Air Products and Chemicals, Inc. (APD) Stock

Air Products and Chemicals, Inc. (APD) is a Materials stock trading at $305.03 (as of 2026-08-21), with a market capitalization of $67.93B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Air Products and Chemicals, Inc. supplies atmospheric gases, process and specialty gases, and related equipment and services worldwide. It produces gases such as oxygen, nitrogen, argon, hydrogen, helium, and carbon-related gases, and provides gas-generation and processing equipment and services for customers across industries including refining, chemicals, manufacturing, food and beverage, electronics, energy, and metals.

Understand Air Products and Chemicals, Inc.: how it makes money

Air Products supplies industrial gases (like oxygen, nitrogen, argon, hydrogen, helium, and carbon dioxide) plus specialty gases, and it also provides equipment for producing and processing gases through air separation units and non-cryogenic generators, selling these globally to customers across multiple industries.

Profit is driven by selling produced gases (atmospheric, process, and specialty) and gas-production equipment (including air separation units and non-cryogenic generators) that serve a wide set of industrial end markets.

Revenue by segment (latest quarter)
Americas$1.3B
Asia$0.8B
Europe$0.8B
MiddleEastIndia$0.1B

Business quality (Solid): Clear, multi-gas portfolio plus related equipment and services, with performance tracked by regional sales, but results can be sensitive to demand and spending in the industries that use these gases and gas-processing systems.

Valuation: At 30× earnings, APD trades 22% below the Chemicals average (38×). Note: one-time items can distort reported P/E.

Bull case

  • Diversified offering across atmospheric gases, process gases, specialty gases, and related gas-generation equipment: The company produces and supplies multiple categories of gases (oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide, and more), and it also provides equipment used to produce or process gases (air separation units and non-cryogenic generators).
  • Broad geographic footprint: The company reports revenue by major regions (Americas, Asia, Europe), which can help spread demand across geographies.

Bear case

  • End-market exposure: Sales are tied to customers in industries listed in the company description, including refining, chemical, gasification, metals, manufacturing, food and beverage, electronics, magnetic resonance imaging, and energy related production, processing, and technology use.
  • Regional performance variability: Because results are reported across Americas, Asia, and Europe (and a Middle East and India line related to equity affiliate income), weaker demand or operating conditions in one region can pressure consolidated sales.
Valuation — source: SEC EDGAR (first-party)
Price$305.03
Market Cap$67.93B
EV / EBITDA71.4
Price / Book4.09
Price / Sales5.39
FCF Yield-1.0%
DCF Value (model)$105.50
DCF Upside vs Price-65.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$12.04B
Net Margin-3.3%
Revenue Growth (YoY)4.6%
EPS Growth (YoY)-302.2%
FCF Growth (YoY)-148.4%
Financial Health — source: SEC EDGAR
Altman Z-Score2.59 (grey)
Valuation vs Sector & Industry
Sector P/E (Materials)25.9
Industry P/E (Chemicals)31.1
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($5.51B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorMaterials
IndustryChemicals
CEOEduardo F. Menezes
Employees21,850
CountryUS
IPO Date1980-03-17

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APD earnings history · APD institutional & insider holders · APD KPIs & operating metrics · APD financials · APD investor presentations & press releases · APD SEC filings · APD peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.