Air Products & Chemicals, Inc.

Industrials
Major Chemicals
www.airproducts.com

Earnings Score
Moat Score
Safety Score

Market Cap $70.53B
PE 18
Debt $15.10B
Cash $2.98B
EV $82.65B
FCF -$3.15B

Earnings

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Sales & Net Margins

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Earnings	$3.83B
EBIT	$4.82B
ROE	21%
ROA	12%
FCF	-$3.15B
Equity	$18.67B
Growth Stability	90%
PE	18.42
PEG	1.98
PB	3.78
P/FCF	-22.39
P/S	5.83
Price/Cash	0.04
Debt/Equity	0.81
Debt/FCF	-4.79
Net Margins	32%
Gross Margins	32%
Op. Margins	40%
Earnings CAGR	11%
Sales Growth YoY	-0%
Sales Growth QoQ	7%
Sales CAGR	6%
FCF CAGR	-6%
Equity CAGR	10%
Earnings Stability	0.36
Earnings Growth YoY	182%
Earnings Growth QoQ	180%
Earnings CAGR 5Y	9%

Sales CAGR 5Y	10%
FCF CAGR 5Y	-9%
Equity CAGR 5Y	8%
Earnings CAGR 3Y	2%
Sales CAGR 3Y	2%
FCF CAGR 3Y	-10%
Equity CAGR 3Y	9%
Market Cap	$70.53B
Revenue	$12.10B
Dividend Yield	2%
Payout Ratio	41%
Assets	$39.57B
Total Debt	$15.10B
Cash	$2.98B
Shares Outstanding	221.67M
EV	82.65B
Earnings Score	24%
Moat Score	95%
Safety Score	65%
Final Score	61%
Working Capital	2.18B
Current Ratio	1.52
Gross Profit	$3.93B
Shares Growth 3y	0%
Equity Growth QoQ	12%
Equity Growth YoY	19%

Assets & ROA

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Stockholders Equity & ROE

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Air Products touches the lives of consumers around the globe in positive ways every day. Focused on serving energy, environment and emerging markets, we provide essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. We are also the global leader in the supply of liquefied natural gas process technology and equipment. Air Products develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals. Founded in 1940, Air Products has built a reputation for its innovative culture, operational excellence and commitment to safety and the environment.

SEC Filings

Direct access to Air Products & Chemicals, Inc. (APD) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Air Products & Chemicals, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Air Products & Chemicals, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 11%

Stability 36%

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Air Products & Chemicals, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Air Products & Chemicals, Inc..

Years

Calculation mode

= -$21B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$3.2B	-$3B	-$2.8B	-$2.6B	-$2.4B	-$2.3B	-$2.2B	-$2B	-$1.9B	-$1.8B	-$1.7B	-$17B
DCF		-$2.7B	-$2.3B	-$2B	-$1.7B	-$1.4B	-$1.2B	-$1B	-$883M	-$754M	-$643M	-$6.4B
Value	-$21B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Net Margins	13%	8%	37%	17%	20%	21%	20%	18%	18%	32%	32%
ROA	-	12%	8%	11%	12%	10%	9%	10%	9%	12%	12%
ROE	-	9%	29%	13%	15%	15%	15%	16%	15%	21%	21%

Good Net Margins (31.64%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Debt over FCF	-	3.77	2.85	4.24	3.4	11.14	9.38	33.52	-7.68	-4.79	-4.79
Debt over Equity	0.8	0.86	0.42	0.37	0.29	0.68	0.58	0.6	0.7	0.81	0.81
Growth Stability	-	-	-	92%	100%	90%	100%	100%	100%	100%	90%

Good Debt/FCF ratio (-4.79)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.81)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (90%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	CAGR 5Y
Revenue YoY growth	-	-24%	9%	9%	-0%	-1%	17%	23%	-1%	-4%	10%
Earnings YoY growth	-	-51%	375%	-50%	18%	7%	11%	7%	2%	66%	9%
Equity YoY growth	-	-2%	41%	10%	2%	9%	13%	-3%	14%	19%	8%
FCF YoY growth	-	101%	-10%	-34%	-1%	-23%	15%	-72%	-682%	122%	-9%