Air Products and Chemicals, Inc. (APD) Financial Ratios
30 years of historical data (1996–2025) · Basic Materials · Chemicals - Specialty
EV/EBITDA
↑
114.87
↑+224% vs avg
5yr avg: 35.42
30Y Low6.6·High20.2
P/FCF
↑
N/A
—
5yr avg: 117.71
30Y Low17.3·High170.5
P/B Ratio
↓
3.60
-5% vs avg
5yr avg: 3.78
30Y Low1.9·High5.3
ROE
↓
-2.2%
↑-116% vs avg
5yr avg: 13.6%
30Y Low-2%·High34%
Debt/EBITDA
↑
26.78
↑+265% vs avg
5yr avg: 7.35
30Y Low1.0·High26.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
APD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Air Products and Chemicals, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $62.4B | $60.8B | $66.3B | $63.1B | $51.8B | $57.0B | $66.2B | $49.2B | $36.9B | $33.2B | $30.3B |
| Enterprise Value | $78.9B | $77.3B | $78.4B | $72.5B | $57.4B | $60.7B | $69.3B | $50.2B | $37.9B | $33.9B | $34.3B |
| P/E Ratio → | -158.31 | — | 17.33 | 27.51 | 23.09 | 28.08 | 34.84 | 27.94 | 24.64 | 11.08 | 48.09 |
| P/S Ratio | 5.18 | 5.05 | 5.48 | 5.01 | 4.08 | 5.52 | 7.48 | 5.51 | 4.13 | 4.06 | 4.04 |
| P/B Ratio | 3.60 | 3.50 | 3.55 | 4.03 | 3.78 | 4.04 | 5.32 | 4.32 | 3.30 | 3.26 | 4.21 |
| P/FCF | — | — | — | — | 170.51 | 64.92 | 87.62 | 50.16 | 37.89 | 62.93 | 17.31 |
| P/OCF | 19.16 | 18.67 | 18.19 | 19.68 | 16.03 | 17.05 | 20.28 | 16.55 | 14.51 | 21.20 | 11.40 |
P/E links to full P/E history page with 30-year chart
APD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Air Products and Chemicals, Inc.'s enterprise value stands at 114.9x EBITDA, 224% above its 5-year average of 35.4x. The Basic Materials sector median is 11.0x, placing the stock at a 943% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.42 | 6.48 | 5.76 | 4.52 | 5.88 | 7.82 | 5.63 | 4.24 | 4.14 | 4.57 |
| EV / EBITDA | 114.87 | 112.54 | 13.24 | 18.82 | 15.61 | 16.86 | 20.24 | 15.57 | 12.91 | 14.71 | 14.34 |
| EV / EBIT | — | — | 15.55 | 23.70 | 19.91 | 22.93 | 27.35 | 20.71 | 17.67 | 22.08 | 20.52 |
| EV / FCF | — | — | — | — | 189.00 | 69.20 | 91.67 | 51.26 | 38.94 | 64.23 | 19.54 |
APD Profitability
Margins and return-on-capital ratios measuring operating efficiency
Air Products and Chemicals, Inc. earns an operating margin of -7.3%, below the Basic Materials sector average of 10.3%. Operating margins have compressed from 19.8% to -7.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -2.2% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.4% | 31.4% | 32.5% | 29.9% | 26.5% | 30.4% | 33.9% | 33.0% | 30.7% | 29.7% | 31.0% |
| Operating Margin | -7.3% | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% | 25.3% | 24.0% | 22.0% | 17.6% | 20.5% |
| Net Profit Margin | -3.3% | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% | 21.3% | 19.7% | 16.8% | 36.6% | 8.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.2% | -2.2% | 22.3% | 15.7% | 16.2% | 15.8% | 15.8% | 15.6% | 14.0% | 34.5% | 8.6% |
| ROA | -1.0% | -1.0% | 10.7% | 7.8% | 8.3% | 8.1% | 8.6% | 9.2% | 8.0% | 16.4% | 3.6% |
| ROIC | -2.0% | -2.0% | 12.0% | 8.4% | 9.4% | 10.3% | 12.0% | 13.0% | 12.8% | 9.8% | 9.5% |
| ROCE | -2.4% | -2.4% | 14.1% | 9.6% | 9.8% | 9.7% | 11.2% | 12.6% | 12.0% | 9.4% | 10.8% |
APD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Air Products and Chemicals, Inc. carries a Debt/EBITDA ratio of 26.8x, which is highly leveraged (1001% above the sector average of 2.4x). Net debt stands at $16.6B ($18.4B total debt minus $1.9B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.06 | 1.06 | 0.80 | 0.70 | 0.61 | 0.58 | 0.67 | 0.29 | 0.34 | 0.39 | 0.72 |
| Debt / EBITDA | 26.78 | 26.78 | 2.54 | 2.86 | 2.26 | 2.28 | 2.43 | 1.03 | 1.30 | 1.72 | 2.18 |
| Net Debt / Equity | — | 0.95 | 0.64 | 0.60 | 0.41 | 0.27 | 0.25 | 0.09 | 0.09 | 0.07 | 0.54 |
| Net Debt / EBITDA | 24.08 | 24.08 | 2.03 | 2.44 | 1.53 | 1.04 | 0.89 | 0.33 | 0.35 | 0.30 | 1.64 |
| Debt / FCF | — | — | — | — | 18.49 | 4.27 | 4.05 | 1.10 | 1.05 | 1.30 | 2.23 |
| Interest Coverage | -1.06 | -1.06 | 23.03 | 17.24 | 22.52 | 18.68 | 23.18 | 17.71 | 16.44 | 12.74 | 14.49 |
APD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.38x means Air Products and Chemicals, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.38 | 1.38 | 1.52 | 1.33 | 1.81 | 2.99 | 3.59 | 2.54 | 2.17 | 2.36 | 1.32 |
| Quick Ratio | 1.20 | 1.20 | 1.34 | 1.17 | 1.66 | 2.83 | 3.43 | 2.32 | 2.00 | 2.23 | 1.24 |
| Cash Ratio | 0.44 | 0.44 | 0.71 | 0.50 | 0.95 | 2.07 | 2.63 | 1.33 | 1.27 | 1.48 | 0.39 |
| Asset Turnover | — | 0.29 | 0.31 | 0.39 | 0.47 | 0.38 | 0.35 | 0.47 | 0.47 | 0.44 | 0.42 |
| Inventory Turnover | 10.63 | 10.63 | 10.66 | 13.55 | 18.16 | 15.83 | 14.47 | 15.39 | 15.63 | 17.15 | 20.30 |
| Days Sales Outstanding | — | 76.22 | 65.40 | 62.65 | 58.50 | 58.52 | 58.42 | 57.92 | 56.27 | 68.66 | 72.03 |
APD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Air Products and Chemicals, Inc. returns 2.5% to shareholders annually primarily through dividends.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.6% | 2.4% | 2.4% | 2.7% | 2.2% | 1.7% | 2.0% | 2.4% | 2.4% | 2.4% |
| Payout Ratio | — | — | 40.9% | 65.1% | 61.3% | 59.9% | 58.5% | 56.5% | 59.9% | 26.3% | 114.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.8% | 3.6% | 4.3% | 3.6% | 2.9% | 3.6% | 4.1% | 9.0% | 2.1% |
| FCF Yield | — | — | — | — | 0.6% | 1.5% | 1.1% | 2.0% | 2.6% | 1.6% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.5% | 2.6% | 2.4% | 2.4% | 2.7% | 2.2% | 1.7% | 2.0% | 2.4% | 2.4% | 2.4% |
| Shares Outstanding | — | $223M | $223M | $223M | $223M | $223M | $222M | $222M | $221M | $220M | $218M |
Peer Comparison
Compare APD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 APDYou | $62B | -158.3 | 114.9 | — | 31.4% | -7.3% | -2.2% | -2.0% | 26.8 |
 LIN | $237B | 35.1 | 20.4 | 46.6 | 43.3% | 26.3% | 17.4% | 11.3% | 2.1 |
 ALB | $19B | -27.9 | 27.3 | 27.3 | 13.1% | 1.8% | -5.1% | 0.6% | 4.4 |
 PX | $909M | 47.2 | 13.6 | 9.4 | 48.8% | 26.3% | 34.4% | 19.8% | 2.1 |
 EMN | $8B | 17.7 | 8.9 | 19.6 | 21.1% | 10.6% | 8.0% | 6.7% | 3.5 |
 CE | $6B | -4.8 | 11.5 | 7.1 | 18.8% | 8.0% | -23.1% | 3.4% | 8.6 |
 OLN | $3B | -59.5 | 9.0 | 10.1 | 7.4% | 1.7% | -2.1% | 1.7% | 5.3 |
 HUN | $2B | -7.6 | 17.8 | 18.1 | 13.2% | -0.7% | -9.0% | -0.6% | 11.0 |
 WLK | $10B | -6.8 | — | — | 2.6% | -14.1% | -14.8% | -9.0% | — |
 TROX | $1B | -2.5 | 16.2 | — | 9.3% | -0.7% | -29.0% | -0.3% | 12.8 |
 CAT | $459B | 52.4 | 36.5 | 44.6 | 32.3% | 16.6% | 43.5% | 15.9% | 3.2 |
| Basic Materials Median | — | 23.6 | 11.0 | 29.0 | 30.9% | 10.3% | -0.0% | 4.6% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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APD — Frequently Asked Questions
Quick answers to the most common questions about buying APD stock.
What is Air Products and Chemicals, Inc.'s P/E ratio?
Air Products and Chemicals, Inc.'s current P/E ratio is -158.3x. The historical average is 22.1x.
What is Air Products and Chemicals, Inc.'s EV/EBITDA?
Air Products and Chemicals, Inc.'s current EV/EBITDA is 114.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
What is Air Products and Chemicals, Inc.'s ROE?
Air Products and Chemicals, Inc.'s return on equity (ROE) is -2.2%. The historical average is 15.6%.
Is APD stock overvalued?
Based on historical data, Air Products and Chemicals, Inc. is trading at a P/E of -158.3x. Compare with industry peers and growth rates for a complete picture.
What is Air Products and Chemicals, Inc.'s dividend yield?
Air Products and Chemicals, Inc.'s current dividend yield is 2.54%.
What are Air Products and Chemicals, Inc.'s profit margins?
Air Products and Chemicals, Inc. has 31.4% gross margin and -7.3% operating margin.
How much debt does Air Products and Chemicals, Inc. have?
Air Products and Chemicals, Inc.'s Debt/EBITDA ratio is 26.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.