Air Products

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

                    Revenue
                    FY2025
                
$12.0B
                    3y CAGR -1.8%
                    
                    P45
                    
                    -0.5%
                    
                    Net income
                    FY2025
                
$-394.5M
                    Net margin -3.3%
                    
                    P23
                    
                    -110.3%
                    
                    Total assets
                    FY2025
                
$41.1B
                    ROA -1.0%
                    
                    P27
                    
                    +3.8%
                    
                    Operating cash flow
                    FY2025
                
$3.3B
                    FCF margin -31.3%
                    
                    P5
                    
                    -10.7%

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

31 accounts · 3 years

Total assets $41.1B

Total liabilities $23.7B

Shareholders equity $15.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	4.5%	7.5%	5.1%
Short Term Investments	0.0%	0.0%	1.0%
Accounts Receivable	4.6%	4.6%	5.3%
Inventory	1.9%	1.9%	2.0%
Prepaid Expenses	0.4%	0.5%	0.6%
Other Current Assets	2.7%	1.5%	2.3%
Total Current Assets	14.2%	16.1%	16.3%
Property,Plant and Equipment	61.7%	59.1%	54.6%
Operating Lease Assets	2.3%	2.6%	3.0%
Goodwill	2.3%	2.3%	2.7%
Intangible Assets	0.7%	0.8%	1.0%
Long Term Investments	13.1%	12.1%	14.4%
Other Noncurrent Assets	5.7%	7.0%	7.9%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.9%	7.4%	9.0%
Accrued Liabilities	0.4%	1.4%	0.4%
Current Portion of Long Term Debt	1.8%	1.8%	2.7%
Other Current Liabilities	0.1%	0.0%	—
Total Current Liabilities	10.3%	10.6%	12.2%
Operating Lease Liabilities Noncurrent	1.5%	1.7%	2.0%
Deferred Tax Liabilities	1.4%	2.9%	4.0%
Other Noncurrent Liabilities	3.3%	3.4%	3.5%
Total Liabilities	57.7%	52.8%	51.1%
Equity
Common Stock	0.6%	0.6%	0.8%
Additional Paid In Capital	3.2%	3.2%	3.7%
Retained Earnings	42.8%	49.4%	54.0%
Treasury Stock	4.9%	5.0%	6.1%
Accumulated Other Comprehensive Income	-5.1%	-5.1%	-7.7%
Total Stockholders Equity	36.6%	43.0%	44.7%
Noncontrolling Interest	5.7%	4.1%	4.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $12.0B

Operating income $-877.0M

Net income $-394.5M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	29.3%	30.6%	39.4%
Expenses Cost of Revenue	20.1%	20.6%	27.6%
Expenses Research and Development	0.2%	0.3%	0.3%
Expenses Selling,General and Administrative	2.2%	2.4%	3.0%
Expenses Restructuring and Asset Impairment	9.1%	0.1%	0.8%
Expenses Other Operating Expenses	-0.2%	-4.1%	-0.1%
Other Income Expense Operating Income	-2.1%	11.3%	7.8%
Other Income Expense Interest Expense	0.5%	0.6%	0.6%
Other Income Expense Other Income/expense	1.6%	1.5%	1.8%
Other Income Expense Income Before Tax	-1.1%	12.2%	9.0%
Income Tax Income Tax Expense	-0.2%	2.4%	1.7%
net Income Other Items Below Tax	-0.1%	-0.2%	-0.1%
net Income net Income	-1.0%	9.7%	7.2%
net Income Comprehensive Income	-1.1%	10.7%	8.2%
Earnings Per Share Basic Eps	-0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.5%	0.6%	0.7%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $3.3B

Investing cash flow $-7.2B

Financing cash flow $2.8B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	-1.0%	9.7%	7.2%
Operating Activities Depreciation and Amortization	3.8%	3.7%	4.2%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%
Operating Activities Deferred Income Taxes	-1.4%	-0.2%	-0.1%
Operating Activities Changes In Operating Assets and Liabilities	-1.9%	-0.2%	-1.1%
Operating Activities Other Non Cash Items	8.2%	-4.0%	-0.4%
Operating Activities net Cash From Operating Activities	7.9%	9.2%	10.0%
Investing Activities Capital Expenditures	-17.1%	-17.2%	-14.5%
Investing Activities Business Acquisitions	-0.1%	0.0%	0.0%
Investing Activities Purchases of Investments	-0.4%	-1.4%	-4.1%
Investing Activities Proceeds From Sale of Investments	0.3%	1.2%	2.8%
Investing Activities Other Investing Activities	-0.1%	4.9%	-2.8%
Investing Activities net Cash From Investing Activities	-17.5%	-12.4%	-18.5%
Financing Activities Proceeds From Debt	10.7%	11.8%	11.0%
Financing Activities Repayment of Debt	-1.2%	-2.0%	-1.1%
Financing Activities Dividends Paid	-3.9%	-4.0%	-4.7%
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	0.1%
Financing Activities Other Financing Activities	1.2%	0.7%	-0.3%
Financing Activities net Cash From Financing Activities	6.8%	6.6%	5.0%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	0.1%	0.0%
Cash Reconciliation Other Changes In Cash	0.0%	0.0%	0.0%
Cash Reconciliation net Change In Cash	-2.7%	3.4%	-3.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+31.4%	+32.5%	+29.9%
Operating margin	-7.3%	+36.9%	+19.8%
Net margin	-3.3%	+31.6%	+18.3%
FCF margin	-31.3%	-26.0%	-11.3%
Growth
Revenue CAGR (3y)	-1.8%	+5.4%	+12.5%
Returns
ROE	-2.6%	+22.5%	+16.1%
ROA	-1.0%	+9.7%	+7.2%
ROIC	-6.3%	+24.3%	+14.9%
Liquidity
Current ratio	1.38x	1.52x	1.33x
Quick ratio	0.89x	1.15x	0.85x
Leverage
D/E	1.58x	1.23x	1.14x
Interest coverage	-4.10x	20.41x	14.05x
Efficiency
Asset turnover	0.29x	0.31x	0.39x
Cash conversion cycle	-51d	-42d	-43d

Valuation

Price against fundamentals

APD $270 · 2025-09-29 · 397d old · FY2025

Market cap $60.2B

P/E —

P/S 5.00x

P/B 4.01x

EV $59.1B

EV/EBITDA —

FCF yield -6.3%

Dividend yield +2.6%

Notes

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