Air Products and Chemicals, Inc.

APD · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$60,695	$66,192	$62,957	$51,619	$56,776	$66,031	$49,183	$37,032	$33,523	$33,328	$28,282	$25,598	$20,660	$16,178	$15,038	$16,248	$15,054	$13,437	$19,759	$13,604	$11,506	$11,250	$9,174	$8,428	$7,630	$7,089	$5,738	$5,926	$8,441	$6,029	$5,376	$4,910	$4,089	$4,632	$3,478	$2,394	$2,324	$2,111	$2,548	$1,786	$1,452
Enterprise value	$79,570	$79,851	$73,387	$57,203	$59,742	$68,351	$50,429	$38,188	$33,908	$37,380	$34,110	$31,587	$26,640	$21,162	$19,322	$20,153	$19,205	$17,436	$23,573	$16,600	$14,131	$13,667	$11,797	$10,744	$10,159	$10,155	$8,646	$8,571	$10,856	$8,145	$6,970	$6,053	$5,101	$5,592	$4,508	$3,377	$3,175	$2,840	$3,120	$2,403	$1,994
P/E (TTM) at period end	–	17.29×	27.37×	22.88×	27.05×	35.00×	27.94×	24.72×	11.17×	52.81×	22.13×	25.81×	20.78×	13.86×	12.28×	15.79×	23.85×	14.77×	19.08×	18.80×	16.17×	18.62×	23.09×	16.04×	16.39×	57.07×	12.74×	10.84×	19.66×	14.49×	14.61×	19.81×	20.35×	17.09×	13.97×	10.41×	10.47×	9.88×	15.96×	380.00×	10.12×
P/S (TTM) at period end	5.04×	5.47×	5.00×	4.06×	5.50×	7.46×	5.51×	4.15×	4.09×	4.44×	3.61×	3.05×	2.03×	1.68×	1.55×	1.89×	1.82×	1.29×	2.16×	1.54×	1.41×	1.52×	1.46×	1.56×	1.33×	1.30×	1.14×	1.20×	1.82×	1.50×	1.39×	1.41×	1.23×	1.44×	1.19×	0.83×	0.88×	0.87×	1.20×	0.90×	0.79×
P/B at period end	4.04×	3.89×	4.40×	3.93×	4.19×	5.47×	4.45×	3.41×	3.32×	4.71×	3.90×	3.48×	2.93×	2.50×	2.59×	2.93×	3.14×	2.67×	3.60×	2.76×	2.53×	2.53×	2.43×	2.44×	2.46×	2.51×	1.94×	2.22×	3.19×	2.34×	2.24×	2.23×	1.95×	2.21×	1.89×	1.42×	1.61×	1.66×	2.22×	1.62×	1.25×
EV / EBITDA (TTM)	115.79×	13.49×	19.05×	15.56×	16.58×	19.97×	15.63×	13.01×	14.71×	15.64×	16.31×	17.55×	11.94×	9.97×	8.25×	9.62×	11.39×	7.37×	10.89×	9.16×	8.30×	8.57×	9.44×	7.95×	7.71×	7.22×	7.02×	6.49×	9.36×	8.12×	7.27×	7.22×	7.42×	6.89×	6.19×	4.88×	4.96×	–	–	–	–
EV / Sales (TTM)	6.61×	6.60×	5.82×	4.50×	5.79×	7.72×	5.65×	4.28×	4.14×	4.98×	4.36×	3.77×	2.62×	2.20×	2.00×	2.34×	2.33×	1.67×	2.58×	1.88×	1.74×	1.84×	1.87×	1.99×	1.78×	1.86×	1.72×	1.74×	2.34×	2.03×	1.80×	1.74×	1.53×	1.74×	1.54×	1.17×	1.20×	1.17×	1.46×	1.21×	1.09×
Returns
Return on equity	(2.6%)	22.5%	16.1%	17.2%	15.5%	15.6%	15.9%	13.8%	29.7%	8.9%	17.6%	13.5%	14.1%	18.0%	21.1%	18.6%	13.2%	18.1%	18.8%	14.7%	15.7%	13.6%	10.5%	15.2%	15.0%	4.4%	15.2%	20.5%	16.2%	16.2%	15.3%	11.2%	9.6%	12.9%	13.5%	13.6%	15.4%	16.8%	13.9%	0.4%	12.3%
Return on invested capital	(2.0%)	11.7%	8.0%	9.9%	10.4%	11.6%	13.6%	11.9%	10.8%	10.0%	7.2%	5.0%	7.9%	8.7%	11.3%	10.2%	7.4%	12.4%	11.9%	10.1%	10.2%	9.4%	6.9%	9.1%	9.4%	14.1%	8.3%	10.4%	9.4%	8.6%	9.6%	10.4%	7.3%	10.5%	9.8%	9.9%	10.8%	12.8%	11.9%	9.2%	9.4%
Dividend yield	2.6%	2.4%	2.4%	2.7%	2.2%	1.7%	2.0%	2.4%	2.4%	2.2%	2.4%	2.5%	2.7%	3.2%	3.0%	2.5%	2.5%	2.6%	1.6%	2.2%	2.4%	1.9%	2.1%	2.1%	2.2%	2.2%	2.5%	2.3%	1.5%	1.9%	2.1%	2.2%	2.5%	2.0%	2.4%	3.2%	3.0%	–	–	–	–
Financial health
Current ratio	1.38×	1.52×	1.33×	1.81×	2.99×	3.59×	2.54×	2.17×	2.36×	1.32×	0.77×	1.11×	1.07×	1.27×	1.36×	1.35×	1.20×	1.29×	1.18×	1.12×	1.24×	1.42×	1.31×	1.52×	1.25×	1.31×	0.96×	1.30×	1.44×	1.09×	1.02×	1.09×	1.37×	1.39×	1.15×	1.34×	1.53×	1.21×	1.33×	1.49×	1.29×
Debt / equity	1.13×	0.80×	0.68×	0.49×	0.51×	0.59×	0.27×	0.28×	0.35×	0.60×	0.60×	0.66×	0.79×	0.72×	0.69×	0.69×	0.87×	0.71×	0.67×	0.58×	0.55×	0.54×	0.66×	0.69×	0.80×	1.08×	0.96×	1.01×	0.93×	0.85×	0.70×	0.56×	0.60×	0.51×	0.62×	0.63×	0.62×	0.60×	0.58×	0.67×	0.51×
Effective tax rate	21.4%	19.6%	19.1%	18.2%	18.5%	19.7%	21.0%	26.0%	18.4%	27.8%	23.7%	27.2%	22.8%	21.9%	24.3%	24.0%	22.1%	24.7%	20.9%	25.8%	26.3%	26.6%	26.0%	30.7%	28.8%	(11.6%)	31.1%	33.6%	31.9%	31.7%	33.5%	28.2%	33.2%	31.9%	31.4%	31.7%	30.9%	29.6%	34.3%	38.2%	34.1%
Share count
Diluted shares outstanding	223	223	223	222	222	222	222	221	220	218	217	215	212	215	218	217	214	219	223	228	231	229	224	223	219	216	216	220	225	228	223	227	231	232	228	225	224	218	225	235	239

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$12,602	$12,037	$12,101	$12,600	$12,699	$10,323	$8,856	$8,919	$8,930	$8,188	$7,504	$7,824	$8,384	$10,180	$9,612	$9,674	$8,616	$8,256	$10,414	$9,148	$8,850	$8,144	$7,411	$6,297	$5,401	$5,717	$5,467	$5,020	$4,919	$4,638	$4,008	$3,865	$3,485	$3,328	$3,217	$2,931	$2,895	$2,642	$2,432	$2,132	$1,982	$1,830
Cost of revenue	($8,562)	($8,256)	($8,169)	($8,833)	($9,338)	($7,186)	($5,858)	($5,976)	($6,190)	($5,752)	($5,177)	($5,598)	($6,208)	($7,472)	($7,052)	($7,098)	($6,289)	($6,042)	($7,693)	($6,699)	($6,558)	($6,011)	($5,464)	($4,613)	($3,828)	($4,103)	($3,826)	($3,501)	($2,828)	($2,736)	($2,408)	($2,317)	($2,112)	($1,684)	($1,596)	($1,436)	($1,472)	($1,320)	($1,194)	($1,032)	($917)	($865)
Gross profit	$4,040	$3,781	$3,932	$3,767	$3,360	$3,137	$2,998	$2,914	$2,741	$2,436	$2,327	$2,226	$2,804	$2,708	$2,560	$2,575	$2,523	$2,214	$2,721	$2,449	$2,292	$2,132	$1,948	$1,684	$1,574	$1,614	$1,642	$1,519	$2,091	$1,902	$1,600	$1,548	$1,374	$1,644	$1,621	$1,495	$1,423	$1,322	$1,238	$1,100	$1,065	$964
Operating expenses
Research and development	($91)	($96)	($100)	($106)	($103)	($94)	($84)	($73)	($64)	($58)	($72)	($76)	($78)	($134)	($126)	($119)	($115)	($116)	($131)	($129)	($151)	($133)	($127)	($121)	($121)	($122)	($124)	($123)	($112)	($114)	($114)	($103)	($97)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($894)	($906)	($942)	($957)	($901)	($828)	($776)	($750)	($761)	($714)	($684)	($773)	($892)	($1,066)	($947)	($942)	($887)	($943)	($1,090)	($1,000)	($1,075)	($1,014)	($956)	($833)	($715)	($752)	($715)	($691)	($660)	($628)	($920)	($869)	($789)	($956)	($809)	($767)	($730)	($681)	($617)	($547)	($580)	($524)
Total operating expenses	($4,633)	($4,658)	$534	($1,272)	($1,021)	($856)	($761)	($770)	($775)	($996)	($792)	($993)	($1,880)	($1,384)	($1,277)	($1,067)	($1,255)	($1,368)	($1,226)	($1,074)	($1,236)	($1,137)	($1,068)	($1,090)	($812)	($869)	($811)	($814)	($1,261)	($1,200)	($1,009)	($972)	($888)	($1,302)	($1,149)	($1,086)	($1,034)	($963)	($875)	($790)	($808)	($721)
Total costs and expenses	($13,195)	($12,914)	($7,634)	($10,105)	($10,360)	($8,042)	($6,619)	($6,774)	($6,965)	($6,748)	($5,969)	($6,591)	($7,460)	($8,856)	($8,329)	($8,166)	($7,348)	($7,410)	($8,919)	($7,773)	($7,795)	($7,148)	($6,532)	($5,703)	($4,640)	($4,972)	($4,636)	($4,315)	($4,089)	($3,937)	($3,417)	($3,289)	($2,999)	($2,986)	($2,746)	($2,522)	($2,506)	($2,282)	($2,069)	($1,822)	($1,726)	($1,587)
Operating income	($593)	($877)	$4,466	$2,495	$2,339	$2,281	$2,238	$2,144	$1,966	$1,440	$1,535	$1,233	$924	$1,324	$1,282	$1,508	$1,268	$846	$1,496	$1,376	$1,056	$996	$880	$594	$761	$745	$831	$705	$830	$701	$591	$576	$486	$342	$472	$410	$389	$360	$363	$310	$256	$243
Earnings
EBITDA	$951	$687	$5,917	$3,853	$3,677	$3,603	$3,423	$3,227	$2,936	$2,306	$2,390	$2,092	$1,800	$2,231	$2,123	$2,342	$2,094	$1,687	$2,365	$2,165	$1,812	$1,702	$1,594	$1,249	$1,352	$1,318	$1,406	$1,232	$1,320	$1,160	$1,003	$958	$839	$687	$812	$729	$692	$641	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	$2	$6	$4	$8	$6	$5	$6	$3	$7	$8	$9	$9	$15	$4	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($221)	($214)	($219)	($178)	($128)	($142)	($109)	($137)	($130)	($121)	($115)	($103)	($124)	($142)	($124)	($116)	($122)	($122)	($162)	($162)	($119)	($110)	($121)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	($82)	($441)	$4,821	$2,882	$2,755	$2,507	$2,424	$2,290	$2,015	$1,416	$1,555	$1,266	$949	$1,350	$1,312	$1,547	$1,273	$837	$1,479	$1,376	$1,044	$991	$851	$565	$784	$661	$118	$654	$824	$630	$609	$553	$325	$301	$407	$363	$337	$322	$304	$243	$8	$218
Income tax expense	$86	$94	($945)	($551)	($501)	($463)	($478)	($480)	($524)	($261)	($433)	($300)	($258)	($308)	($287)	($375)	($306)	($185)	($365)	($287)	($269)	($261)	($227)	($147)	($241)	($190)	$14	($203)	($277)	($201)	($193)	($185)	($92)	($100)	($130)	($114)	($107)	($99)	($90)	($83)	($3)	($74)
Net income	($47)	($394)	$3,828	$2,300	$2,256	$2,099	$1,887	$1,760	$1,498	$3,000	$631	$1,278	$992	$994	$1,167	$1,224	$1,029	$631	$910	$1,036	$723	$712	$604	$397	$525	$466	$124	$450	$547	$429	$416	$368	$248	$201	$271	$249	$230	$222	$214	$160	$5	$144
Per share
Diluted EPS (GAAP)	($0.218)	($1.77)	$17.18	$10.33	$10.14	$9.43	$8.49	$7.94	$6.78	$13.65	$2.89	$5.88	$4.61	$4.68	$5.44	$5.63	$4.74	$2.96	$4.15	$4.64	$3.18	$3.08	$2.64	$1.78	$2.36	$2.12	$0.57	$2.09	$2.48	$1.91	$1.83	$1.65	$1.07	$0.87	$1.17	$1.09	$1.02	$0.99	$0.98	$0.71	$0.02	$0.60
Basic EPS (GAAP)	($0.218)	($1.77)	$17.21	$10.35	$10.16	$9.47	$8.53	$7.99	$6.83	$13.76	$2.92	$5.95	$4.66	$4.74	$5.53	$5.75	$4.85	$3.01	$4.29	$4.79	$3.26	$3.15	$2.70	$1.81	$2.42	$2.17	$0.58	$2.12	$2.54	$1.95	$1.86	$1.65	$1.09	$0.88	$1.20	$1.11	$1.04	$1.01	$0.98	$0.71	$0.02	$0.60
Basic shares outstanding	223	223	222	222	222	222	221	220	219	218	216	215	213	210	211	213	212	210	212	216	222	226	224	220	217	215	213	212	216	220	224	223	227	228	226	224	221	220	218	225	235	239
Margins
Gross margin	32.1%	31.4%	32.5%	29.9%	26.5%	30.4%	33.9%	32.7%	30.7%	29.8%	31.0%	28.5%	33.4%	26.6%	26.6%	26.6%	29.3%	26.8%	26.1%	26.8%	25.9%	26.2%	26.3%	26.7%	29.1%	28.2%	30.0%	30.3%	42.5%	41.0%	39.9%	40.1%	39.4%	49.4%	50.4%	51.0%	49.2%	50.0%	50.9%	51.6%	53.7%	52.7%
Operating margin	(4.7%)	(7.3%)	36.9%	19.8%	18.4%	22.1%	25.3%	24.0%	22.0%	17.6%	20.5%	15.8%	11.0%	13.0%	13.3%	15.6%	14.7%	10.3%	14.4%	15.0%	11.9%	12.2%	11.9%	9.4%	14.1%	13.0%	15.2%	14.0%	16.9%	15.1%	14.7%	14.9%	13.9%	10.3%	14.7%	14.0%	13.4%	13.6%	14.9%	14.5%	12.9%	13.3%
Net margin	(0.4%)	(3.3%)	31.6%	18.3%	17.8%	20.3%	21.3%	19.7%	16.8%	36.6%	8.4%	16.3%	11.8%	9.8%	12.1%	12.7%	11.9%	7.6%	8.7%	11.3%	8.2%	8.7%	8.2%	6.3%	9.7%	8.1%	2.3%	9.0%	11.1%	9.3%	10.4%	9.5%	7.1%	6.0%	8.4%	8.5%	7.9%	8.4%	8.8%	7.5%	0.2%	7.8%

Analyst consensus

Buy42 analysts

Bearish · 0 · Hold · 20 · Bullish · 22

Earnings history

	EPS	Estimate
Q4 2024	$3.56	$3.48	Beat
Q1 2025	$2.86	$3.13	Miss
Q2 2025	$2.69	$2.83	Miss
Q3 2025	$3.09	$2.99	Beat
Q4 2025	$3.39	$3.38	Beat
Q1 2026	$3.16	$3.04	Beat
Q2 2026	$3.20	$3.06	Beat
Q3 2026	$3.47	$3.34	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOEduardo F. Menezes

Employees21,194

SectorBasic Materials

IndustryChemicals - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.airproducts.com

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.

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