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

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

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	-37.7%	+84.3%	—
Short Term Investments	-100.0%	-98.5%	—
Accounts Receivable	+4.4%	+7.1%	—
Inventory	+1.4%	+17.5%	—
Prepaid Expenses	-2.8%	+1.6%	—
Other Current Assets	+82.9%	-15.4%	—
Total Current Assets	-8.4%	+22.4%	—
Property,Plant and Equipment	+8.4%	+33.8%	—
Operating Lease Assets	-9.9%	+7.6%	—
Goodwill	+6.5%	+5.0%	—
Intangible Assets	-5.8%	-6.9%	—
Long Term Investments	+12.0%	+3.8%	—
Other Noncurrent Assets	-16.4%	+9.5%	—
Total Assets	+3.8%	+23.7%	—
Liabilities
Accounts Payable	+10.6%	+1.2%	—
Accrued Liabilities	-67.9%	+325.7%	—
Current Portion of Long Term Debt	+8.1%	-20.5%	—
Other Current Liabilities	—	—	—
Total Current Liabilities	+0.9%	+7.3%	—
Operating Lease Liabilities Noncurrent	-9.1%	+7.4%	—
Deferred Tax Liabilities	-50.0%	-8.4%	—
Other Noncurrent Liabilities	-0.2%	+20.8%	—
Total Liabilities	+13.4%	+27.9%	—
Equity
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	+4.3%	+5.3%	—
Retained Earnings	-10.2%	+13.0%	—
Treasury Stock	+0.9%	+0.9%	—
Accumulated Other Comprehensive Income	-3.0%	+17.2%	—
Total Stockholders Equity	-11.8%	+19.0%	—
Noncontrolling Interest	+42.0%	+21.5%	—
Total Liabilitiesand Equity	+3.8%	+23.7%	—

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	-0.5%	-4.0%	—
Expenses Cost of Revenue	+1.1%	-7.5%	—
Expenses Research and Development	-3.9%	-5.1%	—
Expenses Selling,General and Administrative	-3.9%	-1.5%	—
Expenses Restructuring and Asset Impairment	+6473.7%	-76.7%	—
Expenses Other Operating Expenses	+94.4%	-4594.8%	—
Other Income Expense Operating Income	-119.6%	+79.0%	—
Other Income Expense Interest Expense	-2.2%	+23.3%	—
Other Income Expense Other Income/expense	+13.3%	+1.5%	—
Other Income Expense Income Before Tax	-109.1%	+67.3%	—
Income Tax Income Tax Expense	-110.0%	+71.4%	—
net Income Other Items Below Tax	+9.5%	-162.7%	—
net Income net Income	-110.3%	+66.4%	—
net Income Comprehensive Income	-110.7%	+61.2%	—
Earnings Per Share Basic Eps	-110.3%	+66.3%	—
Earnings Per Share Diluted Eps	-110.3%	+66.3%	—
Earnings Per Share Weighted Average Shares Diluted	-0.0%	+0.0%	—

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	-110.3%	+66.4%	—
Operating Activities Depreciation and Amortization	+7.8%	+6.8%	—
Operating Activities Stock Based Compensation	+23.6%	+3.2%	—
Operating Activities Deferred Income Taxes	-700.6%	-180.6%	—
Operating Activities Changes In Operating Assets and Liabilities	-1096.3%	+80.6%	—
Operating Activities Other Non Cash Items	+313.5%	-1061.2%	—
Operating Activities net Cash From Operating Activities	-10.7%	+13.8%	—
Investing Activities Capital Expenditures	-3.3%	-46.9%	—
Investing Activities Business Acquisitions	—	—	—
Investing Activities Purchases of Investments	+67.0%	+58.3%	—
Investing Activities Proceeds From Sale of Investments	-74.0%	-47.5%	—
Investing Activities Other Investing Activities	-101.5%	+321.3%	—
Investing Activities net Cash From Investing Activities	-45.7%	+16.9%	—
Financing Activities Proceeds From Debt	-6.2%	+33.0%	—
Financing Activities Repayment of Debt	+35.0%	-123.5%	—
Financing Activities Dividends Paid	-1.2%	-4.6%	—
Financing Activities Proceeds From Stock Issuance	-86.1%	-67.1%	—
Financing Activities Other Financing Activities	+83.6%	+411.3%	—
Financing Activities net Cash From Financing Activities	+6.9%	+62.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	-135.4%	+204.6%	—
Cash Reconciliation Other Changes In Cash	—	-100.0%	—
Cash Reconciliation net Change In Cash	-182.5%	+224.6%	—

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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