Air Products and Chemicals, Inc. (APD) Key Metrics
APD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $66.71B
- Enterprise value
- $81.08B
- P/E (TTM)
- — 10-yr median 27.1
- Forward P/E
- 19.9
- PEG ratio
- 2.07
- Price / sales
- 5.3 10-yr median 5.0
- Price / book
- 4.6 10-yr median 4.1
- EV / EBITDA
- 48.2 10-yr median 14.1
- Dividend yield
- 2.42% $7.24 a year
- Beta
- 0.76
APD key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsAPD valuation Price multiples at each fiscal year-end price.
Price / sales−7.9%
5.1
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / book+3.9%
4.0
FY2025 · hover or tap a bar for each year
FY2016FY2025
EV / EBITDA+379.0%
57.8
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow yield−1.4 pts
−6.2%
FY2025 · hover or tap a bar for each year
FY2016FY2025
APD returns How much profit the business earns on the capital it uses.
Return on equity−26.9 pts
−2.5%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on invested capital−16.0 pts
−2.3%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on assets−11.7 pts
−1.0%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow margin−5.3 pts
−31.3%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Asset turnover−11.7%
0.30
FY2025 · hover or tap a bar for each year
FY2016FY2025
APD per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−0.6%
$54.00
FY2025 · hover or tap a bar for each year
FY2016FY2025
Earnings per share
−$1.77
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow per share
−$16.89
FY2025 · hover or tap a bar for each year
FY2016FY2025
Book value per share−11.8%
$67.41
FY2025 · hover or tap a bar for each year
FY2016FY2025
Dividends per share+1.2%
$7.11
FY2025 · hover or tap a bar for each year
FY2016FY2025
Shares outstanding0.0%
222.9M
FY2025 · hover or tap a bar for each year
FY2016FY2025
APD financial health Debt, liquidity and how easily interest is covered.
Debt / equity+39.1%
1.23
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt+$4.5B
$16.55B
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt / EBITDA+10.52
12.37
FY2025 · hover or tap a bar for each year
FY2016FY2025
Current ratio−9.3%
1.38
FY2025 · hover or tap a bar for each year
FY2016FY2025
Interest coverage
-4.1
FY2025 · hover or tap a bar for each year
FY2016FY2025
Debt / assets+18.2%
0.45
FY2025 · hover or tap a bar for each year
FY2016FY2025
APD efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+6 days
71 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days of inventory+2 days
34 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days payables outstanding+4 days
64 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Cash conversion cycle+4 days
41 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Capex / revenue+2.2 pts
58.3%
FY2025 · hover or tap a bar for each year
FY2016FY2025
APD valuation history
Fiscal year-endToday10-year median
APD returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
APD debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
APD cash returned to shareholders
DividendsBuybacksFree cash flow
APD price vs earnings per share
Share price at year-endEPS (right axis)
APD key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $60.79B | $66.34B | $63.11B | $51.78B | $56.98B | $66.21B | $49.16B | $36.88B | $33.24B | $30.36B |
| Enterprise value | $77.34B | $78.36B | $72.20B | $56.81B | $59.40B | $68.17B | $50.08B | $37.72B | $33.52B | $35.29B |
| P/E ratio | — | 17.3 | 27.4 | 23.0 | 27.1 | 35.1 | 27.9 | 24.6 | 11.1 | 48.1 |
| Price / sales | 5.1 | 5.5 | 5.0 | 4.1 | 5.5 | 7.5 | 5.5 | 4.1 | 4.1 | 4.0 |
| Price / book | 4.0 | 3.9 | 4.4 | 3.9 | 4.2 | 5.5 | 4.4 | 3.4 | 3.3 | 4.2 |
| Price / free cash flow | — | — | — | 170.5 | 64.9 | 87.6 | 50.2 | 37.9 | 62.9 | 17.3 |
| Price / operating cash flow | 18.7 | 18.2 | 19.7 | 16.0 | 17.1 | 20.3 | 16.6 | 14.5 | 21.2 | 11.4 |
| EV / sales | 6.4 | 6.5 | 5.7 | 4.5 | 5.8 | 7.7 | 5.6 | 4.2 | 4.1 | 4.7 |
| EV / EBITDA | 57.8 | 12.1 | 16.3 | 13.5 | 15.0 | 18.3 | 14.3 | 12.1 | 14.0 | 14.0 |
| EV / free cash flow | — | — | — | 187.1 | 67.7 | 90.2 | 51.1 | 38.7 | 63.5 | 20.1 |
| Earnings yield | −0.6% | 5.8% | 3.6% | 4.4% | 3.7% | 2.8% | 3.6% | 4.1% | 9.0% | 2.1% |
| Free cash flow yield | −6.2% | −4.7% | −2.3% | 0.6% | 1.5% | 1.1% | 2.0% | 2.6% | 1.6% | 5.8% |
| Dividend yield | 2.6% | 2.4% | 2.4% | 2.7% | 2.2% | 1.7% | 2.0% | 2.4% | 2.4% | 2.4% |
| Shareholder yield (dividends + buybacks) | 2.6% | 2.4% | 2.4% | 2.7% | 2.2% | 1.7% | 2.2% | 2.4% | 2.4% | 2.4% |
| Share price at fiscal year-end | $272.72 | $297.74 | $283.40 | $232.73 | $256.11 | $297.86 | $221.86 | $167.05 | $151.22 | $139.07 |
| Per share | ||||||||||
| Revenue per share | $54.00 | $54.31 | $56.58 | $57.07 | $46.40 | $39.84 | $40.25 | $40.44 | $37.25 | $34.37 |
| Earnings per share | −$1.77 | $17.18 | $10.33 | $10.14 | $9.43 | $8.49 | $7.94 | $6.78 | $13.65 | $2.89 |
| Operating cash flow per share | $14.58 | $16.37 | $14.40 | $14.52 | $15.02 | $14.69 | $13.40 | $11.51 | $7.13 | $12.19 |
| Free cash flow per share | −$16.89 | −$14.14 | −$6.38 | $1.36 | $3.94 | $3.40 | $4.42 | $4.41 | $2.40 | $8.03 |
| Cash per share | $8.33 | $13.40 | $8.75 | $14.84 | $26.07 | $28.60 | $10.90 | $13.48 | $16.73 | $5.92 |
| Book value per share | $67.41 | $76.47 | $64.27 | $59.07 | $60.85 | $54.34 | $49.88 | $49.17 | $45.89 | $33.04 |
| Tangible book value per share | $61.77 | $71.00 | $58.90 | $53.81 | $54.87 | $48.37 | $44.39 | $43.61 | $40.93 | $27.40 |
| Dividends per share | $7.11 | $7.02 | $6.72 | $6.22 | $5.65 | $4.96 | $4.49 | $4.07 | $3.58 | $3.30 |
| Capex per share | $31.51 | $30.51 | $20.77 | $13.15 | $11.08 | $11.29 | $8.98 | $7.10 | $4.73 | $4.16 |
| Debt per share | $82.58 | $67.35 | $49.54 | $37.42 | $36.94 | $37.40 | $15.01 | $17.27 | $18.03 | $28.49 |
| Shares outstanding | 222.9M | 222.8M | 222.7M | 222.5M | 222.5M | 222.3M | 221.6M | 220.8M | 219.8M | 218.3M |
| Change in shares outstanding | +0.0% | +0.0% | +0.1% | 0.0% | +0.1% | +0.3% | +0.4% | +0.5% | +0.7% | +0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −2.5% | 24.4% | 16.8% | 16.9% | 16.4% | 16.3% | 16.1% | 14.3% | 34.7% | 8.7% |
| Return on invested capital (ROIC) | −2.3% | 13.7% | 9.7% | 11.2% | 12.4% | 13.8% | 14.3% | 13.2% | 10.4% | 8.8% |
| Return on assets (ROA) | −1.0% | 10.7% | 7.8% | 8.3% | 8.1% | 8.6% | 9.2% | 8.0% | 16.4% | 3.6% |
| Return on tangible assets | −1.0% | 10.0% | 7.5% | 8.7% | 8.2% | 7.9% | 9.9% | 8.3% | 17.3% | 3.8% |
| Free cash flow margin | −31.3% | −26.0% | −11.3% | 2.4% | 8.5% | 8.5% | 11.0% | 10.9% | 6.5% | 23.4% |
| Income quality (OCF / net income) | — | 0.95 | 1.39 | 1.43 | 1.59 | 1.73 | 1.69 | 1.70 | 0.52 | 4.22 |
| Financial health | ||||||||||
| Total debt | $18.41B | $15.01B | $11.03B | $8.33B | $8.22B | $8.31B | $3.33B | $3.81B | $3.96B | $6.22B |
| Cash & short-term investments | $1.86B | $2.98B | $1.95B | $3.30B | $5.80B | $6.36B | $2.41B | $2.98B | $3.68B | $1.29B |
| Net debt | $16.55B | $12.02B | $9.08B | $5.03B | $2.42B | $1.96B | $911.3M | $836.6M | $285.2M | $4.93B |
| Debt / equity | 1.23 | 0.88 | 0.77 | 0.63 | 0.61 | 0.69 | 0.30 | 0.35 | 0.39 | 0.86 |
| Debt / assets | 0.45 | 0.38 | 0.34 | 0.31 | 0.31 | 0.33 | 0.18 | 0.20 | 0.21 | 0.34 |
| Net debt / EBITDA | 12.37 | 1.85 | 2.06 | 1.19 | 0.61 | 0.53 | 0.26 | 0.27 | 0.12 | 1.95 |
| Current ratio | 1.38 | 1.52 | 1.33 | 1.81 | 2.99 | 3.59 | 2.54 | 2.17 | 2.36 | 1.32 |
| Quick ratio | 1.20 | 1.34 | 1.17 | 1.66 | 2.83 | 3.43 | 2.32 | 2.00 | 2.23 | 1.24 |
| Interest coverage | -4.1 | 20.4 | 14.1 | 18.3 | 16.1 | 20.5 | 15.7 | 15.1 | 11.9 | 13.3 |
| Working capital | $1.61B | $2.18B | $1.30B | $2.82B | $5.58B | $6.27B | $2.80B | $2.74B | $3.39B | $1.03B |
| Invested capital | $31.58B | $29.06B | $23.40B | $18.17B | $15.96B | $14.04B | $11.96B | $11.69B | $10.37B | $12.14B |
| Tangible asset value | $16.09B | $17.46B | $14.46B | $12.53B | $12.76B | $11.12B | $10.17B | $9.95B | $9.10B | $5.98B |
| Net current asset value | −$17.88B | −$14.54B | −$11.14B | −$7.21B | −$4.39B | −$4.04B | −$2.94B | −$2.92B | −$2.40B | −$6.50B |
| Graham number | — | $171.93 | $122.21 | $116.09 | $113.65 | $101.87 | $94.41 | $86.63 | $118.72 | $46.36 |
| Graham net-net per share | −$87.84 | −$71.40 | −$55.88 | −$37.77 | −$24.73 | −$22.95 | −$17.53 | −$17.19 | −$14.93 | −$37.95 |
| Capital allocation | ||||||||||
| Dividends paid | $1.58B | $1.56B | $1.50B | $1.38B | $1.26B | $1.10B | $994.0M | $897.8M | $787.9M | $721.2M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $0 | $0 | $68.1M | $0 | $0 | $0 |
| Dividend payout ratio | — | 40.9% | 65.1% | 61.3% | 59.9% | 58.5% | 56.5% | 59.9% | 26.3% | 114.3% |
| Dividends + buybacks / free cash flow | — | — | — | 455.5% | 143.2% | 146.0% | 108.4% | 92.2% | 149.2% | 41.1% |
| Capex / revenue | 58.3% | 56.2% | 36.7% | 23.0% | 23.9% | 28.3% | 22.3% | 17.6% | 12.7% | 12.1% |
| Capex / operating cash flow | 216.2% | 186.4% | 144.3% | 90.6% | 73.7% | 76.9% | 67.0% | 61.7% | 66.3% | 34.1% |
| Capex / depreciation | 4.49 | 4.68 | 3.41 | 2.19 | 1.86 | 2.12 | 1.84 | 1.62 | 1.20 | 1.06 |
| Stock-based compensation / revenue | 0.6% | 0.5% | 0.5% | 0.4% | 0.4% | 0.6% | 0.5% | 0.4% | 0.5% | 0.4% |
| R&D / revenue | 0.8% | 0.8% | 0.8% | 0.8% | 0.9% | 0.9% | 0.8% | 0.7% | 0.7% | 1.0% |
| SG&A / revenue | 7.5% | 7.8% | 7.6% | 7.1% | 8.0% | 8.4% | 8.4% | 8.5% | 8.7% | 9.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 71.0 | 65.3 | 60.8 | 53.0 | 54.3 | 58.4 | 57.1 | 59.6 | 67.3 | 79.0 |
| Days of inventory on hand | 34.1 | 31.7 | 24.1 | 18.9 | 21.8 | 24.7 | 24.0 | 21.6 | 18.7 | 32.2 |
| Days payables outstanding | 63.9 | 59.5 | 48.2 | 36.3 | 32.6 | 33.5 | 34.3 | 37.0 | 39.3 | 42.3 |
| Cash conversion cycle (days) | 41.2 | 37.5 | 36.7 | 35.7 | 43.5 | 49.6 | 46.8 | 44.2 | 46.8 | 68.9 |
| Receivables turnover | 5.14 | 5.59 | 6.00 | 6.88 | 6.72 | 6.25 | 6.39 | 6.12 | 5.42 | 4.62 |
| Payables turnover | 5.72 | 6.13 | 7.57 | 10.05 | 11.20 | 10.90 | 10.64 | 9.87 | 9.29 | 8.62 |
| Inventory turnover | 10.70 | 11.52 | 15.15 | 19.29 | 16.74 | 14.77 | 15.24 | 16.92 | 19.49 | 11.34 |
| Asset turnover | 0.30 | 0.34 | 0.43 | 0.47 | 0.40 | 0.40 | 0.47 | 0.47 | 0.45 | 0.42 |
| Average receivables | $2.34B | $2.17B | $2.10B | $1.85B | $1.54B | $1.42B | $1.40B | $1.46B | $1.51B | $1.62B |
| Average payables | $1.44B | $1.33B | $1.17B | $928.8M | $641.5M | $537.2M | $561.4M | $627.0M | $619.1M | $600.4M |
| Average inventory | $771.2M | $708.9M | $583.0M | $484.1M | $429.4M | $396.6M | $392.2M | $365.8M | $295.2M | $456.4M |
| Intangibles / total assets | 3.1% | 3.1% | 3.7% | 4.3% | 5.0% | 5.3% | 6.4% | 6.4% | 5.9% | 6.8% |
Computed from APD's annual financial statements (latest annual report filed November 20, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
APD valuation and financial ratios
Air Products earned a return on equity of −2.5% and a return on invested capital of −2.3% in fiscal 2025. It ended the year with $18.4 billion of debt and $1.9 billion in cash and short-term investments, net debt of $16.6 billion. It returned $1.6 billion to shareholders: $1.6 billion in dividends and $0 in share buybacks.
See the APD income statement, the APD chart for price history, or the APD stock overview for the latest quote and news.
APD key metrics FAQ
What is Air Products's EV/EBITDA?
Air Products's enterprise value was 57.8 times EBITDA at the end of fiscal 2025 (enterprise value $77.3 billion, EBITDA $1.3 billion); the current EV/EBITDA is 48.2.
What is Air Products's return on equity?
Air Products's return on equity (ROE) was −2.5% in fiscal 2025: net income of -$394.5 million on average shareholders' equity of $16.0 billion.
What is Air Products's ROIC?
Air Products's return on invested capital was −2.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Air Products have?
Air Products had total debt of $18.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.23 and $16.6 billion of net debt (12.37 times EBITDA).
What is Air Products's dividend yield?
Air Products's forward dividend yield is 2.42%. Air Products paid $1.6 billion in dividends in fiscal 2025 ($7.11 per share), a payout ratio of —.
What is Air Products's free cash flow yield?
Air Products generated -$3.8 billion of free cash flow in fiscal 2025, a free cash flow yield of −6.2% on its market value at year-end ($60.8 billion).
What is Air Products's current ratio?
Air Products's current ratio was 1.38 at the end of fiscal 2025: current assets were 1.38 times current liabilities.