Air Products

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

                    Revenue
                    FY2025
                
$12.0B
                    3y CAGR -1.8%
                    
                    P42
                    
                    -0.5%
                    
                    Net income
                    FY2025
                
$-394.5M
                    Net margin -3.3%
                    
                    P23
                    
                    n/a
                    
                    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

32 accounts · 5 years

Total assets $41.1B

Total liabilities $23.7B

Shareholders equity $15.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	4.5%	7.5%	5.1%	10.0%	16.6%
Accounts Receivable	4.6%	4.6%	5.3%	6.6%	5.4%
Inventory	1.9%	—	—	—	—
Prepaid Expenses	0.4%	—	—	—	—
Other Current Assets	1.7%	1.5%	2.3%	1.9%	2.1%
Total Current Assets	14.2%	16.1%	16.3%	23.1%	31.2%
Property,Plant and Equipment	61.7%	59.1%	54.6%	52.1%	49.3%
Operating Lease Assets	2.3%	2.6%	3.0%	2.6%	2.1%
Goodwill	2.3%	2.3%	2.7%	3.0%	3.4%
Intangible Assets	0.7%	—	—	—	—
Other Noncurrent Assets	2.5%	3.0%	3.8%	3.5%	5.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.9%	3.7%	3.8%	4.1%	2.7%
Accrued Liabilities	7.9%	7.4%	9.0%	10.2%	8.3%
Deferred Revenue	0.6%	—	—	—	—
Current Portion of Long Term Debt	0.1%	1.5%	1.9%	2.0%	1.8%
Total Current Liabilities	10.3%	10.6%	12.2%	12.7%	10.4%
Long Term Debt	0.0%	36.0%	32.2%	23.7%	25.6%
Deferred Revenue Noncurrent	0.7%	—	—	—	—
Operating Lease Liabilities Noncurrent	1.5%	1.7%	2.0%	2.2%	1.9%
Deferred Tax Liabilities	1.4%	2.9%	4.0%	4.6%	4.4%
Other Noncurrent Liabilities	3.3%	3.4%	3.5%	4.0%	6.1%
Total Liabilities	57.7%	52.8%	51.1%	49.6%	47.5%
Equity
Preferred Stock	0.0%	0.1%	0.1%	0.1%	0.1%
Common Stock	0.6%	0.6%	0.8%	0.9%	0.9%
Additional Paid In Capital	3.2%	3.2%	3.7%	4.2%	4.2%
Retained Earnings	42.8%	49.4%	54.0%	60.8%	58.4%
Treasury Stock	4.9%	—	6.1%	7.3%	7.4%
Accumulated Other Comprehensive Income	-5.1%	-5.1%	-7.7%	-10.2%	-5.6%
Noncontrolling Interest	5.7%	4.1%	4.2%	2.1%	2.0%
Total Stockholders Equity	36.6%	43.0%	44.7%	48.3%	50.4%
Total Liabilitiesand Equity	100.0%	95.9%	95.8%	97.9%	98.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $12.0B

Operating income $-877.0M

Net income $-394.5M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	29.3%	30.6%	39.4%	46.7%	38.4%
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%	—	0.6%	0.5%	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%	0.6%	0.7%	0.8%	0.8%
Earnings Per Share Weighted Average Shares Diluted	0.5%	0.6%	0.7%	0.8%	0.8%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $3.3B

Investing cash flow $-7.2B

Financing cash flow $2.8B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	-1.0%	—	—	—	—
Operating Activities Depreciation and Amortization	3.8%	3.7%	4.2%	4.9%	4.9%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%	0.2%	0.2%
Operating Activities Deferred Income Taxes	-1.4%	-0.2%	-0.1%	0.1%	0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	-0.9%	0.4%	0.3%	0.3%
Operating Activities Other Non Cash Items	0.1%	—	—	—	—
Operating Activities net Cash From Operating Activities	7.9%	9.2%	10.0%	11.7%	12.4%
Investing Activities Capital Expenditures	17.1%	17.2%	14.5%	10.8%	9.2%
Investing Activities Business Acquisitions	0.1%	—	—	—	—
Investing Activities Other Investing Activities	-0.3%	-0.2%	-0.0%	-0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-17.5%	-12.4%	-18.5%	-14.2%	-10.2%
Financing Activities Proceeds From Debt	10.7%	—	—	—	—
Financing Activities Repayment of Debt	1.0%	1.2%	1.9%	1.5%	1.7%
Financing Activities Dividends Paid	3.9%	—	—	—	—
Financing Activities Proceeds From Stock Issuance	0.0%	—	—	—	—
Financing Activities Other Financing Activities	-0.2%	-0.3%	-0.6%	-0.1%	-0.1%
Financing Activities net Cash From Financing Activities	6.8%	6.6%	5.0%	-3.7%	-5.3%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	0.1%	0.0%	-0.5%	0.1%
Cash Reconciliation net Change In Cash	-2.7%	3.4%	-3.4%	-6.5%	-2.9%
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 · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+31.4%	—	—	—	—
Operating margin	-7.3%	+36.9%	+19.8%	+18.4%	+22.1%
Net margin	-3.3%	—	—	—	—
FCF margin	-31.3%	-26.0%	-11.3%	+1.9%	+8.4%
Growth
Revenue CAGR (3y)	-1.8%	+5.4%	+12.5%	+12.5%	+4.9%
Returns
ROE	-2.6%	—	—	—	—
ROA	-1.0%	—	—	—	—
ROIC	-6.6%	+12.4%	+8.5%	+11.0%	+11.3%
Liquidity
Current ratio	1.38x	1.52x	1.33x	1.81x	2.99x
Quick ratio	0.89x	1.15x	0.85x	1.30x	2.12x
Leverage
D/E	1.58x	1.23x	1.14x	1.03x	0.94x
Interest coverage	-4.10x	—	14.05x	18.27x	16.09x
Efficiency
Asset turnover	0.29x	0.31x	0.39x	0.47x	0.38x
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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