Air Products and Chemicals (APD) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Air Products and Chemicals

NYSE•Basic Materials•Specialty Chemicals

$286.12-0.96(<0.01%)After hours

Market Cap

$63.96B

P/S

5.1x

P/B

4.6x

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.

How this company scores

WeakMetricSide Score: 26/100

Grade capped at D — Interest coverage below 1× (-3.0x) — earnings cannot cover interest. Strongest: Growth (9/25); weakest: Cash & Earnings Quality (3/25).

Profitability8/25

Growth9/25

Balance Sheet & Red Flags6/25

Cash & Earnings Quality3/25

Strengths

Long cash runway

Grade capped at D

Interest coverage below 1× (-3.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 30.8x5y range 16.8x – 42.9x

Currently near its 17-quarter median.

P/S · 5.1x5y range 4.1x – 6.2x

Currently near its 20-quarter median.

P/B · 4.6x5y range 3.6x – 4.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $63.96B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $12.60B
Q. Revenue: $3.16B
TTM EBITDA: $950.80M
TTM Op. Income: $-593.10M
Q. Op. Income: $-2.10B
TTM Net Income: $-47.30M
Q. Net Income: $-1.44B
EPS: $-6.47
Shares Out.: $222.80M

$12.60B in TTM revenue grew 4.5% YoY, reaching $3.16B last quarter. TTM EBITDA of $950.80M and TTM operating income of $-593.10M show growth is flowing through to the bottom line. However, net income is negative at $47.30M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 32.8%
EBITDA Margin: -54.2%
Op. Margin: -66.3%
Net Margin: -45.6%

Op. margin of -66.3% is down 92.5% YoY — costs are rising relative to revenue. Net margin at -45.6% and gross margin of 32.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 354% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 5.1x
P/B Ratio: 4.6x

P/S of 5.1x and P/B of 4.6x. Across the last 5 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $40.45B
Cash: $980.50M
Long-Term Debt: $16.59B
Book Value: $13.88B
D/E Ratio: 1.2
Debt/EBITDA: N/A

With $40.45B in assets and $16.59B in long-term debt, D/E is 1.2and book value is $13.88B — moderate leverage. Over the past year, debt/equity is up 13% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.31B
TTM Free Cash Flow: $-301.40M
FCF Margin: -2.4%
FCF / Net Income: 6.4

TTM FCF of $-301.40M on $1.31B in operating cash flow. The FCF / Net Income ratio of 6.4x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.