Air Products

APD · NYSE · Materials · Financials, fiscal 2016 to 2025

APD · Last close · October 26, 2026

$305.72

Air Products' revenue fell 0.5% to $12.0 billion in fiscal 2025. Its operating margin was −7.3%, down from 36.9% a year earlier. Free cash flow was −$3.8 billion. It paid out $1.6 billion in dividends and buybacks.

AIR PRODUCTS AND CHEMICALS, INC. Latest fiscal year ended September 30, 2025 10-K filed November 20, 2025 · 0000002969-25-000055 Updated October 9, 2026

Revenue

$12.0B

0.5%

Operating margin

−7.3%

44.2 pts

Net income

−$394M

$3.8B a year earlier

Free cash flow

−$3.8B

Return on capital

−2.2%

15.5 pts

Market cap

$68.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 25.0% a year and net income 25.3% a year, as new shares raised the share count by 2% and diluted each share's earnings. Air Products then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Air Products yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Air Products' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Air Products' cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 4.5 times depreciation, which holds its free cash flow down) of $1.7B, net cash of −$15.8B at September 30, 2025 and 223 million diluted shares, from its filings. The scenarios are fitted to Air Products: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.8% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Industrial Gases), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Air Products' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Air Products's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $305.72
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Air Products' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	5,801	3,302	1,949	2,985	1,856
Debt incl. finance leases	7,637	7,645	10,306	14,228	17,698
Net debt (negative means net cash)	1,836	4,343	8,357	11,243	15,842
Net debt to EBITDA	0.5x	1.2x	2.2x	1.9x	23.1x
Debt to equity	0.6x	0.6x	0.7x	0.8x	1.2x
Interest coverage	16.1x	18.3x	14.1x	20.4x	−4.1x
Current ratio	3.0x	1.8x	1.3x	1.5x	1.4x
Quick ratio	2.8x	1.7x	1.2x	1.3x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Air Products shares on the open market, and 2 insiders sold $20.8 million.

Date	Insider	Trade	Shares	Price	Value	Filing
May 1, 2026	Melissa N. SchaefferExec Vice President and CFO	Sold	2,714	$303.76	$824,405	Form 4
Feb 12, 2026	Mantle Ridge LPDirector	Sold	70,175	$284.21	$19.9 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	5 of 9	3 of 9
Accruals ratio	−3.1%	0.5%	−9.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Air Products side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Air Products	FY25	−0.5%	−7.3%	−31.3%	−2.2%	23.1x	3
Linde	FY25	3.0%	26.2%	15.0%	11.7%	1.8x	6	Compare
Mosaic	FY25	8.4%	6.8%	−4.4%	2.5%	2.5x	8	Compare
Crown	FY25	4.8%	12.6%	9.0%	13.7%	2.6x	7	Compare
Alcoa	FY25	7.9%	—	4.4%	18.0%	0.5x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101	12,037
Revenue growth	−4.1%	9.1%	9.1%	−0.1%	−0.7%	16.6%	23.0%	−0.8%	−4.0%	−0.5%
Gross profit	2,327	2,436	2,741	2,914	2,998	3,137	3,360	3,767	3,932	3,781
Research and development	72	58	64	73	84	94	103	106	100	96
Operating income	1,535	1,440	1,966	2,144	2,238	2,281	2,339	2,495	4,466	−877
Net income	631	3,000	1,498	1,760	1,887	2,099	2,256	2,300	3,828	−394
Diluted EPS (US$)	2.89	13.65	6.78	7.94	8.49	9.43	10.14	10.33	17.18	−1.77
Diluted shares (millions)	218	220	221	222	222	222	222	223	223	223
Cash flow
Cash from operations	2,259	2,528	2,547	2,970	3,265	3,335	3,171	3,206	3,647	3,257
Capital expenditure	908	1,040	1,568	1,990	2,509	2,464	2,926	4,626	6,797	7,023
Free cash flow	1,351	1,489	979	980	756	871	244	−1,421	−3,150	−3,766
Dividends paid	721	788	898	994	1,104	1,257	1,383	1,497	1,565	1,584
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	8	345	123	183	10	65	0	0	60
Stock-based compensation	31	40	39	41	54	44	48	60	62	76
Balance sheet at fiscal year end
Cash and short-term investments	1,293	3,678	2,976	2,415	6,358	5,801	3,302	1,949	2,985	1,856
Debt incl. finance leases	6,225	3,963	3,813	3,326	7,908	7,637	7,645	10,306	14,228	17,698
Total assets	18,029	18,467	19,178	18,943	25,168	26,859	27,193	32,002	39,575	41,060
Total liabilities	10,815	8,282	8,002	7,554	12,725	12,771	13,490	16,342	20,901	23,710
Shareholders' equity	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,036	15,025
Margins and ratios
Gross margin	31.0%	29.8%	30.7%	32.7%	33.9%	30.4%	26.5%	29.9%	32.5%	31.4%
Operating margin	20.5%	17.6%	22.0%	24.0%	25.3%	22.1%	18.4%	19.8%	36.9%	−7.3%
Net margin	8.4%	36.6%	16.8%	19.7%	21.3%	20.3%	17.8%	18.3%	31.6%	−3.3%
Free cash flow margin	18.0%	18.2%	11.0%	11.0%	8.5%	8.4%	1.9%	−11.3%	−26.0%	−31.3%
Return on capital	8.8%	10.4%	12.9%	13.9%	13.7%	12.4%	11.3%	9.6%	13.3%	−2.2%
Return on equity	8.8%	35.0%	14.3%	16.1%	16.3%	16.4%	16.9%	16.8%	24.4%	−2.5%
Return on assets	3.6%	16.4%	8.0%	9.2%	8.6%	8.1%	8.3%	7.8%	10.7%	−1.0%
Net debt to EBITDA	2.1x	0.1x	0.3x	0.3x	0.5x	0.5x	1.2x	2.2x	1.9x	23.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Air Products' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Air Products.