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Air Products and Chemicals (APD) Financials

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$271.76 -2.80 (-1.02%)
Closing price 05/28/2025 03:59 PM Eastern
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Annual Income Statements for Air Products and Chemicals

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

Quarterly Income Statements for Air Products and Chemicals

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

Annual Cash Flow Statements for Air Products and Chemicals

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

Quarterly Cash Flow Statements for Air Products and Chemicals

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

Annual Balance Sheets for Air Products and Chemicals

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

Quarterly Balance Sheets for Air Products and Chemicals

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

Annual Metrics And Ratios for Air Products and Chemicals

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

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

Quarterly Metrics And Ratios for Air Products and Chemicals

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

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

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. See where experts think Air Products and Chemicals is headed by visiting Air Products and Chemicals' forecast page.

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%.



This page (NYSE:APD) was last updated on 5/29/2025 by MarketBeat.com Staff
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