
| Q2 25 | $2.2B | $5.0B | ||
| Q1 25 | $2.2B | $4.7B | ||
| Q4 24 | $2.3B | $4.8B | ||
| Q3 24 | $2.4B | $5.2B | ||
| Q2 24 | $2.3B | $5.0B |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.8B | $15.5B | ||
| Q3 25 | $8.9B | $15.2B | ||
| Q2 25 | $8.6B | $14.5B | ||
| Q1 25 | $8.4B | $14.1B | ||
| Q4 24 | $8.4B | $14.2B | ||
| Q3 24 | $8.5B | $14.4B | ||
| Q2 24 | $8.3B | $14.2B |
| 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 | — | $893.0M |
| Free Cash FlowOCF − Capex | $104.4M | $732.0M |
| FCF MarginFCF / Revenue | 4.5% | 30.7% |
| Capex IntensityCapex / Revenue | — | 6.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $869.1M | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $376.8M | $893.0M | ||
| Q3 25 | $312.1M | $938.0M | ||
| Q2 25 | $208.8M | $486.0M | ||
| Q1 25 | $-16.3M | $587.0M | ||
| Q4 24 | $351.2M | $905.0M | ||
| Q3 24 | $270.1M | $951.0M | ||
| Q2 24 | $197.7M | $502.0M |
| Q1 26 | $104.4M | — | ||
| Q4 25 | $309.7M | $732.0M | ||
| Q3 25 | $276.2M | $805.0M | ||
| Q2 25 | $178.8M | $308.0M | ||
| Q1 25 | $-52.3M | $438.0M | ||
| Q4 24 | $281.7M | $689.0M | ||
| Q3 24 | $227.1M | $784.0M | ||
| Q2 24 | $150.2M | $370.0M |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 13.6% | 30.7% | ||
| Q3 25 | 12.5% | 33.5% | ||
| Q2 25 | 8.1% | 12.5% | ||
| Q1 25 | -2.4% | 19.7% | ||
| Q4 24 | 12.9% | 29.7% | ||
| Q3 24 | 10.4% | 32.8% | ||
| Q2 24 | 6.7% | 15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 6.7% | ||
| Q3 25 | 1.6% | 5.5% | ||
| Q2 25 | 1.4% | 7.2% | ||
| Q1 25 | 1.7% | 6.7% | ||
| Q4 24 | 3.2% | 9.3% | ||
| Q3 24 | 2.0% | 7.0% | ||
| Q2 24 | 2.1% | 5.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 1.48× | ||
| Q3 25 | 1.88× | 1.30× | ||
| Q2 25 | 1.10× | 0.68× | ||
| Q1 25 | -0.10× | 0.93× | ||
| Q4 24 | 2.02× | 1.56× | ||
| Q3 24 | 1.49× | 1.39× | ||
| Q2 24 | 1.12× | 0.80× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
