Air Products & Chemicals, Inc. (APD)
Materials · Industrial Gases · US stock · S&P 500 component
$308.22
▲ +5.56 (1.84%)
Fair valueFair
$270 −12.5% to fair value
$135fair band $230–$327$405
Day's range
$302.28 – $308.32
52-week range
$229.11 – $314.87
About Air Products & Chemicals, Inc.
Industrial gases, including oxygen, nitrogen, argon and hydrogen, are supplied by Air Products, together with related equipment and services. It delivers gas through on-site plants, pipelines and bulk deliveries by truck. Customers include oil refiners, chemical makers, metals producers, electronics manufacturers, food and healthcare companies. The business is organised by region, covering the Americas, Asia, Europe, and the Middle East and India.
Air Products earns its revenue mainly under long-term supply contracts that provide steady volumes, with equipment and project work adding to the total. Revenue was $12.6 billion over the last twelve months, having changed at -1.8% a year across the last three years. The operating margin is -4.7%, and the business earns -3% on the capital invested in it. Net debt is -0.1 times EBITDA, and the dividend yield is 2.3%. On the site's X-Ray Score it receives 25 out of 100.
Price chart
52-wk range $229.11 – $314.87Volume 843,471Daily, split-adjusted
Vitals
Market cap$68.7B
52-week range$229.11 – $314.87
Volume (last day)843,471
P/E (TTM)–
EBIT / EV yield-0.8%
Free-cash-flow yield–
Dividend yield2.3%
Revenue (TTM)$12.6B
Net income (TTM)−$47M
Operating margin-4.7%
Return on capital-3.4%
Debt incl. leases$896M
Cash & securities$981M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$270middle half of models $201 – $290
Fair
−12.5% to fair value
Average of the 8 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $308
Undervalued < $230Fair $230 – $327Overvalued > $327
P/B multiple
$277
P/S multiple
$278
EV/EBITDA multiple
$207
EV/revenue multiple
$285
10-year DCF, EBITDA exit · not used
$118
5-year DCF, EBITDA exit
$183
10-year DCF, revenue exit · not used
$77
5-year DCF, revenue exit
$177
Dividend discount, stable
$306
Dividend discount, multi-stage
$445
Earnings power value · not used
$58
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
21/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield-0.8%
Fair value vs price0.9×
Growth
Weak
23/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-1.8%
Growth consistency40%
Profitability
Weak
13/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital-3.4%
Operating margin-4.7%
Gross profitability10.0%
Financial health
Weak
26/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score1 / 9
Net debt / EBITDA-0.1×
Interest cover-2.7×
Dividends
Fair
66/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.3%
Dividend growth4.6%
Quarterly results: last 6 quarters
-0.5%
Mar '25
+1.2%
Jun '25
-0.6%
Sep '25
+5.8%
Dec '25
+8.8%
Mar '26
+4.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.2B, diluted EPS $-6.47.
SWOT analysis: Air Products & Chemicals, Inc.
Strengthsinside the company
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
Weaknessesinside the company
- Return on invested capital is only -3.4% (median 10.3% for sector peers), so the business earns little above its cost of capital.
- Operating margin of -4.7% is thin against 11.9% for sector peers.
- Revenue has fallen 1.8% a year over three years while sector peers grew 0.6%.
- Passes only 1 of the 9 Piotroski tests, which shows weak or worsening financial trends.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare APD with peers and sector
Medians of 22 Materials peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): LIN 43, NEM 81, FCX 55, SHW 54, ECL 50, NUE 48.
| Metric | APD | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 25 | 53 | 53 |
| Valuation | 21 | 46 | 46 |
| Growth | 22 | 57 | 57 |
| Profitability | 12 | 55 | 55 |
| Financial health | 26 | 50 | 50 |
| Dividends | 66 | 54 | 54 |
Sector leaders: highest X-Ray Score in Materials
APD ranks #21 of 23 in Materials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for APD
Each factor is rated by where APD stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 1 Average · 12 Bad of 16
Growth: 0 · 0 · 2
Profitability: 1 · 0 · 4
Financial strength: 1 · 0 · 3
Valuation: 0 · 0 · 3
Efficiency: 1 · 1 · 0
| Factor | APD | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −1.8% | Bad beats 33% | +0.6% | – | – |
| Revenue growth, last year | −0.5% | Bad beats 15% | +5.3% | −0.5% | ≈ In line |
| Profitability | |||||
| Gross margin | 32.1% | Good beats 68% | 27.9% | 30.4% | ≈ In line |
| Operating margin | -4.7% | Bad beats 7% | 11.8% | 19.8% | ▼ Worse |
| Net margin | -0.4% | Bad beats 15% | 7.8% | 18.3% | ▼ Worse |
| Return on invested capital | -3.4% | Bad beats 11% | 10.0% | – | – |
| Return on equity | -0.3% | Bad beats 15% | 14.8% | 16.1% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | -0.1x | Good beats 93% | 2.4x | -0.3x | ≈ In line |
| Interest cover | -2.7x | Bad beats 7% | 7.8x | 16.1x | ▼ Worse |
| Current ratio | 1.08 | Bad beats 15% | 1.61 | 1.52 | ▼ Worse |
| Piotroski F-score | 1 / 9 | Bad beats 2% | 6 / 9 | – | – |
| Valuation | |||||
| Price / book | 4.9x | Bad beats 20% | 3.1x | 4.0x | ▼ Worse |
| Price / sales | 5.4x | Bad beats 7% | 2.1x | 5.0x | ≈ In line |
| EV / EBITDA | 75.0x | Bad beats 7% | 14.2x | 16.1x | ▼ Worse |
| Efficiency | |||||
| Inventory turnover | 11.4x | Good beats 97% | 5.3x | 13.6x | ▼ Worse |
| Days sales outstanding | 54 days | Average beats 48% | 54 days | 52 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 1 Good · ● 0 Average · ● 11 BadCash quality
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioBad
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 23/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $10.3B | $12.7B | $12.6B | $12.1B | $12.0B |
| Operating income | $2.3B | $2.3B | $2.5B | $4.5B | −$877M |
| Net income | $2.1B | $2.3B | $2.3B | $3.8B | −$395M |
| Operating cash flow | – | – | – | – | – |
| Operating margin | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $9.43 | $10.14 | $10.33 | $17.18 | $-1.77 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 295.5 | Bullish |
| EMA 10 | 297.0 | Bullish |
| SMA 20 | 286.7 | Bullish |
| EMA 20 | 292.1 | Bullish |
| SMA 50 | 292.3 | Bullish |
| EMA 50 | 290.8 | Bullish |
| SMA 100 | 290.8 | Bullish |
| EMA 100 | 289.8 | Bullish |
| SMA 200 | 285.5 | Bullish |
| EMA 200 | 285.3 | Bullish |
Oscillators (daily)
| RSI (14) | 72.91 | Bearish |
| MACD (12, 26) | 4.26 | Bullish |
| Momentum (12) | 9.69 | Bullish |
| Stochastic %K (14) | 99.70 | Bearish |
| Williams %R (14) | -0.30 | Bearish |
| CCI (20) | 144.4 | Bearish |
Pivot points (classic, last session)
S3 298.2 | S2 300.2 | S1 304.2 | Pivot 306.3 | R1 310.3 | R2 312.3 | R3 316.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
7.22 USD
Yield on today's price
2.34%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.8100 | |
| 1.8100 | |
| 1.8100 | |
| 1.7900 | |
| 1.7900 | |
| 1.7900 | |
| 1.7900 | |
| 1.7700 | |
| 1.7700 | |
| 1.7700 | |
| 1.7700 | |
| 1.7500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold APD
| ETF | Share of the fund |
|---|---|
| XLB Materials Select Sector SPDR | 4.62% |
| GRNY Fundstrat Granny Shots US Large Cap | 2.36% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.39% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.36% |
| CGDG Capital Group Dividend Growers | 1.18% |
| SDY SPDR S&P Dividend | 1.03% |
| CGUS Capital Group Core Equity | 0.90% |
| HDV iShares Core High Dividend | 0.77% |
The eight funds with the largest weight in APD among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
APD stock splits
APD has split its stock 2 times since 1992. The latest was a 2-for-1 split on 16 Jun 1998.
Full APD stock split history →APD SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Material impairment; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.