Air Products & Chemicals, Inc.
$316.53
+0.33 (+0.10%) · delayed · Nov 13, 2026
Five-year price
52w $229.11 to $324.00
- Market cap
- $70.5B
- Enterprise value
- $68.7B
- P/E
- —
- 36.9× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- −5.3%
- ROIC
- −5.2%
- Debt / equity
- 0.00
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
17
- ○ROIC > 12% (5y avg)5y avg ROIC 11.7%
- ○ROE > 15% (5y avg)5y avg ROE 13.7%
- ○Stable operating marginsMargin volatility 14.3% (σ, 5y)
- ○Earnings convert to cashFCF / net income -23% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.3%
- ○Shrinking share countDiluted shares 0.2% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -5.3%
- –Price below Graham NumberGraham Number n/a
- ○P/B below 3P/B 4.7
Safety
20
- ●Debt / equity below 0.5D/E 0.00
- ○Debt payable in < 4 yrs of earningsNet debt $-1.8B
- ○Interest coverage > 8xCoverage -4.1x
- ○Current ratio > 1.5Current ratio 1.38
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $12.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.38
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 10%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 36.9
- ○P/E × P/B ≤ 22.5Product 173.1
Valuation lab
What do you have to believe?
A cash-flow valuation isn’t meaningful here: free cash flow is negative or not reported (common for banks, insurers and early-stage companies). Use book value and earnings power instead.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,504 | 8,188 | 8,930 | 8,919 | 8,856 | 10,323 | 12,699 | 12,600 | 12,101 | 12,037 |
| Gross profit | 2,327 | 2,436 | 2,741 | 2,914 | 2,998 | — | — | — | — | — |
| Operating income | 1,535 | 1,440 | 1,966 | 2,144 | 2,238 | 2,281 | 2,339 | 2,495 | 4,466 | (877) |
| Operating margin | 20.5% | 17.6% | 22.0% | 24.0% | 25.3% | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% |
| Pre-tax income | 1,555 | 1,416 | 2,015 | 2,290 | 2,424 | 2,507 | 2,755 | 2,882 | 4,821 | (441) |
| Income tax | 433 | 261 | 524 | 480 | 478 | 463 | 501 | 551 | 945 | (94) |
| Net income | 631 | 3,000 | 1,498 | 1,760 | 1,887 | 2,099 | 2,256 | 2,300 | 3,828 | (395) |
| EPS (diluted) | 2.89 | 13.65 | 6.78 | 7.94 | 8.49 | 9.43 | 10.14 | 10.33 | 17.18 | -1.77 |
| Diluted shares | 218 | 220 | 221 | 222 | 222 | 223 | 223 | 223 | 223 | 223 |
Who owns it