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Side-by-side financial comparison of Air Products (APD) and INSTEEL INDUSTRIES INC (IIIN). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $159.9M, roughly 19.4× INSTEEL INDUSTRIES INC). Air Products runs the higher net margin — 21.9% vs 4.7%, a 17.1% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs 5.8%). INSTEEL INDUSTRIES INC produced more free cash flow last quarter ($-2.2M vs $-350.5M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% 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...
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
APD vs IIIN — Head-to-Head
Income Statement — Q1 2026 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $159.9M |
| Net Profit | $678.2M | $7.6M |
| Gross Margin | 32.1% | 11.3% |
| Operating Margin | 23.7% | 6.0% |
| Net Margin | 21.9% | 4.7% |
| Revenue YoY | 5.8% | 23.3% |
| Net Profit YoY | 9.8% | 602.4% |
| EPS (diluted) | $3.04 | $0.39 |
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 | $159.9M | ||
| Q3 25 | $3.2B | $177.4M | ||
| Q2 25 | $3.0B | $179.9M | ||
| Q1 25 | $2.9B | $160.7M | ||
| Q4 24 | $2.9B | $129.7M | ||
| Q3 24 | $3.2B | $134.3M | ||
| Q2 24 | $3.0B | $145.8M | ||
| Q1 24 | $2.9B | $127.4M |
| Q4 25 | $678.2M | $7.6M | ||
| Q3 25 | $4.9M | $14.6M | ||
| Q2 25 | $713.8M | $15.2M | ||
| Q1 25 | $-1.7B | $10.2M | ||
| Q4 24 | $617.4M | $1.1M | ||
| Q3 24 | $1.9B | $4.7M | ||
| Q2 24 | $696.6M | $6.6M | ||
| Q1 24 | $572.4M | $6.9M |
| Q4 25 | 32.1% | 11.3% | ||
| Q3 25 | 32.3% | 16.1% | ||
| Q2 25 | 32.5% | 17.1% | ||
| Q1 25 | 29.6% | 15.3% | ||
| Q4 24 | 31.2% | 7.3% | ||
| Q3 24 | 34.0% | 9.1% | ||
| Q2 24 | 32.8% | 10.6% | ||
| Q1 24 | 32.0% | 12.3% |
| Q4 25 | 23.7% | 6.0% | ||
| Q3 25 | 0.5% | 10.8% | ||
| Q2 25 | 26.2% | 11.0% | ||
| Q1 25 | -79.8% | 8.3% | ||
| Q4 24 | 22.0% | 1.1% | ||
| Q3 24 | 76.1% | 4.5% | ||
| Q2 24 | 24.7% | 6.0% | ||
| Q1 24 | 21.7% | 7.0% |
| Q4 25 | 21.9% | 4.7% | ||
| Q3 25 | 0.2% | 8.2% | ||
| Q2 25 | 23.6% | 8.4% | ||
| Q1 25 | -59.3% | 6.4% | ||
| Q4 24 | 21.1% | 0.8% | ||
| Q3 24 | 61.2% | 3.5% | ||
| Q2 24 | 23.3% | 4.5% | ||
| Q1 24 | 19.5% | 5.4% |
| Q4 25 | $3.04 | $0.39 | ||
| Q3 25 | $0.03 | $0.74 | ||
| Q2 25 | $3.20 | $0.78 | ||
| Q1 25 | $-7.77 | $0.52 | ||
| Q4 24 | $2.77 | $0.06 | ||
| Q3 24 | $8.75 | $0.24 | ||
| Q2 24 | $3.13 | $0.34 | ||
| Q1 24 | $2.57 | $0.35 |
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 | $15.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $358.8M |
| Total Assets | $41.2B | $456.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $15.6M | ||
| Q3 25 | $1.9B | $38.6M | ||
| Q2 25 | $2.3B | $53.7M | ||
| Q1 25 | $1.6B | $28.4M | ||
| Q4 24 | $2.0B | $36.0M | ||
| Q3 24 | $3.0B | $111.5M | ||
| Q2 24 | $2.4B | $97.7M | ||
| Q1 24 | $2.6B | $83.9M |
| Q4 25 | $15.4B | $358.8M | ||
| Q3 25 | $15.0B | $371.5M | ||
| Q2 25 | $15.5B | $356.2M | ||
| Q1 25 | $14.7B | $341.4M | ||
| Q4 24 | $16.7B | $331.6M | ||
| Q3 24 | $17.0B | $350.9M | ||
| Q2 24 | $15.1B | $346.0M | ||
| Q1 24 | $14.9B | $340.6M |
| Q4 25 | $41.2B | $456.1M | ||
| Q3 25 | $41.1B | $462.6M | ||
| Q2 25 | $41.7B | $471.9M | ||
| Q1 25 | $38.9B | $421.9M | ||
| Q4 24 | $40.0B | $404.7M | ||
| Q3 24 | $39.6B | $422.6M | ||
| Q2 24 | $37.0B | $414.6M | ||
| Q1 24 | $35.9B | $397.2M |
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 | $-701.0K |
| Free Cash FlowOCF − Capex | $-350.5M | $-2.2M |
| FCF MarginFCF / Revenue | -11.3% | -1.4% |
| Capex IntensityCapex / Revenue | 40.3% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.33× | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $-701.0K | ||
| Q3 25 | — | $-17.0M | ||
| Q2 25 | $855.8M | $28.5M | ||
| Q1 25 | $328.1M | $-3.3M | ||
| Q4 24 | $811.7M | $19.0M | ||
| Q3 24 | — | $16.2M | ||
| Q2 24 | $1.3B | $18.8M | ||
| Q1 24 | $801.7M | $1.4M |
| Q4 25 | $-350.5M | $-2.2M | ||
| Q3 25 | — | $-18.7M | ||
| Q2 25 | $-640.0M | $26.9M | ||
| Q1 25 | $-1.6B | $-5.5M | ||
| Q4 24 | $-1.3B | $16.3M | ||
| Q3 24 | — | $14.5M | ||
| Q2 24 | $-345.2M | $15.5M | ||
| Q1 24 | $-867.7M | $-580.0K |
| Q4 25 | -11.3% | -1.4% | ||
| Q3 25 | — | -10.6% | ||
| Q2 25 | -21.2% | 15.0% | ||
| Q1 25 | -53.6% | -3.5% | ||
| Q4 24 | -44.5% | 12.6% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | -11.6% | 10.7% | ||
| Q1 24 | -29.6% | -0.5% |
| Q4 25 | 40.3% | 0.9% | ||
| Q3 25 | 47.9% | 1.0% | ||
| Q2 25 | 49.5% | 0.9% | ||
| Q1 25 | 64.9% | 1.4% | ||
| Q4 24 | 72.2% | 2.1% | ||
| Q3 24 | 65.1% | 1.3% | ||
| Q2 24 | 53.8% | 2.2% | ||
| Q1 24 | 57.0% | 1.5% |
| Q4 25 | 1.33× | -0.09× | ||
| Q3 25 | — | -1.17× | ||
| Q2 25 | 1.20× | 1.88× | ||
| Q1 25 | — | -0.32× | ||
| Q4 24 | 1.31× | 17.56× | ||
| Q3 24 | — | 3.48× | ||
| Q2 24 | 1.81× | 2.86× | ||
| Q1 24 | 1.40× | 0.20× |
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% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
