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Side-by-side financial comparison of Air Products (APD) and CONSTELLIUM SE (CSTM). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.2B, roughly 1.4× CONSTELLIUM SE). Air Products runs the higher net margin — 21.9% vs 5.1%, a 16.8% gap on every dollar of revenue. CONSTELLIUM SE produced more free cash flow last quarter ($109.0M vs $-350.5M).
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...
Constellium SE is an American-Swiss, French-based global manufacturer of aluminium rolled products, extruded products, and structural parts based on a large variety of advanced alloys. Constellium's C-TEC research center has been credited for advancing technology in the field of advanced aluminium alloy. Constellium primarily serves the aerospace, automotive, and packaging sectors. Large clients include Mercedes-Benz, Audi, BMW, Fiat Chrysler Automotive, Ford, Airbus, Boeing, and Bombardier.
APD vs CSTM — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.2B |
| Net Profit | $678.2M | $112.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 7.5% |
| Net Margin | 21.9% | 5.1% |
| Revenue YoY | 5.8% | — |
| Net Profit YoY | 9.8% | — |
| EPS (diluted) | $3.04 | $0.79 |
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 | $2.2B | ||
| Q3 25 | $3.2B | $2.2B | ||
| Q2 25 | $3.0B | $2.1B | ||
| Q1 25 | $2.9B | $2.0B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.0B | $1.9B | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $678.2M | $112.0M | ||
| Q3 25 | $4.9M | $88.0M | ||
| Q2 25 | $713.8M | $36.0M | ||
| Q1 25 | $-1.7B | $37.0M | ||
| Q4 24 | $617.4M | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $696.6M | $76.0M | ||
| Q1 24 | $572.4M | — |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
| Q4 25 | 23.7% | 7.5% | ||
| Q3 25 | 0.5% | 5.8% | ||
| Q2 25 | 26.2% | 2.7% | ||
| Q1 25 | -79.8% | 3.1% | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 76.1% | — | ||
| Q2 24 | 24.7% | 5.4% | ||
| Q1 24 | 21.7% | — |
| Q4 25 | 21.9% | 5.1% | ||
| Q3 25 | 0.2% | 4.1% | ||
| Q2 25 | 23.6% | 1.7% | ||
| Q1 25 | -59.3% | 1.9% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | — | ||
| Q2 24 | 23.3% | 3.9% | ||
| Q1 24 | 19.5% | — |
| Q4 25 | $3.04 | $0.79 | ||
| Q3 25 | $0.03 | $0.62 | ||
| Q2 25 | $3.20 | $0.25 | ||
| Q1 25 | $-7.77 | $0.26 | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | — | ||
| Q2 24 | $3.13 | $0.51 | ||
| 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 | $1.0B | $120.0M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $15.4B | $952.0M |
| Total Assets | $41.2B | $5.4B |
| Debt / EquityLower = less leverage | — | 2.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $120.0M | ||
| Q3 25 | $1.9B | $122.0M | ||
| Q2 25 | $2.3B | $133.0M | ||
| Q1 25 | $1.6B | $118.0M | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $15.4B | $952.0M | ||
| Q3 25 | $15.0B | $845.0M | ||
| Q2 25 | $15.5B | $780.0M | ||
| Q1 25 | $14.7B | $745.0M | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.1B | $796.0M | ||
| Q1 24 | $14.9B | — |
| Q4 25 | $41.2B | $5.4B | ||
| Q3 25 | $41.1B | $5.4B | ||
| Q2 25 | $41.7B | $5.4B | ||
| Q1 25 | $38.9B | $5.2B | ||
| Q4 24 | $40.0B | — | ||
| Q3 24 | $39.6B | — | ||
| Q2 24 | $37.0B | — | ||
| Q1 24 | $35.9B | — |
| Q4 25 | — | 2.00× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | 2.53× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $218.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $109.0M |
| FCF MarginFCF / Revenue | -11.3% | 5.0% |
| Capex IntensityCapex / Revenue | 40.3% | 5.0% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.95× |
| TTM Free Cash FlowTrailing 4 quarters | — | $159.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $218.0M | ||
| Q3 25 | — | $99.0M | ||
| Q2 25 | $855.8M | $114.0M | ||
| Q1 25 | $328.1M | $58.0M | ||
| Q4 24 | $811.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.3B | $138.0M | ||
| Q1 24 | $801.7M | — |
| Q4 25 | $-350.5M | $109.0M | ||
| Q3 25 | — | $24.0M | ||
| Q2 25 | $-640.0M | $37.0M | ||
| Q1 25 | $-1.6B | $-11.0M | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | $54.0M | ||
| Q1 24 | $-867.7M | — |
| Q4 25 | -11.3% | 5.0% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | -21.2% | 1.8% | ||
| Q1 25 | -53.6% | -0.6% | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | 2.8% | ||
| Q1 24 | -29.6% | — |
| Q4 25 | 40.3% | 5.0% | ||
| Q3 25 | 47.9% | 3.5% | ||
| Q2 25 | 49.5% | 3.7% | ||
| Q1 25 | 64.9% | 3.5% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | 4.3% | ||
| Q1 24 | 57.0% | — |
| Q4 25 | 1.33× | 1.95× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | 1.20× | 3.17× | ||
| Q1 25 | — | 1.57× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 1.82× | ||
| Q1 24 | 1.40× | — |
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% |
CSTM
| Packaging Rolled Products | $1.0B | 46% |
| Automotive Rolled Products | $318.0M | 14% |
| Aerospace Rolled Products | $270.0M | 12% |
| Transportation Industry Defense And Other Rolled Products | $232.0M | 11% |
| Automotive Extruded Products | $220.0M | 10% |
| Other Extruded Products | $132.0M | 6% |
| Specialty And Other Thin Rolled Products | $22.0M | 1% |
