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 · 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	-37.7%	+84.3%	-40.4%	-39.3%	—
Accounts Receivable	+4.4%	+7.1%	-5.2%	+23.6%	—
Inventory	—	—	—	—	—
Prepaid Expenses	—	—	—	—	—
Other Current Assets	+12.9%	-15.4%	+40.0%	-6.4%	—
Total Current Assets	-8.4%	+22.4%	-17.2%	-25.0%	—
Property,Plant and Equipment	+8.4%	+33.8%	+23.4%	+6.8%	—
Operating Lease Assets	-9.9%	+7.6%	+40.2%	+22.7%	—
Goodwill	+6.5%	+5.0%	+4.7%	-9.7%	—
Intangible Assets	—	—	—	—	—
Other Noncurrent Assets	-12.8%	-4.7%	+29.9%	-37.1%	—
Total Assets	+3.8%	+23.7%	+17.7%	+1.2%	—
Liabilities
Accounts Payable	+123.0%	+19.7%	+8.2%	+52.1%	—
Accrued Liabilities	+10.6%	+1.2%	+4.3%	+24.9%	—
Deferred Revenue	—	—	—	—	—
Current Portion of Long Term Debt	-94.3%	-0.6%	+12.2%	+13.2%	—
Total Current Liabilities	+0.9%	+7.3%	+12.4%	+23.8%	—
Long Term Debt	-100.0%	+38.1%	+60.2%	-6.4%	—
Deferred Revenue Noncurrent	—	—	—	—	—
Operating Lease Liabilities Noncurrent	-9.1%	+7.4%	+6.6%	+17.6%	—
Deferred Tax Liabilities	-50.0%	-8.4%	+1.5%	+5.6%	—
Other Noncurrent Liabilities	-0.2%	+20.8%	+1.7%	-33.0%	—
Total Liabilities	+13.4%	+27.9%	+21.1%	+5.6%	—
Equity
Preferred Stock	-100.0%	+0.0%	+0.0%	+0.0%	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+4.3%	+5.3%	+4.3%	+2.3%	—
Retained Earnings	-10.2%	+13.0%	+4.7%	+5.4%	—
Treasury Stock	—	—	-0.7%	-0.3%	—
Accumulated Other Comprehensive Income	-3.0%	+17.2%	+12.1%	-83.8%	—
Noncontrolling Interest	+42.0%	+21.5%	+141.3%	+1.8%	—
Total Stockholders Equity	-11.8%	+19.0%	+8.9%	-2.9%	—
Total Liabilitiesand Equity	+8.2%	+23.8%	+15.1%	+1.2%	—

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	-0.5%	-4.0%	-0.8%	+23.0%	—
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%	—
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%	—
Earnings Per Share Weighted Average Shares Diluted	-0.0%	+0.0%	+0.1%	+0.0%	—

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	—	—	—	—	—
Operating Activities Depreciation and Amortization	+7.8%	+6.8%	+1.5%	+1.3%	—
Operating Activities Stock Based Compensation	+23.6%	+3.2%	+23.8%	+8.8%	—
Operating Activities Deferred Income Taxes	-700.6%	-180.6%	-176.5%	-65.6%	—
Operating Activities Changes In Operating Assets and Liabilities	+119.5%	-411.0%	+54.5%	+11.6%	—
Operating Activities Other Non Cash Items	—	—	—	—	—
Operating Activities net Cash From Operating Activities	-10.7%	+13.8%	+1.1%	-4.9%	—
Investing Activities Capital Expenditures	+3.3%	+46.9%	+58.1%	+18.8%	—
Investing Activities Business Acquisitions	—	—	—	—	—
Investing Activities Other Investing Activities	-59.4%	-1408.3%	+31.4%	-20.7%	—
Investing Activities net Cash From Investing Activities	-45.7%	+16.9%	-53.4%	-41.1%	—
Financing Activities Proceeds From Debt	—	—	—	—	—
Financing Activities Repayment of Debt	-11.6%	-21.0%	+53.8%	-13.6%	—
Financing Activities Dividends Paid	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	—	—	—	—	—
Financing Activities Other Financing Activities	+31.1%	+35.6%	-457.7%	-59.7%	—
Financing Activities net Cash From Financing Activities	+6.9%	+62.5%	+260.9%	+29.6%	—
Cash Reconciliation Effect of Exchange Rate On Cash	-135.4%	+204.6%	+105.0%	-568.7%	—
Cash Reconciliation net Change In Cash	-182.5%	+224.6%	+37.8%	-124.2%	—
Cash Reconciliation Cash At Beginning of Period	—	—	—	—	—
Cash Reconciliation Cash At End of Period	—	—	—	—	—

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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