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Side-by-side financial comparison of Air Products (APD) and TREX CO INC (TREX). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $161.1M, roughly 19.3× TREX CO INC). Air Products runs the higher net margin — 21.9% vs 1.4%, a 20.4% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -3.9%). TREX CO INC produced more free cash flow last quarter ($22.1M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -34.3%).
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...
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
APD vs TREX — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $161.1M |
| Net Profit | $678.2M | $2.3M |
| Gross Margin | 32.1% | 30.2% |
| Operating Margin | 23.7% | 2.2% |
| Net Margin | 21.9% | 1.4% |
| Revenue YoY | 5.8% | -3.9% |
| Net Profit YoY | 9.8% | -76.4% |
| EPS (diluted) | $3.04 | $0.03 |
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 | $161.1M | ||
| Q3 25 | $3.2B | $285.3M | ||
| Q2 25 | $3.0B | $387.8M | ||
| Q1 25 | $2.9B | $340.0M | ||
| Q4 24 | $2.9B | $167.6M | ||
| Q3 24 | $3.2B | $233.7M | ||
| Q2 24 | $3.0B | $376.5M | ||
| Q1 24 | $2.9B | $373.6M |
| Q4 25 | $678.2M | $2.3M | ||
| Q3 25 | $4.9M | $51.8M | ||
| Q2 25 | $713.8M | $75.9M | ||
| Q1 25 | $-1.7B | $60.4M | ||
| Q4 24 | $617.4M | $9.8M | ||
| Q3 24 | $1.9B | $40.6M | ||
| Q2 24 | $696.6M | $87.0M | ||
| Q1 24 | $572.4M | $89.1M |
| Q4 25 | 32.1% | 30.2% | ||
| Q3 25 | 32.3% | 40.5% | ||
| Q2 25 | 32.5% | 40.8% | ||
| Q1 25 | 29.6% | 40.5% | ||
| Q4 24 | 31.2% | 32.7% | ||
| Q3 24 | 34.0% | 39.9% | ||
| Q2 24 | 32.8% | 44.7% | ||
| Q1 24 | 32.0% | 45.4% |
| Q4 25 | 23.7% | 2.2% | ||
| Q3 25 | 0.5% | 24.7% | ||
| Q2 25 | 26.2% | 26.4% | ||
| Q1 25 | -79.8% | 24.0% | ||
| Q4 24 | 22.0% | 9.2% | ||
| Q3 24 | 76.1% | 23.2% | ||
| Q2 24 | 24.7% | 31.1% | ||
| Q1 24 | 21.7% | 31.9% |
| Q4 25 | 21.9% | 1.4% | ||
| Q3 25 | 0.2% | 18.1% | ||
| Q2 25 | 23.6% | 19.6% | ||
| Q1 25 | -59.3% | 17.8% | ||
| Q4 24 | 21.1% | 5.8% | ||
| Q3 24 | 61.2% | 17.4% | ||
| Q2 24 | 23.3% | 23.1% | ||
| Q1 24 | 19.5% | 23.8% |
| Q4 25 | $3.04 | $0.03 | ||
| Q3 25 | $0.03 | $0.48 | ||
| Q2 25 | $3.20 | $0.71 | ||
| Q1 25 | $-7.77 | $0.56 | ||
| Q4 24 | $2.77 | $0.10 | ||
| Q3 24 | $8.75 | $0.37 | ||
| Q2 24 | $3.13 | $0.80 | ||
| Q1 24 | $2.57 | $0.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $3.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $1.0B |
| Total Assets | $41.2B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $3.8M | ||
| Q3 25 | $1.9B | $11.4M | ||
| Q2 25 | $2.3B | $5.5M | ||
| Q1 25 | $1.6B | $5.0M | ||
| Q4 24 | $2.0B | $1.3M | ||
| Q3 24 | $3.0B | $12.8M | ||
| Q2 24 | $2.4B | $1.2M | ||
| Q1 24 | $2.6B | $3.1M |
| Q4 25 | $15.4B | $1.0B | ||
| Q3 25 | $15.0B | $1.0B | ||
| Q2 25 | $15.5B | $989.3M | ||
| Q1 25 | $14.7B | $910.1M | ||
| Q4 24 | $16.7B | $850.1M | ||
| Q3 24 | $17.0B | $887.9M | ||
| Q2 24 | $15.1B | $894.9M | ||
| Q1 24 | $14.9B | $804.1M |
| Q4 25 | $41.2B | $1.5B | ||
| Q3 25 | $41.1B | $1.5B | ||
| Q2 25 | $41.7B | $1.5B | ||
| Q1 25 | $38.9B | $1.6B | ||
| Q4 24 | $40.0B | $1.3B | ||
| Q3 24 | $39.6B | $1.3B | ||
| Q2 24 | $37.0B | $1.3B | ||
| Q1 24 | $35.9B | $1.3B |
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 | $65.5M |
| Free Cash FlowOCF − Capex | $-350.5M | $22.1M |
| FCF MarginFCF / Revenue | -11.3% | 13.7% |
| Capex IntensityCapex / Revenue | 40.3% | 26.9% |
| Cash ConversionOCF / Net Profit | 1.33× | 28.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | $134.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $65.5M | ||
| Q3 25 | — | $196.9M | ||
| Q2 25 | $855.8M | $249.8M | ||
| Q1 25 | $328.1M | $-154.0M | ||
| Q4 24 | $811.7M | $-8.5M | ||
| Q3 24 | — | $132.8M | ||
| Q2 24 | $1.3B | $193.7M | ||
| Q1 24 | $801.7M | $-174.0M |
| Q4 25 | $-350.5M | $22.1M | ||
| Q3 25 | — | $142.9M | ||
| Q2 25 | $-640.0M | $203.0M | ||
| Q1 25 | $-1.6B | $-233.5M | ||
| Q4 24 | $-1.3B | $-89.3M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | $-345.2M | $158.2M | ||
| Q1 24 | $-867.7M | $-211.8M |
| Q4 25 | -11.3% | 13.7% | ||
| Q3 25 | — | 50.1% | ||
| Q2 25 | -21.2% | 52.3% | ||
| Q1 25 | -53.6% | -68.7% | ||
| Q4 24 | -44.5% | -53.3% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | -11.6% | 42.0% | ||
| Q1 24 | -29.6% | -56.7% |
| Q4 25 | 40.3% | 26.9% | ||
| Q3 25 | 47.9% | 18.9% | ||
| Q2 25 | 49.5% | 12.1% | ||
| Q1 25 | 64.9% | 23.4% | ||
| Q4 24 | 72.2% | 48.2% | ||
| Q3 24 | 65.1% | 33.5% | ||
| Q2 24 | 53.8% | 9.4% | ||
| Q1 24 | 57.0% | 10.1% |
| Q4 25 | 1.33× | 28.45× | ||
| Q3 25 | — | 3.80× | ||
| Q2 25 | 1.20× | 3.29× | ||
| Q1 25 | — | -2.55× | ||
| Q4 24 | 1.31× | -0.87× | ||
| Q3 24 | — | 3.27× | ||
| Q2 24 | 1.81× | 2.23× | ||
| Q1 24 | 1.40× | -1.95× |
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% |
TREX
Segment breakdown not available.
