A Business at a Glance
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Air Products & Chemicals, Inc.
APD
$66.4B
Mkt Cap
$297.87
+1.22%
Air Products & Chemicals, Inc. (APD) has a 5-year average return on invested capital (ROIC) of 9.2%. This is below average and may indicate limited pricing power.
Air Products & Chemicals, Inc. (APD) has a market capitalization of $66.3B. It is classified as a large-cap stock.
Yes, Air Products & Chemicals, Inc. (APD) pays a dividend with a trailing twelve-month yield of 2.40%.
Air Products & Chemicals, Inc. (APD) operates in the Industrial Inorganic Chemicals industry, within the Materials sector.
Air Products & Chemicals, Inc. (APD) reported annual revenue of $12.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Air Products & Chemicals, Inc. (APD) has a net profit margin of -3.3%. The company is currently unprofitable.
Air Products & Chemicals, Inc. (APD) generated $-3.8 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Air Products and Chemicals, Inc. is a world-leading industrial gases company founded in 1940 that serves a broad range of industries including refining, chemicals, metals, electronics, manufacturing, medical, and food by providing essential industrial gases, related equipment, and applications expertise. The company operates through five reportable segments—Americas, Asia, Europe, Middle East and India, and Corporate and other—and generates revenue through both on-site gas delivery contracts (recognized over time as gases are delivered) and sale of equipment contracts (recognized over time using a cost-incurred input method). Beyond traditional industrial gas operations, Air Products develops, engineers, builds, owns, and operates large clean hydrogen projects supporting the transition to low- and zero-carbon energy in industrial applications and heavy-duty transportation, while also offering specialized equipment such as turbomachinery, membrane systems, and cryogenic containers. The company's business model combines stable, long-term on-site supply agreements with customers, transactional merchant gas sales, and capital-intensive project development; its competitive moat rests on operational excellence, safety and environmental stewardship, innovation, and established customer relationships across energy-intensive industries globally.
【Earnings growth through pricing and productivity】 Management expects fiscal 2026 full-year earnings per share growth of 8%-10% at the midpoint, driven primarily by continued pricing actions, productivity initiatives, and contributions from new assets coming on stream, particularly in the second half of the year. The company anticipates a more favorable operating environment in the second half with improved volumes in key end markets including refining, electronics, and aerospace, though it remains cautious given macroeconomic uncertainty in Europe and Asia. New asset contributions are expected to accelerate in the second half, with electronics projects in Asia and aerospace initiatives in the United States providing incremental earnings; helium pricing is expected to remain a headwind through the end of 2026 but to bottom out by year-end. Capital expenditures are being reduced by approximately $1 billion relative to the prior year, with the company maintaining guidance at approximately $4 billion for fiscal 2026 while continuing to execute on its project backlog and optimize its large project portfolio.
| Metric | Target | Period |
|---|---|---|
| Earnings per share | $13.00–$13.25 | FY2026 |
| Earnings per share | $3.25–$3.35 | Q3 FY2026 |
| Capital expenditures | approximately $4 billion | FY2026 |
Earnings per share (FY2026): “we are raising our fiscal full-year guidance to $13.00-$13.25, or 8%-10% growth from the prior year”
Earnings per share (Q3 FY2026): “Specific to the third quarter, we expect to deliver earnings per share in the range of $3.25-$3.35, representing a 5%-8% growth from the prior year”
Capital expenditures (FY2026): “For capital expenditures, we are maintaining our guidance at approximately $4 billion for the fiscal year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.5B | 12.0B | 12.1B | 12.6B | 12.7B | 10.3B |
| Net Income | 2.1B | -395M | 3.8B | 2.3B | 2.3B | 2.1B |
| EPS | $9.47 | $-1.77 | $17.18 | $10.33 | $10.14 | $9.43 |
| Free Cash Flow | -1.3B | -3.8B | -3.1B | -1.4B | 244M | 871M |
| ROIC | 11.7% | -1.2% | 14.0% | 9.9% | 11.2% | 12.4% |
| Gross Margin | - | 31.4% | 32.5% | 29.9% | 26.5% | 30.4% |
| Debt/Equity | 0.04 | 1.18 | 0.84 | 0.72 | 0.58 | 0.56 |
| Dividends/Share | $7.16 | $7.14 | $7.06 | $6.87 | $6.36 | $5.84 |
| Operating Income | 2.3B | -877M | 4.5B | 2.5B | 2.3B | 2.3B |
| Operating Margin | 18.4% | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% |
| ROE | 13.5% | -2.5% | 24.4% | 16.8% | 16.9% | 16.4% |
| Shares Outstanding | 223M | 223M | 223M | 223M | 222M | 223M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.4B | 7.8B | 7.5B | 8.2B | 8.9B | 8.9B | 8.9B | 10.3B | 12.7B | 12.6B | 12.1B | 12.0B | 12.5B |
| Gross Margin | 26.9% | 37.8% | 31.0% | 29.8% | 30.7% | 32.7% | 33.9% | 30.4% | 26.5% | 29.9% | 32.5% | 31.4% | N/A |
| R&D | 140M | 76M | 72M | 58M | 65M | 73M | 84M | 94M | 103M | 106M | 100M | 96M | 93M |
| SG&A | 1.1B | 773M | 684M | 714M | 761M | 750M | 776M | 828M | 901M | 957M | 942M | 906M | 898M |
| EBIT | 1.3B | 1.2B | 1.5B | 1.4B | 2.0B | 2.1B | 2.2B | 2.3B | 2.3B | 2.5B | 4.5B | -877M | 2.3B |
| Op. Margin | 12.8% | 15.8% | 20.5% | 17.6% | 22.0% | 24.0% | 25.3% | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% | 18.4% |
| Net Income | 992M | 1.3B | 631M | 3.0B | 1.5B | 1.8B | 1.9B | 2.1B | 2.3B | 2.3B | 3.8B | -395M | 2.1B |
| Net Margin | 9.5% | 16.3% | 8.4% | 36.6% | 16.8% | 19.7% | 21.3% | 20.3% | 17.8% | 18.3% | 31.6% | -3.3% | 16.9% |
| Non-Recurring | 318M | 250M | 42M | 321M | 0 | 55M | 34M | 23M | 74M | 260M | 1.6B | 3.8B | 841M |
| Returns on Capital | |||||||||||||
| ROIC | 7.7% | 7.2% | 9.0% | 10.7% | 12.9% | 14.2% | 13.9% | 12.4% | 11.2% | 9.9% | 14.0% | -1.2% | 11.7% |
| ROE | 13.8% | 17.5% | 8.8% | 35.0% | 14.3% | 16.1% | 16.3% | 16.4% | 16.9% | 16.8% | 24.4% | -2.5% | 13.5% |
| ROA | 5.6% | 7.3% | 3.6% | 16.4% | 8.0% | 9.2% | 8.6% | 8.1% | 8.3% | 7.8% | 10.7% | -1.0% | 5.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.2B | 2.0B | 2.3B | 2.5B | 2.5B | 3.0B | 3.3B | 3.3B | 3.2B | 3.2B | 3.6B | 3.3B | 4.1B |
| Free Cash Flow | 827M | 885M | 1.4B | 1.5B | 979M | 980M | 756M | 871M | 244M | -1.4B | -3.1B | -3.8B | -1.3B |
| Owner Earnings | 1.2B | 1.1B | 1.4B | 1.6B | 1.5B | 1.8B | 2.0B | 2.0B | 1.8B | 1.8B | 2.1B | 1.6B | 2.5B |
| CapEx | 1.4B | 1.2B | 908M | 1.0B | 1.6B | 2.0B | 2.5B | 2.5B | 2.9B | 4.6B | 6.8B | 7.0B | 5.4B |
| Maint. CapEx | 957M | 859M | 855M | 866M | 971M | 1.1B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.6B |
| Growth CapEx | 406M | 304M | 53M | 174M | 598M | 907M | 1.3B | 1.1B | 1.6B | 3.3B | 5.3B | 5.5B | 3.8B |
| D&A | 957M | 859M | 855M | 866M | 971M | 1.1B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.6B |
| CapEx/OCF | 62.2% | 56.8% | 40.2% | 41.1% | 61.6% | 67.0% | 76.9% | 73.9% | 92.3% | 144.3% | 186.4% | 215.6% | 130.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 628M | 678M | 721M | 788M | 898M | 994M | 1.1B | 1.3B | 1.4B | 1.5B | 1.6B | 1.6B | 1.6B |
| Dividend Yield | 3.5% | 3.1% | 3.2% | 3.1% | 3.0% | 2.8% | 2.4% | 2.3% | 2.6% | 2.5% | 2.8% | 2.5% | 2.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 44M | 40M | 31M | 40M | 39M | 41M | 54M | 45M | 48M | 60M | 62M | 76M | 48M |
| Debt Repayment | 609M | 699M | 480M | 484M | 419M | 429M | 407M | 463M | 400M | 615M | 486M | 430M | 430M |
| Balance Sheet | |||||||||||||
| Net Debt | 5.8B | 5.7B | 4.9B | 285M | 837M | 911M | 1.5B | 1.8B | 4.3B | 8.4B | 11.2B | 15.8B | -290M |
| Cash & Equiv. | 337M | 183M | 1.3B | 3.3B | 2.8B | 2.2B | 5.3B | 4.5B | 2.7B | 1.6B | 3.0B | 1.9B | 951M |
| Long-Term Debt | 4.8B | 3.9B | 4.9B | 3.8B | 3.8B | 3.3B | 7.9B | 7.6B | 7.6B | 10.0B | 14.1B | 17.7B | 174M |
| Debt/Equity | 0.83 | 0.81 | 0.88 | 0.39 | 0.35 | 0.30 | 0.65 | 0.56 | 0.58 | 0.72 | 0.84 | 1.18 | 0.04 |
| Interest Coverage | 10.7 | 12.0 | 13.3 | 11.9 | 15.1 | 15.7 | 20.5 | 16.1 | 18.3 | 14.1 | 20.4 | -4.1 | 120.8 |
| Equity | 7.4B | 7.2B | 7.1B | 10.1B | 10.9B | 11.1B | 12.1B | 13.5B | 13.1B | 14.3B | 17.0B | 15.0B | 15.6B |
| Total Assets | 17.7B | 17.3B | 18.0B | 18.5B | 19.2B | 18.9B | 25.2B | 26.9B | 27.2B | 32.0B | 39.6B | 41.1B | 41.6B |
| Total Liabilities | 10.0B | 10.0B | 10.8B | 8.3B | 8.0B | 7.6B | 12.7B | 12.8B | 13.5B | 16.3B | 20.9B | 23.7B | 23.5B |
| Intangibles | 616M | 508M | 388M | 368M | 439M | 420M | 436M | 421M | 348M | 335M | 312M | 294M | 284M |
| Retained Earnings | 10.0B | 10.6B | 10.5B | 12.8B | 13.4B | 14.1B | 14.9B | 15.7B | 16.5B | 17.3B | 19.5B | 17.6B | 18.1B |
| Working Capital | 332M | -851M | 1.0B | 3.4B | 2.7B | 2.8B | 6.3B | 5.6B | 2.8B | 1.3B | 2.2B | 1.6B | 1.5B |
| Current Assets | 3.3B | 2.8B | 4.3B | 5.9B | 5.1B | 4.6B | 8.7B | 8.4B | 6.3B | 5.2B | 6.4B | 5.8B | 5.0B |
| Current Liabilities | 3.0B | 3.6B | 3.3B | 2.5B | 2.3B | 1.8B | 2.4B | 2.8B | 3.5B | 3.9B | 4.2B | 4.2B | 3.5B |
| Per Share Data | |||||||||||||
| EPS | 4.61 | 5.88 | 2.89 | 13.65 | 6.78 | 7.94 | 8.49 | 9.43 | 10.14 | 10.33 | 17.18 | -1.77 | 9.47 |
| Owner EPS | 5.53 | 5.29 | 6.29 | 7.38 | 6.96 | 8.33 | 9.12 | 8.85 | 8.02 | 8.03 | 9.58 | 7.25 | 11.29 |
| Book Value | 34.24 | 33.35 | 32.42 | 45.89 | 49.15 | 49.87 | 54.36 | 60.83 | 59.08 | 64.28 | 76.46 | 67.41 | 70.28 |
| Cash Flow/Share | 10.18 | 9.42 | 10.34 | 11.50 | 11.53 | 13.40 | 14.69 | 14.98 | 14.25 | 14.40 | 16.37 | 14.61 | 16.47 |
| Dividends/Share | 3.02 | 3.20 | 3.39 | 3.71 | 4.25 | 4.58 | 5.18 | 5.84 | 6.36 | 6.87 | 7.06 | 7.14 | 7.16 |
| Shares Out. | 215.1M | 217.3M | 218.4M | 219.8M | 220.9M | 221.7M | 222.2M | 222.6M | 222.5M | 222.7M | 222.8M | 222.9M | 222.7M |
| Valuation | |||||||||||||
| P/E Ratio | 20.5 | 15.2 | 38.0 | 9.0 | 20.7 | 23.8 | 30.2 | 24.8 | 21.2 | 26.0 | 16.8 | N/A | 31.5 |
| P/FCF | 24.5 | 22.0 | 17.8 | 18.2 | 31.7 | 42.8 | 75.3 | 59.9 | 195.8 | N/A | N/A | N/A | N/A |
| EV/EBIT | 19.5 | 20.4 | 18.7 | 16.3 | 14.3 | 19.8 | 26.0 | 23.5 | 19.5 | 23.8 | 14.0 | N/A | 28.8 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | 3.8 | 4.7 | 3.9 | 3.6 | 4.2 | 3.8 | 3.9 | 4.2 |
| Price/Sales | 1.7 | 2.8 | 3.0 | 3.1 | 3.3 | 4.0 | 5.3 | 5.4 | 4.1 | 4.7 | 4.6 | 5.4 | 5.3 |
| FCF Yield | 4.1% | 4.5% | 5.6% | 5.5% | 3.2% | 2.3% | 1.3% | 1.7% | 0.5% | -2.4% | -4.9% | -6.4% | -1.9% |
| Market Cap | 20.3B | 19.5B | 24.0B | 27.1B | 31.0B | 41.9B | 56.9B | 52.1B | 47.8B | 59.9B | 64.4B | 58.6B | 66.3B |
| Avg. Price | 82.65 | 101.27 | 101.96 | 114.70 | 134.38 | 162.16 | 210.55 | 248.92 | 235.85 | 267.44 | 249.51 | 289.50 | 297.87 |
| Year-End Price | 94.30 | 89.58 | 109.82 | 123.09 | 140.37 | 189.17 | 256.10 | 234.19 | 214.84 | 268.79 | 289.05 | 263.11 | 297.87 |
Air Products & Chemicals, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 9.2% with a gross margin of 30.1%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is -28.2%.
Air Products & Chemicals, Inc. (APD) has a debt-to-equity ratio of 1.18. This indicates moderate leverage.
Air Products & Chemicals, Inc. (APD) reported earnings per share (EPS) of $-1.77 in its most recent fiscal year.
Air Products & Chemicals, Inc. (APD) has a return on equity (ROE) of -2.5%. A negative ROE may indicate losses or negative equity.
Air Products & Chemicals, Inc. (APD) has a 5-year average gross margin of 30.1%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for Air Products & Chemicals, Inc. (APD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Air Products & Chemicals, Inc. (APD) has a book value per share of $67.41, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects fiscal 2026 full-year earnings per share growth of 8%-10% at the midpoint, driven primarily by continued pricing actions, productivity initiatives, and contributions from new assets coming on stream, particularly in the second half of the year. The company anticipates a more favorable operating environment in the second half with improved volumes in key end markets including refining, electronics, and aerospace, though it remains cautious given macroeconomic uncertainty in Europe and Asia. New asset contributions are expected to accelerate in the second half, with electronics projects in Asia and aerospace initiatives in the United States providing incremental earnings; helium pricing is expected to remain a headwind through the end of 2026 but to bottom out by year-end. Capital expenditures are being reduced by approximately $1 billion relative to the prior year, with the company maintaining guidance at approximately $4 billion for fiscal 2026 while continuing to execute on its project backlog and optimize its large project portfolio.
Based on recent SEC filings and earnings calls, Air Products & Chemicals, Inc. (APD) has provided the following forward guidance: Earnings per share: $13.00–$13.25 (FY2026); Earnings per share: $3.25–$3.35 (Q3 FY2026); Capital expenditures: approximately $4 billion (FY2026).