Air Products & Chemicals IncAir Products & Chemicals Inc
Air Products & Chemicals Inc

Air Products & Chemicals Inc

APD
Materials·Chemicals

Air Products & Chemicals, Inc. engages in the manufacture and distribution of atmospheric gases. It operates through the following segments: Americas, Asia, Europe, Middle East and India, and Corporate and Other. The Americas, Asia, Europe, and Middle East and India segments focuses on producing and selling gases to customers, including those in refining, chemicals, metals, electronics, manufacturing, medical, and food industries. The Corporate and Other segment is involved in sales of cryogenic and gas processing equipment for air separation that is sold worldwide to customers in a variety of industries, including chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. The company was founded by Leonard Parker Pool on September 30, 1940 and is headquartered in Allentown, PA.

Pennsylvania; U.S.A
Market cap
No dataNo data
Revenue
$12B−0.5% YoY
Net income
$-394.5M−110.3% YoY
Free cash flow
$-3.1B−51.3% YoY

Market

Listed stock
Tokenized stocks
APDPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$12B−0.5% YoY
Operating income
$-877M−119.6% YoY
Net income
$-394.5M−110.3% YoY
Free cash flow
$-3.1B−51.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $10.3B, 2022 $12.7B, 2023 $12.6B, 2024 $12.1B, 2025 $12B. Operating income: 2021 $2.3B, 2022 $2.3B, 2023 $2.5B, 2024 $4.5B, 2025 $-877M. Net income: 2021 $2.1B, 2022 $2.3B, 2023 $2.3B, 2024 $3.8B, 2025 $-394.5M. Free cash flow: 2021 $761.4M, 2022 $321M, 2023 $-1.1B, 2024 $-2B, 2025 $-3.1B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-0.5%+344 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-09-30 $2.3B, 2022-09-30 $2.3B, 2023-09-30 $2.5B, 2024-09-30 $4.5B, 2025-09-30 $-877M. Net income: 2021-09-30 $2.1B, 2022-09-30 $2.3B, 2023-09-30 $2.3B, 2024-09-30 $3.8B, 2025-09-30 $-394.5M. Free cash flow: 2021-09-30 $761.4M, 2022-09-30 $321M, 2023-09-30 $-1.1B, 2024-09-30 $-2B, 2025-09-30 $-3.1B

Growth heatmap

2022202320242025CAGR
Revenue
+23.0%
-0.8%
-4.0%
-0.5%
+3.9%
Gross profit
+7.1%
+12.1%
+4.4%
-3.8%
+4.8%
Operating income
+2.5%
+6.7%
+79.0%
-119.6%
No data
Free cash flow
-57.8%
-430.9%
-91.0%
-51.3%
No data

Earnings quality

Operating cash flow
$4B−17.1% YoY
Net income
$-394.5M−110.3% YoY
Free cash flow
$-3.1B−51.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-09-30 -1002%, 2024-09-30 125%, 2023-09-30 155%, 2022-09-30 144%, 2021-09-30 154%. Free cash flow: 2025-09-30 778%, 2024-09-30 -53%, 2023-09-30 -46%, 2022-09-30 14%, 2021-09-30 36%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
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Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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