FirmAtlas
Company handbook · APD · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
APD · CIK 2969 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
AIR PRODUCTS AND CHEMICALS, INC.
$299.59
+2.99 (+1.01%)
Close, Oct 16, 2026 · 52-week $229–315
Last fiscal year
AIR PRODUCTS AND CHEMICALS, INC. reported revenue of $12.0B for the year ended Sep 30, 2025 (FY25), down 0.5% from FY24. Net loss was $394M, operating cash flow $3.3B and free cash flow −$3.8B. Source: 10-K filed Nov 20, 2025.
Market cap
$66.7B
EV/EBITDA
120.1x
P/B
4.8
Div yield
2.41%
ROIC
−2.3%
Revenue 1Y
−0.5%/yr
EPS 1Y
n/m
Shares 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOEduardo F. Menezes
HQAllentown, PA
AuditorDeloitte & Touche LLP
Employees21,300
Year endsSeptember
Revenue by segment · FY25
Industrial Gases Americas43%
Industrial Gases Asia27%
Europe25%
Corporate And Other4%
Middle East And India1%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.5%
0.5%
1.4%
18.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$17.0B deployed
Capex
$13.8B
81.2%
Acquisitions
$60M
0.4%
Dividends
$3.1B
18.5%
Operating cash flow over the period: $6.9B. Total debt changed by +$3.5B. R&D of $196M is already inside operating costs.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Sep 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
12,101
12,037−0.5%
12,602
YoY
−0.5%
Operating income
4,466
(877)−119.6%
(593)
Operating margin
36.9%
−7.3%−44.2 pp
—
EBITDA
5,917
687−88.4%
—
EBITDA margin
48.9%
5.7%−43.2 pp
—
Interest expense
219
214−2.2%
—
Interest coverage
27.04x
3.21x−23.83x
—
Net income
3,828
(394)−110.3%
(47)
YoY
−110.3%
Net margin
31.6%
−3.3%−34.9 pp
—
EPS (diluted, $)
17.18
−1.77−110.3%
−0.22
YoY
−110.3%
Balance sheet
Total assets
39,575
41,060+3.8%
40,446
Cash & short-term investments
2,985
1,856−37.8%
—
Accounts receivable
1,822
1,901+4.4%
—
Inventory
766
776+1.4%
—
Net PP&E
23,371
25,338+8.4%
—
Other assets
10,631
11,188+5.2%
—
Total liabilities
22,538
26,035+15.5%
26,562
Accounts payable
2,926
3,238+10.6%
—
Total debt
14,228
17,698+24.4%
127
Other liabilities
5,384
5,098−5.3%
—
Shareholders’ equity
17,036
15,025−11.8%
13,884
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,647
3,257−10.7%
4,571
Net income
3,862
(354)−109.2%
—
Depreciation & amortization
1,451
1,564+7.8%
—
Stock-based compensation
62
76+23.6%
—
Working capital & other
(1,729)
1,971n/m
—
Cash from investing
(4,919)
(7,169)n/m
—
Capex
(6,797)
(7,023)n/m
—
Acquisitions
0
(60)n/m
—
Investments bought
(141)
(118)n/m
—
Other investing
2,019
31−98.4%
—
Cash from financing
2,615
2,795+6.9%
—
Debt raised
4,678
4,387−6.2%
—
Debt repaid
(486)
(430)n/m
—
Dividends
(1,565)
(1,584)n/m
—
Shares issued
8
1−86.1%
—
Other financing
(20)
421n/m
—
Net change in cash
1,363
(1,124)−182.5%
—
Free cash flow (OCF − capex)
(3,150)
(3,766)n/m
(301)
Where the cash went
Operating cash flow
3,647
3,257−10.7%
4,571
Reinvested in the business
6,797
7,082+4.2%
—
% of operating cash flow
186.4%
217.5%
Capex
6,797
7,023+3.3%
4,872
Acquisitions
0
60n/m
—
R&D (memo, already in costs)
100
96−3.9%
—
Free cash flow
(3,150)
(3,766)n/m
(301)
YoY
n/m
Returned to shareholders
1,565
1,584+1.2%
—
% of free cash flow
—
—
Dividends
1,565
1,584+1.2%
—
Change in total debt
—
3,471
—
Cash left over
—
(1,939)
—
FCF conversion (FCF ÷ net income)
−82.3%
—
—
Owner earnings
—
(5,632)
—
Owner earnings margin
—
−46.8%
—
Returns & ratios
ROIC (all capital)
12.7%
−2.3%−15.0 pp
—
ROIC (operating)
15.6%
−2.9%−18.5 pp
—
Net debt / EBITDA
1.90x
23.05x+21.15x
—
Debt / equity
0.84x
1.18x+0.34x
—
Cash conversion cycle (days)
−10
−17−7 d
—
ROE
22.5%
−2.6%−25.1 pp
—
ROA
9.7%
−1.0%−10.6 pp
—
ROCE
12.6%
−2.4%−15.0 pp
—
NOPAT
3,591
(689)−119.2%
—
Invested capital (operating)
23,032
24,778+7.6%
—
Invested capital (all)
28,280
30,867+9.2%
—
Reinvestment rate
—
−253.2%
—
Debtor days
55
58+3 d
—
Inventory days
23
24+0 d
—
Days payable
88
98+10 d
—
Net debt is 23.1x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,167
3,102
3,172
3,161
vs year-ago quarter
Gross profit
1,021
995
987
1,036
Gross margin
32.3%
32.1%
31.1%
32.8%
Operating income
17
734
753
(2,097)
Net income
5
678
710
(1,441)
vs year-ago quarter
Net margin
0.2%
21.9%
22.4%
−45.6%
EPS (diluted, $)
0.02
3.04
3.19
−6.47
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
41,060
41,241
41,645
40,446
Cash & equivalents
1,856
1,026
951
980
Total debt
17,698
67
314
127
Shareholders’ equity
15,025
15,411
15,650
13,884
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,261
901
1,104
1,305
Capex
1,518
1,251
1,108
996
Free cash flow
(256)
(350)
(4)
309
vs year-ago quarter