Since its founding in 1940, Air Products has become one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is the world's largest supplier of hydrogen and helium.
It is a $62.6B materials company. Revenue grew 4.5% over the last year, it currently loses money, and it carries $15.1B of net debt.
- Website
- airproducts.com
- Location
- Allentown, PA
- Employees
- 21 300
- Sector
- Basic Materials
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Valuation, Growth, Profitability and Moat lag behind.
Valuation32
- P/E vs own history54th pct · 12/25
- FCF yield-0.5% · 0/25
- P/S5.0x · 20/25
- EV/EBITDA83.4x · 0/25
Growth31
- Revenue CAGR3.9% · 6/25
- Net income CAGRn/a · 0/25
- EPS CAGR ~5Yn/a · 0/25
- Fwd implied growth33.3% · 25/25
Profitability0
- ROIC-1.3% · 0/25
- ROE-0.3% · 0/25
- Net margin-0.4% · 0/25
- Operating margin-4.7% · 0/25
Health60
- Altman Z2.57 · 18/25
- Current ratio1.08 · 12/25
- Interest coverage709.0x · 25/25
- Net cash / debtD/A 37% · 5/25
Quality55
- Piotroski F3/9 · 5/25
- Beneish M-3.02 · 25/25
- FCF conversionn/a · 0/25
- Margin stabilityσ 2.4% · 25/25
Moat41
- ROIC >12% years5/10 yrs · 13/25
- Median gross margin31.1% · 13/25
- FCF-positive years7/10 yrs · 10/25
- Worst-year net marginworst -3.3% · 5/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2024FinancialBest year on record$3.83B net income
- 2024MilestoneAir Products is the fifth-largest employer in the Lehigh Valley
- FY2021FinancialRevenue crossed $10B$10.3B for the year
- FY2017FinancialBecame debt-freecash now exceeds total debt
- Oct 3, 2016MilestoneThe spinoff was completed on October 3, 2016
- FY2016FinancialFirst recorded profitable year$631M net income
- FY2016FinancialRevenue already above $1B$9.52B in first reported year
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Interest covered 709.0× by operating earnings
Watch-outs
- Not profitable — 0.4% net margin
- Negative free cash flow (-$301.4M)
- Loss-making in 1 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+4.5% YoY
- Profitable — makes more than it spends-$47.3M TTM
- Profit growing — earnings are higher than last year-110.3% YoY
- Generates cash — cash left after running and investing-$301M TTM
- Debt under control — could handle its obligationscurrent ratio 1.08
- Established company — not a micro-cap — lower blow-up risk$62.6B market cap
- Not printing shares — share count not ballooning — you keep your slice+0.2% shares over ~5y
- Proven track record — years of profitability behind it9/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 2.6 — grey
- Pays a dividend — returns cash to shareholdersyield 2.55%
- Valuation not extreme — price not wildly above earningsP/E 26.7
Peer comparisonAir Products & Chemicals, Inc. vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| APD this company | $62.6B | 26.7 | +4.5% | -0.4% | Solid |
| LIN Linde plc Ordinary Share | $223.2B | 30.8 | +6.6% | 20.4% | Solid |
| SCCO Southern Copper Corporation | $176.8B | 31.2 | +32.8% | 35.9% | Strong |
| NEM Newmont Corporation | $124.2B | 14.4 | +25.2% | 33.4% | Strong |
| FCX Freeport-McMoran Inc. | $105.8B | 35.9 | +0.2% | 11.4% | Strong |
| AEM Agnico Eagle Mines Ltd. | $95.8B | 15.9 | +43.7% | 37.5% | Strong |
| B Barrick Mining Corporation | $67.5B | 10.1 | +9.2% | 31.6% | Strong |
Head-to-head: APD vs LIN · APD vs SCCO · APD vs NEM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/APD
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of APD on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $281.26 · market cap $62.6B.