Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.
Air Products and Chemicals, Inc (APD) reported trailing twelve months revenue of $12.46B as of March 2026, a 3.7% increase year-over-year. Quarterly revenue reached $3.17B, reflecting continued top-line momentum.
Air Products and Chemicals, Inc generated $2.11B in TTM net income, with quarterly EBITDA of $1.13B. The operating margin expanded from -79.8% to 23.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (23.7%) and net margin (22.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -59.3% a year ago, signaling stronger bottom-line efficiency.
APD trades at a P/E of 30.8x (a premium multiple) and a P/S of 5.2x. The price-to-book ratio of 4.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-3.90M, indicating cash consumption over the period. The balance sheet shows $41.64B in total assets with $17.09B in long-term debt against $15.65B in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 8.4%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has grown modestly overall (~3.0%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation