2026Oct
APD Oct 2026 · Hold
We maintain a Hold rating on Air Products and Chemicals Inc. (APD) with a composite fair value of $251.01 per share against a market price of $273.33 (as of 2026-10-01), representing an implied return of -8.17% and an 8.89% market premium. While management's guided capital expenditure step-down to $3.5 billion in FY2026 from peak FY2025 outlays of $7,022.6 million marks the crest of its megaproject buildout, current valuation fully reflects this operational inflection against elevated leverage of $18,406.2 million and muted international manufacturing demand.Latest published research · analyzed 2026-10-02 · current · sources aging