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.
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Air Products and Chemicals, Inc. (APD) Altman Z-score
Air Products and Chemicals, Inc.'s Altman Z-score for fiscal 2025 is 2.41, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.41 | (0.93) |
| FY2024 | 3.34 | (0.43) |
| FY2023 | 3.77 | (0.25) |
| FY2022 | 4.02 | (0.37) |
| FY2021 | 4.40 | (0.48) |
| FY2020 | 4.88 | (1.07) |
| FY2019 | 5.95 | 1.25 |
| FY2018 | 4.70 | 0.42 |
| FY2017 | 4.28 | 1.03 |
| FY2016 | 3.25 | 0.24 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.05 | |
| Retained earnings / total assets | 0.43 | — | 0.60 | |
| EBIT / total assets | (0.02) | — | −0.07 | |
| Market value of equity / total liabilities | 2.56 | — | 1.54 | |
| Sales / total assets | 0.29 | — | 0.29 | |
| Altman Z-score | Grey zone | 2.41 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.28 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ECL Ecolab Inc. compare | 4.8× |
| RPM RPM International Inc. compare | 3.7× |
| SHW The Sherwin-Williams Company compare | 3.7× |
| PPG PPG Industries, Inc. compare | 3.7× |
| LIN Linde PLC compare | 3.5× |
| APD Air Products and Chemicals, Inc. | 2.4× |
| LYB LyondellBasell Industries N.V. compare | 1.6× |
| IFF International Flavors & Fragrances Inc. compare | 1.2× |
| DD DuPont de Nemours, Inc. compare | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on APD
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement