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Side-by-side financial comparison of Air Products (APD) and NWPX Infrastructure, Inc. (NWPX). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $125.6M, roughly 24.7× NWPX Infrastructure, Inc.). Air Products runs the higher net margin — 21.9% vs 7.1%, a 14.8% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 5.0%). NWPX Infrastructure, Inc. produced more free cash flow last quarter ($30.8M vs $-350.5M). Over the past eight quarters, NWPX Infrastructure, Inc.'s revenue compounded faster (5.3% 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 NWPX — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $125.6M |
| Net Profit | $678.2M | $8.9M |
| Gross Margin | 32.1% | 21.3% |
| Operating Margin | 23.7% | 10.4% |
| Net Margin | 21.9% | 7.1% |
| Revenue YoY | 5.8% | 5.0% |
| Net Profit YoY | 9.8% | -12.1% |
| EPS (diluted) | $3.04 | $0.88 |
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 | $125.6M | ||
| Q3 25 | $3.2B | $151.1M | ||
| Q2 25 | $3.0B | $133.2M | ||
| Q1 25 | $2.9B | $116.1M | ||
| Q4 24 | $2.9B | $119.6M | ||
| Q3 24 | $3.2B | $130.2M | ||
| Q2 24 | $3.0B | $129.5M | ||
| Q1 24 | $2.9B | $113.2M |
| Q4 25 | $678.2M | $8.9M | ||
| Q3 25 | $4.9M | $13.5M | ||
| Q2 25 | $713.8M | $9.1M | ||
| Q1 25 | $-1.7B | $4.0M | ||
| Q4 24 | $617.4M | $10.1M | ||
| Q3 24 | $1.9B | $10.3M | ||
| Q2 24 | $696.6M | $8.6M | ||
| Q1 24 | $572.4M | $5.2M |
| Q4 25 | 32.1% | 21.3% | ||
| Q3 25 | 32.3% | 21.3% | ||
| Q2 25 | 32.5% | 19.0% | ||
| Q1 25 | 29.6% | 16.7% | ||
| Q4 24 | 31.2% | 18.8% | ||
| Q3 24 | 34.0% | 20.8% | ||
| Q2 24 | 32.8% | 19.9% | ||
| Q1 24 | 32.0% | 17.8% |
| Q4 25 | 23.7% | 10.4% | ||
| Q3 25 | 0.5% | 12.6% | ||
| Q2 25 | 26.2% | 9.9% | ||
| Q1 25 | -79.8% | 4.8% | ||
| Q4 24 | 22.0% | 8.8% | ||
| Q3 24 | 76.1% | 11.9% | ||
| Q2 24 | 24.7% | 10.5% | ||
| Q1 24 | 21.7% | 7.7% |
| Q4 25 | 21.9% | 7.1% | ||
| Q3 25 | 0.2% | 8.9% | ||
| Q2 25 | 23.6% | 6.8% | ||
| Q1 25 | -59.3% | 3.4% | ||
| Q4 24 | 21.1% | 8.4% | ||
| Q3 24 | 61.2% | 7.9% | ||
| Q2 24 | 23.3% | 6.7% | ||
| Q1 24 | 19.5% | 4.6% |
| Q4 25 | $3.04 | $0.88 | ||
| Q3 25 | $0.03 | $1.38 | ||
| Q2 25 | $3.20 | $0.91 | ||
| Q1 25 | $-7.77 | $0.39 | ||
| Q4 24 | $2.77 | $1.00 | ||
| Q3 24 | $8.75 | $1.02 | ||
| Q2 24 | $3.13 | $0.86 | ||
| Q1 24 | $2.57 | $0.52 |
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 | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $394.8M |
| Total Assets | $41.2B | $579.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $2.3M | ||
| Q3 25 | $1.9B | $2.7M | ||
| Q2 25 | $2.3B | $2.0M | ||
| Q1 25 | $1.6B | $5.3M | ||
| Q4 24 | $2.0B | $5.0M | ||
| Q3 24 | $3.0B | $5.7M | ||
| Q2 24 | $2.4B | $4.5M | ||
| Q1 24 | $2.6B | $4.3M |
| Q4 25 | $15.4B | $394.8M | ||
| Q3 25 | $15.0B | $386.4M | ||
| Q2 25 | $15.5B | $379.5M | ||
| Q1 25 | $14.7B | $378.5M | ||
| Q4 24 | $16.7B | $374.0M | ||
| Q3 24 | $17.0B | $362.4M | ||
| Q2 24 | $15.1B | $351.2M | ||
| Q1 24 | $14.9B | $342.6M |
| Q4 25 | $41.2B | $579.6M | ||
| Q3 25 | $41.1B | $605.2M | ||
| Q2 25 | $41.7B | $592.6M | ||
| Q1 25 | $38.9B | $582.2M | ||
| Q4 24 | $40.0B | $589.7M | ||
| Q3 24 | $39.6B | $617.2M | ||
| Q2 24 | $37.0B | $631.7M | ||
| Q1 24 | $35.9B | $621.3M |
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 | $36.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $30.8M |
| FCF MarginFCF / Revenue | -11.3% | 24.5% |
| Capex IntensityCapex / Revenue | 40.3% | 4.1% |
| Cash ConversionOCF / Net Profit | 1.33× | 4.06× |
| TTM Free Cash FlowTrailing 4 quarters | — | $47.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $36.0M | ||
| Q3 25 | — | $21.0M | ||
| Q2 25 | $855.8M | $5.4M | ||
| Q1 25 | $328.1M | $4.8M | ||
| Q4 24 | $811.7M | $36.1M | ||
| Q3 24 | — | $22.7M | ||
| Q2 24 | $1.3B | $22.3M | ||
| Q1 24 | $801.7M | $-26.1M |
| Q4 25 | $-350.5M | $30.8M | ||
| Q3 25 | — | $13.2M | ||
| Q2 25 | $-640.0M | $1.9M | ||
| Q1 25 | $-1.6B | $1.2M | ||
| Q4 24 | $-1.3B | $31.9M | ||
| Q3 24 | — | $16.8M | ||
| Q2 24 | $-345.2M | $16.2M | ||
| Q1 24 | $-867.7M | $-30.7M |
| Q4 25 | -11.3% | 24.5% | ||
| Q3 25 | — | 8.7% | ||
| Q2 25 | -21.2% | 1.4% | ||
| Q1 25 | -53.6% | 1.0% | ||
| Q4 24 | -44.5% | 26.7% | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | -11.6% | 12.5% | ||
| Q1 24 | -29.6% | -27.1% |
| Q4 25 | 40.3% | 4.1% | ||
| Q3 25 | 47.9% | 5.2% | ||
| Q2 25 | 49.5% | 2.6% | ||
| Q1 25 | 64.9% | 3.2% | ||
| Q4 24 | 72.2% | 3.5% | ||
| Q3 24 | 65.1% | 4.6% | ||
| Q2 24 | 53.8% | 4.7% | ||
| Q1 24 | 57.0% | 4.0% |
| Q4 25 | 1.33× | 4.06× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | 1.20× | 0.60× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | 1.31× | 3.58× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | 1.81× | 2.58× | ||
| Q1 24 | 1.40× | -4.98× |
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% |
NWPX
| Transferred Over Time | $84.0M | 67% |
| Precast Infrastructure And Engineered Systems | $41.7M | 33% |
