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Side-by-side financial comparison of Air Products (APD) and IT TECH PACKAGING, INC. (ITP). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $25.6M, roughly 121.2× IT TECH PACKAGING, INC.). Air Products runs the higher net margin — 21.9% vs -5.7%, a 27.5% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 2.1%). IT TECH PACKAGING, INC. produced more free cash flow last quarter ($1.5M vs $-350.5M). Over the past eight quarters, IT TECH PACKAGING, INC.'s revenue compounded faster (10.5% 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...
IT TECH PACKAGING, INC. is a paper manufacturing enterprise primarily operating in China. It produces and distributes a diverse portfolio of paper products including corrugated packaging paper, boxboard, and printing-use cultural paper, serving sectors such as consumer goods packaging, logistics, and commercial printing across its core market.
APD vs ITP — Head-to-Head
Income Statement — Q1 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $25.6M |
| Net Profit | $678.2M | $-1.4M |
| Gross Margin | 32.1% | 7.9% |
| Operating Margin | 23.7% | -3.9% |
| Net Margin | 21.9% | -5.7% |
| Revenue YoY | 5.8% | 2.1% |
| Net Profit YoY | 9.8% | 26.6% |
| EPS (diluted) | $3.04 | $-0.11 |
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 | — | ||
| Q3 25 | $3.2B | $25.6M | ||
| Q2 25 | $3.0B | $24.8M | ||
| Q1 25 | $2.9B | $10.9M | ||
| Q4 24 | $2.9B | $17.6M | ||
| Q3 24 | $3.2B | $25.1M | ||
| Q2 24 | $3.0B | $26.2M | ||
| Q1 24 | $2.9B | $6.9M |
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $-1.4M | ||
| Q2 25 | $713.8M | $-2.0M | ||
| Q1 25 | $-1.7B | $-3.5M | ||
| Q4 24 | $617.4M | $-4.0M | ||
| Q3 24 | $1.9B | $-2.0M | ||
| Q2 24 | $696.6M | $-77.7K | ||
| Q1 24 | $572.4M | $-3.7M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 7.9% | ||
| Q2 25 | 32.5% | 5.1% | ||
| Q1 25 | 29.6% | 0.8% | ||
| Q4 24 | 31.2% | 6.3% | ||
| Q3 24 | 34.0% | 7.6% | ||
| Q2 24 | 32.8% | 12.4% | ||
| Q1 24 | 32.0% | 5.8% |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | -3.9% | ||
| Q2 25 | 26.2% | -7.1% | ||
| Q1 25 | -79.8% | -31.0% | ||
| Q4 24 | 22.0% | -21.5% | ||
| Q3 24 | 76.1% | -5.8% | ||
| Q2 24 | 24.7% | 2.1% | ||
| Q1 24 | 21.7% | -51.0% |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | -5.7% | ||
| Q2 25 | 23.6% | -7.9% | ||
| Q1 25 | -59.3% | -32.2% | ||
| Q4 24 | 21.1% | -22.9% | ||
| Q3 24 | 61.2% | -7.9% | ||
| Q2 24 | 23.3% | -0.3% | ||
| Q1 24 | 19.5% | -54.6% |
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | $-0.11 | ||
| Q2 25 | $3.20 | $-0.16 | ||
| Q1 25 | $-7.77 | $-0.35 | ||
| Q4 24 | $2.77 | $-0.40 | ||
| Q3 24 | $8.75 | $-0.20 | ||
| Q2 24 | $3.13 | $-0.01 | ||
| Q1 24 | $2.57 | $-0.37 |
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 | — |
| Total DebtLower is stronger | — | $4.7M |
| Stockholders' EquityBook value | $15.4B | $152.0M |
| Total Assets | $41.2B | $175.7M |
| Debt / EquityLower = less leverage | — | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $4.7M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | — | $4.7M | ||
| Q3 24 | — | $8.9M | ||
| Q2 24 | — | $11.3M | ||
| Q1 24 | — | $11.4M |
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | $152.0M | ||
| Q2 25 | $15.5B | $152.3M | ||
| Q1 25 | $14.7B | $152.8M | ||
| Q4 24 | $16.7B | $156.1M | ||
| Q3 24 | $17.0B | $164.3M | ||
| Q2 24 | $15.1B | $163.5M | ||
| Q1 24 | $14.9B | $164.3M |
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | $175.7M | ||
| Q2 25 | $41.7B | $175.2M | ||
| Q1 25 | $38.9B | $175.2M | ||
| Q4 24 | $40.0B | $177.5M | ||
| Q3 24 | $39.6B | $190.0M | ||
| Q2 24 | $37.0B | $191.4M | ||
| Q1 24 | $35.9B | $177.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 0.03× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.07× |
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 | $1.5M |
| Free Cash FlowOCF − Capex | $-350.5M | $1.5M |
| FCF MarginFCF / Revenue | -11.3% | 5.9% |
| Capex IntensityCapex / Revenue | 40.3% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $1.5M | ||
| Q2 25 | $855.8M | $1.4M | ||
| Q1 25 | $328.1M | $-2.5M | ||
| Q4 24 | $811.7M | $3.5M | ||
| Q3 24 | — | $1.5M | ||
| Q2 24 | $1.3B | $721.9K | ||
| Q1 24 | $801.7M | $624.4K |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $1.5M | ||
| Q2 25 | $-640.0M | $1.3M | ||
| Q1 25 | $-1.6B | $-2.5M | ||
| Q4 24 | $-1.3B | $3.5M | ||
| Q3 24 | — | $1.2M | ||
| Q2 24 | $-345.2M | $668.3K | ||
| Q1 24 | $-867.7M | $615.4K |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | -21.2% | 5.4% | ||
| Q1 25 | -53.6% | -22.8% | ||
| Q4 24 | -44.5% | 19.6% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | -11.6% | 2.5% | ||
| Q1 24 | -29.6% | 9.0% |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 0.0% | ||
| Q2 25 | 49.5% | 0.1% | ||
| Q1 25 | 64.9% | 0.1% | ||
| Q4 24 | 72.2% | 0.1% | ||
| Q3 24 | 65.1% | 1.0% | ||
| Q2 24 | 53.8% | 0.2% | ||
| Q1 24 | 57.0% | 0.1% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | — | ||
| 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% |
ITP
Segment breakdown not available.
