Air Products (APD)
Materials · $62.7B market cap · SEC CIK 0000002969
fundamentals score out of 100
Next reports on Nov 4, 2026, after the close, with analysts expecting $3.65 in earnings per share.
The case for APD
- Pays a 2.6% dividend while you wait.
- Moves less than the market (beta 0.69).
The case against
- Losing money over the last year: net margin -0.4%, return on equity 0%.
- Burned $3.8B of free cash in FY2025.
- Pays a dividend while losing money over the last twelve months.
- Price/sales of 5.0× is higher than 88% of Materials companies.
- Free-cash-flow yield of -6.0% is lower than 92% of Materials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 14 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 52 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 21 |
| Momentumhow the price has behaved lately | 53 |
| Stabilityhow violently it moves, what it owes and what it pays you | 72 |
- It is losing money, so it has no P/E; that counts against value rather than being skipped.
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | n/a |
|---|---|
| Price / book | 4.70× |
| Price / sales | 5.0× |
| Revenue growth (YoY) | +4.5% |
| EPS growth (YoY) | — |
| Gross margin | 32% |
| Operating margin | -5% |
| Net margin | 0% |
| Return on equity | 0% |
| Debt / equity | 1.27× |
| Current ratio | 1.08 |
| Dividend yield | 2.55% |
| Beta | 0.69 |
| 52-week range | $229.11 – $314.87 |
| Position in that range | 69% of the way up |
| 3-month return | -0.3% |
| 1-year return | -3.7% |
Five years of financials, as filed
Pulled from Air Products's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.0B | $12.1B | $12.6B | $12.7B | $10.3B |
| Operating income | -$877M | $4.5B | $2.5B | $2.3B | $2.3B |
| Net income | -$395M | $3.8B | $2.3B | $2.3B | $2.1B |
| Operating cash flow | $3.3B | $3.6B | $3.2B | $3.2B | $3.3B |
| Capital expenditure | $7.0B | $6.8B | $4.6B | $2.9B | $2.5B |
| Total assets | $41.2B | $40.0B | $34.1B | $28.3B | $27.1B |
| Total liabilities | $23.4B | $21.3B | $18.0B | $13.8B | $12.7B |
| Shareholder equity | $15.4B | $16.7B | $14.9B | $13.9B | $13.8B |
| Cash | $1.0B | $1.8B | $2.0B | $3.1B | $3.0B |
| Free cash flow | -$3.8B | -$3.1B | -$1.4B | $244M | $871M |
| Operating margin | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% |
| Net margin | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% |
| Diluted shares | 223M | 223M | 223M | 223M | 223M |
Share count is essentially flat over 4 years.
What Air Products says it does
of this Annual Report on Form 10-K. The information required by this item relating to our Audit and Finance Committee and our Audit and Finance Committee Financial Expert is incorporated herein by reference to the sections captioned "Board Structure–Standing Committees of the Board" in the Proxy Statement for the 2026 Annual Meeting of Shareholders. The information required by this item relating to our procedures regarding the consideration of candidates recommended by shareholders and a procedure for submission of such candidates is incorporated herein by reference to the section captioned "The Board of Directors–Selection of Directors" in the Proxy Statement for the 2026 Annual Meeting of Shareholders. The information required by this item relating to Section 16(a) Beneficial Ownership Reporting Compliance is incorporated herein by reference to the section captioned "Section 16(a) Beneficial Ownership Reporting" in the Proxy…
Risk factors APD lists in its 10-K
- Risks Related to Economic Conditions
- Quantitative and Qualitative Disclosures About Market Risk
- In evaluating investment in the Company and the forward-looking information contained in this Annual Report on Form 10-K or presented elsewhere from time to time, readers should carefully consider the risk factors discussed below
- Risks Related to Economic Conditions Changes in global and regional economic conditions, the markets we serve, or the financial markets may adversely affect our results of operations and cash flows
- Unfavorable conditions in the global economy or regional economies, the markets we serve, or financial markets may decrease the demand for our goods and services and adversely impact our revenues, operating results, and cash flows
- Weak economic conditions and changing supply and demand balances in the markets we serve have negatively impacted demand for our products and services in the past and may do so in the future
- Demand for our solutions could be negatively impacted if the public and private sectors reduce their focus on reducing carbon emissions
- Excess capacity in our manufacturing facilities or those of our competitors could decrease our ability to maintain pricing and generate profits
- In addition, our operating results in one or more segments have in the past, and may in the future, be affected by uncertain or deteriorating economic conditions for particular customer markets within a segment
- Any charges relating to such impairments could be significant and could have a material adverse impact on our financial condition and results of operations