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Side-by-side financial comparison of Air Products (APD) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $233.0M, roughly 13.3× CSW INDUSTRIALS, INC.). Air Products runs the higher net margin — 21.9% vs 4.4%, a 17.5% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 5.8%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-350.5M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% 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...
APD vs CSW — Head-to-Head
Income Statement — Q1 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $233.0M |
| Net Profit | $678.2M | $10.3M |
| Gross Margin | 32.1% | 39.7% |
| Operating Margin | 23.7% | 7.4% |
| Net Margin | 21.9% | 4.4% |
| Revenue YoY | 5.8% | 20.3% |
| Net Profit YoY | 9.8% | -61.9% |
| EPS (diluted) | $3.04 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $3.2B | $277.0M | ||
| Q2 25 | $3.0B | $263.6M | ||
| Q1 25 | $2.9B | $230.5M | ||
| Q4 24 | $2.9B | $193.6M | ||
| Q3 24 | $3.2B | $227.9M | ||
| Q2 24 | $3.0B | $226.2M | ||
| Q1 24 | $2.9B | $210.9M |
| Q4 25 | $678.2M | $10.3M | ||
| Q3 25 | $4.9M | $40.7M | ||
| Q2 25 | $713.8M | $40.9M | ||
| Q1 25 | $-1.7B | $35.1M | ||
| Q4 24 | $617.4M | $26.9M | ||
| Q3 24 | $1.9B | $36.1M | ||
| Q2 24 | $696.6M | $38.6M | ||
| Q1 24 | $572.4M | $31.8M |
| Q4 25 | 32.1% | 39.7% | ||
| Q3 25 | 32.3% | 43.0% | ||
| Q2 25 | 32.5% | 43.8% | ||
| Q1 25 | 29.6% | 44.2% | ||
| Q4 24 | 31.2% | 41.4% | ||
| Q3 24 | 34.0% | 45.6% | ||
| Q2 24 | 32.8% | 47.5% | ||
| Q1 24 | 32.0% | 44.4% |
| Q4 25 | 23.7% | 7.4% | ||
| Q3 25 | 0.5% | 20.5% | ||
| Q2 25 | 26.2% | 20.8% | ||
| Q1 25 | -79.8% | 19.5% | ||
| Q4 24 | 22.0% | 15.3% | ||
| Q3 24 | 76.1% | 22.6% | ||
| Q2 24 | 24.7% | 24.3% | ||
| Q1 24 | 21.7% | 21.0% |
| Q4 25 | 21.9% | 4.4% | ||
| Q3 25 | 0.2% | 14.7% | ||
| Q2 25 | 23.6% | 15.5% | ||
| Q1 25 | -59.3% | 15.2% | ||
| Q4 24 | 21.1% | 13.9% | ||
| Q3 24 | 61.2% | 15.8% | ||
| Q2 24 | 23.3% | 17.1% | ||
| Q1 24 | 19.5% | 15.1% |
| Q4 25 | $3.04 | $0.62 | ||
| Q3 25 | $0.03 | $2.41 | ||
| Q2 25 | $3.20 | $2.43 | ||
| Q1 25 | $-7.77 | $2.05 | ||
| Q4 24 | $2.77 | $1.60 | ||
| Q3 24 | $8.75 | $2.26 | ||
| Q2 24 | $3.13 | $2.47 | ||
| Q1 24 | $2.57 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $1.1B |
| Total Assets | $41.2B | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $40.2M | ||
| Q3 25 | $1.9B | $31.5M | ||
| Q2 25 | $2.3B | $38.0M | ||
| Q1 25 | $1.6B | $225.8M | ||
| Q4 24 | $2.0B | $213.8M | ||
| Q3 24 | $3.0B | $273.2M | ||
| Q2 24 | $2.4B | $18.9M | ||
| Q1 24 | $2.6B | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $15.4B | $1.1B | ||
| Q3 25 | $15.0B | $1.1B | ||
| Q2 25 | $15.5B | $1.1B | ||
| Q1 25 | $14.7B | $1.1B | ||
| Q4 24 | $16.7B | $1.0B | ||
| Q3 24 | $17.0B | $1.0B | ||
| Q2 24 | $15.1B | $650.2M | ||
| Q1 24 | $14.9B | $615.7M |
| Q4 25 | $41.2B | $2.3B | ||
| Q3 25 | $41.1B | $1.5B | ||
| Q2 25 | $41.7B | $1.5B | ||
| Q1 25 | $38.9B | $1.4B | ||
| Q4 24 | $40.0B | $1.4B | ||
| Q3 24 | $39.6B | $1.4B | ||
| Q2 24 | $37.0B | $1.1B | ||
| Q1 24 | $35.9B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $-350.5M | $22.7M |
| FCF MarginFCF / Revenue | -11.3% | 9.8% |
| Capex IntensityCapex / Revenue | 40.3% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.33× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $28.9M | ||
| Q3 25 | — | $61.8M | ||
| Q2 25 | $855.8M | $60.6M | ||
| Q1 25 | $328.1M | $27.3M | ||
| Q4 24 | $811.7M | $11.6M | ||
| Q3 24 | — | $66.8M | ||
| Q2 24 | $1.3B | $62.7M | ||
| Q1 24 | $801.7M | $22.4M |
| Q4 25 | $-350.5M | $22.7M | ||
| Q3 25 | — | $58.7M | ||
| Q2 25 | $-640.0M | $57.7M | ||
| Q1 25 | $-1.6B | $22.8M | ||
| Q4 24 | $-1.3B | $8.5M | ||
| Q3 24 | — | $61.3M | ||
| Q2 24 | $-345.2M | $59.6M | ||
| Q1 24 | $-867.7M | $17.5M |
| Q4 25 | -11.3% | 9.8% | ||
| Q3 25 | — | 21.2% | ||
| Q2 25 | -21.2% | 21.9% | ||
| Q1 25 | -53.6% | 9.9% | ||
| Q4 24 | -44.5% | 4.4% | ||
| Q3 24 | — | 26.9% | ||
| Q2 24 | -11.6% | 26.3% | ||
| Q1 24 | -29.6% | 8.3% |
| Q4 25 | 40.3% | 2.6% | ||
| Q3 25 | 47.9% | 1.1% | ||
| Q2 25 | 49.5% | 1.1% | ||
| Q1 25 | 64.9% | 2.0% | ||
| Q4 24 | 72.2% | 1.6% | ||
| Q3 24 | 65.1% | 2.4% | ||
| Q2 24 | 53.8% | 1.4% | ||
| Q1 24 | 57.0% | 2.3% |
| Q4 25 | 1.33× | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | 1.20× | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | 1.31× | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | 1.81× | 1.62× | ||
| Q1 24 | 1.40× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
