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Side-by-side financial comparison of Air Products (APD) and Magnera Corp (MAGN). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $792.0M, roughly 3.9× Magnera Corp). Air Products runs the higher net margin — 21.9% vs -4.3%, a 26.2% gap on every dollar of revenue. On growth, Magnera Corp posted the faster year-over-year revenue change (12.8% vs 5.8%). Magnera Corp produced more free cash flow last quarter ($-13.0M vs $-350.5M). Over the past eight quarters, Magnera Corp's revenue compounded faster (54.9% 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...
APD vs MAGN — Head-to-Head
Income Statement — Q1 2026 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $792.0M |
| Net Profit | $678.2M | $-34.0M |
| Gross Margin | 32.1% | 12.2% |
| Operating Margin | 23.7% | 1.8% |
| Net Margin | 21.9% | -4.3% |
| Revenue YoY | 5.8% | 12.8% |
| Net Profit YoY | 9.8% | 43.3% |
| EPS (diluted) | $3.04 | $-0.95 |
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 | $792.0M | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.0B | $839.0M | ||
| Q1 25 | $2.9B | $824.0M | ||
| Q4 24 | $2.9B | $702.0M | ||
| Q3 24 | $3.2B | $332.1M | ||
| Q2 24 | $3.0B | $556.0M | ||
| Q1 24 | $2.9B | $558.0M |
| Q4 25 | $678.2M | $-34.0M | ||
| Q3 25 | $4.9M | — | ||
| Q2 25 | $713.8M | $-18.0M | ||
| Q1 25 | $-1.7B | $-41.0M | ||
| Q4 24 | $617.4M | $-60.0M | ||
| Q3 24 | $1.9B | $-15.2M | ||
| Q2 24 | $696.6M | $19.0M | ||
| Q1 24 | $572.4M | $14.0M |
| Q4 25 | 32.1% | 12.2% | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | 10.7% | ||
| Q1 25 | 29.6% | 10.7% | ||
| Q4 24 | 31.2% | 10.1% | ||
| Q3 24 | 34.0% | 10.7% | ||
| Q2 24 | 32.8% | 6.6% | ||
| Q1 24 | 32.0% | 6.2% |
| Q4 25 | 23.7% | 1.8% | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 26.2% | 1.5% | ||
| Q1 25 | -79.8% | 0.5% | ||
| Q4 24 | 22.0% | -3.1% | ||
| Q3 24 | 76.1% | 0.9% | ||
| Q2 24 | 24.7% | 3.1% | ||
| Q1 24 | 21.7% | 3.8% |
| Q4 25 | 21.9% | -4.3% | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 23.6% | -2.1% | ||
| Q1 25 | -59.3% | -5.0% | ||
| Q4 24 | 21.1% | -8.5% | ||
| Q3 24 | 61.2% | -4.6% | ||
| Q2 24 | 23.3% | 3.4% | ||
| Q1 24 | 19.5% | 2.5% |
| Q4 25 | $3.04 | $-0.95 | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $3.20 | $-0.51 | ||
| Q1 25 | $-7.77 | $-1.15 | ||
| Q4 24 | $2.77 | $-1.69 | ||
| Q3 24 | $8.75 | $-0.33 | ||
| Q2 24 | $3.13 | $0.60 | ||
| Q1 24 | $2.57 | $0.44 |
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 | $264.0M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $15.4B | $1.0B |
| Total Assets | $41.2B | $3.9B |
| Debt / EquityLower = less leverage | — | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $264.0M | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | $276.0M | ||
| Q1 25 | $1.6B | $282.0M | ||
| Q4 24 | $2.0B | $215.0M | ||
| Q3 24 | $3.0B | $230.0M | ||
| Q2 24 | $2.4B | $33.9M | ||
| Q1 24 | $2.6B | $30.2M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $877.4M | ||
| Q1 24 | — | $884.7M |
| Q4 25 | $15.4B | $1.0B | ||
| Q3 25 | $15.0B | — | ||
| Q2 25 | $15.5B | $1.1B | ||
| Q1 25 | $14.7B | $1.1B | ||
| Q4 24 | $16.7B | $1.1B | ||
| Q3 24 | $17.0B | $2.1B | ||
| Q2 24 | $15.1B | $2.4B | ||
| Q1 24 | $14.9B | $2.4B |
| Q4 25 | $41.2B | $3.9B | ||
| Q3 25 | $41.1B | — | ||
| Q2 25 | $41.7B | $4.1B | ||
| Q1 25 | $38.9B | $4.1B | ||
| Q4 24 | $40.0B | $4.0B | ||
| Q3 24 | $39.6B | $2.8B | ||
| Q2 24 | $37.0B | $1.5B | ||
| Q1 24 | $35.9B | $1.5B |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 1.80× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.36× |
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 | $2.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $-13.0M |
| FCF MarginFCF / Revenue | -11.3% | -1.6% |
| Capex IntensityCapex / Revenue | 40.3% | 1.9% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $2.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | $855.8M | $0 | ||
| Q1 25 | $328.1M | $65.0M | ||
| Q4 24 | $811.7M | $-58.0M | ||
| Q3 24 | — | $12.2M | ||
| Q2 24 | $1.3B | $38.0M | ||
| Q1 24 | $801.7M | $20.0M |
| Q4 25 | $-350.5M | $-13.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | $42.0M | ||
| Q4 24 | $-1.3B | $-74.0M | ||
| Q3 24 | — | $3.6M | ||
| Q2 24 | $-345.2M | $23.0M | ||
| Q1 24 | $-867.7M | $12.5M |
| Q4 25 | -11.3% | -1.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | 5.1% | ||
| Q4 24 | -44.5% | -10.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | -11.6% | 4.1% | ||
| Q1 24 | -29.6% | 2.2% |
| Q4 25 | 40.3% | 1.9% | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | 1.5% | ||
| Q1 25 | 64.9% | 2.8% | ||
| Q4 24 | 72.2% | 2.3% | ||
| Q3 24 | 65.1% | 2.6% | ||
| Q2 24 | 53.8% | 2.7% | ||
| Q1 24 | 57.0% | 1.3% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 2.00× | ||
| Q1 24 | 1.40× | 1.43× |
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% |
MAGN
Segment breakdown not available.
