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Side-by-side financial comparison of Amrize Ltd (AMRZ) and Air Products (APD). Click either name above to swap in a different company.
Amrize Ltd is the larger business by last-quarter revenue ($3.7B vs $3.1B, roughly 1.2× Air Products). Air Products runs the higher net margin — 21.9% vs 14.8%, a 7.0% gap on every dollar of revenue. On growth, Amrize Ltd posted the faster year-over-year revenue change (6.6% vs 5.8%). Amrize Ltd produced more free cash flow last quarter ($669.0M vs $-350.5M).
Holcim is a Swiss-based global building materials and aggregates flagship division of the Holcim Group. The original company was merged on 10 July 2015 with Lafarge to form LafargeHolcim as the new company and renamed to Holcim Group in 2021. The Holcim brand remained active within the group when the merger was completed.
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
AMRZ vs APD — Head-to-Head
Income Statement — Q3 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $3.1B |
| Net Profit | $545.0M | $678.2M |
| Gross Margin | 29.6% | 32.1% |
| Operating Margin | 21.2% | 23.7% |
| Net Margin | 14.8% | 21.9% |
| Revenue YoY | 6.6% | 5.8% |
| Net Profit YoY | -1.4% | 9.8% |
| EPS (diluted) | $0.98 | $3.04 |
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.
| Q4 25 | — | $3.1B | ||
| Q3 25 | $3.7B | $3.2B | ||
| Q2 25 | $3.2B | $3.0B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $3.4B | $3.2B | ||
| Q2 24 | $3.2B | $3.0B | ||
| Q1 24 | — | $2.9B |
| Q4 25 | — | $678.2M | ||
| Q3 25 | $545.0M | $4.9M | ||
| Q2 25 | $429.0M | $713.8M | ||
| Q1 25 | — | $-1.7B | ||
| Q4 24 | — | $617.4M | ||
| Q3 24 | $553.0M | $1.9B | ||
| Q2 24 | $474.0M | $696.6M | ||
| Q1 24 | — | $572.4M |
| Q4 25 | — | 32.1% | ||
| Q3 25 | 29.6% | 32.3% | ||
| Q2 25 | 30.0% | 32.5% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 31.2% | ||
| Q3 24 | 30.2% | 34.0% | ||
| Q2 24 | 30.2% | 32.8% | ||
| Q1 24 | — | 32.0% |
| Q4 25 | — | 23.7% | ||
| Q3 25 | 21.2% | 0.5% | ||
| Q2 25 | 20.8% | 26.2% | ||
| Q1 25 | — | -79.8% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | 24.5% | 76.1% | ||
| Q2 24 | 23.3% | 24.7% | ||
| Q1 24 | — | 21.7% |
| Q4 25 | — | 21.9% | ||
| Q3 25 | 14.8% | 0.2% | ||
| Q2 25 | 13.3% | 23.6% | ||
| Q1 25 | — | -59.3% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | 16.0% | 61.2% | ||
| Q2 24 | 14.6% | 23.3% | ||
| Q1 24 | — | 19.5% |
| Q4 25 | — | $3.04 | ||
| Q3 25 | $0.98 | $0.03 | ||
| Q2 25 | $0.78 | $3.20 | ||
| Q1 25 | — | $-7.77 | ||
| Q4 24 | — | $2.77 | ||
| Q3 24 | $1.00 | $8.75 | ||
| Q2 24 | $0.86 | $3.13 | ||
| Q1 24 | — | $2.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $826.0M | $1.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $12.9B | $15.4B |
| Total Assets | $24.0B | $41.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.0B | ||
| Q3 25 | $826.0M | $1.9B | ||
| Q2 25 | $601.0M | $2.3B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.6B |
| Q4 25 | — | $15.4B | ||
| Q3 25 | $12.9B | $15.0B | ||
| Q2 25 | $12.4B | $15.5B | ||
| Q1 25 | — | $14.7B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | $9.8B | $17.0B | ||
| Q2 24 | $9.3B | $15.1B | ||
| Q1 24 | — | $14.9B |
| Q4 25 | — | $41.2B | ||
| Q3 25 | $24.0B | $41.1B | ||
| Q2 25 | $23.8B | $41.7B | ||
| Q1 25 | — | $38.9B | ||
| Q4 24 | — | $40.0B | ||
| Q3 24 | — | $39.6B | ||
| Q2 24 | — | $37.0B | ||
| Q1 24 | — | $35.9B |
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 | $854.0M | $900.7M |
| Free Cash FlowOCF − Capex | $669.0M | $-350.5M |
| FCF MarginFCF / Revenue | 18.2% | -11.3% |
| Capex IntensityCapex / Revenue | 5.0% | 40.3% |
| Cash ConversionOCF / Net Profit | 1.57× | 1.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $900.7M | ||
| Q3 25 | $854.0M | — | ||
| Q2 25 | — | $855.8M | ||
| Q1 25 | — | $328.1M | ||
| Q4 24 | — | $811.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $801.7M |
| Q4 25 | — | $-350.5M | ||
| Q3 25 | $669.0M | — | ||
| Q2 25 | — | $-640.0M | ||
| Q1 25 | — | $-1.6B | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-345.2M | ||
| Q1 24 | — | $-867.7M |
| Q4 25 | — | -11.3% | ||
| Q3 25 | 18.2% | — | ||
| Q2 25 | — | -21.2% | ||
| Q1 25 | — | -53.6% | ||
| Q4 24 | — | -44.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -11.6% | ||
| Q1 24 | — | -29.6% |
| Q4 25 | — | 40.3% | ||
| Q3 25 | 5.0% | 47.9% | ||
| Q2 25 | — | 49.5% | ||
| Q1 25 | — | 64.9% | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 53.8% | ||
| Q1 24 | — | 57.0% |
| Q4 25 | — | 1.33× | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMRZ
| Building Materials | $2.8B | 75% |
| Building Envelope | $901.0M | 25% |
| Equity Method Investee | $5.0M | 0% |
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
