Alcoa
AA · Aluminum
$37.91
2.0%Air Products
APD · Industrial Gases
$307.15
0.3%The short version
- Alcoa is the larger business, with $12.8B of revenue in fiscal 2025 against $12.0B for Air Products.
- Alcoa grew revenue faster (7.9%, against −0.5%).
- Alcoa turned more of its sales into free cash flow (4.4% FCF margin, against −31.3% FCF margin).
- Alcoa earned a higher return on the capital invested in it (18.0%, against −2.2%).
| Latest fiscal year | AA · FY25 | APD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.1B | $68.4B |
| Revenue | $12.8B | $12.0B |
| Free cash flow | $567M | −$3.8B |
| Net income | $1.2B | −$395M |
| Growth | ||
| Revenue growth | 7.9% | −0.5% |
| 5-year growth | 6.7% | 6.3% |
| Share count change | 22.0% | −0.0% |
| Profitability | ||
| Gross margin | — | 31.4% |
| Operating margin | — | −7.3% |
| Net margin | 9.0% | −3.3% |
| FCF margin | 4.4% | −31.3% |
| Return on capital | 18.0% | −2.2% |
| Return on equity | 20.5% | −2.5% |
| Balance sheet | ||
| Net debt | $851M | $15.8B |
| Net debt / EBITDA | 0.5x | 23.1x |
| Dividends and buybacks | $104M | $1.6B |
| Valuation & quality | ||
| P/E | 7.9x | — |
| Piotroski F-score | 6 | 3 |
FY16
AA $9.3B
APD $7.5B
FY17
AA $11.7B
APD $8.2B
FY18
AA $13.4B
APD $8.9B
FY19
AA $10.4B
APD $8.9B
FY20
AA $9.3B
APD $8.9B
FY21
AA $12.2B
APD $10.3B
FY22
AA $12.5B
APD $12.7B
FY23
AA $10.6B
APD $12.6B
FY24
AA $11.9B
APD $12.1B
FY25
AA $12.8B
APD $12.0B
AA
APD
FY16
AA —
APD 20.5%
FY17
AA —
APD 17.6%
FY18
AA —
APD 22.0%
FY19
AA —
APD 24.0%
FY20
AA —
APD 25.3%
FY21
AA —
APD 22.1%
FY22
AA —
APD 18.4%
FY23
AA —
APD 19.8%
FY24
AA —
APD 36.9%
FY25
AA —
APD −7.3%
AA
APD
FY16
AA −$715M
APD $1.4B
FY17
AA $819M
APD $1.5B
FY18
AA $49.0M
APD $979M
FY19
AA $307M
APD $980M
FY20
AA $41.0M
APD $756M
FY21
AA $530M
APD $871M
FY22
AA $342M
APD $244M
FY23
AA −$440M
APD −$1.4B
FY24
AA $42.0M
APD −$3.2B
FY25
AA $567M
APD −$3.8B
AA
APD
FY16
AA 0.7%
APD 8.8%
FY17
AA 8.6%
APD 10.4%
FY18
AA 12.6%
APD 12.9%
FY19
AA −3.3%
APD 13.9%
FY20
AA 2.5%
APD 13.7%
FY21
AA 11.4%
APD 12.4%
FY22
AA 6.1%
APD 11.3%
FY23
AA −5.5%
APD 9.6%
FY24
AA 3.3%
APD 13.3%
FY25
AA 18.0%
APD −2.2%
AA
APD
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.