Air Products and Chemicals, Inc.

US$304.84As of Sun 8 Nov 2026, 12:00 UTC

NYSE:APDMaterials

Country USA

PE (Fwd) •••

TSR 10Y CAGR 11.28%

Div yield 2.38%

ROE 3.19%

Specialty Chemicals

Beta (5Y) 0.67

PE TTM 127.6

TSR TTM 29.00%

Mkt cap US$67.88B

ROIC 9.28%

SE Grade™

—

Value

Quality

Moat

Consensus

Reference

$358

17.35%

32.87%

Buy 6|2|6|4|4

TTM

FYE 30 Sep USD

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027E

Trend

10Y

Peers

12.22

Revenue$B

21.36

21.72

22.19

22.67

23.21

24.14

24.18

24.25

24.28

12.55

0.91%

1.50%

2.06

Revenue growth%

4.28

2.55

3.76

4.61

6.05

8.08

7.42

6.50

6.36

4.15

25.51

6.50

5.33

18.91

Gross margin%

15.63

15.49

17.56

16.48

15.46

16.21

14.77

14.66

11.71

8.73

23.36

14.66

15.48

9.14

Operating margin%

19.25

21.15

23.24

21.15

18.34

17.49

17.01

19.09

20.43

23.30

15.35

19.09

19.84

27.15

Net margin%

25.93

23.86

25.54

25.72

26.31

25.64

28.36

30.19

30.79

28.63

5.43

28.63

26.12

15.00

P/E ratio (avg)x

41.53

39.05

42.77

46.89

48.98

46.51

44.14

43.01

43.16

38.96

33.38

43.16

43.09

37.30

EV/EBITx

38.87

40.10

43.02

44.81

51.67

48.02

46.56

50.28

47.36

48.06

22.02

48.02

46.96

16.75

FCF yield (avg)%

23.25

26.22

27.01

24.41

27.09

27.22

30.20

30.84

33.77

35.51

24.82

30.84

27.15

7.03

FCF margin%

0.40

2.43

3.54

5.03

2.47

0.89

2.52

4.24

5.89

4.85

27.16

4.24

3.03

0.788

FCF / Net incomex

1.486

1.619

1.656

1.679

1.543

1.492

1.359

1.288

1.462

1.652

0.283

1.462

1.518

3.04

ROIC%

2.36

5.34

4.56

3.00

2.41

2.29

2.70

3.20

0.51

0.40

23.62

2.29

2.56

5.45

Return on equity%

14.87

16.59

14.49

12.64

12.02

11.93

12.73

12.82

10.43

13.05

12.71

12.73

12.77

25.66

Return on assets%

20.49

22.24

23.64

24.23

26.37

25.48

24.45

22.42

22.91

20.00

4.23

22.91

23.28

13.16

EPS$

18.01

19.21

21.18

21.44

20.22

21.40

22.94

21.57

19.94

21.58

14.37

1.30%

3.21%

—

3.37

EPS growth%

5.85

7.27

5.20

7.73

8.75

6.74

8.86

9.99

9.28

11.73

21.08

9.28

8.24

6.56

Bookvalue per sh$

36.86

35.44

37.34

33.40

31.08

33.37

35.59

39.32

40.98

42.69

25.12

6.55%

2.23%

—

32.02

FCF per share$

12.94

12.46

12.82

14.72

14.89

14.42

14.53

13.73

14.27

15.11

35.42

0.29%

2.69%

—

7.54

Dividend per sh$

28.46

26.42

28.92

29.27

31.52

27.25

29.18

28.65

28.18

25.63

32.23

(4.05%)

(1.37%)

—

24.44

Div yield (avg)%

11.33

11.10

9.15

10.10

9.27

8.74

8.78

9.85

11.82

10.96

29.62

9.85

9.97

8.08

Payout ratio%

20.72

19.31

19.98

22.03

23.62

22.81

20.27

20.46

18.11

19.16

24.08

20.27

20.36

225.4

Shares (diluted)M

293.7

327.5

347.2

391.7

433.9

463.7

470.2

474.5

521.9

517.6

228.1

3.59%

7.58%

8.31

Buyback yield%

22.36

24.20

22.33

22.23

20.28

22.74

24.16

25.57

24.25

25.09

11.03

24.25

23.45

0.546

D/E ratiox

0.641

0.580

0.596

0.653

0.596

0.558

0.489

0.469

0.413

0.418

1.758

0.469

0.569

13.77

Enterprise value$B

3.946

4.113

3.994

4.582

4.725

5.384

5.797

6.384

6.968

7.660

16.72

10.14%

8.74%

8.820

LT debt$B

10.84

12.26

12.24

13.09

13.72

13.76

13.07

13.06

13.15

13.33

3.237

(0.58%)

1.86%

Peers (US$67.88B)

Cap (US$)

Ecolab Inc.

84.33B

40.90x

The Sherwin-Williams…

82.64B

31.70x

PPG Industries, Inc.

27.03B

17.47x

Givaudan SA

45.90B

39.47x

Capital

TTM

10Y

Leveragex

1.840

(0.012)

—

EBIT/Intx

0.629

0.752

0.726

Own earn%

92.18

(45.73)

(44.21)

Sh yield%

32.75

35.41

33.31

Owners

Insiders/Inst%

5.07

33.50

Short interest%

1.50

SBC / revenue%

2.78

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

17–23

$1 testx

—

Incr. ROIC%

Air Products and Chemicals, Inc. produces atmospheric gases such as oxygen, nitrogen and argon, process gases including hydrogen, helium and syngas, and specialty gases for refining, chemical, metals, electronics, energy and food customers across the Americas, Asia, Europe, the Middle East and India. It also manufactures equipment for air separation, natural gas liquefaction and helium and hydrogen transport.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

$24.28B

1.50%

1.00×

Cost of revenue

$11.11B

1.27%

0.98×

Operating expenses

$5.498B

1.62%

1.01×