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

Air Products & Chemicals brought in $12B of revenue in fiscal 2025, Valhi $2.1B in fiscal 2025. Revenue changed by -0.5% at Air Products & Chemicals and -1.3% at Valhi on the year before, so Air Products & Chemicals grew faster. Air Products & Chemicals kept -3.3% of its revenue as net profit, Valhi -2.8%. Free cash flow was -$3.8B at Air Products & Chemicals and -$82.1M at Valhi.

Side by side, latest fiscal year

APDVHI
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$12B$2.1B
Revenue growth-0.5%-1.3%
Net income-$394.5M-$57.6M
Net margin-3.3%-2.8%
Free cash flow-$3.8B-$82.1M
Free cash flow margin-31.3%-4.0%
Earnings per share (diluted)-$1.77-$2.02
Cash$1.9B$214M
Debt$17.7B$591.7M
Price to earningsn/an/a
Market value$62.7B$452.9M
Dividend yield2.53%2.00%
Rank by revenue in sector#7 of 71 · Basic materials#22 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: $12BVHI FY2018: $1.8BVHI FY2019: $1.9BVHI FY2020: $1.8BVHI FY2021: $2.3BVHI FY2022: $2.2BVHI FY2023: $1.9BVHI FY2024: $2.1BVHI FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
APD $12BVHI $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: -$394.5MVHI FY2018: $262.2MVHI FY2019: $49.2MVHI FY2020: $55.2MVHI FY2021: $127.2MVHI FY2022: $87.2MVHI FY2023: -$9.9MVHI FY2024: $108MVHI FY2025: -$57.6MFY18FY19FY20FY21FY22FY23FY24FY25
APD -$394.5MVHI -$57.6M
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%VHI FY2018: 14.4%VHI FY2019: 2.6%VHI FY2020: 3.0%VHI FY2021: 5.5%VHI FY2022: 3.9%VHI FY2023: -0.5%VHI FY2024: 5.1%VHI FY2025: -2.8%FY18FY19FY20FY21FY22FY23FY24FY25
APD -3.3%VHI -2.8%
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%VHI FY2019: +4.3%VHI FY2020: -2.5%VHI FY2021: +24.1%VHI FY2022: -3.2%VHI FY2023: -13.5%VHI FY2024: +9.5%VHI FY2025: -1.3%FY19FY20FY21FY22FY23FY24FY25
APD -0.5%VHI -1.3%
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: -$3.8BVHI FY2018: $104.1MVHI FY2019: $117.3MVHI FY2020: $86.7MVHI FY2021: $395.6MVHI FY2022: -$32.7MVHI FY2023: -$44.6MVHI FY2024: $13.1MVHI FY2025: -$82.1MFY18FY19FY20FY21FY22FY23FY24FY25
APD -$3.8BVHI -$82.1M

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

Questions about Air Products & Chemicals and Valhi

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

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

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

Air Products & Chemicals had a net margin of -3.3% in fiscal 2025; Valhi had -2.8% in fiscal 2025.

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

In their latest fiscal years revenue changed by -0.5% at Air Products & Chemicals and -1.3% at Valhi.

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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