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Air Products & Chemicals vs Minerals Technologies: revenue, profit, margins and growth compared

Air Products & Chemicals brought in $12B of revenue in fiscal 2025, Minerals Technologies $2.1B in fiscal 2025. Revenue changed by -0.5% at Air Products & Chemicals and -2.2% at Minerals Technologies on the year before, so Air Products & Chemicals grew faster. Air Products & Chemicals kept -3.3% of its revenue as net profit, Minerals Technologies -0.9%. Free cash flow was -$3.8B at Air Products & Chemicals and $86.6M at Minerals Technologies.

Side by side, latest fiscal year

APDMTX
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$12B$2.1B
Revenue growth-0.5%-2.2%
Net income-$394.5M-$18.4M
Net margin-3.3%-0.9%
Free cash flow-$3.8B$86.6M
Free cash flow margin-31.3%4.2%
Earnings per share (diluted)-$1.77-$0.59
Cash$1.9B$329M
Debt$17.7B$961.3M
Price to earningsn/an/a
Market value$62.7B$2.1B
Dividend yield2.53%0.67%
Rank by revenue in sector#7 of 71 · Basic materials#23 of 71 · Basic materials

Over the years

Revenue
APD FY2018: $8.9BAPD FY2019: $8.9BAPD FY2020: $8.9BAPD FY2021: $10.3BAPD FY2022: $12.7BAPD FY2023: $12.6BAPD FY2024: $12.1BAPD FY2025: $12BMTX FY2018: $1.8BMTX FY2019: $1.8BMTX FY2020: $1.6BMTX FY2021: $1.9BMTX FY2022: $2.1BMTX FY2023: $2.2BMTX FY2024: $2.1BMTX FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
APD $12BMTX $2.1B
Net income
APD FY2018: $1.5BAPD FY2019: $1.8BAPD FY2020: $1.9BAPD FY2021: $2.1BAPD FY2022: $2.3BAPD FY2023: $2.3BAPD FY2024: $3.8BAPD FY2025: -$394.5MMTX FY2018: $169MMTX FY2019: $132.7MMTX FY2020: $112.4MMTX FY2021: $164.4MMTX FY2022: $122.2MMTX FY2023: $84.1MMTX FY2024: $167.1MMTX FY2025: -$18.4MFY18FY19FY20FY21FY22FY23FY24FY25
APD -$394.5MMTX -$18.4M
Net margin
APD FY2018: 16.8%APD FY2019: 19.7%APD FY2020: 21.3%APD FY2021: 20.3%APD FY2022: 17.8%APD FY2023: 18.3%APD FY2024: 31.6%APD FY2025: -3.3%MTX FY2018: 9.3%MTX FY2019: 7.4%MTX FY2020: 7.0%MTX FY2021: 8.8%MTX FY2022: 5.7%MTX FY2023: 3.9%MTX FY2024: 7.9%MTX FY2025: -0.9%FY18FY19FY20FY21FY22FY23FY24FY25
APD -3.3%MTX -0.9%
Revenue growth
APD FY2019: -0.1%APD FY2020: -0.7%APD FY2021: +16.6%APD FY2022: +23.0%APD FY2023: -0.8%APD FY2024: -4.0%APD FY2025: -0.5%MTX FY2019: -0.9%MTX FY2020: -11.0%MTX FY2021: +16.5%MTX FY2022: +14.4%MTX FY2023: +2.1%MTX FY2024: -2.4%MTX FY2025: -2.2%FY19FY20FY21FY22FY23FY24FY25
APD -0.5%MTX -2.2%
Free cash flow
APD FY2018: $978.8MAPD FY2019: $980.2MAPD FY2020: $755.7MAPD FY2021: $871MAPD FY2022: $244.1MAPD FY2023: -$1.4BAPD FY2024: -$3.2BAPD FY2025: -$3.8BMTX FY2018: $127.7MMTX FY2019: $173.3MMTX FY2020: $173.8MMTX FY2021: $146.4MMTX FY2022: $23.4MMTX FY2023: $140.1MMTX FY2024: $146.9MMTX FY2025: $86.6MFY18FY19FY20FY21FY22FY23FY24FY25
APD -$3.8BMTX $86.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Air Products & Chemicals and Minerals Technologies

Which is bigger by revenue, Air Products & Chemicals or Minerals Technologies?

Air Products & Chemicals is bigger by revenue: $12B in fiscal 2025, against $2.1B for Minerals Technologies in fiscal 2025.

Which keeps more of its revenue as profit, Air Products & Chemicals or Minerals Technologies?

Air Products & Chemicals had a net margin of -3.3% in fiscal 2025; Minerals Technologies had -0.9% in fiscal 2025.

Which grew revenue faster, Air Products & Chemicals or Minerals Technologies?

In their latest fiscal years revenue changed by -0.5% at Air Products & Chemicals and -2.2% at Minerals Technologies.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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