Air Products
APD · Industrial Gases
$307.15
0.3%Mosaic
MOS · Fertilizers & Agricultural Chemicals
$17.84
3.3%The short version
- Mosaic is the larger business, with $12.1B of revenue in fiscal 2025 against $12.0B for Air Products.
- Mosaic grew revenue faster (8.4%, against −0.5%).
- Mosaic kept more of each dollar of sales as operating profit (6.8% operating margin, against −7.3% operating margin).
- Mosaic turned more of its sales into free cash flow (−4.4% FCF margin, against −31.3% FCF margin).
- Mosaic earned a higher return on the capital invested in it (2.5%, against −2.2%).
| Latest fiscal year | APD · FY25 | MOS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $68.4B | $5.7B |
| Revenue | $12.0B | $12.1B |
| Free cash flow | −$3.8B | −$535M |
| Net income | −$395M | $541M |
| Growth | ||
| Revenue growth | −0.5% | 8.4% |
| 5-year growth | 6.3% | 6.8% |
| Share count change | −0.0% | −0.6% |
| Profitability | ||
| Gross margin | 31.4% | 15.8% |
| Operating margin | −7.3% | 6.8% |
| Net margin | −3.3% | 4.5% |
| FCF margin | −31.3% | −4.4% |
| Return on capital | −2.2% | 2.5% |
| Return on equity | −2.5% | 4.6% |
| Balance sheet | ||
| Net debt | $15.8B | $4.8B |
| Net debt / EBITDA | 23.1x | 2.6x |
| Dividends and buybacks | $1.6B | $280M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 3 | 8 |
FY16
APD $7.5B
MOS $7.2B
FY17
APD $8.2B
MOS $7.4B
FY18
APD $8.9B
MOS $9.6B
FY19
APD $8.9B
MOS $8.9B
FY20
APD $8.9B
MOS $8.7B
FY21
APD $10.3B
MOS $12.4B
FY22
APD $12.7B
MOS $19.1B
FY23
APD $12.6B
MOS $13.7B
FY24
APD $12.1B
MOS $11.1B
FY25
APD $12.0B
MOS $12.1B
APD
MOS
FY16
APD 20.5%
MOS 4.5%
FY17
APD 17.6%
MOS 6.3%
FY18
APD 22.0%
MOS 9.7%
FY19
APD 24.0%
MOS −12.3%
FY20
APD 25.3%
MOS 4.8%
FY21
APD 22.1%
MOS 20.0%
FY22
APD 18.4%
MOS 25.0%
FY23
APD 19.8%
MOS 9.8%
FY24
APD 36.9%
MOS 5.6%
FY25
APD −7.3%
MOS 6.8%
APD
MOS
FY16
APD $1.4B
MOS $417M
FY17
APD $1.5B
MOS $115M
FY18
APD $979M
MOS $455M
FY19
APD $980M
MOS −$177M
FY20
APD $756M
MOS $412M
FY21
APD $871M
MOS $898M
FY22
APD $244M
MOS $2.7B
FY23
APD −$1.4B
MOS $1.0B
FY24
APD −$3.2B
MOS $47.4M
FY25
APD −$3.8B
MOS −$535M
APD
MOS
FY16
APD 8.8%
MOS 2.6%
FY17
APD 10.4%
MOS 1.8%
FY18
APD 12.9%
MOS 5.9%
FY19
APD 13.9%
MOS −6.2%
FY20
APD 13.7%
MOS 3.0%
FY21
APD 12.4%
MOS 12.9%
FY22
APD 11.3%
MOS 24.0%
FY23
APD 9.6%
MOS 7.5%
FY24
APD 13.3%
MOS 2.0%
FY25
APD −2.2%
MOS 2.5%
APD
MOS
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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.