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Air Products

APD NYSE Industrial Gases Financials FY2016–FY2025

Air Products' revenue fell 0.5% to $12.0 billion in fiscal 2025. Its operating margin was −7.3%, down from 36.9% a year earlier. Free cash flow was −$3.8 billion. It paid out $1.6 billion in dividends and buybacks.

Last close · Oct 23, 2026

$307.15

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$12.0B
0.5% vs prior year
Operating margin Operating income as a share of revenue.
−7.3%
44.2 pts
Net income Profit after all expenses, interest and tax.
−$395M
110.3%
Free cash flow Cash from operations minus capital spending.
−$3.8B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−2.2%
15.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$68.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Air Products does

No business description yet.

Legal name
AIR PRODUCTS AND CHEMICALS, INC.
Fiscal year ends
September 30, 2025
Latest annual report
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Accession · CIK
0000002969-25-000055
0000002969

Revenue and margins

Air Products had $12.0B of revenue in fiscal 2025, down 0.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$3.8B in fiscal 2025, −31.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Air Products returned $1.6B to shareholders in fiscal 2025. The diluted share count fell 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Air Products yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$15.8B and divides by 222.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Air Products can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.8B$3.3B$1.9B$3.0B$1.9B
Debt incl. finance leases $7.6B$7.6B$10.3B$14.2B$17.7B
Net debt / EBITDA 0.5x1.2x2.2x1.9x23.1x
Debt / equity 0.6x0.6x0.7x0.8x1.2x
Interest coverage 16.1x18.3x14.1x20.4x−4.1x
Current ratio 3.0x1.8x1.3x1.5x1.4x
Quick ratio 2.8x1.7x1.2x1.3x1.2x
Total assets $26.9B$27.2B$32.0B$39.6B$41.1B
Total liabilities $12.8B$13.5B$16.3B$20.9B$23.7B
Shareholders' equity $13.5B$13.1B$14.3B$17.0B$15.0B
Net debt (− = net cash) $1.8B$4.3B$8.4B$11.2B$15.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$20.8M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 1, 2026 Melissa N. SchaefferExec Vice President and CFO Sold 2,714 $303.76 $0.8M Form 4
Feb 12, 2026 Mantle Ridge LPDirector Sold 70,175 $284.21 $19.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 95 / 93 / 9
Accruals ratio −3.1%0.5%−9.1%
Altman Z'' 3.563.672.28

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Air Products APD $68.4B −0.5% −7.3% −31.3% −2.2% — 3
Linde LIN $236.4B 3.0% 26.3% 15.0% 11.7% 32.9x 6 Compare →
Mosaic MOS $5.7B 8.4% 6.8% −4.4% 2.5% — 8 Compare →
Crown CCK $12.9B 4.8% 12.6% 9.0% 13.7% 16.9x 7 Compare →
Alcoa AA $10.1B 7.9% — 4.4% 18.0% 7.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.5B $8.2B $8.9B $8.9B $8.9B $10.3B $12.7B $12.6B $12.1B $12.0B
Gross profit $2.3B $2.4B $2.7B $2.9B $3.0B $3.1B $3.4B $3.8B $3.9B $3.8B
Research and development $71.8M $57.6M $64.5M $72.9M $83.9M $93.5M $103M $106M $100M $96.3M
Operating income $1.5B $1.4B $2.0B $2.1B $2.2B $2.3B $2.3B $2.5B $4.5B −$877M
Interest expense $115M $121M $131M $137M $109M $142M $128M $178M $219M $214M
Pretax income $1.6B $1.4B $2.0B $2.3B $2.4B $2.5B $2.8B $2.9B $4.8B −$441M
Income tax $433M $261M $524M $480M $478M $463M $501M $551M $945M −$94.3M
Net income $631M $3.0B $1.5B $1.8B $1.9B $2.1B $2.3B $2.3B $3.8B −$395M
Diluted EPS $2.89 $13.65 $6.78 $7.94 $8.49 $9.43 $10.14 $10.33 $17.18 −$1.77
Diluted shares 0.22B 0.22B 0.22B 0.22B 0.22B 0.22B 0.22B 0.22B 0.22B 0.22B
Cash flow
Cash from operations $2.3B $2.5B $2.5B $3.0B $3.3B $3.3B $3.2B $3.2B $3.6B $3.3B
Capital expenditure $908M $1.0B $1.6B $2.0B $2.5B $2.5B $2.9B $4.6B $6.8B $7.0B
Free cash flow $1.4B $1.5B $979M $980M $756M $871M $244M −$1.4B −$3.2B −$3.8B
Depreciation and amortization $855M $866M $971M $1.1B $1.2B $1.3B $1.3B $1.4B $1.5B $1.6B
Stock-based compensation $31.0M $39.9M $38.8M $41.2M $53.5M $44.5M $48.4M $59.9M $61.8M $76.4M
Acquisitions $0.0M $8.2M $345M $123M $183M $10.5M $65.1M $0.0M $0.0M $59.9M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $721M $788M $898M $994M $1.1B $1.3B $1.4B $1.5B $1.6B $1.6B
Dividends and buybacks $721M $788M $898M $994M $1.1B $1.3B $1.4B $1.5B $1.6B $1.6B
Balance sheet
Cash and short-term investments $1.3B $3.7B $3.0B $2.4B $6.4B $5.8B $3.3B $1.9B $3.0B $1.9B
Total debt $6.2B $4.0B $3.8B $3.3B $7.9B $7.6B $7.6B $10.3B $14.2B $17.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $4.3B $5.9B $5.1B $4.6B $8.7B $8.4B $6.3B $5.2B $6.4B $5.8B
Current liabilities $3.3B $2.5B $2.3B $1.8B $2.4B $2.8B $3.5B $3.9B $4.2B $4.2B
Inventory $255M $335M $396M $388M $405M $454M $514M $652M $766M $777M
Property and equipment, net $8.3B $8.4B $9.9B $10.3B $12.0B $13.3B $14.2B $17.5B $23.4B $25.3B
Total assets $18.0B $18.5B $19.2B $18.9B $25.2B $26.9B $27.2B $32.0B $39.6B $41.1B
Total liabilities $10.8B $8.3B $8.0B $7.6B $12.7B $12.8B $13.5B $16.3B $20.9B $23.7B
Shareholders' equity $7.1B $10.1B $10.9B $11.1B $12.1B $13.5B $13.1B $14.3B $17.0B $15.0B
Margins
Gross margin 31.0% 29.8% 30.7% 32.7% 33.9% 30.4% 26.5% 29.9% 32.5% 31.4%
Operating margin 20.5% 17.6% 22.0% 24.0% 25.3% 22.1% 18.4% 19.8% 36.9% −7.3%
EBITDA margin 31.9% 28.2% 32.9% 36.2% 38.7% 34.9% 29.0% 30.6% 48.9% 5.7%
Net margin 8.4% 36.7% 16.8% 19.7% 21.3% 20.3% 17.8% 18.3% 31.6% −3.3%
FCF margin 18.0% 18.2% 11.0% 11.0% 8.5% 8.4% 1.9% −11.3% −26.0% −31.3%
Returns
Return on capital 8.8% 10.4% 12.9% 13.9% 13.7% 12.4% 11.3% 9.6% 13.3% −2.2%
Return on capital employed 10.8% 9.4% 12.0% 12.6% 11.2% 9.8% 9.8% 9.6% 14.1% −2.4%
Return on equity 8.8% 35.0% 14.3% 16.1% 16.3% 16.4% 16.9% 16.8% 24.4% −2.5%
Return on assets 3.6% 16.4% 8.0% 9.2% 8.6% 8.1% 8.4% 7.8% 10.7% −1.0%
Growth
Revenue growth −4.1% 9.1% 9.1% −0.1% −0.7% 16.6% 23.0% −0.8% −4.0% −0.5%
Net income growth −50.6% 375.4% −50.1% 17.5% 7.2% 11.3% 7.5% 2.0% 66.4% −110.3%
EPS growth −50.9% 372.3% −50.3% 17.1% 6.9% 11.1% 7.5% 1.9% 66.3% −110.3%
FCF growth 52.7% 10.2% −34.3% 0.1% −22.9% 15.3% −72.0% −682.0% — —
Share count change 0.5% 0.7% 0.5% 0.4% 0.3% 0.1% 0.0% 0.1% 0.0% −0.0%
Financial health
Net debt / EBITDA 2.1x 0.1x 0.3x 0.3x 0.5x 0.5x 1.2x 2.2x 1.9x 23.1x
Debt / equity 0.9x 0.4x 0.4x 0.3x 0.7x 0.6x 0.6x 0.7x 0.8x 1.2x
Interest coverage 13.3x 11.9x 15.1x 15.7x 20.5x 16.1x 18.3x 14.1x 20.4x −4.1x
Current ratio 1.3x 2.4x 2.2x 2.5x 3.6x 3.0x 1.8x 1.3x 1.5x 1.4x
Quick ratio 1.2x 2.2x 2.0x 2.3x 3.4x 2.8x 1.7x 1.2x 1.3x 1.2x
Capital allocation
Capex / revenue 12.1% 12.7% 17.6% 22.3% 28.3% 23.9% 23.1% 36.7% 56.2% 58.3%
Stock comp / revenue 0.4% 0.5% 0.4% 0.5% 0.6% 0.4% 0.4% 0.5% 0.5% 0.6%
Payouts / FCF 53.4% 52.9% 91.7% 101.4% 146.0% 144.3% 566.7% — — —
Quality scores
Piotroski F-score 4.0 6.0 6.0 7.0 7.0 4.0 7.0 5.0 5.0 3.0
Altman Z'' 3.5 5.3 5.4 5.8 5.2 5.0 4.3 3.6 3.7 2.3
Accruals ratio −9.2% 2.6% −5.6% −6.4% −6.3% −4.8% −3.4% −3.1% 0.5% −9.1%

Source: SEC EDGAR XBRL filings (CIK 0000002969). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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