Air Products and Chemicals (APD)
Market Price (12/18/2025): $246.4 | Market Cap: $54.9 BilSector: Materials | Industry: Industrial Gases
Air Products and Chemicals (APD)
Market Price (12/18/2025): $246.4Market Cap: $54.9 BilSector: MaterialsIndustry: Industrial Gases
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| 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 -46%, 3Y Excs Rtn is -85% | 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 2.6% | 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 2.6% |
| 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 -46%, 3Y Excs Rtn is -85% |
| 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. |
Valuation, Metrics & Events
APD Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
While the original request refers to a future period (August 31, 2025 to December 18, 2025) and a specific stock movement (-15.7%), providing an explanation for future events is not possible. However, based on the provided search results, we can highlight recent financial news for Air Products and Chemicals (APD) around late 2024 and early 2025 that could influence investor sentiment.
1. Preliminary Q1 Fiscal Year 2025 Earnings Exceeding Guidance
Air Products reported preliminary Q1 fiscal year 2025 adjusted earnings per share (EPS) of $2.86, surpassing its own guidance range of $2.75 to $2.85 per share. GAAP EPS also showed strong performance at $2.77. This positive result reflected strong operational execution and market positioning.
2. Modest Growth in Q1 Fiscal Year 2025 Earnings Amidst Challenges
In its fiscal 2025 first quarter, the company reported a slight increase in GAAP EPS to $2.77 and adjusted EPS to $2.86, with net income rising five percent to $650 million. Despite stable operational performance, the company faced challenges such as shareholder activism costs and inflation. Sales decreased slightly by two percent to $2.9 billion, primarily due to lower volumes from the divestiture of its LNG business and reduced contributions from European operations, partially offset by a significant helium sale in the Americas.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APD Return | 19% | 14% | 4% | -9% | 8% | -14% | 18% |
| Peers Return | 16% | 17% | -11% | 18% | -6% | -13% | 17% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| APD Win Rate | 67% | 50% | 50% | 50% | 58% | 50% | |
| Peers Win Rate | 63% | 52% | 48% | 47% | 47% | 48% | |
| 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 | -51% | -5% | -27% | -6% | -15% | -31% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: LIN, DOW, DD, LYB, EMN. 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 12/17/2025 (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 | 1708 days | 1480 days |
Compare to DD, DOW, EMN, CE, HUN
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.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
Trade Ideas
Select past 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 | 5.5% | 5.5% | -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 | -1.3% | -1.3% | -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 | 42.2% | 42.2% | 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 | 15.0% | 15.0% | -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 | 5.9% | 5.9% | -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% |
| 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 | 5.5% | 5.5% | -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 | -1.3% | -1.3% | -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 | 42.2% | 42.2% | 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 | 15.0% | 15.0% | -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 | 5.9% | 5.9% | -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% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Air Products and Chemicals
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.84 |
| Mkt Cap | 16.7 |
| Rev LTM | 23,382 |
| Op Inc LTM | 1,833 |
| FCF LTM | 429 |
| FCF 3Y Avg | 780 |
| CFO LTM | 2,210 |
| CFO 3Y Avg | 3,508 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.0% |
| Rev Chg 3Y Avg | -3.8% |
| Rev Chg Q | -4.5% |
| QoQ Delta Rev Chg LTM | -1.2% |
| Op Mgn LTM | 14.5% |
| Op Mgn 3Y Avg | 13.8% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 13.2% |
| CFO/Rev 3Y Avg | 14.4% |
| FCF/Rev LTM | 2.8% |
| FCF/Rev 3Y Avg | 5.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.7 |
| P/S | 1.6 |
| P/EBIT | 27.5 |
| P/E | -2.0 |
| P/CFO | 13.1 |
| Total Yield | 3.9% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 2.4% |
| D/E | 0.7 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.5% |
| 3M Rtn | -8.1% |
| 6M Rtn | -10.8% |
| 12M Rtn | -23.5% |
| 3Y Rtn | -14.4% |
| 1M Excs Rtn | 3.7% |
| 3M Excs Rtn | -8.3% |
| 6M Excs Rtn | -23.2% |
| 12M Excs Rtn | -36.4% |
| 3Y Excs Rtn | -84.9% |
Comparison Analyses
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 |
Returns Analyses
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
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |