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

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	$1.9B -37.7%	$3.0B 84.3%	$1.6B
Short Term Investments	$0 -100.0%	$5.0M -98.5%	$332.2M
Accounts Receivable	$1.9B 4.4%	$1.8B 7.1%	$1.7B
Inventory	$776.5M 1.4%	$766.0M 17.5%	$651.8M
Prepaid Expenses	$174.9M -2.8%	$179.9M 1.6%	$177.0M
Other Current Assets	$1.1B 82.9%	$610.8M -15.4%	$722.1M
Total Current Assets	$5.8B -8.4%	$6.4B 22.4%	$5.2B
Property,Plant and Equipment	$25.3B 8.4%	$23.4B 33.8%	$17.5B
Operating Lease Assets	$944.0M -9.9%	$1.0B 7.6%	$974.0M
Goodwill	$963.9M 6.5%	$905.1M 5.0%	$861.7M
Intangible Assets	$293.5M -5.8%	$311.6M -6.9%	$334.6M
Long Term Investments	$5.4B 12.0%	$4.8B 3.8%	$4.6B
Other Noncurrent Assets	$2.3B -16.4%	$2.8B 9.5%	$2.5B
Total Assets	$41.1B 3.8%	$39.6B 23.7%	$32.0B
Liabilities
Accounts Payable	$3.2B 10.6%	$2.9B 1.2%	$2.9B
Accrued Liabilities	$179.4M -67.9%	$558.5M 325.7%	$131.2M
Current Portion of Long Term Debt	$751.0M 8.1%	$694.9M -20.5%	$874.5M
Other Current Liabilities	$50.5M	$0	—
Total Current Liabilities	$4.2B 0.9%	$4.2B 7.3%	$3.9B
Operating Lease Liabilities Noncurrent	$616.0M -9.1%	$677.9M 7.4%	$631.1M
Deferred Tax Liabilities	$579.6M -50.0%	$1.2B -8.4%	$1.3B
Other Noncurrent Liabilities	$1.3B -0.2%	$1.4B 20.8%	$1.1B
Total Liabilities	$23.7B 13.4%	$20.9B 27.9%	$16.3B
Equity
Common Stock	$249.4M 0.0%	$249.4M 0.0%	$249.4M
Additional Paid In Capital	$1.3B 4.3%	$1.3B 5.3%	$1.2B
Retained Earnings	$17.6B -10.2%	$19.5B 13.0%	$17.3B
Treasury Stock	$2.0B 0.9%	$2.0B 0.9%	$2.0B
Accumulated Other Comprehensive Income	$-2.1B -3.0%	$-2.0B 17.2%	$-2.4B
Total Stockholders Equity	$15.0B -11.8%	$17.0B 19.0%	$14.3B
Noncontrolling Interest	$2.3B 42.0%	$1.6B 21.5%	$1.3B
Total Liabilitiesand Equity	$41.1B 3.8%	$39.6B 23.7%	$32.0B

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	$12.0B -0.5%	$12.1B -4.0%	$12.6B
Expenses Cost of Revenue	$8.3B 1.1%	$8.2B -7.5%	$8.8B
Expenses Research and Development	$96.3M -3.9%	$100.2M -5.1%	$105.6M
Expenses Selling,General and Administrative	$906.1M -3.9%	$942.4M -1.5%	$957.0M
Expenses Restructuring and Asset Impairment	$3.7B 6473.7%	$57.0M -76.7%	$244.6M
Expenses Other Operating Expenses	$-91.1M 94.4%	$-1.6B -4594.8%	$-34.8M
Other Income Expense Operating Income	$-877.0M -119.6%	$4.5B 79.0%	$2.5B
Other Income Expense Interest Expense	$214.0M -2.2%	$218.8M 23.3%	$177.5M
Other Income Expense Other Income/expense	$650.3M 13.3%	$573.9M 1.5%	$565.3M
Other Income Expense Income Before Tax	$-440.7M -109.1%	$4.8B 67.3%	$2.9B
Income Tax Income Tax Expense	$-94.3M -110.0%	$944.9M 71.4%	$551.2M
net Income Other Items Below Tax	$-56.1M 9.5%	$-62.0M -162.7%	$-23.6M
net Income net Income	$-394.5M -110.3%	$3.8B 66.4%	$2.3B
net Income Comprehensive Income	$-454.6M -110.7%	$4.2B 61.2%	$2.6B
Earnings Per Share Basic Eps	$-2 -110.3%	$17 66.3%	$10
Earnings Per Share Diluted Eps	$-2 -110.3%	$17 66.3%	$10
Earnings Per Share Weighted Average Shares Diluted	$222.7M 0.0%	$222.8M 0.0%	$222.7M

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	$-394.5M -110.3%	$3.8B 66.4%	$2.3B
Operating Activities Depreciation and Amortization	$1.6B 7.8%	$1.5B 6.8%	$1.4B
Operating Activities Stock Based Compensation	$76.4M 23.6%	$61.8M 3.2%	$59.9M
Operating Activities Deferred Income Taxes	$-554.8M -700.6%	$-69.3M -180.6%	$-24.7M
Operating Activities Changes In Operating Assets and Liabilities	$-799.1M -1096.3%	$-66.8M 80.6%	$-345.2M
Operating Activities Other Non Cash Items	$3.4B 313.5%	$-1.6B -1061.2%	$-135.4M
Operating Activities net Cash From Operating Activities	$3.3B -10.7%	$3.6B 13.8%	$3.2B
Investing Activities Capital Expenditures	$-7.0B -3.3%	$-6.8B -46.9%	$-4.6B
Investing Activities Business Acquisitions	$-59.9M	$0	$0
Investing Activities Purchases of Investments	$-179.5M 67.0%	$-544.4M 58.3%	$-1.3B
Investing Activities Proceeds From Sale of Investments	$122.5M -74.0%	$470.7M -47.5%	$897.0M
Investing Activities Other Investing Activities	$-29.2M -101.5%	$2.0B 321.3%	$-881.8M
Investing Activities net Cash From Investing Activities	$-7.2B -45.7%	$-4.9B 16.9%	$-5.9B
Financing Activities Proceeds From Debt	$4.4B -6.2%	$4.7B 33.0%	$3.5B
Financing Activities Repayment of Debt	$-504.6M 35.0%	$-776.1M -123.5%	$-347.2M
Financing Activities Dividends Paid	$-1.6B -1.2%	$-1.6B -4.6%	$-1.5B
Financing Activities Proceeds From Stock Issuance	$1.1M -86.1%	$7.9M -67.1%	$24.0M
Financing Activities Other Financing Activities	$496.1M 83.6%	$270.2M 411.3%	$-86.8M
Financing Activities net Cash From Financing Activities	$2.8B 6.9%	$2.6B 62.5%	$1.6B
Cash Reconciliation Effect of Exchange Rate On Cash	$-7.0M -135.4%	$19.8M 204.6%	$6.5M
Cash Reconciliation Other Changes In Cash	$0	$0 -100.0%	$600.0K
Cash Reconciliation net Change In Cash	$-1.1B -182.5%	$1.4B 224.6%	$-1.1B

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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