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Side-by-side financial comparison of Air Products (APD) and Ovintiv Inc. (OVV). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.1B, roughly 1.5× Ovintiv Inc.). Ovintiv Inc. runs the higher net margin — 46.1% vs 21.9%, a 24.2% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -6.0%). Ovintiv Inc. produced more free cash flow last quarter ($489.0M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -7.2%).
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...
Ovintiv Inc. is a U.S. petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.
APD vs OVV — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.1B |
| Net Profit | $678.2M | $946.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 21.2% |
| Net Margin | 21.9% | 46.1% |
| Revenue YoY | 5.8% | -6.0% |
| Net Profit YoY | 9.8% | 1676.7% |
| EPS (diluted) | $3.04 | $3.64 |
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 | $2.1B | ||
| Q3 25 | $3.2B | $2.0B | ||
| Q2 25 | $3.0B | $2.2B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $2.9B | $2.2B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.0B | $2.2B | ||
| Q1 24 | $2.9B | $2.4B |
| Q4 25 | $678.2M | $946.0M | ||
| Q3 25 | $4.9M | $148.0M | ||
| Q2 25 | $713.8M | $307.0M | ||
| Q1 25 | $-1.7B | $-159.0M | ||
| Q4 24 | $617.4M | $-60.0M | ||
| Q3 24 | $1.9B | $507.0M | ||
| Q2 24 | $696.6M | $340.0M | ||
| Q1 24 | $572.4M | $338.0M |
| 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% | 21.2% | ||
| Q3 25 | 0.5% | 13.5% | ||
| Q2 25 | 26.2% | 23.1% | ||
| Q1 25 | -79.8% | -3.7% | ||
| Q4 24 | 22.0% | 0.1% | ||
| Q3 24 | 76.1% | 24.2% | ||
| Q2 24 | 24.7% | 25.4% | ||
| Q1 24 | 21.7% | 20.7% |
| Q4 25 | 21.9% | 46.1% | ||
| Q3 25 | 0.2% | 7.3% | ||
| Q2 25 | 23.6% | 13.9% | ||
| Q1 25 | -59.3% | -6.7% | ||
| Q4 24 | 21.1% | -2.7% | ||
| Q3 24 | 61.2% | 23.3% | ||
| Q2 24 | 23.3% | 15.5% | ||
| Q1 24 | 19.5% | 14.2% |
| Q4 25 | $3.04 | $3.64 | ||
| Q3 25 | $0.03 | $0.57 | ||
| Q2 25 | $3.20 | $1.18 | ||
| Q1 25 | $-7.77 | $-0.61 | ||
| Q4 24 | $2.77 | $-0.22 | ||
| Q3 24 | $8.75 | $1.92 | ||
| Q2 24 | $3.13 | $1.27 | ||
| Q1 24 | $2.57 | $1.24 |
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 | $280.0M |
| Total DebtLower is stronger | — | $5.2B |
| Stockholders' EquityBook value | $15.4B | $11.2B |
| Total Assets | $41.2B | $20.4B |
| Debt / EquityLower = less leverage | — | 0.46× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $280.0M | ||
| Q3 25 | $1.9B | $25.0M | ||
| Q2 25 | $2.3B | $20.0M | ||
| Q1 25 | $1.6B | $8.0M | ||
| Q4 24 | $2.0B | $42.0M | ||
| Q3 24 | $3.0B | $9.0M | ||
| Q2 24 | $2.4B | $8.0M | ||
| Q1 24 | $2.6B | $5.0M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $6.2B |
| Q4 25 | $15.4B | $11.2B | ||
| Q3 25 | $15.0B | $10.2B | ||
| Q2 25 | $15.5B | $10.4B | ||
| Q1 25 | $14.7B | $10.1B | ||
| Q4 24 | $16.7B | $10.3B | ||
| Q3 24 | $17.0B | $10.7B | ||
| Q2 24 | $15.1B | $10.3B | ||
| Q1 24 | $14.9B | $10.3B |
| Q4 25 | $41.2B | $20.4B | ||
| Q3 25 | $41.1B | $19.4B | ||
| Q2 25 | $41.7B | $19.7B | ||
| Q1 25 | $38.9B | $19.6B | ||
| Q4 24 | $40.0B | $19.3B | ||
| Q3 24 | $39.6B | $19.9B | ||
| Q2 24 | $37.0B | $19.8B | ||
| Q1 24 | $35.9B | $19.8B |
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.59× | ||
| Q1 24 | — | 0.60× |
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 | $954.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $489.0M |
| FCF MarginFCF / Revenue | -11.3% | 23.8% |
| Capex IntensityCapex / Revenue | 40.3% | 22.6% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.01× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $954.0M | ||
| Q3 25 | — | $812.0M | ||
| Q2 25 | $855.8M | $1.0B | ||
| Q1 25 | $328.1M | $873.0M | ||
| Q4 24 | $811.7M | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $1.3B | $1.0B | ||
| Q1 24 | $801.7M | $659.0M |
| Q4 25 | $-350.5M | $489.0M | ||
| Q3 25 | — | $268.0M | ||
| Q2 25 | $-640.0M | $492.0M | ||
| Q1 25 | $-1.6B | $256.0M | ||
| Q4 24 | $-1.3B | $468.0M | ||
| Q3 24 | — | $484.0M | ||
| Q2 24 | $-345.2M | $398.0M | ||
| Q1 24 | $-867.7M | $68.0M |
| Q4 25 | -11.3% | 23.8% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | -21.2% | 22.2% | ||
| Q1 25 | -53.6% | 10.8% | ||
| Q4 24 | -44.5% | 21.4% | ||
| Q3 24 | — | 22.2% | ||
| Q2 24 | -11.6% | 18.1% | ||
| Q1 24 | -29.6% | 2.8% |
| Q4 25 | 40.3% | 22.6% | ||
| Q3 25 | 47.9% | 26.9% | ||
| Q2 25 | 49.5% | 23.5% | ||
| Q1 25 | 64.9% | 26.0% | ||
| Q4 24 | 72.2% | 25.3% | ||
| Q3 24 | 65.1% | 24.7% | ||
| Q2 24 | 53.8% | 28.4% | ||
| Q1 24 | 57.0% | 24.8% |
| Q4 25 | 1.33× | 1.01× | ||
| Q3 25 | — | 5.49× | ||
| Q2 25 | 1.20× | 3.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 2.02× | ||
| Q2 24 | 1.81× | 3.00× | ||
| Q1 24 | 1.40× | 1.95× |
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% |
OVV
| Product And Service Revenue | $1.7B | 84% |
| Sales Of Purchased Product | $338.0M | 16% |
