Air Products and Chemicals, Inc. (APD)
Air Products supplies industrial gases and is developing large-scale clean-hydrogen projects for energy and industrial customers. Long-term supply agreements provide a stable base of recurring revenue.
Materials stock comparison
APD vs IFF: which business are you actually underwriting?
Compare Air Products and Chemicals, Inc. with International Flavors & Fragrances Inc. using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Materials
- Industry
- Different SIC
- Shared themes
- 1
- Updated
- 2026-02-27
APD vs IFF: quick comparison
| Company fact | APD | IFF |
|---|---|---|
| Company | Air Products and Chemicals, Inc. | International Flavors & Fragrances Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | Allentown, Pennsylvania | — |
| Founded | 1940 | — |
| SEC industry | Industrial Inorganic Chemicals | Industrial Organic Chemicals |
| Fiscal year-end | September 30 | December 31 |
| Latest annual filing | 10-K · 2025-11-20 | 10-K · 2026-02-27 |
APD vs IFF: audited financials
APD reported about 1.1× the revenue of IFF in the latest audited fiscal year. Scale and margin are starting facts for the thesis, not the verdict.
| Metric | APD | IFF |
|---|---|---|
| Revenue | $12.0B | $10.9B |
| Net income | −$395M | — |
| Operating cash flow | — | $850M |
| Diluted EPS | −$1.77 | −$1.41 |
| Net margin | -3.3% | — |
APD: FY ending 2025-09-30 · IFF: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
How the businesses differ
Why this pair belongs in the comparison set
APD and IFF have different SEC industry classifications, but both map to the maintained International markets research theme inside the Materials sector. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
International Flavors & Fragrances Inc. (IFF)
International Flavors & Fragrances makes flavors, scents, and ingredients for food, beverage, and consumer products.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. APD is classified by the SEC as Industrial Inorganic Chemicals, while IFF is classified as Industrial Organic Chemicals. The different industry codes are a warning against treating sector membership as proof of identical economics.
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The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchWhich thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study APD when…
- Chinese industrial and construction demand
- The US dollar and commodity prices
- Energy-transition metals like copper and lithium
- Tariffs and global trade flows
Study IFF when…
- Chinese industrial and construction demand
- The US dollar and commodity prices
- Energy-transition metals like copper and lithium
- Tariffs and global trade flows
Shared research themes
International markets
SEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.APD's fiscal year ends September 30, while IFF's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 18matched transaction rows for APDand 3 for IFF. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
APD primary filings
IFF primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving APD or IFF
APD vs IFF FAQs
Are APD and IFF direct competitors?
Air Products and Chemicals, Inc. and International Flavors & Fragrances Inc. sit in the same Materials sector but have different SEC industry classifications. The comparison is most useful for portfolio role and sector exposure, not as a claim that every product competes directly.
Which is better, APD or IFF?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this APD vs IFF comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Air Products and Chemicals, Inc. and International Flavors & Fragrances Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
A comparison is the setup. The thesis is the call.
APD vs IFF shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
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