Industrial gases, including oxygen, nitrogen, argon and hydrogen, are supplied by Air Products, together with related equipment and services. It delivers gas through on-site plants, pipelines and bulk deliveries by truck. Customers include oil refiners, chemical makers, metals producers, electronics manufacturers, food and healthcare companies. The business is organised by region, covering the Americas, Asia, Europe, and the Middle East and India.
Air Products earns its revenue mainly under long-term supply contracts that provide steady volumes, with equipment and project work adding to the total. Revenue was $12.6 billion over the last twelve months, having changed at -1.8% a year across the last three years. The operating margin is -4.7%, and the business earns -3% on the capital invested in it. Net debt is -0.1 times EBITDA, and the dividend yield is 2.4%. On the site's X-Ray Score it receives 23 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
52-wk range $223.18 – $312.82Volume 1,215,700Daily, split-adjusted
Vitals
Market cap$66.7B
52-week range$223.18 – $312.82
Volume (last day)1,215,700
P/E (TTM)–
EBIT / EV yield-0.9%
Free-cash-flow yield–
Dividend yield2.4%
Revenue (TTM)$12.6B
Net income (TTM)−$47M
Operating margin-4.7%
Return on capital-3.4%
Debt incl. leases$896M
Cash & securities$981M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
Not rated
Loss-making or insufficient history: no DCF/EPV
What this means
Read the lenses below
A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
ValuationWeak
14/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield-0.9%
GrowthWeak
23/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-1.8%
Growth consistency40%
ProfitabilityWeak
13/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital-3.4%
Operating margin-4.7%
Gross profitability10.0%
Financial healthWeak
26/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score1 / 9
Net debt / EBITDA-0.1×
Interest cover-2.7×
DividendsFair
66/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.4%
Dividend growth4.6%
Quarterly results: last 6 quarters
-0.5%Mar '25
+1.2%Jun '25
-0.6%Sep '25
+5.8%Dec '25
+8.8%Mar '26
+4.6%Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.2B, diluted EPS $-6.47.
Each check is graded against the company's sector, not a fixed number. Checklist score 22/100.
Financials
FY21
FY22
FY23
FY24
FY25
Revenue
$10.3B
$12.7B
$12.6B
$12.1B
$12.0B
Operating income
$2.3B
$2.3B
$2.5B
$4.5B
−$877M
Net income
$2.1B
$2.3B
$2.3B
$3.8B
−$395M
Operating cash flow
–
–
–
–
–
Operating margin
22.1%
18.4%
19.8%
36.9%
-7.3%
Free cash flow
–
–
–
–
–
Diluted EPS
$9.43
$10.14
$10.33
$17.18
$-1.77
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
SMA 10
286.0
Bullish
EMA 10
288.6
Bullish
SMA 20
282.6
Bullish
EMA 20
286.5
Bullish
SMA 50
292.4
Bullish
EMA 50
288.7
Bullish
SMA 100
289.8
Bullish
EMA 100
288.7
Bullish
SMA 200
284.4
Bullish
EMA 200
284.6
Bullish
Oscillators (daily)
RSI (14)
66.68
Neutral
MACD (12, 26)
0.86
Bullish
Momentum (12)
8.38
Bullish
Stochastic %K (14)
94.31
Bearish
Williams %R (14)
-5.69
Bearish
CCI (20)
211.7
Bearish
Pivot points (classic, last session)
S3
288.0
S2
291.1
S1
295.3
Pivot
298.4
R1
302.7
R2
305.8
R3
310.1
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
7.22 USD
Yield on today's price
2.41%
Frequency
Quarterly
Next ex-dividend date
Not announced
Ex-dividend date
Amount per share
1 Oct 2026
1.8100
1 Jul 2026
1.8100
1 Apr 2026
1.8100
2 Jan 2026
1.7900
1 Oct 2025
1.7900
1 Jul 2025
1.7900
1 Apr 2025
1.7900
2 Jan 2025
1.7700
1 Oct 2024
1.7700
1 Jul 2024
1.7700
28 Mar 2024
1.7700
29 Dec 2023
1.7500
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.