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 revenue.

Balance Sheet

Assets, liabilities, and equity

31 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	15.4%	24.6%	12.8%	21.3%	43.3%
Short Term Investments	0.0%	0.0%	2.6%	4.7%	12.9%
Accounts Receivable	15.8%	15.1%	13.5%	14.1%	14.1%
Inventory	6.5%	6.3%	5.2%	4.0%	4.4%
Prepaid Expenses	1.5%	1.5%	1.4%	1.2%	1.2%
Other Current Assets	9.3%	5.0%	5.7%	4.1%	5.3%
Total Current Assets	48.4%	52.6%	41.3%	49.5%	81.1%
Property,Plant and Equipment	210.5%	193.1%	138.7%	111.5%	128.4%
Operating Lease Assets	7.8%	8.7%	7.7%	5.5%	—
Goodwill	8.0%	7.5%	6.8%	6.5%	8.8%
Intangible Assets	2.4%	2.6%	2.7%	2.7%	4.1%
Long Term Investments	44.6%	39.6%	36.6%	26.4%	16.0%
Other Noncurrent Assets	19.3%	23.0%	20.2%	12.0%	21.8%
Total Assets	341.1%	327.0%	254.0%	214.1%	260.2%
Liabilities
Accounts Payable	26.9%	24.2%	22.9%	21.8%	21.5%
Accrued Liabilities	1.5%	4.6%	1.0%	1.1%	0.9%
Current Portion of Long Term Debt	6.2%	5.7%	6.9%	4.4%	4.7%
Other Current Liabilities	0.4%	0.0%	—	—	—
Total Current Liabilities	35.0%	34.5%	30.9%	27.3%	27.1%
Operating Lease Liabilities Noncurrent	5.1%	5.6%	5.0%	4.7%	—
Deferred Tax Liabilities	4.8%	9.6%	10.0%	9.8%	11.4%
Other Noncurrent Liabilities	11.2%	11.2%	8.9%	8.7%	15.9%
Total Liabilities	197.0%	172.7%	129.7%	106.2%	123.7%
Equity
Common Stock	2.1%	2.1%	2.0%	2.0%	2.4%
Additional Paid In Capital	10.9%	10.4%	9.4%	9.0%	10.8%
Retained Earnings	145.9%	161.5%	137.2%	130.1%	151.9%
Treasury Stock	16.6%	16.4%	15.6%	15.6%	19.3%
Accumulated Other Comprehensive Income	-17.3%	-16.8%	-19.4%	-21.9%	-14.7%
Total Stockholders Equity	124.8%	140.8%	113.6%	103.5%	131.2%
Noncontrolling Interest	19.3%	13.5%	10.7%	4.4%	5.3%
Total Liabilitiesand Equity	341.1%	327.0%	254.0%	214.1%	260.2%

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $12.0B

Operating income $-877.0M

Net income $-394.5M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	68.6%	67.5%	70.1%	73.5%	69.6%
Expenses Research and Development	0.8%	0.8%	0.8%	0.8%	0.9%
Expenses Selling,General and Administrative	7.5%	7.8%	7.6%	7.1%	8.0%
Expenses Restructuring and Asset Impairment	31.1%	0.5%	1.9%	0.6%	0.0%
Expenses Other Operating Expenses	-0.8%	-13.5%	-0.3%	-0.4%	-0.6%
Other Income Expense Operating Income	-7.3%	36.9%	19.8%	18.4%	22.1%
Other Income Expense Interest Expense	1.8%	1.8%	1.4%	1.0%	1.4%
Other Income Expense Other Income/expense	5.4%	4.7%	4.5%	4.3%	3.6%
Other Income Expense Income Before Tax	-3.7%	39.8%	22.9%	21.7%	24.3%
Income Tax Income Tax Expense	-0.8%	7.8%	4.4%	3.9%	4.5%
net Income Other Items Below Tax	-0.5%	-0.5%	-0.2%	0.1%	1.2%
net Income net Income	-3.3%	31.6%	18.3%	17.8%	20.3%
net Income Comprehensive Income	-3.8%	35.1%	20.9%	7.8%	26.4%
Earnings Per Share Basic Eps	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.9%	1.8%	1.8%	1.8%	2.2%

Cash Flow Statement

Operating, investing, and financing flows

22 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	-3.3%	31.6%	18.3%	17.8%	20.3%
Operating Activities Depreciation and Amortization	13.0%	12.0%	10.8%	10.5%	12.8%
Operating Activities Stock Based Compensation	0.6%	0.5%	0.5%	0.4%	0.4%
Operating Activities Deferred Income Taxes	-4.6%	-0.6%	-0.2%	0.3%	0.9%
Operating Activities Changes In Operating Assets and Liabilities	-6.6%	-0.6%	-2.7%	-0.2%	1.1%
Operating Activities Other Non Cash Items	27.9%	-13.0%	-1.1%	-3.7%	-2.6%
Operating Activities net Cash From Operating Activities	27.1%	30.1%	25.4%	25.0%	32.3%
Investing Activities Capital Expenditures	-58.3%	-56.2%	-36.7%	-23.0%	-23.9%
Investing Activities Business Acquisitions	-0.5%	0.0%	0.0%	-0.5%	-0.1%
Investing Activities Purchases of Investments	-1.5%	-4.5%	-10.4%	-12.9%	-20.3%
Investing Activities Proceeds From Sale of Investments	1.0%	3.9%	7.1%	18.7%	18.2%
Investing Activities Other Investing Activities	-0.2%	16.1%	-7.0%	-12.6%	-0.3%
Investing Activities net Cash From Investing Activities	-59.6%	-40.7%	-47.0%	-30.4%	-26.5%
Financing Activities Proceeds From Debt	36.4%	38.7%	27.9%	6.0%	1.7%
Financing Activities Repayment of Debt	-4.2%	-6.4%	-2.8%	-3.0%	-4.5%
Financing Activities Dividends Paid	-13.2%	-12.9%	-11.9%	-10.9%	-12.2%
Financing Activities Proceeds From Stock Issuance	0.0%	0.1%	0.2%	0.2%	0.1%
Financing Activities Other Financing Activities	4.1%	2.2%	-0.7%	-0.2%	1.0%
Financing Activities net Cash From Financing Activities	23.2%	21.6%	12.8%	-7.9%	-13.8%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.1%	0.2%	0.1%	-1.0%	0.3%
Cash Reconciliation Other Changes In Cash	0.0%	0.0%	0.0%	0.5%	0.1%
Cash Reconciliation net Change In Cash	-9.3%	11.3%	-8.7%	-13.8%	-7.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+31.4%	+32.5%	+29.9%	+26.5%	+30.4%
Operating margin	-7.3%	+36.9%	+19.8%	+18.4%	+22.1%
Net margin	-3.3%	+31.6%	+18.3%	+17.8%	+20.3%
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%	+22.5%	+16.1%	+17.2%	+15.5%
ROA	-1.0%	+9.7%	+7.2%	+8.3%	+7.8%
ROIC	-6.3%	+24.3%	+14.9%	+17.4%	+11.1%
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	20.41x	14.05x	18.27x	16.09x
Efficiency
Asset turnover	0.29x	0.31x	0.39x	0.47x	0.38x
Cash conversion cycle	-51d	-42d	-43d	-37d	-38d

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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