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Side-by-side financial comparison of Air Products (APD) and Aptiv (APTV). Click either name above to swap in a different company.
Aptiv is the larger business by last-quarter revenue ($5.2B vs $3.1B, roughly 1.7× Air Products). Air Products runs the higher net margin — 21.9% vs 2.7%, a 19.2% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 5.0%). Aptiv produced more free cash flow last quarter ($651.0M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 2.5%).
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...
Aptiv PLC is an American automotive technology supplier with headquarters in Schaffhausen, Switzerland. Aptiv grew out of the now-defunct American company, Delphi Automotive Systems, which itself was formerly a component of General Motors.
APD vs APTV — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $5.2B |
| Net Profit | $678.2M | $138.0M |
| Gross Margin | 32.1% | 18.7% |
| Operating Margin | 23.7% | 8.2% |
| Net Margin | 21.9% | 2.7% |
| Revenue YoY | 5.8% | 5.0% |
| Net Profit YoY | 9.8% | -48.5% |
| EPS (diluted) | $3.04 | $0.63 |
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 | $5.2B | ||
| Q3 25 | $3.2B | $5.2B | ||
| Q2 25 | $3.0B | $5.2B | ||
| Q1 25 | $2.9B | $4.8B | ||
| Q4 24 | $2.9B | $4.9B | ||
| Q3 24 | $3.2B | $4.9B | ||
| Q2 24 | $3.0B | $5.1B | ||
| Q1 24 | $2.9B | $4.9B |
| Q4 25 | $678.2M | $138.0M | ||
| Q3 25 | $4.9M | $-355.0M | ||
| Q2 25 | $713.8M | $393.0M | ||
| Q1 25 | $-1.7B | $-11.0M | ||
| Q4 24 | $617.4M | $268.0M | ||
| Q3 24 | $1.9B | $363.0M | ||
| Q2 24 | $696.6M | $938.0M | ||
| Q1 24 | $572.4M | $218.0M |
| Q4 25 | 32.1% | 18.7% | ||
| Q3 25 | 32.3% | 19.5% | ||
| Q2 25 | 32.5% | 19.1% | ||
| Q1 25 | 29.6% | 19.1% | ||
| Q4 24 | 31.2% | 19.6% | ||
| Q3 24 | 34.0% | 18.6% | ||
| Q2 24 | 32.8% | 19.2% | ||
| Q1 24 | 32.0% | 17.9% |
| Q4 25 | 23.7% | 8.2% | ||
| Q3 25 | 0.5% | -3.4% | ||
| Q2 25 | 26.2% | 9.3% | ||
| Q1 25 | -79.8% | 9.3% | ||
| Q4 24 | 22.0% | 9.8% | ||
| Q3 24 | 76.1% | 10.4% | ||
| Q2 24 | 24.7% | 8.7% | ||
| Q1 24 | 21.7% | 8.5% |
| Q4 25 | 21.9% | 2.7% | ||
| Q3 25 | 0.2% | -6.8% | ||
| Q2 25 | 23.6% | 7.5% | ||
| Q1 25 | -59.3% | -0.2% | ||
| Q4 24 | 21.1% | 5.5% | ||
| Q3 24 | 61.2% | 7.5% | ||
| Q2 24 | 23.3% | 18.6% | ||
| Q1 24 | 19.5% | 4.4% |
| Q4 25 | $3.04 | $0.63 | ||
| Q3 25 | $0.03 | $-1.63 | ||
| Q2 25 | $3.20 | $1.80 | ||
| Q1 25 | $-7.77 | $-0.05 | ||
| Q4 24 | $2.77 | $1.22 | ||
| Q3 24 | $8.75 | $1.48 | ||
| Q2 24 | $3.13 | $3.47 | ||
| Q1 24 | $2.57 | $0.79 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $1.9B |
| Total DebtLower is stronger | — | $7.5B |
| Stockholders' EquityBook value | $15.4B | $9.2B |
| Total Assets | $41.2B | $23.4B |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.9B | ||
| Q3 25 | $1.9B | $1.6B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.8B | ||
| Q2 24 | $2.4B | $2.2B | ||
| Q1 24 | $2.6B | $941.0M |
| Q4 25 | — | $7.5B | ||
| Q3 25 | — | $7.6B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.8B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $4.7B |
| Q4 25 | $15.4B | $9.2B | ||
| Q3 25 | $15.0B | $9.3B | ||
| Q2 25 | $15.5B | $9.7B | ||
| Q1 25 | $14.7B | $9.0B | ||
| Q4 24 | $16.7B | $8.8B | ||
| Q3 24 | $17.0B | $8.9B | ||
| Q2 24 | $15.1B | $11.5B | ||
| Q1 24 | $14.9B | $11.1B |
| Q4 25 | $41.2B | $23.4B | ||
| Q3 25 | $41.1B | $23.5B | ||
| Q2 25 | $41.7B | $23.9B | ||
| Q1 25 | $38.9B | $23.1B | ||
| Q4 24 | $40.0B | $23.5B | ||
| Q3 24 | $39.6B | $24.8B | ||
| Q2 24 | $37.0B | $24.8B | ||
| Q1 24 | $35.9B | $23.6B |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.42× |
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 | $900.7M | $818.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $651.0M |
| FCF MarginFCF / Revenue | -11.3% | 12.6% |
| Capex IntensityCapex / Revenue | 40.3% | 3.2% |
| Cash ConversionOCF / Net Profit | 1.33× | 5.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $818.0M | ||
| Q3 25 | — | $584.0M | ||
| Q2 25 | $855.8M | $510.0M | ||
| Q1 25 | $328.1M | $273.0M | ||
| Q4 24 | $811.7M | $1.1B | ||
| Q3 24 | — | $499.0M | ||
| Q2 24 | $1.3B | $643.0M | ||
| Q1 24 | $801.7M | $244.0M |
| Q4 25 | $-350.5M | $651.0M | ||
| Q3 25 | — | $441.0M | ||
| Q2 25 | $-640.0M | $361.0M | ||
| Q1 25 | $-1.6B | $76.0M | ||
| Q4 24 | $-1.3B | $894.0M | ||
| Q3 24 | — | $326.0M | ||
| Q2 24 | $-345.2M | $417.0M | ||
| Q1 24 | $-867.7M | $-21.0M |
| Q4 25 | -11.3% | 12.6% | ||
| Q3 25 | — | 8.5% | ||
| Q2 25 | -21.2% | 6.9% | ||
| Q1 25 | -53.6% | 1.6% | ||
| Q4 24 | -44.5% | 18.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | -11.6% | 8.3% | ||
| Q1 24 | -29.6% | -0.4% |
| Q4 25 | 40.3% | 3.2% | ||
| Q3 25 | 47.9% | 2.7% | ||
| Q2 25 | 49.5% | 2.9% | ||
| Q1 25 | 64.9% | 4.1% | ||
| Q4 24 | 72.2% | 3.4% | ||
| Q3 24 | 65.1% | 3.6% | ||
| Q2 24 | 53.8% | 4.5% | ||
| Q1 24 | 57.0% | 5.4% |
| Q4 25 | 1.33× | 5.93× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 1.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 3.96× | ||
| Q3 24 | — | 1.37× | ||
| Q2 24 | 1.81× | 0.69× | ||
| Q1 24 | 1.40× | 1.12× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
APTV
| Electrical Distribution Systems | $2.3B | 45% |
| Engineered Components Group | $1.4B | 28% |
| Active Safety | $716.0M | 14% |
| User Experience And Other | $564.0M | 11% |
| Smart Vehicle Compute And Software | $154.0M | 3% |
