vs
Side-by-side financial comparison of Air Products (APD) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $3.1B, roughly 1.5× Air Products). Air Products runs the higher net margin — 21.9% vs 4.8%, a 17.0% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 5.8%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $-350.5M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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...
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
APD vs VST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $4.8B |
| Net Profit | $678.2M | $233.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 9.9% |
| Net Margin | 21.9% | 4.8% |
| Revenue YoY | 5.8% | 31.2% |
| Net Profit YoY | 9.8% | -47.2% |
| EPS (diluted) | $3.04 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $3.2B | $4.8B | ||
| Q2 25 | $3.0B | $3.8B | ||
| Q1 25 | $2.9B | $4.3B | ||
| Q4 24 | $2.9B | $3.7B | ||
| Q3 24 | $3.2B | $4.3B | ||
| Q2 24 | $3.0B | $3.6B | ||
| Q1 24 | $2.9B | $3.2B |
| Q4 25 | $678.2M | $233.0M | ||
| Q3 25 | $4.9M | $652.0M | ||
| Q2 25 | $713.8M | $327.0M | ||
| Q1 25 | $-1.7B | $-268.0M | ||
| Q4 24 | $617.4M | $441.0M | ||
| Q3 24 | $1.9B | $1.9B | ||
| Q2 24 | $696.6M | $365.0M | ||
| Q1 24 | $572.4M | $-35.0M |
| 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% | 9.9% | ||
| Q3 25 | 0.5% | 21.7% | ||
| Q2 25 | 26.2% | 13.7% | ||
| Q1 25 | -79.8% | -2.8% | ||
| Q4 24 | 22.0% | 16.4% | ||
| Q3 24 | 76.1% | 59.6% | ||
| Q2 24 | 24.7% | 22.5% | ||
| Q1 24 | 21.7% | 2.7% |
| Q4 25 | 21.9% | 4.8% | ||
| Q3 25 | 0.2% | 13.6% | ||
| Q2 25 | 23.6% | 8.7% | ||
| Q1 25 | -59.3% | -6.3% | ||
| Q4 24 | 21.1% | 12.0% | ||
| Q3 24 | 61.2% | 43.5% | ||
| Q2 24 | 23.3% | 10.1% | ||
| Q1 24 | 19.5% | -1.1% |
| Q4 25 | $3.04 | $0.55 | ||
| Q3 25 | $0.03 | $1.75 | ||
| Q2 25 | $3.20 | $0.81 | ||
| Q1 25 | $-7.77 | $-0.93 | ||
| Q4 24 | $2.77 | $1.09 | ||
| Q3 24 | $8.75 | $5.25 | ||
| Q2 24 | $3.13 | $0.90 | ||
| Q1 24 | $2.57 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $15.4B | $5.1B |
| Total Assets | $41.2B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $785.0M | ||
| Q3 25 | $1.9B | $602.0M | ||
| Q2 25 | $2.3B | $458.0M | ||
| Q1 25 | $1.6B | $561.0M | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $3.0B | $905.0M | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.6B | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $15.4B | $5.1B | ||
| Q3 25 | $15.0B | $5.2B | ||
| Q2 25 | $15.5B | $4.8B | ||
| Q1 25 | $14.7B | $4.8B | ||
| Q4 24 | $16.7B | $5.6B | ||
| Q3 24 | $17.0B | $5.4B | ||
| Q2 24 | $15.1B | $5.6B | ||
| Q1 24 | $14.9B | $5.7B |
| Q4 25 | $41.2B | $41.5B | ||
| Q3 25 | $41.1B | $38.0B | ||
| Q2 25 | $41.7B | $38.1B | ||
| Q1 25 | $38.9B | $38.2B | ||
| Q4 24 | $40.0B | $37.8B | ||
| Q3 24 | $39.6B | $37.9B | ||
| Q2 24 | $37.0B | $39.1B | ||
| Q1 24 | $35.9B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $-350.5M | $596.0M |
| FCF MarginFCF / Revenue | -11.3% | 12.4% |
| Capex IntensityCapex / Revenue | 40.3% | 17.4% |
| Cash ConversionOCF / Net Profit | 1.33× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $1.4B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $855.8M | $572.0M | ||
| Q1 25 | $328.1M | $599.0M | ||
| Q4 24 | $811.7M | $1.4B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $801.7M | $312.0M |
| Q4 25 | $-350.5M | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $-640.0M | $-118.0M | ||
| Q1 25 | $-1.6B | $-169.0M | ||
| Q4 24 | $-1.3B | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $-345.2M | $698.0M | ||
| Q1 24 | $-867.7M | $-153.0M |
| Q4 25 | -11.3% | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | -21.2% | -3.1% | ||
| Q1 25 | -53.6% | -4.0% | ||
| Q4 24 | -44.5% | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | -11.6% | 19.4% | ||
| Q1 24 | -29.6% | -4.8% |
| Q4 25 | 40.3% | 17.4% | ||
| Q3 25 | 47.9% | 9.6% | ||
| Q2 25 | 49.5% | 18.4% | ||
| Q1 25 | 64.9% | 18.1% | ||
| Q4 24 | 72.2% | 11.7% | ||
| Q3 24 | 65.1% | 15.8% | ||
| Q2 24 | 53.8% | 13.8% | ||
| Q1 24 | 57.0% | 14.7% |
| Q4 25 | 1.33× | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | 1.20× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 1.81× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
