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Side-by-side financial comparison of Air Products (APD) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $100.0M, roughly 31.0× Latham Group, Inc.). Air Products runs the higher net margin — 21.9% vs -7.0%, a 28.9% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 5.8%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -4.9%).
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...
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
APD vs SWIM — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $100.0M |
| Net Profit | $678.2M | $-7.0M |
| Gross Margin | 32.1% | 28.0% |
| Operating Margin | 23.7% | -10.7% |
| Net Margin | 21.9% | -7.0% |
| Revenue YoY | 5.8% | 14.5% |
| Net Profit YoY | 9.8% | 76.0% |
| EPS (diluted) | $3.04 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $3.2B | $161.9M | ||
| Q2 25 | $3.0B | $172.6M | ||
| Q1 25 | $2.9B | $111.4M | ||
| Q4 24 | $2.9B | $87.3M | ||
| Q3 24 | $3.2B | $150.5M | ||
| Q2 24 | $3.0B | $160.1M | ||
| Q1 24 | $2.9B | $110.6M |
| Q4 25 | $678.2M | $-7.0M | ||
| Q3 25 | $4.9M | $8.1M | ||
| Q2 25 | $713.8M | $16.0M | ||
| Q1 25 | $-1.7B | $-6.0M | ||
| Q4 24 | $617.4M | $-29.2M | ||
| Q3 24 | $1.9B | $5.9M | ||
| Q2 24 | $696.6M | $13.3M | ||
| Q1 24 | $572.4M | $-7.9M |
| Q4 25 | 32.1% | 28.0% | ||
| Q3 25 | 32.3% | 35.4% | ||
| Q2 25 | 32.5% | 37.1% | ||
| Q1 25 | 29.6% | 29.5% | ||
| Q4 24 | 31.2% | 24.6% | ||
| Q3 24 | 34.0% | 32.4% | ||
| Q2 24 | 32.8% | 33.1% | ||
| Q1 24 | 32.0% | 27.7% |
| Q4 25 | 23.7% | -10.7% | ||
| Q3 25 | 0.5% | 13.3% | ||
| Q2 25 | 26.2% | 14.3% | ||
| Q1 25 | -79.8% | -4.4% | ||
| Q4 24 | 22.0% | -14.9% | ||
| Q3 24 | 76.1% | 8.9% | ||
| Q2 24 | 24.7% | 12.5% | ||
| Q1 24 | 21.7% | -1.9% |
| Q4 25 | 21.9% | -7.0% | ||
| Q3 25 | 0.2% | 5.0% | ||
| Q2 25 | 23.6% | 9.3% | ||
| Q1 25 | -59.3% | -5.4% | ||
| Q4 24 | 21.1% | -33.4% | ||
| Q3 24 | 61.2% | 3.9% | ||
| Q2 24 | 23.3% | 8.3% | ||
| Q1 24 | 19.5% | -7.1% |
| Q4 25 | $3.04 | $-0.06 | ||
| Q3 25 | $0.03 | $0.07 | ||
| Q2 25 | $3.20 | $0.13 | ||
| Q1 25 | $-7.77 | $-0.05 | ||
| Q4 24 | $2.77 | $-0.24 | ||
| Q3 24 | $8.75 | $0.05 | ||
| Q2 24 | $3.13 | $0.11 | ||
| Q1 24 | $2.57 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $15.4B | $405.9M |
| Total Assets | $41.2B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $15.4B | $405.9M | ||
| Q3 25 | $15.0B | $408.4M | ||
| Q2 25 | $15.5B | $398.4M | ||
| Q1 25 | $14.7B | $381.1M | ||
| Q4 24 | $16.7B | $387.2M | ||
| Q3 24 | $17.0B | $416.6M | ||
| Q2 24 | $15.1B | $408.1M | ||
| Q1 24 | $14.9B | $391.8M |
| Q4 25 | $41.2B | $823.2M | ||
| Q3 25 | $41.1B | $844.4M | ||
| Q2 25 | $41.7B | $822.1M | ||
| Q1 25 | $38.9B | $824.6M | ||
| Q4 24 | $40.0B | $794.2M | ||
| Q3 24 | $39.6B | $853.4M | ||
| Q2 24 | $37.0B | $830.0M | ||
| Q1 24 | $35.9B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-350.5M | $14.1M |
| FCF MarginFCF / Revenue | -11.3% | 14.1% |
| Capex IntensityCapex / Revenue | 40.3% | 9.2% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $23.3M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | $855.8M | $36.0M | ||
| Q1 25 | $328.1M | $-46.9M | ||
| Q4 24 | $811.7M | $6.2M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | $1.3B | $52.4M | ||
| Q1 24 | $801.7M | $-34.5M |
| Q4 25 | $-350.5M | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | $-640.0M | $29.1M | ||
| Q1 25 | $-1.6B | $-50.3M | ||
| Q4 24 | $-1.3B | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | $-345.2M | $47.9M | ||
| Q1 24 | $-867.7M | $-39.9M |
| Q4 25 | -11.3% | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | -21.2% | 16.8% | ||
| Q1 25 | -53.6% | -45.2% | ||
| Q4 24 | -44.5% | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | -11.6% | 29.9% | ||
| Q1 24 | -29.6% | -36.0% |
| Q4 25 | 40.3% | 9.2% | ||
| Q3 25 | 47.9% | 3.6% | ||
| Q2 25 | 49.5% | 4.0% | ||
| Q1 25 | 64.9% | 3.1% | ||
| Q4 24 | 72.2% | 7.2% | ||
| Q3 24 | 65.1% | 2.7% | ||
| Q2 24 | 53.8% | 2.8% | ||
| Q1 24 | 57.0% | 4.8% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | 1.20× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | 1.81× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
