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Side-by-side financial comparison of Air Products (APD) and ROGERS CORP (ROG). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $201.5M, roughly 15.4× ROGERS CORP). Air Products runs the higher net margin — 21.9% vs 2.3%, a 19.6% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 4.8%). ROGERS CORP produced more free cash flow last quarter ($42.2M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -2.8%).
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...
Rogers Corporation is a specialty engineered materials company headquartered in Chandler, Arizona.
APD vs ROG — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $201.5M |
| Net Profit | $678.2M | $4.6M |
| Gross Margin | 32.1% | 31.5% |
| Operating Margin | 23.7% | 3.5% |
| Net Margin | 21.9% | 2.3% |
| Revenue YoY | 5.8% | 4.8% |
| Net Profit YoY | 9.8% | 1020.0% |
| EPS (diluted) | $3.04 | $0.20 |
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 | $201.5M | ||
| Q3 25 | $3.2B | $216.0M | ||
| Q2 25 | $3.0B | $202.8M | ||
| Q1 25 | $2.9B | $190.5M | ||
| Q4 24 | $2.9B | $192.2M | ||
| Q3 24 | $3.2B | $210.3M | ||
| Q2 24 | $3.0B | $214.2M | ||
| Q1 24 | $2.9B | $213.4M |
| Q4 25 | $678.2M | $4.6M | ||
| Q3 25 | $4.9M | $8.6M | ||
| Q2 25 | $713.8M | $-73.6M | ||
| Q1 25 | $-1.7B | $-1.4M | ||
| Q4 24 | $617.4M | $-500.0K | ||
| Q3 24 | $1.9B | $10.7M | ||
| Q2 24 | $696.6M | $8.1M | ||
| Q1 24 | $572.4M | $7.8M |
| Q4 25 | 32.1% | 31.5% | ||
| Q3 25 | 32.3% | 33.5% | ||
| Q2 25 | 32.5% | 31.6% | ||
| Q1 25 | 29.6% | 29.9% | ||
| Q4 24 | 31.2% | 32.1% | ||
| Q3 24 | 34.0% | 35.2% | ||
| Q2 24 | 32.8% | 34.1% | ||
| Q1 24 | 32.0% | 32.0% |
| Q4 25 | 23.7% | 3.5% | ||
| Q3 25 | 0.5% | 7.3% | ||
| Q2 25 | 26.2% | -33.3% | ||
| Q1 25 | -79.8% | -0.2% | ||
| Q4 24 | 22.0% | -6.6% | ||
| Q3 24 | 76.1% | 6.9% | ||
| Q2 24 | 24.7% | 5.3% | ||
| Q1 24 | 21.7% | 5.5% |
| Q4 25 | 21.9% | 2.3% | ||
| Q3 25 | 0.2% | 4.0% | ||
| Q2 25 | 23.6% | -36.3% | ||
| Q1 25 | -59.3% | -0.7% | ||
| Q4 24 | 21.1% | -0.3% | ||
| Q3 24 | 61.2% | 5.1% | ||
| Q2 24 | 23.3% | 3.8% | ||
| Q1 24 | 19.5% | 3.7% |
| Q4 25 | $3.04 | $0.20 | ||
| Q3 25 | $0.03 | $0.48 | ||
| Q2 25 | $3.20 | $-4.00 | ||
| Q1 25 | $-7.77 | $-0.08 | ||
| Q4 24 | $2.77 | $-0.04 | ||
| Q3 24 | $8.75 | $0.58 | ||
| Q2 24 | $3.13 | $0.44 | ||
| Q1 24 | $2.57 | $0.42 |
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 | $197.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $1.2B |
| Total Assets | $41.2B | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $197.0M | ||
| Q3 25 | $1.9B | $167.8M | ||
| Q2 25 | $2.3B | $157.2M | ||
| Q1 25 | $1.6B | $175.6M | ||
| Q4 24 | $2.0B | $159.8M | ||
| Q3 24 | $3.0B | $146.4M | ||
| Q2 24 | $2.4B | $119.9M | ||
| Q1 24 | $2.6B | $116.9M |
| Q4 25 | $15.4B | $1.2B | ||
| Q3 25 | $15.0B | $1.2B | ||
| Q2 25 | $15.5B | $1.2B | ||
| Q1 25 | $14.7B | $1.3B | ||
| Q4 24 | $16.7B | $1.3B | ||
| Q3 24 | $17.0B | $1.3B | ||
| Q2 24 | $15.1B | $1.3B | ||
| Q1 24 | $14.9B | $1.3B |
| Q4 25 | $41.2B | $1.4B | ||
| Q3 25 | $41.1B | $1.4B | ||
| Q2 25 | $41.7B | $1.5B | ||
| Q1 25 | $38.9B | $1.5B | ||
| Q4 24 | $40.0B | $1.5B | ||
| Q3 24 | $39.6B | $1.5B | ||
| Q2 24 | $37.0B | $1.5B | ||
| Q1 24 | $35.9B | $1.5B |
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 | $46.9M |
| Free Cash FlowOCF − Capex | $-350.5M | $42.2M |
| FCF MarginFCF / Revenue | -11.3% | 20.9% |
| Capex IntensityCapex / Revenue | 40.3% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.33× | 10.20× |
| TTM Free Cash FlowTrailing 4 quarters | — | $71.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $46.9M | ||
| Q3 25 | — | $28.9M | ||
| Q2 25 | $855.8M | $13.7M | ||
| Q1 25 | $328.1M | $11.7M | ||
| Q4 24 | $811.7M | $33.7M | ||
| Q3 24 | — | $42.4M | ||
| Q2 24 | $1.3B | $22.9M | ||
| Q1 24 | $801.7M | $28.1M |
| Q4 25 | $-350.5M | $42.2M | ||
| Q3 25 | — | $21.2M | ||
| Q2 25 | $-640.0M | $5.6M | ||
| Q1 25 | $-1.6B | $2.1M | ||
| Q4 24 | $-1.3B | $18.3M | ||
| Q3 24 | — | $25.2M | ||
| Q2 24 | $-345.2M | $8.8M | ||
| Q1 24 | $-867.7M | $18.7M |
| Q4 25 | -11.3% | 20.9% | ||
| Q3 25 | — | 9.8% | ||
| Q2 25 | -21.2% | 2.8% | ||
| Q1 25 | -53.6% | 1.1% | ||
| Q4 24 | -44.5% | 9.5% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | -11.6% | 4.1% | ||
| Q1 24 | -29.6% | 8.8% |
| Q4 25 | 40.3% | 2.3% | ||
| Q3 25 | 47.9% | 3.6% | ||
| Q2 25 | 49.5% | 4.0% | ||
| Q1 25 | 64.9% | 5.0% | ||
| Q4 24 | 72.2% | 8.0% | ||
| Q3 24 | 65.1% | 8.2% | ||
| Q2 24 | 53.8% | 6.6% | ||
| Q1 24 | 57.0% | 4.4% |
| Q4 25 | 1.33× | 10.20× | ||
| Q3 25 | — | 3.36× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 3.96× | ||
| Q2 24 | 1.81× | 2.83× | ||
| Q1 24 | 1.40× | 3.60× |
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% |
ROG
| Elastomeric Material Solutions | $80.5M | 40% |
| Transferred At Point In Time | $69.7M | 35% |
| Transferred Over Time | $47.6M | 24% |
