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Side-by-side financial comparison of Air Products (APD) and BELDEN INC. (BDC). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $720.1M, roughly 4.3× BELDEN INC.). Air Products runs the higher net margin — 21.9% vs 9.4%, a 12.4% gap on every dollar of revenue. On growth, BELDEN INC. posted the faster year-over-year revenue change (8.1% vs 5.8%). BELDEN INC. produced more free cash flow last quarter ($121.3M vs $-350.5M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (15.9% CAGR vs 2.9%).
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...
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
APD vs BDC — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $720.1M |
| Net Profit | $678.2M | $67.9M |
| Gross Margin | 32.1% | 36.6% |
| Operating Margin | 23.7% | 12.2% |
| Net Margin | 21.9% | 9.4% |
| Revenue YoY | 5.8% | 8.1% |
| Net Profit YoY | 9.8% | 16.3% |
| EPS (diluted) | $3.04 | $1.70 |
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 | $720.1M | ||
| Q3 25 | $3.2B | $698.2M | ||
| Q2 25 | $3.0B | $672.0M | ||
| Q1 25 | $2.9B | $624.9M | ||
| Q4 24 | $2.9B | $666.0M | ||
| Q3 24 | $3.2B | $654.9M | ||
| Q2 24 | $3.0B | $604.3M | ||
| Q1 24 | $2.9B | $535.7M |
| Q4 25 | $678.2M | $67.9M | ||
| Q3 25 | $4.9M | $56.7M | ||
| Q2 25 | $713.8M | $61.0M | ||
| Q1 25 | $-1.7B | $51.9M | ||
| Q4 24 | $617.4M | $58.4M | ||
| Q3 24 | $1.9B | $53.7M | ||
| Q2 24 | $696.6M | $49.0M | ||
| Q1 24 | $572.4M | $37.3M |
| Q4 25 | 32.1% | 36.6% | ||
| Q3 25 | 32.3% | 37.7% | ||
| Q2 25 | 32.5% | 38.5% | ||
| Q1 25 | 29.6% | 39.3% | ||
| Q4 24 | 31.2% | 37.5% | ||
| Q3 24 | 34.0% | 37.3% | ||
| Q2 24 | 32.8% | 37.5% | ||
| Q1 24 | 32.0% | 37.6% |
| Q4 25 | 23.7% | 12.2% | ||
| Q3 25 | 0.5% | 10.9% | ||
| Q2 25 | 26.2% | 11.8% | ||
| Q1 25 | -79.8% | 11.6% | ||
| Q4 24 | 22.0% | 10.4% | ||
| Q3 24 | 76.1% | 11.5% | ||
| Q2 24 | 24.7% | 11.4% | ||
| Q1 24 | 21.7% | 9.9% |
| Q4 25 | 21.9% | 9.4% | ||
| Q3 25 | 0.2% | 8.1% | ||
| Q2 25 | 23.6% | 9.1% | ||
| Q1 25 | -59.3% | 8.3% | ||
| Q4 24 | 21.1% | 8.8% | ||
| Q3 24 | 61.2% | 8.2% | ||
| Q2 24 | 23.3% | 8.1% | ||
| Q1 24 | 19.5% | 7.0% |
| Q4 25 | $3.04 | $1.70 | ||
| Q3 25 | $0.03 | $1.41 | ||
| Q2 25 | $3.20 | $1.53 | ||
| Q1 25 | $-7.77 | $1.27 | ||
| Q4 24 | $2.77 | $1.41 | ||
| Q3 24 | $8.75 | $1.30 | ||
| Q2 24 | $3.13 | $1.19 | ||
| Q1 24 | $2.57 | $0.90 |
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 | $389.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $1.3B |
| Total Assets | $41.2B | $3.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $389.9M | ||
| Q3 25 | $1.9B | $314.3M | ||
| Q2 25 | $2.3B | $301.5M | ||
| Q1 25 | $1.6B | $259.0M | ||
| Q4 24 | $2.0B | $370.3M | ||
| Q3 24 | $3.0B | $323.0M | ||
| Q2 24 | $2.4B | $564.8M | ||
| Q1 24 | $2.6B | $506.8M |
| Q4 25 | $15.4B | $1.3B | ||
| Q3 25 | $15.0B | $1.2B | ||
| Q2 25 | $15.5B | $1.2B | ||
| Q1 25 | $14.7B | $1.2B | ||
| Q4 24 | $16.7B | $1.3B | ||
| Q3 24 | $17.0B | $1.2B | ||
| Q2 24 | $15.1B | $1.2B | ||
| Q1 24 | $14.9B | $1.2B |
| Q4 25 | $41.2B | $3.5B | ||
| Q3 25 | $41.1B | $3.4B | ||
| Q2 25 | $41.7B | $3.4B | ||
| Q1 25 | $38.9B | $3.3B | ||
| Q4 24 | $40.0B | $3.3B | ||
| Q3 24 | $39.6B | $3.3B | ||
| Q2 24 | $37.0B | $3.5B | ||
| Q1 24 | $35.9B | $3.1B |
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 | $160.4M |
| Free Cash FlowOCF − Capex | $-350.5M | $121.3M |
| FCF MarginFCF / Revenue | -11.3% | 16.8% |
| Capex IntensityCapex / Revenue | 40.3% | 5.4% |
| Cash ConversionOCF / Net Profit | 1.33× | 2.36× |
| TTM Free Cash FlowTrailing 4 quarters | — | $218.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $160.4M | ||
| Q3 25 | — | $105.0M | ||
| Q2 25 | $855.8M | $82.0M | ||
| Q1 25 | $328.1M | $7.4M | ||
| Q4 24 | $811.7M | $174.7M | ||
| Q3 24 | — | $91.7M | ||
| Q2 24 | $1.3B | $83.0M | ||
| Q1 24 | $801.7M | $2.7M |
| Q4 25 | $-350.5M | $121.3M | ||
| Q3 25 | — | $65.3M | ||
| Q2 25 | $-640.0M | $56.9M | ||
| Q1 25 | $-1.6B | $-24.8M | ||
| Q4 24 | $-1.3B | $116.4M | ||
| Q3 24 | — | $67.2M | ||
| Q2 24 | $-345.2M | $61.0M | ||
| Q1 24 | $-867.7M | $-21.5M |
| Q4 25 | -11.3% | 16.8% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | -21.2% | 8.5% | ||
| Q1 25 | -53.6% | -4.0% | ||
| Q4 24 | -44.5% | 17.5% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | -11.6% | 10.1% | ||
| Q1 24 | -29.6% | -4.0% |
| Q4 25 | 40.3% | 5.4% | ||
| Q3 25 | 47.9% | 5.7% | ||
| Q2 25 | 49.5% | 3.7% | ||
| Q1 25 | 64.9% | 5.2% | ||
| Q4 24 | 72.2% | 8.8% | ||
| Q3 24 | 65.1% | 3.7% | ||
| Q2 24 | 53.8% | 3.6% | ||
| Q1 24 | 57.0% | 4.5% |
| Q4 25 | 1.33× | 2.36× | ||
| Q3 25 | — | 1.85× | ||
| Q2 25 | 1.20× | 1.34× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 1.31× | 2.99× | ||
| Q3 24 | — | 1.71× | ||
| Q2 24 | 1.81× | 1.69× | ||
| Q1 24 | 1.40× | 0.07× |
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% |
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
