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Side-by-side financial comparison of Air Products (APD) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $121.0M, roughly 25.6× Ramaco Resources, Inc.). Air Products runs the higher net margin — 21.9% vs -11.0%, a 32.9% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -27.7%). Ramaco Resources, Inc. produced more free cash flow last quarter ($-17.5M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -22.7%).
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...
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
APD vs METC — Head-to-Head
Income Statement — Q1 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $121.0M |
| Net Profit | $678.2M | $-13.3M |
| Gross Margin | 32.1% | 15.8% |
| Operating Margin | 23.7% | -12.0% |
| Net Margin | 21.9% | -11.0% |
| Revenue YoY | 5.8% | -27.7% |
| Net Profit YoY | 9.8% | -5468.2% |
| EPS (diluted) | $3.04 | — |
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 | $121.0M | ||
| Q2 25 | $3.0B | $153.0M | ||
| Q1 25 | $2.9B | $134.7M | ||
| Q4 24 | $2.9B | $170.9M | ||
| Q3 24 | $3.2B | $167.4M | ||
| Q2 24 | $3.0B | $155.3M | ||
| Q1 24 | $2.9B | $172.7M |
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $-13.3M | ||
| Q2 25 | $713.8M | $-14.0M | ||
| Q1 25 | $-1.7B | $-9.5M | ||
| Q4 24 | $617.4M | $3.9M | ||
| Q3 24 | $1.9B | $-239.0K | ||
| Q2 24 | $696.6M | $5.5M | ||
| Q1 24 | $572.4M | $2.0M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 15.8% | ||
| Q2 25 | 32.5% | 12.3% | ||
| Q1 25 | 29.6% | 15.2% | ||
| Q4 24 | 31.2% | 20.4% | ||
| Q3 24 | 34.0% | 19.5% | ||
| Q2 24 | 32.8% | 21.0% | ||
| Q1 24 | 32.0% | 19.1% |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | -12.0% | ||
| Q2 25 | 26.2% | -9.1% | ||
| Q1 25 | -79.8% | -8.9% | ||
| Q4 24 | 22.0% | 3.7% | ||
| Q3 24 | 76.1% | 1.0% | ||
| Q2 24 | 24.7% | 3.5% | ||
| Q1 24 | 21.7% | 1.9% |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | -11.0% | ||
| Q2 25 | 23.6% | -9.1% | ||
| Q1 25 | -59.3% | -7.0% | ||
| Q4 24 | 21.1% | 2.3% | ||
| Q3 24 | 61.2% | -0.1% | ||
| Q2 24 | 23.3% | 3.6% | ||
| Q1 24 | 19.5% | 1.2% |
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $3.20 | — | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | $0.06 | ||
| Q3 24 | $8.75 | $-0.03 | ||
| Q2 24 | $3.13 | $0.08 | ||
| Q1 24 | $2.57 | $0.00 |
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 | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $15.4B | $526.9M |
| Total Assets | $41.2B | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | $193.8M | ||
| Q2 25 | $2.3B | $28.1M | ||
| Q1 25 | $1.6B | $43.5M | ||
| Q4 24 | $2.0B | $33.0M | ||
| Q3 24 | $3.0B | $22.9M | ||
| Q2 24 | $2.4B | $27.6M | ||
| Q1 24 | $2.6B | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | $526.9M | ||
| Q2 25 | $15.5B | $347.4M | ||
| Q1 25 | $14.7B | $355.2M | ||
| Q4 24 | $16.7B | $362.8M | ||
| Q3 24 | $17.0B | $361.8M | ||
| Q2 24 | $15.1B | $366.1M | ||
| Q1 24 | $14.9B | $372.3M |
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | $849.7M | ||
| Q2 25 | $41.7B | $674.6M | ||
| Q1 25 | $38.9B | $685.7M | ||
| Q4 24 | $40.0B | $674.7M | ||
| Q3 24 | $39.6B | $645.4M | ||
| Q2 24 | $37.0B | $659.2M | ||
| Q1 24 | $35.9B | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-1.4M |
| Free Cash FlowOCF − Capex | $-350.5M | $-17.5M |
| FCF MarginFCF / Revenue | -11.3% | -14.5% |
| Capex IntensityCapex / Revenue | 40.3% | 13.3% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $-1.4M | ||
| Q2 25 | $855.8M | $-4.3M | ||
| Q1 25 | $328.1M | $26.0M | ||
| Q4 24 | $811.7M | $15.7M | ||
| Q3 24 | — | $37.4M | ||
| Q2 24 | $1.3B | $34.4M | ||
| Q1 24 | $801.7M | $25.2M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $-17.5M | ||
| Q2 25 | $-640.0M | $-19.8M | ||
| Q1 25 | $-1.6B | $7.6M | ||
| Q4 24 | $-1.3B | $5.1M | ||
| Q3 24 | — | $25.6M | ||
| Q2 24 | $-345.2M | $20.3M | ||
| Q1 24 | $-867.7M | $6.5M |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | -14.5% | ||
| Q2 25 | -21.2% | -13.0% | ||
| Q1 25 | -53.6% | 5.6% | ||
| Q4 24 | -44.5% | 3.0% | ||
| Q3 24 | — | 15.3% | ||
| Q2 24 | -11.6% | 13.1% | ||
| Q1 24 | -29.6% | 3.7% |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 13.3% | ||
| Q2 25 | 49.5% | 10.2% | ||
| Q1 25 | 64.9% | 13.7% | ||
| Q4 24 | 72.2% | 6.2% | ||
| Q3 24 | 65.1% | 7.0% | ||
| Q2 24 | 53.8% | 9.1% | ||
| Q1 24 | 57.0% | 10.8% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 6.21× | ||
| Q1 24 | 1.40× | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
