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Side-by-side financial comparison of Air Products (APD) and TENET HEALTHCARE CORP (THC). Click either name above to swap in a different company.
TENET HEALTHCARE CORP is the larger business by last-quarter revenue ($5.5B vs $3.1B, roughly 1.8× Air Products). Air Products runs the higher net margin — 21.9% vs 11.7%, a 10.2% gap on every dollar of revenue. On growth, TENET HEALTHCARE CORP posted the faster year-over-year revenue change (9.0% vs 5.8%). TENET HEALTHCARE CORP produced more free cash flow last quarter ($367.0M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 1.5%).
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...
Tenet Healthcare Corporation is an American for-profit multinational healthcare services company based in Dallas. Through its brands, subsidiaries, joint ventures, and partnerships including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet also runs Conifer Health Solutions, which provides healthcare support services to health systems and other clients.
APD vs THC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $5.5B |
| Net Profit | $678.2M | $644.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 15.4% |
| Net Margin | 21.9% | 11.7% |
| Revenue YoY | 5.8% | 9.0% |
| Net Profit YoY | 9.8% | 12.6% |
| EPS (diluted) | $3.04 | $4.22 |
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 | $5.5B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.0B | $5.3B | ||
| Q1 25 | $2.9B | $5.2B | ||
| Q4 24 | $2.9B | $5.1B | ||
| Q3 24 | $3.2B | $5.1B | ||
| Q2 24 | $3.0B | $5.1B | ||
| Q1 24 | $2.9B | $5.4B |
| Q4 25 | $678.2M | $644.0M | ||
| Q3 25 | $4.9M | $579.0M | ||
| Q2 25 | $713.8M | $522.0M | ||
| Q1 25 | $-1.7B | $622.0M | ||
| Q4 24 | $617.4M | $572.0M | ||
| Q3 24 | $1.9B | $681.0M | ||
| Q2 24 | $696.6M | $477.0M | ||
| Q1 24 | $572.4M | $2.3B |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
| Q4 25 | 23.7% | 15.4% | ||
| Q3 25 | 0.5% | 16.8% | ||
| Q2 25 | 26.2% | 15.6% | ||
| Q1 25 | -79.8% | 18.1% | ||
| Q4 24 | 22.0% | 16.2% | ||
| Q3 24 | 76.1% | 21.3% | ||
| Q2 24 | 24.7% | 14.9% | ||
| Q1 24 | 21.7% | 61.2% |
| Q4 25 | 21.9% | 11.7% | ||
| Q3 25 | 0.2% | 10.9% | ||
| Q2 25 | 23.6% | 9.9% | ||
| Q1 25 | -59.3% | 11.9% | ||
| Q4 24 | 21.1% | 11.3% | ||
| Q3 24 | 61.2% | 13.3% | ||
| Q2 24 | 23.3% | 9.3% | ||
| Q1 24 | 19.5% | 43.5% |
| Q4 25 | $3.04 | $4.22 | ||
| Q3 25 | $0.03 | $3.86 | ||
| Q2 25 | $3.20 | $3.14 | ||
| Q1 25 | $-7.77 | $4.27 | ||
| Q4 24 | $2.77 | $3.79 | ||
| Q3 24 | $8.75 | $4.89 | ||
| Q2 24 | $3.13 | $2.64 | ||
| Q1 24 | $2.57 | $21.38 |
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 | $2.9B |
| Total DebtLower is stronger | — | $13.1B |
| Stockholders' EquityBook value | $15.4B | $4.2B |
| Total Assets | $41.2B | $29.7B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $2.9B | ||
| Q3 25 | $1.9B | $3.0B | ||
| Q2 25 | $2.3B | $2.6B | ||
| Q1 25 | $1.6B | $3.0B | ||
| Q4 24 | $2.0B | $3.0B | ||
| Q3 24 | $3.0B | $4.1B | ||
| Q2 24 | $2.4B | $2.9B | ||
| Q1 24 | $2.6B | $2.5B |
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | — | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $12.8B |
| Q4 25 | $15.4B | $4.2B | ||
| Q3 25 | $15.0B | $4.0B | ||
| Q2 25 | $15.5B | $3.7B | ||
| Q1 25 | $14.7B | $4.2B | ||
| Q4 24 | $16.7B | $4.2B | ||
| Q3 24 | $17.0B | $3.8B | ||
| Q2 24 | $15.1B | $3.5B | ||
| Q1 24 | $14.9B | $3.5B |
| Q4 25 | $41.2B | $29.7B | ||
| Q3 25 | $41.1B | $29.4B | ||
| Q2 25 | $41.7B | $28.7B | ||
| Q1 25 | $38.9B | $29.2B | ||
| Q4 24 | $40.0B | $28.9B | ||
| Q3 24 | $39.6B | $29.4B | ||
| Q2 24 | $37.0B | $29.3B | ||
| Q1 24 | $35.9B | $28.9B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 3.70× |
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 | $731.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $367.0M |
| FCF MarginFCF / Revenue | -11.3% | 6.6% |
| Capex IntensityCapex / Revenue | 40.3% | 6.6% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $731.0M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $855.8M | $936.0M | ||
| Q1 25 | $328.1M | $815.0M | ||
| Q4 24 | $811.7M | $-331.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $1.3B | $747.0M | ||
| Q1 24 | $801.7M | $586.0M |
| Q4 25 | $-350.5M | $367.0M | ||
| Q3 25 | — | $778.0M | ||
| Q2 25 | $-640.0M | $743.0M | ||
| Q1 25 | $-1.6B | $642.0M | ||
| Q4 24 | $-1.3B | $-661.0M | ||
| Q3 24 | — | $829.0M | ||
| Q2 24 | $-345.2M | $602.0M | ||
| Q1 24 | $-867.7M | $346.0M |
| Q4 25 | -11.3% | 6.6% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | -21.2% | 14.1% | ||
| Q1 25 | -53.6% | 12.3% | ||
| Q4 24 | -44.5% | -13.0% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | -11.6% | 11.8% | ||
| Q1 24 | -29.6% | 6.4% |
| Q4 25 | 40.3% | 6.6% | ||
| Q3 25 | 47.9% | 5.3% | ||
| Q2 25 | 49.5% | 3.7% | ||
| Q1 25 | 64.9% | 3.3% | ||
| Q4 24 | 72.2% | 6.5% | ||
| Q3 24 | 65.1% | 4.2% | ||
| Q2 24 | 53.8% | 2.8% | ||
| Q1 24 | 57.0% | 4.5% |
| Q4 25 | 1.33× | 1.14× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | 1.20× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 1.31× | -0.58× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | 1.81× | 1.57× | ||
| Q1 24 | 1.40× | 0.25× |
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% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
