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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.

Revenue
+4.58%
EPS
−302.2%
Free cash flow
+180.1%
Total debt
+2.23%

Quarter to June 2026, against a year earlier

311.20 7.67 −2.41%
Market cap
$68.9B
P/E
0.0×
Fwd P/E
93.9×
Dividend yield
2.32%
F-score
2/9
Altman Z
2.41
Beneish M
−2.87
Dividend safety
20/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Americas
  • Asia
  • Europe
  • Corporate and other
  • Middle East and India

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 20.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — 1 — — — — — —
Insider Ownership 0.10%

Capital & Financial Ratios $m

Size
Market Cap 68,920.00
Revenue ttm 12,602.20
Net income ttm (47.30)
Free cash flow ttm (108.20)
Net debt Q 16,560.30
Valuation
P/E 0.00
Forward P/E 93.90 (above 35: high)
Price / sales 5.50
Forward P/S Powerpack
Price / FCF 0.00
Price / book 4.18
Financial health
Current ratio Q 1.08
Debt / equity Q 1.06
Interest coverage Q (42.45)
Growth
Revenue growth Q +4.58% (above 0%: growing)
Operating income growth Q −365.25% (below 0%: shrinking)
EPS, this year +7.23%
EPS, next year A +8.05%
Revenue, next year A −25.31% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +9.26%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.8×, against a ten-year median of 5.6×; over the ten years it ranged from 3.9× in 2017 to 7.6× in 2020.
P/S against its own 10 years 74.88%
10-year low 10-year high
P/B against its own 10 years 67.18%
10-year low 10-year high
EV/Sales against its own 10 years 89.92%
10-year low 10-year high

Dividends

Yield
2.32%
Annual rate
7.22
Payout ratio
—
Growth, 2017–25
+8.20%/yr
  1. 3.80 ’17
  2. 4.40 ’18 +16
  3. 4.64 ’19 +5
  4. 5.36 ’20 +16
  5. 6.00 ’21 +12
  6. 6.48 ’22 +8
  7. 7.00 ’23 +8
  8. 5.31 ’24 −24
  9. 7.14 ’25 +34
  10. 5.09 ’26e −29
paid forecast change on the year, % Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.36 Actual 3.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.41 3.39 Miss by 0.02
Q1 FY26 3.04 3.16 Beat by 0.12
Q2 FY26 3.05 3.20 Beat by 0.15
Q3 FY26 3.36 3.47 Beat by 0.11
Q4 FY26 3.60 — Reports 5 November 2026

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.

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.

Valuation

The price implies free cash flow after share-based pay growing 23.6% a year for ten years.

Implied
23.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 12,602 +5.4% 8,991 9,503 10,135 (5.6%)
Gross margin, % 31.00 29.75 30.69 33.00 33.85 30.39 26.46 29.90 32.49 31.41 32.06 +0.4 pt
EBT 1,555 1,416 2,015 2,290 2,424 2,507 2,755 2,882 4,821 (441) (82) n/m
EBT margin, % 20.72 17.30 22.56 25.67 27.37 24.29 21.69 22.88 39.84 (3.66) (0.65) (24.4) pt
Net income 631 3,000 1,498 1,760 1,887 2,099 2,256 2,300 3,828 (394) (47) n/m
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 56.56 +5.1%
Earnings 2.92 13.76 6.83 7.99 8.53 9.47 10.16 10.35 17.21 (1.77) (0.22) n/m
Cash flow 10.44 11.60 11.62 13.48 14.76 15.05 14.28 14.42 16.39 14.62 20.52 +3.8%
Capex (3.99) (4.57) (6.93) (8.98) (10.98) (10.95) (12.97) (20.70) (22.10) (30.43) (21.00) +25.3%
Free cash flow 6.45 7.02 4.69 4.50 3.78 4.10 1.31 (6.28) (5.71) (15.81) (0.49) n/m
Book value 33.33 46.72 50.96 51.69 56.25 63.57 61.72 70.45 83.93 77.91 74.49 +9.9%
Shares, m 216 218 219 220 221 222 222 222 223 223 223 +0.3%
Valuation, ×
Valuation, × P/E 47.96 11.05 24.81 27.80 34.92 27.04 22.88 26.96 17.31 0.00 0.00 24.1
P/S 4.01 4.05 4.16 5.48 7.44 5.50 4.07 4.92 5.47 5.05 5.50 5.0
P/B 4.17 3.26 3.32 4.29 5.30 4.03 3.77 3.96 3.55 3.50 4.18 3.9
EV/Sales 4.41 4.07 4.25 5.58 7.61 5.68 4.41 5.57 6.40 6.36 6.82 5.4
EV/FCF 23.70 21.76 36.92 50.17 80.66 64.49 192.90 (50.27) (60.89) (21.74) (793.86) 33.8
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 4,571 +4.1%
Capex (863) (997) (1,520) (1,979) (2,429) (2,427) (2,880) (4,601) (4,918) (6,777) (4,679) +25.7%
Free cash flow 1,396 1,531 1,028 991 836 909 290 (1,395) (1,271) (3,520) (108) n/m
Balance, $m
Balance, $m Working capital 1,034 3,388 2,744 2,797 6,268 5,577 2,817 1,305 2,183 1,607 388 +5.0%
Net debt 2,982 141 782 853 1,542 1,834 4,332 8,097 11,160 15,808 16,560 +20.4%
Shareholders’ equity 7,213 10,186 11,176 11,388 12,443 14,088 13,702 15,660 18,674 17,350 16,596 +10.2%
Returns, %
Returns, % ROA 3.57 16.44 7.96 9.23 8.55 8.07 8.35 7.77 10.70 (0.98) (0.12) (4.5) pt
ROIC 9.41 8.72 10.27 10.95 10.00 8.96 8.11 6.56 9.36 (1.65) (1.12) (11.1) pt
ROE 8.65 34.49 14.02 15.60 15.83 15.82 16.24 15.67 22.30 (2.19) (0.28) (10.8) pt
People
People Employees 18,600 15,300 16,300 17,700 19,275 20,875 21,900 23,000 23,000 21,300 — +1.5%
Revenue/emp, $m 0.40 0.54 0.55 0.50 0.46 0.49 0.58 0.55 0.53 0.57 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Business profile

Updated

Air Products and Chemicals is an industrial gases company. Eduardo Menezes is its chief executive officer.

The company makes and sells gases that other businesses use in their own production processes. Its atmospheric gases include oxygen, nitrogen and argon, which it primarily separates from air. It also supplies process gases such as hydrogen, helium, carbon dioxide, carbon monoxide and syngas, as well as specialty gases. Its customers include refineries, chemical and metals producers, electronics manufacturers, and medical and food businesses.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Americas 5,040 41.65%
Asia 3,224 26.65%
Europe 2,823 23.33%
Corporate and other 878 7.26%
Middle East and India 134 1.11%
Gross margin 32.49%
Operating margin 36.91%
Pre-tax margin 39.84%

Revenue by segment since 2010

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 $239.3B 34.2× 31.6× +9.16% (above 0%: growing) −8.09% (below 0%: shrinking) +6.28% (above 0%: growing) 47.24% 22.86% Compare
ECL Ecolab Inc. $85.8B 41.3× 40.1× +12.72% (above 0%: growing) −4.37% (below 0%: shrinking) −15.57% (below 0%: shrinking) 44.08% 17.26% Compare
SHW The Sherwin-Williams Company $84.3B 31.8× 29.9× +7.89% (above 0%: growing) +0.89% (above 0%: growing) −12.19% (below 0%: shrinking) 47.77% 17.53% Compare
APD Air Products and Chemicals, Inc. $68.9B — (loss-making) 93.9× +4.58% (above 0%: growing) n/m +180.09% (above 0%: growing) 32.77% (66.34%)
PPG PPG Industries, Inc. $27.2B 17.6× 16.2× +6.64% (above 0%: growing) +1.00% (above 0%: growing) −23.61% (below 0%: shrinking) 40.52% 14.89% Compare
IFF International Flavors & Fragrances Inc. $21.6B 121× 60.3× +3.91% (above 0%: growing) n/m −123.33% (below 0%: shrinking) 42.48% 8.24% Compare
LYB LyondellBasell Industries N.V. $19.9B 15.6× 9.2× +9.99% (above 0%: growing) n/m +144.89% (above 0%: growing) 17.60% 12.55% Compare
DD DuPont de Nemours, Inc. $19.2B 64.2× 26.3× +4.07% (above 0%: growing) n/m +36.69% (above 0%: growing) 35.71% 16.81% Compare
RPM RPM International Inc. $13.5B 19.5× 17.3× +4.82% (above 0%: growing) +13.48% (above 0%: growing) +33.14% (above 0%: growing) 41.25% 15.99% Compare
Median of peers $24.4B 33.0× 28.1× +7.26% +0.89% −2.95% 41.86% 16.40%

All 61 Specialty Chemicals stocks →

From the latest earnings call

Updated

  • Eduardo Menezes said Air Products exited several projects, recording a $2.9 billion pre-tax charge while seeking to redeploy or sell associated assets.
  • Melissa Schaffer said fourth-quarter growth is expected from new assets, pricing and productivity, while helium pricing and macroeconomic uncertainty remain considerations.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.87%
Held by the ten largest 52.54%
Holder Shares Stake Change
Vanguard 25.75m 11.56% +3.24m
Capital Group 20.43m 9.18% −193.13k
BlackRock 18.32m 8.23% +262.28k
State Farm 11.84m 5.32% 0.00
State Street 10.27m 4.61% +160.36k
Dodge & Cox 9.39m 4.22% +161.92k
Franklin Templeton 5.97m 2.68% −124.33k
JPMorgan Chase 5.25m 2.36% −795.27k
Geode Capital Management 5.02m 2.25% +28.62k
VIKING GLOBAL INVESTORS LP 4.74m 2.13% +636.26k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

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

5 Nov

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31 Aug

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APD metrics, ten years each

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