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Side-by-side financial comparison of Air Products (APD) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $625.1M, roughly 5.0× WATTS WATER TECHNOLOGIES INC). Air Products runs the higher net margin — 21.9% vs 13.4%, a 8.5% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 5.8%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $-350.5M). Over the past eight quarters, WATTS WATER TECHNOLOGIES INC's revenue compounded faster (4.6% 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...
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
APD vs WTS — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $625.1M |
| Net Profit | $678.2M | $83.7M |
| Gross Margin | 32.1% | 49.5% |
| Operating Margin | 23.7% | 18.2% |
| Net Margin | 21.9% | 13.4% |
| Revenue YoY | 5.8% | 15.7% |
| Net Profit YoY | 9.8% | 24.0% |
| EPS (diluted) | $3.04 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $3.2B | $611.7M | ||
| Q2 25 | $3.0B | $643.7M | ||
| Q1 25 | $2.9B | $558.0M | ||
| Q4 24 | $2.9B | $540.4M | ||
| Q3 24 | $3.2B | $543.6M | ||
| Q2 24 | $3.0B | $597.3M | ||
| Q1 24 | $2.9B | $570.9M |
| Q4 25 | $678.2M | $83.7M | ||
| Q3 25 | $4.9M | $82.2M | ||
| Q2 25 | $713.8M | $100.9M | ||
| Q1 25 | $-1.7B | $74.0M | ||
| Q4 24 | $617.4M | $67.5M | ||
| Q3 24 | $1.9B | $69.1M | ||
| Q2 24 | $696.6M | $82.0M | ||
| Q1 24 | $572.4M | $72.6M |
| Q4 25 | 32.1% | 49.5% | ||
| Q3 25 | 32.3% | 48.8% | ||
| Q2 25 | 32.5% | 50.6% | ||
| Q1 25 | 29.6% | 48.8% | ||
| Q4 24 | 31.2% | 46.7% | ||
| Q3 24 | 34.0% | 47.3% | ||
| Q2 24 | 32.8% | 47.7% | ||
| Q1 24 | 32.0% | 46.9% |
| Q4 25 | 23.7% | 18.2% | ||
| Q3 25 | 0.5% | 18.2% | ||
| Q2 25 | 26.2% | 21.0% | ||
| Q1 25 | -79.8% | 15.7% | ||
| Q4 24 | 22.0% | 16.5% | ||
| Q3 24 | 76.1% | 17.1% | ||
| Q2 24 | 24.7% | 18.7% | ||
| Q1 24 | 21.7% | 16.9% |
| Q4 25 | 21.9% | 13.4% | ||
| Q3 25 | 0.2% | 13.4% | ||
| Q2 25 | 23.6% | 15.7% | ||
| Q1 25 | -59.3% | 13.3% | ||
| Q4 24 | 21.1% | 12.5% | ||
| Q3 24 | 61.2% | 12.7% | ||
| Q2 24 | 23.3% | 13.7% | ||
| Q1 24 | 19.5% | 12.7% |
| Q4 25 | $3.04 | $2.50 | ||
| Q3 25 | $0.03 | $2.45 | ||
| Q2 25 | $3.20 | $3.01 | ||
| Q1 25 | $-7.77 | $2.21 | ||
| Q4 24 | $2.77 | $2.02 | ||
| Q3 24 | $8.75 | $2.06 | ||
| Q2 24 | $3.13 | $2.44 | ||
| Q1 24 | $2.57 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $2.0B |
| Total Assets | $41.2B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $405.5M | ||
| Q3 25 | $1.9B | $457.7M | ||
| Q2 25 | $2.3B | $369.3M | ||
| Q1 25 | $1.6B | $336.8M | ||
| Q4 24 | $2.0B | $386.9M | ||
| Q3 24 | $3.0B | $303.9M | ||
| Q2 24 | $2.4B | $279.4M | ||
| Q1 24 | $2.6B | $237.1M |
| Q4 25 | $15.4B | $2.0B | ||
| Q3 25 | $15.0B | $2.0B | ||
| Q2 25 | $15.5B | $1.9B | ||
| Q1 25 | $14.7B | $1.8B | ||
| Q4 24 | $16.7B | $1.7B | ||
| Q3 24 | $17.0B | $1.7B | ||
| Q2 24 | $15.1B | $1.6B | ||
| Q1 24 | $14.9B | $1.6B |
| Q4 25 | $41.2B | $2.9B | ||
| Q3 25 | $41.1B | $2.7B | ||
| Q2 25 | $41.7B | $2.6B | ||
| Q1 25 | $38.9B | $2.5B | ||
| Q4 24 | $40.0B | $2.4B | ||
| Q3 24 | $39.6B | $2.4B | ||
| Q2 24 | $37.0B | $2.4B | ||
| Q1 24 | $35.9B | $2.3B |
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 | $154.7M |
| Free Cash FlowOCF − Capex | $-350.5M | $140.3M |
| FCF MarginFCF / Revenue | -11.3% | 22.4% |
| Capex IntensityCapex / Revenue | 40.3% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $154.7M | ||
| Q3 25 | — | $122.4M | ||
| Q2 25 | $855.8M | $69.7M | ||
| Q1 25 | $328.1M | $55.2M | ||
| Q4 24 | $811.7M | $139.5M | ||
| Q3 24 | — | $90.7M | ||
| Q2 24 | $1.3B | $85.3M | ||
| Q1 24 | $801.7M | $45.6M |
| Q4 25 | $-350.5M | $140.3M | ||
| Q3 25 | — | $110.9M | ||
| Q2 25 | $-640.0M | $59.5M | ||
| Q1 25 | $-1.6B | $45.6M | ||
| Q4 24 | $-1.3B | $127.5M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | $-345.2M | $78.5M | ||
| Q1 24 | $-867.7M | $35.5M |
| Q4 25 | -11.3% | 22.4% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | -21.2% | 9.2% | ||
| Q1 25 | -53.6% | 8.2% | ||
| Q4 24 | -44.5% | 23.6% | ||
| Q3 24 | — | 15.5% | ||
| Q2 24 | -11.6% | 13.1% | ||
| Q1 24 | -29.6% | 6.2% |
| Q4 25 | 40.3% | 2.3% | ||
| Q3 25 | 47.9% | 1.9% | ||
| Q2 25 | 49.5% | 1.6% | ||
| Q1 25 | 64.9% | 1.7% | ||
| Q4 24 | 72.2% | 2.2% | ||
| Q3 24 | 65.1% | 1.2% | ||
| Q2 24 | 53.8% | 1.1% | ||
| Q1 24 | 57.0% | 1.8% |
| Q4 25 | 1.33× | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | 1.20× | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | 1.31× | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | 1.81× | 1.04× | ||
| Q1 24 | 1.40× | 0.63× |
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% |
WTS
Segment breakdown not available.
