Air Products and Chemicals (APD) Financials

$274.47 +4.63 (+1.72%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$275.06 +0.58 (+0.21%)

As of 04:08 AM 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	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

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

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

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

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

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

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%

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 Air Products and Chemicals' forecast for analyst expectations on what’s next for the company.

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 5/28/2025 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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