Air Products and Chemicals (APD)
Market Price (11/12/2025): $262.33 | Market Cap: $58.4 BilSector: Materials | Industry: Industrial Gases
Air Products and Chemicals (APD)
Market Price (11/12/2025): $262.33Market Cap: $58.4 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 yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, Dividend Yield is 2.7% | Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -79% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x, P/EPrice/Earnings or Price/(Net Income) is 38x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.4 Bil | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -0.5% | |
| Low stock price volatilityVol 12M is 26% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36% | |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, Energy Transition & Decarbonization, Advanced Materials, and Sustainable Resource Management. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, Dividend Yield is 2.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.4 Bil |
| Low stock price volatilityVol 12M is 26% |
| 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 -48%, 3Y Excs Rtn is -79% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x, P/EPrice/Earnings or Price/(Net Income) is 38x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -0.5% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36% |
Market Valuation & Key Metrics
APD Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are key points explaining the approximate -8.3% stock movement for Air Products and Chemicals (APD) from July 31, 2025, to November 12, 2025:
1. Weaker-than-Expected Fourth Quarter Fiscal 2025 Results: Air Products reported fourth-quarter fiscal 2025 revenue of $3.17 billion, which was down 0.7% year-over-year and missed the Zacks Consensus Estimate by 1.58%. Adjusted earnings per share (EPS) of $3.39 also slightly missed the consensus estimate of $3.41.
2. Persistent Helium Market Headwinds: Throughout the period, Air Products continued to face challenges from reduced global helium demand, which negatively impacted sales volume and pricing across various regions. This ongoing pressure was noted in both the fiscal third and fourth-quarter earnings reports.
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% | -7% | 28% |
| Peers Return | 14% | 24% | -21% | 19% | -19% | -42% | -38% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| APD Win Rate | 67% | 50% | 50% | 50% | 58% | 50% | |
| Peers Win Rate | 67% | 57% | 47% | 42% | 43% | 36% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| APD Max Drawdown | -25% | -7% | -28% | -16% | -21% | -16% | |
| Peers Max Drawdown | -53% | -5% | -35% | -8% | -27% | -48% | |
| 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 11/11/2025 (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 |
|---|---|---|---|---|---|---|---|
| 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 | 0.3% | 0.3% | -2.5% |
| 10312025 | SLGN | Silgan | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.3% | -1.3% | -1.3% |
| 10242025 | TGLS | Tecnoglass | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -21.9% | -21.9% | -21.9% |
| 10242025 | NEM | Newmont | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 5.9% | 5.9% | -5.7% |
| 10242025 | RGLD | Royal Gold | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.2% | 1.2% | -7.3% |
| 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 |
|---|---|---|---|---|---|---|---|
| 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 | 0.3% | 0.3% | -2.5% |
| 10312025 | SLGN | Silgan | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.3% | -1.3% | -1.3% |
| 10242025 | TGLS | Tecnoglass | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -21.9% | -21.9% | -21.9% |
| 10242025 | NEM | Newmont | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 5.9% | 5.9% | -5.7% |
| 10242025 | RGLD | Royal Gold | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.2% | 1.2% | -7.3% |
| 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
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 40.90 |
| Mkt Cap | 11.4 |
| Rev LTM | 10,865 |
| Op Inc LTM | 1,023 |
| FCF LTM | 297 |
| FCF 3Y Avg | 584 |
| CFO LTM | 1,475 |
| CFO 3Y Avg | 1,710 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.4% |
| Rev Chg 3Y Avg | -2.6% |
| Rev Chg Q | -6.8% |
| QoQ Delta Rev Chg LTM | -1.8% |
| Op Mgn LTM | 11.0% |
| Op Mgn 3Y Avg | 11.1% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 12.7% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 3.9% |
| FCF/Rev 3Y Avg | 3.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.4 |
| P/S | 0.6 |
| P/EBIT | 15.3 |
| P/E | -3.0 |
| P/CFO | 7.6 |
| Total Yield | 1.6% |
| Dividend Yield | 3.4% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 1.0 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.1% |
| 3M Rtn | -4.8% |
| 6M Rtn | -24.5% |
| 12M Rtn | -47.7% |
| 3Y Rtn | -44.6% |
| 1M Excs Rtn | -0.6% |
| 3M Excs Rtn | -14.7% |
| 6M Excs Rtn | -40.8% |
| 12M Excs Rtn | -66.3% |
| 3Y Excs Rtn | -119.8% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 8.9% | ||
| 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 | 9 | 11 |
| # Negative | 16 | 15 | 13 |
| Median Positive | 3.8% | 4.0% | 3.5% |
| 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
Expand for More| 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 |
External Quote Links
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