Air Products and Chemicals (APD)
Market Price (12/28/2025): $247.5 | Market Cap: $55.1 BilSector: Materials | Industry: Industrial Gases
Air Products and Chemicals (APD)
Market Price (12/28/2025): $247.5Market Cap: $55.1 BilSector: MaterialsIndustry: Industrial Gases
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 3.3 Bil | Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -96% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%, Rev Chg QQuarterly Revenue Change % is -0.6% |
| Attractive yieldDividend Yield is 2.9% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -31% | |
| Low stock price volatilityVol 12M is 28% | Key risksAPD key risks include [1] execution, Show more. | |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, Energy Transition & Decarbonization, Advanced Materials, and Sustainable Resource Management. Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 3.3 Bil |
| Attractive yieldDividend Yield is 2.9% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, Energy Transition & Decarbonization, Advanced Materials, and Sustainable Resource Management. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -96% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%, Rev Chg QQuarterly Revenue Change % is -0.6% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -31% |
| Key risksAPD key risks include [1] execution, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
<B>1. Strategic Realignment and Significant Charges in 2025</B><BR><BR>
Air Products undertook a comprehensive strategic realignment in 2025, opting to exit several capital-intensive clean energy, hydrogen, and LNG initiatives. This decision resulted in a substantial $2.3 billion after-tax charge and a reported GAAP net loss of approximately $1.7 billion for the fiscal second quarter of 2025, which significantly altered investor perception and contributed to the stock's decline later in the year.
<B>2. Weak Fiscal Q3 2025 Performance and Lowered Guidance</B><BR><BR>
For the fiscal third quarter of 2025, reported on July 31, 2025, Air Products' adjusted earnings per share (EPS) saw a 3% year-over-year decrease, leading to a downward revision of its full-year 2025 adjusted EPS guidance. Sales volume in the quarter declined by 4%, primarily due to the divestiture of its LNG business, reduced helium demand, and the exit from certain projects.
<B>3. Market Concerns Over Capital-Intensive Ammonia Projects</B><BR><BR>
In early December 2025, Air Products' stock experienced a sharp drop of 9-10% following the announcement of advanced partnership talks with Yara International for large-scale, low-emission ammonia projects. The market reacted negatively to this news, expressing concerns regarding the significant capital intensity, extended project timelines, and complex deal structures associated with these ventures.
<B>4. Mixed Fiscal Q4 2025 Results Amidst Weak Industrial Demand</B><BR><BR>
Fiscal fourth-quarter 2025 results, released in early November 2025, showed that adjusted EPS missed analyst estimates, and the company reported a slight year-over-year revenue decline. The company continued to face a muted demand environment, particularly from weak industrial activity in the U.S., alongside negative free cash flow and increasing leverage, which sustained investor caution.
<B>5. Underperformance Relative to Broader Market Trends</B><BR><BR>
As of November 14, 2025, Air Products' shares had declined by 15.9% over the preceding 52 weeks, a period during which the broader S&P 500 Index experienced a gain of 12.6%. This significant underperformance suggests company-specific challenges contributing to the stock's downward movement.
Show moreStock Movement Drivers
Fundamental Drivers
The -7.3% change in APD stock from 9/27/2025 to 12/27/2025 was primarily driven by a -7.1% change in the company's P/S Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 266.78 | 247.42 | -7.26% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12057.90 | 12037.30 | -0.17% |
| P/S Multiple | 4.93 | 4.58 | -7.14% |
| Shares Outstanding (Mil) | 222.80 | 222.70 | 0.04% |
| Cumulative Contribution | -7.26% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| APD | -7.3% | |
| Market (SPY) | 4.3% | 10.3% |
| Sector (XLB) | 3.8% | 51.6% |
Fundamental Drivers
The -11.2% change in APD stock from 6/28/2025 to 12/27/2025 was primarily driven by a -11.4% change in the company's P/S Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 278.72 | 247.42 | -11.23% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12020.70 | 12037.30 | 0.14% |
| P/S Multiple | 5.17 | 4.58 | -11.39% |
| Shares Outstanding (Mil) | 222.80 | 222.70 | 0.04% |
| Cumulative Contribution | -11.23% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| APD | -11.2% | |
| Market (SPY) | 12.6% | 22.0% |
| Sector (XLB) | 5.4% | 59.5% |
Fundamental Drivers
The -13.3% change in APD stock from 12/27/2024 to 12/27/2025 was primarily driven by a -12.8% change in the company's P/S Multiple.| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 285.53 | 247.42 | -13.35% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12100.60 | 12037.30 | -0.52% |
| P/S Multiple | 5.25 | 4.58 | -12.81% |
| Shares Outstanding (Mil) | 222.50 | 222.70 | -0.09% |
| Cumulative Contribution | -13.35% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| APD | -13.3% | |
| Market (SPY) | 17.0% | 55.5% |
| Sector (XLB) | 10.2% | 74.0% |
Fundamental Drivers
The -13.8% change in APD stock from 12/28/2022 to 12/27/2025 was primarily driven by a -8.8% change in the company's P/S Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 287.19 | 247.42 | -13.85% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12698.60 | 12037.30 | -5.21% |
| P/S Multiple | 5.02 | 4.58 | -8.83% |
| Shares Outstanding (Mil) | 222.00 | 222.70 | -0.32% |
| Cumulative Contribution | -13.85% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| APD | -5.0% | |
| Market (SPY) | 48.0% | 39.3% |
| Sector (XLB) | 10.9% | 61.3% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APD Return | 19% | 14% | 4% | -9% | 8% | -13% | 20% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| APD Win Rate | 67% | 50% | 50% | 50% | 58% | 50% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| APD Max Drawdown | -25% | -7% | -28% | -16% | -21% | -18% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See APD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | APD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -30.5% | -25.4% |
| % Gain to Breakeven | 44.0% | 34.1% |
| Time to Breakeven | 263 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.0% | -33.9% |
| % Gain to Breakeven | 44.9% | 51.3% |
| Time to Breakeven | 106 days | 148 days |
| 2018 Correction | ||
| % Loss | -14.4% | -19.8% |
| % Gain to Breakeven | 16.8% | 24.7% |
| Time to Breakeven | 114 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.7% | -56.8% |
| % Gain to Breakeven | 154.6% | 131.3% |
| Time to Breakeven | 1,708 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Air Products and Chemicals's stock fell -30.5% during the 2022 Inflation Shock from a high on 11/10/2021. A -30.5% loss requires a 44.0% gain to breakeven.
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AI Analysis | Feedback
1. A global industrial gas utility, supplying essential gases like oxygen and nitrogen to factories worldwide.
2. Similar to ExxonMobil or Shell, but focused on producing and distributing essential industrial gases (e.g., hydrogen, oxygen) instead of oil and natural gas.
AI Analysis | Feedback
- Atmospheric Gases: Oxygen, nitrogen, and argon produced from air separation for various industrial applications.
- Process Gases: Hydrogen, helium, carbon dioxide, and specialty gases used in manufacturing, healthcare, and energy sectors.
- Gas Equipment and Services: Design, engineering, and supply of gas generation equipment, purification systems, and related technical services.
AI Analysis | Feedback
Air Products and Chemicals (symbol: APD) primarily sells its products and services to other companies, making it a Business-to-Business (B2B) enterprise.
Due to the highly diversified nature of its global customer base, Air Products does not publicly disclose specific "major customer companies" by name. The company serves thousands of customers across a wide array of industries, and no single customer or small group of customers typically accounts for a material portion of its overall revenue, which would necessitate disclosure in public filings.
Instead, Air Products' customer base spans numerous industrial sectors. Below are the key categories of industries that represent its primary customers, which are comprised of companies operating within these fields:
- Chemicals and Refining: Companies in this sector utilize industrial gases for processes such as hydrogenation, oxidation, inerting, purging, and gasification in the production of petrochemicals, specialty chemicals, and petroleum products.
- Metals: Steel mills, foundries, and metal fabricators use gases like oxygen, nitrogen, and argon for combustion, inerting, heat treatment, and welding applications to improve efficiency and product quality.
- Electronics: Manufacturers of semiconductors, flat panel displays, and solar cells rely on Air Products for high-purity industrial gases and specialized materials crucial for precision manufacturing processes.
- Food and Beverage: Companies in this industry use gases for freezing, chilling, packaging (modified atmosphere packaging), carbonation, and inerting to preserve freshness and enhance product quality.
- Healthcare: Hospitals, clinics, and pharmaceutical companies utilize medical gases, specialty gases, and equipment for respiratory therapy, analytical applications, and drug manufacturing. (Often supplied through gas distributors).
- Energy: Customers involved in clean energy projects, hydrogen production for fuel cells, gasification, and conventional power generation use Air Products' gases and technologies for enhanced efficiency and environmental compliance.
- Manufacturing and Other Industrial Applications: A broad category encompassing various manufacturers that use gases for cutting, welding, inerting, and other industrial processes across sectors like glass, automotive, aerospace, and pulp & paper.
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Eduardo Menezes, Chief Executive Officer
Eduardo Menezes was appointed Chief Executive Officer of Air Products effective February 7, 2025. He brings extensive international experience across all key sectors of industrial gases, including on-sites, merchant liquid, packaged gases, and hydrogen. Prior to joining Air Products, Mr. Menezes served as Executive Vice President for Europe, Middle East, and Africa at Linde plc. Before his tenure at Linde, he held various senior leadership roles at Praxair, including Executive Vice President accountable for North America, and numerous general management and business development positions in the U.S., Spain, Mexico, and Brazil.
Melissa Schaeffer, Executive Vice President and Chief Financial Officer
Melissa Schaeffer is the Executive Vice President and Chief Financial Officer at Air Products, a role she assumed in 2021. She is responsible for the company's worldwide financial organization, including Controllership, Accounting, Treasury, Tax, Audit, and Shared Business Services. Ms. Schaeffer joined Air Products in 2016 as vice president, chief audit executive, and in 2020, she was appointed vice president, Finance – GEMTE, Americas, Middle East, and India. Before Air Products, she served as global director, Internal Audit, at Trinseo, and spent 10 years at Ernst & Young. Her career also includes time at Siemens, where she participated in a finance leadership development program. Ms. Schaeffer holds a degree in Finance and Accounting from Indiana University and an MBA from Villanova University.
Samir J. Serhan, Chief Operating Officer
Dr. Samir J. Serhan serves as the Chief Operating Officer of Air Products. He joined the company in 2016 as Executive Vice President and was appointed COO in May 2020, taking on full profit and loss responsibility for the Americas region. Prior to Air Products, Dr. Serhan was President, Global HyCO, for Praxair Inc. from 2014 to 2016. From 2000 to 2014, he held leadership positions at The Linde Group in the U.S. and Germany, including Managing Director of Linde Engineering from 2008 to 2014. He holds a Ph.D. in engineering mechanics from Virginia Tech.
Ivo Bols, President, Europe and Africa
Ivo Bols is the President for Europe and Africa at Air Products, responsible for the strategy and profitability of the Industrial Gases business in these regions. Mr. Bols began his career with Air Products in 1988 as a financial analyst. He has held various international and leadership roles within the company, including European helium marketing manager, general manager in France, business development manager, European marketing manager for General Industries, general manager Merchant Gases Germany, vice president Northern Continent and Global Packaged Gases Center of Excellence, vice president and general manager Merchant Gases–Asia, and vice president and general manager, Global Liquid Bulk, Generated Gases and Helium. He earned a bio-engineer degree from Katholieke Universiteit Leuven, Belgium, and an MBA specializing in operations research, finance, and marketing.
Victoria Brifo, Executive Vice President and Chief Human Resources Officer, Corporate Communications and Corporate Relations
Victoria Brifo holds the position of Executive Vice President and Chief Human Resources Officer, Corporate Communications and Corporate Relations at Air Products.
AI Analysis | Feedback
The key risks to Air Products and Chemicals (APD) primarily revolve around its ambitious capital-intensive projects, overall financial health, and exposure to fluctuating industrial demand.
- Execution and Demand Risks of Large Capital-Intensive Projects: Air Products and Chemicals faces significant risks related to its large capital-intensive projects, such as the NEOM and Darrow projects. Concerns have been raised regarding these projects straining free cash flow, with positive free cash flow not anticipated until 2029 in some cases. The company is exposed to execution missteps, delays, and cost overruns on these "mega-projects". For instance, the NEOM green hydrogen project, while nearing completion, faces significant demand risk as buyers for over half of the supply have not yet been secured. Additionally, the lack of fixed-price offtake agreements for certain projects, like NEOM's green ammonia, exposes APD to ammonia market volatility and potential margin pressure. The company has also experienced project cancellations, including an unexpected exit from the Texas CO project, resulting in substantial financial charges and raising concerns about its project management capabilities and long-term growth strategy.
- Financial Health and Capital Allocation Challenges: The company's financial metrics indicate challenges in profitability and cash flow management, with a low Piotroski F-Score suggesting operational difficulties. Air Products has taken on a substantial debt load to fund its aggressive capital expenditure program, reporting approximately $17.7 billion in total debt as of September 2025. Free cash flow has been negative, and leverage is rising. Disruptions in credit, capital, and money markets could lead to increased borrowing costs or difficulties in securing necessary funds, impacting the company's financial stability. Efforts to de-risk its capital structure may also lead to reduced financial flexibility and potentially lower returns on capital in the long term.
- Weak Industrial Demand and Macroeconomic Pressures: Air Products and Chemicals' core business is susceptible to weak industrial demand and broader macroeconomic pressures. The company has experienced challenges from weak volume trends, softness in key segments such as helium, and macroeconomic pressures across Europe and Asia. Industrial gas demand is closely tied to global manufacturing and energy activity, both of which were sluggish in 2025, leading to muted revenue growth and lower customer demand for APD. This market-wide uncertainty in the energy and chemicals sector has also dampened investor sentiment.
AI Analysis | Feedback
Intensified competition in the rapidly developing green hydrogen market.
Air Products and Chemicals is a leading player in hydrogen production and distribution. However, the accelerating global shift towards green hydrogen as a key component of decarbonization is attracting a diverse array of new and well-funded competitors beyond traditional industrial gas companies. Energy majors (e.g., BP, Shell, TotalEnergies), large engineering firms, and numerous technology startups are making substantial investments in green hydrogen production, electrolysis technology, and associated infrastructure. This influx of competitors increases the intensity of competition for projects, customers, and market share in this critical emerging industry, potentially pressuring pricing, margins, and Air Products' long-term market dominance in the hydrogen value chain.
AI Analysis | Feedback
Air Products and Chemicals (APD) operates in several significant addressable markets, primarily focusing on industrial gases and related equipment, including liquefied natural gas (LNG) technology. These markets are global in scope.
Here are the estimated addressable market sizes for Air Products' main products and services:
- Industrial Gases: The global industrial gases market was valued at approximately USD 99.99 billion in 2022 and is projected to reach USD 173.43 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.42% from 2023 to 2030. Another estimate places the global market at USD 109.4 billion in 2024, with a projection to reach USD 158.3 billion by 2033. Furthermore, the global industrial gas market is valued at USD 80.7 billion in 2025 and is slated to reach USD 171.0 billion by 2035.
- Hydrogen: The global hydrogen market was valued at USD 262.13 billion in 2024 and is projected to reach approximately USD 556.56 billion by 2034, with a CAGR of 7.82% from 2025 to 2034. The global hydrogen generation market was valued at USD 186.58 billion in 2024 and is projected to reach USD 317.39 billion by 2030, growing at a CAGR of 9.2% from 2025 to 2030. The global green hydrogen market, a growing segment, was valued at USD 1,686.8 million in 2024 and is estimated to reach USD 62,397.6 million by 2033.
- Oxygen: The global oxygen market was valued at USD 84 billion in 2024, estimated to reach USD 87.86 billion in 2025, and is projected to reach USD 125.91 billion by 2033, growing at a CAGR of 4.60% from 2025 to 2033. Other sources estimate the global oxygen market size at USD 46.2 billion in 2023, expected to reach USD 132.4 billion by 2033.
- Nitrogen: The global nitrogen market size was estimated at USD 30.4 billion in 2023 and is projected to reach USD 44.28 billion by 2030, growing at a CAGR of 6.4% from 2024 to 2030. Another report values the global nitrogen market at USD 40.02 billion in 2024, anticipated to reach USD 94.75 billion by 2034.
- Helium: The global helium market size was estimated at USD 4.1 billion in 2024 and is projected to reach USD 6.06 billion by 2030, growing at a CAGR of 6.7% from 2025 to 2030. In terms of volume, the market is estimated at 6.41 billion cubic feet in 2025 and is expected to reach 8.60 billion cubic feet by 2030.
- Liquefied Natural Gas (LNG) Technology/Equipment: The global liquefied natural gas (LNG) market size was valued at USD 122.60 billion in 2024 and is projected to reach USD 226.97 billion by 2030, growing at a CAGR of 11.6% from 2025 to 2030. Another report indicates a market size of USD 167.06 billion in 2024, projected to reach USD 227.28 billion by 2032. The market for LNG in terms of production capacity is expected to grow from 511 MTPA (million tonnes per annum) in 2025 to 763 MTPA by 2030.
AI Analysis | Feedback
Air Products and Chemicals (APD) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Strategic Investments in Major Projects, particularly Clean Energy and Hydrogen: Air Products is significantly investing in large-scale projects, with a particular focus on clean energy initiatives and hydrogen production. The company anticipates capital expenditures between $4.5 billion and $5.0 billion for fiscal year 2025, and approximately $4 billion for fiscal 2026, which includes investments in traditional industrial gas projects and ongoing maintenance. These investments are aimed at unlocking significant potential and driving double-digit adjusted EPS growth by 2030 and beyond, as major projects in regions like Saudi Arabia and Louisiana begin contributing. The company's expertise in hydrogen and syngas technologies positions it to contribute to global decarbonization efforts and energy optimization.
- Pricing Actions: The company has successfully implemented pricing actions and expects this to continue contributing to revenue growth. Higher pricing, net of variable costs, has been a favorable factor in past performance, particularly in the Americas and Europe, and is assumed in their fiscal year 2026 outlook.
- Productivity Improvements and Cost Reduction Initiatives: While directly impacting profitability, enhanced productivity and significant cost reduction programs indirectly support revenue growth by improving operational efficiency and competitiveness. Air Products has been executing global cost reduction plans, targeting annual savings of $185 million to $195 million and aiming to eliminate 2,500 to 3,000 positions between 2026 and 2028. Investments in AI and digital transformation initiatives are also intended to enhance productivity. These actions are expected to lead to higher operating margins and better returns on capital.
- Growth in Core Industrial Gas Businesses and New Asset Contributions: The company continues to focus on its core industrial gas businesses, including the supply of essential industrial gases, related equipment, and applications expertise to diverse industries. While facing headwinds in the helium business, other areas like the electronics segment are showing rapid expansion, bolstering the company's competitive position. Contributions from new on-site assets have also been noted as a volume driver.
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Capital Allocation Decisions (Last 3-5 Years) for Air Products and Chemicals (APD)
Share Repurchases
- Air Products and Chemicals has shown minimal share repurchase activity from fiscal years ending September 2020 to 2024, with a median buyback yield of 0.0%.
- As capital expenditures moderate, Air Products expects to increase its return of capital to shareholders, potentially through share repurchases.
- The company aims to initiate share buybacks over the next 12-18 months as it anticipates becoming cash flow positive.
Outbound Investments
- In July 2020, Air Products, ACWA Power, and NEOM formed a joint venture for a $5 billion world-scale green hydrogen-based ammonia production facility in Saudi Arabia, with Air Products' estimated total investment being approximately $3.7 billion.
- Air Products finalized a $12 billion gasification and power joint venture in Jazan Economic City, Saudi Arabia, in September 2021, partnering with Saudi Aramco, ACWA Power, and Air Products Qudra, with Air Products holding a 46% stake.
- Air Products has committed over $11 billion to large-scale energy transition-focused projects since 2018, including a multi-billion dollar net-zero hydrogen energy complex in Canada and a $4.5 billion blue hydrogen complex in Louisiana, with plans to spend at least another $4 billion through 2027 on clean energy projects.
Capital Expenditures
- Air Products' capital expenditures were approximately $5.2 billion in both fiscal years 2023 and 2024.
- For fiscal year 2025, the company forecasts capital expenditures of around $5.0 billion, and approximately $4 billion for fiscal year 2026.
- The primary focus of capital expenditures includes large-scale clean energy projects, particularly in green and blue hydrogen production, and significant investments in the NEOM Green Hydrogen Complex and a Louisiana clean energy partnership.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to APD. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | DD | DuPont de Nemours | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 7.6% | 7.6% | -0.2% |
| 11212025 | CF | CF Industries | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.4% | -1.4% | -3.1% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 51.0% | 51.0% | 0.0% |
| 11072025 | CDE | Coeur Mining | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 30.6% | 30.6% | -5.7% |
| 10312025 | ATR | AptarGroup | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 6.2% | 6.2% | -2.5% |
| 09302022 | APD | Air Products and Chemicals | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 24.8% | 24.7% | -1.5% |
| 03312022 | APD | Air Products and Chemicals | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -6.6% | 17.9% | -10.6% |
| 09302021 | APD | Air Products and Chemicals | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.3% | -6.8% | -14.4% |
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Peer Comparisons for Air Products and Chemicals
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 162.79 |
| Mkt Cap | 170.0 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 19.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 11.6% |
| FCF/Rev 3Y Avg | 12.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 170.0 |
| P/S | 4.5 |
| P/EBIT | 21.2 |
| P/E | 33.0 |
| P/CFO | 19.0 |
| Total Yield | 3.9% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.4% |
| 3M Rtn | 4.9% |
| 6M Rtn | 10.9% |
| 12M Rtn | 11.8% |
| 3Y Rtn | 76.2% |
| 1M Excs Rtn | -3.0% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | -1.3% |
| 12M Excs Rtn | -4.6% |
| 3Y Excs Rtn | -6.2% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA205865 | OXYGEN, USP | oxygen | gas | 7232013 | 11.7% | 12.8% | 38.7% | 38.2% | 259.7% |
| NDA205866 | NITROGEN, NF | nitrogen | gas | 7232013 | 11.7% | 12.8% | 38.7% | 38.2% | 259.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 12,600 | 12,699 | |||
| Total | 12,600 | 12,699 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Industrial Gases - Americas | 12,384 | 7,092 | 6,610 | ||
| Industrial Gases - Middle East and India | 8,477 | 801 | |||
| Industrial Gases - Asia | 7,436 | 7,349 | 6,843 | ||
| Industrial Gases - Europe | 5,849 | 3,830 | |||
| Corporate and other | 5,428 | 7,786 | 7,401 | ||
| Industrial Gases - EMEA | 3,917 | ||||
| Industrial Gases - Global | 398 | ||||
| Total | 39,575 | 26,859 | 25,168 |
Price Behavior
| Market Price | $247.42 | |
| Market Cap ($ Bil) | 55.1 | |
| First Trading Date | 04/06/1983 | |
| Distance from 52W High | -25.4% | |
| 50 Days | 200 Days | |
| DMA Price | $251.16 | $271.91 |
| DMA Trend | down | down |
| Distance from DMA | -1.5% | -9.0% |
| 3M | 1YR | |
| Volatility | 32.9% | 27.8% |
| Downside Capture | 79.19 | 93.26 |
| Upside Capture | 26.81 | 64.47 |
| Correlation (SPY) | 10.7% | 55.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.34 | 0.16 | 0.31 | 0.62 | 0.79 | 0.69 |
| Up Beta | 0.33 | 0.88 | 0.85 | 1.01 | 0.84 | 0.74 |
| Down Beta | -1.22 | 0.05 | -0.05 | 0.17 | 0.83 | 0.67 |
| Up Capture | 14% | -16% | -6% | 41% | 42% | 26% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 9 | 18 | 25 | 57 | 114 | 387 |
| Down Capture | -68% | 21% | 69% | 96% | 92% | 92% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 23 | 37 | 68 | 134 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of APD With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| APD | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -14.0% | 9.9% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 27.7% | 19.9% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.56 | 0.36 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 74.0% | 55.6% | 3.3% | 23.9% | 55.2% | 22.2% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of APD With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| APD | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 0.8% | 7.2% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 26.1% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.03 | 0.29 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 66.2% | 48.8% | 12.2% | 15.9% | 46.9% | 17.9% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of APD With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| APD | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 10.2% | 10.1% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 25.8% | 20.7% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.40 | 0.44 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 73.8% | 62.4% | 6.2% | 23.1% | 53.6% | 14.1% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 8.9% | 10.1% | -0.6% |
| 7/31/2025 | -0.8% | -0.4% | 1.7% |
| 5/1/2025 | 0.4% | -2.4% | 2.9% |
| 2/6/2025 | -1.5% | -6.8% | -5.0% |
| 11/7/2024 | 2.0% | 2.0% | 4.4% |
| 8/1/2024 | 9.0% | 5.2% | 5.0% |
| 4/30/2024 | -0.7% | 4.0% | 9.3% |
| 2/5/2024 | -15.6% | -14.8% | -7.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 11 |
| # Negative | 16 | 14 | 13 |
| Median Positive | 3.8% | 4.6% | 3.5% |
| Median Negative | -5.2% | -5.7% | -4.8% |
| Max Positive | 9.0% | 14.3% | 29.9% |
| Max Negative | -15.6% | -14.8% | -21.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11202025 | 10-K 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 2062025 | 10-Q 12/31/2024 |
| 9302024 | 11212024 | 10-K 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 4302024 | 10-Q 3/31/2024 |
| 12312023 | 2052024 | 10-Q 12/31/2023 |
| 9302023 | 11162023 | 10-K 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5092023 | 10-Q 3/31/2023 |
| 12312022 | 2022023 | 10-Q 12/31/2022 |
| 9302022 | 11222022 | 10-K 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 2042022 | 10-Q 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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