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APD

Air Products and Chemicals Inc

US$273.33-1.76% (-US$4.90)
Day's range
US$267.28 – US$274.21
Day's volume
US$404.3m
52-week range
US$224.78 – US$312.15

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APD in numbers

Market cap
US$60.9bn
P/E
-1,286.82
P/B
4.38
Dividend yield (12m)
2.64%
Net debt/EBITDA
-0.90

The 12-month dividend yield of APD is 2.64%, above its 5-year average of 2.36%.

APD price history

02/10/202501/10/2026
Compare with

APD risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+4.74%+5.45%+22.50%
Volatility (annualised)24.87%24.30%26.89%
Largest drawdown-10.46%-26.25%-26.25%
Positive months8/1221/3634/60

How much did investing in APD return?

US$1,000.00 invested on 01/09/2021 would be worth US$1,224.96 today.

Value today in APD
US$1,224.96
Return over the period
+22.50%
Return per year
+4.14%
In the S&P 500
US$1,776.31

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

APD fundamentals

Valuation

  • P/E
    -1,286.82
  • P/B
    4.38
  • EV/EBITDA
    63.12
  • EV/EBIT
    -101.19
  • EV/Revenue
    4.76
  • P/EBIT
    -102.62
  • P/S
    4.83
  • P/OCF
    —
  • P/FCF
    —
  • Earnings yield
    -0.99%
  • PEG ratio
    —
  • Earnings per share
    -US$0.21
  • Book value per share
    US$62.35

Debt

  • Net debt
    -US$853.8m
  • Net debt/EBITDA
    -0.90
  • Net debt/Equity
    -0.06
  • Debt/Equity
    0.01
  • Current ratio
    1.08
  • Quick ratio
    0.92
  • Cash ratio
    0.21

Efficiency

  • Gross margin
    32.06%
  • EBITDA margin
    7.54%
  • Operating margin
    -4.71%
  • Net margin
    -0.38%
  • Asset turnover
    0.31

Profitability

  • ROE
    -0.34%
  • ROA
    -0.12%
  • ROIC
    0.00%
  • Payout
    —

Growth

  • Revenue CAGR (5 years)
    5.15%
  • Earnings CAGR (5 years)
    —
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is APD's fair price?

Two classic value formulas, with today's numbers. The current price is US$273.33.

Graham's fair price
—
Does not apply to APD: the formula needs positive earnings and book value.

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$110.90
59.43% below the price

US$6.65 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

APD indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E-139.3816.8526.4530.3132.1032.0129.4323.46
P/B3.663.794.255.204.985.004.693.24
EV/EBITDA77.3610.4115.3517.7117.0915.7915.3210.97
Dividend yield2.89%2.43%2.51%2.06%1.92%1.90%1.95%2.66%
Earnings per share-US$1.77US$17.21US$10.35US$10.17US$9.48US$8.54US$7.98US$6.82
Book value per shareUS$67.50US$76.61US$64.41US$59.24US$61.14US$54.65US$50.14US$49.46
ROE-2.63%22.47%16.07%17.16%15.50%15.62%15.92%13.80%
ROIC-5.22%25.40%15.98%19.42%24.03%31.35%19.49%18.32%
Gross margin31.41%32.49%29.90%26.46%30.39%33.85%32.68%30.69%
EBITDA margin5.71%48.90%30.58%28.96%34.90%38.65%36.18%32.88%
Net margin-3.28%31.64%18.26%17.77%20.33%21.30%19.73%16.77%
Net debt/EBITDA-2.65-0.49-0.44-0.90-1.61-1.86-0.73-1.00

APD financial statements

Line202520242023202220212020
Net revenueUS$12bnUS$12.1bnUS$12.6bnUS$12.7bnUS$10.3bnUS$8.9bn
Cost of sales-US$8.3bn-US$8.2bn-US$8.8bn-US$9.3bn-US$7.2bn-US$5.9bn
Gross profitUS$3.8bnUS$3.9bnUS$3.8bnUS$3.4bnUS$3.1bnUS$3bn
EBITDAUS$687.2mUS$5.9bnUS$3.9bnUS$3.7bnUS$3.6bnUS$3.4bn
EBIT-US$877mUS$4.5bnUS$2.5bnUS$2.3bnUS$2.3bnUS$2.2bn
Net finance result——————
Profit before tax-US$440.7mUS$4.8bnUS$2.9bnUS$2.8bnUS$2.5bnUS$2.4bn
Income taxUS$94.3m-US$944.9m-US$551.2m-US$500.8m-US$462.8m-US$478.4m
Net income-US$394.5mUS$3.8bnUS$2.3bnUS$2.3bnUS$2.1bnUS$1.9bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does APD pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Dividend30/09/202609/11/2026US$1.81

Dividend yield per year

  • 2.26%2017
  • 2.66%2018
  • 1.95%2019
  • 1.90%2020
  • 1.92%2021
  • 2.06%2022
  • 2.51%2023
  • 2.43%2024
  • 2.89%2025
  • 1.98%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend30/06/202610/08/2026US$1.81
Dividend31/03/202611/05/2026US$1.81
Dividend01/01/202609/02/2026US$1.79
Dividend30/09/202510/11/2025US$1.79
Dividend30/06/202511/08/2025US$1.79
Dividend31/03/202512/05/2025US$1.79
Dividend01/01/202510/02/2025US$1.77
Dividend30/09/202412/11/2024US$1.77
Dividend28/06/202412/08/2024US$1.77
Dividend27/03/202413/05/2024US$1.77
Dividend28/12/202312/02/2024US$1.75
Dividend28/09/202313/11/2023US$1.75
See all 40 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend29/06/202314/08/2023US$1.75
Dividend30/03/202308/05/2023US$1.75
Dividend29/12/202213/02/2023US$1.62
Dividend29/09/202214/11/2022US$1.62
Dividend29/06/202208/08/2022US$1.62
Dividend30/03/202209/05/2022US$1.62
Dividend30/12/202114/02/2022US$1.50
Dividend29/09/202108/11/2021US$1.50
Dividend29/06/202109/08/2021US$1.50
Dividend30/03/202110/05/2021US$1.50
Dividend30/12/202008/02/2021US$1.34
Dividend29/09/202009/11/2020US$1.34
Dividend29/06/202010/08/2020US$1.34
Dividend30/03/202011/05/2020US$1.34
Dividend30/12/201910/02/2020US$1.16
Dividend27/09/201911/11/2019US$1.16
Dividend27/06/201912/08/2019US$1.16
Dividend28/03/201913/05/2019US$1.16
Dividend28/12/201811/02/2019US$1.10
Dividend27/09/201812/11/2018US$1.10
Dividend28/06/201813/08/2018US$1.10
Dividend28/03/201814/05/2018US$1.10
Dividend28/12/201712/02/2018US$0.95
Dividend05/10/201713/11/2017US$0.95
Dividend28/06/201714/08/2017US$0.95
Dividend29/03/201708/05/2017US$0.95
Dividend28/12/201613/02/2017US$0.86
Dividend05/10/201614/11/2016US$0.86

About Air Products And Chemicals

Sector
Manufacturing

Questions about APD

How much is APD today?

APD is at US$273.33 (-1.76% on the day), last traded on 01/10/2026.

How much did APD pay in dividends in 2025?

APD paid US$7.14 per share in 2025, a dividend yield of 2.89%.

When is the next APD dividend?

The next announced payment is US$1.81 per share on 09/11/2026.

What are the P/E and P/B of APD?

APD trades at a P/E of -1,286.82 and a P/B of 4.38.

How much did APD return in 12 months?

APD returned 4.74% in 12 months, with annualised volatility of 24.87% and a largest drawdown of -10.46%.