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Side-by-side financial comparison of Air Products (APD) and VALHI INC (VHI). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $494.5M, roughly 6.3× VALHI INC). Air Products runs the higher net margin — 21.9% vs -10.8%, a 32.6% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 2.8%). VALHI INC produced more free cash flow last quarter ($89.8M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -3.5%).
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...
Valhi, Inc. is an American holding company operating through wholly and majority-owned subsidiaries in a number of different industries. It was founded in 1987 as a result of the merger of the LLC Corporation and Amalgamated Sugar Company. The Contran Corporation owned 93% of Valhi's common stock as of December 2014. The chairman of the company was Harold Simmons until his death in 2013. As of 2014 it was a Fortune 1000 company.
APD vs VHI — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $494.5M |
| Net Profit | $678.2M | $-53.2M |
| Gross Margin | 32.1% | 6.9% |
| Operating Margin | 23.7% | -6.2% |
| Net Margin | 21.9% | -10.8% |
| Revenue YoY | 5.8% | 2.8% |
| Net Profit YoY | 9.8% | -333.3% |
| EPS (diluted) | $3.04 | $-1.86 |
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 | $494.5M | ||
| Q3 25 | $3.2B | $503.5M | ||
| Q2 25 | $3.0B | $540.4M | ||
| Q1 25 | $2.9B | $538.6M | ||
| Q4 24 | $2.9B | $480.9M | ||
| Q3 24 | $3.2B | $533.6M | ||
| Q2 24 | $3.0B | $559.7M | ||
| Q1 24 | $2.9B | $530.6M |
| Q4 25 | $678.2M | $-53.2M | ||
| Q3 25 | $4.9M | $-22.2M | ||
| Q2 25 | $713.8M | $900.0K | ||
| Q1 25 | $-1.7B | $16.9M | ||
| Q4 24 | $617.4M | $22.8M | ||
| Q3 24 | $1.9B | $57.5M | ||
| Q2 24 | $696.6M | $19.9M | ||
| Q1 24 | $572.4M | $7.8M |
| Q4 25 | 32.1% | 6.9% | ||
| Q3 25 | 32.3% | 12.0% | ||
| Q2 25 | 32.5% | 14.5% | ||
| Q1 25 | 29.6% | 22.7% | ||
| Q4 24 | 31.2% | 20.9% | ||
| Q3 24 | 34.0% | 21.8% | ||
| Q2 24 | 32.8% | 21.7% | ||
| Q1 24 | 32.0% | 16.3% |
| Q4 25 | 23.7% | -6.2% | ||
| Q3 25 | 0.5% | 1.7% | ||
| Q2 25 | 26.2% | 6.6% | ||
| Q1 25 | -79.8% | 9.3% | ||
| Q4 24 | 22.0% | 11.8% | ||
| Q3 24 | 76.1% | 12.7% | ||
| Q2 24 | 24.7% | 9.8% | ||
| Q1 24 | 21.7% | 5.9% |
| Q4 25 | 21.9% | -10.8% | ||
| Q3 25 | 0.2% | -4.4% | ||
| Q2 25 | 23.6% | 0.2% | ||
| Q1 25 | -59.3% | 3.1% | ||
| Q4 24 | 21.1% | 4.7% | ||
| Q3 24 | 61.2% | 10.8% | ||
| Q2 24 | 23.3% | 3.6% | ||
| Q1 24 | 19.5% | 1.5% |
| Q4 25 | $3.04 | $-1.86 | ||
| Q3 25 | $0.03 | $-0.78 | ||
| Q2 25 | $3.20 | $0.03 | ||
| Q1 25 | $-7.77 | $0.59 | ||
| Q4 24 | $2.77 | $0.81 | ||
| Q3 24 | $8.75 | $2.01 | ||
| Q2 24 | $3.13 | $0.70 | ||
| Q1 24 | $2.57 | $0.27 |
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 | $216.9M |
| Total DebtLower is stronger | — | $590.9M |
| Stockholders' EquityBook value | $15.4B | $1.0B |
| Total Assets | $41.2B | $2.6B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $216.9M | ||
| Q3 25 | $1.9B | $186.6M | ||
| Q2 25 | $2.3B | $190.9M | ||
| Q1 25 | $1.6B | $196.4M | ||
| Q4 24 | $2.0B | $350.2M | ||
| Q3 24 | $3.0B | $316.7M | ||
| Q2 24 | $2.4B | $386.9M | ||
| Q1 24 | $2.6B | $372.7M |
| Q4 25 | — | $590.9M | ||
| Q3 25 | — | $661.5M | ||
| Q2 25 | — | $544.8M | ||
| Q1 25 | — | $525.9M | ||
| Q4 24 | — | $484.4M | ||
| Q3 24 | — | $526.6M | ||
| Q2 24 | — | $497.4M | ||
| Q1 24 | — | $511.2M |
| Q4 25 | $15.4B | $1.0B | ||
| Q3 25 | $15.0B | $1.0B | ||
| Q2 25 | $15.5B | $1.1B | ||
| Q1 25 | $14.7B | $1.1B | ||
| Q4 24 | $16.7B | $1.0B | ||
| Q3 24 | $17.0B | $1.0B | ||
| Q2 24 | $15.1B | $962.6M | ||
| Q1 24 | $14.9B | $928.2M |
| Q4 25 | $41.2B | $2.6B | ||
| Q3 25 | $41.1B | $2.7B | ||
| Q2 25 | $41.7B | $2.8B | ||
| Q1 25 | $38.9B | $2.8B | ||
| Q4 24 | $40.0B | $2.8B | ||
| Q3 24 | $39.6B | $2.8B | ||
| Q2 24 | $37.0B | $2.5B | ||
| Q1 24 | $35.9B | $2.6B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.55× |
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 | $100.6M |
| Free Cash FlowOCF − Capex | $-350.5M | $89.8M |
| FCF MarginFCF / Revenue | -11.3% | 18.2% |
| Capex IntensityCapex / Revenue | 40.3% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-82.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $100.6M | ||
| Q3 25 | — | $-1.9M | ||
| Q2 25 | $855.8M | $21.7M | ||
| Q1 25 | $328.1M | $-155.9M | ||
| Q4 24 | $811.7M | $45.8M | ||
| Q3 24 | — | $13.5M | ||
| Q2 24 | $1.3B | $33.5M | ||
| Q1 24 | $801.7M | $-48.8M |
| Q4 25 | $-350.5M | $89.8M | ||
| Q3 25 | — | $-12.3M | ||
| Q2 25 | $-640.0M | $9.1M | ||
| Q1 25 | $-1.6B | $-168.7M | ||
| Q4 24 | $-1.3B | $33.3M | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | $-345.2M | $29.7M | ||
| Q1 24 | $-867.7M | $-53.8M |
| Q4 25 | -11.3% | 18.2% | ||
| Q3 25 | — | -2.4% | ||
| Q2 25 | -21.2% | 1.7% | ||
| Q1 25 | -53.6% | -31.3% | ||
| Q4 24 | -44.5% | 6.9% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | -11.6% | 5.3% | ||
| Q1 24 | -29.6% | -10.1% |
| Q4 25 | 40.3% | 2.2% | ||
| Q3 25 | 47.9% | 2.1% | ||
| Q2 25 | 49.5% | 2.3% | ||
| Q1 25 | 64.9% | 2.4% | ||
| Q4 24 | 72.2% | 2.6% | ||
| Q3 24 | 65.1% | 1.8% | ||
| Q2 24 | 53.8% | 0.7% | ||
| Q1 24 | 57.0% | 0.9% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 24.11× | ||
| Q1 25 | — | -9.22× | ||
| Q4 24 | 1.31× | 2.01× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | 1.81× | 1.68× | ||
| Q1 24 | 1.40× | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
