Air Products and Chemicals, Inc. APD

MaterialsChemicalsUnited States of America

Last close 316.43 USD on Nov 1, 2026, +31.5% year to date

Quant rating

Quant rating C Rank 64 of 151 in Materials

Growth C 71 of 151
Valuation D 135 of 151
Quality C 75 of 151
Revisions B 60 of 151
Momentum B 29 of 151

Wall Street consensus Buy (2.19)Average target 339.89 USD +7.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 70.5B
Enterprise value: 89.9B
52-week range: 229.25 – 316.63
3-year range: 215.38 – 338.07
Dividend yield: 2.29%
Beta (5 years): 0.70
Shares outstanding: 223M
Next earnings: Nov 5, 2026

About the company

Air Products and Chemicals, Inc. is an industrial gases company. The Company is focused on serving energy, environmental, and emerging markets. Its base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. In addition, the Company provides turbomachinery, membrane systems and cryogenic containers globally. The Company has operations in approximately 50 countries. Its industries include aerospace, analytical labs & research/science, automotive, beverages, bioenergy, biotechnology, cement and lime, chemicals, electronics, food, glass and frit, hydrogen energy, medical, metals and materials processing, metals production, medical and others.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,037	12,101	12,600	12,699	10,323	–
Revenue growth	−0.5%	−4.0%	−0.8%	23.0%	16.6%	6.3%
EPS (basic, normalized)	12.03	12.43	11.51	10.41	9.02	–
EPS growth	−3.2%	8.0%	10.6%	15.4%	–	–
Gross margin	31.4%	32.5%	29.9%	26.5%	30.4%	30.1%
Net margin	−3.2%	31.8%	18.2%	17.7%	19.7%	16.8%
ROE	−2.4%	24.5%	16.7%	16.8%	15.8%	14.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	980
Current ratio	1.08x
Long-term debt (mil)	16,771
Net debt (mil)	19,400
Total equity (mil)	13,884
Net debt / equity	1.40x
Net debt / EBITDA	3.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,037	−0.5%	7.5x	5,076	+1.4%	17.7x	12.03	−3.2%	26.3x
2026	12,747	+5.9%	7.1x	5,465	+7.6%	16.4x	13.40	+11.4%	23.6x
2027	13,464	+5.6%	6.7x	5,849	+7.0%	15.4x	14.40	+7.4%	22.0x
2028	14,339	+6.5%	6.3x	6,220	+6.3%	14.4x	15.52	+7.8%	20.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,747	−0.1%	−0.1%	+0.1%	13.40	−0.4%	−0.1%	+1.5%
2027	13,464	−0.3%	−0.3%	−0.4%	14.40	−0.3%	−0.3%	+0.8%
2028	14,339	−0.2%	0.0%	+0.4%	15.52	−0.5%	−0.8%	−0.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,930	2,986	3,188	2,932	2,916	3,023	3,167	3,102	3,172	3,161
Sales mean (mil)	3,047	3,035	3,214	2,939	2,925	2,974	3,176	3,051	3,067	3,202
Surprise	−3.8%	−1.6%	−0.8%	−0.3%	−0.3%	+1.6%	−0.3%	+1.7%	+3.4%	−1.3%
EPS reported	2.85	3.20	3.56	2.86	2.69	3.09	3.39	3.16	3.20	3.47
EPS mean	2.69	3.03	3.48	2.85	2.83	2.99	3.38	3.05	3.06	3.34
Surprise	+5.8%	+5.5%	+2.3%	+0.4%	−4.9%	+3.2%	+0.2%	+3.8%	+4.4%	+3.8%

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
APD Air Products and Chemicals, Inc.	70.5B	3.82x	−3.2%	5.08x	23.6x	22.0x	16.4x	15.4x
LIN Linde PLC	236.1B	1.82x	20.3%	5.99x	28.7x	26.3x	18.3x	17.2x
AIRP L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA	129.0B	–	13.0%	4.34x	27.9x	25.2x	15.0x	13.8x
SHW Sherwin-Williams Co	80.4B	2.50x	10.9%	20.21x	27.6x	25.1x	18.9x	17.8x
ECL Ecolab Inc.	85.0B	3.22x	12.9%	8.15x	37.1x	32.3x	22.2x	19.8x
BASFn BASF SE	53.2B	2.60x	2.4%	1.29x	16.9x	17.5x	8.6x	8.5x
Mean		2.79x	9.4%	7.51x	27.0x	24.7x	16.6x	15.4x
Median		2.60x	11.9%	5.53x	27.8x	25.1x	17.4x	16.3x

Technical analysis

1M+14.3%
3M+8.8%
1Y+27.6%
3Y+23.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Air Products and Chemicals, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,037	12,101	12,600	12,699	10,323	8,856
Cost of revenue	8,256	8,169	8,833	9,338	7,186	5,858
Gross profit	3,781	3,932	3,767	3,360	3,137	2,998
Selling, general & administrative expenses	906	942	957	901	828	776
Research & development	96.3	100	106	103	93.5	83.9
Interest expense (income), operating	–	–	0	0	−36.8	0
Unusual expense (income)	3,735	−1,526	245	73.7	23.2	−33.8
Other operating expenses	−78.8	−50.5	−34.8	−55.9	−52.8	−65.4
Operating income	−877	4,466	2,495	2,339	2,281	2,238
Net interest income (expense)	461	413	427	354	152	156
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−24.4	−57.5	−39.0	62.4	73.7	30.7
Net income before taxes	−441	4,821	2,882	2,755	2,507	2,424
Provision for taxes	−94.3	945	551	501	463	478
Minority interest	−40.1	−34.2	−38.4	−10.4	−15.8	−44.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−386	3,842	2,293	2,244	2,029	1,901
Extraordinary items	−8.0	−13.9	7.4	12.6	70.3	−14.3
Net income	−394	3,828	2,300	2,256	2,099	1,887
EBIT, normalized	2,858	2,940	2,739	2,412	2,268	2,204
EBITDA, normalized	4,422	4,391	4,098	3,751	3,589	3,389
Basic EPS, normalized	12.03	12.43	11.51	10.41	9.02	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Air Products and Chemicals, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,856	2,985	1,949	3,302	5,801	6,358
Receivables	2,432	2,272	2,252	2,025	1,781	1,417
Total inventory	776	766	652	514	454	405
Prepaid expenses	175	180	177	157	119	164
Other current assets	586	160	171	285	222	340
Total current assets	5,826	6,363	5,200	6,283	8,376	8,685
Property, plant & equipment	26,282	24,419	18,446	14,855	13,821	12,342
Goodwill	964	905	862	823	912	892
Intangibles	294	312	335	348	421	436
Long-term investments	5,384	4,860	4,685	3,420	1,716	1,432
Note receivable	1,389	1,612	1,312	583	740	816
Other long-term assets	922	1,104	1,163	880	873	566
Total assets	41,060	39,575	32,002	27,193	26,859	25,168
Liabilities
Accounts payable	1,437	1,452	1,213	1,121	737	546
Payable/accrued	–	–	–	–	–	–
Accrued expenses	550	489	495	350	325	285
Short-term debt	34.7	83.5	260	10.7	2.4	7.7
Current portion of long-term debt	716	611	615	548	484	470
Other current liabilities	1,481	1,544	1,313	1,436	1,250	1,107
Total current liabilities	4,219	4,180	3,896	3,466	2,799	2,417
Long-term debt	16,947	13,533	9,431	7,086	7,150	7,430
Minority interest	2,325	1,637	1,347	558	548	363
Other liabilities	2,544	3,188	3,015	2,939	2,822	2,879
Total liabilities	26,035	22,538	17,690	14,049	13,320	13,089
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	249	249	249	249	249	249
Additional paid-in capital	1,306	1,253	1,190	1,141	1,116	1,095
Retained earnings (accumulated deficit)	17,559	19,546	17,290	16,520	15,678	14,876
Treasury stock	−2,002	−1,984	−1,967	−1,981	−1,988	−2,000
Other equity	−2,088	−2,028	−2,449	−2,786	−1,516	−2,140
Total equity	15,025	17,036	14,313	13,144	13,540	12,080
Total liabilities & shareholders' equity	41,060	39,575	32,002	27,193	26,859	25,168

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Air Products and Chemicals, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−354	3,862	2,339	2,266	2,115	1,931
Depreciation, depletion & amortization	1,564	1,451	1,358	1,338	1,321	1,185
Deferred taxes	−555	−69.3	−24.7	32.3	94.0	165
Non-cash items	3,453	−1,414	−41.1	−291	−205	23.7
Changes in working capital	−852	−183	−425	−116	16.7	−40.1
Cash from operations	3,257	3,647	3,206	3,230	3,342	3,265
Investing activities
Capital expenditures	−7,023	−6,797	−4,626	−2,926	−2,464	−2,509
Other investing cash flows	−146	1,878	−1,290	−931	−269	−1,051
Cash from investing	−7,169	−4,919	−5,916	−3,857	−2,733	−3,560
Financing activities
Financing cash flow items	496	270	−86.8	−20.7	108	−80.1
Cash dividends paid	−1,584	−1,565	−1,497	−1,383	−1,257	−1,104
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	3,883	3,910	3,193	403	−272	4,468
Cash from financing	2,795	2,615	1,610	−1,001	−1,421	3,285
Foreign exchange effects	−7.0	19.8	6.5	−130	27.8	14.9
Net change in cash	−1,124	1,363	−1,094	−1,758	−784	3,004
Free cash flow	−3,766	−3,150	−1,420	304	878	756

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.