Air Products & Chemicals, Inc. (APD)

Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.

Symbol: APD
Exchange: NYSE
Sector: Basic Materials
Industry: Specialty Chemicals
Market cap: $61.81B
52 week range: 229.11 - 314.87

Valuation

Share price: $277.57 (close of 2026-10-02)
P/E (TTM): -1321.76x
Price to book: 3.72x
Price to free cash flow: -205.08x
Enterprise value: $78.99B
Book value per share: $74.53

Price performance

Period	Change
1 day	+1.55%
5 days	-1.49%
1 month	-10.30%
3 months	-11.66%
6 months	-5.44%
Year to date	+12.37%
1 year	+2.58%
3 years	-0.54%
5 years	+7.82%
10 years	+99.59%
All time	+6856.64%

Members of Congress who disclosed APD trades

Josh Gottheimer · Julie Johnson · Richard McCormick · Jefferson Shreve · Lisa McClain · Alan Armstrong · Robert Bresnahan · Scott Franklin · Sheri Biggs

Super investors holding APD

Dodge & Cox (Dodge & Cox Funds) · Andreas Halvorsen (Viking Global Investors) · AKO Capital (AKO Capital LLP) · Ken Griffin (Citadel) · Hillman Capital (Hillman Capital Management, Inc) · First Eagle Investment (First Eagle Investment Management, LLC)

Profitability and growth

Return on equity: -2.27%
Return on invested capital: -2.31%
Return on assets: -0.96%
Return on capital employed: -2.38%
Gross margin: 31.41%
Net margin: -3.28%
EBITDA margin: 5.71%
Revenue growth: -0.52%
Net income growth: -110.31%
Free cash flow growth: -19.55%

Cash flow and balance sheet

Free cash flow yield (TTM): -0.49%
Current ratio: 1.08x
Net debt to EBITDA: 10.21x

Latest reported year

Period end: 2025-09-30
Fiscal year: 2025
Revenue: $12.04B
Cost of revenue: $8.26B
Gross profit: $3.78B
EBITDA: $687.20M
Net income: -$394.50M
Earnings per share: $-1.77
Research and development: $96.30M
Shares outstanding: 222.70M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-09-30	$12.04B	$3.78B	-$394.50M	$-1.77
2024-09-30	$12.10B	$3.93B	$3.83B	$17.21
2023-09-30	$12.60B	$3.77B	$2.30B	$10.35
2022-09-30	$12.70B	$3.36B	$2.26B	$10.16
2021-09-30	$10.32B	$3.14B	$2.10B	$9.47
2020-09-30	$8.86B	$3.00B	$1.89B	$8.53
2019-09-30	$8.92B	$2.91B	$1.76B	$7.99
2018-09-30	$8.93B	$2.74B	$1.50B	$6.83
2017-09-30	$8.19B	$2.44B	$3.00B	$13.76
2016-09-30	$7.50B	$2.33B	$631.10M	$2.92

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-09-30	31.41%	-3.28%	-2.27%	-2.31%
2024-09-30	32.49%	31.64%	20.50%	11.47%
2023-09-30	29.90%	18.26%	14.69%	7.85%
2022-09-30	26.46%	17.77%	16.46%	9.81%
2021-09-30	30.39%	20.33%	14.90%	20.50%
2020-09-30	33.85%	21.30%	15.16%	27.07%
2019-09-30	32.68%	19.73%	15.45%	18.43%
2018-09-30	30.69%	16.77%	13.40%	17.46%
2017-09-30	29.75%	36.65%	29.46%	17.73%
2016-09-30	31.01%	8.41%	8.75%	9.84%

Cash and debt by year

Period end	Cash
2025-09-30	$1.86B
2024-09-30	$2.98B
2023-09-30	$1.95B
2022-09-30	$3.30B
2021-09-30	$5.80B
2020-09-30	$6.36B
2019-09-30	$2.41B
2018-10-01	$2.98B
2018-09-30	$2.98B
2017-09-30	$3.68B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-09-30	-$3.77B	$76.40M
2024-09-30	-$3.15B	$61.80M
2023-09-30	-$1.42B	$59.90M
2022-09-30	$244.10M	$48.40M
2021-09-30	$871.00M	$44.50M
2020-09-30	$755.70M	$53.50M
2019-09-30	$980.20M	$41.20M
2018-09-30	$978.80M	$38.80M
2017-09-30	$1.49B	$39.90M
2016-09-30	$1.35B	$31.00M

Dividend history

Most recent payment: 2026-10-01
Paid in the last twelve months: $7.22

Payment date	Dividend per share
2026-10-01	$1.81
2026-07-01	$1.81
2026-04-01	$1.81
2026-01-02	$1.79
2025-10-01	$1.79
2025-07-01	$1.79
2025-04-01	$1.79
2025-01-02	$1.77

Investor relations

Next earnings report

Next confirmed report: 2026-11-05
Consensus EPS estimate: $3.60

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-30	Jun/2026	$3.36
2026-04-30	Mar/2026	$3.05
2026-01-30	Dec/2025	$3.04
2025-11-06	Sep/2025	$3.41
2025-07-31	Jun/2025	$2.98
2025-07-30	-	-
2025-05-01	Mar/2025	$2.84
2025-04-28	-	-

Filings and sources

Company website: airproducts.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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