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Profile & Fundamentals

Air Products & Chemicals Profile & Fundamentals

Name: Air Products & Chemicals financial chart data preview
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Company and Market Context

Company Profile & Ownership

Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.

Company profile record

Air Products and Chemicals Inc

Common Stock · Materials · Industrial Gases

Official website

Company

Company / asset: Air Products and Chemicals Inc
Security type: Common Stock
Sector: Materials
Industry: Industrial Gases
HQ: 🇺🇸 United States
Head office: 1940 Air Products Boulevard, Allentown, PA, United States, 18106-5500

Leadership & scale

Chief executive: Mr. Eduardo F. Menezes
CEO year born: 1963
Full-time employees: 21.1K
Fiscal year end: September
IPO date: 1987-01-01

Fundamentals snapshot

Updated 2026-09-16

Market Cap: USD 63.3B
P/E: --
Revenue (Q2 26): USD 3.2B
Profit (Q2 26): USD -1.4B
Dividend Yield: 1.8%
Revenue (FY 25): USD 12.0B
Shares in public float: 222.4M
Insider ownership: 1.89%

Reporting & identifiers

Symbol: APD.NYSE
Listing: 🇺🇸 United States | Dividend Tax: 30%
Ticker Currency: USD
Income Statement Currency: USD
Balance Sheet Currency: USD
Cash Flow Currency: USD
EPS Currency: USD
Contract Type: SPOT
ISIN: US0091581068
Asset ID: equity_3719e395-c0b4-56df-914f-0277e5b495d9

Ownership

Shares Outstanding

Shares outstanding

Annual reported shares outstanding. Values in shares.

Top holders

BlackRock Inc18,054,436 shares · 8.11% · Reported 2026-03-31
Vanguard Capital Management, LLC14,467,316 shares · 6.50% · Reported 2026-03-31
State Farm Mutual Automobile Ins Co11,840,799 shares · 5.32% · Reported 2026-06-30
Capital Research Global Investors10,602,157 shares · 4.76% · Reported 2026-06-30
State Street Corp10,110,495 shares · 4.54% · Reported 2026-03-31
Capital Research & Mgmt Co - Division 39,567,173 shares · 4.30% · Reported 2026-06-30
Dodge & Cox9,393,493 shares · 4.22% · Reported 2026-06-30

View more holders (8)

Vanguard MStar Total Stk Mkt Idx Invest7,090,156 shares · 3.18% · Reported 2026-07-31
Dodge & Cox Stock I6,137,551 shares · 2.76% · Reported 2026-06-30
JPMorgan Chase & Co6,049,260 shares · 2.72% · Reported 2026-03-31
Vanguard 500 Index Investor5,846,152 shares · 2.63% · Reported 2026-07-31
Vanguard Portfolio Management, LLC5,711,079 shares · 2.56% · Reported 2026-03-31
Capital Group Wash Mutual Invtrs Comp5,464,985 shares · 2.45% · Reported 2026-06-30
American Funds Washington Mutual A5,464,985 shares · 2.45% · Reported 2026-06-30
Geode Capital Management, LLC4,991,723 shares · 2.24% · Reported 2026-03-31

Earnings, Profitability & Valuation

Earnings & Revenue

AI Review

Recent financial results show a major split between temporary accounting losses and strong underlying cash generation. On paper, profits took a massive hit due to a multi-billion-dollar one-time charge from canceling expensive domestic projects. However, the core business remains highly resilient, with stable revenues and recovering operating income. Analysts agree that the company is transitioning from a heavy spending phase to a highly profitable harvesting phase. The main disagreement lies in the timing of this recovery; some expect a rapid surge in free cash flow as spending drops, while others worry that high debt levels and rising interest costs will drag down earnings for longer. Overall, the consensus is that once the temporary accounting noise clears, the company's core cash-generating power will shine through, making it a highly defensive asset in a volatile economy.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

Published P/E

Published valuation snapshots. Trailing four-quarter earnings where available; annual earnings otherwise. Non-positive earnings are omitted. Values in times earnings.

Profitability & Margins

AI Review

The company's core profit margins remain exceptionally strong and stable, with gross margins holding steady above thirty percent. This resilience is driven by the company's local monopolies and contracts that allow it to pass rising energy costs directly to customers. However, recent operating and net margins have been severely distorted by massive one-time write-downs from canceled projects, making the company look temporarily unprofitable. Analysts agree that these paper losses mask a highly profitable core business. The main clash in the outlook is whether the company's high valuation multiple is justified; some argue the stock is cheap when adjusting for these temporary write-downs, while others believe the multiple must shrink to reflect slower growth. Overall, margins are expected to rebound strongly as the heavy spending stops and high-margin specialty gas sales continue to grow.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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From this section to the end-of-preview notice below, research is provided as simplified HTML text and tables. Full access provides the complete interactive interface, charts and additional datasets.

Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-17.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2016-09-30	7,503,700,000	1,753,000,000	631,100,000	31	20.46	8.41	23.36
2017-09-30	8,187,600,000	528,200,000	3,000,400,000	29.73	17.59	36.65	6.45
2018-09-30	8,930,200,000	973,500,000	1,497,800,000	30.69	22.01	16.77	10.9
2019-09-30	8,918,900,000	980,200,000	1,760,000,000	33	24.04	19.73	10.99
2020-09-30	8,856,300,000	755,700,000	1,886,700,000	33.85	25.27	21.3	8.53
2021-09-30	10,323,000,000	877,700,000	2,099,100,000	30.39	22.1	20.33	8.5
2022-09-30	12,698,600,000	303,700,000	2,256,100,000	26.46	18.42	17.77	2.39
2023-09-30	12,600,000,000	-1,420,100,000	2,300,200,000	29.9	19.8	18.26	-11.27
2024-09-30	12,100,600,000	-3,150,000,000	3,828,200,000	32.49	36.91	31.64	-26.03
2025-09-30	12,037,300,000	-3,765,800,000	-394,500,000	31.41	-7.29	-3.28	-31.28

Published valuation snapshots
Period end	P/E (times earnings)	Earnings basis
2024-09-30	17.34	Trailing four quarters
2023-09-30	27.45	Trailing four quarters
2022-09-30	22.96	Annual net income
2021-09-30	27.16	Annual net income

Shares outstanding — chart values
Reporting date	Shares outstanding
2017-01-01	220,400,000
2018-01-01	221,000,000
2019-01-01	222,200,000
2020-01-01	222,600,000
2021-01-01	222,600,000
2022-01-01	222,600,000
2023-01-01	222,800,000
2024-01-01	222,900,000
2025-01-01	222,900,000
2026-01-01	222,800,000

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Earnings, Profitability & Valuation
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Capital Expenditure & R&D
- Capital allocation AI review
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Balance Sheet
- Balance sheet AI review
- Assets, debt and equity
- Capital structure
- Liquidity and leverage
- Retained earnings
Dividends & Actions
- Cash dividends paid
- Dividend indicators
- Buybacks and issuance
- Combined shareholder returns
- Available corporate actions
Company Events
- Dated insider transactions
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