— Know what they know.
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Not Investment Advice

APD

NYSE · USD
Air Products and Chemicals, Inc.
Basic Materials · Chemicals - Specialty
CEO Eduardo F. Menezes Employees 21,300 R&D / revenue 0.8%
Last price
$299.59+1.01%last session
Market cap
$66.7B
P/E (TTM)
n/m
From 52w high
−4.9%
From 52w low
+30.8%
1-year return
+18.3%
RSI 14 · vs SMA200
65.9 · +4.2%
IS score
30.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

APD   SPY   XLB (sector ETF) · weekly closes
100110120Jan 26Apr 26Jul 26Oct 26APD 118XLB 118SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
10
Profitability
36
Growth
35
Value
38
Momentum
65
Risk (safety)
39
Quality
51
Balance sheet
39
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for APD (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Intangible AssetsPiotroski 5 / 9Altman Z 2.8Beta 0.753 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $824,405
Form 144 notices (12m): 3, $21.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−9
137 new holders, 127 closed
1,783 filers hold 92.2% · 606 added, 739 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+265
1,087 funds adding shares
822 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
70.4%
20-day avg 57.5%, 50-day avg 56.0%
Latest 12.9 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.0B
Revenue growth YoY−0.5%
Gross margin31.4%
Operating income−$877.0M
Operating margin-7.3%
Net income−$394.5M
Net margin-3.3%
EPS (diluted)$-1.77
Cash flow
Operating cash flow$3.2B
Capital expenditure$7.0B
Free cash flow−$3.8B
FCF conversion (FCF / OCF)-115.9%
Stock-based compensation$76.4M
FCF less SBC−$3.8B
Buybacks$0
Dividends$1.6B
Balance sheet & returns
Cash & short-term investments$1.9B
Total debt$17.8B
Net debt$15.9B
Shareholders' equity$17.3B
Goodwill & intangibles$1.3B
Debt / equity1.31
ROE (TTM)-0.3%
ROIC (TTM)0.1%
Operating margin by fiscal year
22.1%FY202118.4%FY202219.8%FY202336.9%FY2024-7.3%FY2025
Revenue $10.3B (FY2021) to $12.0B (FY2025), a 3.9% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDA19.2x
Price / sales5.29x
Price / FCF32.4x
FCF yield3.08%
Buyback yield0.00%
SBC / revenue0.4%
Price / book4.81x
Forward P/E FY202720.7x
Forward P/E FY202819.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $337.00 across 8 analysts last quarter is theirs, not ours.

APD vs industry median

207 companies in Chemicals - Specialty
Gross margin 32.1% 28.5% Operating margin -4.7% 7.9% Net margin -0.4% 3.3% ROIC 0.1% 6.4%
APD (TTM)Industry median Asset turnover 0.31 vs industry 0.70 · financial leverage 2.91

Earnings delivery

Next report 2026-11-05 · consensus EPS $3.61
75%
beat rate, 9 of 12 quarters
+2.8%
median EPS surprise
5
longest beat streak
+1-6+6+6+2-9-5+3+0+4+5+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-07 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
APD Air Products and Chemicals, $66.7Bn/m-0.3%-0.4%−0.5% +18.3%
ECL Ecolab Inc. $81.0B38.5x21.8%12.1%+7.1% +7.0%
SHW The Sherwin-Williams Company $81.4B30.6x65.1%12.4%+5.8% +1.3%
PPG PPG Industries, Inc. $23.9B15.3x19.6%9.7%+12.3% +7.1%
IFF International Flavors & Frag $23.1B83.2x2.0%2.6%−11.7% +45.7%
LYB LyondellBasell Industries N. $20.7Bn/m-3.1%6.1%−11.3% —
LIN Linde plc $229.8B32.0x18.8%20.8%+6.6% —
SQM Sociedad Química y Minera d $17.2B12.5x23.9%26.7%+59.3% —
12-month window: SPY +15.9%, sector ETF XLB +17.8%. Past returns describe history only.

Recent 8-K filings

2026-07-30Earnings Release; Exhibits
2026-06-30Material Impairments; Regulation FD; Exhibits
2026-04-30Earnings Release; Exhibits
2026-01-30Results of Operations and Financial Condition; Financial Statements and Exhibits
2026-01-29Submission of Matters to a Vote of Security Holders
2025-11-25Departure/Election of Directors; Appointment of Officers; Other Events; Financial Statements and Exhibits

Context

Shares outstanding222,685,530
Free float100.0%
Institutional ownership92.2%
Beta0.75
Dividend yield2.41%
Last dividend$1.81 on 2026-10-01
50 / 200-day average$293.86 / $287.47
Large-cap Basic Materials median P/E30.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where APD sits among 43 scored companies in Chemicals - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAPDIndustry medianIndustry percentileSector median
P/E (TTM) —
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 5.3x 1.5x
93rd		 1.9x
Price / book 4.8x 2.4x
80th		 2.3x
Price / tangible book 5.1x 5.2x
48th		 3.3x
Price / free cash flow 32.4x 18.0x
72nd		 16.3x
Price / operating cash flow 14.6x 11.4x
62nd		 9.6x
Enterprise value $83.9B $5.0B
93rd		 $5.4B
EV / sales 6.7x 1.9x
93rd		 2.0x
EV / EBITDA 19.2x 12.3x
71st		 10.8x
EV / EBIT 29.6x 23.2x
77th		 14.7x
EV / free cash flow 40.8x 29.7x
72nd		 21.6x
Earnings yield -0.1% 2.2%
38th		 3.9%
FCF yield 3.1% 3.9%
38th		 4.3%
Operating cash flow yield 6.9% 7.8%
40th		 9.8%
Graham number (per share) —

Profitability (TTM)

MeasureAPDIndustry medianIndustry percentileSector median
Gross margin 32.1% 29.4%
57th		 32.1%
EBITDA margin 34.7% 15.0%
95th		 19.0%
Operating margin -4.7% 9.7%
10th		 13.8%
EBIT margin 22.5% 8.7%
95th		 12.3%
Net margin -0.4% 4.8%
34th		 6.8%
NOPAT margin -3.7% 7.6%
10th		 10.1%
FCF margin 16.3% 8.0%
88th		 6.4%
Operating cash flow margin 36.3% 11.6%
98th		 15.6%
R&D / revenue 0.7% 0.5%
54th		 0.0%
SG&A / revenue 7.1% 12.8%
20th		 9.4%
Stock comp / revenue 0.4% 0.5%
34th		 0.4%
Effective tax rate 21.0% 21.0%
14th		 22.5%

Returns on capital

MeasureAPDIndustry medianIndustry percentileSector median
ROE (on average equity) -0.3% 7.2%
34th		 12.1%
ROA -0.1% 2.9%
36th		 5.0%
ROIC -1.5% 6.5%
19th		 9.8%
ROCE 7.9% 6.0%
60th		 9.7%
Return on tangible assets 6.9% 4.9%
60th		 8.5%
Cash ROIC (OCF / invested capital) 14.7% 13.6%
60th		 14.9%
Gross profitability (GP / assets) 10.0% 16.9%
17th		 17.5%
ROIC, 3-yr average 3.8% 3.9%
49th		 6.5%
ROIC, 5-yr average 7.4% 6.9%
59th		 8.1%
ROE, 5-yr average 11.8% 9.1%
61st		 9.1%
Incremental ROIC 92.2% 0.7%
85th		 28.3%

Growth

MeasureAPDIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.5% 3.5%
54th		 9.7%
Revenue growth (QoQ) -0.3% 13.2%
5th		 9.5%
Revenue CAGR, 3 yr -1.0% -0.6%
46th		 2.3%
Revenue CAGR, 5 yr 5.2% 4.4%
61st		 7.3%
Gross profit CAGR, 3 yr 2.7% 0.3%
56th		 5.4%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 12.4% 1.1%
69th		 7.7%
Book value CAGR, 3 yr -0.6% 1.9%
36th		 6.5%
Dividend CAGR, 3 yr 0.4% 2.1%
31st		 2.6%
Sustainable growth rate —

Margin history & stability

MeasureAPDIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 31.9% 28.9%
62nd		 29.8%
Operating margin, 3-yr average 10.3% 10.3%
50th		 12.0%
Net margin, 3-yr average 11.2% 3.7%
88th		 6.3%
FCF margin, 3-yr average -14.2% 6.3%
2nd		 7.1%
Revenue stability (0-1) 0.51 0.52
44th		 0.60
Earnings stability (0-1) 0.45 0.42
54th		 0.41
Margin stability (0-1) 0.96 0.89
88th		 0.83

Liquidity (latest quarter)

MeasureAPDIndustry medianIndustry percentileSector median
Cash & short-term investments $980.5M $189.6M
83rd		 $245.7M
Net cash (− = net debt) −$17.2B −$968.6M
2nd		 −$465.1M
Working capital $388.2M $530.0M
45th		 $531.5M
Current ratio 1.08 1.84
10th		 2.08
Quick ratio 0.92 1.16
21st		 1.42
Cash ratio (cash + ST investments / current liabilities) 0.21 0.30
36th		 0.45
Defensive interval (days) 282 days 609 days
7th		 773 days

Leverage & solvency (latest quarter)

MeasureAPDIndustry medianIndustry percentileSector median
Total debt $18.2B $1.3B
98th		 $807.4M
Debt / equity 1.31 0.79
75th		 0.50
Net debt / equity 1.24 0.60
82nd		 0.30
Debt / assets 44.9% 33.1%
76th		 24.4%
Debt / capital 56.7% 44.1%
75th		 33.5%
Debt / EBITDA 4.15 3.76
66th		 1.80
Net debt / EBITDA 3.92 2.94
71st		 1.17
Interest coverage (EBIT / interest) 12.8x 3.1x
82nd		 6.7x
Cash interest coverage 20.7x 6.2x
90th		 7.7x
Debt payback (years of OCF) 4.0 yrs 4.4 yrs
42nd		 2.6 yrs
Liabilities / assets 59.0% 56.9%
57th		 47.8%
IS credit model rating BBB — —
Implied credit spread (bps) 275 350
40th		 162

Efficiency

MeasureAPDIndustry medianIndustry percentileSector median
Asset turnover 0.31 0.68
7th		 0.66
Fixed asset turnover 0.49 2.14
2nd		 1.53
Inventory turnover 11.1 4.6
93rd		 4.9
Receivables turnover 6.6 6.4
55th		 8.7
Days sales outstanding 55 days 57 days
45th		 42 days
Days inventory outstanding 33 days 80 days
7th		 74 days
Days payables outstanding 118 days 51 days
98th		 49 days
Cash conversion cycle (days) −30 days 88 days
2nd		 61 days
Capex / revenue 19.9% 5.1%
95th		 7.8%
Capex / depreciation 1.63 0.94
90th		 1.09
Operating expense ratio 99.1% 20.4%
95th		 11.3%

Cash flow & earnings quality

MeasureAPDIndustry medianIndustry percentileSector median
Operating cash flow / net income —
FCF / net income —
FCF / operating cash flow 45.0% 60.8%
23rd		 52.6%
Capex / operating cash flow 55.0% 39.2%
77th		 47.0%
Accruals ratio -11.2% -6.8%
19th		 -5.6%
Sloan accruals ratio -6.2% -4.9%
33rd		 -3.6%
Earnings quality score (0-1) —

Dividends & buybacks

MeasureAPDIndustry medianIndustry percentileSector median
Dividend yield 2.4% 1.4%
71st		 0.9%
Dividend per share (TTM) $7.22 $0.97
98th		 $0.40
Payout ratio (dividends / net income) —
Dividends / FCF 77.7% 25.9%
94th		 17.9%
Dividend growth (YoY) 1.3% 3.4%
42nd		 4.2%
Buyback yield 0.0% 0.5%
7th		 0.2%
Shareholder yield (dividends + buybacks) 2.4% 2.5%
45th		 2.3%
Share count change (YoY) -0.0% 0.0%
41st		 0.0%
Buybacks, last 5 years $0 $90.1M
0th		 $35.6M

Scores & forensic checks

MeasureAPDIndustry medianIndustry percentileSector median
IS score 31 45
29th		 57
IS profitability 10 29
21st		 44
IS growth 36 50
27th		 59
IS value 35 47
19th		 54
IS momentum 38 69
17th		 78
IS risk (safety) 65 65
50th		 80
IS quality 39 61
14th		 70
IS balance sheet 51 49
55th		 65
IS earnings quality 39 66
10th		 71
IS cash flow 43 51
36th		 49
Piotroski F-score (0-9) 5 5
29th		 6
Altman Z-score 2.8 2.5
57th		 3.1
Beneish M-score −3.03 −2.64
24th		 −2.55
Ohlson O-score −7.48 −7.29
40th		 −8.14
IS credit score 60 54
60th		 70

Per share

MeasureAPDIndustry medianIndustry percentileSector median
EPS, diluted (TTM) −$0.21 $1.54
33rd		 $1.57
Book value per share $62.32 $26.43
88th		 $16.95
Tangible book per share $68.94 $4.59
95th		 $8.43
Revenue per share $56.56 $43.37
62nd		 $31.21
FCF per share $9.23 $2.63
88th		 $1.99
Operating cash flow per share $20.52 $5.86
95th		 $4.23
Cash per share $4.40 $2.95
55th		 $2.16

Size (TTM)

MeasureAPDIndustry medianIndustry percentileSector median
Market cap $66.7B $3.6B
93rd		 $4.7B
Revenue $12.6B $2.4B
88th		 $2.5B
EBITDA $4.4B $241.5M
95th		 $488.0M
Net income −$47.3M $89.2M
31st		 $137.1M
Free cash flow $2.1B $131.6M
93rd		 $142.7M
Total assets $40.4B $3.5B
98th		 $3.8B
Shareholders' equity $13.9B $1.4B
95th		 $1.6B
Employees 21,194 4,064
88th		 4,067

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Ungerleider Howard I
Director
 Award / grant 6——982
2026-09-30Stern Alfred
Director
 Award / grant 99——1,851
2026-09-30Smith Wayne Thomas
Director
 Award / grant 34——5,252
2026-09-30Reilley Dennis H
Director
 Award / grant 17——2,717
2026-09-30Patel Bhavesh V.
Director
 Award / grant 138——2,106
2026-09-30Graziano Jessica
Director
 Award / grant 170——3,603
2026-09-30Evans Andrew W
Director
 Award / grant 8——1,256
2026-09-30Calaway Tonit M
Director
 Award / grant 20——3,132
2026-08-18Lepore Matthew
EVP & General Counsel
 Tax withholding 418$303.62$126,9135,160
2026-06-30Reilley Dennis H
Director
 Award / grant 18——2,699
2026-06-30Patel Bhavesh V.
Director
 Award / grant 141——1,968
2026-06-30Evans Andrew W
Director
 Award / grant 8——1,248

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired16997—
Open-market saleDisposed12,714$824,405
Tax withholdingDisposed1418$126,913
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 73,838 shares · $21.5M
FiledFilerShares proposedEst. proceeds
2026-05-01Melissa Schaeffer2,714$824,407
2026-02-12Mantle Ridge Lp70,175$20.5M
2025-11-25Brifo Victoria949$245,298
2025-08-05Brifo Victoria1,359$397,344
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 21 trades (7 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2024-06-27Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-07-11
2024-06-27Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-07-10
2024-06-27Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-07-10
2022-10-05Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-11-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.18,316,711$5.4B8.23%
VANGUARD CAPITAL MANAGEMENT LLC14,540,399$4.3B6.53%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO11,840,799$3.5B5.32%
Capital Research Global Investors10,602,157$3.1B4.76%
STATE STREET CORP10,270,853$3.0B4.61%
Capital International Investors9,567,173$2.8B4.30%
DODGE & COX9,393,493$2.8B4.22%
VANGUARD PORTFOLIO MANAGEMENT LLC8,848,570$2.6B3.97%
GEODE CAPITAL MANAGEMENT, LLC5,020,340$1.5B2.25%
NORGES BANK4,672,467$1.4B2.10%
BANK OF AMERICA CORP /DE/4,150,953$1.2B1.86%
JPMORGAN CHASE & CO4,030,636$1.1B1.81%
FRANKLIN RESOURCES INC3,436,461$1.0B1.54%
RAYMOND JAMES FINANCIAL INC3,161,189$926.8M1.42%
MORGAN STANLEY3,010,283$882.6M1.35%

Institutional ownership by quarter

2023-092026-0692.2%
% of shares held by 13F filers
2023-092026-061,783
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,78392.2%137606739127
2026-03-311,79289.6%23864064691
2025-12-311,67294.1%173459809173
2025-09-301,70792.0%106586705122
2025-06-301,75793.3%118646715138
2025-03-311,79892.1%141677705122
2024-12-311,80490.2%24561066192
2024-09-301,68188.5%130619642114
2024-06-301,68487.3%159650628117
2024-03-311,66683.8%162679609191
2023-12-311,72383.9%225617662107
2023-09-301,63384.0%12864458194

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-14SCHEDULE 13G/ACapital Research Global Investors4.7%10,412,267
2026-05-14SCHEDULE 13G/ACapital International Investors4.6%10,168,256
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-13SCHEDULE 13GCapital International Investors5.8%12,991,267
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$2.0B
VTI0.08%$2.0B
VSMPX0.08%$2.0B
VTSAX0.08%$2.0B
VOO0.09%$1.6B
VFIAX0.09%$1.6B

Share structure

Shares outstanding222,685,530
Float222,575,993
Free float100.0%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$10.3B$12.7B$12.6B$12.1B$12.0B
Cost of revenue$7.2B$9.3B$8.8B$8.2B$8.3B
Gross profit$3.1B$3.4B$3.8B$3.9B$3.8B
R&D$93.5M$102.9M$105.6M$100.2M$96.3M
SG&A$828.4M$900.6M$957.0M$942.4M$906.1M
Operating income$2.3B$2.3B$2.5B$4.5B−$877.0M
EBITDA$4.0B$4.2B$4.4B$6.5B$1.3B
Pretax income$2.5B$2.8B$2.9B$4.8B−$440.7M
Income tax$462.8M$500.8M$551.2M$944.9M−$94.3M
Net income$2.1B$2.3B$2.3B$3.8B−$394.5M
EPS, diluted$9.12$10.08$10.30$17.18$-1.77
Diluted shares222.5M222.5M222.7M222.8M222.9M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$5.8B$3.3B$1.9B$3.0B$1.9B
Receivables$1.7B$2.0B$2.2B$2.2B$2.5B
Inventory$453.9M$514.2M$651.8M$766.0M$776.5M
Total current assets$8.4B$6.3B$5.2B$6.4B$5.8B
PP&E, net$13.8B$14.9B$18.4B$24.4B$26.3B
Goodwill & intangibles$1.3B$1.2B$1.2B$1.2B$1.3B
Total assets$26.9B$27.2B$32.0B$39.6B$41.1B
Accounts payable$736.8M$1.1B$1.2B$1.5B$1.4B
Total current liabilities$2.8B$3.5B$3.9B$4.2B$4.2B
Long-term debt$7.2B$7.1B$9.4B$13.5B$16.9B
Total liabilities$12.8B$13.5B$16.3B$20.9B$23.7B
Shareholders' equity$14.1B$13.7B$15.7B$18.7B$17.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.0B$2.2B$2.3B$3.8B$4.9M
Depreciation & amortization$1.3B$1.3B$1.4B$1.5B$1.6B
Stock-based compensation$44.5M$48.4M$59.9M$61.8M$76.4M
Change in working capital$16.7M−$115.8M−$424.8M−$183.0M−$851.6M
Operating cash flow$3.3B$3.2B$3.2B$3.6B$3.2B
Capital expenditure−$2.5B−$2.9B−$4.6B−$6.8B−$7.0B
Free cash flow$877.7M$303.7M−$1.4B−$3.1B−$3.8B
Investing cash flow−$2.7B−$3.9B−$5.7B−$4.9B−$6.6B
Net debt issued / repaid−$283.0M$384.1M$3.2B$3.9B$3.9B
Buybacks$0$0$0$0$0
Dividends paid−$1.3B−$1.4B−$1.5B−$1.6B−$1.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin30.4%26.5%29.9%32.5%31.4%
Operating margin22.1%18.4%19.8%36.9%-7.3%
Net margin20.3%17.8%18.3%31.6%-3.3%
FCF margin8.5%2.4%-11.3%-26.0%-31.3%
ROE16.4%16.9%16.8%24.4%-2.5%
ROIC11.7%10.5%8.6%12.4%-2.2%
ROA8.1%8.3%7.8%10.7%-1.0%
Debt / equity0.610.630.770.881.23
Interest coverage18.7x22.5x17.2x23.0xn/m
Current ratio2.991.811.331.521.38
Revenue growth+16.6%+23.0%−0.8%−4.0%−0.5%
EPS growth+11.3%+7.5%+1.8%+66.4%−110.3%
P/E at year end24.6x21.3x26.1x16.8xn/m
EV / EBITDA at year end13.6x12.6x15.6x11.8x57.5x
FCF yield at year end1.70%0.63%-2.37%-4.90%-6.24%
Dividend payout59.9%61.3%65.1%40.9%—

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
On-site—$6.6B$6.2B$5.9B$6.2B
Merchant—$5.1B$5.5B$5.3B$5.3B
Industrial Gases Americas$4.2B————
Industrial Gases Asia$2.9B————
Industrial Gases EMEA$2.4B————
Sale of Equipment—$970.8M$889.0M$878.4M$520.0M
Industrial Gases Global$511.0M————
Corporate and Other$278.7M————

Revenue by region · FY2025

Americas Segment$5.1B · 45%
Asia Segment$3.3B · 28%
Europe Segment$3.0B · 26%
Middle East And India Segment$135.9M · 1%

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $3.61 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.8B$12.4B – $12.9B$13.45$13.43 – $13.491222.3x
2027$13.4B$12.5B – $13.8B$14.46$14.24 – $14.791320.7x
2028$14.3B$13.2B – $15.0B$15.66$15.21 – $16.44519.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$3.34$3.47+3.9%$3.2B$3.2B−1.3%
2026-04-30$3.06$3.20+4.6%$3.1B$3.2B+3.3%
2026-01-30$3.04$3.16+3.9%$3.1B$3.1B+1.7%
2025-11-06$3.38$3.39+0.3%$3.2B$3.2B−0.3%
2025-07-31$2.99$3.09+3.3%$3.0B$3.0B+1.1%
2025-05-01$2.83$2.69−4.9%$2.9B$2.9B−0.1%
2025-02-06$3.13$2.86−8.6%$3.0B$2.9B−0.7%
2024-11-07$3.48$3.56+2.3%$3.2B$3.2B−0.8%
2024-08-01$3.03$3.20+5.6%$3.0B$3.0B−1.6%
2024-04-30$2.69$2.85+5.9%$3.0B$2.9B−3.8%
2024-02-05$3.00$2.82−6.0%$3.2B$3.0B−6.0%
2023-11-07$3.12$3.15+1.0%$3.3B$3.2B−4.7%
2023-08-03$2.91$2.98+2.4%$3.3B$3.0B−7.9%
2023-05-09$2.64$2.74+3.8%$3.1B$3.2B+4.7%
2023-02-02$2.70$2.64−2.2%$3.3B$3.2B−3.1%
2022-11-03$2.76$2.89+4.7%$3.2B$3.6B+10.9%
2022-08-04$2.61$2.62+0.4%$3.0B$3.2B+5.5%
2022-05-05$2.35$2.38+1.3%$3.0B$2.9B−1.8%
2022-02-04$2.51$2.52+0.4%$2.7B$3.0B+9.3%
2021-11-04$2.49$2.51+0.8%$2.7B$2.8B+6.3%
2021-08-09$2.37$2.31−2.5%$2.5B$2.6B+4.2%
2021-05-10$2.12$2.08−1.9%$2.4B$2.5B+6.0%
2021-02-04$2.19$2.12−3.2%$2.5B$2.4B−3.1%
2020-11-11$2.21$2.19−0.9%$2.3B$2.3B−0.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.706-290.407-060.407-130.407-200.607-270.308-030.308-100.508-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$353.9M1,154,22151,988
2026-08-24$414.1M1,355,77648,349
2026-08-17$459.7M1,512,69460,518
2026-08-10$273.2M891,17551,338
2026-08-03$343.4M1,160,98655,303
2026-07-27$620.0M2,094,12972,738

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1570.4%
DateShort shareShort volumeTotal volume
2026-10-1570.4%315,206447,717
2026-10-1461.2%200,097326,997
2026-10-1362.7%188,346300,293
2026-10-1262.9%154,005244,867
2026-10-0951.5%131,019254,280
2026-10-0857.3%192,173335,312
2026-10-0755.3%184,103332,734
2026-10-0636.0%120,215334,370
2026-10-0547.5%162,932342,893
2026-10-0256.1%207,976370,664
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.0Jan-2.2Feb+2.6Mar+2.1Apr+0.8May+0.2Jun+4.2Jul-0.3Aug-1.0Sep+1.2Oct+3.0Nov+0.8Dec
MonthAvg returnUp yearsYears
Jan+0.0%50%20
Feb−2.2%45%20
Mar+2.6%67%21
Apr+2.1%70%20
May+0.8%65%20
Jun+0.2%40%20
Jul+4.2%75%20
Aug−0.3%45%20
Sep−1.0%40%20
Oct+1.2%60%20
Nov+3.0%70%20
Dec+0.8%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1465.9
MFI68.5
ADX22.6
Stochastic %K / %D97.2 / 95.3
Williams %R-6.0
CCI212
TSI / signal2.0 / -14.8
Chaikin money flow0.07
ATR$5.46
Bollinger width9.7%
Volume vs 20-day avg0.89x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$282.63 (+6.0%)
SMA 50$293.45 (+2.1%)
SMA 200$287.46 (+4.2%)
EMA 21$286.76 (+4.5%)
EMA 50$289.53 (+3.5%)
EMA 200$287.42 (+4.2%)
Bollinger upper$296.28 (+1.1%)
Bollinger lower$268.98 (+11.4%)
Parabolic SAR$276.16 (+8.5%)
Open the live chart, 110+ indicators

About Air Products and Chemicals, Inc.

Operating globally, Air Products and Chemicals, Inc. (APD) is a prominent supplier of industrial gases, specialized equipment, and associated services. The company's diverse product range includes atmospheric gases such as oxygen, nitrogen, and argon, as well as various process gases like hydrogen, helium, carbon dioxide, carbon monoxide, and syngas. They also provide a selection of specialty gases. APD is involved in the fabrication of crucial machinery for gas production and handling, including air separation units and non-cryogenic generators. These products and services cater to a broad spectrum of industries, including but not limited to refining, chemical processing, gasification, metals production, general manufacturing, food and beverage, electronics, medical imaging, and energy generation. Moreover, the company's capabilities extend to designing and manufacturing advanced systems for air separation, hydrocarbon recovery and purification, the liquefaction of natural gas, and the secure transportation and storage of liquid helium and hydrogen. APD also engages in a strategic partnership with Baker Hughes Company to further innovate hydrogen compression systems. The firm was established in 1940 and is based in Allentown, Pennsylvania.

https://www.airproducts.com

Key executives

NameTitlePayBorn
Samir Jawdat SerhanExecutive Officer$4.0M1961
Francesco MaionePresident of Americas, Helium & Rare Gases$2.3M1970
Melissa N. SchaefferExecutive Vice President & Chief Financial Officer$1.5M1981
Melissa Narewski SchaefferExecutive Vice President & Chief Financial Officer$1.5M1980
Eduardo F. MenezesChief Executive Officer & Director$1.3M1963
Brian GalovichExecutive Vice President & Chief Information Officer$1.2M1974
Victoria BrifoExecutive Vice President of Corporate Communications & Corporate Relations and Chief Human Resources Officer$1.1M1969
Matthew LeporeExecutive VP, General Counsel, Secretary & Chief Compliance Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Seifi Ghasemi Former Chairman, President and Chief Executive Officer2025$488,077$15.5M$0$23.4M
Eduardo Menezes Chief Executive Officer2025$810,846$10.9M$0$11.8M
Francesco Maione President, Americas and Global Helium & Rare Gases2025$558,688$4.0M$630,000$6.4M
Sean D. Major Former Executive Vice President, General Counsel and Secretary2025$540,385$2.6M$0$4.7M
Melissa N. Schaeffer Executive Vice President and Chief Financial Officer2025$782,692$3.2M$0$4.7M
Victoria Brifo Executive Vice President and Chief Human Resources Officer, Corporate Communications and Corporate Relations2025$586,338$1.3M$0$2.4M

Employees

16k201818k201919k202021k202122k202223k202323k202421k2025

Dividends

Ex-dateAmountPaid
2026-10-01$1.812026-11-09
2026-07-01$1.812026-08-10
2026-04-01$1.812026-05-11
2026-01-02$1.792026-02-09
2025-10-01$1.792025-11-10
2025-07-01$1.792025-08-11
2025-04-01$1.792025-05-12
2025-01-02$1.772025-02-10

Moat model

Weak · Intangible Assets · 2026-06-30
Cost advantage40
Intangibles59
Switching costs39
Network effect30
Efficient scale58
Our component scores (0-100) and overall 45.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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