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 LIN: how the two businesses compare
- Bigger business: LIN, with $34.0B of yearly revenue, about 2.8× APD's $12.0B.
- More profitable: LIN keeps 20 cents of each sales dollar as profit; APD lost money over the year.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Linde (LIN) is the larger business by reported revenue: $34.0B in its fiscal year ended Dec 2025, about 2.8× APD's $12.0B (fiscal year ended Sep 2025). APD's net margin was -3.3% and LIN's 20.3%. Both file with the SEC under the same industry code, SIC 2810 (Industrial Inorganic Chemicals).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Materials
- Industrial Inorganic Chemicals
- Same classification
- Different
- APD September 30 · LIN December 31
- Feb 25, 2026
APD vs LIN: quick comparison
| Company fact | APD | LIN |
|---|---|---|
| Company | Air Products and Chemicals, Inc. | Linde plc |
| Exchange | NYSE | NASDAQ |
| Headquarters | Allentown, Pennsylvania | Woking, United Kingdom |
| Founded | 1940 | 1879 |
| SEC industry | Industrial Inorganic Chemicals | Industrial Inorganic Chemicals |
| Fiscal year-end | September 30 | December 31 |
| Latest annual filing | 10-K · 2025-11-20 | 10-K · 2026-02-25 |
APD vs LIN: audited financials
- Scale: LIN's $34.0B of revenue is about 2.8× APD's $12.0B.
- Net margin: LIN kept 20.3% of revenue as net income versus -3.3% at APD.
- Periods: the fiscal years end about 3 months apart (2025-09-30 for APD, 2025-12-31 for LIN), so each figure reflects somewhat different demand and cost conditions.
| Metric | APD | LIN |
|---|---|---|
| Revenue | $12.0B2024-10-01 to 2025-09-30 · SEC filing | $34.0B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | −$395M2024-10-01 to 2025-09-30 · SEC filing | $6.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | — | $10.3B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | −$1.772024-10-01 to 2025-09-30 · SEC filing | $14.612025-01-01 to 2025-12-31 · SEC filing |
| Net margin | -3.3%2024-10-01 to 2025-09-30 · SEC filing | 20.3%2025-01-01 to 2025-12-31 · SEC filing |
APD: FY ending 2025-09-30 · LIN: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where APD and LIN overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 2810, Industrial Inorganic Chemicals.
- Shared research theme: International markets.
Differences
- Offset fiscal calendars: APD's year ends September 30 and LIN's December 31, about 3 months apart.
- Scale: LIN reported about 2.8× the annual revenue of APD.
- Profitability: net margin of -3.3% for APD versus 20.3% for LIN.
- 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.
Linde plc (LIN)
Linde is the world's largest industrial-gases company, supplying oxygen, nitrogen, and hydrogen to healthcare, manufacturing, and energy customers. Long-term supply contracts give it unusually stable revenue for the sector.
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 LIN
We have not yet published a company-specific driver list for LIN. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
The investment question
You now know LIN reports about 2.8× APD's revenue, and LIN keeps more of each dollar as net income. 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 LIN'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 22 matched transaction rows for LIN. 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
LIN 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 LIN
APD vs LIN FAQs
Are APD and LIN direct competitors?
Air Products and Chemicals and Linde share the SEC industry classification “Industrial Inorganic Chemicals.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is APD or LIN the bigger company by revenue?
Linde (LIN) is the larger business by reported revenue: $34.0B in its fiscal year ended Dec 2025, about 2.8× APD's $12.0B (fiscal year ended Sep 2025). APD's net margin was -3.3% and LIN's 20.3%. Both file with the SEC under the same industry code, SIC 2810 (Industrial Inorganic Chemicals). 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 LIN?
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 LIN 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 Linde plc 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 LIN 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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