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Side-by-side financial comparison of Air Products (APD) and PureCycle Technologies, Inc. (PCT). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.7M, roughly 1151.2× PureCycle Technologies, Inc.). Air Products runs the higher net margin — 21.9% vs -697.1%, a 719.0% gap on every dollar of revenue. PureCycle Technologies, Inc. produced more free cash flow last quarter ($-42.0M vs $-350.5M).
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...
PureCycle Technologies, Inc. is a sustainable materials firm with proprietary advanced polypropylene recycling technology. It converts contaminated polypropylene waste into high-purity virgin-equivalent resin for use in consumer goods, automotive parts, packaging and industrial products, serving global partners.
APD vs PCT — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.7M |
| Net Profit | $678.2M | $-18.8M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | -2196.1% |
| Net Margin | 21.9% | -697.1% |
| Revenue YoY | 5.8% | — |
| Net Profit YoY | 9.8% | 71.0% |
| EPS (diluted) | $3.04 | $-0.14 |
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 | $2.7M | ||
| Q3 25 | $3.2B | $2.4M | ||
| Q2 25 | $3.0B | $1.6M | ||
| Q1 25 | $2.9B | $1.6M | ||
| Q4 24 | $2.9B | $0 | ||
| Q3 24 | $3.2B | $0 | ||
| Q2 24 | $3.0B | $0 | ||
| Q1 24 | $2.9B | $0 |
| Q4 25 | $678.2M | $-18.8M | ||
| Q3 25 | $4.9M | $-28.4M | ||
| Q2 25 | $713.8M | $-144.2M | ||
| Q1 25 | $-1.7B | $8.8M | ||
| Q4 24 | $617.4M | $-64.7M | ||
| Q3 24 | $1.9B | $-90.6M | ||
| Q2 24 | $696.6M | $-48.2M | ||
| Q1 24 | $572.4M | $-85.6M |
| 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% | -2196.1% | ||
| Q3 25 | 0.5% | -1602.2% | ||
| Q2 25 | 26.2% | -2763.5% | ||
| Q1 25 | -79.8% | -2387.4% | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 76.1% | — | ||
| Q2 24 | 24.7% | — | ||
| Q1 24 | 21.7% | — |
| Q4 25 | 21.9% | -697.1% | ||
| Q3 25 | 0.2% | -1167.5% | ||
| Q2 25 | 23.6% | -8741.8% | ||
| Q1 25 | -59.3% | 559.0% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | — | ||
| Q2 24 | 23.3% | — | ||
| Q1 24 | 19.5% | — |
| Q4 25 | $3.04 | $-0.14 | ||
| Q3 25 | $0.03 | $-0.31 | ||
| Q2 25 | $3.20 | $-0.81 | ||
| Q1 25 | $-7.77 | $0.05 | ||
| Q4 24 | $2.77 | $-0.40 | ||
| Q3 24 | $8.75 | $-0.54 | ||
| Q2 24 | $3.13 | $-0.29 | ||
| 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 | $156.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $45.9M |
| Total Assets | $41.2B | $922.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $156.7M | ||
| Q3 25 | $1.9B | $234.4M | ||
| Q2 25 | $2.3B | $284.1M | ||
| Q1 25 | $1.6B | $22.5M | ||
| Q4 24 | $2.0B | $15.7M | ||
| Q3 24 | $3.0B | $83.7M | ||
| Q2 24 | $2.4B | $10.9M | ||
| Q1 24 | $2.6B | $25.0M |
| Q4 25 | $15.4B | $45.9M | ||
| Q3 25 | $15.0B | $68.2M | ||
| Q2 25 | $15.5B | $98.9M | ||
| Q1 25 | $14.7B | $238.2M | ||
| Q4 24 | $16.7B | $180.4M | ||
| Q3 24 | $17.0B | $241.4M | ||
| Q2 24 | $15.1B | $291.6M | ||
| Q1 24 | $14.9B | $336.8M |
| Q4 25 | $41.2B | $922.7M | ||
| Q3 25 | $41.1B | $989.1M | ||
| Q2 25 | $41.7B | $1.0B | ||
| Q1 25 | $38.9B | $787.3M | ||
| Q4 24 | $40.0B | $798.4M | ||
| Q3 24 | $39.6B | $788.8M | ||
| Q2 24 | $37.0B | $719.8M | ||
| Q1 24 | $35.9B | $734.0M |
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 | $-28.7M |
| Free Cash FlowOCF − Capex | $-350.5M | $-42.0M |
| FCF MarginFCF / Revenue | -11.3% | -1559.6% |
| Capex IntensityCapex / Revenue | 40.3% | 495.1% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-183.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $-28.7M | ||
| Q3 25 | — | $-38.5M | ||
| Q2 25 | $855.8M | $-36.7M | ||
| Q1 25 | $328.1M | $-38.9M | ||
| Q4 24 | $811.7M | $-31.8M | ||
| Q3 24 | — | $-33.4M | ||
| Q2 24 | $1.3B | $-40.4M | ||
| Q1 24 | $801.7M | $-39.2M |
| Q4 25 | $-350.5M | $-42.0M | ||
| Q3 25 | — | $-42.4M | ||
| Q2 25 | $-640.0M | $-45.3M | ||
| Q1 25 | $-1.6B | $-53.9M | ||
| Q4 24 | $-1.3B | $-53.4M | ||
| Q3 24 | — | $-42.6M | ||
| Q2 24 | $-345.2M | $-50.8M | ||
| Q1 24 | $-867.7M | $-53.5M |
| Q4 25 | -11.3% | -1559.6% | ||
| Q3 25 | — | -1743.1% | ||
| Q2 25 | -21.2% | -2747.1% | ||
| Q1 25 | -53.6% | -3409.6% | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
| Q4 25 | 40.3% | 495.1% | ||
| Q3 25 | 47.9% | 160.3% | ||
| Q2 25 | 49.5% | 521.5% | ||
| Q1 25 | 64.9% | 949.6% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | -4.40× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.40× | — |
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% |
PCT
Segment breakdown not available.
