AIR PRODUCTS AND CHEMICALS, INC. vs Element Solutions Inc, two Chemicals stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Air Products runs industrial gases, a steady oligopoly business, and the numbers show the trade-off of its heavy build-out: a 16.91% net margin and 11.61% return on equity, but free cash is deeply negative at -4.06% because project capex is large right now. The market pays 29.38 times earnings and 3.41 times book. Element Solutions, in electronics chemistry and surface finishes, is smaller and pricier at 73.68 times earnings, with a thinner 5.32% net margin and 5.41% return on equity. Its free cash is also slightly negative at -1.28%. Air Products yields 2.57% in dividends against Element's 0.7%. Both spend ahead of returns, one on plants, one on a growth premium.
Comparison updated 2026-07-11.
| Metric | APD | ESI |
|---|---|---|
| Price | $299.48 | $39.83 |
| Market cap | $66.8B | $9.7B |
| Sector | Chemicals | Chemicals |
| Stage | Mature | Growth |
| Implied growth (priced in) | +24.4% | — |
| P/E | 31.7 | 64.2 |
| P/B | 3.68 | 3.53 |
| P/S | 5.36 | 3.47 |
| EV/EBITDA | 24.8 | 21.8 |
| Revenue growth | +3.8% | +13.4% |
| Gross margin | — | 38.4% |
| Operating margin | 23.7% | 13.3% |
| Net margin | 16.9% | 5.3% |
| Return on equity | 11.6% | 5.4% |
| Return on assets | 5.1% | 2.6% |
| Return on invested capital | 10.2% | 5.3% |
| FCF yield | -3.8% | -1.5% |
| Dividend yield | 2.4% | 0.8% |
| Debt / equity | 0.02 | 0.75 |
| Current ratio | 1.43 | 2.68 |
| Altman Z (solvency) | 2.72 | 2.48 |
| Piotroski F (quality) | 8 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.