Air Products

Materials Industrial Gases Upper Macungie Township, Pennsylvania Last filing Nov 20, 2025 · FY2025

                    Revenue
                    FY2025
                
$12.0B
                    3y CAGR -1.8%
                    
                    P42
                    
                    n/a
                    
                    Net income
                    FY2025
                
$-394.5M
                    Net margin -3.3%
                    
                    P23
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$41.1B
                    ROA -1.0%
                    
                    P27
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$3.3B
                    FCF margin -31.3%
                    
                    P5
                    
                    n/a

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 1 year

Total assets $41.1B

Total liabilities $23.7B

Shareholders equity $15.0B

Account	2025	Trend
Assets
Cash and Cash Equivalents	4.5%
Accounts Receivable	4.6%
Inventory	1.9%
Prepaid Expenses	0.4%
Other Current Assets	1.7%
Total Current Assets	14.2%
Property,Plant and Equipment	61.7%
Operating Lease Assets	2.3%
Goodwill	2.3%
Intangible Assets	0.7%
Other Noncurrent Assets	2.5%
Total Assets	100.0%
Liabilities
Accounts Payable	7.9%
Accrued Liabilities	7.9%
Deferred Revenue	0.6%
Current Portion of Long Term Debt	0.1%
Total Current Liabilities	10.3%
Long Term Debt	0.0%
Deferred Revenue Noncurrent	0.7%
Operating Lease Liabilities Noncurrent	1.5%
Deferred Tax Liabilities	1.4%
Other Noncurrent Liabilities	3.3%
Total Liabilities	57.7%
Equity
Preferred Stock	0.0%
Common Stock	0.6%
Additional Paid In Capital	3.2%
Retained Earnings	42.8%
Treasury Stock	4.9%
Accumulated Other Comprehensive Income	-5.1%
Noncontrolling Interest	5.7%
Total Stockholders Equity	36.6%
Total Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $12.0B

Operating income $-877.0M

Net income $-394.5M

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	29.3%
Expenses Cost of Revenue	20.1%
Expenses Research and Development	0.2%
Expenses Selling,General and Administrative	2.2%
Expenses Depreciation and Amortization	3.8%
Expenses Share Based Compensation	0.2%
Expenses Restructuring and Asset Impairment	9.1%
Expenses Operating Expenses	0.3%
Other Income Expense Operating Income	-2.1%
Other Income Expense Interest Expense	0.5%
Other Income Expense Other Income/expense	0.0%
Other Income Expense Income Before Tax	-1.1%
Income Tax Income Tax Expense	-0.2%
net Income net Income	-1.0%
net Income Comprehensive Income	-1.1%
Earnings Per Share Basic Eps	-0.0%
Earnings Per Share Diluted Eps	-0.0%
Earnings Per Share Weighted Average Shares Basic	0.5%
Earnings Per Share Weighted Average Shares Diluted	0.5%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 1 year

Operating cash flow $3.3B

Investing cash flow $-7.2B

Financing cash flow $2.8B

Account	2025	Trend
CashFlow
Operating Activities net Income	-1.0%
Operating Activities Depreciation and Amortization	3.8%
Operating Activities Stock Based Compensation	0.2%
Operating Activities Deferred Income Taxes	-1.4%
Operating Activities Changes In Operating Assets and Liabilities	0.2%
Operating Activities Other Non Cash Items	0.1%
Operating Activities net Cash From Operating Activities	7.9%
Investing Activities Capital Expenditures	17.1%
Investing Activities Business Acquisitions	0.1%
Investing Activities Other Investing Activities	-0.3%
Investing Activities net Cash From Investing Activities	-17.5%
Financing Activities Proceeds From Debt	10.7%
Financing Activities Repayment of Debt	1.0%
Financing Activities Dividends Paid	3.9%
Financing Activities Proceeds From Stock Issuance	0.0%
Financing Activities Other Financing Activities	-0.2%
Financing Activities net Cash From Financing Activities	6.8%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%
Cash Reconciliation net Change In Cash	-2.7%
Cash Reconciliation Cash At Beginning of Period	4.5%
Cash Reconciliation Cash At End of Period	4.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+31.4%
Operating margin	-7.3%
Net margin	-3.3%
FCF margin	-31.3%
Growth
Revenue CAGR (3y)	-1.8%
Returns
ROE	-2.6%
ROA	-1.0%
ROIC	-6.6%
Liquidity
Current ratio	1.38x
Quick ratio	0.89x
Leverage
D/E	1.58x
Interest coverage	-4.10x
Efficiency
Asset turnover	0.29x
Cash conversion cycle	-51d

Valuation

Price against fundamentals

APD $270 · 2025-09-29 · 351d old · FY2025

Market cap $60.2B

P/E —

P/S 5.00x

P/B 4.01x

EV $58.4B

EV/EBITDA 85.00x

FCF yield -6.3%

Dividend yield +2.6%

Notes

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