Abstract Balance sheets and income statements from nearly 8000 manufacturing companies in 44 countries are compared for 1994–2000 along several dimensions. Differences across sectors and countries are reported and interpreted. The findings are: first, we find that the size distribution of firms for much of the size range is broadly similar in the two groups of countries, except for the largest and the smallest sizes of firms for which there are observed differences in the expected direction. Second, emerging market firms currently have lower levels of leverage than do their developed market counterparts and leverage has declined in recent years. Third, emerging market firms employ a higher level of fixed assets than do their developed market counterparts. Fourth, returns on assets and equity generally are lower in emerging market countries, but they have increased in recent years. And fifth, country effects account for more of the variation in all variables than do either sector or size effects but individual firm effects account for most of the variation.