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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $41.1B

Total liabilities $23.7B

Shareholders equity $15.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+2.4%	+8.9%	+1.1%	+10.4%	+24.4%	+36.8%	+14.4%	+36.4%	+118.1%	—
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Accounts Receivable	+3.1%	+3.0%	+2.4%	+3.7%	+0.2%	-3.0%	-4.3%	-8.4%	-18.5%	—
Inventory	+2.5%	+2.7%	+0.7%	-3.1%	-6.0%	-10.1%	-14.4%	-20.1%	-45.9%	—
Prepaid Expenses	+6.5%	+7.7%	+8.6%	+7.9%	+3.7%	+13.4%	-8.1%	+14.1%	+92.2%	—
Other Current Assets	+6.1%	-0.9%	+1.4%	-3.9%	-3.4%	-7.4%	-10.1%	-24.6%	-24.1%	—
Total Current Assets	+3.4%	+5.0%	+2.7%	+6.5%	+14.2%	+19.1%	+2.3%	+8.5%	+36.1%	—
Property,Plant and Equipment	+12.4%	+12.9%	+10.2%	+8.1%	+8.4%	+7.8%	+5.3%	+5.9%	-4.7%	—
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	-1.9%	-3.0%	-4.0%	-5.4%	-4.5%	-6.2%	-11.5%	-17.2%	-37.3%	—
Intangible Assets	-5.5%	-5.5%	-5.2%	-5.5%	-2.9%	-2.8%	-4.9%	-5.2%	-24.5%	—
Long Term Investments	+17.2%	+17.8%	+20.0%	+17.3%	+5.1%	+2.7%	-0.3%	-0.4%	-0.1%	—
Other Noncurrent Assets	+1.9%	+4.5%	+3.8%	-4.0%	+2.8%	-2.7%	-8.6%	-7.7%	-9.5%	—
Total Assets	+9.6%	+10.3%	+8.5%	+7.1%	+8.3%	+8.7%	+1.6%	+3.1%	+2.3%	—
Liabilities
Accounts Payable	+6.7%	+6.2%	+6.9%	+7.4%	+4.1%	+0.3%	-3.3%	+0.2%	+0.2%	—
Accrued Liabilities	+2.3%	+18.2%	-1.6%	-1.3%	-8.5%	-7.8%	-16.1%	-36.2%	-32.7%	—
Current Portion of Long Term Debt	-6.0%	-7.6%	-5.6%	-13.2%	-17.9%	-22.2%	-57.7%	-40.6%	-57.1%	—
Other Current Liabilities	+11.5%	—	—	—	—	—	—	—	-17.4%	—
Total Current Liabilities	+2.8%	+3.1%	+2.5%	+0.9%	-3.1%	-7.4%	-17.8%	-15.6%	-24.2%	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	-3.1%	+5.3%	+7.4%	+8.4%	+9.0%	+5.8%	+1.1%	+0.5%	+1.5%	—
Other Noncurrent Liabilities	-3.6%	-4.0%	-7.1%	-8.5%	-2.6%	+0.6%	-3.0%	-9.4%	-14.0%	—
Total Liabilities	+9.1%	+8.6%	+6.0%	+3.7%	+3.3%	+4.1%	-11.3%	-14.1%	-23.6%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+3.4%	+3.3%	+3.0%	+2.7%	+2.8%	+3.1%	+3.4%	+3.0%	+3.2%	—
Retained Earnings	+5.9%	+8.1%	+7.4%	+7.9%	+8.4%	+9.2%	+10.5%	+13.1%	+22.6%	—
Treasury Stock	-1.2%	-1.4%	-1.8%	-1.9%	-2.2%	-2.7%	-3.0%	-3.1%	-2.9%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	+8.7%	+11.6%	+10.6%	+10.9%	+13.8%	+14.3%	+16.0%	+23.8%	+42.5%	—
Noncontrolling Interest	+37.3%	+36.8%	+39.1%	+26.9%	+32.6%	+28.4%	+35.7%	+54.4%	-25.8%	—
Total Liabilitiesand Equity	+9.6%	+10.3%	+8.5%	+7.1%	+8.3%	+8.7%	+1.6%	+3.1%	+2.3%	—

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $12.0B

Operating income $-877.0M

Net income $-394.5M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+5.4%	+6.2%	+7.7%	+9.2%	+6.6%	+4.2%	+5.9%	+9.1%	+9.1%	—
Expenses Cost of Revenue	+5.3%	+5.9%	+7.9%	+10.3%	+6.8%	+3.1%	+4.9%	+9.3%	+11.1%	—
Expenses Research and Development	+3.3%	+4.3%	+5.7%	+6.2%	+5.4%	+4.0%	+0.5%	-5.2%	-19.8%	—
Expenses Selling,General and Administrative	+3.2%	+4.1%	+4.9%	+4.7%	+3.9%	+3.2%	+3.1%	+5.5%	+4.3%	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—	—	—	—	—	—
Expenses Other Operating Expenses	—	—	—	—	—	—	—	—	+530.3%	—
Other Income Expense Operating Income	—	+14.3%	+7.2%	+7.3%	+8.2%	+9.9%	+11.8%	+13.2%	-6.2%	—
Other Income Expense Interest Expense	+7.1%	+8.3%	+6.4%	+1.8%	+4.2%	-1.3%	+5.9%	+6.4%	+4.7%	—
Other Income Expense Other Income/expense	+19.1%	+19.9%	+22.7%	+26.2%	+22.2%	+21.7%	+27.9%	+15.6%	-28.2%	—
Other Income Expense Income Before Tax	—	+15.2%	+9.2%	+10.0%	+10.0%	+11.7%	+13.8%	+13.8%	-8.9%	—
Income Tax Income Tax Expense	—	+10.3%	+3.5%	+2.5%	+1.4%	+2.5%	+3.5%	+10.1%	-39.7%	—
net Income Other Items Below Tax	—	—	—	—	—	—	—	—	—	—
net Income net Income	—	+25.3%	+20.3%	+23.7%	+27.2%	+31.5%	+40.8%	+54.1%	+375.4%	—
net Income Comprehensive Income	—	+35.7%	+32.5%	+17.8%	+49.2%	+54.9%	+45.1%	+108.5%	+857.4%	—
Earnings Per Share Basic Eps	—	+24.8%	+19.8%	+23.1%	+26.5%	+30.7%	+39.9%	+52.9%	+371.2%	—
Earnings Per Share Diluted Eps	—	+25.0%	+20.0%	+23.3%	+26.7%	+30.9%	+40.1%	+53.2%	+372.3%	—
Earnings Per Share Weighted Average Shares Diluted	+0.2%	+0.3%	+0.3%	+0.3%	+0.4%	+0.5%	+0.5%	+0.6%	+0.7%	—

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $3.3B

Investing cash flow $-7.2B

Financing cash flow $2.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	—	+25.3%	+20.3%	+23.7%	+27.2%	+31.5%	+40.8%	+54.1%	+375.4%	—
Operating Activities Depreciation and Amortization	+6.9%	+6.8%	+6.8%	+7.8%	+9.1%	+8.5%	+8.2%	+6.6%	+20.3%	—
Operating Activities Stock Based Compensation	+10.5%	+9.0%	+9.9%	+7.7%	+7.5%	+14.6%	+9.9%	+11.9%	+28.7%	—
Operating Activities Deferred Income Taxes	—	—	—	-10.2%	+8.7%	+27.8%	-2.3%	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	+1.6%	-16.6%	-13.4%	—	+31.4%	—
Operating Activities Other Non Cash Items	+46.9%	—	—	—	—	—	—	+70.4%	+112.9%	—
Operating Activities net Cash From Operating Activities	+4.1%	+6.2%	+5.1%	+5.8%	+8.1%	+9.6%	+9.6%	+6.2%	+11.9%	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Business Acquisitions	—	—	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	—	—	—	—	—	—	—	—	—	—
Investing Activities Other Investing Activities	—	+61.2%	—	—	—	+8.7%	—	+12.5%	-11.9%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	+31.0%	+36.6%	+37.1%	+12.1%	-14.3%	+88.6%	—	-96.4%	-99.4%	—
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Dividends Paid	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	-41.7%	-30.3%	-22.4%	-28.2%	-40.4%	-29.9%	-21.6%	-26.6%	-51.6%	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	+12.9%	-2.0%	—	+30.0%	+18.7%	—	—	+78.7%	—
Cash Reconciliation Other Changes In Cash	—	—	-63.9%	-34.5%	-61.1%	—	—	-91.2%	+278.7%	—
Cash Reconciliation net Change In Cash	—	+0.6%	—	—	—	+23.4%	—	—	+50.0%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+31.4%	+32.5%	+29.9%	+26.5%	+30.4%	+33.9%	+33.0%	+30.7%	+29.8%	+31.0%
Operating margin	-7.3%	+36.9%	+19.8%	+18.4%	+22.1%	+25.3%	+24.0%	+22.0%	+17.6%	+20.5%
Net margin	-3.3%	+31.6%	+18.3%	+17.8%	+20.3%	+21.3%	+19.7%	+16.8%	+36.6%	+8.4%
FCF margin	-31.3%	-26.0%	-11.3%	+1.9%	+8.4%	+8.5%	+11.0%	+11.0%	+18.2%	+18.0%
Growth
Revenue CAGR (3y)	-1.8%	+5.4%	+12.5%	+12.5%	+4.9%	+2.7%	+5.9%	+4.5%	-7.8%	-9.7%
Returns
ROE	-2.6%	+22.5%	+16.1%	+17.2%	+15.5%	+15.6%	+15.9%	+13.8%	+29.7%	+8.9%
ROA	-1.0%	+9.7%	+7.2%	+8.3%	+7.8%	+7.5%	+9.3%	+7.8%	+16.2%	+3.5%
ROIC	-6.3%	+24.3%	+14.9%	+17.4%	+11.1%	+12.2%	+14.0%	+12.2%	+10.9%	+9.4%
Liquidity
Current ratio	1.38x	1.52x	1.33x	1.81x	2.99x	3.59x	2.54x	2.17x	2.36x	1.31x
Quick ratio	0.89x	1.15x	0.85x	1.30x	2.12x	2.70x	1.93x	1.71x	1.79x	0.90x
Leverage
D/E	1.58x	1.23x	1.14x	1.03x	0.94x	1.05x	0.68x	0.74x	0.82x	1.53x
Interest coverage	-4.10x	20.41x	14.05x	18.27x	16.09x	20.47x	15.65x	15.06x	11.94x	13.33x
Efficiency
Asset turnover	0.29x	0.31x	0.39x	0.47x	0.38x	0.35x	0.47x	0.47x	0.44x	0.42x
Cash conversion cycle	-51d	-42d	-43d	-37d	-38d	-36d	-25d	-34d	-42d	-14d

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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