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

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	$1.9B -37.7%	$3.0B 84.3%	$1.6B -40.4%	$2.7B -39.3%	$4.5B -14.9%	$5.3B 133.6%	$2.2B -19.4%	$2.8B -14.7%	$3.3B 153.1%	$1.3B
Accounts Receivable	$1.9B 4.4%	$1.8B 7.1%	$1.7B -5.2%	$1.8B 23.6%	$1.5B 13.8%	$1.3B 1.2%	$1.3B 4.4%	$1.2B 2.8%	$1.2B 2.4%	$1.1B
Inventory	$776.5M	—	—	—	—	—	—	—	—	—
Prepaid Expenses	$174.9M	—	—	—	—	—	—	—	—	—
Other Current Assets	$689.5M 12.9%	$610.8M -15.4%	$722.1M 40.0%	$515.8M -6.4%	$550.9M 14.1%	$482.9M 1.1%	$477.7M 28.0%	$373.3M -7.4%	$403.3M -25.1%	$538.2M
Total Current Assets	$5.8B -8.4%	$6.4B 22.4%	$5.2B -17.2%	$6.3B -25.0%	$8.4B -3.6%	$8.7B 88.1%	$4.6B -9.1%	$5.1B -13.5%	$5.9B 36.1%	$4.3B
Property,Plant and Equipment	$25.3B 8.4%	$23.4B 33.8%	$17.5B 23.4%	$14.2B 6.8%	$13.3B 10.8%	$12.0B 15.7%	$10.3B 4.2%	$9.9B 17.6%	$8.4B 2.2%	$8.3B
Operating Lease Assets	$944.0M -9.9%	$1.0B 7.6%	$974.0M 40.2%	$694.8M 22.7%	$566.2M 50.3%	$376.8M	—	—	—	—
Goodwill	$963.9M 6.5%	$905.1M 5.0%	$861.7M 4.7%	$823.0M -9.7%	$911.5M 2.2%	$891.5M 11.8%	$797.1M 1.0%	$788.9M 9.3%	$721.5M -14.6%	$845.1M
Intangible Assets	$293.5M	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	$1.0B -12.8%	$1.2B -4.7%	$1.2B 29.9%	$947.0M -37.1%	$1.5B 59.7%	$943.1M 56.1%	$604.1M -7.7%	$654.5M 2.0%	$641.8M -4.4%	$671.0M
Total Assets	$41.1B 3.8%	$39.6B 23.7%	$32.0B 17.7%	$27.2B 1.2%	$26.9B 6.7%	$25.2B 32.9%	$18.9B -1.2%	$19.2B 3.9%	$18.5B 2.4%	$18.0B
Liabilities
Accounts Payable	$3.2B 123.0%	$1.5B 19.7%	$1.2B 8.2%	$1.1B 52.1%	$736.8M 34.9%	$546.2M 3.4%	$528.2M -11.2%	$594.6M -9.8%	$659.5M 13.9%	$578.8M
Accrued Liabilities	$3.2B 10.6%	$2.9B 1.2%	$2.9B 4.3%	$2.8B 24.9%	$2.2B 21.0%	$1.8B 12.1%	$1.6B -10.0%	$1.8B 0.2%	$1.8B 9.8%	$1.7B
Deferred Revenue	$253.4M	—	—	—	—	—	—	—	—	—
Current Portion of Long Term Debt	$34.7M -94.3%	$611.4M -0.6%	$615.0M 12.2%	$548.3M 13.2%	$484.5M 3.1%	$470.0M 1063.4%	$40.4M -90.1%	$406.6M -2.4%	$416.4M 14.0%	$365.4M
Total Current Liabilities	$4.2B 0.9%	$4.2B 7.3%	$3.9B 12.4%	$3.5B 23.8%	$2.8B 15.8%	$2.4B 32.7%	$1.8B -22.1%	$2.3B -6.1%	$2.5B -24.2%	$3.3B
Long Term Debt	$0 -100.0%	$14.2B 38.1%	$10.3B 60.2%	$6.4B -6.4%	$6.9B -3.6%	$7.1B 145.3%	$2.9B -2.0%	$3.0B -12.8%	$3.4B -13.0%	$3.9B
Deferred Revenue Noncurrent	$283.6M	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	$616.0M -9.1%	$677.9M 7.4%	$631.1M 6.6%	$592.1M 17.6%	$503.4M 49.9%	$335.8M	—	—	—	—
Deferred Tax Liabilities	$579.6M -50.0%	$1.2B -8.4%	$1.3B 1.5%	$1.2B 5.6%	$1.2B 22.7%	$962.6M 21.3%	$793.8M 2.4%	$775.1M -0.4%	$778.4M -32.0%	$1.1B
Other Noncurrent Liabilities	$1.3B -0.2%	$1.4B 20.8%	$1.1B 1.7%	$1.1B -33.0%	$1.6B -14.4%	$1.9B 11.9%	$1.7B 11.4%	$1.5B -4.7%	$1.6B -11.3%	$1.8B
Total Liabilities	$23.7B 13.4%	$20.9B 27.9%	$16.3B 21.1%	$13.5B 5.6%	$12.8B 0.4%	$12.7B 68.4%	$7.6B -5.6%	$8.0B -3.4%	$8.3B -23.4%	$10.8B
Equity
Preferred Stock	$0 -100.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M
Common Stock	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M 0.0%	$249.4M
Additional Paid In Capital	$1.3B 4.3%	$1.3B 5.3%	$1.2B 4.3%	$1.1B 2.3%	$1.1B 1.9%	$1.1B 2.2%	$1.1B 4.0%	$1.0B 2.8%	$1.0B 3.2%	$970.0M
Retained Earnings	$17.6B -10.2%	$19.5B 13.0%	$17.3B 4.7%	$16.5B 5.4%	$15.7B 5.4%	$14.9B 5.2%	$14.1B 5.4%	$13.4B 4.4%	$12.8B 22.6%	$10.5B
Treasury Stock	$2.0B	—	$2.0B -0.7%	$2.0B -0.3%	$2.0B -0.6%	$2.0B -1.5%	$2.0B -2.9%	$2.1B -3.4%	$2.2B -2.9%	$2.2B
Accumulated Other Comprehensive Income	$-2.1B -3.0%	$-2.0B 17.2%	$-2.4B 12.1%	$-2.8B -83.8%	$-1.5B 29.2%	$-2.1B 9.9%	$-2.4B -36.4%	$-1.7B 5.7%	$-1.8B 22.6%	$-2.4B
Noncontrolling Interest	$2.3B 42.0%	$1.6B 21.5%	$1.3B 141.3%	$558.4M 1.8%	$548.3M 50.9%	$363.3M 8.5%	$334.7M 5.0%	$318.8M 221.0%	$99.3M -25.8%	$133.8M
Total Stockholders Equity	$15.0B -11.8%	$17.0B 19.0%	$14.3B 8.9%	$13.1B -2.9%	$13.5B 12.1%	$12.1B 9.3%	$11.1B 1.8%	$10.9B 7.6%	$10.1B 42.5%	$7.1B
Total Liabilitiesand Equity	$41.1B 8.2%	$37.9B 23.8%	$30.7B 15.1%	$26.6B 1.2%	$26.3B 6.1%	$24.8B 33.3%	$18.6B -1.3%	$18.9B 2.7%	$18.4B 2.6%	$17.9B

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	$12.0B -0.5%	$12.1B -4.0%	$12.6B -0.8%	$12.7B 23.0%	$10.3B 16.6%	$8.9B -0.7%	$8.9B -0.1%	$8.9B 9.1%	$8.2B 9.1%	$7.5B
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	—	$177.5M 38.7%	$128.0M -9.7%	$141.8M 29.7%	$109.3M -20.2%	$137.0M 5.0%	$130.5M 8.2%	$120.6M 4.7%	$115.2M
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 0.1%	$222.5M 0.1%	$222.3M 0.1%	$222.0M 0.2%	$221.6M 0.2%	$221.2M 0.4%	$220.3M 0.5%	$219.3M 0.6%	$218.0M 0.7%	$216.4M
Earnings Per Share Weighted Average Shares Diluted	$222.7M 0.0%	$222.8M 0.0%	$222.7M 0.1%	$222.5M 0.0%	$222.5M 0.1%	$222.3M 0.3%	$221.6M 0.4%	$220.8M 0.5%	$219.8M 0.7%	$218.3M

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	$-394.5M	—	—	—	—	—	—	—	—	—
Operating Activities Depreciation and Amortization	$1.6B 7.8%	$1.5B 6.8%	$1.4B 1.5%	$1.3B 1.3%	$1.3B 11.5%	$1.2B 9.4%	$1.1B 11.5%	$970.7M 12.1%	$865.8M 1.3%	$854.6M
Operating Activities Stock Based Compensation	$76.4M 23.6%	$61.8M 3.2%	$59.9M 23.8%	$48.4M 8.8%	$44.5M -16.8%	$53.5M 29.9%	$41.2M 6.2%	$38.8M -2.8%	$39.9M 28.7%	$31.0M
Operating Activities Deferred Income Taxes	$-554.8M -700.6%	$-69.3M -180.6%	$-24.7M -176.5%	$32.3M -65.6%	$94.0M -43.0%	$165.0M 186.5%	$57.6M 204.0%	$-55.4M -45.8%	$-38.0M -161.5%	$61.8M
Operating Activities Changes In Operating Assets and Liabilities	$72.1M 119.5%	$-370.1M -411.0%	$119.0M 54.5%	$77.0M 11.6%	$69.0M -47.2%	$130.6M 1601.1%	$-8.7M -196.7%	$9.0M -94.2%	$154.0M 222.2%	$47.8M
Operating Activities Other Non Cash Items	$48.0M	—	—	—	—	—	—	—	—	—
Operating Activities net Cash From Operating Activities	$3.3B -10.7%	$3.6B 13.8%	$3.2B 1.1%	$3.2B -4.9%	$3.3B 2.2%	$3.3B 9.9%	$3.0B 16.6%	$2.5B 0.7%	$2.5B 11.9%	$2.3B
Investing Activities Capital Expenditures	$7.0B 3.3%	$6.8B 46.9%	$4.6B 58.1%	$2.9B 18.8%	$2.5B -1.8%	$2.5B 26.1%	$2.0B 26.9%	$1.6B 50.9%	$1.0B 14.5%	$907.7M
Investing Activities Business Acquisitions	$59.9M	—	—	—	—	—	—	—	—	—
Investing Activities Other Investing Activities	$-115.4M -59.4%	$-72.4M -1408.3%	$-4.8M 31.4%	$-7.0M -20.7%	$-5.8M -48.7%	$-3.9M -127.3%	$14.3M 360.0%	$-5.5M -61.8%	$-3.4M -300.0%	$1.7M
Investing Activities net Cash From Investing Activities	$-7.2B -45.7%	$-4.9B 16.9%	$-5.9B -53.4%	$-3.9B -41.1%	$-2.7B 23.2%	$-3.6B -68.4%	$-2.1B -28.7%	$-1.6B -16.3%	$-1.4B -63.3%	$-864.8M
Financing Activities Proceeds From Debt	$4.4B	—	—	—	—	—	—	—	—	—
Financing Activities Repayment of Debt	$429.9M -11.6%	$486.2M -21.0%	$615.4M 53.8%	$400.0M -13.6%	$462.9M 13.8%	$406.6M -5.1%	$428.6M 2.4%	$418.7M -13.5%	$483.9M 0.7%	$480.4M
Financing Activities Dividends Paid	$1.6B	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	$1.1M	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	$-91.3M 31.1%	$-132.5M 35.6%	$-205.8M -457.7%	$-36.9M -59.7%	$-23.1M 76.2%	$-97.2M -388.4%	$-19.9M 52.0%	$-41.5M -0.5%	$-41.3M 3.1%	$-42.6M
Financing Activities net Cash From Financing Activities	$2.8B 6.9%	$2.6B 62.5%	$1.6B 260.9%	$-1.0B 29.6%	$-1.4B -143.3%	$3.3B 339.7%	$-1.4B -0.8%	$-1.4B 33.4%	$-2.0B -137.3%	$-860.2M
Cash Reconciliation Effect of Exchange Rate On Cash	$-7.0M -135.4%	$19.8M 204.6%	$6.5M 105.0%	$-130.3M -568.7%	$27.8M 86.6%	$14.9M 152.1%	$-28.6M 15.6%	$-33.9M -353.0%	$13.4M	—
Cash Reconciliation net Change In Cash	$-1.1B -182.5%	$1.4B 224.6%	$-1.1B 37.8%	$-1.8B -124.2%	$-784.1M -126.1%	$3.0B 653.7%	$-542.6M -12.5%	$-482.3M -124.8%	$1.9B	—
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 · 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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