Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026
Basics
Sector
Basic Materials
Industry
Specialty Chemicals
Country
United States
Market cap
69.7B USD
Enterprise value
83.4B USD
Full-time employees
21,087
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:growing more slowly than most peersgrowing more slowly than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: less short-term liquidity (current ratio 1.08 vs a peer median of 1.76) and more debt relative to equity (1.18× vs a peer median of 0.36×)higher risk: less liquidity (current ratio 1.08 vs peers 1.76) and more debt vs equity (1.18× vs peers 0.36×)
Ranks #1,143 of 1,217 basic materials companies (bottom 7%)
Paying shareholders without free cash flow. Paid out $4.6B over the 3 fiscal years to FY Sep 2025 with -$8.3B of free cash flow.
Air Products and Chemicals returned $4.6B in buybacks and dividends over three fiscal years while its free cash flow totalled -$8.3B. The money came from its cash pile or from borrowing.
Earnings slid into a loss. Loss per share this year after a profit last year.
Air Products and Chemicals made a loss per share in its latest year after a profit the year before.
Operating margin at a 6-year low.-7.3% in FY Sep 2025, the weakest of the last 6 years.
Air Products and Chemicals's operating margin fell to -7.3% in FY Sep 2025, its lowest in the 6 years of filings we have.
Borrowing rising faster than profit. Since FY Sep 2022: debt +132%, operating profit −137%.
Air Products and Chemicals's debt grew 132% since FY Sep 2022 while operating profit changed −137%.
StockQuotient Score
19/ 100▲ 1 since Oct 27 closeOct 5 18 → Nov 4 19 (+1)
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-0.1%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364
EBITDA yield1.1%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.43Sector median: 0.0854 · MAD: 0.0520
Free cash flow yield-0.4%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0261 · MAD: 0.0261
Why it changed since the Oct 27, 2026 close: Score 14 → 15
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Air Products and Chemicals
Is Air Products and Chemicals getting weaker?
Its latest SEC filing (Jul 30, 2026) got weaker in some ways: turned to a loss over the last 12 months; operating margin fell 23.1 points to -4.7%. Its overall score is 19/100, up 1 since Oct 28, 2026.
How is Air Products and Chemicals valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 14/100 against 1,371 basic materials peers.Earnings yield -0.1% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -0.1% vs peers 3.6% (weaker than 100% of peers).
Is Air Products and Chemicals growing?
More slowly than most of its peers. Growth scores 31/100 against 1,371 basic materials peers.
How profitable is Air Products and Chemicals?
Less profitable than most of its peers. Profitability scores 15/100 against 1,371 basic materials peers.Operating margin -4.7% vs a peer median of 7.6% (weaker than 89% of peers).Operating margin -4.7% vs peers 7.6% (weaker than 89% of peers).
How risky is Air Products and Chemicals?
Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Debt / equity 1.18× vs a peer median of 0.36× (weaker than 87% of peers).Debt / equity 1.18× vs peers 0.36× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Turned to a loss over the last 12 months
Operating margin fell 23.1 points to -4.7%
Operating profit now covers interest only 0.0x
Worth watching: Air Products and Chemicals is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
12.5B USD
12.6B USD
+1.1%
Net income (12 months)
2.1B USD
−47.3M USD
turned negative
Operating margin
18.4%
-4.7%
−23.1 pts
Free cash flow (12 months)
−1.3B USD
−301.4M USD
−75.9%
Cash
951.0M USD
980.5M USD
+3.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Specialty Chemicals · 32 companies
Valuations in Specialty Chemicals are above their usual range since 2016.
74% of months since 2016 were valued lower than now.
17% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +13% (medians): earnings grew faster than prices.
Median price-to-sales is −36% vs the whole market, against a usual −31%.
2016Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Sep 2021
FY Sep 2022
FY Sep 2023
FY Sep 2024
FY Sep 2025
Change
Gross margin
—
—
—
—
—
—
Operating margin
22.1%
18.4%
19.8%
36.9%
-7.3%
▼ 44 pts
Net margin
20.3%
17.8%
18.3%
31.6%
-3.3%
▼ 35 pts
Return on assets (ROA)
7.8%
8.3%
7.2%
9.7%
-1.0%
▼ 11 pts
Return on equity (ROE)
15.5%
17.2%
16.1%
22.5%
-2.6%
▼ 25 pts
Free cash flow margin
8.4%
1.9%
-11.3%
-26.0%
-31.3%
▼ 5.3 pts
Current ratio
2.99×
1.81×
1.33×
1.52×
1.38×
▼ 9.3%
Quick ratio
2.83×
1.66×
1.17×
1.34×
1.20×
▼ 11%
Debt to equity
0.56×
0.58×
0.72×
0.84×
1.18×
▲ 41%
Interest coverage
16.09×
18.27×
14.05×
20.41×
-4.10×
▼ 120%
APD price history
Price history is added with the daily price update and will appear after the next one.