Also trades as: 0HBH.L (LSE) · $vol 0M
APD NYSE
Air Products and Chemicals, Inc.
1W: +1.5%
1M: +10.9%
3M: +4.3%
YTD: +22.6%
1Y: +20.4%
3Y: +16.1%
5Y: +15.3%
$307.11
+1.39 (+0.45%)
After Hours: $308.35 (+1.24, +0.40%)
Weekly Expected Move ±2.1%
$294
$301
$307
$314
$320
Credit Risk of going bust: lower than 78% of companies Debt: 21.1% of company value Bonds: $136.1M held by 170 funds, 40 bp over Treasuries → details ▾
Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $4.71 (down 98%), Air Products and Chemicals, Inc. would be worth roughly what it owes.
Total debt $18.16B against a stock market value of $68.08B.
Distance to default 9.16 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $9.28B (short-term plus half of long-term), stock volatility 26.3%; Altman Z 2.83. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $4.71 (down 98%), Air Products and Chemicals, Inc. would be worth roughly what it owes.
Total debt $18.16B against a stock market value of $68.08B.
Distance to default 9.16 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $9.28B (short-term plus half of long-term), stock volatility 26.3%; Altman Z 2.83. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Operating Cash Flow
$3.2B
-10.7% ▼
5Y CAGR: -0.1%
Capital Expenditures
$7.0B
-3.3% ▼
5Y CAGR: +22.9%
Free Cash Flow
-$3.8B
-19.5% ▼
Dividends Paid
$1.6B
-1.2% ▼
Buybacks
$0
+0.0% ▲
Net Change in Cash
-$1.1B
-182.5% ▼
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $2.0B | $2.2B | $2.3B | $3.8B | $5M |
| Depreciation & Amort. | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B |
| Stock-Based Comp. | $44M | $48M | $60M | $62M | $76M |
| Change in Working Capital | $17M | -$116M | -$425M | -$183M | -$852M |
| Other Non-Cash Items | -$163M | -$316M | -$55M | -$1.5B | $3.0B |
| Operating Cash Flow | $3.3B | $3.2B | $3.2B | $3.6B | $3.2B |
| — Investing Activities — | |||||
| Capital Expenditures | -$2.5B | -$2.9B | -$4.6B | -$6.8B | -$7.0B |
| Acquisitions (Net) | -$86M | -$1.7B | $260M | $0 | $773M |
| Investment Purchases | -$2.1B | -$1.6B | -$1.6B | -$141M | -$508M |
| Investment Sales | $1.9B | $2.4B | $897M | $471M | $122M |
| Other Investing | $43M | $53M | -$660M | $1.5B | $54M |
| Investing Cash Flow | -$2.7B | -$3.9B | -$5.7B | -$4.9B | -$6.6B |
| — Financing Activities — | |||||
| Net Debt Issuance | -$283M | $384M | $3.2B | $3.9B | $3.9B |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$1.3B | -$1.4B | -$1.5B | -$1.6B | -$1.6B |
| Other Financing | -$28M | -$21M | -$322M | $270M | -$91M |
| Financing Cash Flow | -$1.6B | -$1.0B | $1.4B | $2.6B | $2.2B |
| Net Change in Cash | -$784M | -$1.8B | -$1.1B | $1.4B | -$1.1B |
| Cash End of Period | $4.5B | $2.7B | $1.6B | $3.0B | $1.9B |
| Free Cash Flow | $878M | $304M | -$1.4B | -$3.1B | -$3.8B |