Air Products and Chemicals (APD)
Market Price (11/26/2025): $258.96 | Market Cap: $57.7 BilSector: Materials | Industry: Industrial Gases
Air Products and Chemicals (APD)
Market Price (11/26/2025): $258.96Market Cap: $57.7 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 5.4%, Dividend Yield is 2.7% | Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -76% | 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 5.4%, 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 -50%, 3Y Excs Rtn is -76% |
| 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% |
Valuation, Metrics & Events
APD Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining a hypothetical -9.5% movement for Air Products and Chemicals (APD) during the period from July 31, 2025, to November 26, 2025, based on publicly available information leading up to and within this timeframe:
1. Major Project Cancellations and Significant Charges.
Air Products announced in its fiscal second quarter of 2025 a decision to terminate three U.S.-based projects, including a sustainable aviation fuel/hydrogen project in California, a green hydrogen facility in New York, and a carbon monoxide project in Texas. These cancellations resulted in substantial pre-tax charges of up to $3.1 billion and contributed to a net loss of $1.74 billion for Q2 2025, significantly impacting financial performance. The company also identified approximately $5 billion in capital expenditures allocated to underperforming projects.
2. Strategic Pivot and Workforce Reduction.
The company unveiled a major strategic shift in May 2025, signaling a return to its core industrial gas business and moving away from certain speculative clean energy investments. This strategic realignment included plans to significantly reduce its workforce, with a 16% reduction announced in fiscal Q4 2025. The shift aims to prioritize lower-risk, core industrial gases projects, which could limit near-term growth opportunities from cleaner energy segments.
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% | -8% | 27% |
| Peers Return | 14% | 24% | -21% | 19% | -19% | -41% | -37% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 15% | 109% |
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 11/25/2025 (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
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
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 | 4.7% | 4.7% | -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 | -0.3% | -0.3% | -2.7% |
| 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 | -22.4% | -22.4% | -25.2% |
| 10242025 | NEM | Newmont | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 3.8% | 3.8% | -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 | 4.6% | 4.6% | -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 | 4.7% | 4.7% | -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 | -0.3% | -0.3% | -2.7% |
| 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 | -22.4% | -22.4% | -25.2% |
| 10242025 | NEM | Newmont | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 3.8% | 3.8% | -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 | 4.6% | 4.6% | -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
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.12 |
| Mkt Cap | 11.6 |
| 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 | 11.6 |
| P/S | 0.6 |
| P/EBIT | 14.8 |
| P/E | -3.2 |
| P/CFO | 7.4 |
| Total Yield | 1.5% |
| Dividend Yield | 3.5% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 1.0 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.9% |
| 3M Rtn | -10.7% |
| 6M Rtn | -20.7% |
| 12M Rtn | -46.9% |
| 3Y Rtn | -44.2% |
| 1M Excs Rtn | -5.8% |
| 3M Excs Rtn | -15.6% |
| 6M Excs Rtn | -34.0% |
| 12M Excs Rtn | -59.5% |
| 3Y Excs Rtn | -113.3% |
Comparison Analyses
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% | |
| 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% | -4.9% |
| 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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