Air Products vs Crown
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The short version
- Crown is the larger business, with $12.4B of revenue in fiscal 2025 against $12.0B for Air Products.
- Crown grew revenue faster (4.8%, against −0.5%).
- Crown kept more of each dollar of sales as operating profit (12.6% operating margin, against −7.3%).
- Crown turned more of its sales into free cash flow (9.0% FCF margin, against −31.3%).
- Crown earned a higher return on the capital invested in it (13.7%, against −2.2%).
| Latest fiscal year | APD · FY25 | CCK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $68.4B | $12.9B |
| Revenue | $12.0B | $12.4B |
| Free cash flow | −$3.8B | $1.1B |
| Net income | −$395M | $738M |
| Growth | ||
| Revenue growth | −0.5% | 4.8% |
| 5-year growth | 6.3% | 5.7% |
| Share count change | −0.0% | −3.1% |
| Profitability | ||
| Gross margin | 31.4% | — |
| Operating margin | −7.3% | 12.6% |
| Net margin | −3.3% | 6.0% |
| FCF margin | −31.3% | 9.0% |
| Return on capital | −2.2% | 13.7% |
| Return on equity | −2.5% | 25.7% |
| Balance sheet | ||
| Net debt | $15.8B | $5.2B |
| Net debt / EBITDA | 23.1x | 2.6x |
| Dividends and buybacks | $1.6B | $625M |
| Valuation & quality | ||
| P/E | — | 16.9x |
| Piotroski F-score | 3 | 7 |
Revenue
FY16
APD $7.5B
CCK $8.3B
FY17
APD $8.2B
CCK $8.7B
FY18
APD $8.9B
CCK $11.2B
FY19
APD $8.9B
CCK $11.7B
FY20
APD $8.9B
CCK $9.4B
FY21
APD $10.3B
CCK $11.4B
FY22
APD $12.7B
CCK $12.9B
FY23
APD $12.6B
CCK $12.0B
FY24
APD $12.1B
CCK $11.8B
FY25
APD $12.0B
CCK $12.4B
APD
CCK
Operating margin
FY16
APD 20.5%
CCK 12.0%
FY17
APD 17.6%
CCK 11.8%
FY18
APD 22.0%
CCK 9.8%
FY19
APD 24.0%
CCK 8.8%
FY20
APD 25.3%
CCK 11.2%
FY21
APD 22.1%
CCK 12.0%
FY22
APD 18.4%
CCK 10.3%
FY23
APD 19.8%
CCK 10.6%
FY24
APD 36.9%
CCK 12.0%
FY25
APD −7.3%
CCK 12.6%
APD
CCK
Free cash flow
FY16
APD $1.4B
CCK −$607M
FY17
APD $1.5B
CCK −$749M
FY18
APD $979M
CCK $109M
FY19
APD $980M
CCK $772M
FY20
APD $756M
CCK $761M
FY21
APD $871M
CCK $89.0M
FY22
APD $244M
CCK −$36.0M
FY23
APD −$1.4B
CCK $660M
FY24
APD −$3.2B
CCK $789M
FY25
APD −$3.8B
CCK $1.1B
APD
CCK
Return on capital
FY16
APD 8.8%
CCK 14.8%
FY17
APD 10.4%
CCK 9.7%
FY18
APD 12.9%
CCK 10.2%
FY19
APD 13.9%
CCK 8.6%
FY20
APD 13.7%
CCK 8.0%
FY21
APD 12.4%
CCK 12.2%
FY22
APD 11.3%
CCK 12.3%
FY23
APD 9.6%
CCK 10.3%
FY24
APD 13.3%
CCK 12.2%
FY25
APD −2.2%
CCK 13.7%
APD
CCK
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.