Air Products and Chemicals (APD) Financials

$267.85 -4.36 (-1.60%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$267.57 -0.28 (-0.11%)

As of 05/6/2025 07:38 PM Eastern

Annual Income Statements for Air Products and Chemicals

This table shows Air Products and Chemicals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	1,278	631	3,000	1,498	1,760	1,887	2,099	2,256	2,300	3,828
Consolidated Net Income / (Loss)	1,318	662	3,021	1,533	1,809	1,931	2,115	2,267	2,339	3,862
Net Income / (Loss) Continuing Operations	966	1,122	1,155	1,491	1,809	1,945	2,045	2,254	2,331	3,876
Total Pre-Tax Income	1,266	1,555	1,416	2,015	2,290	2,424	2,507	2,755	2,882	4,821
Total Operating Income	1,233	1,535	1,440	1,966	2,144	2,238	2,281	2,339	2,495	4,466
Total Gross Profit	2,226	2,326	2,436	2,741	2,943	2,998	3,137	3,360	3,767	3,932
Total Revenue	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101
Operating Revenue	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101
Total Cost of Revenue	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169
Operating Cost of Revenue	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169
Total Operating Expenses	993	791	996	775	799	761	856	1,021	1,272	-534
Selling, General & Admin Expense	773	684	714	761	750	776	828	901	957	942
Research & Development Expense	76	72	58	65	73	84	94	103	106	100
Other Operating Expenses / (Income)	-38	1.20	-89	-50	-49	-65	-53	-56	-35	-58
Restructuring Charge	180	35	151	0.00	26	0.00	0.00	74	245	57
Other Special Charges / (Income)	1.40	-	0.00	0.00	-29	-34	-37	-	-	-1,576
Total Other Income / (Expense), net	33	20	-24	49	145	186	226	416	388	355
Interest Expense	119	122	121	131	137	109	142	128	178	219
Interest & Investment Income	152	147	80	175	215	265	294	482	604	648
Other Income / (Expense), net	0.00	-5.40	17	5.10	67	31	74	62	-39	-74
Income Tax Expense	300	433	261	524	480	478	463	501	551	945
Net Income / (Loss) Discontinued Operations	352	-461	1,866	42	0.00	-29	70	25	7.40	-14
Net Income / (Loss) Attributable to Noncontrolling Interest	40	30	21	35	49	44	16	10	38	34
Basic Earnings per Share	$5.95	$2.92	$13.76	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21
Weighted Average Basic Shares Outstanding	214.90M	216.40M	218M	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M
Diluted Earnings per Share	$5.88	$2.89	$13.65	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18
Weighted Average Diluted Shares Outstanding	217.30M	218.30M	219.80M	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M
Weighted Average Basic & Diluted Shares Outstanding	214.80M	216.10M	218.10M	219.30M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M
Cash Dividends to Common per Share	$3.20	$3.39	$3.71	$4.25	$4.58	$5.18	$5.84	$6.36	$6.87	$7.06

This table shows Air Products and Chemicals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	583	572	440	596	693	609	572	697	1,950	617	-1,731
Consolidated Net Income / (Loss)	593	584	450	611	694	622	581	709	1,951	650	-1,738
Net Income / (Loss) Continuing Operations	580	584	450	611	687	622	581	709	1,965	650	-1,738
Total Pre-Tax Income	711	720	571	750	841	757	711	850	2,503	791	-2,243
Total Operating Income	627	652	460	644	739	667	637	738	2,424	644	-2,328
Total Gross Profit	949	902	917	963	984	930	939	980	1,083	915	862
Total Revenue	3,570	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932	2,916
Operating Revenue	3,570	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932	2,916
Total Cost of Revenue	2,621	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,017	2,054
Operating Cost of Revenue	2,621	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,017	2,054
Total Operating Expenses	322	250	458	319	246	263	302	242	-1,341	271	3,190
Selling, General & Admin Expense	224	234	251	239	233	238	241	235	228	242	222
Research & Development Expense	31	24	27	29	25	26	25	27	22	22	23
Other Operating Expenses / (Income)	-6.40	-8.40	-6.50	-8.00	-12	-0.80	-22	-20	-16	7.00	18
Restructuring Charge	-	-	186	59	-	-	57	0.00	-	-	2,928
Total Other Income / (Expense), net	85	68	111	106	103	90	74	112	79	147	85
Interest Expense	33	41	41	47	48	54	60	56	50	43	42
Interest & Investment Income	97	110	166	165	163	158	143	169	177	151	146
Other Income / (Expense), net	20	-0.60	-14	-12	-13	-15	-9.20	-1.30	-49	39	-19
Income Tax Expense	131	136	121	140	154	135	131	141	538	141	-506
Net Income / (Loss) Attributable to Noncontrolling Interest	9.90	12	10	15	1.80	12	8.50	12	1.10	32	-6.90
Basic Earnings per Share	$2.62	$2.58	$1.98	$2.68	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77	($7.77)
Weighted Average Basic Shares Outstanding	222M	222.20M	222.30M	222.40M	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M	222.80M
Diluted Earnings per Share	$2.62	$2.57	$1.97	$2.67	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77	($7.77)
Weighted Average Diluted Shares Outstanding	222.50M	222.60M	222.70M	222.80M	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M	222.80M
Weighted Average Basic & Diluted Shares Outstanding	221.87M	222.08M	222.12M	222.15M	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M	222.54M

This table details how cash moves in and out of Air Products and Chemicals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	55	1,208	1,929	-1,938	-543	3,004	-784	-1,758	-1,094	1,363
Net Cash From Operating Activities	1,982	2,224	2,528	1,092	2,970	3,265	3,335	3,171	3,206	3,647
Net Cash From Continuing Operating Activities	2,047	2,259	2,528	2,547	2,970	3,265	3,335	3,171	3,206	3,647
Net Income / (Loss) Continuing Operations	933	1,100	1,134	1,456	1,760	1,901	2,029	2,244	2,293	3,842
Consolidated Net Income / (Loss)	1,278	631	3,000	0.00	1,760	1,887	2,099	2,256	2,300	3,828
Net Income / (Loss) Discontinued Operations	345	-468	1,866	0.00	0.00	-14	70	13	7.40	-14
Depreciation Expense	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451
Non-Cash Adjustments To Reconcile Net Income	-39	129	261	1,559	-49	-154	-108	-93	28	-1,694
Changes in Operating Assets and Liabilities, net	229	140	268	17	176	333	93	-294	-473	48
Net Cash From Investing Activities	-1,198	-909	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919
Net Cash From Continuing Investing Activities	-1,147	-865	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919
Purchase of Property, Plant & Equipment	-1,162	-908	-1,040	-1,568	-1,990	-2,509	-2,464	-2,927	-4,626	-6,797
Acquisitions	-35	0.00	-16	-345	-139	-208	-11	-65	0.00	0.00
Purchase of Investments	0.00	0.00	-2,693	-530	-172	-2,866	-2,177	-3,296	-2,217	-544
Sale of Property, Plant & Equipment	-	0.00	43	49	11	80	38	46	25	1,879
Sale and/or Maturity of Investments	0.00	0.00	2,291	748	191	1,938	1,875	2,377	897	471
Other Investing Activities, net	-0.80	-1.70	3.40	5.50	-14	3.90	5.80	7.00	4.80	72
Net Cash From Financing Activities	-682	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615
Net Cash From Continuing Financing Activities	-960	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615
Repayment of Debt	-466	-667	-1,324	-539	-449	-559	-486	-437	-821	-619
Payment of Dividends	-678	-721	-788	-898	-994	-1,104	-1,257	-1,383	-1,613	-1,591
Issuance of Debt	340	387	2.40	0.50	3.90	4,896	180	784	3,784	4,388
Issuance of Common Equity	-	-	-	-	-	17	137	21	235	429
Other Financing Activities, net	121	141	68	76	68	34	11	19	24	7.90
Other Net Changes in Cash	-47	754	2,854	5.80	0.00	15	35	-71	7.10	20

This table details how cash moves in and out of Air Products and Chemicals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-246	420	-889	-605	-21	346	572	-159	604	-1,134	-354
Net Cash From Operating Activities	957	719	639	845	1,002	627	802	1,261	957	812	328
Net Cash From Continuing Operating Activities	957	719	639	845	1,002	627	802	1,261	957	812	328
Net Income / (Loss) Continuing Operations	571	572	440	596	685	609	572	697	1,964	617	-1,731
Consolidated Net Income / (Loss)	583	572	440	596	693	609	572	697	1,950	617	-1,731
Depreciation Expense	333	322	340	340	357	349	361	360	381	367	384
Non-Cash Adjustments To Reconcile Net Income	77	31	104	20	-128	-29	-22	6.70	-1,650	-42	2,883
Changes in Operating Assets and Liabilities, net	1.60	-205	-245	-110	87	-303	-110	198	262	-130	-1,208
Net Cash From Investing Activities	-1,013	-256	-2,220	-1,924	-1,517	-1,666	-1,560	-1,548	-145	-2,182	-2,237
Net Cash From Continuing Investing Activities	-1,013	-256	-2,220	-1,924	-1,517	-1,666	-1,560	-1,548	-145	-2,182	-2,237
Purchase of Property, Plant & Equipment	-787	-834	-1,007	-1,322	-1,463	-1,446	-1,669	-1,607	-2,075	-2,118	-1,892
Purchase of Investments	-397	-19	-1,183	-818	-197	-357	-172	-8.80	-6.80	-133	-386
Sale of Property, Plant & Equipment	13	4.00	3.20	6.10	12	4.20	16	6.10	1,853	34	2.10
Sale and/or Maturity of Investments	158	592	20	154	131	120	247	46	58	5.00	6.10
Other Investing Activities, net	0.10	1.70	-53	56	-	13	17	16	27	29	32
Net Cash From Financing Activities	-189	-86	689	496	511	1,363	1,350	135	-232	274	1,551
Net Cash From Continuing Financing Activities	-189	-86	689	496	511	1,363	1,350	135	-232	274	1,551
Repayment of Debt	0.60	-212	-430	-43	-136	-119	-56	-27	-416	-52	-341
Payment of Dividends	-359	-359	-360	-389	-505	-389	-389	-394	-419	-394	-394
Issuance of Debt	172	472	1,403	808	1,101	1,831	1,686	420	452	438	2,210
Issuance of Common Equity	-	0.00	73	116	46	35	108	136	150	281	75
Other Net Changes in Cash	-2.20	43	3.50	-22	-17	22	-19	-8.10	25	-38	4.20

This table presents Air Products and Chemicals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575
Total Current Assets	2,794	4,317	5,877	5,082	4,618	8,685	8,376	6,283	5,201	6,363
Cash & Equivalents	206	1,293	3,274	2,791	2,249	5,253	4,469	2,711	1,617	2,980
Short-Term Investments	-	0.00	404	185	166	1,105	1,332	591	332	5.00
Accounts Receivable	1,517	1,211	1,259	1,207	1,260	1,275	1,451	1,849	1,700	1,822
Inventories, net	658	255	335	396	388	405	454	514	652	766
Prepaid Expenses	67	94	191	130	77	165	119	157	177	180
Other Current Assets	344	538	403	373	478	483	551	516	722	611
Plant, Property, & Equipment, net	8,745	8,260	8,440	9,924	10,338	11,965	13,255	14,161	17,472	23,371
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	39,951
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	16,580
Total Noncurrent Assets	5,796	5,452	4,150	4,172	3,987	4,519	5,228	6,749	9,330	9,841
Long-Term Investments	1,266	1,284	1,287	1,277	1,276	1,432	1,649	3,354	4,618	4,793
Noncurrent Note & Lease Receivables	1,350	1,222	1,132	1,013	890	816	740	-	1,312	1,612
Goodwill	1,131	845	722	789	797	892	912	823	862	905
Intangible Assets	508	388	368	439	420	436	421	348	335	312
Other Noncurrent Operating Assets	649	671	642	655	604	943	1,507	2,225	2,204	2,219
Total Liabilities & Shareholders' Equity	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575
Total Liabilities	9,953	10,815	8,282	8,002	7,555	12,725	12,771	13,490	16,342	20,901
Total Current Liabilities	3,644	3,283	2,489	2,338	1,821	2,417	2,799	3,466	3,896	4,180
Short-Term Debt	1,930	1,301	560	461	99	478	487	688	875	695
Accounts Payable	1,642	1,652	1,814	1,818	1,636	1,833	2,218	2,772	2,890	2,926
Current Deferred & Payable Income Tax Liabilities	56	118	99	60	87	106	94	135	131	559
Total Noncurrent Liabilities	6,309	7,532	5,793	5,664	5,734	10,309	9,972	10,024	12,446	16,721
Long-Term Debt	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533
Noncurrent Deferred & Payable Income Tax Liabilities	803	710	778	775	794	963	1,181	1,247	1,266	1,160
Other Noncurrent Operating Liabilities	1,554	1,817	1,612	1,537	1,712	1,916	1,641	1,691	1,749	2,028
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,381	7,213	10,186	11,176	11,388	12,443	14,088	13,702	15,660	18,674
Total Preferred & Common Equity	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037
Total Common Equity	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037
Common Stock	1,154	1,219	1,251	1,279	1,320	1,344	1,365	1,391	1,440	1,503
Retained Earnings	10,580	10,476	12,847	13,410	14,138	14,876	15,678	16,520	17,290	19,546
Treasury Stock	-2,360	-2,227	-2,164	-2,089	-2,030	-2,000	-1,988	-1,981	-1,967	-1,984
Accumulated Other Comprehensive Income / (Loss)	-2,126	-2,388	-1,847	-1,742	-2,376	-2,140	-1,516	-2,786	-2,449	-2,028
Noncontrolling Interest	132	134	99	319	335	363	548	558	1,347	1,637

This table presents Air Products and Chemicals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	27,193	28,278	29,435	30,930	32,003	34,118	35,922	36,974	39,575	40,017	38,873
Total Current Assets	6,283	6,321	5,722	5,354	5,201	5,650	6,057	5,677	6,363	5,352	5,188
Cash & Equivalents	2,711	3,131	2,242	1,638	1,617	1,963	2,535	2,376	2,980	1,846	1,491
Short-Term Investments	591	20	271	269	332	272	103	62	5.00	118	111
Accounts Receivable	1,849	1,827	1,715	1,934	1,700	1,725	1,716	1,712	1,822	1,807	1,846
Inventories, net	514	635	646	664	652	709	721	756	766	739	770
Prepaid Expenses	157	165	225	179	177	207	263	171	180	202	262
Other Current Assets	516	543	623	670	722	774	719	601	611	641	708
Plant, Property, & Equipment, net	14,161	15,039	15,698	16,513	17,472	18,936	20,001	21,482	23,371	24,731	24,033
Plant, Property & Equipment, gross	-	29,772	30,752	31,716	-	34,794	35,913	37,598	39,951	41,098	40,646
Accumulated Depreciation	-	14,733	15,053	15,203	-	15,858	15,913	16,115	16,580	16,367	16,612
Total Noncurrent Assets	6,749	6,918	8,015	9,063	9,330	9,533	9,864	9,815	9,841	9,935	9,652
Long-Term Investments	3,354	3,392	4,420	4,494	4,618	4,685	4,759	4,715	4,793	4,772	5,129
Noncurrent Note & Lease Receivables	-	579	562	1,337	1,312	1,605	1,668	1,651	1,612	1,581	1,290
Goodwill	823	876	884	892	862	899	883	879	905	867	887
Intangible Assets	348	363	367	359	335	339	318	311	312	288	282
Other Noncurrent Operating Assets	2,225	1,708	1,782	1,982	2,204	2,005	2,235	2,260	2,219	2,428	2,065
Total Liabilities & Shareholders' Equity	27,193	28,278	29,435	30,930	32,003	34,118	35,922	36,974	39,575	40,017	38,873
Total Liabilities	13,490	13,761	14,745	15,559	16,342	17,989	19,587	20,287	20,901	21,279	22,093
Total Current Liabilities	3,466	3,277	2,798	3,948	3,896	3,119	4,061	4,475	4,180	4,809	5,211
Short-Term Debt	688	565	180	777	875	234	1,122	1,150	695	1,200	1,604
Accounts Payable	2,772	2,552	2,489	3,062	2,890	2,718	2,783	3,169	2,926	3,024	3,424
Current Deferred & Payable Income Tax Liabilities	135	160	128	109	131	167	156	156	559	586	183
Total Noncurrent Liabilities	10,024	10,484	11,947	11,611	12,446	14,870	15,526	15,813	16,721	16,469	16,883
Long-Term Debt	7,086	7,493	8,961	8,615	9,431	11,873	12,500	12,883	13,533	13,271	14,254
Noncurrent Deferred & Payable Income Tax Liabilities	1,247	1,246	1,258	1,216	1,266	1,250	1,281	1,182	1,160	1,195	670
Other Noncurrent Operating Liabilities	1,691	1,745	1,729	1,780	1,749	1,747	1,745	1,748	2,028	2,003	1,958
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	13,702	14,517	14,690	15,371	15,660	16,129	16,335	16,687	18,674	18,739	16,780
Total Preferred & Common Equity	13,144	13,936	14,058	14,138	14,313	14,873	14,913	15,101	17,037	16,692	14,703
Total Common Equity	13,144	13,936	14,058	14,138	14,313	14,873	14,913	15,101	17,037	16,692	14,703
Common Stock	1,391	1,398	1,413	1,426	1,440	1,449	1,465	1,488	1,503	1,510	1,541
Retained Earnings	16,520	16,731	16,781	16,987	17,290	17,510	17,690	17,990	19,546	19,767	17,637
Accumulated Other Comprehensive Income / (Loss)	-2,786	-2,218	-2,163	-2,305	-2,449	-2,120	-2,276	-2,391	-2,028	-2,586	-2,478
Other Equity Adjustments	-	-	-1,973	-	-	-	-	-	-	-	-1,997
Noncontrolling Interest	558	582	632	1,233	1,347	1,256	1,422	1,586	1,637	2,046	2,076

This table displays calculated financial ratios and metrics derived from Air Products and Chemicals' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.05%	-4.10%	9.11%	9.07%	-0.13%	-0.70%	16.56%	23.01%	-0.78%	-3.96%
EBITDA Growth	-8.90%	13.99%	-2.60%	26.65%	11.98%	4.84%	6.46%	1.71%	1.99%	53.21%
EBIT Growth	-7.91%	24.04%	-4.78%	35.29%	12.20%	2.59%	3.83%	1.96%	2.27%	78.87%
NOPAT Growth	-3.69%	17.76%	6.03%	23.79%	16.54%	5.97%	3.58%	2.86%	5.43%	77.98%
Net Income Growth	32.68%	-49.80%	356.72%	-49.26%	18.04%	6.73%	9.52%	7.17%	3.18%	65.16%
EPS Growth	27.55%	-50.85%	372.32%	-50.33%	17.11%	6.93%	11.07%	7.53%	1.87%	66.31%
Operating Cash Flow Growth	-9.51%	12.21%	13.70%	-56.83%	172.07%	9.93%	2.16%	-4.94%	1.11%	13.76%
Free Cash Flow Firm Growth	178.73%	20.17%	-58.68%	-107.87%	1,625.30%	-81.62%	-43.53%	887.59%	-282.72%	18.99%
Invested Capital Growth	-11.50%	-15.83%	0.03%	16.83%	2.68%	13.95%	13.65%	3.30%	31.55%	29.51%
Revenue Q/Q Growth	-22.70%	26.39%	3.25%	1.08%	-0.18%	0.42%	5.32%	6.09%	-2.92%	-0.03%
EBITDA Q/Q Growth	-10.73%	22.97%	4.32%	2.30%	4.82%	-1.05%	2.49%	0.35%	2.79%	40.14%
EBIT Q/Q Growth	-11.07%	34.16%	5.63%	2.07%	5.49%	-2.30%	2.94%	0.54%	3.33%	60.17%
NOPAT Q/Q Growth	-7.81%	37.07%	16.74%	0.08%	1.19%	-0.87%	2.16%	0.34%	4.77%	57.02%
Net Income Q/Q Growth	25.89%	8.34%	2.51%	-0.99%	3.37%	-1.23%	6.23%	-1.13%	4.53%	48.22%
EPS Q/Q Growth	23.01%	8.24%	2.40%	-1.17%	2.98%	-0.93%	6.07%	-1.07%	5.09%	48.74%
Operating Cash Flow Q/Q Growth	-13.10%	26.35%	6.03%	-60.61%	139.74%	9.56%	-11.31%	4.31%	1.42%	-1.23%
Free Cash Flow Firm Q/Q Growth	75.13%	32.51%	-63.82%	26.70%	158.72%	-72.29%	-70.53%	175.56%	-104.33%	26.85%
Invested Capital Q/Q Growth	-12.08%	-17.10%	3.84%	2.95%	-4.63%	0.99%	3.72%	-2.65%	5.64%	6.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.45%	31.00%	29.75%	30.69%	33.00%	33.85%	30.39%	26.46%	29.90%	32.49%
EBITDA Margin	26.73%	31.78%	28.36%	32.94%	36.93%	38.99%	35.61%	29.45%	30.27%	48.29%
Operating Margin	15.76%	20.46%	17.59%	22.01%	24.04%	25.27%	22.10%	18.42%	19.80%	36.91%
EBIT Margin	15.76%	20.39%	17.79%	22.07%	24.79%	25.61%	22.81%	18.91%	19.49%	36.30%
Profit (Net Income) Margin	16.84%	8.82%	36.90%	17.17%	20.29%	21.80%	20.49%	17.85%	18.56%	31.92%
Tax Burden Percent	104.07%	42.55%	213.35%	76.07%	79.03%	79.67%	84.35%	82.28%	81.13%	80.11%
Interest Burden Percent	102.67%	101.63%	97.22%	102.25%	103.55%	106.86%	106.47%	114.72%	117.38%	109.76%
Effective Tax Rate	23.71%	27.83%	18.42%	26.02%	20.97%	19.74%	18.46%	18.18%	19.12%	19.60%
Return on Invested Capital (ROIC)	8.09%	11.02%	12.79%	14.60%	15.58%	15.23%	13.86%	13.19%	11.82%	16.13%
ROIC Less NNEP Spread (ROIC-NNEP)	17.45%	-5.19%	390.90%	3.63%	-12.90%	-94.11%	180.92%	70.50%	25.24%	21.46%
Return on Net Nonoperating Assets (RNNOA)	9.25%	-1.96%	21.94%	-0.24%	0.46%	0.98%	2.08%	3.12%	4.11%	6.37%
Return on Equity (ROE)	17.35%	9.07%	34.73%	14.35%	16.04%	16.21%	15.94%	16.31%	15.93%	22.50%
Cash Return on Invested Capital (CROIC)	20.30%	28.21%	12.75%	-0.93%	12.93%	2.19%	1.09%	9.94%	-15.43%	-9.59%
Operating Return on Assets (OROA)	7.02%	8.65%	7.98%	10.47%	11.60%	10.28%	9.05%	8.88%	8.30%	12.27%
Return on Assets (ROA)	7.50%	3.74%	16.56%	8.14%	9.49%	8.76%	8.13%	8.39%	7.90%	10.79%
Return on Common Equity (ROCE)	16.69%	8.90%	34.26%	14.07%	15.57%	15.73%	15.40%	15.66%	14.90%	20.54%
Return on Equity Simple (ROE_SIMPLE)	18.18%	9.34%	29.95%	14.12%	16.37%	15.99%	15.62%	17.24%	16.34%	22.67%
Net Operating Profit after Tax (NOPAT)	941	1,108	1,175	1,454	1,695	1,796	1,860	1,914	2,018	3,591
NOPAT Margin	12.02%	14.77%	14.35%	16.28%	19.00%	20.28%	18.02%	15.07%	16.01%	29.67%
Net Nonoperating Expense Percent (NNEP)	-9.35%	16.22%	-378.11%	10.96%	28.47%	109.34%	-167.05%	-57.32%	-13.42%	-5.33%
Return On Investment Capital (ROIC_SIMPLE)	7.10%	8.92%	8.30%	9.70%	11.52%	8.82%	8.56%	8.91%	7.77%	10.91%
Cost of Revenue to Revenue	71.55%	69.00%	70.25%	69.31%	67.00%	66.15%	69.61%	73.54%	70.10%	67.51%
SG&A Expenses to Revenue	9.88%	9.11%	8.71%	8.52%	8.41%	8.76%	8.02%	7.09%	7.60%	7.79%
R&D to Revenue	0.98%	0.96%	0.70%	0.72%	0.82%	0.95%	0.91%	0.81%	0.84%	0.83%
Operating Expenses to Revenue	12.69%	10.55%	12.17%	8.68%	8.96%	8.59%	8.29%	8.04%	10.10%	-4.41%
Earnings before Interest and Taxes (EBIT)	1,233	1,530	1,457	1,971	2,211	2,268	2,355	2,401	2,456	4,392
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,092	2,384	2,322	2,941	3,294	3,453	3,676	3,739	3,814	5,843
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.78	3.46	2.73	2.91	3.91	4.92	3.86	3.71	4.26	3.84
Price to Tangible Book Value (P/TBV)	3.59	4.19	3.06	3.28	4.39	5.52	4.28	4.08	4.65	4.13
Price to Revenue (P/Rev)	2.58	3.27	3.36	3.54	4.84	6.70	5.06	3.84	4.84	5.40
Price to Earnings (P/E)	15.78	38.84	9.17	21.10	24.53	31.47	24.90	21.63	26.49	17.08
Dividend Yield	3.41%	2.99%	3.55%	3.61%	2.34%	1.93%	2.47%	2.89%	2.50%	2.39%
Earnings Yield	6.34%	2.57%	10.90%	4.74%	4.08%	3.18%	4.02%	4.62%	3.78%	5.85%
Enterprise Value to Invested Capital (EV/IC)	2.26	2.97	2.90	2.93	3.91	4.77	3.71	3.42	3.40	2.92
Enterprise Value to Revenue (EV/Rev)	3.16	3.64	3.25	3.52	4.84	6.76	5.13	3.97	5.24	6.07
Enterprise Value to EBITDA (EV/EBITDA)	11.81	11.44	11.46	10.70	13.10	17.33	14.42	13.50	17.31	12.58
Enterprise Value to EBIT (EV/EBIT)	20.03	17.84	18.28	15.97	19.51	26.39	22.51	21.02	26.89	16.73
Enterprise Value to NOPAT (EV/NOPAT)	26.25	24.63	22.66	21.65	25.46	33.33	28.49	26.38	32.72	20.46
Enterprise Value to Operating Cash Flow (EV/OCF)	12.46	12.27	10.53	28.84	14.53	18.34	15.89	15.92	20.59	20.15
Enterprise Value to Free Cash Flow (EV/FCFF)	10.47	9.62	22.72	0.00	30.66	231.53	362.99	35.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.72	0.39	0.34	0.29	0.64	0.54	0.57	0.66	0.76
Long-Term Debt to Equity	0.54	0.54	0.33	0.30	0.28	0.60	0.51	0.52	0.60	0.72
Financial Leverage	0.53	0.38	0.06	-0.07	-0.04	-0.01	0.01	0.04	0.16	0.30
Leverage Ratio	2.31	2.42	2.10	1.76	1.69	1.85	1.96	1.95	2.02	2.08
Compound Leverage Factor	2.37	2.46	2.04	1.80	1.75	1.98	2.09	2.23	2.37	2.29
Debt to Total Capital	44.34%	41.94%	28.01%	25.44%	22.60%	38.86%	35.15%	36.20%	39.69%	43.24%
Short-Term Debt to Total Capital	14.55%	10.47%	3.96%	3.07%	0.67%	2.35%	2.24%	3.20%	3.37%	2.11%
Long-Term Debt to Total Capital	29.78%	31.47%	24.05%	22.36%	21.93%	36.51%	32.91%	32.99%	36.32%	41.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.00%	1.08%	0.70%	2.13%	2.27%	1.79%	2.52%	2.60%	5.19%	4.98%
Common Equity to Total Capital	54.67%	56.98%	71.29%	72.44%	75.12%	59.36%	62.32%	61.20%	55.12%	51.78%
Debt to EBITDA	2.81	2.19	1.71	1.30	1.01	2.29	2.08	2.08	2.70	2.43
Net Debt to EBITDA	2.11	1.10	-0.43	-0.15	-0.11	0.03	0.05	0.30	0.98	1.10
Long-Term Debt to EBITDA	1.89	1.64	1.47	1.14	0.98	2.15	1.94	1.89	2.47	2.32
Debt to NOPAT	6.25	4.70	3.37	2.62	1.96	4.40	4.11	4.06	5.11	3.96
Net Debt to NOPAT	4.68	2.38	-0.85	-0.30	-0.22	0.07	0.10	0.58	1.85	1.80
Long-Term Debt to NOPAT	4.20	3.53	2.90	2.30	1.90	4.14	3.84	3.70	4.67	3.77
Altman Z-Score	2.70	2.94	3.89	4.32	5.51	4.58	4.20	3.90	3.69	3.31
Noncontrolling Interest Sharing Ratio	3.78%	1.82%	1.34%	1.96%	2.90%	2.93%	3.44%	3.98%	6.49%	8.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	1.32	2.36	2.17	2.54	3.59	2.99	1.81	1.33	1.52
Quick Ratio	0.47	0.76	1.98	1.79	2.02	3.16	2.59	1.49	0.94	1.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,360	2,836	1,172	-92	1,407	259	146	1,442	-2,635	-2,135
Operating Cash Flow to CapEx	170.49%	244.98%	253.55%	71.83%	150.10%	134.42%	137.44%	110.08%	69.67%	74.15%
Free Cash Flow to Firm to Interest Expense	19.76	23.22	9.72	-0.71	10.27	2.37	1.03	11.27	-14.84	-9.76
Operating Cash Flow to Interest Expense	16.60	18.21	20.97	8.36	21.68	29.87	23.52	24.77	18.06	16.67
Operating Cash Flow Less CapEx to Interest Expense	6.86	10.78	12.70	-3.28	7.24	7.65	6.41	2.27	-7.86	-5.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.42	0.45	0.47	0.47	0.40	0.40	0.47	0.43	0.34
Accounts Receivable Turnover	4.95	5.50	6.63	7.24	7.23	6.99	7.57	7.69	7.10	6.87
Inventory Turnover	8.21	11.34	19.48	16.92	15.24	14.77	16.74	19.29	15.15	11.52
Fixed Asset Turnover	0.86	0.88	0.98	0.97	0.88	0.79	0.82	0.93	0.80	0.59
Accounts Payable Turnover	3.46	3.14	3.32	3.41	3.46	3.38	3.55	3.74	3.12	2.81
Days Sales Outstanding (DSO)	73.67	66.34	55.05	50.40	50.49	52.24	48.19	47.44	51.42	53.12
Days Inventory Outstanding (DIO)	44.46	32.18	18.73	21.57	23.96	24.71	21.81	18.92	24.09	31.68
Days Payable Outstanding (DPO)	105.39	116.11	110.00	107.09	105.47	108.07	102.89	97.52	116.98	129.94
Cash Conversion Cycle (CCC)	12.74	-17.59	-36.21	-35.13	-31.03	-31.12	-32.89	-31.16	-41.47	-45.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,914	9,186	9,189	10,736	11,023	12,561	14,275	14,747	19,399	25,124
Invested Capital Turnover	0.67	0.75	0.89	0.90	0.82	0.75	0.77	0.88	0.74	0.54
Increase / (Decrease) in Invested Capital	-1,419	-1,728	3.00	1,546	288	1,537	1,714	472	4,652	5,725
Enterprise Value (EV)	24,700	27,283	26,620	31,478	43,146	59,862	53,002	50,473	66,019	73,485
Market Capitalization	20,161	24,515	27,522	31,600	43,176	59,381	52,266	48,796	60,933	65,397
Book Value per Share	$33.72	$32.69	$46.28	$49.52	$50.16	$54.69	$61.16	$59.26	$64.43	$76.63
Tangible Book Value per Share	$26.09	$27.00	$41.28	$43.92	$44.64	$48.68	$55.15	$53.98	$59.04	$71.16
Total Capital	13,260	12,424	14,148	14,989	14,714	20,351	21,725	21,476	25,966	32,902
Total Debt	5,879	5,211	3,963	3,813	3,326	7,908	7,637	7,774	10,306	14,228
Total Long-Term Debt	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533
Net Debt	4,407	2,634	-1,002	-441	-365	118	187	1,118	3,739	6,451
Capital Expenditures (CapEx)	1,162	908	997	1,520	1,979	2,429	2,427	2,880	4,601	4,918
Debt-free, Cash-free Net Working Capital (DFCFNWC)	873	1,042	271	229	481	388	263	203	230	-106
Debt-free Net Working Capital (DFNWC)	1,079	2,335	3,948	3,205	2,896	6,746	6,064	3,505	2,179	2,878
Net Working Capital (NWC)	-851	1,034	3,388	2,744	2,797	6,268	5,577	2,817	1,305	2,183
Net Nonoperating Expense (NNE)	-377	446	-1,847	-79	-115	-135	-255	-353	-321	-272
Net Nonoperating Obligations (NNO)	3,533	1,973	-996	-441	-365	118	187	1,044	3,739	6,451
Total Depreciation and Amortization (D&A)	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451
Debt-free, Cash-free Net Working Capital to Revenue	11.15%	13.89%	3.30%	2.56%	5.40%	4.38%	2.55%	1.60%	1.83%	-0.88%
Debt-free Net Working Capital to Revenue	13.79%	31.12%	48.22%	35.89%	32.47%	76.17%	58.74%	27.60%	17.30%	23.79%
Net Working Capital to Revenue	-10.88%	13.78%	41.38%	30.73%	31.36%	70.78%	54.03%	22.18%	10.35%	18.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	219.53M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M
Normalized Net Operating Profit after Tax (NOPAT)	1,079	1,133	1,430	1,454	1,715	1,769	1,849	1,974	2,215	2,370
Normalized NOPAT Margin	13.79%	15.10%	17.47%	16.28%	19.23%	19.97%	17.91%	15.54%	17.58%	19.58%
Pre Tax Income Margin	16.18%	20.72%	17.30%	22.56%	25.67%	27.37%	24.29%	21.69%	22.88%	39.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.33	12.53	12.08	15.10	16.14	20.75	16.61	18.76	13.83	20.07
NOPAT to Interest Expense	7.88	9.07	9.74	11.14	12.37	16.43	13.12	14.95	11.37	16.41
EBIT Less CapEx to Interest Expense	0.59	5.09	3.81	3.46	1.70	-1.47	-0.50	-3.74	-12.09	-2.40
NOPAT Less CapEx to Interest Expense	-1.86	1.64	1.47	-0.50	-2.07	-5.79	-3.99	-7.55	-14.55	-6.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%
Augmented Payout Ratio	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%

This table displays calculated financial ratios and metrics derived from Air Products and Chemicals' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.66%	6.03%	8.66%	-4.87%	-10.61%	-5.58%	-8.43%	-1.60%	-0.12%	-2.20%	-0.48%
EBITDA Growth	1.35%	10.82%	-13.39%	-0.28%	10.58%	2.92%	25.88%	12.77%	154.52%	4.79%	-298.52%
EBIT Growth	2.02%	19.39%	-21.91%	-0.85%	12.23%	0.11%	40.84%	16.41%	227.35%	4.66%	-473.66%
NOPAT Growth	1.25%	21.89%	-20.77%	2.67%	17.95%	3.61%	43.59%	17.40%	215.48%	-3.39%	-413.20%
Net Income Growth	-4.17%	6.22%	-16.19%	3.99%	17.10%	6.47%	29.12%	16.12%	180.96%	4.54%	-399.10%
EPS Growth	-4.03%	1.98%	-17.23%	1.91%	19.08%	6.23%	30.46%	17.23%	180.45%	1.47%	-402.33%
Operating Cash Flow Growth	15.87%	-8.39%	22.87%	-6.91%	4.69%	-12.89%	25.52%	49.21%	-4.52%	29.54%	-59.07%
Free Cash Flow Firm Growth	103.29%	19.75%	17.98%	-208.17%	-10,268.39%	-521.19%	-327.09%	-70.55%	5.60%	2.29%	3.24%
Invested Capital Growth	3.30%	8.76%	10.22%	21.23%	31.55%	32.96%	33.51%	28.35%	29.51%	24.19%	14.83%
Revenue Q/Q Growth	11.94%	-11.07%	0.80%	-5.19%	5.19%	-6.08%	-2.24%	1.89%	6.77%	-8.03%	-0.52%
EBITDA Q/Q Growth	0.45%	-0.67%	-19.26%	23.79%	11.38%	-7.55%	-1.25%	10.90%	151.39%	-61.94%	-287.08%
EBIT Q/Q Growth	1.38%	0.73%	-31.55%	41.85%	14.75%	-10.15%	-3.70%	17.25%	222.68%	-71.27%	-443.82%
NOPAT Q/Q Growth	0.15%	3.34%	-31.44%	44.70%	15.05%	-9.22%	-4.99%	18.30%	209.16%	-72.20%	-408.03%
Net Income Q/Q Growth	1.00%	-1.55%	-22.94%	35.70%	13.74%	-10.48%	-6.55%	22.03%	175.22%	-66.69%	-367.39%
EPS Q/Q Growth	0.00%	-1.91%	-23.35%	35.53%	16.85%	-12.50%	-5.86%	21.79%	179.55%	-68.34%	-380.51%
Operating Cash Flow Q/Q Growth	5.42%	-24.87%	-11.21%	32.36%	18.56%	-37.48%	27.94%	57.34%	-24.13%	-15.18%	-59.58%
Free Cash Flow Firm Q/Q Growth	104.56%	-2,014.76%	-57.91%	-123.49%	-50.47%	-16.97%	-8.57%	10.75%	16.71%	-21.07%	-7.52%
Invested Capital Q/Q Growth	-2.65%	8.72%	5.39%	8.67%	5.64%	9.89%	5.83%	4.47%	6.61%	5.37%	-2.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.58%	28.42%	28.66%	31.75%	30.84%	31.03%	32.04%	32.82%	33.98%	31.21%	29.57%
EBITDA Margin	27.44%	30.65%	24.55%	32.05%	33.94%	33.41%	33.75%	36.73%	86.48%	35.79%	-67.31%
Operating Margin	17.55%	20.54%	14.37%	21.23%	23.14%	22.25%	21.75%	24.71%	76.06%	21.95%	-79.83%
EBIT Margin	18.11%	20.52%	13.93%	20.85%	22.74%	21.76%	21.43%	24.66%	74.54%	23.28%	-80.47%
Profit (Net Income) Margin	16.61%	18.39%	14.06%	20.12%	21.76%	20.74%	19.82%	23.74%	61.21%	22.17%	-59.58%
Tax Burden Percent	83.40%	81.06%	78.81%	81.39%	82.55%	82.11%	81.66%	83.45%	77.94%	82.20%	77.45%
Interest Burden Percent	109.94%	110.56%	128.03%	118.59%	115.90%	116.09%	113.28%	115.37%	105.36%	115.82%	95.60%
Effective Tax Rate	18.37%	18.94%	21.19%	18.61%	18.33%	17.89%	18.34%	16.55%	21.51%	17.80%	0.00%
Return on Invested Capital (ROIC)	12.54%	13.93%	9.23%	13.39%	13.95%	12.15%	10.94%	11.90%	32.45%	9.09%	-27.72%
ROIC Less NNEP Spread (ROIC-NNEP)	25.79%	19.81%	15.01%	17.78%	17.76%	14.36%	12.38%	13.80%	33.39%	10.96%	-29.13%
Return on Net Nonoperating Assets (RNNOA)	1.14%	1.29%	1.56%	2.36%	2.89%	3.14%	3.36%	4.25%	9.91%	4.06%	-13.50%
Return on Equity (ROE)	13.68%	15.22%	10.79%	15.74%	16.84%	15.29%	14.30%	16.15%	42.36%	13.15%	-41.22%
Cash Return on Invested Capital (CROIC)	9.94%	4.66%	2.15%	-7.70%	-15.43%	-17.39%	-17.58%	-13.92%	-9.59%	-6.63%	-8.72%
Operating Return on Assets (OROA)	8.51%	9.54%	6.43%	9.26%	9.68%	8.66%	7.97%	8.79%	25.20%	7.56%	-25.86%
Return on Assets (ROA)	7.80%	8.55%	6.49%	8.94%	9.26%	8.26%	7.37%	8.47%	20.70%	7.20%	-19.15%
Return on Common Equity (ROCE)	13.13%	14.63%	10.35%	14.78%	15.75%	14.38%	13.36%	14.73%	38.68%	11.91%	-36.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	16.51%	15.75%	15.82%	0.00%	15.98%	16.81%	17.26%	0.00%	23.31%	10.69%
Net Operating Profit after Tax (NOPAT)	511	529	362	524	603	548	520	616	1,903	529	-1,630
NOPAT Margin	14.33%	16.65%	11.32%	17.28%	18.90%	18.27%	17.76%	20.62%	59.70%	18.05%	-55.88%
Net Nonoperating Expense Percent (NNEP)	-13.25%	-5.87%	-5.78%	-4.39%	-3.81%	-2.21%	-1.44%	-1.89%	-0.94%	-1.87%	1.41%
Return On Investment Capital (ROIC_SIMPLE)	2.38%	2.34%	1.52%	2.12%	2.32%	1.94%	1.74%	2.00%	5.78%	1.59%	-4.99%
Cost of Revenue to Revenue	73.42%	71.58%	71.34%	68.25%	69.16%	68.97%	67.96%	67.18%	66.02%	68.79%	70.43%
SG&A Expenses to Revenue	6.27%	7.38%	7.85%	7.87%	7.29%	7.95%	8.21%	7.88%	7.15%	8.27%	7.61%
R&D to Revenue	0.87%	0.77%	0.85%	0.97%	0.77%	0.86%	0.87%	0.90%	0.69%	0.75%	0.79%
Operating Expenses to Revenue	9.03%	7.89%	14.30%	10.51%	7.69%	8.78%	10.29%	8.12%	-42.08%	9.26%	109.40%
Earnings before Interest and Taxes (EBIT)	647	651	446	633	726	652	628	736	2,376	683	-2,347
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	980	973	786	972	1,083	1,001	989	1,097	2,757	1,049	-1,963
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.71	4.66	4.34	4.53	4.26	3.98	3.54	3.73	3.84	3.82	4.44
Price to Tangible Book Value (P/TBV)	4.08	5.12	4.76	4.97	4.65	4.35	3.85	4.05	4.13	4.10	4.82
Price to Revenue (P/Rev)	3.84	5.05	4.64	4.93	4.84	4.77	4.35	4.65	5.40	5.29	5.43
Price to Earnings (P/E)	21.63	28.66	28.01	29.21	26.49	25.35	21.40	21.89	17.08	16.61	42.53
Dividend Yield	2.89%	2.21%	2.41%	2.34%	2.50%	2.62%	2.95%	2.77%	2.39%	2.46%	2.42%
Earnings Yield	4.62%	3.49%	3.57%	3.42%	3.78%	3.95%	4.67%	4.57%	5.85%	6.02%	2.35%
Enterprise Value to Invested Capital (EV/IC)	3.42	4.18	3.78	3.72	3.40	3.08	2.68	2.75	2.92	2.78	2.95
Enterprise Value to Revenue (EV/Rev)	3.97	5.21	4.86	5.26	5.24	5.29	4.98	5.35	6.07	6.11	6.36
Enterprise Value to EBITDA (EV/EBITDA)	13.50	17.50	17.19	18.39	17.31	17.10	14.95	15.53	12.58	12.48	26.00
Enterprise Value to EBIT (EV/EBIT)	21.02	26.76	26.80	28.71	26.89	26.74	22.93	23.61	16.73	16.62	52.77
Enterprise Value to NOPAT (EV/NOPAT)	26.38	33.41	33.38	35.43	32.72	32.26	27.55	28.32	20.46	20.57	61.95
Enterprise Value to Operating Cash Flow (EV/OCF)	15.92	21.61	19.80	21.58	20.59	21.10	18.47	17.54	20.15	19.18	22.76
Enterprise Value to Free Cash Flow (EV/FCFF)	35.00	93.56	184.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.56	0.62	0.61	0.66	0.75	0.83	0.84	0.76	0.77	0.95
Long-Term Debt to Equity	0.52	0.52	0.61	0.56	0.60	0.74	0.77	0.77	0.72	0.71	0.85
Financial Leverage	0.04	0.07	0.10	0.13	0.16	0.22	0.27	0.31	0.30	0.37	0.46
Leverage Ratio	1.95	1.92	1.95	1.97	2.02	2.04	2.11	2.12	2.08	2.13	2.26
Compound Leverage Factor	2.14	2.12	2.49	2.34	2.34	2.36	2.39	2.44	2.20	2.46	2.16
Debt to Total Capital	36.20%	35.69%	38.36%	37.93%	39.69%	42.88%	45.47%	45.68%	43.24%	43.57%	48.59%
Short-Term Debt to Total Capital	3.20%	2.50%	0.76%	3.14%	3.37%	0.83%	3.74%	3.74%	2.11%	3.61%	4.91%
Long-Term Debt to Total Capital	32.99%	33.19%	37.60%	34.79%	36.32%	42.05%	41.73%	41.94%	41.13%	39.96%	43.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.60%	2.58%	2.65%	4.98%	5.19%	4.45%	4.75%	5.16%	4.98%	6.16%	6.36%
Common Equity to Total Capital	61.20%	61.73%	58.99%	57.09%	55.12%	52.67%	49.78%	49.16%	51.78%	50.26%	45.05%
Debt to EBITDA	2.08	2.10	2.46	2.53	2.70	3.15	3.37	3.37	2.43	2.46	5.39
Net Debt to EBITDA	0.30	0.40	0.59	0.81	0.98	1.35	1.54	1.65	1.10	1.31	3.10
Long-Term Debt to EBITDA	1.89	1.95	2.41	2.32	2.47	3.09	3.09	3.09	2.32	2.25	4.85
Debt to NOPAT	4.06	4.01	4.78	4.88	5.11	5.95	6.20	6.14	3.96	4.05	12.86
Net Debt to NOPAT	0.58	0.75	1.15	1.55	1.85	2.55	2.84	3.01	1.80	2.16	7.40
Long-Term Debt to NOPAT	3.70	3.73	4.69	4.47	4.67	5.83	5.69	5.63	3.77	3.71	11.56
Altman Z-Score	3.69	4.32	3.90	3.78	3.51	3.21	2.77	2.78	3.14	2.86	2.52
Noncontrolling Interest Sharing Ratio	3.98%	3.92%	4.07%	6.10%	6.49%	6.00%	6.62%	8.79%	8.69%	9.47%	10.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.81	1.93	2.05	1.36	1.33	1.81	1.49	1.27	1.52	1.11	1.00
Quick Ratio	1.49	1.52	1.51	0.97	0.94	1.27	1.07	0.93	1.15	0.78	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40	-762	-1,204	-2,691	-4,049	-4,736	-5,142	-4,589	-3,822	-4,628	-4,976
Operating Cash Flow to CapEx	123.70%	86.64%	63.63%	64.23%	69.09%	43.47%	48.49%	78.81%	429.73%	38.96%	17.37%
Free Cash Flow to Firm to Interest Expense	1.23	-18.51	-29.44	-56.77	-84.36	-88.53	-85.85	-82.39	-76.91	-108.64	-117.91
Operating Cash Flow to Interest Expense	29.46	17.46	15.62	17.84	20.88	11.71	13.38	22.65	19.26	19.05	7.77
Operating Cash Flow Less CapEx to Interest Expense	5.64	-2.69	-8.92	-9.93	-9.34	-15.23	-14.22	-6.09	14.77	-29.85	-37.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.46	0.46	0.44	0.43	0.40	0.37	0.36	0.34	0.32	0.32
Accounts Receivable Turnover	7.69	7.32	7.63	7.01	7.10	6.99	7.09	6.64	6.87	6.81	6.75
Inventory Turnover	19.29	16.73	16.51	15.70	15.15	12.83	12.20	11.65	11.52	11.21	10.97
Fixed Asset Turnover	0.93	0.90	0.88	0.85	0.80	0.73	0.68	0.64	0.59	0.55	0.55
Accounts Payable Turnover	3.74	3.86	3.89	3.30	3.12	3.27	3.16	2.66	2.81	2.83	2.64
Days Sales Outstanding (DSO)	47.44	49.89	47.84	52.07	51.42	52.19	51.52	54.98	53.12	53.57	54.07
Days Inventory Outstanding (DIO)	18.92	21.82	22.11	23.25	24.09	28.44	29.92	31.32	31.68	32.56	33.26
Days Payable Outstanding (DPO)	97.52	94.54	93.88	110.65	116.98	111.47	115.42	137.47	129.94	129.08	138.47
Cash Conversion Cycle (CCC)	-31.16	-22.82	-23.93	-35.34	-41.47	-30.84	-33.98	-51.18	-45.15	-42.94	-51.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,747	16,033	16,897	18,363	19,399	21,317	22,560	23,568	25,124	26,474	25,906
Invested Capital Turnover	0.88	0.84	0.82	0.77	0.74	0.67	0.62	0.58	0.54	0.50	0.50
Increase / (Decrease) in Invested Capital	472	1,291	1,566	3,215	4,652	5,284	5,663	5,205	5,725	5,157	3,346
Enterprise Value (EV)	50,473	67,088	63,832	68,225	66,019	65,691	60,492	64,755	73,485	73,498	76,417
Market Capitalization	48,796	64,990	60,993	64,001	60,933	59,247	52,845	56,288	65,397	63,716	65,214
Book Value per Share	$59.26	$62.81	$63.30	$63.65	$64.43	$66.84	$67.09	$67.93	$76.63	$75.06	$66.09
Tangible Book Value per Share	$53.98	$57.23	$57.67	$58.02	$59.04	$61.28	$61.68	$62.58	$71.16	$69.87	$60.84
Total Capital	21,476	22,575	23,831	24,763	25,966	28,237	29,957	30,720	32,902	33,209	32,638
Total Debt	7,774	8,058	9,141	9,392	10,306	12,108	13,622	14,033	14,228	14,471	15,858
Total Long-Term Debt	7,086	7,493	8,961	8,615	9,431	11,873	12,500	12,883	13,533	13,271	14,254
Net Debt	1,118	1,516	2,207	2,992	3,739	5,188	6,225	6,881	6,451	7,735	9,126
Capital Expenditures (CapEx)	774	830	1,004	1,316	1,451	1,441	1,653	1,601	223	2,083	1,889
Debt-free, Cash-free Net Working Capital (DFCFNWC)	203	459	590	277	230	530	480	-85	-106	-221	-22
Debt-free Net Working Capital (DFNWC)	3,505	3,609	3,104	2,183	2,179	2,765	3,118	2,353	2,878	1,742	1,581
Net Working Capital (NWC)	2,817	3,044	2,924	1,406	1,305	2,530	1,996	1,203	2,183	542	-23
Net Nonoperating Expense (NNE)	-82	-55	-88	-86	-91	-74	-61	-93	-48	-121	108
Net Nonoperating Obligations (NNO)	1,044	1,516	2,207	2,992	3,739	5,188	6,225	6,881	6,451	7,735	9,126
Total Depreciation and Amortization (D&A)	333	322	340	340	357	349	361	360	381	367	384
Debt-free, Cash-free Net Working Capital to Revenue	1.60%	3.56%	4.50%	2.13%	1.83%	4.27%	3.95%	-0.70%	-0.88%	-1.84%	-0.18%
Debt-free Net Working Capital to Revenue	27.60%	28.02%	23.63%	16.82%	17.30%	22.26%	25.66%	19.44%	23.79%	14.47%	13.15%
Net Working Capital to Revenue	22.18%	23.64%	22.26%	10.84%	10.35%	20.37%	16.43%	9.94%	18.04%	4.51%	-0.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.62	$2.58	$1.98	$2.68	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77	($7.77)
Adjusted Weighted Average Basic Shares Outstanding	222M	222.20M	222.30M	222.40M	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M	222.80M
Adjusted Diluted Earnings per Share	$2.62	$2.57	$1.97	$2.67	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77	($7.77)
Adjusted Weighted Average Diluted Shares Outstanding	222.50M	222.60M	222.70M	222.80M	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M	222.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	221.87M	222.08M	222.12M	222.15M	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M	222.54M
Normalized Net Operating Profit after Tax (NOPAT)	511	529	509	572	603	548	567	616	1,903	529	420
Normalized NOPAT Margin	14.33%	16.65%	15.89%	18.86%	18.90%	18.27%	19.35%	20.62%	59.70%	18.05%	14.40%
Pre Tax Income Margin	19.92%	22.69%	17.84%	24.72%	26.36%	25.26%	24.28%	28.45%	78.53%	26.97%	-76.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.90	15.81	10.90	13.34	15.12	12.19	10.48	13.22	47.80	16.02	-55.61
NOPAT to Interest Expense	15.74	12.83	8.86	11.06	12.57	10.24	8.69	11.05	38.29	12.42	-38.62
EBIT Less CapEx to Interest Expense	-3.92	-4.34	-13.64	-14.43	-15.10	-14.75	-17.12	-15.52	43.32	-32.88	-100.38
NOPAT Less CapEx to Interest Expense	-8.08	-7.32	-15.68	-16.71	-17.66	-16.70	-18.92	-17.68	33.81	-36.48	-83.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	61.03%	61.31%	64.95%	65.59%	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%	101.78%
Augmented Payout Ratio	61.03%	61.31%	64.95%	65.59%	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%	101.78%

Frequently Asked Questions About Air Products and Chemicals' Financials

When does Air Products and Chemicals's financial year end?

According to the most recent income statement we have on file, Air Products and Chemicals' fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Air Products and Chemicals' net income changed over the last 9 years?

Air Products and Chemicals' net income appears to be on an upward trend, with a most recent value of $3.86 billion in 2024, rising from $1.32 billion in 2015. The previous period was $2.34 billion in 2023. Find out what analysts predict for Air Products and Chemicals in the coming months.

What is Air Products and Chemicals's operating income?

Air Products and Chemicals's total operating income in 2024 was $4.47 billion, based on the following breakdown:

Total Gross Profit: $3.93 billion
Total Operating Expenses: -$534.20 million

How has Air Products and Chemicals revenue changed over the last 9 years?

Over the last 9 years, Air Products and Chemicals' total revenue changed from $7.82 billion in 2015 to $12.10 billion in 2024, a change of 54.7%.

How much debt does Air Products and Chemicals have?

Air Products and Chemicals' total liabilities were at $20.90 billion at the end of 2024, a 27.9% increase from 2023, and a 110.0% increase since 2015.

How much cash does Air Products and Chemicals have?

In the past 9 years, Air Products and Chemicals' cash and equivalents has ranged from $206.40 million in 2015 to $5.25 billion in 2020, and is currently $2.98 billion as of their latest financial filing in 2024.

How has Air Products and Chemicals' book value per share changed over the last 9 years?

Over the last 9 years, Air Products and Chemicals' book value per share changed from 33.72 in 2015 to 76.63 in 2024, a change of 127.3%.

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This page (NYSE:APD) was last updated on 5/7/2025 by MarketBeat.com Staff

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Air Products and Chemicals (APD) Financials

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Air Products and Chemicals (APD) Financials

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