Materials · Industrial Gases · US stock · price as of 16 Oct 2026
Key indicators
Price
$299.59
52-week range
$223.18 – $312.82
Market cap
$66.7B
P/E (trailing)
–
EV / EBITDA
70.1×
Free-cash-flow yield
–
Dividend yield
2.4%
Revenue (last 12 months)
$12.6B
Revenue growth (3y a year)
−1.8%
Operating margin
−4.7%
Return on invested capital
−3.4%
Net debt / EBITDA
-0.1×
Fair value
Fair value is not shown for this company.
X-Ray Score
23/ 100 · Medium confidence · ahead of 4% of sector peers
Valuation14
Growth22
Profitability12
Financial health26
Dividends66
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Air Products & Chemicals, Inc. an X-Ray Score of 23 out of 100 (medium confidence), ahead of 4% of the S&P 500 stocks in its sector. Its strongest lens is dividends (66) and its weakest is profitability (12).
XStocksXray
Air Products & Chemicals, Inc. (APD)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$225.66
$210.26
$262.15
$281.14
$263.91
$299.59
Market cap
$50.2B
$46.8B
$58.4B
$62.6B
$58.8B
$66.7B
P/E
23.9×
20.7×
25.4×
16.4×
–
–
EV / revenue
5.1×
4.0×
4.7×
5.1×
5.0×
5.5×
EV / EBITDA
14.5×
13.9×
15.2×
10.5×
87.3×
73.0×
Price / free cash flow
–
–
–
–
–
–
Free-cash-flow yield
–
–
–
–
–
–
Price / book
3.7×
3.6×
4.1×
3.7×
3.9×
4.8×
Dividend yield
2.59%
3.02%
2.62%
2.51%
2.71%
2.41%
Fundamentals checklist ● 1 Good · ● 0 Average · ● 10 Bad · each check graded against the sector
Risk models
Altman Z score1.9×Bad
Piotroski F-Score1 of 9Bad
Growth
Revenue growth (3y)−1.8%Bad
Growth consistency40%Bad
Balance sheet
Current ratio1.1×Bad
Net debt / EBITDA-0.1×Good
Interest cover-2.7×Bad
Valuation
EBIT / EV yield−0.9%Bad
Profitability
Return on invested capital−3.4%Bad
Operating margin−4.7%Bad
Gross profitability10.0%Bad
XStocksXray
Air Products & Chemicals, Inc. (APD)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
10,323
12,699
12,600
12,101
12,037
12,602
Gross profit
3,137
3,360
3,767
3,932
3,781
4,040
Operating income
2,281
2,339
2,495
4,466
-877
-593
Net income
2,099
2,256
2,300
3,828
-395
-47
Diluted EPS ($)
9.43
10.14
10.33
17.18
-1.77
-0.21
Free cash flow
–
–
–
–
–
–
Gross margin
30.4%
26.5%
29.9%
32.5%
31.4%
32.1%
Operating margin
22.1%
18.4%
19.8%
36.9%
−7.3%
−4.7%
Net margin
20.3%
17.8%
18.3%
31.6%
−3.3%
−0.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
26,859
27,193
32,003
39,575
41,060
40,446
Cash
4,469
2,711
1,617
2,980
1,856
981
Total debt
7,363
6,993
875
695
751
896
Equity
13,540
13,144
14,313
17,037
15,025
13,884
Dividend per share ($)
5.84
6.36
6.87
7.06
7.14
7.20
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.