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Side-by-side financial comparison of Air Products (APD) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.4B, roughly 2.2× SEALED AIR CORP). Air Products runs the higher net margin — 21.9% vs 3.1%, a 18.7% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 2.6%). SEALED AIR CORP produced more free cash flow last quarter ($257.7M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 2.7%).
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...
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
APD vs SEE — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.4B |
| Net Profit | $678.2M | $43.8M |
| Gross Margin | 32.1% | 28.6% |
| Operating Margin | 23.7% | 11.4% |
| Net Margin | 21.9% | 3.1% |
| Revenue YoY | 5.8% | 2.6% |
| Net Profit YoY | 9.8% | 700.0% |
| EPS (diluted) | $3.04 | $0.30 |
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 | $1.4B | ||
| Q3 25 | $3.2B | $1.3B | ||
| Q2 25 | $3.0B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $3.2B | $1.3B | ||
| Q2 24 | $3.0B | $1.3B | ||
| Q1 24 | $2.9B | $1.3B |
| Q4 25 | $678.2M | $43.8M | ||
| Q3 25 | $4.9M | $255.1M | ||
| Q2 25 | $713.8M | $93.1M | ||
| Q1 25 | $-1.7B | $113.5M | ||
| Q4 24 | $617.4M | $-7.3M | ||
| Q3 24 | $1.9B | $91.7M | ||
| Q2 24 | $696.6M | $98.3M | ||
| Q1 24 | $572.4M | $82.0M |
| Q4 25 | 32.1% | 28.6% | ||
| Q3 25 | 32.3% | 29.8% | ||
| Q2 25 | 32.5% | 30.7% | ||
| Q1 25 | 29.6% | 30.9% | ||
| Q4 24 | 31.2% | 30.0% | ||
| Q3 24 | 34.0% | 30.1% | ||
| Q2 24 | 32.8% | 31.2% | ||
| Q1 24 | 32.0% | 30.3% |
| Q4 25 | 23.7% | 11.4% | ||
| Q3 25 | 0.5% | 13.8% | ||
| Q2 25 | 26.2% | 15.0% | ||
| Q1 25 | -79.8% | 14.5% | ||
| Q4 24 | 22.0% | 11.7% | ||
| Q3 24 | 76.1% | 13.9% | ||
| Q2 24 | 24.7% | 15.4% | ||
| Q1 24 | 21.7% | 14.0% |
| Q4 25 | 21.9% | 3.1% | ||
| Q3 25 | 0.2% | 19.0% | ||
| Q2 25 | 23.6% | 7.0% | ||
| Q1 25 | -59.3% | 9.0% | ||
| Q4 24 | 21.1% | -0.5% | ||
| Q3 24 | 61.2% | 6.9% | ||
| Q2 24 | 23.3% | 7.4% | ||
| Q1 24 | 19.5% | 6.2% |
| Q4 25 | $3.04 | $0.30 | ||
| Q3 25 | $0.03 | $1.73 | ||
| Q2 25 | $3.20 | $0.63 | ||
| Q1 25 | $-7.77 | $0.77 | ||
| Q4 24 | $2.77 | $-0.05 | ||
| Q3 24 | $8.75 | $0.63 | ||
| Q2 24 | $3.13 | $0.67 | ||
| Q1 24 | $2.57 | $0.56 |
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 | $344.0M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $15.4B | $1.2B |
| Total Assets | $41.2B | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $344.0M | ||
| Q3 25 | $1.9B | $282.5M | ||
| Q2 25 | $2.3B | $354.4M | ||
| Q1 25 | $1.6B | $335.2M | ||
| Q4 24 | $2.0B | $371.8M | ||
| Q3 24 | $3.0B | $386.0M | ||
| Q2 24 | $2.4B | $388.6M | ||
| Q1 24 | $2.6B | $352.8M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $15.4B | $1.2B | ||
| Q3 25 | $15.0B | $1.2B | ||
| Q2 25 | $15.5B | $953.1M | ||
| Q1 25 | $14.7B | $797.9M | ||
| Q4 24 | $16.7B | $624.5M | ||
| Q3 24 | $17.0B | $771.2M | ||
| Q2 24 | $15.1B | $650.1M | ||
| Q1 24 | $14.9B | $598.3M |
| Q4 25 | $41.2B | $7.0B | ||
| Q3 25 | $41.1B | $7.1B | ||
| Q2 25 | $41.7B | $7.2B | ||
| Q1 25 | $38.9B | $7.0B | ||
| Q4 24 | $40.0B | $7.0B | ||
| Q3 24 | $39.6B | $7.3B | ||
| Q2 24 | $37.0B | $7.3B | ||
| Q1 24 | $35.9B | $7.2B |
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | $-350.5M | $257.7M |
| FCF MarginFCF / Revenue | -11.3% | 18.5% |
| Capex IntensityCapex / Revenue | 40.3% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.33× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $293.6M | ||
| Q3 25 | — | $165.9M | ||
| Q2 25 | $855.8M | $136.6M | ||
| Q1 25 | $328.1M | $31.9M | ||
| Q4 24 | $811.7M | $244.2M | ||
| Q3 24 | — | $170.5M | ||
| Q2 24 | $1.3B | $188.2M | ||
| Q1 24 | $801.7M | $125.1M |
| Q4 25 | $-350.5M | $257.7M | ||
| Q3 25 | — | $119.6M | ||
| Q2 25 | $-640.0M | $93.2M | ||
| Q1 25 | $-1.6B | $-12.0M | ||
| Q4 24 | $-1.3B | $185.1M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | $-345.2M | $129.5M | ||
| Q1 24 | $-867.7M | $78.0M |
| Q4 25 | -11.3% | 18.5% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | -21.2% | 7.0% | ||
| Q1 25 | -53.6% | -0.9% | ||
| Q4 24 | -44.5% | 13.6% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | -11.6% | 9.7% | ||
| Q1 24 | -29.6% | 5.9% |
| Q4 25 | 40.3% | 2.6% | ||
| Q3 25 | 47.9% | 3.4% | ||
| Q2 25 | 49.5% | 3.3% | ||
| Q1 25 | 64.9% | 3.5% | ||
| Q4 24 | 72.2% | 4.4% | ||
| Q3 24 | 65.1% | 4.1% | ||
| Q2 24 | 53.8% | 4.4% | ||
| Q1 24 | 57.0% | 3.6% |
| Q4 25 | 1.33× | 6.70× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | 1.20× | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | 1.81× | 1.91× | ||
| Q1 24 | 1.40× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
