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Side-by-side financial comparison of Air Products (APD) and NATURAL RESOURCE PARTNERS LP (NRP). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $51.3M, roughly 60.5× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 21.9%, a 56.7% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -21.8%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -8.3%).
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...
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
APD vs NRP — Head-to-Head
Income Statement — Q1 2026 vs Q1 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $51.3M |
| Net Profit | $678.2M | $40.3M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 83.7% |
| Net Margin | 21.9% | 78.5% |
| Revenue YoY | 5.8% | -21.8% |
| Net Profit YoY | 9.8% | -28.4% |
| 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 | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.9B | $51.3M | ||
| Q4 24 | $2.9B | $61.8M | ||
| Q3 24 | $3.2B | $50.4M | ||
| Q2 24 | $3.0B | $54.6M | ||
| Q1 24 | $2.9B | $65.6M |
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | — | ||
| Q2 25 | $713.8M | — | ||
| Q1 25 | $-1.7B | $40.3M | ||
| Q4 24 | $617.4M | $42.8M | ||
| Q3 24 | $1.9B | $38.6M | ||
| Q2 24 | $696.6M | $46.1M | ||
| Q1 24 | $572.4M | $56.2M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | -79.8% | 83.7% | ||
| Q4 24 | 22.0% | 74.9% | ||
| Q3 24 | 76.1% | 84.9% | ||
| Q2 24 | 24.7% | 92.3% | ||
| Q1 24 | 21.7% | 91.0% |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 23.6% | — | ||
| Q1 25 | -59.3% | 78.5% | ||
| Q4 24 | 21.1% | 69.2% | ||
| Q3 24 | 61.2% | 76.6% | ||
| Q2 24 | 23.3% | 84.4% | ||
| Q1 24 | 19.5% | 85.7% |
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $3.20 | — | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | — | ||
| Q2 24 | $3.13 | — | ||
| Q1 24 | $2.57 | — |
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 | $30.9M |
| Total DebtLower is stronger | — | $138.8M |
| Stockholders' EquityBook value | $15.4B | — |
| Total Assets | $41.2B | $772.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | $30.9M | ||
| Q4 24 | $2.0B | $30.4M | ||
| Q3 24 | $3.0B | $30.9M | ||
| Q2 24 | $2.4B | $32.3M | ||
| Q1 24 | $2.6B | $11.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | — | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M |
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | — | ||
| Q2 25 | $15.5B | — | ||
| Q1 25 | $14.7B | — | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.1B | — | ||
| Q1 24 | $14.9B | — |
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | — | ||
| Q2 25 | $41.7B | — | ||
| Q1 25 | $38.9B | $772.5M | ||
| Q4 24 | $40.0B | $772.9M | ||
| Q3 24 | $39.6B | $772.9M | ||
| Q2 24 | $37.0B | $789.6M | ||
| Q1 24 | $35.9B | $772.9M |
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 | $34.4M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $855.8M | — | ||
| Q1 25 | $328.1M | $34.4M | ||
| Q4 24 | $811.7M | $66.2M | ||
| Q3 24 | — | $54.1M | ||
| Q2 24 | $1.3B | $56.6M | ||
| Q1 24 | $801.7M | $71.5M |
| 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% | 0.0% | ||
| Q3 24 | 65.1% | 0.0% | ||
| Q2 24 | 53.8% | 0.0% | ||
| Q1 24 | 57.0% | 0.0% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 1.31× | 1.55× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 1.81× | 1.23× | ||
| Q1 24 | 1.40× | 1.27× |
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% |
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
