APDNYSEIndustrial Inorganic ChemicalsFiscal year ends September 30
Air Products & Chemicals, Inc.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$298.65−0.94 (-0.31%)
Close on Oct 19, 2026
- Market cap
- $66.54B
- P/E (TTM)
- –
- Dividend yield
- 2.39%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
31.4%−2.4 pts over 5 years
Operating margin
-7.3%−32.6 pts over 5 years
Net margin
-3.3%−24.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.5% | -1.8% | +6.3% | +4.4% | |
| Gross profit | -3.8% | +4.0% | +4.8% | +2.5% | |
| Dividend per share | +1.1% | +3.9% | +6.6% | +8.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 8.8% | 16.3% | -2.5% | |
| Return on assets | 3.6% | 8.6% | -1.0% | |
| Current ratio | 1.32 | 3.59 | 1.38 | |
| Debt to equity | 0.74 | 0.63 | – | |
| Net debt to EBITDA | 1.64× | 0.69× | – | |
| Interest coverage | 13.3× | 20.5× | -4.1× | |
| Inventory turnover | 11.3× | 14.8× | 10.7× | |
| Capex to revenue | 12.1% | 28.3% | 58.3% | |
| Diluted shares | 218M | 222M | 223M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Air Products & Chemicals generated $16.62B from operations and spent $31.12B on capital expenditure, dividends and share buybacks. 77% of that went back into the business.
Generated
$16.62B
Used
$31.12B
Capital expenditure$23.84B77%Dividends$7.29B23%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-3.3%
×Asset turnover0.30×
×Equity multiplier2.51×
=Return on equity, FY2025-2.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.3% | 0.30× | 2.51× | -2.5% |
| FY2024 | 31.6% | 0.34× | 2.28× | 24.4% |
| FY2023 | 18.3% | 0.43× | 2.16× | 16.8% |
| FY2022 | 17.8% | 0.47× | 2.03× | 16.9% |
| FY2021 | 20.3% | 0.40× | 2.03× | 16.4% |
| FY2020 | 21.3% | 0.40× | 1.91× | 16.3% |
| FY2019 | 19.7% | 0.47× | 1.74× | 16.1% |
| FY2018 | 16.8% | 0.47× | 1.80× | 14.3% |
| FY2017 | 36.6% | 0.45× | 2.13× | 35.0% |
| FY2016 | 8.4% | 0.42× | 2.47× | 8.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$394.50M
- Cash generatingOperating cash flow above zero$3.26B
- Return on assets improvedROA up on the prior year12.0% → -1.0%
- Earnings backed by cashOperating cash flow above net income$3.26B vs -$394.50M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.52 → 1.38
- No dilutionShare count did not rise223M → 223M
- Gross margin improvedGross margin up on the prior year32.49% → 31.41%
- More efficientAsset turnover rose0.38 → 0.30