Tearsheet

Air Products & Chemicals (APD)

Market Price (10/18/2025): $253.4 | Market Cap: $56.5 Bil
Sector: Materials | Industry: Industrial Gases

Air Products & Chemicals (APD)

Market Price (10/18/2025): $253.4
Market Cap: $56.5 Bil
Sector: Materials
Industry: 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

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, Dividend Yield is 2.8%	Weak multi-year price returns 2Y Excs Rtn is -61%, 3Y Excs Rtn is -67%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -0.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.4 Bil		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36%
2	Low stock price volatility Vol 12M is 24%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, Dividend Yield is 2.8%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.4 Bil
2	Low stock price volatility Vol 12M is 24%
3	Weak multi-year price returns 2Y Excs Rtn is -61%, 3Y Excs Rtn is -67%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -0.5%
5	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/18/25	2024	2023	2022	2021
Share Price CYE	$253.40	$282.83	$261.67	$287.40	$276.57
Market Cap CYE ($ Bil)	56.5	63.0	58.2	63.9	61.4
Total Debt ($ Bil)	16.5	15.0	11.0	8.3	8.2
Total Cash ($ Bil)	1.6	3.0	1.9	3.3	5.8
Enterprise Value ($ Bil)	71.4	78.0	69.2	72.2	69.6
Valuation Ratios
P/S TTM	4.7	5.3	4.8	5.4	6.5
P/EBIT TTM	27.0	12.8	19.9	23.7	25.4
P/E TTM	36.8	16.9	26.5	30.3	32.1
Sector Ratios
P/S TTM (Sector)	1.6	1.2	1.3	1.1	1.5
P/EBIT TTM (Sector)	6.8	6.3	6.6	4.8	5.7
P/E TTM (Sector)	4.3	5.5	7.5	4.6	7.1

	10/18/25	2024	2023
Share Price CYE	$253.40	$282.83	$261.67
Market Cap CYE ($ Bil)	56.5	63.0	58.2
Total Debt ($ Bil)	16.5	15.0	11.0
Total Cash ($ Bil)	1.6	3.0	1.9
Enterprise Value ($ Bil)	71.4	78.0	69.2
Valuation Ratios
P/S TTM	4.7	5.3	4.8
P/EBIT TTM	27.0	12.8	19.9
P/E TTM	36.8	16.9	26.5
Sector Ratios
P/S TTM (Sector)	1.6	1.2	1.3
P/EBIT TTM (Sector)	6.8	6.3	6.6
P/E TTM (Sector)	4.3	5.5	7.5

	APD	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	12.0
Rev Chg Q	-0.5%	6.1%
Rev Chg LTM	-1.1%	5.2%
Rev Chg 3Y Avg	2.3%	5.4%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	2.9
Op Mgn LTM	24.1%	18.6%
CFO LTM ($ Bil)	3.4
CFO/Rev LTM	27.9%	20.3%
Net Inc LTM ($ Bil)	1.5
Net Inc Mgn	12.8%	12.7%
VALUATION	HIGH
P/S	4.7	3.2
P/CFO	16.8	15.8
P/FCF	-13.0	20.7
P/E	36.8	23.9
STABILITY	FAIR
Debt/Equity	0.29	0.22
Cash/Assets	0.04	0.07

APD Stock

Return (1M):

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
APD Return	19%	14%	4%	-9%	8%	-10%	26%
Peers Return	14%	24%	-21%	19%	-19%	-33%	-28%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	103%
Monthly Win Rates [3]
APD Win Rate	67%	50%	50%	50%	58%	56%
Peers Win Rate	67%	57%	47%	42%	43%	36%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
APD Max Drawdown	-25%	-7%	-28%	-16%	-21%	-13%
Peers Max Drawdown	-53%	-5%	-35%	-8%	-27%	-41%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DD, DOW, EMN, CE, HUN. 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 10/17/2025 (YTD)

Downturns Compared

Unique Key	Event	APD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	44.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	263 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-31.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	44.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	106 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-14.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	16.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	114 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-60.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	154.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1708 days	1480 days

How Low Can It Go?

Air Products & 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

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Better Bets than Air Products & Chemicals (APD)

	APD	Better Performance than APD
Metric	Value	Industry (Industrial Gases)
Rev Chg LTM	-1.1%	LIN (1.3%)
Rev Chg 3Y Avg	2.3%
Op Mgn LTM	24.1%	LIN (26.9%)
CFO/Rev LTM	27.9%	LIN (29.8%)
FCF/Rev LTM	-36.0%	LIN (15.2%)
Total Yield	5.5%

	APD	Better Performance than APD
Metric	Value	Sector (Materials)
Rev Chg LTM	-1.1%	LIN (1.3%), SCCO (23.2%), NEM (38.4%), AEM (28.5%), SHW (0.3%)
Rev Chg 3Y Avg	2.3%	SCCO (3.3%), NEM (20.6%), AEM (28.4%), SHW (3.7%), ECL (5.2%)
Op Mgn LTM	24.1%	LIN (26.9%), SCCO (49.4%), NEM (39.1%), AEM (41.8%), FCX (26.8%)
CFO/Rev LTM	27.9%	LIN (29.8%), SCCO (37.5%), NEM (41.7%), AEM (47.3%), FNV (88.1%)
FCF/Rev LTM	-36.0%	LIN (15.2%), SCCO (28.0%), NEM (25.9%), AEM (26.1%), SHW (9.3%)
Total Yield	5.5%	NEM (7.4%), B (5.7%), VALE (11.0%), AU (7.0%), NUE (6.0%)

	APD	Better Performance than APD
Metric	Value	All Other Sectors
Rev Chg LTM	-1.1%	NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg	2.3%	NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%), META (13.0%)
Op Mgn LTM	24.1%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM	27.9%	NVDA (46.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%), AVGO (42.4%)
FCF/Rev LTM	-36.0%	NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield	5.5%	JPM (6.8%), XOM (9.9%), JNJ (7.5%), BAC (7.1%), HD (6.1%)

		Best Bets In Materials Sector
	APD	USLM	SCCO	CF	EXP	BCPC	NEU	ESI	NEM	REYN	CBT
What You Pay
P/E	36.8	30.3	28.7	10.4	17.1	33.5	15.2	25.7	16.1	16.0	8.8
P/EBIT	27.0	26.2	17.1	6.7	12.5	24.1	11.0	16.4	11.2	9.4	5.6
What You Get
Rev Chg Q	-0.5%	19.6%	20.1%	20.2%	4.3%	9.1%	0.6%	2.0%	20.8%	0.9%	-9.2%
Rev Chg LTM	-1.1%	22.0%	23.2%	9.5%	0.9%	5.7%	3.7%	5.4%	38.4%	-0.5%	-3.6%
Rev Chg 3Y Avg	2.3%	19.1%	3.3%	-12.4%	5.6%	4.1%	4.7%	-1.5%	20.6%	0.0%	-2.5%
FCF/Rev 3Y Avg	-19.3%	24.7%	23.7%	21.3%	17.5%	14.6%	14.0%	11.7%	11.0%	9.1%	8.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Air Products & Chemicals Earnings Notes
2	Air Products & Chemicals Stock Fell 12% in a Month, What Now?	Return
3	Now Is Not The Time To Buy Air Products & Chemicals Stock	Buy or Fear
4	Air Products & Chemicals vs Alphabet: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Air Products & Chemicals vs Newmont: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does Air Products & Chemicals Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than APD Stock: Pay Less Than Air Products & Chemicals To Get More From GOOGL, UNH
8	Better Bet Than APD Stock: Pay Less Than Air Products & Chemicals To Get More From ATR, NEU
9	Air Products & Chemicals vs. Large Cap Stocks: Which Is A Better Investment?	Investment Theme Comparisons
10	Air Products & Chemicals Total Shareholder Return (TSR): 9.8% in 2024 and 10.0% 3-yr compounded annual returns (above peer average)
11	ARTICLES
12	Why you shouldn’t be buying Air Products & Chemicals stock		August 20th, 2025

	Title
0	DASHBOARDS
1	Why you shouldn’t be buying Air Products & Chemicals stock
2	ARTICLES
3	Air Products & Chemicals Earnings Notes
4	Air Products & Chemicals Stock Fell 12% in a Month, What Now?
5	Now Is Not The Time To Buy Air Products & Chemicals Stock
6	Air Products & Chemicals vs Alphabet: Which Is A Better Investment?
7	Air Products & Chemicals vs Newmont: Which Is A Better Investment?
8	How Does Air Products & Chemicals Stock Stack Up Against Its Peers?
9	Better Bet Than APD Stock: Pay Less Than Air Products & Chemicals To Get More From GOOGL, UNH
10	Better Bet Than APD Stock: Pay Less Than Air Products & Chemicals To Get More From ATR, NEU
11	Air Products & Chemicals vs. Large Cap Stocks: Which Is A Better Investment?
12	Air Products & Chemicals Total Shareholder Return (TSR): 9.8% in 2024 and 10.0% 3-yr compounded annual returns (above peer average)

Trade Ideas

Select past ideas related to APD. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield	09302025	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.0%	-3.0%	-7.8%
GPK_9302025_Dip_Buyer_ValueBuy	09302025	GPK	Graphic Packaging	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-12.2%	-12.2%	-12.2%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	FCX	Freeport-McMoRan	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	6.7%	6.7%	-0.9%
KWR_7312025_Dip_Buyer_FCFYield	07312025	KWR	Quaker Houghton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.0%	14.0%	0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%	06302025	TGLS	Tecnoglass	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-19.5%	-19.5%	-19.6%
APD_9302022_Monopoly_xInd_xCD_Getting_Cheaper	09302022	APD	Air Products & Chemicals	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	24.8%	24.7%	-1.5%
APD_3312022_Monopoly_xInd_xCD_Getting_Cheaper	03312022	APD	Air Products & Chemicals	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-6.6%	17.9%	-10.6%
APD_9302021_Monopoly_xInd_xCD_Getting_Cheaper	09302021	APD	Air Products & Chemicals	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-6.8%	-14.4%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield	09302025	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.0%	-3.0%	-7.8%
GPK_9302025_Dip_Buyer_ValueBuy	09302025	GPK	Graphic Packaging	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-12.2%	-12.2%	-12.2%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	FCX	Freeport-McMoRan	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	6.7%	6.7%	-0.9%
KWR_7312025_Dip_Buyer_FCFYield	07312025	KWR	Quaker Houghton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.0%	14.0%	0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%	06302025	TGLS	Tecnoglass	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-19.5%	-19.5%	-19.6%
APD_9302022_Monopoly_xInd_xCD_Getting_Cheaper	09302022	APD	Air Products & Chemicals	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	24.8%	24.7%	-1.5%
APD_3312022_Monopoly_xInd_xCD_Getting_Cheaper	03312022	APD	Air Products & Chemicals	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-6.6%	17.9%	-10.6%
APD_9302021_Monopoly_xInd_xCD_Getting_Cheaper	09302021	APD	Air Products & Chemicals	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-6.8%	-14.4%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	LBRT	Liberty Energy	28.3%	-21.5%
2	IRON	Disc Medicine	21.0%	41.9%
3	CCO	Clear Channel Outdoor	19.7%	24.1%
4	ATAI	ATAI Life Sciences	17.7%	385.0%
5	PRAX	Praxis Precision Medicines	16.8%	146.9%
6	PGEN	Precigen	14.6%	257.1%
7	MNMD	Mind Medicine	14.6%	96.1%
8	SSII	SS Innovations International	12.2%	23.4%
9	BETR	Better Home & Finance	10.0%	610.2%
10	RVMD	Revolution Medicines	8.9%	23.7%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	SLI	Standard Lithium	-20.2%	194.5%
2	HIMS	Hims & Hers Health	-15.8%	105.9%
3	RSI	Rush Street Interactive	-14.7%	26.1%
4	DNA	Ginkgo Bioworks	-12.4%	34.9%
5	DC	Dakota Gold	-12.3%	110.5%
6	PSNL	Personalis	-11.2%	58.0%
7	UAMY	United States Antimony	-10.9%	532.2%
8	EXK	Endeavour Silver	-10.7%	147.5%
9	ORLA	Orla Mining	-10.1%	119.3%
10	SOC	Sable Offshore	-10.0%	-48.4%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	256.7%	146.9%
2	NVTS	Navitas Semiconductor	78.1%	310.6%
3	SSII	SS Innovations International	40.1%	23.4%
4	FLNC	Fluence Energy	40.0%	15.4%
5	BTDR	Bitdeer Technologies	35.1%	10.8%
6	MVST	Microvast	34.6%	181.6%
7	POWI	Power Integrations	31.3%	-25.4%
8	CCO	Clear Channel Outdoor	30.8%	24.1%
9	IRON	Disc Medicine	28.7%	41.9%
10	BE	Bloom Energy	28.4%	402.0%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	SOC	Sable Offshore	-35.8%	-48.4%
2	SRRK	Scholar Rock	-29.2%	-35.4%
3	AIV	Apartment Investment & Management	-28.3%	-9.0%
4	ALAB	Astera Labs	-22.5%	20.6%
5	BYRN	Byrna Technologies	-19.7%	-26.6%
6	BWIN	Baldwin Insurance	-19.5%	-40.3%
7	ONDS	Ondas	-17.5%	197.3%
8	URG	Ur-Energy	-17.4%	40.0%
9	IIIN	Insteel Industries	-16.4%	14.6%
10	LIF	Life360	-16.0%	112.3%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	WOLF	Wolfspeed	1160.2%	365.5%
2	PRAX	Praxis Precision Medicines	320.1%	146.9%
3	QURE	uniQure	293.5%	228.4%
4	FLNC	Fluence Energy	131.4%	15.4%
5	CLPT	ClearPoint Neuro	123.6%	65.0%
6	NVTS	Navitas Semiconductor	117.8%	310.6%
7	LAC	Lithium Americas	110.9%	128.6%
8	ASTS	AST SpaceMobile	101.5%	295.7%
9	BETR	Better Home & Finance	97.8%	610.2%
10	GRAL	GRAIL	97.0%	337.0%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	SOC	Sable Offshore	-50.9%	-48.4%
2	FLY	Firefly Aerospace	-41.7%
3	PGY	Pagaya Technologies	-39.5%	185.3%
4	UP	Wheels Up Experience	-37.1%	-6.7%
5	ALAB	Astera Labs	-36.6%	20.6%
6	VG	Venture Global	-35.8%
7	USNA	Usana Health Sciences	-32.3%	-41.8%
8	UPST	Upstart	-31.7%	-24.5%
9	DOMO	Domo	-30.8%	73.6%
10	TROX	Tronox	-30.6%	-63.2%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	LBRT	Liberty Energy	28.3%	-21.5%
2	IRON	Disc Medicine	21.0%	41.9%
3	CCO	Clear Channel Outdoor	19.7%	24.1%
4	ATAI	ATAI Life Sciences	17.7%	385.0%
5	PRAX	Praxis Precision Medicines	16.8%	146.9%
6	PGEN	Precigen	14.6%	257.1%
7	MNMD	Mind Medicine	14.6%	96.1%
8	SSII	SS Innovations International	12.2%	23.4%
9	BETR	Better Home & Finance	10.0%	610.2%
10	RVMD	Revolution Medicines	8.9%	23.7%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	SLI	Standard Lithium	-20.2%	194.5%
2	HIMS	Hims & Hers Health	-15.8%	105.9%
3	RSI	Rush Street Interactive	-14.7%	26.1%
4	DNA	Ginkgo Bioworks	-12.4%	34.9%
5	DC	Dakota Gold	-12.3%	110.5%
6	PSNL	Personalis	-11.2%	58.0%
7	UAMY	United States Antimony	-10.9%	532.2%
8	EXK	Endeavour Silver	-10.7%	147.5%
9	ORLA	Orla Mining	-10.1%	119.3%
10	SOC	Sable Offshore	-10.0%	-48.4%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	256.7%	146.9%
2	NVTS	Navitas Semiconductor	78.1%	310.6%
3	SSII	SS Innovations International	40.1%	23.4%
4	FLNC	Fluence Energy	40.0%	15.4%
5	BTDR	Bitdeer Technologies	35.1%	10.8%
6	MVST	Microvast	34.6%	181.6%
7	POWI	Power Integrations	31.3%	-25.4%
8	CCO	Clear Channel Outdoor	30.8%	24.1%
9	IRON	Disc Medicine	28.7%	41.9%
10	BE	Bloom Energy	28.4%	402.0%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	SOC	Sable Offshore	-35.8%	-48.4%
2	SRRK	Scholar Rock	-29.2%	-35.4%
3	AIV	Apartment Investment & Management	-28.3%	-9.0%
4	ALAB	Astera Labs	-22.5%	20.6%
5	BYRN	Byrna Technologies	-19.7%	-26.6%
6	BWIN	Baldwin Insurance	-19.5%	-40.3%
7	ONDS	Ondas	-17.5%	197.3%
8	URG	Ur-Energy	-17.4%	40.0%
9	IIIN	Insteel Industries	-16.4%	14.6%
10	LIF	Life360	-16.0%	112.3%

Peer Comparisons for Air Products & Chemicals

Financials

	APD	DD	DOW	EMN	CE	HUN	Median
Name	Air Prod.	DuPont d.	Dow	Eastman .	Celanese	Huntsman
Mkt Price	253.20	79.57	21.89	61.28	40.19	8.22	50.73
Mkt Cap	56.4	33.3	15.5	7.0	4.4	1.4	11.3
Rev LTM	12,021	12,607	41,819	9,286	9,939	5,860	10,980
Op Inc LTM	2,891	2,025	708	1,337	932	5	1,134
FCF LTM	-4,333	1,108	-1,740	406	632	134	270
FCF 3Y Avg	-2,336	693	1,192	453	947	152	573
CFO LTM	3,358	2,064	1,235	1,002	1,020	299	1,128
CFO 3Y Avg	3,306	2,013	3,916	1,147	1,440	362	1,726

Growth & Margins

	APD	DD	DOW	EMN	CE	HUN	Median
Name	Air Prod.	DuPont d.	Dow	Eastman .	Celanese	Huntsman
Rev Chg LTM	-1.1%	4.6%	-2.8%	1.5%	-5.8%	-1.6%	-1.3%
Rev Chg 3Y Avg	2.3%	-1.0%	-11.2%	-5.1%	1.4%	-11.6%	-3.1%
Rev Chg Q	-0.5%	2.7%	-7.4%	-3.2%	-4.5%	-7.4%	-3.9%
QoQ Delta Rev Chg LTM	-0.1%	0.7%	-1.9%	-0.8%	-1.2%	-1.9%	-1.0%
Op Mgn LTM	24.1%	16.1%	1.7%	14.4%	9.4%	0.1%	11.9%
Op Mgn 3Y Avg	22.4%	15.1%	4.1%	12.7%	9.9%	1.8%	11.3%
QoQ Delta Op Mgn LTM	-0.5%	0.3%	-1.6%	-0.7%	-0.5%	-0.6%	-0.6%
CFO/Rev LTM	27.9%	16.4%	3.0%	10.8%	10.3%	5.1%	10.5%
CFO/Rev 3Y Avg	26.6%	16.3%	8.6%	12.2%	14.0%	5.8%	13.1%
FCF/Rev LTM	-36.0%	8.8%	-4.2%	4.4%	6.4%	2.3%	3.3%
FCF/Rev 3Y Avg	-19.3%	5.5%	2.4%	4.8%	9.2%	2.4%	3.6%

Valuation

	APD	DD	DOW	EMN	CE	HUN	Median
Name	Air Prod.	DuPont d.	Dow	Eastman .	Celanese	Huntsman
Mkt Cap	56.4	33.3	15.5	7.0	4.4	1.4	11.3
P/S	4.7	2.6	0.4	0.8	0.4	0.2	0.6
P/EBIT	27.0	39.5	44.4	5.8	-8.4	-18.0	16.4
P/E	36.8	-171.8	-15.8	8.5	-2.7	-4.2	-3.5
P/CFO	16.8	16.1	12.6	7.0	4.3	4.7	9.8
Total Yield	5.5%	1.4%	6.4%	14.5%	-33.2%	-11.5%	3.5%
Dividend Yield	2.8%	2.0%	12.7%	2.7%	3.6%	12.3%	3.2%
FCF Yield 3Y Avg	-3.8%	2.3%	1.6%	4.5%	8.9%	4.8%	3.4%
D/E	0.3	0.2	1.2	0.7	3.0	1.7	0.9
Net D/E	0.3	0.2	1.0	0.7	2.8	1.4	0.8

Returns

	APD	DD	DOW	EMN	CE	HUN	Median
Name	Air Prod.	DuPont d.	Dow	Eastman .	Celanese	Huntsman
1M Rtn	-12.3%	3.6%	-10.8%	-7.1%	-10.9%	-20.3%	-10.9%
3M Rtn	-13.7%	5.9%	-21.6%	-20.2%	-29.8%	-25.7%	-20.9%
6M Rtn	-2.4%	33.8%	-19.1%	-18.3%	0.4%	-34.1%	-10.4%
12M Rtn	-21.0%	-4.7%	-55.6%	-41.7%	-70.1%	-62.4%	-48.7%
3Y Rtn	12.6%	53.2%	-43.6%	-8.9%	-55.3%	-64.4%	-26.3%
1M Excs Rtn	-13.3%	1.4%	-9.7%	-8.3%	-12.1%	-20.6%	-10.9%
3M Excs Rtn	-18.9%	-0.4%	-27.5%	-25.6%	-36.4%	-33.0%	-26.5%
6M Excs Rtn	-28.6%	7.7%	-45.3%	-44.5%	-25.8%	-60.2%	-36.5%
12M Excs Rtn	-34.3%	-18.7%	-69.8%	-56.7%	-84.3%	-76.8%	-63.3%
3Y Excs Rtn	-67.3%	-22.5%	-126.6%	-90.5%	-139.2%	-149.1%	-108.5%

Comparison Analyses

	Title
0	How Does Air Products & Chemicals Stock Stack Up Against Its Peers?
1	Air Products & Chemicals vs. DuPont de Nemours: Neither Seems Like A Good Bet
2	Air Products & Chemicals vs. Dow: With Return Forecast Of 13%, Air Products & Chemicals Is A Better Bet
3	With 6.7% Gains On The Table, APD May Outshine CE
4	APD or EMN - With 17% Return Forecast, EMN Probably Deserves Your Money
5	HUN or APD - With 7.1% Return Forecast, APD Probably Deserves Your Money
6	Air Products and Chemicals vs. Intuit: With Return Forecast Of 38%, Intuit Is A Better Bet
7	Air Products and Chemicals vs. Stryker: With Return Forecast Of 20%, Stryker Is A Better Bet
8	Air Products and Chemicals vs. NVIDIA: With Return Forecast Of 13%, Air Products and Chemicals Is A Better Bet
9	Air Products and Chemicals vs. Colgate Palmolive: Similar Market Cap, But Air Products and Chemicals Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 9/30	LTM	2024	2023	2022	2021	2020	2019
Period End	3/31/2025	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019
Filing Date	5/1/2025	11/21/2024	11/16/2023	11/22/2022	11/18/2021	11/19/2020	11/26/2019
Key Financials
Total Revenue	12,021	12,101	12,600	12,699	10,323	8,856	8,919
EBITDA	3,582	6,491	4,418	4,221	3,970	3,718	3,509
Operating Income	2,891	2,948	2,739	2,412	2,268	2,238	2,170
Net Income	1,533	3,828	2,300	2,256	2,099	1,887	1,760
EPS	6.89	17.21	10.35	10.16	9.47	8.53	7.99
Growth Rates
Total Revenue Growth	-1.1%	-4.0%	-0.8%	23.0%	16.6%	-0.7%	-0.1%
EBITDA Growth	-23.4%	46.9%	4.7%	6.3%	6.8%	5.9%	12.6%
Operating Income Growth	3.2%	7.6%	13.5%	6.4%	1.3%	3.1%	10.4%
Net Income Growth	-37.9%	66.4%	2.0%	7.5%	11.3%	7.2%	17.5%
Margins
EBITDA Margin	29.8%	53.6%	35.1%	33.2%	38.5%	42.0%	39.3%
Operating Income Margin	24.1%	24.4%	21.7%	19.0%	22.0%	25.3%	24.3%
Net Income Margin	12.8%	31.6%	18.3%	17.8%	20.3%	21.3%	19.7%
Cash & Debt
Total Cash	1,603	2,985	1,949	3,302	5,801	6,358	2,415
Total Debt	16,495	15,006	11,032	8,327	8,219	8,314	3,326
Net Debt / (Cash)	14,892	12,021	9,082	5,025	2,418	1,956	911
Cash Flows
Net Cash from Operations	3,358	3,647	3,206	3,230	3,342	3,265	2,970
Free Cash from Operations	-4,333	-3,150	-1,420	304	878	756	980
Returns to Shareholders
Dividends	1,574	1,565	1,497	1,383	1,257	1,104	994
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 9/30	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022
Filing Date	5/1/2025	2/6/2025	11/21/2024	8/1/2024	4/30/2024	2/5/2024	11/16/2023	8/3/2023	5/9/2023	2/2/2023	11/22/2022	8/4/2022
Key Financials Quarterly
Total Revenue	2,916	2,932	3,188	2,986	2,930	2,997	3,191	3,034	3,200	3,175	3,570	3,189
Ebitda	-1,818	1,200	2,934	1,266	1,132	1,160	1,246	1,137	951	1,083	1,076	1,091
Operating Income	631	674	849	738	694	667	739	703	645	652	700	627
Net Income	-1,731	617	1,950	697	572	609	693	596	440	572	583	582
EPS	-7.77	2.77	8.76	3.13	2.57	2.74	3.11	2.68	1.98	2.58	2.63	2.62
Key Financials TTM
Total Revenue TTM	12,021	12,035	12,101	12,104	12,153	12,423	12,600	12,979	13,134	12,879	12,699	11,970
Ebitda TTM	3,582	6,531	6,491	4,804	4,676	4,495	4,418	4,248	4,202	4,278	4,221	4,203
Operating Income TTM	2,891	2,954	2,948	2,837	2,803	2,754	2,739	2,701	2,625	2,542	2,412	2,329
Net Income TTM	1,533	3,836	3,828	2,571	2,470	2,337	2,300	2,191	2,177	2,268	2,256	2,283
Growth Rates Quarterly
Total Revenue Growth	-0.5%	-2.2%	-0.1%	-1.6%	-8.4%	-5.6%	-10.6%	-4.9%	8.7%	6.0%	25.7%	22.4%
EBITDA Growth	-260.5%	3.5%	135.4%	11.3%	19.0%	7.1%	15.8%	4.2%	-7.4%	5.6%	1.7%	9.4%
Operating Income Growth	-9.1%	1.0%	14.9%	4.9%	7.6%	2.3%	5.5%	12.1%	14.9%	24.7%	13.5%	8.7%
Net Income Growth	-402.3%	1.3%	181.5%	17.0%	30.2%	6.5%	18.8%	2.3%	-17.1%	2.1%	-4.5%	9.1%
Margins Quarterly
EBITDA Margin	-62.3%	40.9%	92.0%	42.4%	38.6%	38.7%	39.1%	37.5%	29.7%	34.1%	30.1%	34.2%
Operating Income Margin	21.6%	23.0%	26.6%	24.7%	23.7%	22.2%	23.1%	23.2%	20.2%	20.5%	19.6%	19.7%
Net Income Margin	-59.3%	21.1%	61.2%	23.3%	19.5%	20.3%	21.7%	19.6%	13.7%	18.0%	16.3%	18.3%
Cash & Debt
Total Cash	1,603	1,963	2,985	2,438	2,638	2,234	1,949	1,906	2,514	3,151	3,302	3,315
Total Debt	16,495	15,126	15,006	14,672	14,274	12,743	11,032	10,027	9,773	8,685	8,327	7,586
Net Debt / (Cash)	14,892	13,163	12,021	12,234	11,636	10,508	9,082	8,121	7,260	5,535	5,025	4,271
Cash Flows Quarterly
FCF from Operations	328	812	957	1,261	802	627	1,003	845	639	719	1,017	908
Cash Flows TTM
FCF from Operations TTM	3,358	3,832	3,647	3,693	3,277	3,114	3,206	3,220	3,283	3,164	3,230	3,040
Returns to Shareholders Quarterly
Dividends	394	394	394	394	389	389	389	389	360	359	359	359
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	13.1%	16.8%	22.2%	20.1%	19.5%	20.8%	26.6%	28.2%	28.0%	38.2%	45.5%	47.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	16.2%	18.1%	19.7%	19.1%	19.7%	21.3%	24.4%	26.9%	29.2%	37.4%	39.3%	44.7%

Price Behavior

Price Behavior

Market Price	$253.20
Market Cap ($ Bil)	56.4
First Trading Date	04/06/1983
Distance from 52W High	-23.7%
	50 Days	200 Days
DMA Price	$280.30	$285.13
DMA Trend	down	down
Distance from DMA	-9.7%	-11.2%
	3M	1YR
Volatility	19.9%	24.1%
Downside Capture	167.12	100.64
Upside Capture	34.75	62.52
Correlation (SPY)	48.7%	66.9%

APD Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.58	1.10	1.13	0.93	0.80	0.74
Up Beta	1.39	1.49	1.18	0.85	0.79	0.79
Down Beta	3.26	1.08	1.33	0.92	0.84	0.71
Up Capture	20%	54%	74%	77%	55%	35%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	7	18	28	61	121	392
Down Capture	296%	154%	148%	125%	92%	93%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	14	24	36	65	130	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	9302025
Short Interest: Shares Quantity	6,214,185
Short Interest: % Change Since 9152025	16.2%
Average Daily Volume	1,317,680
Days-to-Cover Short Interest	4.72
Basic Shares Quantity	222,800,000
Short % of Basic Shares	2.8%

Returns Analyses

	Title
0	Air Products & Chemicals Stock Fell 12% in a Month, What Now?
1	APD YTD Stock Return Of 9.7% Outperforms CE by 36% and Outperforms DD by 2.4%
2	Air Products & Chemicals Stock Return Comparison
3	[9/30/2021] Air Products and Chemicals (APD) Stock Price Forecast: AI Forecasts APD Stock Price To Be Around $262 In A Month (Up 2.4%)

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
11/7/2023	-12.6%	-9.0%	-10.3%
...
SUMMARY STATS
# Positive	8	10	12
# Negative	16	14	12
Median Positive	3.4%	4.6%	3.9%
Median Negative	-5.2%	-5.7%	-4.9%
Max Positive	9.0%	14.3%	29.9%
Max Negative	-15.6%	-14.8%	-21.1%

	Forward Returns
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%
11/7/2023	-12.6%	-9.0%	-10.3%
8/3/2023	-5.8%	-4.7%	-1.3%
5/9/2023	-5.3%	-5.5%	-4.5%
2/2/2023	-7.1%	-9.7%	-7.3%
11/3/2022	7.7%	14.3%	29.9%
8/4/2022	4.9%	8.1%	1.7%
5/5/2022	-4.7%	-5.9%	1.9%
2/4/2022	-6.3%	-10.1%	-21.1%
11/4/2021	-0.3%	4.0%	-4.5%
8/9/2021	-5.2%	-3.8%	-8.2%
5/10/2021	1.0%	3.6%	3.1%
2/4/2021	-7.2%	-8.3%	-4.6%
11/12/2020	-5.5%	-4.7%	-4.8%
7/23/2020	-0.8%	-2.3%	-3.2%
4/23/2020	-1.5%	7.6%	9.8%
1/24/2020	2.8%	1.7%	3.5%
11/7/2019	4.0%	8.5%	6.0%
SUMMARY STATS
# Positive	8	10	12
# Negative	16	14	12
Median Positive	3.4%	4.6%	3.9%
Median Negative	-5.2%	-5.7%	-4.9%
Max Positive	9.0%	14.3%	29.9%
Max Negative	-15.6%	-14.8%	-21.1%

SEC Filings

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Report Date	Filing Date	Filing
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
9302021	11182021	10-K 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Brifo Victoria	Exec VP, Chief HR Officer	8062025	Sell	292.38	1,359	397,344	2,539,613	Form
1	Nelson Walter L.	Sr. VP, Glob Helium & Rare Gas	3062025	Sell	308.50	589	181,706	221,812	Form
2	Lefevere Kurt	President, Asia	2212025	Sell	316.17	1,500	474,255	462,241	Form
3	Mok Wilbur	President, Equip. Businesses	2192025	Sell	315.88	1,300	410,644	1,008,605	Form
4	Brifo Victoria	Exec VP, Chief HR Officer	2192025	Sell	315.82	2,362	745,967	3,172,412	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Air Products & Chemicals (APD)

Market Price (10/18/2025): $253.4 | Market Cap: $56.5 BilSector: Materials | Industry: Industrial Gases

Air Products & Chemicals (APD)

Market Price (10/18/2025): $253.4Market Cap: $56.5 BilSector: MaterialsIndustry: Industrial Gases

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APD Stock

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Market Price (10/18/2025): $253.4 | Market Cap: $56.5 Bil
Sector: Materials | Industry: Industrial Gases

Market Price (10/18/2025): $253.4
Market Cap: $56.5 Bil
Sector: Materials
Industry: Industrial Gases