# Air Products & Chemicals, Inc. (APD) — Stock CV

Air Products & Chemicals, Inc. 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.

> 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.

## Identity

- **Ticker**: APD
- **Sector**: Basic Materials
- **Industry**: Industrial Inorganic Chemicals
- **Headquarters**: ALLENTOWN, PA
- **Employees**: 21 300
- **Website**: https://www.airproducts.com
- **Market cap**: $62.6B
- **Last price**: $281.26
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $12.6B
- **Net income**: -$47.3M
- **Free cash flow**: -$301M
- **Net debt**: $15.1B
- **P/E**: 26.7
- **Revenue growth (YoY)**: 4.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 32 |
| Growth | 31 |
| Profitability | 0 |
| Health | 60 |
| Quality | 55 |
| Moat | 41 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +4.5% YoY
- [ ] Profitable — -$47.3M TTM
- [ ] Profit growing — -110.3% YoY
- [ ] Generates cash — -$301M TTM
- [ ] Debt under control — current ratio 1.08
- [x] Established company — $62.6B market cap
- [x] Not printing shares — +0.2% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [x] Financially stable — Altman Z 2.6 — grey
- [x] Pays a dividend — yield 2.55%
- [x] Valuation not extreme — P/E 26.7

## Experience (career milestones)

- **FY2024** — Best year on record: $3.83B net income
- **2024** — Air Products is the fifth-largest employer in the Lehigh Valley
- **FY2021** — Revenue crossed $10B: $10.3B for the year
- **FY2017** — Became debt-free: cash now exceeds total debt
- **Oct 3, 2016** — The spinoff was completed on October 3, 2016
- **FY2016** — First recorded profitable year: $631M net income
- **FY2016** — Revenue already above $1B: $9.52B in first reported year

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $10.3B | $2.10B | $871M |
| FY2022 | $12.7B | $2.26B | $244M |
| FY2023 | $12.6B | $2.30B | -$1.42B |
| FY2024 | $12.1B | $3.83B | -$3.15B |
| FY2025 | $12.0B | -$395M | -$3.77B |

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Source: https://stockcv.com/APD — derived from company filings; may be delayed or incomplete. Information, not investment advice.