Fundamental analysis · SEC EDGAR · TTM through 30/06/2026
APD · NYSE · Materials
Fundamental quality
34
out of 100
Air Products & Chemicals, Inc. is going through a tough financial stretch: it hasn't been profitable over the last twelve months. On fundamental quality it scores 34 out of 100, profiling it as a company with demanding fundamentals. Its weakest area is its profitability (net margin -0.4%). Whether it's cheap or expensive depends on the current price, which you can compute in the tool.
Air Products sells industrial gases —oxygen, nitrogen, hydrogen— under 15-20 year contracts with plants built next to the customer. A global oligopoly of three, with the sector's most aggressive green-hydrogen bet.
Revenue growth: 6.3%
Net margin: -0.4% · ROE: -0.3%
Net debt/EBITDA: 17.58x · FCF: -14.3%
Source: SEC EDGAR · TTM through 30/06/2026
The score includes +4 for dividend strength: 51 consecutive years of increases. Keeping that streak demands growing cash generation and balance-sheet discipline.
The score combines growth, profitability and financial strength. Here its growth weighs in its favor, while its profitability drags it down the most.
Percentile against the other 27 Materials companies in our coverage: how far it beats them on each metric (100 = best in sector).
Computed from the daily dataset scores. A high percentile places the company among the best in its sector on that metric; it is not a buy recommendation.
Key concepts
What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow
| Year | Revenue | Net income | Free cash flow | Net debt |
|---|---|---|---|---|
| 2020 | 8,856 | 1,887 | — | 2,655 |
| 2021 | 10,323 | 2,099 | — | 3,168 |
| 2022 | 12,699 | 2,256 | — | 4,934 |
| 2023 | 12,600 | 2,300 | — | 8,689 |
| 2024 | 12,101 | 3,828 | — | 11,248 |
| 2025 | 12,037 | -394 | — | 15,842 |
Between 2020 and 2025, revenue went from $8,856M to $12,037M (+36%) and net income went from $1,887M to -$394M (-121%).
Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.
Latest results
Figures for the nine months ended June 30, 2026, versus the nine months ended June 30, 2025 (SEC filings):
Compared with the previous close (March 31, 2026), this is what moved in its accounts:
Automatic comparison between the two most recent periods filed with the SEC. One quarter doesn't make a trend: read it alongside the historical evolution above.
$7.11
per share, yearly
51 straight years raising it
Growth
The dividend yield depends on today's price. Compute it in the analyzer → · See all dividend-paying stocks →
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Is Air Products & Chemicals, Inc. cheap or expensive?
That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).
Compute the valuation →Is Air Products & Chemicals, Inc. a good company to invest in?
In terms of business quality, Air Products & Chemicals, Inc. scores 34 out of 100 in our analysis, placing it as a company with demanding fundamentals. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.
Is Air Products & Chemicals, Inc. a profitable company?
Over the last twelve months, no: Air Products & Chemicals, Inc. posts a negative net margin (-0.4%).
Does Air Products & Chemicals, Inc. have a lot of debt?
Yes, its leverage is high: net debt is 17.58 times its EBITDA, and it has been rising.
Is Air Products & Chemicals, Inc. growing?
Its revenue has grown 6.3% annualized in recent years.
Does Air Products & Chemicals, Inc. generate cash?
Over the last twelve months its free cash flow was negative.
The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.
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Who's behind the methodology and model · how the score is computed
Data: see Air Products & Chemicals, Inc.'s filings on EDGAR
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