Air Products and Chemicals, Inc. (APD)

NYSE: APD · USD

$307

-0.52 (-0.2%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-02

Our latest published analysis: APD rated Hold

Air Products and Chemicals, Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$251 / share

Potential value

$305 / share

Upside to FV

-8.2%

from $307

Moat

7/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$60.9B
Revenue (ttm)	12.6B
Net income (ttm)	-47.3M
EPS (ttm)	-$0.21
Shares out	222.7M
P/E (forward)	19.9x
Dividend	$7.24 (2.36%)
Volume	553,555
Beta	0.76

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 12.6B
Net income (ttm): -47.3M
EPS (ttm): -$0.21
P/E (forward): 19.9x
Market cap: $60.9B

Item	P1	P2	P3	P4	P5	Trend
Period	2022-09-30	2023-09-30	2024-09-30	2025-09-30	2026-09-30	Trend
Revenue	$12.70B	$12.60B	$12.10B	$12.04B	—	-1.8%
Gross profit	$3.36B	$3.77B	$3.93B	$3.78B	—	+4.0%
Operating income	$2.34B	$2.49B	$4.47B	$-877.0M	—	—
Net income	$2.26B	$2.30B	$3.83B	$-394.5M	—	—
EPS (diluted)	$10.14	$10.33	$17.18	$-1.77	$9.83	-0.8%
EBITDA	$4.22B	$4.42B	$6.49B	$1.34B	—	-31.8%
R&D	$102.9M	$105.6M	$100.2M	$96.3M	—	-2.2%
SG&A	$900.6M	$957.0M	$942.4M	$906.1M	—	+0.2%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAL	American Airlines Group Inc.	8.3B	—	0.1x	3.0%	+20.0%	-6.9%	보유
ALB	Albemarle Corporation	11.4B	198.9x	1.9x	4.1%	+12.8%	+1.9%	보유
ANET	Arista Networks Inc.	235.7B	59.1x	22.4x	284.8%	+32.0%	+19.7%	매도
AVY	Avery Dennison Corporation	13.7B	19.8x	1.5x	15.1%	+3.3%	+1.6%	보유
BALL	Ball Corporation	16.7B	18.0x	1.2x	8.7%	+2.3%	+28.3%	매수
CE	Celanese Corporation	5.4B	—	0.6x	5.9%	+6.8%	+11.5%	적극 매수

Base and Bull scenarios

Base55%

Price target

$251.01

-8.2% from spot

In the base scenario, capital expenditure moderates to the guided $3.5B ceiling in FY2026 from $7,022.6M in FY2025, enabling a sharp free cash flow recovery. The Americas segment maintains defensive operating margins near 29.6% ($1,519.6M operating income on $5,125.9M revenue), supported by long-term take-or-pay on-site pipeline contracts. Asia operations stabilize as advanced electronics demand balances flat broad merchant manufacturing. Consolidated FY2027 diluted EPS reaches $14.44 and revenue reaches $13,494.0M, supporting a composite fair value midpoint of $251.01.

FY2026 capex guided to approximately $3.5B ceiling
FY2027 diluted EPS reaches consensus estimate of $14.44 across 22 analysts
Americas segment operating margin stabilizes near 29.6%
Consolidated operating margin normalizes toward 21.5%
Cost of equity Ke applied at 8.6548% and terminal multiple at 18.0x

Bull20%

Price target

$304.72

+11.5% from spot

In the bull scenario, capital expenditures step down rapidly toward maintenance levels below $3.0B following completion of major clean hydrogen and ammonia projects, while commercialized facilities generate immediate high-margin offtake revenue. Americas core pipeline density expands pricing power, and a synchronized industrial manufacturing recovery in China and Europe re-accelerates merchant liquid gas volumes. Consolidated operating margins expand above 23%, net debt rapidly amortizes, and normalized earnings power exceeds consensus FY2027 projections, supporting intrinsic value reaching $304.72.

Capex declines below $3.0B following commercialization of Texas and Darrow assets
Consolidated operating margin expands on synchronized merchant volume rebound
Terminal P/E multiple expands to 22.0x in line with peer medians

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($251.01). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
7.7%	$275	$281	$287	$293	$300
8.2%	$258	$263	$267	$273	$278
8.7%	$244	$247	$251	$255	$260
9.2%	$231	$234	$237	$240	$244
9.7%	$219	$222	$224	$227	$230

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E19.9

P25 n/aP50 n/aP75 n/a

Trailing P/E31.7

P25 n/aP50 n/aP75 n/a

ROE0

P25 n/aP50 n/aP75 n/a

ROIC8.9

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All APD indicators

Market & fundamental data

Available fields

257

Groups with data

Currency

USD

Showing 257 of 257 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000002969
Company name	Air Products and Chemicals, Inc.
Country	United States
Country code	US
CUSIP number	009158106
Earnings date	2026-11-05
Earnings time	bmo
Employees	21,300
Employees change	-1,700
Employees growth	-7.39%
Enterprise value	$85.5B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	September
Founded	1940
In index	SP500
Industry	Specialty Chemicals
IPO date	1987-01-01
Is primary listing	Yes
Is SPAC	No
ISIN number	US0091581068
Last 10-K release date	2025-11-20
Last earnings date	2026-07-30
Last refreshed	2026-10-28
Last stock split date	1998-06-16
Last stock split type	Forward
Market cap	$68.3B
Market cap category	Large-Cap
Next earnings date	2026-11-05
Options	Yes
Price	$306.60
Price currency	USD
Sector	Materials
SIC code	2810
Stock price date	2026-10-28
Symbol	APD
U.S. state	Pennsylvania
Website	https://www.airproducts.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	23.19x
Average P/E ratio (10Y)	27.15x
Average P/E ratio (3Y)	27.29x
Average P/E ratio (5Y)	27.32x
Earnings yield	-0.07%
EV/EBIT	27.61x
EV/EBITDA	18.45x
EV/Sales	6.81x
FCF / EV yield	-0.35%
FCF yield	-0.44%
Forward EV/Sales	6.42x
Forward P/E	21.52x
Forward P/S	5.13x
Industry forward P/E	19.6x
Industry P/E	43.87x
P/(OCF - SBC) ratio	15.16x
P/B ratio	4.93x
P/OCF ratio	15x
P/S ratio	5.44x
PEG ratio	2.22x
Price / tangible book value	5.42x
Price/EBITDA ratio	14.74x
Sector forward P/E	15.02x
Sector P/E	22.73x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	24.66%
EBITDA margin	36.92%
Gross margin	32.06%
Operating margin	24.66%
Pretax margin	-0.65%
Profit margin	-0.38%
Profit per employee	$-2,221
Revenue per employee	$591,653
ROA	4.73%
ROA (5Y)	5.26%
ROCE	8.67%
ROE	0.02%
ROE (5Y)	13.63%
ROIC	8.94%
ROIC (5Y)	10.12%
SBC / revenue	0.39%
Tax / revenue	-0.68%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth years	0
Gross profit growth	5.12%
Gross profit growth (Q)	5.43%
Gross profit growth 3Y	2.68%
Gross profit growth 5Y	5.74%
Net income growth years	0
OCF growth	54.81%
OCF growth (Q)	52.51%
OCF growth (QoQ)	18.26%
OCF growth 10Y	5.92%
OCF growth 3Y	12.38%
OCF growth 5Y	3.94%
Operating income growth	9.56%
Operating income growth (Q)	9.91%
Operating income growth 3Y	5.42%
Operating income growth 5Y	6.29%
Revenue growth	4.51%
Revenue growth (Q)	4.58%
Revenue growth (QoQ)	-0.34%
Revenue growth 10Y	4.64%
Revenue growth 3Y	-0.98%
Revenue growth 5Y	5.15%
Revenue growth quarters	3
Revenue growth years	0

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-4.9B
Depreciation and amortization	$1.5B
EBIT	$3.1B
EBITDA	$4.7B
EPS	$-0.21
FCF per share	$-1.35
Financing cash flow	$-1.1B
Free cash flow	$-301.4M
Free cash flow minus SBC	$-350.8M
Gross profit	$4B
Income taxes	$-86.1M
Investing cash flow	$-4.8B
Net borrowing	$127.5M
Net cash flow	$-1.3B
Net income	$-47.3M
Operating cash flow minus SBC	$4.5B
Operating income	$3.1B
Revenue	$12.6B
Stock-based compensation	$49.4M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	2.69
Book value per share	$62.35
Debt / EBITDA	3.82
Debt / equity	1.1
Goodwill	$957.4M
Interest coverage	14.16
Long-term assets	$35.5B
Long-term liabilities	$19.3B
Net cash (debt)	$-17.3B
Net cash / market cap	-25.19%
Net debt / EBITDA	3.71
Net debt / equity	1.04
Piotroski F-Score	4
Property, plant and equipment	$25.8B
Shareholders' equity	$16.6B
Tangible book value	$12.6B
Tangible book value per share	$56.80
Total assets	$40.4B
Total cash	$1B
Total debt	$18.3B
Total liabilities	$23.8B
WACC	6.86%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.31
Current assets	$5B
Current liabilities	$4.6B
Current ratio	1.08
Inventory turnover	11.05
Net working capital	$318.3M
Quick ratio	0.75
Working capital	$388.2M
Working capital turnover	14.19

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.02%
Dividend growth	1.12%
Dividend growth (10Y)	7.73%
Dividend growth (3Y)	1.13%
Dividend growth (5Y)	3.83%
Dividend growth years	51
Dividend payment date	2026-11-09
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$7.24
Dividend yield	2.36%
Ex-dividend date	2027-01-04
Last dividend	$1.81
Shareholder yield	2.33%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	129.89%
10Y return CAGR	11.38%
10Y total return	193.73%
150-day SMA	$293.90
15Y price change	245.54%
15Y return CAGR	11.96%
15Y total return	444.64%
1D price change	-0.17%
1M price change	8.84%
1M total return	9.55%
1W price change	1.35%
1W total return	1.35%
1Y price change	19.91%
1Y return CAGR	23.11%
1Y total return	23.09%
20-day SMA	$292.47
200-day SMA	$289.60
20Y price change	346.59%
20Y return CAGR	10.9%
20Y total return	691.87%
3M price change	4.82%
3M total return	5.5%
3Y price change	11.05%
3Y return CAGR	6.28%
3Y total return	20.06%
50-day SMA	$293.76
50-day SMA vs 200-day SMA	50over200
52-week high	$314.87
52-week high date	2026-07-06
52-week low	$229.11
52-week low date	2025-12-10
5Y price change	4.01%
5Y return CAGR	3.37%
5Y total return	18.05%
6M price change	1.42%
6M total return	2.72%
All-time high	$341.14
All-time high date	2025-02-04
All-time low	$7.25
All-time low date	1987-10-28
Average true range (ATR)	$4.98
Average volume	922K
Beta (1Y)	0.01
Beta (2Y)	0.66
Beta (5Y)	0.76
Change from 52-week high	-2.63%
Change from 52-week low	33.82%
Change from all-time high	-10.1%
Change from all-time low	4,129.93%
Change from open	-0.06%
Day's gap	-0.1%
Dollar volume	$169.7M
High price	$308.32
Low price	$305.27
Monthly RSI	54.91
Open price	$306.79
Position in 52-week range	43.61%
Premarket change	-0.53%
Premarket close	$307.11
Premarket price	$305.48
Previous close	$307.11
Price vs 150-day SMA	4.34%
Price vs 20-day SMA	4.85%
Price vs 200-day SMA	5.89%
Price vs 50-day SMA	4.4%
Relative volume	0.6
RSI	67.53
Sharpe ratio	0.77
Sharpe ratio (3Y)	0.22
Sharpe ratio (5Y)	0.11
Sortino ratio	1.47
Sortino ratio (3Y)	0.51
Sortino ratio (5Y)	0.37
Volume	553.6K
Weekly RSI	58.91
YTD price change	24.15%
YTD total return	27.45%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	222.4M
Float percentage	99.86%
Shares change (QoQ)	-0.04%
Shares change (YoY)	0.02%
Shares held by insiders	0.04%
Shares held by institutions	92.19%
Shares outstanding	222.7M
Short % of float	2.28%
Short % of shares	2.28%
Short ratio	4.3 days

Deeper analysis on APD

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this APD report

What is the latest published APD stock rating?

Air Products and Chemicals, Inc. is shown with Hold in the latest published report, analyzed 2026-10-02. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full APD analysis?

The full latest published report, analyzed 2026-10-02, lives at /stocks/APD/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for APD?

The latest published report analyzed 2026-10-02 gives APD a fair value of USD 251 and a potential value of USD 305. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the APD page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-02). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldAPD · Fair value $251-8.2%

Read full analysis →

Air Products and Chemicals, Inc. (APD)

Our latest published analysis: APD rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · APD

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All APD indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on APD

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	4.5
Management	7.5
Balance Sheet	5.0
Profitability	1.5
Revenue Growth	4.5
Risk Assessment	7.0
Competitive Moat	7.0
Earnings Quality	3.5
Capital Efficiency	3.5