AP
Air Products & Chemicals Inc
APD—
Air Products & Chemicals Inc AI Insights
Informational only. Not investment advice.Snapshot
- Net income TTM is -394.5M despite 2.9B operating income - 795M unusual items and 622.7M other expenses destroyed profitability[Net Income TTM]
- CapEx of 7.0B TTM (58% of revenue) vs FCF of -3.8B signals massive growth investment phase with negative cash generation[Capital Expenditure TTM]
- Operating margin 24% TTM vs industry median ~0% - structural cost advantage despite current earnings headwinds[Operating Margin TTM]
Watch Triggers
- Capital Expenditure TTM: Declines below 4B annually — Signals transition from investment to harvest phase - FCF inflection point
- Free Cash Flow TTM: Turns positive — Validates thesis that current negative FCF is temporary investment phase
- Interest Expense TTM: Exceeds 300M — Would indicate debt servicing consuming operating income gains
Bull Case
Core operations generating 2.9B operating income TTM at 24% margins - current losses are non-recurring (795M unusual items). Once CapEx normalizes, FCF could exceed 3B annually.
Operating Income TTMOperating Margin TTMCapital Expenditure TTM
Debt/equity of 1.23 manageable for industrial with 26.3B PPE base. Dividend of $7.14/share (62% payout ratio 5Y avg) signals management confidence in cash generation recovery.
Debt to EquityDividends Paid Per Share TTMPPE TTM
Bear Case
FCF of -3.8B TTM with 18.4B total debt creates funding pressure. Interest expense of 214M TTM will grow if rates stay elevated during extended CapEx cycle.
Free Cash Flow TTMTotal Debt TTMInterest Expense TTM
P/E of 20.4x on normalized EPS of $11.55 assumes successful project execution. Any delays or cost overruns on 7B CapEx program could compress multiples.
PE RatioEPS TTMCapital Expenditure TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
Leverage APD's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.
Forward Thesis
Heavy CapEx cycle (7B TTM) positions APD for earnings inflection as projects come online
1-3ymed
- PPE of 26.3B (64% of assets) indicates capacity build
- Operating income of 2.9B proves core business strength
- Industry leader investing through cycle
CapEx 7.0B vs industry median 3.1MOperating margin 24% vs industry ~0%PPE 26.3B TTM
Valuation Context
Caveats
Public Strategies Rankings
See how Air Products & Chemicals Inc ranks across different investment strategies.
Leverage APD's top insights and create a custom strategy in seconds. Our AI editor does it all — in one click.
APD Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$54.56B | — | ||
$71.11B | — | ||
21 | — | ||
$12.04B | -0.5% | — | |
$11.55 | -1.8% | — | |
24% | -0.4% | — | |
-3.28% | -34.9% | — | |
$-3.77B | — | ||
-0.02 | -26.9% | — | |
Beta 5Y (Monthly) | unknown | — |
APD Dividend History
103 dividends
02/09/26$1.7900
11/10/25$1.7900
08/11/25$1.7900
05/12/25$1.7900
02/10/25$1.7700
11/12/24$1.7700
08/12/24$1.7700
05/13/24$1.7700
02/12/24$1.7500
11/13/23$1.7500
08/14/23$1.7500
05/08/23$1.7500
02/13/23$1.6200
11/14/22$1.6200
08/08/22$1.6200
05/09/22$1.6200
02/14/22$1.5000
11/08/21$1.5000
08/09/21$1.5000
05/10/21$1.5000
02/08/21$1.3400
11/09/20$1.3400
08/10/20$1.3400
05/11/20$1.3400
02/10/20$1.1600
11/11/19$1.1600
08/12/19$1.1600
05/13/19$1.1600
02/11/19$1.1000
11/12/18$1.1000
08/13/18$1.1000
05/14/18$1.1000
02/12/18$0.9500
11/13/17$0.9500
08/14/17$0.9500
05/08/17$0.9500
02/13/17$0.8600
08/08/16$0.8600
05/09/16$0.8600
02/08/16$0.8100
11/09/15$0.8100
08/10/15$0.8100
05/11/15$0.8100
02/09/15$0.7700
11/10/14$0.7700
08/11/14$0.7700
05/12/14$0.7700
02/10/14$0.7100
11/12/13$0.7100
08/12/13$0.7100
05/13/13$0.7100
02/11/13$0.6400
11/13/12$0.6400
08/13/12$0.6400
05/14/12$0.6400
02/13/12$0.5800
11/14/11$0.5800
08/08/11$0.5800
05/09/11$0.5800
02/14/11$0.4900
11/08/10$0.4900
08/09/10$0.4900
05/10/10$0.4900
02/08/10$0.4500
11/09/09$0.4500
08/10/09$0.4500
05/11/09$0.4500
02/09/09$0.4400
11/10/08$0.4400
08/11/08$0.4400
05/12/08$0.4400
02/11/08$0.3800
11/12/07$0.3800
08/13/07$0.3800
05/14/07$0.3800
02/12/07$0.3400
11/13/06$0.3400
08/14/06$0.3400
05/08/06$0.3400
02/13/06$0.3200
11/14/05$0.3200
08/08/05$0.3200
05/09/05$0.3200
02/14/05$0.2900
11/08/04$0.2900
08/09/04$0.2900
05/10/04$0.2300
02/09/04$0.2300
11/10/03$0.2300
08/11/03$0.2300
05/12/03$0.2100
02/10/03$0.2100
11/12/02$0.2100
08/12/02$0.2100
05/13/02$0.2000
02/11/02$0.2000
11/12/01$0.2000
08/13/01$0.2000
05/14/01$0.1900
02/12/01$0.1900
11/13/00$0.1900
08/14/00$0.1900
05/12/00$0.1800
APD Stock Splits
No stock splits
APD SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/20/25 | 09/30/25 | Unknown | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/06/25 | 12/31/24 | 10-Q | |
11/21/24 | 09/30/24 | 10-K | |
08/01/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/05/24 | 12/31/23 | 10-Q | |
11/16/23 | 09/30/23 | 10-K | |
08/03/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/02/23 | 12/31/22 | 10-Q | |
11/22/22 | 09/30/22 | 10-K | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/04/22 | 12/31/21 | 10-Q | |
11/18/21 | 09/30/21 | 10-K | |
08/09/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
02/04/21 | 12/31/20 | 10-Q | |
11/19/20 | 09/30/20 | 10-K | |
07/23/20 | 06/30/20 | 10-Q | |
04/23/20 | 03/31/20 | 10-Q | |
01/24/20 | 12/31/19 | 10-Q | |
11/26/19 | 09/30/19 | 10-K | |
07/25/19 | 06/30/19 | 10-Q | |
04/24/19 | 03/31/19 | 10-Q | |
01/25/19 | 12/31/18 | 10-Q | |
11/20/18 | 09/30/18 | 10-K | |
07/26/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
01/26/18 | 12/31/17 | 10-Q | |
11/16/17 | 09/30/17 | 10-K | |
08/01/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
01/27/17 | 12/31/16 | 10-Q | |
11/21/16 | 09/30/16 | 10-K | |
07/29/16 | 06/30/16 | 10-Q | |
04/28/16 | 03/31/16 | 10-Q | |
01/29/16 | 12/31/15 | 10-Q | |
11/24/15 | 09/30/15 | 10-K | |
07/30/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
01/30/15 | 12/31/14 | 10-Q | |
11/24/14 | 09/30/14 | 10-K | |
07/24/14 | 06/30/14 | 10-Q | |
04/24/14 | 03/31/14 | 10-Q | |
01/29/14 | 12/31/13 | 10-Q | |
11/26/13 | 09/30/13 | 10-K | |
07/24/13 | 06/30/13 | 10-Q | |
04/25/13 | 03/31/13 | 10-Q | |
01/25/13 | 12/31/12 | 10-Q | |
11/20/12 | 09/30/12 | 10-K | |
07/27/12 | 06/30/12 | 10-Q | |
04/27/12 | 03/31/12 | 10-Q | |
01/27/12 | 12/31/11 | 10-Q | |
11/22/11 | 09/30/11 | 10-K | |
07/27/11 | 06/30/11 | 10-Q | |
04/26/11 | 03/31/11 | 10-Q | |
01/26/11 | 12/31/10 | 10-Q | |
11/23/10 | 09/30/10 | 10-K | |
07/26/10 | 06/30/10 | 10-Q | |
04/26/10 | 03/31/10 | 10-Q | |
01/26/10 | 12/31/09 | 10-Q | |
11/25/09 | 09/30/09 | 10-K | |
07/24/09 | 06/30/09 | 10-Q | |
04/24/09 | 03/30/09 | 10-Q | |
01/30/09 | 12/31/08 | 4 | |
11/26/08 | 09/30/08 | 10-K | |
07/25/08 | 06/30/08 | 4 | |
04/25/08 | 03/30/08 | Unknown | -- |
01/25/08 | 12/31/07 | 10-Q | |
11/28/07 | 09/30/07 | 4 | |
07/27/07 | 06/30/07 | 10-Q | |
04/27/07 | 03/30/07 | Unknown | -- |
01/26/07 | 12/31/06 | 10-Q | |
12/13/06 | 09/30/06 | 10-K | |
07/28/06 | 06/30/06 | 10-Q | |
04/28/06 | 03/30/06 | Unknown | -- |
02/08/06 | 12/31/05 | 10-Q | |
11/22/05 | 09/30/05 | 10-K | |
08/03/05 | 06/30/05 | 10-Q | |
04/27/05 | 03/30/05 | Unknown | -- |
02/08/05 | 12/31/04 | 10-Q | |
12/13/04 | 09/30/04 | 10-K | |
07/28/04 | 06/30/04 | 10-Q | |
05/13/04 | 03/30/04 | Unknown | -- |
02/12/04 | 12/31/03 | 10-Q | |
12/12/03 | 09/30/03 | 4 | |
08/13/03 | 06/30/03 | 8-K | |
05/14/03 | 03/30/03 | Unknown | -- |
02/13/03 | 12/31/02 | 10-Q | |
12/13/02 | 09/30/02 | 8-K | |
08/13/02 | 06/30/02 | 8-K | |
05/03/02 | 03/30/02 | Unknown | -- |
02/13/02 | 12/31/01 | 8-K/A | |
12/14/01 | 09/30/01 | 10-K | |
08/10/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/30/01 | Unknown | -- |
02/13/01 | 12/31/00 | 8-K | |
12/18/00 | 09/30/00 | 8-K | |
08/11/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/30/00 | Unknown | -- |