APD
Air Products
$299.67
▼ 0.1%Updated Today 11:30 AM ET
APD at a glance — five pillars scored 0–100 from real filed financials.
Overall: Neutral · 55/100. A wider, greener shape means more pillars look healthy. Dividends scores 0 when a company pays none — that is a choice, not a flaw.
▲ Up 1.8% over the last 12 months
Market Cap
$69.96B
P/E
31.32x
Forward P/E (est.)
22.79x
ROE
13.7%
Revenue Growth
3.7%
EPS Growth
37.4%
Profit Margin
16.9%
FCF Yield
5.9%
Debt / Equity
1.18x
ROIC
-3.0%
Interest Coverage
—
Current Ratio
1.43x
Dividend Yield
2.6%
Implied Growth (rev. DCF)
—
Rating Score
55/100
Air Products (APD) is a large-cap company in the Industrial Gases industry, part of the Materials sector of the S&P 500, with a market value around $69.96B.
In its latest reported year it generated about $12.04B in revenue and posted a net loss of $394.50M.
Our model rates APD Neutral (55/100) on growth, profitability, financial health, and valuation. The summary below is built from its filed financials and current ratios and refreshes automatically.
Evidence of durable competitive advantage in the filed financials (10 years of history).
The numbers don't show a durable competitive advantage — margins, growth, or returns on capital have been unstable or thin. Great returns are still possible; they just aren't protected.
32.4% average over the last 3 years
±1.5 pts around 31.6% across 5 years
grew in 4 of the last 9 year-over-year periods
positive in 7 of 10 years
-3.0% latest fiscal year
A moat can't be proven by numbers alone — this scores the evidence a durable advantage leaves behind (pricing power, consistency, returns on capital), computed the same way for every stock. Pair it with the business overview before concluding anything.
Technical analysis reads price and volume to judge momentum and timing. It complements the fundamentals above — it does not replace them. Here is what APD's chart says today, with each tool explained.
Trend — moving averages. A moving average is the average closing price over a window, which smooths out daily noise. APD trades near $299.67, above its 50-day average ($290.39) and 200-day average ($273.83). Price above both averages, with the shorter one above the longer, is the textbook definition of an uptrend — momentum favours buyers.
Momentum — RSI. The Relative Strength Index runs 0–100 and measures how strong recent gains are versus losses. Above 70 is "overbought", below 30 "oversold". At 76 it is overbought — the recent rally is stretched and can cool off.
MACD. MACD compares two moving averages to flag shifts in momentum. Its histogram is currently positive — short-term momentum is improving.
Volatility — ATR. Average True Range is the typical daily move. APD's is $9.75 (~3.3% of price), so swings of about that size each day are normal — handy for setting a stop that isn't too tight.
Support & resistance. Over the last month APD found buyers near $270.11 (support) and sellers near $314.28 (resistance); its 52-week range is $229.11–$314.28. A decisive break beyond either edge often marks the next move.
Volume. The latest session traded 1.1× the 20-day average — about normal. Rising volume on up-days suggests real buying; on down-days, real selling.
Educational information to help you read a chart — not a recommendation or a forecast. It updates daily as the price and indicators change.
4Y CAGR
3.9%
Revenue moved from $7.50B in 2016 to $12.04B in 2025, a 5.4% compound annual growth rate. The most recent year was roughly flat (3.7%) year over year. Slower, mature growth is common for established businesses.
Gross Margin
32.0%
Operating Margin
-7.3%
Net Margin
-3.3%
ROE
13.7%
Air Products keeps about 16.9% of each sales dollar as net profit, with a 32.0% gross margin and -7.3% operating margin. Return on equity is 13.7% and return on invested capital about -3.0%. Margins this wide usually signal pricing power or a cost advantage.
Total Debt
$5.29B
Net Debt
$4.34B
Net Debt / EBITDA
—
Debt / Equity
1.18x
Leverage: debt-to-equity is 1.2x, with a current ratio of 1.4x. That is a moderate, manageable debt load for most businesses. It carries roughly $5.29B of total debt against $951.00M of cash.
Operating CF
$3.26B
Free Cash Flow
-$3.77B
FCF Margin
-31.3%
In the latest year Air Products produced about $3.26B of operating cash flow but negative free cash flow as it invested heavily. That is a free-cash-flow yield of about 5.9% on today's price. Strong cash generation funds dividends, buybacks, and reinvestment.
Can the payout survive a bad year? Scored from filed cash flow, earnings coverage, and the raise/cut record.
The dividend is being paid, but coverage or consistency is thinner than an income investor should rely on without a closer look.
Dividend yield
2.6%
Per share (latest FY)
$7.14
Total paid (latest FY)
$1.58B
History on record
10 years
free cash flow was negative in the latest year — the dividend is being financed
total dividends increased 9 years in a row
no cuts in the last 10 years on record
Coverage uses the latest fiscal year as filed with the SEC; the streak counts total dollars paid (per-share figures can carry split artifacts). Educational information, not income advice.
P/E
31.32x
P/S
5.21x
P/B
4.25x
EV / EBITDA
—
APD trades at 31.3x trailing earnings (about 22.8x on estimated forward earnings), 5.2x sales, and 4.2x book value. That is a premium multiple that needs growth to justify it.
Where APD sits versus its Materials sector peers in the S&P 500.
Bands show the middle half (25th–75th percentile) of the 54 Materials companies in the S&P 500 — the peer-relative anchor professional comps analysis uses. Context only — not investment advice.
How APD stacks up against its Materials peers — valuation, profitability, and growth versus the sector median.
In the Materials sector (78 S&P 500 companies), APD ranks #30 of 78 by our overall rating. It trades at a premium versus the sector on earnings (31.3x P/E vs. 22.4x median) with a lower return on equity (13.7% vs. 16.1%) and slower revenue growth (3.7% vs. 7.9%).
P/E vs sector
31.3x
median 22.4x
ROE vs sector
13.7%
median 16.1%
Growth vs sector
3.7%
median 7.9%
Sector rank
#30
of 78 by rating
Valuation vs. quality map
The sweet spot is upper-left: more profitable (higher ROE) for a lower P/E. Dashed lines mark the sector median.
Peers are the closest Materials companies by sub-industry and size. Sector median is across all 78 S&P 500 names in the sector. Educational, not a recommendation.
Project revenue → earnings → price. Edit the assumptions to build your own case.
2030 price target (Base Case)
$0.00 – $0.00
vs. $299.67 today · expected CAGR -35% – -28%
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | $12.52B | $13.02B | $13.54B | $14.08B | $14.65B |
| Net income | $375.56M | $390.59M | $406.21M | $422.46M | $439.36M |
| EPS | $1.61 | $1.67 | $1.74 | $1.81 | $1.88 |
| Share price (low) | $30.56 | $31.79 | $33.06 | $34.38 | $35.76 |
| Share price (high) | $49.87 | $51.86 | $53.94 | $56.09 | $58.34 |
| CAGR (low–high) | -90% / -83% | -67% / -58% | -52% / -44% | -42% / -34% | -35% / -28% |
Educational model on sample fundamentals — not a forecast or investment advice. Outputs are only as good as your assumptions.
The case for APD:
- High net margins (16.9%) point to pricing power or efficiency.
- Healthy free-cash-flow yield (~5.9%) funds buybacks and dividends.
- Pays a 2.6% dividend on top of any price gains.
The case against APD:
- Like any single stock, it is exposed to competition, the economic cycle, and shifts in its end markets.
Valuation risk — at 31.3x earnings, disappointing results could compress the multiple.
Balance-sheet risk — debt/equity of 1.2x magnifies the impact of higher rates or weaker earnings.
Market risk — sector rotation, the economic cycle, and broad sentiment move the stock regardless of fundamentals.
On balance, the picture is mixed: Air Products is a large-cap materials business growing at a mature pace, with solid profitability, and a heavier debt load to watch. It trades at 31.3x earnings, which our model scores Neutral (55/100). Weigh this against your own goals and time horizon — this is educational information, not a recommendation.
Analyst Ratings
What 27 Wall Street analysts covering APD recommend (August 2026). Consensus is a useful sanity check — not a substitute for your own homework.
Latest SEC Filings
APD's most recent filings, straight from SEC EDGAR. Annual and quarterly reports are the deep dives; 8-Ks flag material events the moment they happen.
In the Idea Lab
APD — frequently asked questions
Is APD a good stock to buy?
We don't give buy or sell advice. Our model rates Air Products Neutral (55/100) based on its growth, profitability, financial health, and valuation — use that as a research starting point and make your own decision.
What is APD's rating on The Stocks School?
Air Products currently scores 55/100 (Neutral) on our transparent model, which weighs real fundamentals: growth, margins, returns on capital, balance-sheet strength, and valuation.
How our ratings work →Where does APD's data come from?
Live price data plus real fundamentals and 5-year financials pulled directly from Air Products's SEC filings — refreshed automatically, not hand-entered.
How is the 5-year projection for APD calculated?
It's a scenario model: it grows revenue at an assumed rate, applies a profit margin and a valuation multiple, and shows the resulting share-price range. The assumptions are yours to change — it's a tool for thinking, not a prediction.
Is this APD analysis financial advice?
No. Everything on this page is educational research, not financial advice or a recommendation to buy or sell APD. Always do your own research and consider a licensed professional.
Data notice. Fundamentals and financial statements are sourced from company filings (SEC EDGAR) and market-data providers; prices and market caps refresh on trading days and may be delayed. Ratings, projections, technical signals, and written summaries are model- or rule-generated for education and may simplify or lag the latest filings.
Not advice. Nothing on this page is investment advice or a recommendation to buy, hold, or sell any security. Do your own research and consult a licensed financial professional before investing.