Is Air Products (APD) overvalued or fairly valued?

MarketChacha shows Air Products's valuation in context — a trailing P/E of about 102.4, a forward P/E of about 21.0, a price-to-book of about 4.9 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Air Products's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.76×) from reported figures — education, not a rating.

What is Air Products's revenue?

Air Products reported revenue of $12.0B for FY2025, with net profit of $-394.5M, per official filings.

What is the share price of Air Products (APD)?

Air Products last traded at $303.22 (-0.0% on the day), as of 8/19/2026 — a delayed quote shown for education, not investment advice.

Air Products

APD · NYSE · Materials · United States

Snapshot

TickerAPD

ExchangeNYSE

SectorMaterials

IndustrySpecialty Chemicals

CountryUnited States

Employees21,087

HeadquartersAllentown, United States

Websitewww.airproducts.com

Filings tracked14

About Air Products

Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.

Who owns it

Insiders1.9%
Institutions93.2%
Public & other4.9%

2,254 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.8.23%
Vanguard Capital Management LLC6.53%
State Farm Mutual Automobile Insurance Co5.32%
Capital Research Global Investors4.76%
State Street Corporation4.61%
Capital International Investors4.30%
Dodge & Cox Inc.4.22%
Vanguard Portfolio Management LLC3.97%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Margin has compressed by about 21.5 points over the period — profitability is trending down.

Cash conversion1.76×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend18.3% → -3.3%

Margin has compressed by about 21.5 points over the period — profitability is trending down.

Return on equity-2.6%

Latest ROE of -2.6% is on the low side — the business earns a modest return on shareholder capital.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $3.3B · EPS 3.47

Est. earnings growth +9.7%

Next fiscal year

Rev $13.5B · EPS 14.44

Est. earnings growth +7.4%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$12.0B

Net margin

-3.3%

ROE

-2.6%

Revenue CAGR (2y)

-2.3%

EPS (FY2025)

-1.77

Net profit (FY2025)

$-394.5M

Ask MarketChacha about APD

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$12.0B	$-394.5M	-1.77	-3.3%	-2.6%
FY2024	$12.1B	$3.8B	17.18	31.6%	22.5%
FY2023	$12.6B	$2.3B	10.33	18.3%	16.1%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$3.2B	$-1.4B	-6.47	-45.6%
2026Q1	$3.2B	$710.4M	3.19	22.4%
2025Q4	$3.1B	$678.2M	3.04	21.9%
2025Q2	$3.0B	$713.8M	3.20	23.6%
2025Q1	$2.9B	$-1.7B	-7.77	-59.3%
2024Q4	$2.9B	$617.4M	2.77	21.1%
2024Q2	$3.0B	$696.6M	3.13	23.3%
2024Q1	$2.9B	$572.4M	2.57	19.5%
2023Q4	$3.0B	$609.3M	2.73	20.3%
2023Q2	$3.0B	$595.6M	2.67	19.6%
2023Q1	$3.2B	$439.8M	1.97	13.7%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q — FORM 10-Q
SEC7/30/2026
8-K — Results of operations, Exhibits
SEC7/30/2026material
8-K — Material impairment, Reg FD disclosure, Exhibits
SEC6/30/2026material
8-K — Results of operations, Exhibits
SEC4/30/2026material
10-Q filing
SEC4/30/2026
8-K — Results of operations, Exhibits
SEC1/30/2026material
10-Q filing
SEC1/30/2026
8-K — Shareholder vote results
SEC1/29/2026material

2025

8-K — Executive/director change, Other events, Exhibits
SEC11/25/2025material
10-K — FORM 10-K
SEC11/20/2025
8-K — Results of operations, Exhibits
SEC11/6/2025material
8-K — Executive/director change, Exhibits
SEC8/20/2025material
8-K — Results of operations, Exhibits
SEC7/31/2025material
10-Q — FORM 10-Q
SEC7/31/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.