Air Products

Materials Industrial Gases Upper Macungie Township, Pennsylvania Last filing Nov 20, 2025 · FY2025

                    Revenue
                    FY2025
                
$12.0B
                    3y CAGR -1.8%
                    
                    P42
                    
                    n/a
                    
                    Net income
                    FY2025
                
$-394.5M
                    Net margin -3.3%
                    
                    P23
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$41.1B
                    ROA -1.0%
                    
                    P27
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$3.3B
                    FCF margin -31.3%
                    
                    P5
                    
                    n/a

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 · 1 year

Total assets $41.1B

Total liabilities $23.7B

Shareholders equity $15.0B

Account	2025	Trend
Assets
Cash and Cash Equivalents	$1.9B
Accounts Receivable	$1.9B
Inventory	$776.5M
Prepaid Expenses	$174.9M
Other Current Assets	$689.5M
Total Current Assets	$5.8B
Property,Plant and Equipment	$25.3B
Operating Lease Assets	$944.0M
Goodwill	$963.9M
Intangible Assets	$293.5M
Other Noncurrent Assets	$1.0B
Total Assets	$41.1B
Liabilities
Accounts Payable	$3.2B
Accrued Liabilities	$3.2B
Deferred Revenue	$253.4M
Current Portion of Long Term Debt	$34.7M
Total Current Liabilities	$4.2B
Long Term Debt	$0
Deferred Revenue Noncurrent	$283.6M
Operating Lease Liabilities Noncurrent	$616.0M
Deferred Tax Liabilities	$579.6M
Other Noncurrent Liabilities	$1.3B
Total Liabilities	$23.7B
Equity
Preferred Stock	$0
Common Stock	$249.4M
Additional Paid In Capital	$1.3B
Retained Earnings	$17.6B
Treasury Stock	$2.0B
Accumulated Other Comprehensive Income	$-2.1B
Noncontrolling Interest	$2.3B
Total Stockholders Equity	$15.0B
Total Liabilitiesand Equity	$41.1B

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $12.0B

Operating income $-877.0M

Net income $-394.5M

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	$12.0B
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
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
Earnings Per Share Weighted Average Shares Diluted	$222.7M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 1 year

Operating cash flow $3.3B

Investing cash flow $-7.2B

Financing cash flow $2.8B

Account	2025	Trend
CashFlow
Operating Activities net Income	$-394.5M
Operating Activities Depreciation and Amortization	$1.6B
Operating Activities Stock Based Compensation	$76.4M
Operating Activities Deferred Income Taxes	$-554.8M
Operating Activities Changes In Operating Assets and Liabilities	$72.1M
Operating Activities Other Non Cash Items	$48.0M
Operating Activities net Cash From Operating Activities	$3.3B
Investing Activities Capital Expenditures	$7.0B
Investing Activities Business Acquisitions	$59.9M
Investing Activities Other Investing Activities	$-115.4M
Investing Activities net Cash From Investing Activities	$-7.2B
Financing Activities Proceeds From Debt	$4.4B
Financing Activities Repayment of Debt	$429.9M
Financing Activities Dividends Paid	$1.6B
Financing Activities Proceeds From Stock Issuance	$1.1M
Financing Activities Other Financing Activities	$-91.3M
Financing Activities net Cash From Financing Activities	$2.8B
Cash Reconciliation Effect of Exchange Rate On Cash	$-7.0M
Cash Reconciliation net Change In Cash	$-1.1B
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 · 1 year

Ratio	2025
Profitability
Gross margin	+31.4%
Operating margin	-7.3%
Net margin	-3.3%
FCF margin	-31.3%
Growth
Revenue CAGR (3y)	-1.8%
Returns
ROE	-2.6%
ROA	-1.0%
ROIC	-6.6%
Liquidity
Current ratio	1.38x
Quick ratio	0.89x
Leverage
D/E	1.58x
Interest coverage	-4.10x
Efficiency
Asset turnover	0.29x
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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