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Side-by-side financial comparison of Air Products (APD) and WARRIOR MET COAL, INC. (HCC). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $384.0M, roughly 8.1× WARRIOR MET COAL, INC.). Air Products runs the higher net margin — 21.9% vs 6.0%, a 15.9% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (29.1% vs 5.8%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -12.7%).
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...
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
APD vs HCC — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $384.0M |
| Net Profit | $678.2M | $23.0M |
| Gross Margin | 32.1% | 29.5% |
| Operating Margin | 23.7% | 9.0% |
| Net Margin | 21.9% | 6.0% |
| Revenue YoY | 5.8% | 29.1% |
| Net Profit YoY | 9.8% | 1919.5% |
| EPS (diluted) | $3.04 | $0.43 |
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 | $384.0M | ||
| Q3 25 | $3.2B | $328.6M | ||
| Q2 25 | $3.0B | $297.5M | ||
| Q1 25 | $2.9B | $299.9M | ||
| Q4 24 | $2.9B | $297.5M | ||
| Q3 24 | $3.2B | $327.7M | ||
| Q2 24 | $3.0B | $396.5M | ||
| Q1 24 | $2.9B | $503.5M |
| Q4 25 | $678.2M | $23.0M | ||
| Q3 25 | $4.9M | $36.6M | ||
| Q2 25 | $713.8M | $5.6M | ||
| Q1 25 | $-1.7B | $-8.2M | ||
| Q4 24 | $617.4M | $1.1M | ||
| Q3 24 | $1.9B | $41.8M | ||
| Q2 24 | $696.6M | $70.7M | ||
| Q1 24 | $572.4M | $137.0M |
| Q4 25 | 32.1% | 29.5% | ||
| Q3 25 | 32.3% | 27.1% | ||
| Q2 25 | 32.5% | 23.9% | ||
| Q1 25 | 29.6% | 18.1% | ||
| Q4 24 | 31.2% | 23.1% | ||
| Q3 24 | 34.0% | 29.3% | ||
| Q2 24 | 32.8% | 34.1% | ||
| Q1 24 | 32.0% | 43.3% |
| Q4 25 | 23.7% | 9.0% | ||
| Q3 25 | 0.5% | 6.3% | ||
| Q2 25 | 26.2% | 2.6% | ||
| Q1 25 | -79.8% | -5.8% | ||
| Q4 24 | 22.0% | -1.4% | ||
| Q3 24 | 76.1% | 11.9% | ||
| Q2 24 | 24.7% | 17.9% | ||
| Q1 24 | 21.7% | 29.6% |
| Q4 25 | 21.9% | 6.0% | ||
| Q3 25 | 0.2% | 11.1% | ||
| Q2 25 | 23.6% | 1.9% | ||
| Q1 25 | -59.3% | -2.7% | ||
| Q4 24 | 21.1% | 0.4% | ||
| Q3 24 | 61.2% | 12.7% | ||
| Q2 24 | 23.3% | 17.8% | ||
| Q1 24 | 19.5% | 27.2% |
| Q4 25 | $3.04 | $0.43 | ||
| Q3 25 | $0.03 | $0.70 | ||
| Q2 25 | $3.20 | $0.11 | ||
| Q1 25 | $-7.77 | $-0.16 | ||
| Q4 24 | $2.77 | $0.02 | ||
| Q3 24 | $8.75 | $0.80 | ||
| Q2 24 | $3.13 | $1.35 | ||
| Q1 24 | $2.57 | $2.62 |
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 | $300.0M |
| Total DebtLower is stronger | — | $154.3M |
| Stockholders' EquityBook value | $15.4B | $2.1B |
| Total Assets | $41.2B | $2.8B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $300.0M | ||
| Q3 25 | $1.9B | $336.3M | ||
| Q2 25 | $2.3B | $383.3M | ||
| Q1 25 | $1.6B | $454.9M | ||
| Q4 24 | $2.0B | $491.5M | ||
| Q3 24 | $3.0B | $583.2M | ||
| Q2 24 | $2.4B | $709.0M | ||
| Q1 24 | $2.6B | $693.9M |
| Q4 25 | — | $154.3M | ||
| Q3 25 | — | $154.1M | ||
| Q2 25 | — | $153.9M | ||
| Q1 25 | — | $153.8M | ||
| Q4 24 | — | $153.6M | ||
| Q3 24 | — | $153.5M | ||
| Q2 24 | — | $153.3M | ||
| Q1 24 | — | $153.2M |
| Q4 25 | $15.4B | $2.1B | ||
| Q3 25 | $15.0B | $2.1B | ||
| Q2 25 | $15.5B | $2.1B | ||
| Q1 25 | $14.7B | $2.1B | ||
| Q4 24 | $16.7B | $2.1B | ||
| Q3 24 | $17.0B | $2.1B | ||
| Q2 24 | $15.1B | $2.0B | ||
| Q1 24 | $14.9B | $2.0B |
| Q4 25 | $41.2B | $2.8B | ||
| Q3 25 | $41.1B | $2.7B | ||
| Q2 25 | $41.7B | $2.6B | ||
| Q1 25 | $38.9B | $2.6B | ||
| Q4 24 | $40.0B | $2.6B | ||
| Q3 24 | $39.6B | $2.6B | ||
| Q2 24 | $37.0B | $2.6B | ||
| Q1 24 | $35.9B | $2.5B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.08× |
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 | $76.1M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | 3.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $76.1M | ||
| Q3 25 | — | $104.7M | ||
| Q2 25 | $855.8M | $37.5M | ||
| Q1 25 | $328.1M | $10.9M | ||
| Q4 24 | $811.7M | $54.2M | ||
| Q3 24 | — | $62.2M | ||
| Q2 24 | $1.3B | $147.0M | ||
| Q1 24 | $801.7M | $104.1M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| 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 | — | — | ||
| 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 | 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× | 3.31× | ||
| Q3 25 | — | 2.86× | ||
| Q2 25 | 1.20× | 6.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 47.68× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | 1.81× | 2.08× | ||
| Q1 24 | 1.40× | 0.76× |
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% |
HCC
| Mining Segment | $373.6M | 97% |
| Other | $10.4M | 3% |
