(APD) Air Products Chemicals - Overview
Exchange: NYSE •
Country: United States •
Currency: USD •
Type: Common Stock •
ISIN: US0091581068
Stock: Atmospheric Gases, Process Gases, Specialty Gases, Industrial Equipment
Total Rating 32
Risk 81
Buy Signal -0.98
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 2.62% |
| Yield on Cost 5y | 3.20% |
| Yield CAGR 5y | 4.44% |
| Payout Consistency | 35.5% |
| Payout Ratio | 46.7% |
| Risk 5d forecast | |
|---|---|
| Volatility | 25.8% |
| Relative Tail Risk | -10.6% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.47 |
| Alpha | -26.94 |
| Character TTM | |
|---|---|
| Beta | 0.820 |
| Beta Downside | 0.855 |
| Drawdowns 3y | |
|---|---|
| Max DD | 30.43% |
| CAGR/Max DD | 0.08 |
Description: APD Air Products Chemicals January 29, 2026
Air Products and Chemicals (APD) is a global industrial-gases provider that produces atmospheric gases (oxygen, nitrogen, argon), process gases (hydrogen, helium, CO₂, syngas) and specialty gases for sectors ranging from refining and chemicals to electronics, energy, medical and steel manufacturing. The company also designs and builds equipment for air-separation, hydrocarbon recovery, natural-gas liquefaction and cryogenic transport of liquid helium and hydrogen.
In Q3 2025 APD posted net sales of **$2.5 billion**, adjusted EPS of **$2.30**, and free-cash-flow of **$800 million**, driven by a **5 % YoY rise in hydrogen-related revenue** as the clean-energy transition gains momentum. The industrial-gases market is forecast to expand at a **~5 % CAGR through 2029**, underpinned by growing demand for low-carbon hydrogen, expanding LNG infrastructure and persistent helium shortages that support higher pricing. Air Products now operates roughly **1.5 million t/yr of hydrogen production capacity** and has earmarked **$1.2 billion** for new electrolyzer projects across Europe and Asia between 2024-2026.
For a deeper, data-rich assessment of APD’s valuation dynamics, you may find ValueRay’s analyst toolkit useful.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: -333.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.04 > 0.02 and ΔFCF/TA 5.31 > 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 -3.22
| DSRI: 0.76 (Receivables 1.89b/2.45b, Revenue 12.21b/12.03b) |
| GMI: 1.03 (GM 31.63% / 32.54%) |
| AQI: 1.09 (AQ_t 0.24 / 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: -3.22 (Cap -4..+1) = AA |
What is the price of APD shares?
As of February 05, 2026, the stock is trading at USD 286.59 with a total of 1,634,474 shares traded.
Over the past week, the price has changed by +12.00%, over one month by +12.90%, over three months by +19.90% and over the past year by -12.35%.
Over the past week, the price has changed by +12.00%, over one month by +12.90%, over three months by +19.90% and over the past year by -12.35%.
Is APD a buy, sell or hold?
Air Products Chemicals has received a consensus analysts rating of 4.00.
Therefore, it is recommended to buy APD.
- 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 | 293.7 | 2.5% |
| Analysts Target Price | 293.7 | 2.5% |
| ValueRay Target Price | 281.7 | -1.7% |
APD Fundamental Data Overview January 31, 2026
P/E Forward = 19.685
P/S = 4.7343
P/B = 3.7929
P/EG = 6.6869
Revenue TTM = 12.21b USD
EBIT TTM = -154.5m USD
EBITDA TTM = 1.41b USD
Long Term Debt = 16.95b USD (from longTermDebt, last fiscal year)
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 = 74.10b USD (56.99b + Debt 18.14b - CCE 1.03b)
Interest Coverage Ratio = -0.68 (Ebit TTM -154.5m / Interest Expense TTM 225.9m)
EV/FCF = -47.52x (Enterprise Value 74.10b / FCF TTM -1.56b)
FCF Yield = -2.10% (FCF TTM -1.56b / Enterprise Value 74.10b)
FCF Margin = -12.77% (FCF TTM -1.56b / 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 = 1.80 (Enterprise Value 74.10b / 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 = -10.98 (negative FCF - burning cash) (Net Debt 17.11b / FCF TTM -1.56b)
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 16.95b))
RoIC = -0.39% (negative operating profit) (NOPAT -125.6m / Invested Capital 32.17b)
WACC = 6.84% (E(56.99b)/V(75.13b) * Re(8.94%) + D(18.14b)/V(75.13b) * Rd(0.30%) * (1-Tc(0.19)))
Discount Rate = 8.94% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 81.65 | Cagr: 0.02%
Fair Price DCF = unknown (Cash Flow -1.56b)
EPS Correlation: 68.20 | EPS CAGR: 7.85% | SUE: 0.82 | # QB: 0
Revenue Correlation: -33.51 | Revenue CAGR: 1.40% | SUE: 0.68 | # QB: 0
EPS next Quarter (2026-03-31): EPS=3.02 | Chg30d=+0.014 | Revisions Net=+1 | Analysts=16
EPS current Year (2026-09-30): EPS=12.91 | Chg30d=+0.004 | Revisions Net=+3 | Growth EPS=+7.3% | Growth Revenue=+3.6%
EPS next Year (2027-09-30): EPS=13.81 | Chg30d=-0.008 | Revisions Net=-1 | Growth EPS=+7.0% | Growth Revenue=+5.8%
P/S = 4.7343
P/B = 3.7929
P/EG = 6.6869
Revenue TTM = 12.21b USD
EBIT TTM = -154.5m USD
EBITDA TTM = 1.41b USD
Long Term Debt = 16.95b USD (from longTermDebt, last fiscal year)
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 = 74.10b USD (56.99b + Debt 18.14b - CCE 1.03b)
Interest Coverage Ratio = -0.68 (Ebit TTM -154.5m / Interest Expense TTM 225.9m)
EV/FCF = -47.52x (Enterprise Value 74.10b / FCF TTM -1.56b)
FCF Yield = -2.10% (FCF TTM -1.56b / Enterprise Value 74.10b)
FCF Margin = -12.77% (FCF TTM -1.56b / 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 = 1.80 (Enterprise Value 74.10b / 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 = -10.98 (negative FCF - burning cash) (Net Debt 17.11b / FCF TTM -1.56b)
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 16.95b))
RoIC = -0.39% (negative operating profit) (NOPAT -125.6m / Invested Capital 32.17b)
WACC = 6.84% (E(56.99b)/V(75.13b) * Re(8.94%) + D(18.14b)/V(75.13b) * Rd(0.30%) * (1-Tc(0.19)))
Discount Rate = 8.94% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 81.65 | Cagr: 0.02%
Fair Price DCF = unknown (Cash Flow -1.56b)
EPS Correlation: 68.20 | EPS CAGR: 7.85% | SUE: 0.82 | # QB: 0
Revenue Correlation: -33.51 | Revenue CAGR: 1.40% | SUE: 0.68 | # QB: 0
EPS next Quarter (2026-03-31): EPS=3.02 | Chg30d=+0.014 | Revisions Net=+1 | Analysts=16
EPS current Year (2026-09-30): EPS=12.91 | Chg30d=+0.004 | Revisions Net=+3 | Growth EPS=+7.3% | Growth Revenue=+3.6%
EPS next Year (2027-09-30): EPS=13.81 | Chg30d=-0.008 | Revisions Net=-1 | Growth EPS=+7.0% | Growth Revenue=+5.8%