vs
Side-by-side financial comparison of Air Products (APD) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $3.1B, roughly 1.3× Air Products). NetEase, Inc. runs the higher net margin — 31.0% vs 21.9%, a 9.1% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $-350.5M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% 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...
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
APD vs NTES — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $4.0B |
| Net Profit | $678.2M | $1.2B |
| Gross Margin | 32.1% | 64.1% |
| Operating Margin | 23.7% | 28.3% |
| Net Margin | 21.9% | 31.0% |
| Revenue YoY | 5.8% | — |
| Net Profit YoY | 9.8% | — |
| 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 | $4.0B | ||
| Q2 25 | $3.0B | $3.9B | ||
| Q1 25 | $2.9B | $4.0B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $3.0B | $3.5B | ||
| Q1 24 | $2.9B | $3.7B |
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $1.2B | ||
| Q2 25 | $713.8M | $1.3B | ||
| Q1 25 | $-1.7B | $1.5B | ||
| Q4 24 | $617.4M | — | ||
| Q3 24 | $1.9B | $955.7M | ||
| Q2 24 | $696.6M | $939.6M | ||
| Q1 24 | $572.4M | $1.1B |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 64.1% | ||
| Q2 25 | 32.5% | 64.7% | ||
| Q1 25 | 29.6% | 64.1% | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | 62.9% | ||
| Q2 24 | 32.8% | 62.9% | ||
| Q1 24 | 32.0% | 63.4% |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | 28.3% | ||
| Q2 25 | 26.2% | 32.5% | ||
| Q1 25 | -79.8% | 36.2% | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 76.1% | 27.3% | ||
| Q2 24 | 24.7% | 27.4% | ||
| Q1 24 | 21.7% | 28.4% |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | 31.0% | ||
| Q2 25 | 23.6% | 32.6% | ||
| Q1 25 | -59.3% | 36.6% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | 25.6% | ||
| Q2 24 | 23.3% | 26.8% | ||
| Q1 24 | 19.5% | 29.1% |
| 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 | $31.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $160.8B |
| Total Assets | $41.2B | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | $31.3B | ||
| Q2 25 | $2.3B | $54.4B | ||
| Q1 25 | $1.6B | $41.7B | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | $20.2B | ||
| Q2 24 | $2.4B | $19.0B | ||
| Q1 24 | $2.6B | $43.0B |
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | $160.8B | ||
| Q2 25 | $15.5B | $154.0B | ||
| Q1 25 | $14.7B | $147.8B | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | $135.6B | ||
| Q2 24 | $15.1B | $134.2B | ||
| Q1 24 | $14.9B | $130.5B |
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | $214.5B | ||
| Q2 25 | $41.7B | $208.5B | ||
| Q1 25 | $38.9B | $200.9B | ||
| Q4 24 | $40.0B | — | ||
| Q3 24 | $39.6B | $184.9B | ||
| Q2 24 | $37.0B | $183.3B | ||
| Q1 24 | $35.9B | $195.1B |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $-350.5M | $1.8B |
| FCF MarginFCF / Revenue | -11.3% | 44.7% |
| Capex IntensityCapex / Revenue | 40.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $855.8M | $1.5B | ||
| Q1 25 | $328.1M | $1.7B | ||
| Q4 24 | $811.7M | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | $1.3B | $898.8M | ||
| Q1 24 | $801.7M | $1.3B |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $-640.0M | $1.5B | ||
| Q1 25 | $-1.6B | $1.6B | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | $-345.2M | $875.6M | ||
| Q1 24 | $-867.7M | $1.3B |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | -21.2% | 38.3% | ||
| Q1 25 | -53.6% | 40.4% | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | -11.6% | 25.0% | ||
| Q1 24 | -29.6% | 34.0% |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 1.0% | ||
| Q2 25 | 49.5% | 0.7% | ||
| Q1 25 | 64.9% | 1.6% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | 1.4% | ||
| Q2 24 | 53.8% | 0.7% | ||
| Q1 24 | 57.0% | 1.5% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | 1.20× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | 1.81× | 0.96× | ||
| Q1 24 | 1.40× | 1.22× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
