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Side-by-side financial comparison of Air Products (APD) and NACCO INDUSTRIES INC (NC). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $66.8M, roughly 46.5× NACCO INDUSTRIES INC). Air Products runs the higher net margin — 21.9% vs -5.8%, a 27.6% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -5.2%). Over the past eight quarters, NACCO INDUSTRIES INC's revenue compounded faster (11.9% 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...
NACCO Industries, Inc. is an American publicly traded holding company, headquartered in Cleveland, Ohio. Through a portfolio of mining and natural resources businesses, the company operates under three business segments: Coal Mining, North American Mining, and Minerals Management. The Coal Mining segment operates surface coal mines under long-term contracts with power generation companies and an activated carbon producer pursuant to a service-based business model. The North American Mining se...
APD vs NC — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $66.8M |
| Net Profit | $678.2M | $-3.8M |
| Gross Margin | 32.1% | 18.0% |
| Operating Margin | 23.7% | 11.3% |
| Net Margin | 21.9% | -5.8% |
| Revenue YoY | 5.8% | -5.2% |
| Net Profit YoY | 9.8% | -150.8% |
| EPS (diluted) | $3.04 | $-0.53 |
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 | $66.8M | ||
| Q3 25 | $3.2B | $76.6M | ||
| Q2 25 | $3.0B | $68.2M | ||
| Q1 25 | $2.9B | $65.6M | ||
| Q4 24 | $2.9B | $70.4M | ||
| Q3 24 | $3.2B | $61.7M | ||
| Q2 24 | $3.0B | $52.3M | ||
| Q1 24 | $2.9B | $53.3M |
| Q4 25 | $678.2M | $-3.8M | ||
| Q3 25 | $4.9M | $13.3M | ||
| Q2 25 | $713.8M | $3.3M | ||
| Q1 25 | $-1.7B | $4.9M | ||
| Q4 24 | $617.4M | $7.6M | ||
| Q3 24 | $1.9B | $15.6M | ||
| Q2 24 | $696.6M | $6.0M | ||
| Q1 24 | $572.4M | $4.6M |
| Q4 25 | 32.1% | 18.0% | ||
| Q3 25 | 32.3% | 13.0% | ||
| Q2 25 | 32.5% | 10.0% | ||
| Q1 25 | 29.6% | 14.7% | ||
| Q4 24 | 31.2% | 12.0% | ||
| Q3 24 | 34.0% | 11.7% | ||
| Q2 24 | 32.8% | 13.4% | ||
| Q1 24 | 32.0% | 13.2% |
| Q4 25 | 23.7% | 11.3% | ||
| Q3 25 | 0.5% | 8.8% | ||
| Q2 25 | 26.2% | -0.1% | ||
| Q1 25 | -79.8% | 11.7% | ||
| Q4 24 | 22.0% | 5.5% | ||
| Q3 24 | 76.1% | 31.9% | ||
| Q2 24 | 24.7% | 14.1% | ||
| Q1 24 | 21.7% | 8.9% |
| Q4 25 | 21.9% | -5.8% | ||
| Q3 25 | 0.2% | 17.3% | ||
| Q2 25 | 23.6% | 4.8% | ||
| Q1 25 | -59.3% | 7.5% | ||
| Q4 24 | 21.1% | 10.7% | ||
| Q3 24 | 61.2% | 25.4% | ||
| Q2 24 | 23.3% | 11.4% | ||
| Q1 24 | 19.5% | 8.6% |
| Q4 25 | $3.04 | $-0.53 | ||
| Q3 25 | $0.03 | $1.78 | ||
| Q2 25 | $3.20 | $0.44 | ||
| Q1 25 | $-7.77 | $0.66 | ||
| Q4 24 | $2.77 | $0.99 | ||
| Q3 24 | $8.75 | $2.14 | ||
| Q2 24 | $3.13 | $0.81 | ||
| Q1 24 | $2.57 | $0.61 |
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 | $49.7M |
| Total DebtLower is stronger | — | $100.8M |
| Stockholders' EquityBook value | $15.4B | $429.2M |
| Total Assets | $41.2B | $661.2M |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $49.7M | ||
| Q3 25 | $1.9B | $52.7M | ||
| Q2 25 | $2.3B | $49.4M | ||
| Q1 25 | $1.6B | $61.9M | ||
| Q4 24 | $2.0B | $72.8M | ||
| Q3 24 | $3.0B | $63.1M | ||
| Q2 24 | $2.4B | $62.4M | ||
| Q1 24 | $2.6B | $61.8M |
| Q4 25 | — | $100.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $99.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $29.0M | ||
| Q1 24 | — | $28.4M |
| Q4 25 | $15.4B | $429.2M | ||
| Q3 25 | $15.0B | $426.4M | ||
| Q2 25 | $15.5B | $413.1M | ||
| Q1 25 | $14.7B | $409.1M | ||
| Q4 24 | $16.7B | $404.9M | ||
| Q3 24 | $17.0B | $397.3M | ||
| Q2 24 | $15.1B | $384.1M | ||
| Q1 24 | $14.9B | $381.6M |
| Q4 25 | $41.2B | $661.2M | ||
| Q3 25 | $41.1B | $637.6M | ||
| Q2 25 | $41.7B | $631.3M | ||
| Q1 25 | $38.9B | $634.2M | ||
| Q4 24 | $40.0B | $631.7M | ||
| Q3 24 | $39.6B | $597.4M | ||
| Q2 24 | $37.0B | $560.1M | ||
| Q1 24 | $35.9B | $538.0M |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.08× | ||
| 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 | $11.4M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $11.4M | ||
| Q3 25 | — | $42.3M | ||
| Q2 25 | $855.8M | $-7.8M | ||
| Q1 25 | $328.1M | $5.0M | ||
| Q4 24 | $811.7M | $25.2M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | $1.3B | $4.1M | ||
| Q1 24 | $801.7M | $-9.8M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 3.19× | ||
| Q2 25 | 1.20× | -2.39× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | 1.31× | 3.33× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | 1.81× | 0.68× | ||
| Q1 24 | 1.40× | -2.14× |
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% |
NC
| Transferred Over Time | $42.7M | 64% |
| Transferred At Point In Time | $24.1M | 36% |
