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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

32 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	-37.7%	+84.3%	-40.4%	-39.3%	-14.9%	+133.6%	-19.4%	-14.7%	+153.1%	—
Accounts Receivable	+4.4%	+7.1%	-5.2%	+23.6%	+13.8%	+1.2%	+4.4%	+2.8%	+2.4%	—
Inventory	—	—	—	—	—	—	—	—	—	—
Prepaid Expenses	—	—	—	—	—	—	—	—	—	—
Other Current Assets	+12.9%	-15.4%	+40.0%	-6.4%	+14.1%	+1.1%	+28.0%	-7.4%	-25.1%	—
Total Current Assets	-8.4%	+22.4%	-17.2%	-25.0%	-3.6%	+88.1%	-9.1%	-13.5%	+36.1%	—
Property,Plant and Equipment	+8.4%	+33.8%	+23.4%	+6.8%	+10.8%	+15.7%	+4.2%	+17.6%	+2.2%	—
Operating Lease Assets	-9.9%	+7.6%	+40.2%	+22.7%	+50.3%	—	—	—	—	—
Goodwill	+6.5%	+5.0%	+4.7%	-9.7%	+2.2%	+11.8%	+1.0%	+9.3%	-14.6%	—
Intangible Assets	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	-12.8%	-4.7%	+29.9%	-37.1%	+59.7%	+56.1%	-7.7%	+2.0%	-4.4%	—
Total Assets	+3.8%	+23.7%	+17.7%	+1.2%	+6.7%	+32.9%	-1.2%	+3.9%	+2.4%	—
Liabilities
Accounts Payable	+123.0%	+19.7%	+8.2%	+52.1%	+34.9%	+3.4%	-11.2%	-9.8%	+13.9%	—
Accrued Liabilities	+10.6%	+1.2%	+4.3%	+24.9%	+21.0%	+12.1%	-10.0%	+0.2%	+9.8%	—
Deferred Revenue	—	—	—	—	—	—	—	—	—	—
Current Portion of Long Term Debt	-94.3%	-0.6%	+12.2%	+13.2%	+3.1%	+1063.4%	-90.1%	-2.4%	+14.0%	—
Total Current Liabilities	+0.9%	+7.3%	+12.4%	+23.8%	+15.8%	+32.7%	-22.1%	-6.1%	-24.2%	—
Long Term Debt	-100.0%	+38.1%	+60.2%	-6.4%	-3.6%	+145.3%	-2.0%	-12.8%	-13.0%	—
Deferred Revenue Noncurrent	—	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	-9.1%	+7.4%	+6.6%	+17.6%	+49.9%	—	—	—	—	—
Deferred Tax Liabilities	-50.0%	-8.4%	+1.5%	+5.6%	+22.7%	+21.3%	+2.4%	-0.4%	-32.0%	—
Other Noncurrent Liabilities	-0.2%	+20.8%	+1.7%	-33.0%	-14.4%	+11.9%	+11.4%	-4.7%	-11.3%	—
Total Liabilities	+13.4%	+27.9%	+21.1%	+5.6%	+0.4%	+68.4%	-5.6%	-3.4%	-23.4%	—
Equity
Preferred Stock	-100.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+4.3%	+5.3%	+4.3%	+2.3%	+1.9%	+2.2%	+4.0%	+2.8%	+3.2%	—
Retained Earnings	-10.2%	+13.0%	+4.7%	+5.4%	+5.4%	+5.2%	+5.4%	+4.4%	+22.6%	—
Treasury Stock	—	—	-0.7%	-0.3%	-0.6%	-1.5%	-2.9%	-3.4%	-2.9%	—
Accumulated Other Comprehensive Income	-3.0%	+17.2%	+12.1%	-83.8%	+29.2%	+9.9%	-36.4%	+5.7%	+22.6%	—
Noncontrolling Interest	+42.0%	+21.5%	+141.3%	+1.8%	+50.9%	+8.5%	+5.0%	+221.0%	-25.8%	—
Total Stockholders Equity	-11.8%	+19.0%	+8.9%	-2.9%	+12.1%	+9.3%	+1.8%	+7.6%	+42.5%	—
Total Liabilitiesand Equity	+8.2%	+23.8%	+15.1%	+1.2%	+6.1%	+33.3%	-1.3%	+2.7%	+2.6%	—

Income Statement

Revenue, expense, and profitability

19 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	-0.5%	-4.0%	-0.8%	+23.0%	+16.6%	-0.7%	-0.1%	+9.1%	+9.1%	—
Expenses Cost of Revenue	—	—	—	—	—	—	—	—	—	—
Expenses Research and Development	—	—	—	—	—	—	—	—	—	—
Expenses Selling,General and Administrative	—	—	—	—	—	—	—	—	—	—
Expenses Depreciation and Amortization	—	—	—	—	—	—	—	—	—	—
Expenses Share Based Compensation	—	—	—	—	—	—	—	—	—	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	—	—	—	—	—	—	—	—	—	—
Other Income Expense Operating Income	—	—	—	—	—	—	—	—	—	—
Other Income Expense Interest Expense	—	—	+38.7%	-9.7%	+29.7%	-20.2%	+5.0%	+8.2%	+4.7%	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	—	—	—	—	—	—	—	—	—	—
Income Tax Income Tax Expense	—	—	—	—	—	—	—	—	—	—
net Income net Income	—	—	—	—	—	—	—	—	—	—
net Income Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Diluted Eps	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	+0.1%	+0.1%	+0.1%	+0.2%	+0.2%	+0.4%	+0.5%	+0.6%	+0.7%	—
Earnings Per Share Weighted Average Shares Diluted	-0.0%	+0.0%	+0.1%	+0.0%	+0.1%	+0.3%	+0.4%	+0.5%	+0.7%	—

Cash Flow Statement

Operating, investing, and financing flows

21 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	—	—	—	—	—	—	—	—	—	—
Operating Activities Depreciation and Amortization	+7.8%	+6.8%	+1.5%	+1.3%	+11.5%	+9.4%	+11.5%	+12.1%	+1.3%	—
Operating Activities Stock Based Compensation	+23.6%	+3.2%	+23.8%	+8.8%	-16.8%	+29.9%	+6.2%	-2.8%	+28.7%	—
Operating Activities Deferred Income Taxes	-700.6%	-180.6%	-176.5%	-65.6%	-43.0%	+186.5%	+204.0%	-45.8%	-161.5%	—
Operating Activities Changes In Operating Assets and Liabilities	+119.5%	-411.0%	+54.5%	+11.6%	-47.2%	+1601.1%	-196.7%	-94.2%	+222.2%	—
Operating Activities Other Non Cash Items	—	—	—	—	—	—	—	—	—	—
Operating Activities net Cash From Operating Activities	-10.7%	+13.8%	+1.1%	-4.9%	+2.2%	+9.9%	+16.6%	+0.7%	+11.9%	—
Investing Activities Capital Expenditures	+3.3%	+46.9%	+58.1%	+18.8%	-1.8%	+26.1%	+26.9%	+50.9%	+14.5%	—
Investing Activities Business Acquisitions	—	—	—	—	—	—	—	—	—	—
Investing Activities Other Investing Activities	-59.4%	-1408.3%	+31.4%	-20.7%	-48.7%	-127.3%	+360.0%	-61.8%	-300.0%	—
Investing Activities net Cash From Investing Activities	-45.7%	+16.9%	-53.4%	-41.1%	+23.2%	-68.4%	-28.7%	-16.3%	-63.3%	—
Financing Activities Proceeds From Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Repayment of Debt	-11.6%	-21.0%	+53.8%	-13.6%	+13.8%	-5.1%	+2.4%	-13.5%	+0.7%	—
Financing Activities Dividends Paid	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	+31.1%	+35.6%	-457.7%	-59.7%	+76.2%	-388.4%	+52.0%	-0.5%	+3.1%	—
Financing Activities net Cash From Financing Activities	+6.9%	+62.5%	+260.9%	+29.6%	-143.3%	+339.7%	-0.8%	+33.4%	-137.3%	—
Cash Reconciliation Effect of Exchange Rate On Cash	-135.4%	+204.6%	+105.0%	-568.7%	+86.6%	+152.1%	+15.6%	-353.0%	—	—
Cash Reconciliation net Change In Cash	-182.5%	+224.6%	+37.8%	-124.2%	-126.1%	+653.7%	-12.5%	-124.8%	—	—
Cash Reconciliation Cash At Beginning of Period	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Cash At End of Period	—	—	—	—	—	—	—	—	—	—

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%	—	—	—	—	—	—	—	—	—
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%	—	—	—	—	—	—	—	—	—
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%	—	—	—
Returns
ROE	-2.6%	—	—	—	—	—	—	—	—	—
ROA	-1.0%	—	—	—	—	—	—	—	—	—
ROIC	-6.6%	+12.4%	+8.5%	+11.0%	+11.3%	+12.4%	+14.3%	+12.7%	+10.9%	+10.1%
Liquidity
Current ratio	1.38x	1.52x	1.33x	1.81x	2.99x	3.59x	2.54x	2.17x	2.36x	1.32x
Quick ratio	0.89x	1.15x	0.85x	1.30x	2.12x	2.70x	1.93x	1.71x	1.79x	0.74x
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	—	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	—	—	—	—	—	—	—	—	—

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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