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Side-by-side financial comparison of Air Products (APD) and Koppers Holdings Inc. (KOP). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $432.7M, roughly 7.2× Koppers Holdings Inc.). Air Products runs the higher net margin — 21.9% vs 6.9%, a 15.0% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -9.3%). Koppers Holdings Inc. produced more free cash flow last quarter ($28.5M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -6.7%).
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...
Koppers is a global chemical and materials company based in Pittsburgh, Pennsylvania, United States. Its headquarters is an art-deco 1920s skyscraper, the Koppers Tower.
APD vs KOP — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $432.7M |
| Net Profit | $678.2M | $29.7M |
| Gross Margin | 32.1% | 25.6% |
| Operating Margin | 23.7% | 11.5% |
| Net Margin | 21.9% | 6.9% |
| Revenue YoY | 5.8% | -9.3% |
| Net Profit YoY | 9.8% | 391.2% |
| EPS (diluted) | $3.04 | $1.44 |
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 | $432.7M | ||
| Q3 25 | $3.2B | $485.3M | ||
| Q2 25 | $3.0B | $504.8M | ||
| Q1 25 | $2.9B | $456.5M | ||
| Q4 24 | $2.9B | $477.0M | ||
| Q3 24 | $3.2B | $554.3M | ||
| Q2 24 | $3.0B | $563.2M | ||
| Q1 24 | $2.9B | $497.6M |
| Q4 25 | $678.2M | $29.7M | ||
| Q3 25 | $4.9M | $23.8M | ||
| Q2 25 | $713.8M | $16.4M | ||
| Q1 25 | $-1.7B | $-13.9M | ||
| Q4 24 | $617.4M | $-10.2M | ||
| Q3 24 | $1.9B | $22.8M | ||
| Q2 24 | $696.6M | $26.8M | ||
| Q1 24 | $572.4M | $13.0M |
| Q4 25 | 32.1% | 25.6% | ||
| Q3 25 | 32.3% | 24.1% | ||
| Q2 25 | 32.5% | 22.6% | ||
| Q1 25 | 29.6% | 23.2% | ||
| Q4 24 | 31.2% | 17.5% | ||
| Q3 24 | 34.0% | 21.9% | ||
| Q2 24 | 32.8% | 21.6% | ||
| Q1 24 | 32.0% | 19.3% |
| Q4 25 | 23.7% | 11.5% | ||
| Q3 25 | 0.5% | 10.7% | ||
| Q2 25 | 26.2% | 7.7% | ||
| Q1 25 | -79.8% | 5.9% | ||
| Q4 24 | 22.0% | 1.3% | ||
| Q3 24 | 76.1% | 9.0% | ||
| Q2 24 | 24.7% | 10.2% | ||
| Q1 24 | 21.7% | 7.0% |
| Q4 25 | 21.9% | 6.9% | ||
| Q3 25 | 0.2% | 4.9% | ||
| Q2 25 | 23.6% | 3.2% | ||
| Q1 25 | -59.3% | -3.0% | ||
| Q4 24 | 21.1% | -2.1% | ||
| Q3 24 | 61.2% | 4.1% | ||
| Q2 24 | 23.3% | 4.8% | ||
| Q1 24 | 19.5% | 2.6% |
| Q4 25 | $3.04 | $1.44 | ||
| Q3 25 | $0.03 | $1.17 | ||
| Q2 25 | $3.20 | $0.81 | ||
| Q1 25 | $-7.77 | $-0.68 | ||
| Q4 24 | $2.77 | $-0.47 | ||
| Q3 24 | $8.75 | $1.09 | ||
| Q2 24 | $3.13 | $1.25 | ||
| Q1 24 | $2.57 | $0.59 |
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 | — | $928.3M |
| Stockholders' EquityBook value | $15.4B | $574.0M |
| Total Assets | $41.2B | $1.9B |
| Debt / EquityLower = less leverage | — | 1.62× |
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 | — | $928.3M | ||
| Q3 25 | — | $932.9M | ||
| Q2 25 | — | $977.5M | ||
| Q1 25 | — | $989.0M | ||
| Q4 24 | — | $939.5M | ||
| Q3 24 | — | $989.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $877.6M |
| Q4 25 | $15.4B | $574.0M | ||
| Q3 25 | $15.0B | $545.6M | ||
| Q2 25 | $15.5B | $526.8M | ||
| Q1 25 | $14.7B | $498.0M | ||
| Q4 24 | $16.7B | $488.7M | ||
| Q3 24 | $17.0B | $532.3M | ||
| Q2 24 | $15.1B | $509.2M | ||
| Q1 24 | $14.9B | $505.8M |
| Q4 25 | $41.2B | $1.9B | ||
| Q3 25 | $41.1B | $1.9B | ||
| Q2 25 | $41.7B | $1.9B | ||
| Q1 25 | $38.9B | $1.9B | ||
| Q4 24 | $40.0B | $1.9B | ||
| Q3 24 | $39.6B | $2.0B | ||
| Q2 24 | $37.0B | $1.9B | ||
| Q1 24 | $35.9B | $1.8B |
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 1.92× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.74× |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $-350.5M | $28.5M |
| FCF MarginFCF / Revenue | -11.3% | 6.6% |
| Capex IntensityCapex / Revenue | 40.3% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $67.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $45.1M | ||
| Q3 25 | — | $49.6M | ||
| Q2 25 | $855.8M | $50.5M | ||
| Q1 25 | $328.1M | $-22.7M | ||
| Q4 24 | $811.7M | $74.7M | ||
| Q3 24 | — | $29.8M | ||
| Q2 24 | $1.3B | $27.2M | ||
| Q1 24 | $801.7M | $-12.3M |
| Q4 25 | $-350.5M | $28.5M | ||
| Q3 25 | — | $37.6M | ||
| Q2 25 | $-640.0M | $38.4M | ||
| Q1 25 | $-1.6B | $-37.0M | ||
| Q4 24 | $-1.3B | $56.1M | ||
| Q3 24 | — | $14.4M | ||
| Q2 24 | $-345.2M | $10.1M | ||
| Q1 24 | $-867.7M | $-38.6M |
| Q4 25 | -11.3% | 6.6% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | -21.2% | 7.6% | ||
| Q1 25 | -53.6% | -8.1% | ||
| Q4 24 | -44.5% | 11.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | -11.6% | 1.8% | ||
| Q1 24 | -29.6% | -7.8% |
| Q4 25 | 40.3% | 3.8% | ||
| Q3 25 | 47.9% | 2.5% | ||
| Q2 25 | 49.5% | 2.4% | ||
| Q1 25 | 64.9% | 3.1% | ||
| Q4 24 | 72.2% | 3.9% | ||
| Q3 24 | 65.1% | 2.8% | ||
| Q2 24 | 53.8% | 3.0% | ||
| Q1 24 | 57.0% | 5.3% |
| Q4 25 | 1.33× | 1.52× | ||
| Q3 25 | — | 2.08× | ||
| Q2 25 | 1.20× | 3.08× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | 1.81× | 1.01× | ||
| Q1 24 | 1.40× | -0.95× |
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% |
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
