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Side-by-side financial comparison of Air Products (APD) and Primoris Services Corp (PRIM). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.9B, roughly 1.7× Primoris Services Corp). Air Products runs the higher net margin — 21.9% vs 2.8%, a 19.1% gap on every dollar of revenue. On growth, Primoris Services Corp posted the faster year-over-year revenue change (6.7% vs 5.8%). Primoris Services Corp produced more free cash flow last quarter ($121.1M vs $-350.5M). Over the past eight quarters, Primoris Services Corp's revenue compounded faster (14.7% 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...
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
APD vs PRIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.9B |
| Net Profit | $678.2M | $51.7M |
| Gross Margin | 32.1% | 9.4% |
| Operating Margin | 23.7% | 4.2% |
| Net Margin | 21.9% | 2.8% |
| Revenue YoY | 5.8% | 6.7% |
| Net Profit YoY | 9.8% | -4.2% |
| EPS (diluted) | $3.04 | $0.94 |
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 | $1.9B | ||
| Q3 25 | $3.2B | $2.2B | ||
| Q2 25 | $3.0B | $1.9B | ||
| Q1 25 | $2.9B | $1.6B | ||
| Q4 24 | $2.9B | $1.7B | ||
| Q3 24 | $3.2B | $1.6B | ||
| Q2 24 | $3.0B | $1.6B | ||
| Q1 24 | $2.9B | $1.4B |
| Q4 25 | $678.2M | $51.7M | ||
| Q3 25 | $4.9M | $94.6M | ||
| Q2 25 | $713.8M | $84.3M | ||
| Q1 25 | $-1.7B | $44.2M | ||
| Q4 24 | $617.4M | $54.0M | ||
| Q3 24 | $1.9B | $58.4M | ||
| Q2 24 | $696.6M | $49.5M | ||
| Q1 24 | $572.4M | $18.9M |
| Q4 25 | 32.1% | 9.4% | ||
| Q3 25 | 32.3% | 10.8% | ||
| Q2 25 | 32.5% | 12.3% | ||
| Q1 25 | 29.6% | 10.4% | ||
| Q4 24 | 31.2% | 10.6% | ||
| Q3 24 | 34.0% | 12.0% | ||
| Q2 24 | 32.8% | 11.9% | ||
| Q1 24 | 32.0% | 9.4% |
| Q4 25 | 23.7% | 4.2% | ||
| Q3 25 | 0.5% | 6.3% | ||
| Q2 25 | 26.2% | 6.7% | ||
| Q1 25 | -79.8% | 4.3% | ||
| Q4 24 | 22.0% | 5.0% | ||
| Q3 24 | 76.1% | 6.0% | ||
| Q2 24 | 24.7% | 5.5% | ||
| Q1 24 | 21.7% | 3.1% |
| Q4 25 | 21.9% | 2.8% | ||
| Q3 25 | 0.2% | 4.3% | ||
| Q2 25 | 23.6% | 4.5% | ||
| Q1 25 | -59.3% | 2.7% | ||
| Q4 24 | 21.1% | 3.1% | ||
| Q3 24 | 61.2% | 3.5% | ||
| Q2 24 | 23.3% | 3.2% | ||
| Q1 24 | 19.5% | 1.3% |
| Q4 25 | $3.04 | $0.94 | ||
| Q3 25 | $0.03 | $1.73 | ||
| Q2 25 | $3.20 | $1.54 | ||
| Q1 25 | $-7.77 | $0.81 | ||
| Q4 24 | $2.77 | $0.98 | ||
| Q3 24 | $8.75 | $1.07 | ||
| Q2 24 | $3.13 | $0.91 | ||
| Q1 24 | $2.57 | $0.35 |
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 | $535.5M |
| Total DebtLower is stronger | — | $469.9M |
| Stockholders' EquityBook value | $15.4B | $1.7B |
| Total Assets | $41.2B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $535.5M | ||
| Q3 25 | $1.9B | $431.4M | ||
| Q2 25 | $2.3B | $390.3M | ||
| Q1 25 | $1.6B | $351.6M | ||
| Q4 24 | $2.0B | $455.8M | ||
| Q3 24 | $3.0B | $352.7M | ||
| Q2 24 | $2.4B | $207.4M | ||
| Q1 24 | $2.6B | $177.6M |
| Q4 25 | — | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | — | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
| Q4 25 | $15.4B | $1.7B | ||
| Q3 25 | $15.0B | $1.6B | ||
| Q2 25 | $15.5B | $1.5B | ||
| Q1 25 | $14.7B | $1.4B | ||
| Q4 24 | $16.7B | $1.4B | ||
| Q3 24 | $17.0B | $1.4B | ||
| Q2 24 | $15.1B | $1.3B | ||
| Q1 24 | $14.9B | $1.2B |
| Q4 25 | $41.2B | $4.4B | ||
| Q3 25 | $41.1B | $4.6B | ||
| Q2 25 | $41.7B | $4.5B | ||
| Q1 25 | $38.9B | $4.2B | ||
| Q4 24 | $40.0B | $4.2B | ||
| Q3 24 | $39.6B | $4.2B | ||
| Q2 24 | $37.0B | $4.0B | ||
| Q1 24 | $35.9B | $4.0B |
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| Free Cash FlowOCF − Capex | $-350.5M | $121.1M |
| FCF MarginFCF / Revenue | -11.3% | 6.5% |
| Capex IntensityCapex / Revenue | 40.3% | 1.2% |
| Cash ConversionOCF / Net Profit | 1.33× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $340.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $142.9M | ||
| Q3 25 | — | $182.9M | ||
| Q2 25 | $855.8M | $78.5M | ||
| Q1 25 | $328.1M | $66.2M | ||
| Q4 24 | $811.7M | $298.3M | ||
| Q3 24 | — | $222.5M | ||
| Q2 24 | $1.3B | $16.1M | ||
| Q1 24 | $801.7M | $-28.5M |
| Q4 25 | $-350.5M | $121.1M | ||
| Q3 25 | — | $148.4M | ||
| Q2 25 | $-640.0M | $45.3M | ||
| Q1 25 | $-1.6B | $25.6M | ||
| Q4 24 | $-1.3B | $270.0M | ||
| Q3 24 | — | $158.8M | ||
| Q2 24 | $-345.2M | $-8.1M | ||
| Q1 24 | $-867.7M | $-38.9M |
| Q4 25 | -11.3% | 6.5% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | -21.2% | 2.4% | ||
| Q1 25 | -53.6% | 1.6% | ||
| Q4 24 | -44.5% | 15.5% | ||
| Q3 24 | — | 9.6% | ||
| Q2 24 | -11.6% | -0.5% | ||
| Q1 24 | -29.6% | -2.8% |
| Q4 25 | 40.3% | 1.2% | ||
| Q3 25 | 47.9% | 1.6% | ||
| Q2 25 | 49.5% | 1.8% | ||
| Q1 25 | 64.9% | 2.5% | ||
| Q4 24 | 72.2% | 1.6% | ||
| Q3 24 | 65.1% | 3.9% | ||
| Q2 24 | 53.8% | 1.5% | ||
| Q1 24 | 57.0% | 0.7% |
| Q4 25 | 1.33× | 2.76× | ||
| Q3 25 | — | 1.93× | ||
| Q2 25 | 1.20× | 0.93× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 1.31× | 5.53× | ||
| Q3 24 | — | 3.81× | ||
| Q2 24 | 1.81× | 0.32× | ||
| Q1 24 | 1.40× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
