Air Products and Chemicals, Inc.

APD Basic Materials Specialty Chemicals

Air Products and Chemicals, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $12.0 billion, down 0.52% from fiscal 2024. In the quarter to June 2026, revenue grew 4.58%, EPS fell 302.2%, free cash flow grew 180.1% and total debt rose 2.23%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years.

299.59 2.99 +1.01%
Market cap
$66.1B
P/E
0.0×
Fwd P/E
21.5×
Dividend yield
2.41%
F-score
2/9
Altman Z
2.41
Beneish M
−2.87
Dividend safety
20/100

Insider Decisions trades per month

Total sells 20.77
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 1 — — 1 — — — — —
Insider Ownership 0.10%

Capital & Financial Ratios $m

Market Cap 66,050.00
Revenue 12,602.20
Net Income (47.30)
Free Cash Flow (108.20)
Net Debt 16,560.30
Current Ratio 1.08
Debt/Equity 1.06
P/E ratio 0.00
Fwd P/E 21.50
P/S ratio 5.30
P/B ratio 4.02
Past 5Y EPS Growth —
This Y EPS Growth 11.83%
Next Y EPS Growth 7.46%
Next Y revenue growth (26.41%) (below 0%: weak)
Next 5Y EPS Growth 9.18%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 66.53%
10-year low 10-year high
P/B against its own 10 years 57.13%
10-year low 10-year high
EV/Sales against its own 10 years 83.16%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 7.22
Annual Dividend Yield 2.41%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 5.02
1.79
1.81
1.81
1.81
2025 4.73
1.77
1.79
1.79
1.79
2024 5.31
1.77
1.77
1.77
2023 7.00
1.75
1.75
1.75
1.75
2022 6.48
1.62
1.62
1.62
1.62
2021 6.00
1.50
1.50
1.50
1.50
2020 5.36
1.34
1.34
1.34
1.34
2019 4.64
1.16
1.16
1.16
1.16
2018 4.40
1.10
1.10
1.10
1.10
2017 3.80
0.95
0.95
0.95
0.95
2016 3.31
0.80
0.80
0.86
0.86
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,949 2,985 1,856 981
Receivables 2,423 2,432 2,591 2,601
Inventory 652 766 777 752
Other 274 — 428 476
5,201 6,363 5,826 4,964
2023 2024 2025 Q'26
Payables 2,890 2,926 3,238 3,530
ST’ Debt 615 611 716 770
Other 1,583 — 51 52
3,896 4,180 4,219 4,575

Compound Annual Growth %

10y 5y 3y
Sales 4.40% 6.33% (1.77%)
Cash Flow 4.75% (0.05%) 0.90%
Earnings 0.00% 0.00% 0.00%
Book Value 8.92% 6.87% 8.18%

Revenue $m

Dec Mar Jun Sep Year
’26 3,103 3,172 3,161 — —
’25 2,932 2,916 3,023 3,167 12,037
’24 2,997 2,930 2,986 3,188 12,101
’23 3,175 3,200 3,034 3,191 12,600
’22 2,994 2,945 3,189 3,570 12,699
’21 2,375 2,502 2,605 2,841 10,323
’20 2,255 2,216 2,065 2,320 8,856
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 901 1,104 1,305 — —
’25 812 328 856 1,261 3,257
’24 627 802 1,261 957 3,647
’23 719 639 845 1,002 3,206
’22 785 520 908 957 3,171
’21 775 806 929 826 3,335
’20 667 572 775 1,252 3,265
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (350) 45 393 — —
’25 (1,306) (1,527) (491) (196) (3,520)
’24 (815) (852) (339) 734 (1,271)
’23 (111) (365) (471) (448) (1,395)
’22 123 (226) 210 183 290
’21 113 254 324 217 909
’20 235 141 (334) 794 836
Fiscal quarters ending in the months shown.

EPS $

Dec Mar Jun Sep Year
’26 3.04 3.19 (6.47) — —
’25 2.77 (7.77) 3.20 0.02 (1.77)
’24 2.73 2.57 3.13 8.75 17.18
’23 2.57 1.97 2.67 3.11 10.33
’22 2.52 2.38 2.62 2.62 10.14
’21 2.17 2.13 2.40 2.74 9.43
’20 2.14 2.15 2.01 2.19 8.49
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 106.05 133.63 148.44 153.63 167.43 245.75 216.24 251.63 212.24 229.11

Analyst estimates 2026–2028

Powerpack
High 150.45 164.78 175.17 241.90 327.89 316.39 328.56 320.90 337.00 341.14
People
People Employees 18,600 15,300 16,300 17,700 19,275 20,875 21,900 23,000 23,000 21,300
Revenue/emp, $m 0.40 0.54 0.55 0.50 0.46 0.49 0.58 0.55 0.53 0.57
Income, $m
Income, $m Revenue 7,504 8,188 8,930 8,919 8,856 10,323 12,699 12,600 12,101 12,037
Gross margin, % 31.00 29.75 30.69 33.00 33.85 30.39 26.46 29.90 32.49 31.41
EBT 1,555 1,416 2,015 2,290 2,424 2,507 2,755 2,882 4,821 (441)
EBT margin, % 20.72 17.30 22.56 25.67 27.37 24.29 21.69 22.88 39.84 (3.66)
Net income 631 3,000 1,498 1,760 1,887 2,099 2,256 2,300 3,828 (394)
Depreciation 855 866 971 1,083 1,185 1,321 1,338 1,358 1,451 1,564
Per share, $
Per share, $ Revenue 34.68 37.56 40.72 40.49 40.04 46.58 57.20 56.68 54.38 54.05
Earnings 2.92 13.76 6.83 7.99 8.53 9.47 10.16 10.35 17.21 (1.77)
Cash flow 10.44 11.60 11.62 13.48 14.76 15.05 14.28 14.42 16.39 14.62
Capex (3.99) (4.57) (6.93) (8.98) (10.98) (10.95) (12.97) (20.70) (22.10) (30.43)
Free cash flow 6.45 7.02 4.69 4.50 3.78 4.10 1.31 (6.28) (5.71) (15.81)
Book value 33.33 46.72 50.96 51.69 56.25 63.57 61.72 70.45 83.93 77.91
Shares, m 216 218 219 220 221 222 222 222 223 223
Valuation, ×
Valuation, × P/E 47.96 11.05 24.81 27.80 34.92 27.04 22.88 26.96 17.31 0.00
P/S 4.01 4.05 4.16 5.48 7.44 5.50 4.07 4.92 5.47 5.05
P/B 4.17 3.26 3.32 4.29 5.30 4.03 3.77 3.96 3.55 3.50
EV/Sales 4.41 4.07 4.25 5.58 7.61 5.68 4.41 5.57 6.40 6.36
EV/FCF 23.70 21.76 36.92 50.17 80.66 64.49 192.90 (50.27) (60.89) (21.74)
Cash, $m
Cash, $m Operating cash flow 2,259 2,528 2,547 2,970 3,265 3,335 3,171 3,206 3,647 3,257
Capex (863) (997) (1,520) (1,979) (2,429) (2,427) (2,880) (4,601) (4,918) (6,777)
Free cash flow 1,396 1,531 1,028 991 836 909 290 (1,395) (1,271) (3,520)
Balance, $m
Balance, $m Working capital 1,034 3,388 2,744 2,797 6,268 5,577 2,817 1,305 2,183 1,607
Total debt 4,275 3,819 3,758 3,268 7,900 7,635 7,634 10,046 14,144 17,664
Net debt 2,982 141 782 853 1,542 1,834 4,332 8,097 11,160 15,808
Shareholders’ equity 7,213 10,186 11,176 11,388 12,443 14,088 13,702 15,660 18,674 17,350
Returns, %
Returns, % ROA 3.57 16.44 7.96 9.23 8.55 8.07 8.35 7.77 10.70 (0.98)
ROIC 9.41 8.72 10.27 10.95 10.00 8.96 8.11 6.56 9.36 (1.65)
ROE 8.65 34.49 14.02 15.60 15.83 15.82 16.24 15.67 22.30 (2.19)
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Air Products and Chemicals, Inc. vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LIN Linde PLC $227.4B 32.0× 30.9× +9.35% (above 0%: growing) +11.20% (above 0%: growing) −12.68% (below 0%: shrinking) 47.67% 27.49% Compare
SHW The Sherwin-Williams Company $81.8B 30.6× 28.0× +7.52% (above 0%: growing) +13.82% (above 0%: growing) +33.68% (above 0%: growing) 49.17% 18.13% Compare
ECL Ecolab Inc. $81.5B 38.3× 32.3× +9.69% (above 0%: growing) +3.24% (above 0%: growing) −2.91% (below 0%: shrinking) 44.07% 17.16% Compare
APD Air Products and Chemicals, Inc. $66.1B — (loss-making) 21.5× +4.58% (above 0%: growing) n/m +180.09% (above 0%: growing) 32.77% (66.34%)
PPG PPG Industries, Inc. $24.0B 15.3× 15.5× +7.15% (above 0%: growing) −1.01% (below 0%: shrinking) +67.67% (above 0%: growing) 40.22% 14.15% Compare
IFF International Flavors & Fragrances Inc. $23.0B 83.2× 29.3× +1.82% (above 0%: growing) −91.63% (below 0%: shrinking) +94.52% (above 0%: growing) 43.65% 8.09% Compare
LYB LyondellBasell Industries N.V. $20.2B — (loss-making) 6.4× +19.84% (above 0%: growing) +388.57% (above 0%: growing) +356.38% (above 0%: growing) 22.21% 16.81% Compare
DD DuPont de Nemours, Inc. $17.8B 290× 26.5× +4.00% (above 0%: growing) +150.00% (above 0%: growing) +1,250.00% (above 0%: growing) 35.13% 16.38% Compare
RPM RPM International Inc. $12.8B 18.4× 18.3× +4.82% (above 0%: growing) +13.75% (above 0%: growing) +33.14% (above 0%: growing) 41.25% 15.99% Compare
Median of peers $23.5B 32.0× 27.3× +7.34% +12.48% +50.68% 42.45% 16.60%

All 60 Specialty Chemicals stocks →

APD metrics, ten years each

Air Products and Chemicals, Inc. (APD) key facts

  • Concern: Air Products and Chemicals, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $12.0 billion, down 0.52% from fiscal 2024.
  • Concern: Air Products and Chemicals, Inc. reported a net loss of $394.5 million, or a loss of $1.77 per share, for fiscal 2025.
  • Air Products and Chemicals, Inc. (APD) is a Specialty Chemicals company in the Basic Materials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, APD traded at $299.59, a market capitalization of $66.1 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 5.3× sales.
  • Air Products and Chemicals, Inc. pays an annual dividend of $7.22 per share, a yield of 2.41%.
  • Return on equity was −2.19% and debt-to-equity 1.06.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 2.41 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Air Products and Chemicals, Inc. (APD) Latest News

31 Jul

stockrow.com/APD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com