(APD) Air Products Chemicals - Overview
Stock: Industrial Gases, Process Gases, Specialty Gases, Gas Equipment
| Risk 5d forecast | |
|---|---|
| Volatility | 27.2% |
| Relative Tail Risk | -12.1% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.39 |
| Alpha | -20.94 |
| Character TTM | |
|---|---|
| Beta | 0.519 |
| Beta Downside | 0.163 |
| Drawdowns 3y | |
|---|---|
| Max DD | 30.43% |
| CAGR/Max DD | 0.05 |
EPS (Earnings per Share)
Revenue
Description: APD Air Products Chemicals March 01, 2026
Air Products and Chemicals (APD) is a global industrial-gases leader that manufactures atmospheric gases (oxygen, nitrogen, argon), process gases (hydrogen, helium, CO₂, syngas) and specialty gases, while also supplying equipment for air-separation, hydrocarbon recovery, natural-gas liquefaction, and cryogenic transport. The company serves a wide range of end-markets-including refining, chemicals, metals, electronics, energy, medical, and food-across the Americas, Europe, Asia, the Middle East and India.
In its most recent quarter (Q3 2024), APD reported revenue of $4.2 billion, a 6.5% year-over-year increase, and an adjusted operating margin of 15.8%, reflecting strong demand for hydrogen and specialty gases. The firm generated $1.1 billion in free cash flow, supporting its ongoing capital-intensive projects in hydrogen production and liquefied natural gas (LNG) infrastructure.
Key drivers for the industrial-gases sector remain the global shift toward a hydrogen economy, rising clean-energy investments, and sustained growth in petrochemical and steel production. APD’s strategic focus on large-scale hydrogen electrolyzers and partnerships in renewable-energy projects positions it to capture a larger share of the expected $300 billion hydrogen market by 2030.
For a deeper dive into APD’s valuation metrics and outlook, you might find ValueRay’s analysis worth a look.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: -333.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.07 > 0.02 and ΔFCF/TA 2.27 > 1.0 |
| NWC/Revenue: 13.15% < 20% (prev 4.51%; Δ 8.64% < -1%) |
| CFO/TA 0.08 > 3% & CFO 3.35b > Net Income -333.7m |
| Net Debt (17.11b) to EBITDA (1.41b): 12.11 < 3 |
| Current Ratio: 1.46 > 1.5 & < 3 |
| Outstanding Shares: last quarter (222.9m) vs 12m ago 0.0% < -2% |
| Gross Margin: 31.63% > 18% (prev 0.33%; Δ 3130 % > 0.5%) |
| Asset Turnover: 30.05% > 50% (prev 30.07%; Δ -0.03% > 0%) |
| Interest Coverage Ratio: -0.68 > 6 (EBITDA TTM 1.41b / Interest Expense TTM 225.9m) |
Altman Z'' 2.36
| A: 0.04 (Total Current Assets 5.10b - Total Current Liabilities 3.50b) / Total Assets 41.24b |
| B: 0.43 (Retained Earnings 17.84b / Total Assets 41.24b) |
| C: -0.00 (EBIT TTM -154.5m / Avg Total Assets 40.63b) |
| D: 0.69 (Book Value of Equity 16.11b / Total Liabilities 23.40b) |
| Altman-Z'' Score: 2.36 = BBB |
Beneish M -3.03
| DSRI: 1.07 (Receivables 2.65b/2.45b, Revenue 12.21b/12.03b) |
| GMI: 1.03 (GM 31.63% / 32.54%) |
| AQI: 0.99 (AQ_t 0.22 / AQ_t-1 0.22) |
| SGI: 1.01 (Revenue 12.21b / 12.03b) |
| TATA: -0.09 (NI -333.7m - CFO 3.35b) / TA 41.24b) |
| Beneish M-Score: -3.03 (Cap -4..+1) = AA |
What is the price of APD shares?
Over the past week, the price has changed by -1.27%, over one month by -3.86%, over three months by +16.15% and over the past year by -10.14%.
Is APD a buy, sell or hold?
- StrongBuy: 10
- Buy: 5
- Hold: 8
- Sell: 1
- StrongSell: 0
What are the forecasts/targets for the APD price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 302.4 | 11.1% |
| Analysts Target Price | 302.4 | 11.1% |
APD Fundamental Data Overview March 05, 2026
P/S = 4.9797
P/B = 3.9937
P/EG = 6.409
Revenue TTM = 12.21b USD
EBIT TTM = -154.5m USD
EBITDA TTM = 1.41b USD
Long Term Debt = 17.30b USD (from longTermDebt, last quarter)
Short Term Debt = 236.5m USD (from shortTermDebt, last quarter)
Debt = 18.14b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 17.11b USD (from netDebt column, last quarter)
Enterprise Value = 77.91b USD (60.79b + Debt 18.14b - CCE 1.03b)
Interest Coverage Ratio = -0.68 (Ebit TTM -154.5m / Interest Expense TTM 225.9m)
EV/FCF = -27.72x (Enterprise Value 77.91b / FCF TTM -2.81b)
FCF Yield = -3.61% (FCF TTM -2.81b / Enterprise Value 77.91b)
FCF Margin = -23.02% (FCF TTM -2.81b / Revenue TTM 12.21b)
Net Margin = -2.73% (Net Income TTM -333.7m / Revenue TTM 12.21b)
Gross Margin = 31.63% ((Revenue TTM 12.21b - Cost of Revenue TTM 8.35b) / Revenue TTM)
Gross Margin QoQ = 32.07% (prev 32.25%)
Tobins Q-Ratio = 1.89 (Enterprise Value 77.91b / Total Assets 41.24b)
Interest Expense / Debt = 0.30% (Interest Expense 54.5m / Debt 18.14b)
Taxrate = 18.74% (159.4m / 850.8m)
NOPAT = -125.6m (EBIT -154.5m * (1 - 18.74%)) [loss with tax shield]
Current Ratio = 1.46 (Total Current Assets 5.10b / Total Current Liabilities 3.50b)
Debt / Equity = 1.18 (Debt 18.14b / totalStockholderEquity, last quarter 15.41b)
Debt / EBITDA = 12.11 (Net Debt 17.11b / EBITDA 1.41b)
Debt / FCF = -6.09 (negative FCF - burning cash) (Net Debt 17.11b / FCF TTM -2.81b)
Total Stockholder Equity = 15.17b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.82% (Net Income -333.7m / Total Assets 41.24b)
RoE = -2.20% (Net Income TTM -333.7m / Total Stockholder Equity 15.17b)
RoCE = -0.48% (EBIT -154.5m / Capital Employed (Equity 15.17b + L.T.Debt 17.30b))
RoIC = -0.39% (negative operating profit) (NOPAT -125.6m / Invested Capital 32.36b)
WACC = 6.09% (E(60.79b)/V(78.93b) * Re(7.83%) + D(18.14b)/V(78.93b) * Rd(0.30%) * (1-Tc(0.19)))
Discount Rate = 7.83% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 81.65 | Cagr: 0.02%
[DCF] Fair Price = unknown (Cash Flow -2.81b)
EPS Correlation: -31.66 | EPS CAGR: 7.85% | SUE: 0.10 | # QB: 0
Revenue Correlation: -33.51 | Revenue CAGR: 1.40% | SUE: 0.68 | # QB: 0
EPS next Quarter (2026-06-30): EPS=3.31 | Chg7d=-0.002 | Chg30d=-0.019 | Revisions Net=-4 | Analysts=18
EPS current Year (2026-09-30): EPS=13.03 | Chg7d=+0.000 | Chg30d=+0.067 | Revisions Net=+9 | Growth EPS=+8.3% | Growth Revenue=+4.3%
EPS next Year (2027-09-30): EPS=14.02 | Chg7d=+0.000 | Chg30d=+0.140 | Revisions Net=+14 | Growth EPS=+7.6% | Growth Revenue=+5.7%
[Analyst] Revisions Ratio: -0.29 (5 Up / 9 Down within 30d for Next Quarter)