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

Air Products & Chemicals brought in $12B of revenue in fiscal 2025, Vale $38.4B in fiscal 2025. Revenue changed by -0.5% at Air Products & Chemicals and +0.9% at Vale on the year before, so Vale grew faster. Air Products & Chemicals kept -3.3% of its revenue as net profit, Vale 6.1%.

Side by side, latest fiscal year

APDVALE
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$12B$38.4B
Revenue growth-0.5%+0.9%
Net income-$394.5M$2.4B
Net margin-3.3%6.1%
Free cash flow-$3.8Bn/a
Free cash flow margin-31.3%n/a
Earnings per share (diluted)-$1.77n/a
Cash$1.9B$7.4B
Debt$17.7Bn/a
Price to earningsn/an/a
Market value$62.7B$58.1B
Dividend yield2.53%n/a
Rank by revenue in sector#7 of 71 · Basic materials#1 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: $12BVALE FY2018: $36.6BVALE FY2019: $36.5BVALE FY2020: $39.5BVALE FY2021: $54.5BVALE FY2022: $43.8BVALE FY2023: $41.8BVALE FY2024: $38.1BVALE FY2025: $38.4BFY18FY19FY20FY21FY22FY23FY24FY25
APD $12BVALE $38.4B
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: -$394.5MVALE FY2018: $6.9BVALE FY2019: -$1.7BVALE FY2020: $4.9BVALE FY2021: $22.4BVALE FY2022: $18.8BVALE FY2023: $8BVALE FY2024: $6.2BVALE FY2025: $2.4BFY18FY19FY20FY21FY22FY23FY24FY25
APD -$394.5MVALE $2.4B
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%VALE FY2018: 18.8%VALE FY2019: -4.6%VALE FY2020: 12.3%VALE FY2021: 41.2%VALE FY2022: 42.9%VALE FY2023: 19.1%VALE FY2024: 16.2%VALE FY2025: 6.1%FY18FY19FY20FY21FY22FY23FY24FY25
APD -3.3%VALE 6.1%
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%VALE FY2019: -0.1%VALE FY2020: +8.2%VALE FY2021: +37.8%VALE FY2022: -19.6%VALE FY2023: -4.7%VALE FY2024: -8.9%VALE FY2025: +0.9%FY19FY20FY21FY22FY23FY24FY25
APD -0.5%VALE +0.9%
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: -$3.8BFY18FY19FY20FY21FY22FY23FY24FY25
APD -$3.8BVALE

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

Questions about Air Products & Chemicals and Vale

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

Vale is bigger by revenue: $38.4B in fiscal 2025, against $12B for Air Products & Chemicals in fiscal 2025.

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

Air Products & Chemicals had a net margin of -3.3% in fiscal 2025; Vale had 6.1% in fiscal 2025.

Which grew revenue faster, Air Products & Chemicals or Vale?

In their latest fiscal years revenue changed by -0.5% at Air Products & Chemicals and +0.9% at Vale.

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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