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Materials·APD
Air Products and Chemicals, Inc.
NYSE · US
Industrial gas and specialty materials supplier with electronics gases and on-site fab supply systems.
AI relevance
Provides recurring process gas inputs for semiconductor manufacturing.
Price
$280.21
Change
-1.54 (-0.55%)
Market cap
$62.4B
52w range
$229–$308
Exchange
NYSE
Country
US
Jason's Chips
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Price chart
APD market performance
Daily close for Air Products and Chemicals, Inc.
- Latest close
- $280.2
- Range move
- +$4.83 (+1.8%)
- Range high
- $306.2
- Range low
- $230.8
- Latest volume
- 2.6M
- Source
- FMP EOD
Downloads
CSVExports
Download statements, ratios, chart data, and transcript indexes.
Income statement
12 annual rowsRevenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.
Balance sheet
12 annual rowsCash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.
Cash flow
12 annual rowsOperating cash flow, capital expenditures, and free cash flow.
Key metrics
12 annual rowsEnterprise value, valuation multiples, returns, yields, and cash conversion.
Ratios
12 annual rowsMargins, liquidity ratios, valuation ratios, leverage, and per-share metrics.
Chart data
1255 rowsFive years of daily close and volume data powering the company chart.
Transcript list
75 rowsAvailable earnings-call transcript dates by fiscal year and quarter.
StreetBuy
Analyst expectations
Rating consensus42 ratings
Strong buy
0
Buy
23
Hold
19
Sell
0
Strong sell
0
Annual estimates
| Period | Revenue avg | Revenue range | EPS avg | EPS range | EBITDA avg | EBIT avg | Net income avg | SG&A avg | Analysts |
|---|---|---|---|---|---|---|---|---|---|
| 2026-09-30 | $12.75B | $12.42B - $12.93B | $13.22 | $13.12 - $13.31 | $4.37B | $2.87B | $2.95B | $969.5M | 15 rev / 11 EPS |
| 2027-09-30 | $13.55B | $12.60B - $13.96B | $14.31 | $14.15 - $14.52 | $4.65B | $3.05B | $3.20B | $1.03B | 15 rev / 12 EPS |
| 2028-09-30 | $14.28B | $14.26B - $14.29B | $15.55 | $15.04 - $16.40 | $4.90B | $3.21B | $3.43B | $1.09B | 15 rev / 4 EPS |
| 2029-09-30 | $16.25B | $15.52B - $16.75B | $18.40 | $17.32 - $19.13 | $5.57B | $3.65B | $4.10B | $1.24B | 10 rev / 1 EPS |
| 2030-09-30 | $15.29B | $14.60B - $15.76B | $16.67 | $15.70 - $17.33 | $5.25B | $3.44B | $3.72B | $1.16B | 7 rev / 1 EPS |
Quarterly estimates
| Period | Revenue avg | Revenue range | EPS avg | EPS range | EBITDA avg | EBIT avg | Net income avg | SG&A avg | Analysts |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | $3.19B | $3.12B - $3.26B | $3.34 | $3.29 - $3.38 | $1.10B | $718.0M | $743.4M | $242.9M | 10 rev / 12 EPS |
| 2026-09-30 | $3.31B | $3.13B - $3.42B | $3.53 | $3.47 - $3.58 | $1.13B | $743.4M | $786.3M | $251.5M | 9 rev / 11 EPS |
| 2026-12-31 | $3.33B | $3.16B - $3.43B | $3.44 | $3.22 - $3.58 | $1.14B | $747.7M | $766.9M | $252.9M | 8 rev / 4 EPS |
| 2027-03-31 | $3.38B | $3.21B - $3.48B | $3.47 | $3.25 - $3.60 | $1.16B | $759.4M | $772.9M | $256.9M | 4 rev / 4 EPS |
| 2027-06-30 | $3.37B | $3.20B - $3.47B | $3.59 | $3.36 - $3.73 | $1.16B | $757.7M | $799.2M | $256.3M | 4 rev / 5 EPS |
| 2027-09-30 | $3.49B | $3.32B - $3.59B | $3.79 | $3.55 - $3.94 | $1.20B | $784.0M | $845.4M | $265.2M | 5 rev / 8 EPS |
| 2027-12-31 | $3.62B | $3.45B - $3.73B | $3.79 | $3.55 - $3.94 | $1.24B | $814.9M | $845.7M | $275.7M | 4 rev / 4 EPS |
| 2028-03-31 | $3.68B | $3.50B - $3.79B | $0.62 | $0.58 - $0.65 | $1.26B | $828.0M | $138.9M | $280.1M | 3 rev / 5 EPS |
Price target history
| Window | Targets | Average target |
|---|---|---|
| Last month | 0 | $0.00 |
| Last quarter | 5 | $336.00 |
| Last year | 19 | $303.53 |
| All time | 42 | $312.88 |
Sources: TheFly, StreetInsider, Benzinga, TipRanks Contributor, TipRanks
Latest grade actions
| Date | Firm | Action | Previous | New |
|---|---|---|---|---|
| 2026-05-05 | Morgan Stanley | Maintain | Equal Weight | Equal Weight |
| 2026-05-05 | RBC Capital | Maintain | Outperform | Outperform |
| 2026-05-01 | Wells Fargo | Maintain | Overweight | Overweight |
| 2026-05-01 | JP Morgan | Maintain | Overweight | Overweight |
| 2026-05-01 | UBS | Maintain | Neutral | Neutral |
| 2026-04-24 | RBC Capital | Maintain | Outperform | Outperform |
| 2026-04-21 | B of A Securities | Maintain | Neutral | Neutral |
| 2026-04-13 | Citigroup | Maintain | Neutral | Neutral |
Historical rating snapshots
| Date | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| 2026-06-01 | 3 | 11 | 9 | 0 | 0 |
| 2026-05-01 | 4 | 11 | 10 | 0 | 0 |
| 2026-04-01 | 4 | 10 | 10 | 0 | 0 |
| 2026-03-01 | 4 | 10 | 12 | 0 | 0 |
| 2026-02-01 | 3 | 9 | 12 | 0 | 0 |
| 2026-01-01 | 3 | 9 | 12 | 0 | 1 |
| 2025-12-01 | 3 | 12 | 10 | 0 | 1 |
| 2025-11-01 | 3 | 12 | 7 | 0 | 1 |
FinancialsFY 2025
Financials
Income statement annual
| Period | Revenue | Gross profit | Gross margin | R&D | Operating income | EBITDA | Net income | EPS |
|---|---|---|---|---|---|---|---|---|
| FY 2025 | $12.04B | $3.78B | 31.4% | $96.3M | -$877.0M | $1.34B | -$394.5M | $-1.77 |
| FY 2024 | $12.10B | $3.93B | 32.5% | $100.2M | $4.47B | $6.49B | $3.83B | $17.21 |
| FY 2023 | $12.60B | $3.77B | 29.9% | $105.6M | $2.49B | $4.42B | $2.30B | $10.31 |
| FY 2022 | $12.70B | $3.36B | 26.5% | $102.9M | $2.34B | $4.22B | $2.26B | $10.11 |
| FY 2021 | $10.32B | $3.14B | 30.4% | $93.5M | $2.28B | $3.97B | $2.10B | $9.16 |
| FY 2020 | $8.86B | $3.00B | 33.9% | $83.9M | $2.24B | $3.72B | $1.89B | $8.59 |
| FY 2019 | $8.92B | $2.94B | 33.0% | $72.9M | $2.14B | $3.51B | $1.76B | $7.99 |
| FY 2018 | $8.93B | $2.74B | 30.7% | $64.5M | $1.97B | $3.12B | $1.50B | $6.83 |
| FY 2017 | $8.19B | $2.43B | 29.7% | $57.8M | $1.44B | $2.40B | $3.00B | $13.76 |
| FY 2016 | $7.50B | $2.33B | 31.0% | $71.6M | $1.54B | $2.52B | $631.1M | $2.92 |
| FY 2015 | $7.82B | $2.23B | 28.5% | $76.4M | $1.23B | $2.23B | $1.28B | $5.95 |
| FY 2014 | $10.44B | $2.81B | 26.9% | $141.4M | $1.34B | $2.44B | $991.7M | $4.66 |
Cash flow annual
| Period | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|
| FY 2025 | $3.25B | $7.02B | -$3.77B |
| FY 2024 | $3.65B | $6.80B | -$3.15B |
| FY 2023 | $3.21B | $4.63B | -$1.42B |
| FY 2022 | $3.23B | $2.93B | $303.7M |
| FY 2021 | $3.34B | $2.46B | $877.7M |
| FY 2020 | $3.26B | $2.51B | $755.7M |
| FY 2019 | $2.97B | $1.99B | $980.2M |
| FY 2018 | $2.54B | $1.57B | $973.5M |
| FY 2017 | $1.57B | $1.04B | $528.2M |
| FY 2016 | $2.66B | $907.7M | $1.75B |
| FY 2015 | $2.44B | $1.61B | $823.0M |
| FY 2014 | $2.19B | $1.68B | $502.9M |
Balance sheet annual
| Period | Cash + ST inv. | Receivables | Inventory | PP&E | Assets | Debt | Net debt | Liabilities | Equity |
|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $1.86B | $2.51B | $776.5M | $26.28B | $41.06B | $18.41B | $16.55B | $23.71B | $15.02B |
| FY 2024 | $2.98B | $2.17B | $766.0M | $24.42B | $39.57B | $15.01B | $12.03B | $20.90B | $17.04B |
| FY 2023 | $1.95B | $2.16B | $651.8M | $18.45B | $32.00B | $11.03B | $9.41B | $16.34B | $14.31B |
| FY 2022 | $3.30B | $2.04B | $514.2M | $14.86B | $27.19B | $8.33B | $5.62B | $13.49B | $13.14B |
| FY 2021 | $5.80B | $1.66B | $453.9M | $13.82B | $26.86B | $8.22B | $3.75B | $12.77B | $13.54B |
| FY 2020 | $6.36B | $1.42B | $404.8M | $12.34B | $25.17B | $8.31B | $3.06B | $12.73B | $12.08B |
| FY 2019 | $2.41B | $1.42B | $388.3M | $10.34B | $18.94B | $3.33B | $1.08B | $7.55B | $11.05B |
| FY 2018 | $2.98B | $1.38B | $396.1M | $9.92B | $19.18B | $3.81B | $1.02B | $8.00B | $10.86B |
| FY 2017 | $3.68B | $1.54B | $335.4M | $8.44B | $18.47B | $3.96B | $689.2M | $8.28B | $10.09B |
| FY 2016 | $1.29B | $1.48B | $255.0M | $8.26B | $18.03B | $5.21B | $3.92B | $10.82B | $7.08B |
| FY 2015 | $206.4M | $1.77B | $657.8M | $8.75B | $17.33B | $5.88B | $5.67B | $9.95B | $7.25B |
| FY 2014 | $336.6M | $1.91B | $706.0M | $9.53B | $17.78B | $6.12B | $5.78B | $10.26B | $7.37B |
Annual ratios and key metrics
| Period | Gross margin | Op margin | Net margin | Current | Quick | ROE | ROIC | EV / sales | EV / EBITDA | FCF yield | R&D / rev. | Cash cycle |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | 31.4% | -7.3% | -3.3% | 1.4x | 1.2x | -2.6% | -1.8% | 6.4x | 57.8x | -6.2% | 0.8% | 47d |
| FY 2024 | 32.5% | 36.9% | 31.6% | 1.5x | 1.3x | 22.5% | 9.9% | 6.5x | 12.1x | -4.8% | 0.8% | 35d |
| FY 2023 | 29.9% | 19.8% | 18.3% | 1.3x | 1.2x | 16.1% | 6.9% | 5.7x | 16.4x | -2.3% | 0.8% | 39d |
| FY 2022 | 26.5% | 18.4% | 17.8% | 1.8x | 1.7x | 17.2% | 7.9% | 4.5x | 13.6x | 0.6% | 0.8% | 35d |
| FY 2021 | 30.4% | 22.1% | 20.3% | 3.0x | 2.8x | 15.5% | 7.6% | 5.9x | 15.2x | 1.5% | 0.9% | 44d |
| FY 2020 | 33.9% | 25.3% | 21.3% | 3.6x | 3.4x | 15.6% | 7.7% | 7.8x | 18.5x | 1.1% | 0.9% | 50d |
| FY 2019 | 33.0% | 24.0% | 19.7% | 2.5x | 2.3x | 15.9% | 9.8% | 5.6x | 14.2x | 2.0% | 0.8% | 49d |
| FY 2018 | 30.7% | 22.0% | 16.8% | 2.2x | 2.0x | 13.8% | 8.4% | 4.3x | 12.3x | 2.6% | 0.7% | 45d |
| FY 2017 | 29.7% | 17.6% | 36.6% | 2.4x | 2.2x | 29.7% | 7.1% | 4.1x | 14.0x | 1.6% | 0.7% | 48d |
| FY 2016 | 31.0% | 20.5% | 8.4% | 1.3x | 1.2x | 8.9% | 6.9% | 4.5x | 13.5x | 5.8% | 1.0% | 49d |
| FY 2015 | 28.5% | 15.8% | 16.3% | 0.8x | 0.6x | 17.6% | 6.0% | 4.0x | 13.9x | 3.2% | 1.0% | 85d |
| FY 2014 | 26.9% | 12.8% | 9.5% | 1.1x | 0.9x | 13.5% | 6.1% | 3.0x | 12.9x | 2.0% | 1.4% | 65d |
Annual growth
| Period | Revenue | Gross profit | R&D | Op income | Net income | EPS | FCF | Capex | Cash + ST inv. | Inventory | Assets | Debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | -0.5% | -3.8% | -3.9% | -119.6% | -110.3% | -110.3% | -19.5% | -3.3% | -37.8% | +1.4% | +3.8% | +22.7% |
| FY 2024 | -4.0% | +4.4% | -5.1% | +79.0% | +66.4% | +66.9% | -121.8% | -46.9% | +53.1% | +17.5% | +23.7% | +36.0% |
| FY 2023 | -0.8% | +12.1% | +2.6% | +6.7% | +2.0% | +2.0% | -567.6% | -58.1% | -41.0% | +26.8% | +17.7% | +32.5% |
| FY 2022 | +23.0% | +7.1% | +10.1% | +2.5% | +7.5% | +10.4% | -65.4% | -18.8% | -43.1% | +13.3% | +1.2% | +1.3% |
| FY 2021 | +16.6% | +4.6% | +11.4% | +2.0% | +11.3% | +6.6% | +16.1% | +1.8% | -8.8% | +12.1% | +6.7% | -1.1% |
| FY 2020 | -0.7% | +1.9% | +15.1% | +4.3% | +7.2% | +7.5% | -22.9% | -26.1% | +163.3% | +4.2% | +32.9% | +150.0% |
| FY 2019 | -0.1% | +7.4% | +13.0% | +9.1% | +17.5% | +17.0% | +0.7% | -26.9% | -18.9% | -2.0% | -1.2% | -12.8% |
| FY 2018 | +9.1% | +12.6% | +11.6% | +36.5% | -50.1% | -50.4% | +84.3% | -50.9% | -19.1% | +18.1% | +3.9% | -3.8% |
| FY 2017 | +9.1% | +4.6% | -19.3% | -6.2% | +375.4% | +371.2% | -69.9% | -14.5% | +184.4% | +31.5% | +2.4% | -24.0% |
| FY 2016 | -4.1% | +4.5% | -6.3% | +24.5% | -50.6% | -50.9% | +113.0% | +43.8% | +526.6% | -61.2% | +4.0% | -11.4% |
| FY 2015 | -25.0% | -20.8% | -46.0% | -7.9% | +28.9% | +27.7% | +63.7% | +4.1% | -38.7% | -6.8% | -2.5% | -3.9% |
| FY 2014 | +2.5% | +3.7% | +5.8% | +1.1% | -0.3% | -1.7% | +1064.1% | -10.5% | -25.3% | -0.0% | -0.4% | -2.5% |
SegmentsFY 2025
Revenue Mix
Latest product mixFY 2025 · $12.04B
On-site$6.18B · 51.3%
Merchant$5.34B · 44.3%
Sale of Equipment$520.0M · 4.3%
Latest geography mixFY 2025 · $11.52B
Americas Segment$5.13B · 44.5%
Asia Segment$3.27B · 28.4%
Europe Segment$2.98B · 25.9%
Middle East And India Segment$135.9M · 1.2%
Product revenue annual
| Period | Total | Industrial Gases Americas | On-site | Merchant | Industrial Gases Asia | Industrial Gases EMEA | Merchant Gases | Materials Technologies | Tonnage Gases | Sale of Equipment | Industrial Gases Global | Electronics and Performance Materials | Corporate and Other | Equipment and Energy |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $12.04B | -- | $6.18B | $5.34B | -- | -- | -- | -- | -- | $520.0M | -- | -- | -- | -- |
| FY 2024 | $12.10B | -- | $5.89B | $5.33B | -- | -- | -- | -- | -- | $878.4M | -- | -- | -- | -- |
| FY 2023 | $12.60B | -- | $6.18B | $5.53B | -- | -- | -- | -- | -- | $889.0M | -- | -- | -- | -- |
| FY 2022 | $12.70B | -- | $6.63B | $5.09B | -- | -- | -- | -- | -- | $970.8M | -- | -- | -- | -- |
| FY 2021 | $10.32B | $4.17B | -- | -- | $2.92B | $2.44B | -- | -- | -- | -- | $511.0M | -- | $278.7M | -- |
| FY 2020 | $8.86B | $3.63B | -- | -- | $2.72B | $1.93B | -- | -- | -- | -- | $364.9M | -- | $217.9M | -- |
| FY 2019 | $8.92B | $3.87B | -- | -- | $2.66B | $2.00B | -- | -- | -- | -- | $261.0M | -- | $118.3M | -- |
| FY 2018 | $8.93B | $3.76B | -- | -- | $2.46B | $2.19B | -- | -- | -- | -- | $436.1M | -- | $84.0M | -- |
| FY 2017 | $8.19B | $3.64B | -- | -- | $1.96B | $1.78B | -- | -- | -- | -- | $722.9M | -- | $82.6M | -- |
| FY 2016 | $9.52B | $3.34B | -- | -- | $1.72B | $1.70B | -- | $2.02B | -- | -- | $498.8M | -- | $246.1M | -- |
| FY 2015 | $9.89B | $3.69B | -- | -- | $1.64B | $1.86B | -- | $2.09B | -- | -- | $286.8M | -- | $324.7M | -- |
| FY 2014 | $10.44B | -- | -- | -- | -- | -- | $4.25B | -- | $3.29B | -- | -- | $2.45B | -- | $450.4M |
Geography revenue annual
| Period | Total | Americas Segment | Europe Segment | Asia Segment | CHINA | Other Foreign Operations | UNITED STATES | Latin America Other | Other | Canada | Middle East And India Segment |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $11.52B | $5.13B | $2.98B | $3.27B | -- | -- | -- | -- | -- | -- | $135.9M |
| FY 2024 | $11.22B | $5.04B | $2.82B | $3.22B | -- | -- | -- | -- | -- | -- | $134.4M |
| FY 2023 | $11.71B | $5.37B | $2.96B | $3.22B | -- | -- | -- | -- | -- | -- | $162.5M |
| FY 2022 | $12.70B | -- | -- | -- | $1.99B | $5.48B | $5.23B | -- | -- | -- | -- |
| FY 2019 | $8.92B | $3.35B | $2.09B | $953.1M | $1.73B | -- | -- | -- | $793.5M | -- | -- |
| FY 2018 | $8.93B | $3.15B | $2.29B | $904.0M | $1.59B | -- | -- | -- | $998.4M | -- | -- |
| FY 2017 | $8.19B | $2.89B | $2.48B | $849.6M | $1.14B | -- | -- | -- | $829.3M | -- | -- |
| FY 2016 | $9.52B | $3.79B | $2.51B | $1.38B | $1.18B | -- | -- | $441.6M | -- | $225.7M | -- |
| FY 2015 | $9.89B | $4.28B | $2.32B | $1.40B | $1.13B | -- | -- | $528.0M | -- | $247.1M | -- |
| FY 2014 | $10.44B | $4.51B | $2.63B | $1.39B | $981.0M | -- | -- | $621.6M | -- | $311.4M | -- |
| FY 2013 | $10.18B | $4.26B | $2.60B | $1.32B | $1.01B | -- | -- | $716.0M | -- | $275.5M | -- |
| FY 2012 | $9.61B | $4.11B | $2.59B | $2.30B | -- | -- | -- | $337.1M | -- | $267.6M | -- |
Transcripts75 on file
Transcripts
Events
Events
Next earnings
2026-07-30EPS est $3.35
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