Air Products and Chemicals, Inc. (APD) 10-Year Financial Performance & Capital Metrics

APD • • Industrial / General

Basic MaterialsSpecialty ChemicalsIndustrial Gases & Atmospheric ChemicalsIndustrial Gas Producers

AboutAir Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasification, metals, manufacturing, food and beverage, electronics, magnetic resonance imaging, energy production and refining, and metals. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. has a strategic collaboration with Baker Hughes Company to develop hydrogen compression systems. The company was founded in 1940 and is headquartered in Allentown, Pennsylvania.Show more

Revenue $12.04B -0.5%
EBITDA $687M -88.4%
Net Income -$395M -110.3%
EPS (Diluted) -1.77 -110.3%
Gross Margin 31.41% -3.3%
EBITDA Margin 5.71% -88.3%
Operating Margin -7.29% -119.7%
Net Margin -3.28% -110.4%
ROE -2.19% -109.8%
ROIC -2.04% -117.0%
Debt/Equity 1.06 +32.0%
Interest Coverage -4.10 -120.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 29 years of consecutive increases
✓Healthy dividend yield of 2.7%
✓Healthy 5Y average net margin of 16.9%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.4%

5Y6.33%

3Y-1.77%

TTM-0.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-110.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg9.68%

5Y Avg8.16%

3Y Avg7.09%

Latest-2.43%

Peer Comparison

Industrial Gas Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LINLinde plc	205.48B	440.04	32.31	0.46%	21.17%	17.69%	2.4%	0.57
OLNOlin Corporation	2.7B	23.63	25.97	-4.29%	0.79%	2.7%	11.43%	1.53
HDSNHudson Technologies, Inc.	319.08M	7.42	14.27	-17.96%	9.6%	8.55%	27.11%	0.03
GUREGulf Resources, Inc.	6.17M	4.01	-0.07	-74.5%	-195.77%	-19.16%		0.06
APDAir Products and Chemicals, Inc.	59.2B	265.98	-150.27	-0.52%	-3.28%	-2.27%		1.06

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	7.5B	8.19B	8.93B	8.92B	8.86B	10.32B	12.7B	12.6B	12.1B	12.04B
Revenue Growth %	-0.04%	0.09%	0.09%	-0%	-0.01%	0.17%	0.23%	-0.01%	-0.04%	-0.01%
Cost of Goods Sold+	5.18B	5.75B	6.19B	5.98B	5.86B	7.19B	9.34B	8.83B	8.17B	8.26B
COGS % of Revenue	0.69%	0.7%	0.69%	0.67%	0.66%	0.7%	0.74%	0.7%	0.68%	0.69%
Gross Profit+	2.33B	2.43B	2.74B	2.94B	3B	3.14B	3.36B	3.77B	3.93B	3.78B
Gross Margin %	0.31%	0.3%	0.31%	0.33%	0.34%	0.3%	0.26%	0.3%	0.32%	0.31%
Gross Profit Growth %	0.05%	0.05%	0.13%	0.07%	0.02%	0.05%	0.07%	0.12%	0.04%	-0.04%
Operating Expenses+	791.3M	996.1M	775.1M	799M	760.6M	869.1M	1.02B	1.27B	-534.2M	4.66B
OpEx % of Revenue	0.11%	0.12%	0.09%	0.09%	0.09%	0.08%	0.08%	0.1%	-0.04%	0.39%
Selling, General & Admin	683.8M	713.5M	760.8M	750M	742.1M	828.4M	900.6M	957M	942.4M	906.1M
SG&A % of Revenue	0.09%	0.09%	0.09%	0.08%	0.08%	0.08%	0.07%	0.08%	0.08%	0.08%
Research & Development	71.6M	57.8M	64.5M	72.9M	83.9M	93.5M	102.9M	105.6M	100.2M	96.3M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	35.9M	224.8M	-50.2M	-23.9M	-65.4M	-52.8M	17.8M	209.8M	-1.58B	3.66B
Operating Income+	1.54B	1.44B	1.97B	2.14B	2.24B	2.28B	2.34B	2.49B	4.47B	-877M
Operating Margin %	0.2%	0.18%	0.22%	0.24%	0.25%	0.22%	0.18%	0.2%	0.37%	-0.07%
Operating Income Growth %	0.24%	-0.06%	0.36%	0.09%	0.04%	0.02%	0.03%	0.07%	0.79%	-1.2%
EBITDA+	2.39B	2.31B	2.94B	3.23B	3.42B	3.6B	3.68B	3.85B	5.92B	687.2M
EBITDA Margin %	0.32%	0.28%	0.33%	0.36%	0.39%	0.35%	0.29%	0.31%	0.49%	0.06%
EBITDA Growth %	0.14%	-0.04%	0.27%	0.1%	0.06%	0.05%	0.02%	0.05%	0.54%	-0.88%
D&A (Non-Cash Add-back)	854.6M	865.8M	970.7M	1.08B	1.19B	1.32B	1.34B	1.36B	1.45B	1.56B
EBIT	1.67B	1.54B	2.15B	2.43B	2.53B	2.65B	2.88B	3.06B	5.04B	-226.7M
Net Interest Income+	-109.1M	-120.6M	-130.5M	-137M	-109.3M	-141.8M	-128M	-177.5M	-218.8M	-214M
Interest Income	6.1M	0	0	0	0	0	0	0	0	0
Interest Expense	115.2M	120.6M	130.5M	137M	109.3M	141.8M	128M	177.5M	218.8M	214M
Other Income/Expense	19.5M	-23.9M	49.4M	145.1M	186.2M	226M	415.9M	387.8M	355.1M	436.3M
Pretax Income+	1.55B	1.42B	2.02B	2.29B	2.42B	2.51B	2.75B	2.88B	4.82B	-440.7M
Pretax Margin %	0.21%	0.17%	0.23%	0.26%	0.27%	0.24%	0.22%	0.23%	0.4%	-0.04%
Income Tax+	432.6M	260.9M	524.3M	480.1M	478.4M	462.8M	500.8M	551.2M	944.9M	-94.3M
Effective Tax Rate %	0.41%	2.12%	0.74%	0.77%	0.78%	0.84%	0.82%	0.8%	0.79%	0.9%
Net Income+	631.1M	3B	1.5B	1.76B	1.89B	2.1B	2.26B	2.3B	3.83B	-394.5M
Net Margin %	0.08%	0.37%	0.17%	0.2%	0.21%	0.2%	0.18%	0.18%	0.32%	-0.03%
Net Income Growth %	-0.51%	3.75%	-0.5%	0.18%	0.07%	0.11%	0.07%	0.02%	0.66%	-1.1%
Net Income (Continuing)	1.12B	1.16B	1.49B	1.81B	1.95B	2.04B	2.25B	2.33B	3.88B	-346.4M
Discontinued Operations	0	1.87B	42.2M	0	0	70.3M	12.6M	7.4M	-13.9M	-8M
Minority Interest	133.8M	99.3M	318.8M	334.7M	363.3M	548.3M	558.4M	1.35B	1.64B	2.32B
EPS (Diluted)+	2.89	13.65	6.78	7.94	8.55	9.12	10.08	10.30	17.18	-1.77
EPS Growth %	-0.51%	3.72%	-0.5%	0.17%	0.08%	0.07%	0.11%	0.02%	0.67%	-1.1%
EPS (Basic)	2.92	13.76	6.83	7.99	8.59	9.16	10.11	10.31	17.21	-1.77
Diluted Shares Outstanding	218.3M	219.8M	220.8M	221.6M	222.3M	222.5M	222.5M	222.7M	222.8M	222.9M
Basic Shares Outstanding	216.4M	218M	219.3M	220.3M	221.2M	221.6M	222M	222.3M	222.5M	222.8M
Dividend Payout Ratio	1.14%	0.26%	0.6%	0.56%	0.58%	0.6%	0.61%	0.65%	0.41%	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	4.32B	5.88B	5.08B	4.62B	8.68B	8.38B	6.28B	5.2B	6.36B	5.83B
Cash & Short-Term Investments	1.29B	3.68B	2.98B	2.41B	6.36B	5.8B	3.3B	1.95B	2.98B	1.86B
Cash Only	1.29B	3.27B	2.79B	2.25B	5.25B	4.47B	2.71B	1.62B	2.98B	1.86B
Short-Term Investments	0	404M	184.7M	166M	1.1B	1.33B	590.7M	332.2M	5M	0
Accounts Receivable	1.48B	1.54B	1.38B	1.42B	1.42B	1.66B	2.04B	2.16B	2.17B	2.51B
Days Sales Outstanding	72.03	68.66	56.27	57.92	58.42	58.52	58.5	62.65	65.4	76.22
Inventory	255M	335.4M	396.1M	388.3M	404.8M	453.9M	514.2M	651.8M	766M	776.5M
Days Inventory Outstanding	17.98	21.28	23.36	23.72	25.22	23.05	20.1	26.93	34.23	34.33
Other Current Assets	1.19B	132.2M	203.7M	322.5M	340.3M	347.1M	274.8M	259.8M	264.2M	504.8M
Total Non-Current Assets+	13.71B	12.59B	14.1B	14.32B	16.48B	18.48B	20.91B	26.8B	33.21B	35.23B
Property, Plant & Equipment	8.26B	8.44B	9.92B	10.34B	12.34B	13.82B	14.86B	18.45B	24.42B	26.28B
Fixed Asset Turnover	0.91x	0.97x	0.90x	0.86x	0.72x	0.75x	0.85x	0.68x	0.50x	0.46x
Goodwill	845.1M	721.5M	788.9M	797.1M	891.5M	911.5M	823M	861.7M	905.1M	963.9M
Intangible Assets	387.9M	368.3M	438.5M	419.5M	435.8M	420.7M	347.5M	334.6M	311.6M	293.5M
Long-Term Investments	1.28B	1.29B	1.28B	1.28B	1.43B	1.65B	3.42B	4.68B	4.79B	6.67B
Other Non-Current Assets	2.75B	1.6B	1.55B	1.38B	1.27B	1.58B	1.33B	2.32B	2.66B	1.02B
Total Assets+	18.03B	18.47B	19.18B	18.94B	25.17B	26.86B	27.19B	32B	39.57B	41.06B
Asset Turnover	0.42x	0.44x	0.47x	0.47x	0.35x	0.38x	0.47x	0.39x	0.31x	0.29x
Asset Growth %	0.04%	0.02%	0.04%	-0.01%	0.33%	0.07%	0.01%	0.18%	0.24%	0.04%
Total Current Liabilities+	3.28B	2.49B	2.34B	1.82B	2.42B	2.8B	3.47B	3.9B	4.18B	4.22B
Accounts Payable	578.8M	659.5M	594.6M	528.2M	546.2M	736.8M	1.12B	1.21B	1.45B	1.44B
Days Payables Outstanding	40.81	41.84	35.06	32.26	34.03	37.42	43.8	50.12	64.86	63.53
Short-Term Debt	1.3B	560.4M	460.9M	98.6M	477.7M	486.9M	559M	874.5M	694.9M	842.8M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	507.7M	521.9M	831.1M	656.9M	687.8M	789.3M	861.6M	875.5M	55.9M	1.19B
Current Ratio	1.32x	2.36x	2.17x	2.54x	3.59x	2.99x	1.81x	1.33x	1.52x	1.38x
Quick Ratio	1.24x	2.23x	2.00x	2.32x	3.43x	2.83x	1.66x	1.17x	1.34x	1.20x
Cash Conversion Cycle	49.2	48.1	44.57	49.38	49.61	44.15	34.8	39.46	34.77	47.02
Total Non-Current Liabilities+	7.53B	5.79B	5.66B	5.73B	10.31B	9.97B	10.02B	12.45B	16.72B	19.49B
Long-Term Debt	3.91B	3.4B	3.35B	3.23B	7.43B	7.15B	7.09B	9.43B	13.53B	16.95B
Capital Lease Obligations	0	0	10.5M	10.1M	335.8M	503.4M	592.1M	631.1M	677.9M	616M
Deferred Tax Liabilities	710.4M	778.4M	775.1M	793.8M	962.6M	1.18B	1.25B	1.27B	1.16B	579.6M
Other Non-Current Liabilities	2.87B	1.57B	1.47B	1.65B	1.52B	1.08B	1.03B	981.1M	1.06B	1.06B
Total Liabilities	10.82B	8.28B	8B	7.55B	12.73B	12.77B	13.49B	16.34B	20.9B	23.71B
Total Debt+	5.21B	3.96B	3.81B	3.33B	8.31B	8.22B	8.33B	11.03B	15.01B	18.41B
Net Debt	3.92B	689.2M	1.02B	1.08B	3.06B	3.75B	5.62B	9.41B	12.03B	16.55B
Debt / Equity	0.72x	0.39x	0.34x	0.29x	0.67x	0.58x	0.61x	0.70x	0.80x	1.06x
Debt / EBITDA	2.18x	1.72x	1.30x	1.03x	2.43x	2.28x	2.26x	2.86x	2.54x	26.78x
Net Debt / EBITDA	1.64x	0.30x	0.35x	0.33x	0.89x	1.04x	1.53x	2.44x	2.03x	24.08x
Interest Coverage	13.33x	11.94x	15.06x	15.65x	20.47x	16.09x	18.27x	14.05x	20.41x	-4.10x
Total Equity+	7.21B	10.19B	11.18B	11.39B	12.44B	14.09B	13.7B	15.66B	18.67B	17.35B
Equity Growth %	-0.02%	0.41%	0.1%	0.02%	0.09%	0.13%	-0.03%	0.14%	0.19%	-0.07%
Book Value per Share	33.04	46.34	50.62	51.39	55.97	63.32	61.58	70.32	83.81	77.84
Total Shareholders' Equity	7.08B	10.09B	10.86B	11.05B	12.08B	13.54B	13.14B	14.31B	17.04B	15.02B
Common Stock	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M
Retained Earnings	10.48B	12.85B	13.41B	14.14B	14.88B	15.68B	16.52B	17.29B	19.55B	17.56B
Treasury Stock	-2.23B	-2.16B	-2.09B	-2.03B	-2B	-1.99B	-1.98B	-1.97B	-1.98B	-2B
Accumulated OCI	-2.39B	-1.85B	-1.74B	-2.38B	-2.14B	-1.52B	-2.79B	-2.45B	-2.03B	-2.09B
Minority Interest	133.8M	99.3M	318.8M	334.7M	363.3M	548.3M	558.4M	1.35B	1.64B	2.32B

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	2.66B	1.57B	2.54B	2.97B	3.26B	3.34B	3.23B	3.21B	3.65B	3.25B
Operating CF Margin %	0.35%	0.19%	0.28%	0.33%	0.37%	0.32%	0.25%	0.25%	0.3%	0.27%
Operating CF Growth %	0.09%	-0.41%	0.62%	0.17%	0.1%	0.02%	-0.03%	-0.01%	0.14%	-0.11%
Net Income	1.1B	1.13B	1.46B	1.76B	1.9B	2.03B	2.24B	2.29B	3.84B	4.9M
Depreciation & Amortization	854.6M	865.8M	970.7M	1.08B	1.19B	1.32B	1.34B	1.36B	1.45B	1.56B
Stock-Based Compensation	31M	39.9M	38.8M	41.2M	53.5M	44.5M	48.4M	59.9M	61.8M	76.4M
Deferred Taxes	61.8M	-38M	185.2M	107M	165M	94M	32.3M	-24.7M	-69.3M	-554.8M
Other Non-Cash Items	592.6M	-482.2M	157M	4.2M	300K	-163.4M	-316.4M	-55.2M	-1.46B	3.01B
Working Capital Changes	21.2M	48M	-265.4M	-25.3M	-40.1M	16.7M	-115.8M	-424.8M	-183M	-851.6M
Change in Receivables	-44.8M	-73.6M	-42.8M	-69M	43.2M	-130.5M	-475.2M	130.7M	-76.6M	-36.3M
Change in Inventory	32.2M	6.4M	-64.2M	-3M	-5.2M	-47.2M	-94.3M	-129.4M	-137.8M	-35.8M
Change in Payables	81.6M	269.2M	-149.4M	38M	52.5M	263.4M	532.5M	-307.1M	-338.7M	-224M
Cash from Investing+	-1.07B	2.33B	-1.63B	-2.11B	-3.56B	-2.73B	-3.86B	-5.68B	-4.92B	-6.58B
Capital Expenditures	-907.7M	-1.04B	-1.57B	-1.99B	-2.51B	-2.46B	-2.93B	-4.63B	-6.8B	-7.02B
CapEx % of Revenue	0.12%	0.13%	0.18%	0.22%	0.28%	0.24%	0.23%	0.37%	0.56%	0.58%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-161.3M	3.79B	65.4M	-3.2M	84.2M	43.3M	53.2M	-659.7M	1.55B	53.5M
Cash from Financing+	-304.3M	-1.97B	-1.36B	-1.37B	3.28B	-1.56B	-1B	1.37B	2.62B	2.21B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-721.2M	-787.9M	-897.8M	-994M	-1.1B	-1.26B	-1.38B	-1.5B	-1.56B	-1.58B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	510.4M	96.6M	-41.5M	-19.9M	-80.1M	-28.4M	-20.7M	-321.7M	270.2M	-91.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.75B	528.2M	973.5M	980.2M	755.7M	877.7M	303.7M	-1.42B	-3.15B	-3.77B
FCF Margin %	0.23%	0.06%	0.11%	0.11%	0.09%	0.09%	0.02%	-0.11%	-0.26%	-0.31%
FCF Growth %	1.13%	-0.7%	0.84%	0.01%	-0.23%	0.16%	-0.65%	-5.68%	-1.22%	-0.2%
FCF per Share	8.03	2.40	4.41	4.42	3.40	3.94	1.36	-6.38	-14.14	-16.89
FCF Conversion (FCF/Net Income)	4.22x	0.52x	1.70x	1.69x	1.73x	1.59x	1.43x	1.39x	0.95x	-8.24x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.65%	34.49%	14.02%	15.6%	15.83%	15.82%	16.24%	15.67%	22.3%	-2.19%
Return on Invested Capital (ROIC)	9.52%	9.82%	12.78%	13.04%	12%	10.26%	9.44%	8.43%	12.01%	-2.04%
Gross Margin	31%	29.73%	30.69%	33%	33.85%	30.39%	26.46%	29.9%	32.49%	31.41%
Net Margin	8.41%	36.65%	16.77%	19.73%	21.3%	20.33%	17.77%	18.26%	31.64%	-3.28%
Debt / Equity	0.72x	0.39x	0.34x	0.29x	0.67x	0.58x	0.61x	0.70x	0.80x	1.06x
Interest Coverage	13.33x	11.94x	15.06x	15.65x	20.47x	16.09x	18.27x	14.05x	20.41x	-4.10x
FCF Conversion	4.22x	0.52x	1.70x	1.69x	1.73x	1.59x	1.43x	1.39x	0.95x	-8.24x
Revenue Growth	-4.1%	9.11%	9.07%	-0.13%	-0.7%	16.56%	23.01%	-0.78%	-3.96%	-0.52%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
On-site	-	-	-	-	-	-	6.63B	6.18B	5.89B	6.18B
On-site Growth	-	-	-	-	-	-	-	-6.84%	-4.64%	4.88%
Merchant	-	-	-	-	-	-	5.09B	5.53B	5.33B	5.34B
Merchant Growth	-	-	-	-	-	-	-	8.58%	-3.66%	0.14%
Sale of Equipment	-	-	-	-	-	-	970.8M	889M	878.4M	520M
Sale of Equipment Growth	-	-	-	-	-	-	-	-8.43%	-1.19%	-40.80%
Industrial Gases Americas	3.34B	3.64B	3.76B	3.87B	3.63B	4.17B	-	-	-	-
Industrial Gases Americas Growth	-	8.77%	3.35%	3.05%	-6.27%	14.79%	-	-	-	-
Industrial Gases Asia	1.72B	1.96B	2.46B	2.66B	2.72B	2.92B	-	-	-	-
Industrial Gases Asia Growth	-	14.49%	25.11%	8.36%	1.99%	7.52%	-	-	-	-
Industrial Gases EMEA	1.7B	1.78B	2.19B	2B	1.93B	2.44B	-	-	-	-
Industrial Gases EMEA Growth	-	4.71%	23.19%	-8.70%	-3.81%	26.92%	-	-	-	-
Industrial Gases Global	498.8M	722.9M	436.1M	261M	364.9M	511M	-	-	-	-
Industrial Gases Global Growth	-	44.93%	-39.67%	-40.15%	39.81%	40.04%	-	-	-	-
Corporate and Other	246.1M	82.6M	84M	118.3M	217.9M	278.7M	-	-	-	-
Corporate and Other Growth	-	-66.44%	1.69%	40.83%	84.19%	27.90%	-	-	-	-
Materials Technologies	2.02B	-	-	-	-	-	-	-	-	-
Materials Technologies Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	3.79B	2.89B	3.15B	3.35B	-	-	-	5.37B	5.04B	5.13B
Americas Growth	-	-23.88%	9.10%	6.42%	-	-	-	-	-6.13%	1.70%
Asia	1.38B	849.6M	904M	953.1M	-	-	-	3.22B	3.22B	3.27B
Asia Growth	-	-38.56%	6.40%	5.43%	-	-	-	-	0.25%	1.45%
Europe	2.51B	2.48B	2.29B	2.09B	-	-	-	2.96B	2.82B	2.98B
Europe Growth	-	-1.09%	-7.50%	-8.82%	-	-	-	-	-4.71%	5.71%
Middle East And India	-	-	-	-	-	-	-	162.5M	134.4M	135.9M
Middle East And India Growth	-	-	-	-	-	-	-	-	-17.29%	1.12%
Other Foreign Operations	-	-	-	-	-	-	5.48B	-	-	-
Other Foreign Operations Growth	-	-	-	-	-	-	-	-	-	-
UNITED STATES	-	-	-	-	-	-	5.23B	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
CHINA	1.18B	1.14B	1.59B	1.73B	-	-	1.99B	-	-	-
CHINA Growth	-	-2.79%	38.68%	9.11%	-	-	-	-	-	-
Other	-	829.3M	998.4M	793.5M	-	-	-	-	-	-
Other Growth	-	-	20.39%	-20.52%	-	-	-	-	-	-
Latin America Other	441.6M	-	-	-	-	-	-	-	-	-
Latin America Other Growth	-	-	-	-	-	-	-	-	-	-
Canada	225.7M	-	-	-	-	-	-	-	-	-
Canada Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Air Products and Chemicals, Inc. (APD) reported $12.04B in revenue for fiscal year 2025. This represents a 25% increase from $9.61B in 2012.

Air Products and Chemicals, Inc. (APD) saw revenue decline by 0.5% over the past year.

Air Products and Chemicals, Inc. (APD) reported a net loss of $394.5M for fiscal year 2025.

Dividend & Returns

Yes, Air Products and Chemicals, Inc. (APD) pays a dividend with a yield of 2.67%. This makes it attractive for income-focused investors.

Air Products and Chemicals, Inc. (APD) has a return on equity (ROE) of -2.2%. Negative ROE indicates the company is unprofitable.

Air Products and Chemicals, Inc. (APD) had negative free cash flow of $3.77B in fiscal year 2025, likely due to heavy capital investments.

US Stock Screener

...

Air Products and Chemicals, Inc. (APD) 10-Year Financial Performance & Capital Metrics

APD • • Industrial / General

Basic MaterialsSpecialty ChemicalsIndustrial Gases & Atmospheric ChemicalsIndustrial Gas Producers

Revenue $12.04B -0.5%
EBITDA $687M -88.4%
Net Income -$395M -110.3%
EPS (Diluted) -1.77 -110.3%
Gross Margin 31.41% -3.3%
EBITDA Margin 5.71% -88.3%
Operating Margin -7.29% -119.7%
Net Margin -3.28% -110.4%
ROE -2.19% -109.8%
ROIC -2.04% -117.0%
Debt/Equity 1.06 +32.0%
Interest Coverage -4.10 -120.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 29 years of consecutive increases
✓Healthy dividend yield of 2.7%
✓Healthy 5Y average net margin of 16.9%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y4.4%

5Y6.33%

3Y-1.77%

TTM-0.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-110.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg9.68%

5Y Avg8.16%

3Y Avg7.09%

Latest-2.43%

Peer Comparison

Industrial Gas Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LINLinde plc	205.48B	440.04	32.31	0.46%	21.17%	17.69%	2.4%	0.57
OLNOlin Corporation	2.7B	23.63	25.97	-4.29%	0.79%	2.7%	11.43%	1.53
HDSNHudson Technologies, Inc.	319.08M	7.42	14.27	-17.96%	9.6%	8.55%	27.11%	0.03
GUREGulf Resources, Inc.	6.17M	4.01	-0.07	-74.5%	-195.77%	-19.16%		0.06
APDAir Products and Chemicals, Inc.	59.2B	265.98	-150.27	-0.52%	-3.28%	-2.27%		1.06

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	7.5B	8.19B	8.93B	8.92B	8.86B	10.32B	12.7B	12.6B	12.1B	12.04B
Revenue Growth %	-0.04%	0.09%	0.09%	-0%	-0.01%	0.17%	0.23%	-0.01%	-0.04%	-0.01%
Cost of Goods Sold+	5.18B	5.75B	6.19B	5.98B	5.86B	7.19B	9.34B	8.83B	8.17B	8.26B
COGS % of Revenue	0.69%	0.7%	0.69%	0.67%	0.66%	0.7%	0.74%	0.7%	0.68%	0.69%
Gross Profit+	2.33B	2.43B	2.74B	2.94B	3B	3.14B	3.36B	3.77B	3.93B	3.78B
Gross Margin %	0.31%	0.3%	0.31%	0.33%	0.34%	0.3%	0.26%	0.3%	0.32%	0.31%
Gross Profit Growth %	0.05%	0.05%	0.13%	0.07%	0.02%	0.05%	0.07%	0.12%	0.04%	-0.04%
Operating Expenses+	791.3M	996.1M	775.1M	799M	760.6M	869.1M	1.02B	1.27B	-534.2M	4.66B
OpEx % of Revenue	0.11%	0.12%	0.09%	0.09%	0.09%	0.08%	0.08%	0.1%	-0.04%	0.39%
Selling, General & Admin	683.8M	713.5M	760.8M	750M	742.1M	828.4M	900.6M	957M	942.4M	906.1M
SG&A % of Revenue	0.09%	0.09%	0.09%	0.08%	0.08%	0.08%	0.07%	0.08%	0.08%	0.08%
Research & Development	71.6M	57.8M	64.5M	72.9M	83.9M	93.5M	102.9M	105.6M	100.2M	96.3M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	35.9M	224.8M	-50.2M	-23.9M	-65.4M	-52.8M	17.8M	209.8M	-1.58B	3.66B
Operating Income+	1.54B	1.44B	1.97B	2.14B	2.24B	2.28B	2.34B	2.49B	4.47B	-877M
Operating Margin %	0.2%	0.18%	0.22%	0.24%	0.25%	0.22%	0.18%	0.2%	0.37%	-0.07%
Operating Income Growth %	0.24%	-0.06%	0.36%	0.09%	0.04%	0.02%	0.03%	0.07%	0.79%	-1.2%
EBITDA+	2.39B	2.31B	2.94B	3.23B	3.42B	3.6B	3.68B	3.85B	5.92B	687.2M
EBITDA Margin %	0.32%	0.28%	0.33%	0.36%	0.39%	0.35%	0.29%	0.31%	0.49%	0.06%
EBITDA Growth %	0.14%	-0.04%	0.27%	0.1%	0.06%	0.05%	0.02%	0.05%	0.54%	-0.88%
D&A (Non-Cash Add-back)	854.6M	865.8M	970.7M	1.08B	1.19B	1.32B	1.34B	1.36B	1.45B	1.56B
EBIT	1.67B	1.54B	2.15B	2.43B	2.53B	2.65B	2.88B	3.06B	5.04B	-226.7M
Net Interest Income+	-109.1M	-120.6M	-130.5M	-137M	-109.3M	-141.8M	-128M	-177.5M	-218.8M	-214M
Interest Income	6.1M	0	0	0	0	0	0	0	0	0
Interest Expense	115.2M	120.6M	130.5M	137M	109.3M	141.8M	128M	177.5M	218.8M	214M
Other Income/Expense	19.5M	-23.9M	49.4M	145.1M	186.2M	226M	415.9M	387.8M	355.1M	436.3M
Pretax Income+	1.55B	1.42B	2.02B	2.29B	2.42B	2.51B	2.75B	2.88B	4.82B	-440.7M
Pretax Margin %	0.21%	0.17%	0.23%	0.26%	0.27%	0.24%	0.22%	0.23%	0.4%	-0.04%
Income Tax+	432.6M	260.9M	524.3M	480.1M	478.4M	462.8M	500.8M	551.2M	944.9M	-94.3M
Effective Tax Rate %	0.41%	2.12%	0.74%	0.77%	0.78%	0.84%	0.82%	0.8%	0.79%	0.9%
Net Income+	631.1M	3B	1.5B	1.76B	1.89B	2.1B	2.26B	2.3B	3.83B	-394.5M
Net Margin %	0.08%	0.37%	0.17%	0.2%	0.21%	0.2%	0.18%	0.18%	0.32%	-0.03%
Net Income Growth %	-0.51%	3.75%	-0.5%	0.18%	0.07%	0.11%	0.07%	0.02%	0.66%	-1.1%
Net Income (Continuing)	1.12B	1.16B	1.49B	1.81B	1.95B	2.04B	2.25B	2.33B	3.88B	-346.4M
Discontinued Operations	0	1.87B	42.2M	0	0	70.3M	12.6M	7.4M	-13.9M	-8M
Minority Interest	133.8M	99.3M	318.8M	334.7M	363.3M	548.3M	558.4M	1.35B	1.64B	2.32B
EPS (Diluted)+	2.89	13.65	6.78	7.94	8.55	9.12	10.08	10.30	17.18	-1.77
EPS Growth %	-0.51%	3.72%	-0.5%	0.17%	0.08%	0.07%	0.11%	0.02%	0.67%	-1.1%
EPS (Basic)	2.92	13.76	6.83	7.99	8.59	9.16	10.11	10.31	17.21	-1.77
Diluted Shares Outstanding	218.3M	219.8M	220.8M	221.6M	222.3M	222.5M	222.5M	222.7M	222.8M	222.9M
Basic Shares Outstanding	216.4M	218M	219.3M	220.3M	221.2M	221.6M	222M	222.3M	222.5M	222.8M
Dividend Payout Ratio	1.14%	0.26%	0.6%	0.56%	0.58%	0.6%	0.61%	0.65%	0.41%	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	4.32B	5.88B	5.08B	4.62B	8.68B	8.38B	6.28B	5.2B	6.36B	5.83B
Cash & Short-Term Investments	1.29B	3.68B	2.98B	2.41B	6.36B	5.8B	3.3B	1.95B	2.98B	1.86B
Cash Only	1.29B	3.27B	2.79B	2.25B	5.25B	4.47B	2.71B	1.62B	2.98B	1.86B
Short-Term Investments	0	404M	184.7M	166M	1.1B	1.33B	590.7M	332.2M	5M	0
Accounts Receivable	1.48B	1.54B	1.38B	1.42B	1.42B	1.66B	2.04B	2.16B	2.17B	2.51B
Days Sales Outstanding	72.03	68.66	56.27	57.92	58.42	58.52	58.5	62.65	65.4	76.22
Inventory	255M	335.4M	396.1M	388.3M	404.8M	453.9M	514.2M	651.8M	766M	776.5M
Days Inventory Outstanding	17.98	21.28	23.36	23.72	25.22	23.05	20.1	26.93	34.23	34.33
Other Current Assets	1.19B	132.2M	203.7M	322.5M	340.3M	347.1M	274.8M	259.8M	264.2M	504.8M
Total Non-Current Assets+	13.71B	12.59B	14.1B	14.32B	16.48B	18.48B	20.91B	26.8B	33.21B	35.23B
Property, Plant & Equipment	8.26B	8.44B	9.92B	10.34B	12.34B	13.82B	14.86B	18.45B	24.42B	26.28B
Fixed Asset Turnover	0.91x	0.97x	0.90x	0.86x	0.72x	0.75x	0.85x	0.68x	0.50x	0.46x
Goodwill	845.1M	721.5M	788.9M	797.1M	891.5M	911.5M	823M	861.7M	905.1M	963.9M
Intangible Assets	387.9M	368.3M	438.5M	419.5M	435.8M	420.7M	347.5M	334.6M	311.6M	293.5M
Long-Term Investments	1.28B	1.29B	1.28B	1.28B	1.43B	1.65B	3.42B	4.68B	4.79B	6.67B
Other Non-Current Assets	2.75B	1.6B	1.55B	1.38B	1.27B	1.58B	1.33B	2.32B	2.66B	1.02B
Total Assets+	18.03B	18.47B	19.18B	18.94B	25.17B	26.86B	27.19B	32B	39.57B	41.06B
Asset Turnover	0.42x	0.44x	0.47x	0.47x	0.35x	0.38x	0.47x	0.39x	0.31x	0.29x
Asset Growth %	0.04%	0.02%	0.04%	-0.01%	0.33%	0.07%	0.01%	0.18%	0.24%	0.04%
Total Current Liabilities+	3.28B	2.49B	2.34B	1.82B	2.42B	2.8B	3.47B	3.9B	4.18B	4.22B
Accounts Payable	578.8M	659.5M	594.6M	528.2M	546.2M	736.8M	1.12B	1.21B	1.45B	1.44B
Days Payables Outstanding	40.81	41.84	35.06	32.26	34.03	37.42	43.8	50.12	64.86	63.53
Short-Term Debt	1.3B	560.4M	460.9M	98.6M	477.7M	486.9M	559M	874.5M	694.9M	842.8M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	507.7M	521.9M	831.1M	656.9M	687.8M	789.3M	861.6M	875.5M	55.9M	1.19B
Current Ratio	1.32x	2.36x	2.17x	2.54x	3.59x	2.99x	1.81x	1.33x	1.52x	1.38x
Quick Ratio	1.24x	2.23x	2.00x	2.32x	3.43x	2.83x	1.66x	1.17x	1.34x	1.20x
Cash Conversion Cycle	49.2	48.1	44.57	49.38	49.61	44.15	34.8	39.46	34.77	47.02
Total Non-Current Liabilities+	7.53B	5.79B	5.66B	5.73B	10.31B	9.97B	10.02B	12.45B	16.72B	19.49B
Long-Term Debt	3.91B	3.4B	3.35B	3.23B	7.43B	7.15B	7.09B	9.43B	13.53B	16.95B
Capital Lease Obligations	0	0	10.5M	10.1M	335.8M	503.4M	592.1M	631.1M	677.9M	616M
Deferred Tax Liabilities	710.4M	778.4M	775.1M	793.8M	962.6M	1.18B	1.25B	1.27B	1.16B	579.6M
Other Non-Current Liabilities	2.87B	1.57B	1.47B	1.65B	1.52B	1.08B	1.03B	981.1M	1.06B	1.06B
Total Liabilities	10.82B	8.28B	8B	7.55B	12.73B	12.77B	13.49B	16.34B	20.9B	23.71B
Total Debt+	5.21B	3.96B	3.81B	3.33B	8.31B	8.22B	8.33B	11.03B	15.01B	18.41B
Net Debt	3.92B	689.2M	1.02B	1.08B	3.06B	3.75B	5.62B	9.41B	12.03B	16.55B
Debt / Equity	0.72x	0.39x	0.34x	0.29x	0.67x	0.58x	0.61x	0.70x	0.80x	1.06x
Debt / EBITDA	2.18x	1.72x	1.30x	1.03x	2.43x	2.28x	2.26x	2.86x	2.54x	26.78x
Net Debt / EBITDA	1.64x	0.30x	0.35x	0.33x	0.89x	1.04x	1.53x	2.44x	2.03x	24.08x
Interest Coverage	13.33x	11.94x	15.06x	15.65x	20.47x	16.09x	18.27x	14.05x	20.41x	-4.10x
Total Equity+	7.21B	10.19B	11.18B	11.39B	12.44B	14.09B	13.7B	15.66B	18.67B	17.35B
Equity Growth %	-0.02%	0.41%	0.1%	0.02%	0.09%	0.13%	-0.03%	0.14%	0.19%	-0.07%
Book Value per Share	33.04	46.34	50.62	51.39	55.97	63.32	61.58	70.32	83.81	77.84
Total Shareholders' Equity	7.08B	10.09B	10.86B	11.05B	12.08B	13.54B	13.14B	14.31B	17.04B	15.02B
Common Stock	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M	249.4M
Retained Earnings	10.48B	12.85B	13.41B	14.14B	14.88B	15.68B	16.52B	17.29B	19.55B	17.56B
Treasury Stock	-2.23B	-2.16B	-2.09B	-2.03B	-2B	-1.99B	-1.98B	-1.97B	-1.98B	-2B
Accumulated OCI	-2.39B	-1.85B	-1.74B	-2.38B	-2.14B	-1.52B	-2.79B	-2.45B	-2.03B	-2.09B
Minority Interest	133.8M	99.3M	318.8M	334.7M	363.3M	548.3M	558.4M	1.35B	1.64B	2.32B

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	2.66B	1.57B	2.54B	2.97B	3.26B	3.34B	3.23B	3.21B	3.65B	3.25B
Operating CF Margin %	0.35%	0.19%	0.28%	0.33%	0.37%	0.32%	0.25%	0.25%	0.3%	0.27%
Operating CF Growth %	0.09%	-0.41%	0.62%	0.17%	0.1%	0.02%	-0.03%	-0.01%	0.14%	-0.11%
Net Income	1.1B	1.13B	1.46B	1.76B	1.9B	2.03B	2.24B	2.29B	3.84B	4.9M
Depreciation & Amortization	854.6M	865.8M	970.7M	1.08B	1.19B	1.32B	1.34B	1.36B	1.45B	1.56B
Stock-Based Compensation	31M	39.9M	38.8M	41.2M	53.5M	44.5M	48.4M	59.9M	61.8M	76.4M
Deferred Taxes	61.8M	-38M	185.2M	107M	165M	94M	32.3M	-24.7M	-69.3M	-554.8M
Other Non-Cash Items	592.6M	-482.2M	157M	4.2M	300K	-163.4M	-316.4M	-55.2M	-1.46B	3.01B
Working Capital Changes	21.2M	48M	-265.4M	-25.3M	-40.1M	16.7M	-115.8M	-424.8M	-183M	-851.6M
Change in Receivables	-44.8M	-73.6M	-42.8M	-69M	43.2M	-130.5M	-475.2M	130.7M	-76.6M	-36.3M
Change in Inventory	32.2M	6.4M	-64.2M	-3M	-5.2M	-47.2M	-94.3M	-129.4M	-137.8M	-35.8M
Change in Payables	81.6M	269.2M	-149.4M	38M	52.5M	263.4M	532.5M	-307.1M	-338.7M	-224M
Cash from Investing+	-1.07B	2.33B	-1.63B	-2.11B	-3.56B	-2.73B	-3.86B	-5.68B	-4.92B	-6.58B
Capital Expenditures	-907.7M	-1.04B	-1.57B	-1.99B	-2.51B	-2.46B	-2.93B	-4.63B	-6.8B	-7.02B
CapEx % of Revenue	0.12%	0.13%	0.18%	0.22%	0.28%	0.24%	0.23%	0.37%	0.56%	0.58%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-161.3M	3.79B	65.4M	-3.2M	84.2M	43.3M	53.2M	-659.7M	1.55B	53.5M
Cash from Financing+	-304.3M	-1.97B	-1.36B	-1.37B	3.28B	-1.56B	-1B	1.37B	2.62B	2.21B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-721.2M	-787.9M	-897.8M	-994M	-1.1B	-1.26B	-1.38B	-1.5B	-1.56B	-1.58B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	510.4M	96.6M	-41.5M	-19.9M	-80.1M	-28.4M	-20.7M	-321.7M	270.2M	-91.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.75B	528.2M	973.5M	980.2M	755.7M	877.7M	303.7M	-1.42B	-3.15B	-3.77B
FCF Margin %	0.23%	0.06%	0.11%	0.11%	0.09%	0.09%	0.02%	-0.11%	-0.26%	-0.31%
FCF Growth %	1.13%	-0.7%	0.84%	0.01%	-0.23%	0.16%	-0.65%	-5.68%	-1.22%	-0.2%
FCF per Share	8.03	2.40	4.41	4.42	3.40	3.94	1.36	-6.38	-14.14	-16.89
FCF Conversion (FCF/Net Income)	4.22x	0.52x	1.70x	1.69x	1.73x	1.59x	1.43x	1.39x	0.95x	-8.24x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.65%	34.49%	14.02%	15.6%	15.83%	15.82%	16.24%	15.67%	22.3%	-2.19%
Return on Invested Capital (ROIC)	9.52%	9.82%	12.78%	13.04%	12%	10.26%	9.44%	8.43%	12.01%	-2.04%
Gross Margin	31%	29.73%	30.69%	33%	33.85%	30.39%	26.46%	29.9%	32.49%	31.41%
Net Margin	8.41%	36.65%	16.77%	19.73%	21.3%	20.33%	17.77%	18.26%	31.64%	-3.28%
Debt / Equity	0.72x	0.39x	0.34x	0.29x	0.67x	0.58x	0.61x	0.70x	0.80x	1.06x
Interest Coverage	13.33x	11.94x	15.06x	15.65x	20.47x	16.09x	18.27x	14.05x	20.41x	-4.10x
FCF Conversion	4.22x	0.52x	1.70x	1.69x	1.73x	1.59x	1.43x	1.39x	0.95x	-8.24x
Revenue Growth	-4.1%	9.11%	9.07%	-0.13%	-0.7%	16.56%	23.01%	-0.78%	-3.96%	-0.52%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
On-site	-	-	-	-	-	-	6.63B	6.18B	5.89B	6.18B
On-site Growth	-	-	-	-	-	-	-	-6.84%	-4.64%	4.88%
Merchant	-	-	-	-	-	-	5.09B	5.53B	5.33B	5.34B
Merchant Growth	-	-	-	-	-	-	-	8.58%	-3.66%	0.14%
Sale of Equipment	-	-	-	-	-	-	970.8M	889M	878.4M	520M
Sale of Equipment Growth	-	-	-	-	-	-	-	-8.43%	-1.19%	-40.80%
Industrial Gases Americas	3.34B	3.64B	3.76B	3.87B	3.63B	4.17B	-	-	-	-
Industrial Gases Americas Growth	-	8.77%	3.35%	3.05%	-6.27%	14.79%	-	-	-	-
Industrial Gases Asia	1.72B	1.96B	2.46B	2.66B	2.72B	2.92B	-	-	-	-
Industrial Gases Asia Growth	-	14.49%	25.11%	8.36%	1.99%	7.52%	-	-	-	-
Industrial Gases EMEA	1.7B	1.78B	2.19B	2B	1.93B	2.44B	-	-	-	-
Industrial Gases EMEA Growth	-	4.71%	23.19%	-8.70%	-3.81%	26.92%	-	-	-	-
Industrial Gases Global	498.8M	722.9M	436.1M	261M	364.9M	511M	-	-	-	-
Industrial Gases Global Growth	-	44.93%	-39.67%	-40.15%	39.81%	40.04%	-	-	-	-
Corporate and Other	246.1M	82.6M	84M	118.3M	217.9M	278.7M	-	-	-	-
Corporate and Other Growth	-	-66.44%	1.69%	40.83%	84.19%	27.90%	-	-	-	-
Materials Technologies	2.02B	-	-	-	-	-	-	-	-	-
Materials Technologies Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	3.79B	2.89B	3.15B	3.35B	-	-	-	5.37B	5.04B	5.13B
Americas Growth	-	-23.88%	9.10%	6.42%	-	-	-	-	-6.13%	1.70%
Asia	1.38B	849.6M	904M	953.1M	-	-	-	3.22B	3.22B	3.27B
Asia Growth	-	-38.56%	6.40%	5.43%	-	-	-	-	0.25%	1.45%
Europe	2.51B	2.48B	2.29B	2.09B	-	-	-	2.96B	2.82B	2.98B
Europe Growth	-	-1.09%	-7.50%	-8.82%	-	-	-	-	-4.71%	5.71%
Middle East And India	-	-	-	-	-	-	-	162.5M	134.4M	135.9M
Middle East And India Growth	-	-	-	-	-	-	-	-	-17.29%	1.12%
Other Foreign Operations	-	-	-	-	-	-	5.48B	-	-	-
Other Foreign Operations Growth	-	-	-	-	-	-	-	-	-	-
UNITED STATES	-	-	-	-	-	-	5.23B	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
CHINA	1.18B	1.14B	1.59B	1.73B	-	-	1.99B	-	-	-
CHINA Growth	-	-2.79%	38.68%	9.11%	-	-	-	-	-	-
Other	-	829.3M	998.4M	793.5M	-	-	-	-	-	-
Other Growth	-	-	20.39%	-20.52%	-	-	-	-	-	-
Latin America Other	441.6M	-	-	-	-	-	-	-	-	-
Latin America Other Growth	-	-	-	-	-	-	-	-	-	-
Canada	225.7M	-	-	-	-	-	-	-	-	-
Canada Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Air Products and Chemicals, Inc. (APD) reported $12.04B in revenue for fiscal year 2025. This represents a 25% increase from $9.61B in 2012.

Air Products and Chemicals, Inc. (APD) saw revenue decline by 0.5% over the past year.

Air Products and Chemicals, Inc. (APD) reported a net loss of $394.5M for fiscal year 2025.

Dividend & Returns

Yes, Air Products and Chemicals, Inc. (APD) pays a dividend with a yield of 2.67%. This makes it attractive for income-focused investors.

Air Products and Chemicals, Inc. (APD) has a return on equity (ROE) of -2.2%. Negative ROE indicates the company is unprofitable.

Air Products and Chemicals, Inc. (APD) had negative free cash flow of $3.77B in fiscal year 2025, likely due to heavy capital investments.