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Side-by-side financial comparison of Air Products (APD) and Kenvue (KVUE). Click either name above to swap in a different company.
Kenvue is the larger business by last-quarter revenue ($3.8B vs $3.1B, roughly 1.2× Air Products). Air Products runs the higher net margin — 21.9% vs 8.7%, a 13.1% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 3.2%). Kenvue produced more free cash flow last quarter ($744.0M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -1.5%).
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...
Kenvue Inc. is an American consumer health company. Formerly the Consumer Healthcare division of Johnson & Johnson, Kenvue owns well-known brands such as Aveeno, Band-Aid, Benadryl, Combantrin, Zyrtec, Johnson's, Listerine, Lactaid, Mylanta, Neutrogena, Trosyd, Calpol, Tylenol, and Visine. Kenvue is incorporated in Delaware and was originally headquartered in the Skillman section of Montgomery Township, New Jersey, before relocating to Summit, New Jersey.
APD vs KVUE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $3.8B |
| Net Profit | $678.2M | $330.0M |
| Gross Margin | 32.1% | 56.5% |
| Operating Margin | 23.7% | 14.2% |
| Net Margin | 21.9% | 8.7% |
| Revenue YoY | 5.8% | 3.2% |
| Net Profit YoY | 9.8% | 12.6% |
| EPS (diluted) | $3.04 | $0.16 |
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 | $3.8B | ||
| Q3 25 | $3.2B | $3.8B | ||
| Q2 25 | $3.0B | $3.8B | ||
| Q1 25 | $2.9B | $3.7B | ||
| Q4 24 | $2.9B | $3.7B | ||
| Q3 24 | $3.2B | $3.9B | ||
| Q2 24 | $3.0B | $4.0B | ||
| Q1 24 | $2.9B | $3.9B |
| Q4 25 | $678.2M | $330.0M | ||
| Q3 25 | $4.9M | $398.0M | ||
| Q2 25 | $713.8M | $420.0M | ||
| Q1 25 | $-1.7B | $322.0M | ||
| Q4 24 | $617.4M | $293.0M | ||
| Q3 24 | $1.9B | $383.0M | ||
| Q2 24 | $696.6M | $58.0M | ||
| Q1 24 | $572.4M | $296.0M |
| Q4 25 | 32.1% | 56.5% | ||
| Q3 25 | 32.3% | 59.1% | ||
| Q2 25 | 32.5% | 58.9% | ||
| Q1 25 | 29.6% | 58.0% | ||
| Q4 24 | 31.2% | 56.5% | ||
| Q3 24 | 34.0% | 58.5% | ||
| Q2 24 | 32.8% | 59.1% | ||
| Q1 24 | 32.0% | 57.6% |
| Q4 25 | 23.7% | 14.2% | ||
| Q3 25 | 0.5% | 16.7% | ||
| Q2 25 | 26.2% | 18.0% | ||
| Q1 25 | -79.8% | 14.9% | ||
| Q4 24 | 22.0% | 13.2% | ||
| Q3 24 | 76.1% | 16.8% | ||
| Q2 24 | 24.7% | 3.9% | ||
| Q1 24 | 21.7% | 14.1% |
| Q4 25 | 21.9% | 8.7% | ||
| Q3 25 | 0.2% | 10.6% | ||
| Q2 25 | 23.6% | 10.9% | ||
| Q1 25 | -59.3% | 8.6% | ||
| Q4 24 | 21.1% | 8.0% | ||
| Q3 24 | 61.2% | 9.8% | ||
| Q2 24 | 23.3% | 1.5% | ||
| Q1 24 | 19.5% | 7.6% |
| Q4 25 | $3.04 | $0.16 | ||
| Q3 25 | $0.03 | $0.21 | ||
| Q2 25 | $3.20 | $0.22 | ||
| Q1 25 | $-7.77 | $0.17 | ||
| Q4 24 | $2.77 | $0.16 | ||
| Q3 24 | $8.75 | $0.20 | ||
| Q2 24 | $3.13 | $0.03 | ||
| Q1 24 | $2.57 | $0.15 |
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 | $1.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $10.8B |
| Total Assets | $41.2B | $27.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $2.3B | $1.1B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $2.4B | $1.0B | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | $15.4B | $10.8B | ||
| Q3 25 | $15.0B | $10.6B | ||
| Q2 25 | $15.5B | $10.7B | ||
| Q1 25 | $14.7B | $10.1B | ||
| Q4 24 | $16.7B | $9.7B | ||
| Q3 24 | $17.0B | $10.6B | ||
| Q2 24 | $15.1B | $10.2B | ||
| Q1 24 | $14.9B | $10.6B |
| Q4 25 | $41.2B | $27.1B | ||
| Q3 25 | $41.1B | $27.2B | ||
| Q2 25 | $41.7B | $27.1B | ||
| Q1 25 | $38.9B | $26.3B | ||
| Q4 24 | $40.0B | $25.6B | ||
| Q3 24 | $39.6B | $26.9B | ||
| Q2 24 | $37.0B | $26.4B | ||
| Q1 24 | $35.9B | $27.3B |
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 | $854.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $744.0M |
| FCF MarginFCF / Revenue | -11.3% | 19.7% |
| Capex IntensityCapex / Revenue | 40.3% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.33× | 2.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.7B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $854.0M | ||
| Q3 25 | — | $294.0M | ||
| Q2 25 | $855.8M | $621.0M | ||
| Q1 25 | $328.1M | $428.0M | ||
| Q4 24 | $811.7M | $793.0M | ||
| Q3 24 | — | $249.0M | ||
| Q2 24 | $1.3B | $440.0M | ||
| Q1 24 | $801.7M | $287.0M |
| Q4 25 | $-350.5M | $744.0M | ||
| Q3 25 | — | $196.0M | ||
| Q2 25 | $-640.0M | $533.0M | ||
| Q1 25 | $-1.6B | $249.0M | ||
| Q4 24 | $-1.3B | $661.0M | ||
| Q3 24 | — | $190.0M | ||
| Q2 24 | $-345.2M | $350.0M | ||
| Q1 24 | $-867.7M | $134.0M |
| Q4 25 | -11.3% | 19.7% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | -21.2% | 13.9% | ||
| Q1 25 | -53.6% | 6.7% | ||
| Q4 24 | -44.5% | 18.1% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | -11.6% | 8.8% | ||
| Q1 24 | -29.6% | 3.4% |
| Q4 25 | 40.3% | 2.9% | ||
| Q3 25 | 47.9% | 2.6% | ||
| Q2 25 | 49.5% | 2.3% | ||
| Q1 25 | 64.9% | 4.8% | ||
| Q4 24 | 72.2% | 3.6% | ||
| Q3 24 | 65.1% | 1.5% | ||
| Q2 24 | 53.8% | 2.3% | ||
| Q1 24 | 57.0% | 3.9% |
| Q4 25 | 1.33× | 2.59× | ||
| Q3 25 | — | 0.74× | ||
| Q2 25 | 1.20× | 1.48× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | 1.31× | 2.71× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | 1.81× | 7.59× | ||
| Q1 24 | 1.40× | 0.97× |
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% |
KVUE
| Self Care | $1.6B | 42% |
| Essential Health | $1.1B | 30% |
| Skin Health And Beauty | $1.0B | 28% |
