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.
APD vs IFF: how the two businesses compare
- Bigger business: APD, with $12.0B of yearly revenue, about 1.1× IFF's $10.9B.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Air Products and Chemicals (APD) is the larger business by reported revenue: $12.0B in its fiscal year ended Sep 2025, about 1.1× IFF's $10.9B (fiscal year ended Dec 2025). The SEC places them in related industries (Industrial Inorganic Chemicals; Industrial Organic Chemicals), and both map to the International markets research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Materials
- Different
- Separate classifications
- Different
- APD September 30 · IFF December 31
- Feb 27, 2026
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
- Scale: APD's $12.0B of revenue is about 1.1× IFF's $10.9B.
- Periods: the fiscal years end about 3 months apart (2025-09-30 for APD, 2025-12-31 for IFF), so each figure reflects somewhat different demand and cost conditions.
| Metric | APD | IFF |
|---|---|---|
| Revenue | $12.0B2024-10-01 to 2025-09-30 · SEC filing | $10.9B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | −$395M2024-10-01 to 2025-09-30 · SEC filing | — |
| Operating cash flow | — | $850M2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | −$1.772024-10-01 to 2025-09-30 · SEC filing | −$1.412025-01-01 to 2025-12-31 · SEC filing |
| Net margin | -3.3%2024-10-01 to 2025-09-30 · SEC filing | — |
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.
Where APD and IFF overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 28.
- Shared research theme: International markets.
Differences
- Different four-digit SIC codes: APD is 2810 (Industrial Inorganic Chemicals); IFF is 2860 (Industrial Organic Chemicals).
- Offset fiscal calendars: APD's year ends September 30 and IFF's December 31, about 3 months apart.
- APD reported a net loss of $395M in its fiscal year ended Sep 2025.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
International Flavors & Fragrances Inc. (IFF)
International Flavors & Fragrances makes flavors, scents, and ingredients for food, beverage, and consumer products.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves APD
We have not yet published a company-specific driver list for APD. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-20.
What moves IFF
We have not yet published a company-specific driver list for IFF. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-27.
The investment question
You now know APD reports about 1.1× IFF's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC 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 18 matched transaction rows for APD and 3 matched transaction rows 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?
Not necessarily. Air Products and Chemicals files as Industrial Inorganic Chemicals and International Flavors & Fragrances as Industrial Organic Chemicals. The pair is compared because both map to the International markets research theme, not because the filings show head-to-head competition.
Is APD or IFF the bigger company by revenue?
Air Products and Chemicals (APD) is the larger business by reported revenue: $12.0B in its fiscal year ended Sep 2025, about 1.1× IFF's $10.9B (fiscal year ended Dec 2025). The SEC places them in related industries (Industrial Inorganic Chemicals; Industrial Organic Chemicals), and both map to the International markets research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
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 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
APD vs IFF compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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