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Side-by-side financial comparison of Air Products (APD) and SEABOARD CORP (SEB). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.2B vs $2.4B, roughly 1.3× SEABOARD CORP). Air Products runs the higher net margin — 22.9% vs 10.6%, a 12.3% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs -2.9%). Over the past eight quarters, SEABOARD CORP's revenue compounded faster (4.9% CAGR vs 3.1%).
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...
Seaboard Corporation is a diverse multinational agribusiness and transportation conglomerate with integrated operations in several industries. In the United States, the company mainly engages in pork production and processing and ocean transportation. Internationally, Seaboard is primarily engaged in commodity merchandising, grain processing, sugar production and electrical power generation. The parent company, Seaboard Corporation is based in the Kansas City suburb of Merriam, Kansas. Its su...
APD vs SEB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $2.4B |
| Net Profit | $724.8M | $255.0M |
| Gross Margin | 31.1% | 7.9% |
| Operating Margin | — | 2.7% |
| Net Margin | 22.9% | 10.6% |
| Revenue YoY | 8.8% | -2.9% |
| Net Profit YoY | 166.6% | 63.5% |
| EPS (diluted) | $3.19 | $262.58 |
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.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $2.4B | ||
| Q3 25 | $3.2B | $2.5B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $2.9B | $2.5B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.0B | $2.2B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $255.0M | ||
| Q3 25 | $4.9M | $110.0M | ||
| Q2 25 | $713.8M | $104.0M | ||
| Q1 25 | $-1.7B | $32.0M | ||
| Q4 24 | $617.4M | $156.0M | ||
| Q3 24 | $1.9B | $-149.0M | ||
| Q2 24 | $696.6M | $61.0M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | 7.9% | ||
| Q3 25 | 32.3% | 7.8% | ||
| Q2 25 | 32.5% | 6.5% | ||
| Q1 25 | 29.6% | 6.1% | ||
| Q4 24 | 31.2% | 9.0% | ||
| Q3 24 | 34.0% | 6.2% | ||
| Q2 24 | 32.8% | 5.8% |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 2.7% | ||
| Q3 25 | 0.5% | 3.3% | ||
| Q2 25 | 26.2% | 2.1% | ||
| Q1 25 | -79.8% | 1.6% | ||
| Q4 24 | 22.0% | 4.6% | ||
| Q3 24 | 76.1% | 1.4% | ||
| Q2 24 | 24.7% | 1.4% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | 10.6% | ||
| Q3 25 | 0.2% | 4.3% | ||
| Q2 25 | 23.6% | 4.2% | ||
| Q1 25 | -59.3% | 1.4% | ||
| Q4 24 | 21.1% | 6.3% | ||
| Q3 24 | 61.2% | -6.7% | ||
| Q2 24 | 23.3% | 2.8% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $262.58 | ||
| Q3 25 | $0.03 | $113.71 | ||
| Q2 25 | $3.20 | $105.22 | ||
| Q1 25 | $-7.77 | $32.95 | ||
| Q4 24 | $2.77 | $158.58 | ||
| Q3 24 | $8.75 | $-153.44 | ||
| Q2 24 | $3.13 | $62.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.2B |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $18.1M | $5.2B |
| Total Assets | $41.6M | $8.2B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $2.3B | $1.1B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $3.0B | $1.2B | ||
| Q2 24 | $2.4B | $1.2B |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $5.2B | ||
| Q3 25 | $15.0B | $5.0B | ||
| Q2 25 | $15.5B | $4.8B | ||
| Q1 25 | $14.7B | $4.7B | ||
| Q4 24 | $16.7B | $4.7B | ||
| Q3 24 | $17.0B | $4.5B | ||
| Q2 24 | $15.1B | $4.7B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $8.2B | ||
| Q3 25 | $41.1B | $8.0B | ||
| Q2 25 | $41.7B | $7.9B | ||
| Q1 25 | $38.9B | $7.6B | ||
| Q4 24 | $40.0B | $7.7B | ||
| Q3 24 | $39.6B | $7.5B | ||
| Q2 24 | $37.0B | $7.7B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $188.0M |
| Free Cash FlowOCF − Capex | — | $53.0M |
| FCF MarginFCF / Revenue | — | 2.2% |
| Capex IntensityCapex / Revenue | 56.4% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 0.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $188.0M | ||
| Q3 25 | — | $319.0M | ||
| Q2 25 | $855.8M | $81.0M | ||
| Q1 25 | $328.1M | $-20.0M | ||
| Q4 24 | $811.7M | $300.0M | ||
| Q3 24 | — | $194.0M | ||
| Q2 24 | $1.3B | $6.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $53.0M | ||
| Q3 25 | — | $152.0M | ||
| Q2 25 | $-640.0M | $-70.0M | ||
| Q1 25 | $-1.6B | $-129.0M | ||
| Q4 24 | $-1.3B | $162.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | $-345.2M | $-127.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 2.2% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | -21.2% | -2.8% | ||
| Q1 25 | -53.6% | -5.6% | ||
| Q4 24 | -44.5% | 6.5% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | -11.6% | -5.7% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 5.6% | ||
| Q3 25 | 47.9% | 6.6% | ||
| Q2 25 | 49.5% | 6.1% | ||
| Q1 25 | 64.9% | 4.7% | ||
| Q4 24 | 72.2% | 5.6% | ||
| Q3 24 | 65.1% | 6.1% | ||
| Q2 24 | 53.8% | 6.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 0.74× | ||
| Q3 25 | — | 2.90× | ||
| Q2 25 | 1.20× | 0.78× | ||
| Q1 25 | — | -0.63× | ||
| Q4 24 | 1.31× | 1.92× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
SEB
| Commodity Trading And Milling | $1.3B | 52% |
| Pork Segment | $469.0M | 19% |
| Marine | $444.0M | 18% |
| Other | $108.0M | 4% |
| Energy Service | $56.0M | 2% |
| Product And Service Other Services | $15.0M | 1% |
| Transportation | $6.0M | 0% |
