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Side-by-side financial comparison of Air Products (APD) and Tronox Holdings plc (TROX). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $730.0M, roughly 4.3× Tronox Holdings plc). Air Products runs the higher net margin — 21.9% vs -24.1%, a 46.0% gap on every dollar of revenue. On growth, Tronox Holdings plc posted the faster year-over-year revenue change (8.0% vs 5.8%). Tronox Holdings plc produced more free cash flow last quarter ($53.0M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -2.9%).
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...
Tronox Limited is an American worldwide chemical company involved in the titanium products industry with approximately 6,500 employees. Following its acquisition of the mineral sands business formerly belonging to South Africa's Exxaro Resources, Tronox is the largest fully integrated seller and marketer of titanium dioxide (TiO2) pigment, which provides brightness to applications such as coatings, plastics and paper. Tronox mines titanium-bearing mineral sands and operates upgrading faciliti...
APD vs TROX — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $730.0M |
| Net Profit | $678.2M | $-176.0M |
| Gross Margin | 32.1% | 5.3% |
| Operating Margin | 23.7% | -15.6% |
| Net Margin | 21.9% | -24.1% |
| Revenue YoY | 5.8% | 8.0% |
| Net Profit YoY | 9.8% | -486.7% |
| EPS (diluted) | $3.04 | $-1.11 |
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 | $730.0M | ||
| Q3 25 | $3.2B | $699.0M | ||
| Q2 25 | $3.0B | $731.0M | ||
| Q1 25 | $2.9B | $738.0M | ||
| Q4 24 | $2.9B | $676.0M | ||
| Q3 24 | $3.2B | $804.0M | ||
| Q2 24 | $3.0B | $820.0M | ||
| Q1 24 | $2.9B | $774.0M |
| Q4 25 | $678.2M | $-176.0M | ||
| Q3 25 | $4.9M | $-99.0M | ||
| Q2 25 | $713.8M | $-84.0M | ||
| Q1 25 | $-1.7B | $-111.0M | ||
| Q4 24 | $617.4M | $-30.0M | ||
| Q3 24 | $1.9B | $-25.0M | ||
| Q2 24 | $696.6M | $16.0M | ||
| Q1 24 | $572.4M | $-9.0M |
| Q4 25 | 32.1% | 5.3% | ||
| Q3 25 | 32.3% | 7.4% | ||
| Q2 25 | 32.5% | 10.8% | ||
| Q1 25 | 29.6% | 13.4% | ||
| Q4 24 | 31.2% | 17.3% | ||
| Q3 24 | 34.0% | 15.9% | ||
| Q2 24 | 32.8% | 18.3% | ||
| Q1 24 | 32.0% | 15.5% |
| Q4 25 | 23.7% | -15.6% | ||
| Q3 25 | 0.5% | -6.2% | ||
| Q2 25 | 26.2% | -4.8% | ||
| Q1 25 | -79.8% | -8.3% | ||
| Q4 24 | 22.0% | 7.1% | ||
| Q3 24 | 76.1% | 6.7% | ||
| Q2 24 | 24.7% | 9.3% | ||
| Q1 24 | 21.7% | 5.3% |
| Q4 25 | 21.9% | -24.1% | ||
| Q3 25 | 0.2% | -14.2% | ||
| Q2 25 | 23.6% | -11.5% | ||
| Q1 25 | -59.3% | -15.0% | ||
| Q4 24 | 21.1% | -4.4% | ||
| Q3 24 | 61.2% | -3.1% | ||
| Q2 24 | 23.3% | 2.0% | ||
| Q1 24 | 19.5% | -1.2% |
| Q4 25 | $3.04 | $-1.11 | ||
| Q3 25 | $0.03 | $-0.63 | ||
| Q2 25 | $3.20 | $-0.53 | ||
| Q1 25 | $-7.77 | $-0.70 | ||
| Q4 24 | $2.77 | $-0.19 | ||
| Q3 24 | $8.75 | $-0.16 | ||
| Q2 24 | $3.13 | $0.10 | ||
| Q1 24 | $2.57 | $-0.06 |
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 | $199.0M |
| Total DebtLower is stronger | — | $3.1B |
| Stockholders' EquityBook value | $15.4B | $1.4B |
| Total Assets | $41.2B | $6.2B |
| Debt / EquityLower = less leverage | — | 2.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $199.0M | ||
| Q3 25 | $1.9B | $185.0M | ||
| Q2 25 | $2.3B | $132.0M | ||
| Q1 25 | $1.6B | $138.0M | ||
| Q4 24 | $2.0B | $151.0M | ||
| Q3 24 | $3.0B | $167.0M | ||
| Q2 24 | $2.4B | $201.0M | ||
| Q1 24 | $2.6B | $152.0M |
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.8B |
| Q4 25 | $15.4B | $1.4B | ||
| Q3 25 | $15.0B | $1.6B | ||
| Q2 25 | $15.5B | $1.6B | ||
| Q1 25 | $14.7B | $1.7B | ||
| Q4 24 | $16.7B | $1.8B | ||
| Q3 24 | $17.0B | $1.9B | ||
| Q2 24 | $15.1B | $1.9B | ||
| Q1 24 | $14.9B | $1.9B |
| Q4 25 | $41.2B | $6.2B | ||
| Q3 25 | $41.1B | $6.3B | ||
| Q2 25 | $41.7B | $6.2B | ||
| Q1 25 | $38.9B | $6.1B | ||
| Q4 24 | $40.0B | $6.0B | ||
| Q3 24 | $39.6B | $6.2B | ||
| Q2 24 | $37.0B | $6.1B | ||
| Q1 24 | $35.9B | $6.0B |
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
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 | $121.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $53.0M |
| FCF MarginFCF / Revenue | -11.3% | 7.3% |
| Capex IntensityCapex / Revenue | 40.3% | 9.3% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-281.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $121.0M | ||
| Q3 25 | — | $-57.0M | ||
| Q2 25 | $855.8M | $28.0M | ||
| Q1 25 | $328.1M | $-32.0M | ||
| Q4 24 | $811.7M | $82.0M | ||
| Q3 24 | — | $87.0M | ||
| Q2 24 | $1.3B | $160.0M | ||
| Q1 24 | $801.7M | $-29.0M |
| Q4 25 | $-350.5M | $53.0M | ||
| Q3 25 | — | $-137.0M | ||
| Q2 25 | $-640.0M | $-55.0M | ||
| Q1 25 | $-1.6B | $-142.0M | ||
| Q4 24 | $-1.3B | $-35.0M | ||
| Q3 24 | — | $-14.0M | ||
| Q2 24 | $-345.2M | $84.0M | ||
| Q1 24 | $-867.7M | $-105.0M |
| Q4 25 | -11.3% | 7.3% | ||
| Q3 25 | — | -19.6% | ||
| Q2 25 | -21.2% | -7.5% | ||
| Q1 25 | -53.6% | -19.2% | ||
| Q4 24 | -44.5% | -5.2% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | -11.6% | 10.2% | ||
| Q1 24 | -29.6% | -13.6% |
| Q4 25 | 40.3% | 9.3% | ||
| Q3 25 | 47.9% | 11.4% | ||
| Q2 25 | 49.5% | 11.4% | ||
| Q1 25 | 64.9% | 14.9% | ||
| Q4 24 | 72.2% | 17.3% | ||
| Q3 24 | 65.1% | 12.6% | ||
| Q2 24 | 53.8% | 9.3% | ||
| Q1 24 | 57.0% | 9.8% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 10.00× | ||
| 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% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
