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

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	$1.9B -37.7%	$3.0B 84.3%	$1.6B -40.4%	$2.7B -39.3%	$4.5B
Accounts Receivable	$1.9B 4.4%	$1.8B 7.1%	$1.7B -5.2%	$1.8B 23.6%	$1.5B
Inventory	$776.5M	—	—	—	—
Prepaid Expenses	$174.9M	—	—	—	—
Other Current Assets	$689.5M 12.9%	$610.8M -15.4%	$722.1M 40.0%	$515.8M -6.4%	$550.9M
Total Current Assets	$5.8B -8.4%	$6.4B 22.4%	$5.2B -17.2%	$6.3B -25.0%	$8.4B
Property,Plant and Equipment	$25.3B 8.4%	$23.4B 33.8%	$17.5B 23.4%	$14.2B 6.8%	$13.3B
Operating Lease Assets	$944.0M -9.9%	$1.0B 7.6%	$974.0M 40.2%	$694.8M 22.7%	$566.2M
Goodwill	$963.9M 6.5%	$905.1M 5.0%	$861.7M 4.7%	$823.0M -9.7%	$911.5M
Intangible Assets	$293.5M	—	—	—	—
Other Noncurrent Assets	$1.0B -12.8%	$1.2B -4.7%	$1.2B 29.9%	$947.0M -37.1%	$1.5B
Total Assets	$41.1B 3.8%	$39.6B 23.7%	$32.0B 17.7%	$27.2B 1.2%	$26.9B
Liabilities
Accounts Payable	$3.2B 123.0%	$1.5B 19.7%	$1.2B 8.2%	$1.1B 52.1%	$736.8M
Accrued Liabilities	$3.2B 10.6%	$2.9B 1.2%	$2.9B 4.3%	$2.8B 24.9%	$2.2B
Deferred Revenue	$253.4M	—	—	—	—
Current Portion of Long Term Debt	$34.7M -94.3%	$611.4M -0.6%	$615.0M 12.2%	$548.3M 13.2%	$484.5M
Total Current Liabilities	$4.2B 0.9%	$4.2B 7.3%	$3.9B 12.4%	$3.5B 23.8%	$2.8B
Long Term Debt	$0 -100.0%	$14.2B 38.1%	$10.3B 60.2%	$6.4B -6.4%	$6.9B
Deferred Revenue Noncurrent	$283.6M	—	—	—	—
Operating Lease Liabilities Noncurrent	$616.0M -9.1%	$677.9M 7.4%	$631.1M 6.6%	$592.1M 17.6%	$503.4M
Deferred Tax Liabilities	$579.6M -50.0%	$1.2B -8.4%	$1.3B 1.5%	$1.2B 5.6%	$1.2B
Other Noncurrent Liabilities	$1.3B -0.2%	$1.4B 20.8%	$1.1B 1.7%	$1.1B -33.0%	$1.6B
Total Liabilities	$23.7B 13.4%	$20.9B 27.9%	$16.3B 21.1%	$13.5B 5.6%	$12.8B
Equity
Preferred Stock	$0 -100.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M
Common Stock	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M
Additional Paid In Capital	$1.3B 4.3%	$1.3B 5.3%	$1.2B 4.3%	$1.1B 2.3%	$1.1B
Retained Earnings	$17.6B -10.2%	$19.5B 13.0%	$17.3B 4.7%	$16.5B 5.4%	$15.7B
Treasury Stock	$2.0B	—	$2.0B -0.7%	$2.0B -0.3%	$2.0B
Accumulated Other Comprehensive Income	$-2.1B -3.0%	$-2.0B 17.2%	$-2.4B 12.1%	$-2.8B -83.8%	$-1.5B
Noncontrolling Interest	$2.3B 42.0%	$1.6B 21.5%	$1.3B 141.3%	$558.4M 1.8%	$548.3M
Total Stockholders Equity	$15.0B -11.8%	$17.0B 19.0%	$14.3B 8.9%	$13.1B -2.9%	$13.5B
Total Liabilitiesand Equity	$41.1B 8.2%	$37.9B 23.8%	$30.7B 15.1%	$26.6B 1.2%	$26.3B

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	$12.0B -0.5%	$12.1B -4.0%	$12.6B -0.8%	$12.7B 23.0%	$10.3B
Expenses Cost of Revenue	$8.3B	—	—	—	—
Expenses Research and Development	$96.3M	—	—	—	—
Expenses Selling,General and Administrative	$906.1M	—	—	—	—
Expenses Depreciation and Amortization	$1.6B	—	—	—	—
Expenses Share Based Compensation	$76.4M	—	—	—	—
Expenses Restructuring and Asset Impairment	$3.7B	—	—	—	—
Expenses Operating Expenses	$124.0M	—	—	—	—
Other Income Expense Operating Income	$-877.0M	—	—	—	—
Other Income Expense Interest Expense	$214.0M	—	$177.5M 38.7%	$128.0M -9.7%	$141.8M
Other Income Expense Other Income/expense	$2.6M	—	—	—	—
Other Income Expense Income Before Tax	$-440.7M	—	—	—	—
Income Tax Income Tax Expense	$-94.3M	—	—	—	—
net Income net Income	$-394.5M	—	—	—	—
net Income Comprehensive Income	$-454.6M	—	—	—	—
Earnings Per Share Basic Eps	$-2	—	—	—	—
Earnings Per Share Diluted Eps	$-2	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	$222.7M 0.1%	$222.5M 0.1%	$222.3M 0.1%	$222.0M 0.2%	$221.6M
Earnings Per Share Weighted Average Shares Diluted	$222.7M 0.0%	$222.8M 0.0%	$222.7M 0.1%	$222.5M 0.0%	$222.5M

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	$-394.5M	—	—	—	—
Operating Activities Depreciation and Amortization	$1.6B 7.8%	$1.5B 6.8%	$1.4B 1.5%	$1.3B 1.3%	$1.3B
Operating Activities Stock Based Compensation	$76.4M 23.6%	$61.8M 3.2%	$59.9M 23.8%	$48.4M 8.8%	$44.5M
Operating Activities Deferred Income Taxes	$-554.8M -700.6%	$-69.3M -180.6%	$-24.7M -176.5%	$32.3M -65.6%	$94.0M
Operating Activities Changes In Operating Assets and Liabilities	$72.1M 119.5%	$-370.1M -411.0%	$119.0M 54.5%	$77.0M 11.6%	$69.0M
Operating Activities Other Non Cash Items	$48.0M	—	—	—	—
Operating Activities net Cash From Operating Activities	$3.3B -10.7%	$3.6B 13.8%	$3.2B 1.1%	$3.2B -4.9%	$3.3B
Investing Activities Capital Expenditures	$7.0B 3.3%	$6.8B 46.9%	$4.6B 58.1%	$2.9B 18.8%	$2.5B
Investing Activities Business Acquisitions	$59.9M	—	—	—	—
Investing Activities Other Investing Activities	$-115.4M -59.4%	$-72.4M -1408.3%	$-4.8M 31.4%	$-7.0M -20.7%	$-5.8M
Investing Activities net Cash From Investing Activities	$-7.2B -45.7%	$-4.9B 16.9%	$-5.9B -53.4%	$-3.9B -41.1%	$-2.7B
Financing Activities Proceeds From Debt	$4.4B	—	—	—	—
Financing Activities Repayment of Debt	$429.9M -11.6%	$486.2M -21.0%	$615.4M 53.8%	$400.0M -13.6%	$462.9M
Financing Activities Dividends Paid	$1.6B	—	—	—	—
Financing Activities Proceeds From Stock Issuance	$1.1M	—	—	—	—
Financing Activities Other Financing Activities	$-91.3M 31.1%	$-132.5M 35.6%	$-205.8M -457.7%	$-36.9M -59.7%	$-23.1M
Financing Activities net Cash From Financing Activities	$2.8B 6.9%	$2.6B 62.5%	$1.6B 260.9%	$-1.0B 29.6%	$-1.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$-7.0M -135.4%	$19.8M 204.6%	$6.5M 105.0%	$-130.3M -568.7%	$27.8M
Cash Reconciliation net Change In Cash	$-1.1B -182.5%	$1.4B 224.6%	$-1.1B 37.8%	$-1.8B -124.2%	$-784.1M
Cash Reconciliation Cash At Beginning of Period	$1.9B	—	—	—	—
Cash Reconciliation Cash At End of Period	$1.9B	—	—	—	—

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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