Air Products and Chemicals (APD) Financials

$268.86 +4.12 (+1.56%)

As of 03:59 PM Eastern

Annual Income Statements for Air Products and Chemicals

This table shows Air Products and Chemicals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,278	631	3,000	1,498	1,760	1,887	2,099	2,256	2,300	3,828
Consolidated Net Income / (Loss)	1,318	662	3,021	1,533	1,809	1,931	2,115	2,267	2,339	3,862
Net Income / (Loss) Continuing Operations	966	1,122	1,155	1,491	1,809	1,945	2,045	2,254	2,331	3,876
Total Pre-Tax Income	1,266	1,555	1,416	2,015	2,290	2,424	2,507	2,755	2,882	4,821
Total Operating Income	1,233	1,535	1,440	1,966	2,144	2,238	2,281	2,339	2,495	4,466
Total Gross Profit	2,226	2,326	2,436	2,741	2,943	2,998	3,137	3,360	3,767	3,932
Total Revenue	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101
Operating Revenue	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101
Total Cost of Revenue	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169
Operating Cost of Revenue	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169
Total Operating Expenses	993	791	996	775	799	761	856	1,021	1,272	-534
Selling, General & Admin Expense	773	684	714	761	750	776	828	901	957	942
Research & Development Expense	76	72	58	65	73	84	94	103	106	100
Other Operating Expenses / (Income)	-38	1.20	-89	-50	-49	-65	-53	-56	-35	-58
Restructuring Charge	180	35	151	0.00	26	0.00	0.00	74	245	57
Other Special Charges / (Income)	1.40	-	0.00	0.00	-29	-34	-37	-	-	-1,576
Total Other Income / (Expense), net	33	20	-24	49	145	186	226	416	388	355
Interest Expense	119	122	121	131	137	109	142	128	178	219
Interest & Investment Income	152	147	80	175	215	265	294	482	604	648
Other Income / (Expense), net	0.00	-5.40	17	5.10	67	31	74	62	-39	-74
Income Tax Expense	300	433	261	524	480	478	463	501	551	945
Net Income / (Loss) Discontinued Operations	352	-461	1,866	42	0.00	-29	70	25	7.40	-14
Net Income / (Loss) Attributable to Noncontrolling Interest	40	30	21	35	49	44	16	10	38	34
Basic Earnings per Share	$5.95	$2.92	$13.76	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21
Weighted Average Basic Shares Outstanding	214.90M	216.40M	218M	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M
Diluted Earnings per Share	$5.88	$2.89	$13.65	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18
Weighted Average Diluted Shares Outstanding	217.30M	218.30M	219.80M	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M
Weighted Average Basic & Diluted Shares Outstanding	214.80M	216.10M	218.10M	219.30M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M
Cash Dividends to Common per Share	$3.20	$3.39	$3.71	$4.25	$4.58	$5.18	$5.84	$6.36	$6.87	$7.06

This table shows Air Products and Chemicals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	582	583	572	440	596	693	609	572	697	1,950	617
Consolidated Net Income / (Loss)	587	593	584	450	611	694	622	581	709	1,951	650
Net Income / (Loss) Continuing Operations	587	580	584	450	611	687	622	581	709	1,965	650
Total Pre-Tax Income	721	711	720	571	750	841	757	711	850	2,503	791
Total Operating Income	627	627	652	460	644	739	667	637	738	2,424	644
Total Gross Profit	847	949	902	917	963	984	930	939	980	1,083	915
Total Revenue	3,189	3,570	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932
Operating Revenue	3,189	3,570	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932
Total Cost of Revenue	2,342	2,621	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,017
Operating Cost of Revenue	2,342	2,621	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,017
Total Operating Expenses	220	322	250	458	319	246	263	302	242	-1,341	271
Selling, General & Admin Expense	217	224	234	251	239	233	238	241	235	228	242
Research & Development Expense	25	31	24	27	29	25	26	25	27	22	22
Other Operating Expenses / (Income)	-22	-6.40	-8.40	-6.50	-8.00	-12	-0.80	-22	-20	-16	7.00
Total Other Income / (Expense), net	94	85	68	111	106	103	90	74	112	79	147
Interest Expense	33	33	41	41	47	48	54	60	56	50	43
Interest & Investment Income	116	97	110	166	165	163	158	143	169	177	151
Other Income / (Expense), net	11	20	-0.60	-14	-12	-13	-15	-9.20	-1.30	-49	39
Income Tax Expense	134	131	136	121	140	154	135	131	141	538	141
Net Income / (Loss) Attributable to Noncontrolling Interest	5.00	9.90	12	10	15	1.80	12	8.50	12	1.10	32
Basic Earnings per Share	$2.62	$2.62	$2.58	$1.98	$2.68	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77
Weighted Average Basic Shares Outstanding	222M	222M	222.20M	222.30M	222.40M	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M
Diluted Earnings per Share	$2.62	$2.62	$2.57	$1.97	$2.67	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77
Weighted Average Diluted Shares Outstanding	222.50M	222.50M	222.60M	222.70M	222.80M	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M
Weighted Average Basic & Diluted Shares Outstanding	221.80M	221.87M	222.08M	222.12M	222.15M	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M
Cash Dividends to Common per Share	$1.62	$1.62	$1.62	$1.75	$1.75	$1.75	$1.75	$1.77	$1.77	$1.77	$1.77

This table details how cash moves in and out of Air Products and Chemicals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	55	1,208	1,929	-1,938	-543	3,004	-784	-1,758	-1,094	1,363
Net Cash From Operating Activities	1,982	2,224	2,528	1,092	2,970	3,265	3,335	3,171	3,206	3,647
Net Cash From Continuing Operating Activities	2,047	2,259	2,528	2,547	2,970	3,265	3,335	3,171	3,206	3,647
Net Income / (Loss) Continuing Operations	933	1,100	1,134	1,456	1,760	1,901	2,029	2,244	2,293	3,842
Consolidated Net Income / (Loss)	1,278	631	3,000	0.00	1,760	1,887	2,099	2,256	2,300	3,828
Net Income / (Loss) Discontinued Operations	345	-468	1,866	0.00	0.00	-14	70	13	7.40	-14
Depreciation Expense	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451
Non-Cash Adjustments To Reconcile Net Income	-39	129	261	1,559	-49	-154	-108	-93	28	-1,694
Changes in Operating Assets and Liabilities, net	229	140	268	17	176	333	93	-294	-473	48
Net Cash From Investing Activities	-1,198	-909	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919
Net Cash From Continuing Investing Activities	-1,147	-865	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919
Purchase of Property, Plant & Equipment	-1,162	-908	-1,040	-1,568	-1,990	-2,509	-2,464	-2,927	-4,626	-6,797
Acquisitions	-35	0.00	-16	-345	-139	-208	-11	-65	0.00	0.00
Purchase of Investments	0.00	0.00	-2,693	-530	-172	-2,866	-2,177	-3,296	-2,217	-544
Sale of Property, Plant & Equipment	-	0.00	43	49	11	80	38	46	25	1,879
Sale and/or Maturity of Investments	0.00	0.00	2,291	748	191	1,938	1,875	2,377	897	471
Other Investing Activities, net	-0.80	-1.70	3.40	5.50	-14	3.90	5.80	7.00	4.80	72
Net Cash From Financing Activities	-682	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615
Net Cash From Continuing Financing Activities	-960	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615
Repayment of Debt	-466	-667	-1,324	-539	-449	-559	-486	-437	-821	-619
Payment of Dividends	-678	-721	-788	-898	-994	-1,104	-1,257	-1,383	-1,613	-1,591
Issuance of Debt	340	387	2.40	0.50	3.90	4,896	180	784	3,784	4,388
Issuance of Common Equity	-	-	-	-	-	17	137	21	235	429
Other Financing Activities, net	121	141	68	76	68	34	11	19	24	7.90
Other Net Changes in Cash	-47	754	2,854	5.80	0.00	15	35	-71	7.10	20

This table details how cash moves in and out of Air Products and Chemicals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	609	-246	420	-889	-605	-21	346	572	-159	604	-1,134
Net Cash From Operating Activities	908	957	719	639	845	1,002	627	802	1,261	957	812
Net Cash From Continuing Operating Activities	908	957	719	639	845	1,002	627	802	1,261	957	812
Net Income / (Loss) Continuing Operations	582	571	572	440	596	685	609	572	697	1,964	617
Consolidated Net Income / (Loss)	582	583	572	440	596	693	609	572	697	1,950	617
Depreciation Expense	337	333	322	340	340	357	349	361	360	381	367
Non-Cash Adjustments To Reconcile Net Income	17	77	31	104	20	-128	-29	-22	6.70	-1,650	-42
Changes in Operating Assets and Liabilities, net	-28	1.60	-205	-245	-110	87	-303	-110	198	262	-130
Net Cash From Investing Activities	-208	-1,013	-256	-2,220	-1,924	-1,517	-1,666	-1,560	-1,548	-145	-2,182
Net Cash From Continuing Investing Activities	-208	-1,013	-256	-2,220	-1,924	-1,517	-1,666	-1,560	-1,548	-145	-2,182
Purchase of Property, Plant & Equipment	-706	-787	-834	-1,007	-1,322	-1,463	-1,446	-1,669	-1,607	-2,075	-2,118
Purchase of Investments	-339	-397	-19	-1,183	-818	-197	-357	-172	-8.80	-6.80	-133
Sale of Property, Plant & Equipment	7.50	13	4.00	3.20	6.10	12	4.20	16	6.10	1,853	34
Sale and/or Maturity of Investments	828	158	592	20	154	131	120	247	46	58	5.00
Other Investing Activities, net	0.40	0.10	1.70	-53	56	-	13	17	16	27	29
Net Cash From Financing Activities	-27	-189	-86	689	496	511	1,363	1,350	135	-232	274
Net Cash From Continuing Financing Activities	-27	-189	-86	689	496	511	1,363	1,350	135	-232	274
Repayment of Debt	-0.20	0.60	-212	-430	-43	-136	-119	-56	-27	-416	-52
Payment of Dividends	-359	-359	-359	-360	-389	-505	-389	-389	-394	-419	-394
Issuance of Debt	314	172	472	1,403	808	1,101	1,831	1,686	420	452	438
Issuance of Common Equity	17	-	0.00	73	116	46	35	108	136	150	281
Other Financing Activities, net	1.90	3.00	14	3.10	2.40	4.50	5.30	0.40	0.50	1.70	1.10
Other Net Changes in Cash	-65	-2.20	43	3.50	-22	-17	22	-19	-8.10	25	-38

This table presents Air Products and Chemicals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575
Total Current Assets	2,794	4,317	5,877	5,082	4,618	8,685	8,376	6,283	5,201	6,363
Cash & Equivalents	206	1,293	3,274	2,791	2,249	5,253	4,469	2,711	1,617	2,980
Short-Term Investments	-	0.00	404	185	166	1,105	1,332	591	332	5.00
Accounts Receivable	1,517	1,211	1,259	1,207	1,260	1,275	1,451	1,849	1,700	1,822
Inventories, net	658	255	335	396	388	405	454	514	652	766
Prepaid Expenses	67	94	191	130	77	165	119	157	177	180
Other Current Assets	344	538	403	373	478	483	551	516	722	611
Plant, Property, & Equipment, net	8,745	8,260	8,440	9,924	10,338	11,965	13,255	14,161	17,472	23,371
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	39,951
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	16,580
Total Noncurrent Assets	5,796	5,452	4,150	4,172	3,987	4,519	5,228	6,749	9,330	9,841
Long-Term Investments	1,266	1,284	1,287	1,277	1,276	1,432	1,649	3,354	4,618	4,793
Noncurrent Note & Lease Receivables	1,350	1,222	1,132	1,013	890	816	740	-	1,312	1,612
Goodwill	1,131	845	722	789	797	892	912	823	862	905
Intangible Assets	508	388	368	439	420	436	421	348	335	312
Other Noncurrent Operating Assets	649	671	642	655	604	943	1,507	2,225	2,204	2,219
Total Liabilities & Shareholders' Equity	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575
Total Liabilities	9,953	10,815	8,282	8,002	7,555	12,725	12,771	13,490	16,342	20,901
Total Current Liabilities	3,644	3,283	2,489	2,338	1,821	2,417	2,799	3,466	3,896	4,180
Short-Term Debt	1,930	1,301	560	461	99	478	487	688	875	695
Accounts Payable	1,642	1,652	1,814	1,818	1,636	1,833	2,218	2,772	2,890	2,926
Current Deferred & Payable Income Tax Liabilities	56	118	99	60	87	106	94	135	131	559
Total Noncurrent Liabilities	6,309	7,532	5,793	5,664	5,734	10,309	9,972	10,024	12,446	16,721
Long-Term Debt	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533
Noncurrent Deferred & Payable Income Tax Liabilities	803	710	778	775	794	963	1,181	1,247	1,266	1,160
Other Noncurrent Operating Liabilities	1,554	1,817	1,612	1,537	1,712	1,916	1,641	1,691	1,749	2,028
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,381	7,213	10,186	11,176	11,388	12,443	14,088	13,702	15,660	18,674
Total Preferred & Common Equity	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037
Total Common Equity	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037
Common Stock	1,154	1,219	1,251	1,279	1,320	1,344	1,365	1,391	1,440	1,503
Retained Earnings	10,580	10,476	12,847	13,410	14,138	14,876	15,678	16,520	17,290	19,546
Treasury Stock	-2,360	-2,227	-2,164	-2,089	-2,030	-2,000	-1,988	-1,981	-1,967	-1,984
Accumulated Other Comprehensive Income / (Loss)	-2,126	-2,388	-1,847	-1,742	-2,376	-2,140	-1,516	-2,786	-2,449	-2,028
Noncontrolling Interest	132	134	99	319	335	363	548	558	1,347	1,637

This table presents Air Products and Chemicals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Total Assets	27,489	27,193	28,278	29,435	30,930	32,003	34,118	35,922	36,974	39,575	40,017
Total Current Assets	6,367	6,283	6,321	5,722	5,354	5,201	5,650	6,057	5,677	6,363	5,352
Cash & Equivalents	2,957	2,711	3,131	2,242	1,638	1,617	1,963	2,535	2,376	2,980	1,846
Short-Term Investments	358	591	20	271	269	332	272	103	62	5.00	118
Accounts Receivable	1,769	1,849	1,827	1,715	1,934	1,700	1,725	1,716	1,712	1,822	1,807
Inventories, net	514	514	635	646	664	652	709	721	756	766	739
Prepaid Expenses	179	157	165	225	179	177	207	263	171	180	202
Other Current Assets	590	516	543	623	670	722	774	719	601	611	641
Plant, Property, & Equipment, net	14,132	14,161	15,039	15,698	16,513	17,472	18,936	20,001	21,482	23,371	24,731
Plant, Property & Equipment, gross	28,349	-	29,772	30,752	31,716	-	34,794	35,913	37,598	39,951	41,098
Accumulated Depreciation	14,217	-	14,733	15,053	15,203	-	15,858	15,913	16,115	16,580	16,367
Total Noncurrent Assets	6,990	6,749	6,918	8,015	9,063	9,330	9,533	9,864	9,815	9,841	9,935
Long-Term Investments	3,340	3,354	3,392	4,420	4,494	4,618	4,685	4,759	4,715	4,793	4,772
Noncurrent Note & Lease Receivables	642	-	579	562	1,337	1,312	1,605	1,668	1,651	1,612	1,581
Goodwill	867	823	876	884	892	862	899	883	879	905	867
Intangible Assets	377	348	363	367	359	335	339	318	311	312	288
Other Noncurrent Operating Assets	1,765	2,225	1,708	1,782	1,982	2,204	2,005	2,235	2,260	2,219	2,428
Total Liabilities & Shareholders' Equity	27,489	27,193	28,278	29,435	30,930	32,003	34,118	35,922	36,974	39,575	40,017
Total Liabilities	13,273	13,490	13,761	14,745	15,559	16,342	17,989	19,587	20,287	20,901	21,279
Total Current Liabilities	3,407	3,466	3,277	2,798	3,948	3,896	3,119	4,061	4,475	4,180	4,809
Short-Term Debt	755	688	565	180	777	875	234	1,122	1,150	695	1,200
Accounts Payable	2,544	2,772	2,552	2,489	3,062	2,890	2,718	2,783	3,169	2,926	3,024
Current Deferred & Payable Income Tax Liabilities	108	135	160	128	109	131	167	156	156	559	586
Total Noncurrent Liabilities	9,866	10,024	10,484	11,947	11,611	12,446	14,870	15,526	15,813	16,721	16,469
Long-Term Debt	6,832	7,086	7,493	8,961	8,615	9,431	11,873	12,500	12,883	13,533	13,271
Noncurrent Deferred & Payable Income Tax Liabilities	1,309	1,247	1,246	1,258	1,216	1,266	1,250	1,281	1,182	1,160	1,195
Other Noncurrent Operating Liabilities	1,726	1,691	1,745	1,729	1,780	1,749	1,747	1,745	1,748	2,028	2,003
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,216	13,702	14,517	14,690	15,371	15,660	16,129	16,335	16,687	18,674	18,739
Total Preferred & Common Equity	13,644	13,144	13,936	14,058	14,138	14,313	14,873	14,913	15,101	17,037	16,692
Total Common Equity	13,644	13,144	13,936	14,058	14,138	14,313	14,873	14,913	15,101	17,037	16,692
Common Stock	1,380	1,391	1,398	1,413	1,426	1,440	1,449	1,465	1,488	1,503	1,510
Retained Earnings	16,298	16,520	16,731	16,781	16,987	17,290	17,510	17,690	17,990	19,546	19,767
Treasury Stock	-1,984	-1,981	-1,975	-	-1,970	-1,967	-1,966	-1,966	-1,985	-1,984	-1,999
Accumulated Other Comprehensive Income / (Loss)	-2,051	-2,786	-2,218	-2,163	-2,305	-2,449	-2,120	-2,276	-2,391	-2,028	-2,586
Noncontrolling Interest	572	558	582	632	1,233	1,347	1,256	1,422	1,586	1,637	2,046

This table displays calculated financial ratios and metrics derived from Air Products and Chemicals' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.05%	-4.10%	9.11%	9.07%	-0.13%	-0.70%	16.56%	23.01%	-0.78%	-3.96%
EBITDA Growth	-8.90%	13.99%	-2.60%	26.65%	11.98%	4.84%	6.46%	1.71%	1.99%	53.21%
EBIT Growth	-7.91%	24.04%	-4.78%	35.29%	12.20%	2.59%	3.83%	1.96%	2.27%	78.87%
NOPAT Growth	-3.69%	17.76%	6.03%	23.79%	16.54%	5.97%	3.58%	2.86%	5.43%	77.98%
Net Income Growth	32.68%	-49.80%	356.72%	-49.26%	18.04%	6.73%	9.52%	7.17%	3.18%	65.16%
EPS Growth	27.55%	-50.85%	372.32%	-50.33%	17.11%	6.93%	11.07%	7.53%	1.87%	66.31%
Operating Cash Flow Growth	-9.51%	12.21%	13.70%	-56.83%	172.07%	9.93%	2.16%	-4.94%	1.11%	13.76%
Free Cash Flow Firm Growth	178.73%	20.17%	-58.68%	-107.87%	1,625.30%	-81.62%	-43.53%	887.59%	-282.72%	18.99%
Invested Capital Growth	-11.50%	-15.83%	0.03%	16.83%	2.68%	13.95%	13.65%	3.30%	31.55%	29.51%
Revenue Q/Q Growth	-22.70%	26.39%	3.25%	1.08%	-0.18%	0.42%	5.32%	6.09%	-2.92%	-0.03%
EBITDA Q/Q Growth	-10.73%	22.97%	4.32%	2.30%	4.82%	-1.05%	2.49%	0.35%	2.79%	40.14%
EBIT Q/Q Growth	-11.07%	34.16%	5.63%	2.07%	5.49%	-2.30%	2.94%	0.54%	3.33%	60.17%
NOPAT Q/Q Growth	-7.81%	37.07%	16.74%	0.08%	1.19%	-0.87%	2.16%	0.34%	4.77%	57.02%
Net Income Q/Q Growth	25.89%	8.34%	2.51%	-0.99%	3.37%	-1.23%	6.23%	-1.13%	4.53%	48.22%
EPS Q/Q Growth	23.01%	8.24%	2.40%	-1.17%	2.98%	-0.93%	6.07%	-1.07%	5.09%	48.74%
Operating Cash Flow Q/Q Growth	-13.10%	26.35%	6.03%	-60.61%	139.74%	9.56%	-11.31%	4.31%	1.42%	-1.23%
Free Cash Flow Firm Q/Q Growth	75.13%	32.51%	-63.82%	26.70%	158.72%	-72.29%	-70.53%	175.56%	-104.33%	26.85%
Invested Capital Q/Q Growth	-12.08%	-17.10%	3.84%	2.95%	-4.63%	0.99%	3.72%	-2.65%	5.64%	6.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.45%	31.00%	29.75%	30.69%	33.00%	33.85%	30.39%	26.46%	29.90%	32.49%
EBITDA Margin	26.73%	31.78%	28.36%	32.94%	36.93%	38.99%	35.61%	29.45%	30.27%	48.29%
Operating Margin	15.76%	20.46%	17.59%	22.01%	24.04%	25.27%	22.10%	18.42%	19.80%	36.91%
EBIT Margin	15.76%	20.39%	17.79%	22.07%	24.79%	25.61%	22.81%	18.91%	19.49%	36.30%
Profit (Net Income) Margin	16.84%	8.82%	36.90%	17.17%	20.29%	21.80%	20.49%	17.85%	18.56%	31.92%
Tax Burden Percent	104.07%	42.55%	213.35%	76.07%	79.03%	79.67%	84.35%	82.28%	81.13%	80.11%
Interest Burden Percent	102.67%	101.63%	97.22%	102.25%	103.55%	106.86%	106.47%	114.72%	117.38%	109.76%
Effective Tax Rate	23.71%	27.83%	18.42%	26.02%	20.97%	19.74%	18.46%	18.18%	19.12%	19.60%
Return on Invested Capital (ROIC)	8.09%	11.02%	12.79%	14.60%	15.58%	15.23%	13.86%	13.19%	11.82%	16.13%
ROIC Less NNEP Spread (ROIC-NNEP)	17.45%	-5.19%	390.90%	3.63%	-12.90%	-94.11%	180.92%	70.50%	25.24%	21.46%
Return on Net Nonoperating Assets (RNNOA)	9.25%	-1.96%	21.94%	-0.24%	0.46%	0.98%	2.08%	3.12%	4.11%	6.37%
Return on Equity (ROE)	17.35%	9.07%	34.73%	14.35%	16.04%	16.21%	15.94%	16.31%	15.93%	22.50%
Cash Return on Invested Capital (CROIC)	20.30%	28.21%	12.75%	-0.93%	12.93%	2.19%	1.09%	9.94%	-15.43%	-9.59%
Operating Return on Assets (OROA)	7.02%	8.65%	7.98%	10.47%	11.60%	10.28%	9.05%	8.88%	8.30%	12.27%
Return on Assets (ROA)	7.50%	3.74%	16.56%	8.14%	9.49%	8.76%	8.13%	8.39%	7.90%	10.79%
Return on Common Equity (ROCE)	16.69%	8.90%	34.26%	14.07%	15.57%	15.73%	15.40%	15.66%	14.90%	20.54%
Return on Equity Simple (ROE_SIMPLE)	18.18%	9.34%	29.95%	14.12%	16.37%	15.99%	15.62%	17.24%	16.34%	22.67%
Net Operating Profit after Tax (NOPAT)	941	1,108	1,175	1,454	1,695	1,796	1,860	1,914	2,018	3,591
NOPAT Margin	12.02%	14.77%	14.35%	16.28%	19.00%	20.28%	18.02%	15.07%	16.01%	29.67%
Net Nonoperating Expense Percent (NNEP)	-9.35%	16.22%	-378.11%	10.96%	28.47%	109.34%	-167.05%	-57.32%	-13.42%	-5.33%
Return On Investment Capital (ROIC_SIMPLE)	7.10%	8.92%	8.30%	9.70%	11.52%	8.82%	8.56%	8.91%	7.77%	10.91%
Cost of Revenue to Revenue	71.55%	69.00%	70.25%	69.31%	67.00%	66.15%	69.61%	73.54%	70.10%	67.51%
SG&A Expenses to Revenue	9.88%	9.11%	8.71%	8.52%	8.41%	8.76%	8.02%	7.09%	7.60%	7.79%
R&D to Revenue	0.98%	0.96%	0.70%	0.72%	0.82%	0.95%	0.91%	0.81%	0.84%	0.83%
Operating Expenses to Revenue	12.69%	10.55%	12.17%	8.68%	8.96%	8.59%	8.29%	8.04%	10.10%	-4.41%
Earnings before Interest and Taxes (EBIT)	1,233	1,530	1,457	1,971	2,211	2,268	2,355	2,401	2,456	4,392
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,092	2,384	2,322	2,941	3,294	3,453	3,676	3,739	3,814	5,843
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.78	3.46	2.73	2.91	3.91	4.92	3.86	3.71	4.26	3.84
Price to Tangible Book Value (P/TBV)	3.59	4.19	3.06	3.28	4.39	5.52	4.28	4.08	4.65	4.13
Price to Revenue (P/Rev)	2.58	3.27	3.36	3.54	4.84	6.70	5.06	3.84	4.84	5.40
Price to Earnings (P/E)	15.78	38.84	9.17	21.10	24.53	31.47	24.90	21.63	26.49	17.08
Dividend Yield	3.41%	2.99%	3.55%	3.61%	2.34%	1.93%	2.47%	2.89%	2.50%	2.39%
Earnings Yield	6.34%	2.57%	10.90%	4.74%	4.08%	3.18%	4.02%	4.62%	3.78%	5.85%
Enterprise Value to Invested Capital (EV/IC)	2.26	2.97	2.90	2.93	3.91	4.77	3.71	3.42	3.40	2.92
Enterprise Value to Revenue (EV/Rev)	3.16	3.64	3.25	3.52	4.84	6.76	5.13	3.97	5.24	6.07
Enterprise Value to EBITDA (EV/EBITDA)	11.81	11.44	11.46	10.70	13.10	17.33	14.42	13.50	17.31	12.58
Enterprise Value to EBIT (EV/EBIT)	20.03	17.84	18.28	15.97	19.51	26.39	22.51	21.02	26.89	16.73
Enterprise Value to NOPAT (EV/NOPAT)	26.25	24.63	22.66	21.65	25.46	33.33	28.49	26.38	32.72	20.46
Enterprise Value to Operating Cash Flow (EV/OCF)	12.46	12.27	10.53	28.84	14.53	18.34	15.89	15.92	20.59	20.15
Enterprise Value to Free Cash Flow (EV/FCFF)	10.47	9.62	22.72	0.00	30.66	231.53	362.99	35.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.72	0.39	0.34	0.29	0.64	0.54	0.57	0.66	0.76
Long-Term Debt to Equity	0.54	0.54	0.33	0.30	0.28	0.60	0.51	0.52	0.60	0.72
Financial Leverage	0.53	0.38	0.06	-0.07	-0.04	-0.01	0.01	0.04	0.16	0.30
Leverage Ratio	2.31	2.42	2.10	1.76	1.69	1.85	1.96	1.95	2.02	2.08
Compound Leverage Factor	2.37	2.46	2.04	1.80	1.75	1.98	2.09	2.23	2.37	2.29
Debt to Total Capital	44.34%	41.94%	28.01%	25.44%	22.60%	38.86%	35.15%	36.20%	39.69%	43.24%
Short-Term Debt to Total Capital	14.55%	10.47%	3.96%	3.07%	0.67%	2.35%	2.24%	3.20%	3.37%	2.11%
Long-Term Debt to Total Capital	29.78%	31.47%	24.05%	22.36%	21.93%	36.51%	32.91%	32.99%	36.32%	41.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.00%	1.08%	0.70%	2.13%	2.27%	1.79%	2.52%	2.60%	5.19%	4.98%
Common Equity to Total Capital	54.67%	56.98%	71.29%	72.44%	75.12%	59.36%	62.32%	61.20%	55.12%	51.78%
Debt to EBITDA	2.81	2.19	1.71	1.30	1.01	2.29	2.08	2.08	2.70	2.43
Net Debt to EBITDA	2.11	1.10	-0.43	-0.15	-0.11	0.03	0.05	0.30	0.98	1.10
Long-Term Debt to EBITDA	1.89	1.64	1.47	1.14	0.98	2.15	1.94	1.89	2.47	2.32
Debt to NOPAT	6.25	4.70	3.37	2.62	1.96	4.40	4.11	4.06	5.11	3.96
Net Debt to NOPAT	4.68	2.38	-0.85	-0.30	-0.22	0.07	0.10	0.58	1.85	1.80
Long-Term Debt to NOPAT	4.20	3.53	2.90	2.30	1.90	4.14	3.84	3.70	4.67	3.77
Altman Z-Score	2.70	2.94	3.89	4.32	5.51	4.58	4.20	3.90	3.69	3.31
Noncontrolling Interest Sharing Ratio	3.78%	1.82%	1.34%	1.96%	2.90%	2.93%	3.44%	3.98%	6.49%	8.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	1.32	2.36	2.17	2.54	3.59	2.99	1.81	1.33	1.52
Quick Ratio	0.47	0.76	1.98	1.79	2.02	3.16	2.59	1.49	0.94	1.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,360	2,836	1,172	-92	1,407	259	146	1,442	-2,635	-2,135
Operating Cash Flow to CapEx	170.49%	244.98%	253.55%	71.83%	150.10%	134.42%	137.44%	110.08%	69.67%	74.15%
Free Cash Flow to Firm to Interest Expense	19.76	23.22	9.72	-0.71	10.27	2.37	1.03	11.27	-14.84	-9.76
Operating Cash Flow to Interest Expense	16.60	18.21	20.97	8.36	21.68	29.87	23.52	24.77	18.06	16.67
Operating Cash Flow Less CapEx to Interest Expense	6.86	10.78	12.70	-3.28	7.24	7.65	6.41	2.27	-7.86	-5.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.42	0.45	0.47	0.47	0.40	0.40	0.47	0.43	0.34
Accounts Receivable Turnover	4.95	5.50	6.63	7.24	7.23	6.99	7.57	7.69	7.10	6.87
Inventory Turnover	8.21	11.34	19.48	16.92	15.24	14.77	16.74	19.29	15.15	11.52
Fixed Asset Turnover	0.86	0.88	0.98	0.97	0.88	0.79	0.82	0.93	0.80	0.59
Accounts Payable Turnover	3.46	3.14	3.32	3.41	3.46	3.38	3.55	3.74	3.12	2.81
Days Sales Outstanding (DSO)	73.67	66.34	55.05	50.40	50.49	52.24	48.19	47.44	51.42	53.12
Days Inventory Outstanding (DIO)	44.46	32.18	18.73	21.57	23.96	24.71	21.81	18.92	24.09	31.68
Days Payable Outstanding (DPO)	105.39	116.11	110.00	107.09	105.47	108.07	102.89	97.52	116.98	129.94
Cash Conversion Cycle (CCC)	12.74	-17.59	-36.21	-35.13	-31.03	-31.12	-32.89	-31.16	-41.47	-45.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,914	9,186	9,189	10,736	11,023	12,561	14,275	14,747	19,399	25,124
Invested Capital Turnover	0.67	0.75	0.89	0.90	0.82	0.75	0.77	0.88	0.74	0.54
Increase / (Decrease) in Invested Capital	-1,419	-1,728	3.00	1,546	288	1,537	1,714	472	4,652	5,725
Enterprise Value (EV)	24,700	27,283	26,620	31,478	43,146	59,862	53,002	50,473	66,019	73,485
Market Capitalization	20,161	24,515	27,522	31,600	43,176	59,381	52,266	48,796	60,933	65,397
Book Value per Share	$33.72	$32.69	$46.28	$49.52	$50.16	$54.69	$61.16	$59.26	$64.43	$76.63
Tangible Book Value per Share	$26.09	$27.00	$41.28	$43.92	$44.64	$48.68	$55.15	$53.98	$59.04	$71.16
Total Capital	13,260	12,424	14,148	14,989	14,714	20,351	21,725	21,476	25,966	32,902
Total Debt	5,879	5,211	3,963	3,813	3,326	7,908	7,637	7,774	10,306	14,228
Total Long-Term Debt	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533
Net Debt	4,407	2,634	-1,002	-441	-365	118	187	1,118	3,739	6,451
Capital Expenditures (CapEx)	1,162	908	997	1,520	1,979	2,429	2,427	2,880	4,601	4,918
Debt-free, Cash-free Net Working Capital (DFCFNWC)	873	1,042	271	229	481	388	263	203	230	-106
Debt-free Net Working Capital (DFNWC)	1,079	2,335	3,948	3,205	2,896	6,746	6,064	3,505	2,179	2,878
Net Working Capital (NWC)	-851	1,034	3,388	2,744	2,797	6,268	5,577	2,817	1,305	2,183
Net Nonoperating Expense (NNE)	-377	446	-1,847	-79	-115	-135	-255	-353	-321	-272
Net Nonoperating Obligations (NNO)	3,533	1,973	-996	-441	-365	118	187	1,044	3,739	6,451
Total Depreciation and Amortization (D&A)	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451
Debt-free, Cash-free Net Working Capital to Revenue	11.15%	13.89%	3.30%	2.56%	5.40%	4.38%	2.55%	1.60%	1.83%	-0.88%
Debt-free Net Working Capital to Revenue	13.79%	31.12%	48.22%	35.89%	32.47%	76.17%	58.74%	27.60%	17.30%	23.79%
Net Working Capital to Revenue	-10.88%	13.78%	41.38%	30.73%	31.36%	70.78%	54.03%	22.18%	10.35%	18.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	219.53M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M
Normalized Net Operating Profit after Tax (NOPAT)	1,079	1,133	1,430	1,454	1,715	1,769	1,849	1,974	2,215	2,370
Normalized NOPAT Margin	13.79%	15.10%	17.47%	16.28%	19.23%	19.97%	17.91%	15.54%	17.58%	19.58%
Pre Tax Income Margin	16.18%	20.72%	17.30%	22.56%	25.67%	27.37%	24.29%	21.69%	22.88%	39.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.33	12.53	12.08	15.10	16.14	20.75	16.61	18.76	13.83	20.07
NOPAT to Interest Expense	7.88	9.07	9.74	11.14	12.37	16.43	13.12	14.95	11.37	16.41
EBIT Less CapEx to Interest Expense	0.59	5.09	3.81	3.46	1.70	-1.47	-0.50	-3.74	-12.09	-2.40
NOPAT Less CapEx to Interest Expense	-1.86	1.64	1.47	-0.50	-2.07	-5.79	-3.99	-7.55	-14.55	-6.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%
Augmented Payout Ratio	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%

This table displays calculated financial ratios and metrics derived from Air Products and Chemicals' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.44%	25.66%	6.03%	8.66%	-4.87%	-10.61%	-5.58%	-8.43%	-1.60%	-0.12%	-2.20%
EBITDA Growth	4.41%	1.35%	10.82%	-13.39%	-0.28%	10.58%	2.92%	25.88%	12.77%	154.52%	4.79%
EBIT Growth	6.64%	2.02%	19.39%	-21.91%	-0.85%	12.23%	0.11%	40.84%	16.41%	227.35%	4.66%
NOPAT Growth	5.66%	1.25%	21.89%	-20.77%	2.67%	17.95%	3.61%	43.59%	17.40%	215.48%	-3.39%
Net Income Growth	10.29%	-4.17%	6.22%	-16.19%	3.99%	17.10%	6.47%	29.12%	16.12%	180.96%	4.54%
EPS Growth	9.17%	-4.03%	1.98%	-17.23%	1.91%	19.08%	6.23%	30.46%	17.23%	180.45%	1.47%
Operating Cash Flow Growth	-2.20%	15.87%	-8.39%	22.87%	-6.91%	4.69%	-12.89%	25.52%	49.21%	-4.52%	29.54%
Free Cash Flow Firm Growth	-3.67%	103.29%	19.75%	17.98%	-208.17%	-10,268.39%	-521.19%	-327.09%	-70.55%	5.60%	2.29%
Invested Capital Growth	10.05%	3.30%	8.76%	10.22%	21.23%	31.55%	32.96%	33.51%	28.35%	29.51%	24.19%
Revenue Q/Q Growth	8.29%	11.94%	-11.07%	0.80%	-5.19%	5.19%	-6.08%	-2.24%	1.89%	6.77%	-8.03%
EBITDA Q/Q Growth	7.52%	0.45%	-0.67%	-19.26%	23.79%	11.38%	-7.55%	-1.25%	10.90%	151.39%	-61.94%
EBIT Q/Q Growth	11.72%	1.38%	0.73%	-31.55%	41.85%	14.75%	-10.15%	-3.70%	17.25%	222.68%	-71.27%
NOPAT Q/Q Growth	11.66%	0.15%	3.34%	-31.44%	44.70%	15.05%	-9.22%	-4.99%	18.30%	209.16%	-72.20%
Net Income Q/Q Growth	9.37%	1.00%	-1.55%	-22.94%	35.70%	13.74%	-10.48%	-6.55%	22.03%	175.22%	-66.69%
EPS Q/Q Growth	10.08%	0.00%	-1.91%	-23.35%	35.53%	16.85%	-12.50%	-5.86%	21.79%	179.55%	-68.34%
Operating Cash Flow Q/Q Growth	74.72%	5.42%	-24.87%	-11.21%	32.36%	18.56%	-37.48%	27.94%	57.34%	-24.13%	-15.18%
Free Cash Flow Firm Q/Q Growth	40.51%	104.56%	-2,014.76%	-57.91%	-123.49%	-50.47%	-16.97%	-8.57%	10.75%	16.71%	-21.07%
Invested Capital Q/Q Growth	-1.20%	-2.65%	8.72%	5.39%	8.67%	5.64%	9.89%	5.83%	4.47%	6.61%	5.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.56%	26.58%	28.42%	28.66%	31.75%	30.84%	31.03%	32.04%	32.82%	33.98%	31.21%
EBITDA Margin	30.57%	27.44%	30.65%	24.55%	32.05%	33.94%	33.41%	33.75%	36.73%	86.48%	35.79%
Operating Margin	19.67%	17.55%	20.54%	14.37%	21.23%	23.14%	22.25%	21.75%	24.71%	76.06%	21.95%
EBIT Margin	20.00%	18.11%	20.52%	13.93%	20.85%	22.74%	21.76%	21.43%	24.66%	74.54%	23.28%
Profit (Net Income) Margin	18.41%	16.61%	18.39%	14.06%	20.12%	21.76%	20.74%	19.82%	23.74%	61.21%	22.17%
Tax Burden Percent	81.39%	83.40%	81.06%	78.81%	81.39%	82.55%	82.11%	81.66%	83.45%	77.94%	82.20%
Interest Burden Percent	113.07%	109.94%	110.56%	128.03%	118.59%	115.90%	116.09%	113.28%	115.37%	105.36%	115.82%
Effective Tax Rate	18.61%	18.37%	18.94%	21.19%	18.61%	18.33%	17.89%	18.34%	16.55%	21.51%	17.80%
Return on Invested Capital (ROIC)	13.26%	12.54%	13.93%	9.23%	13.39%	13.95%	12.15%	10.94%	11.90%	32.45%	9.09%
ROIC Less NNEP Spread (ROIC-NNEP)	25.96%	25.79%	19.81%	15.01%	17.78%	17.76%	14.36%	12.38%	13.80%	33.39%	10.96%
Return on Net Nonoperating Assets (RNNOA)	1.13%	1.14%	1.29%	1.56%	2.36%	2.89%	3.14%	3.36%	4.25%	9.91%	4.06%
Return on Equity (ROE)	14.39%	13.68%	15.22%	10.79%	15.74%	16.84%	15.29%	14.30%	16.15%	42.36%	13.15%
Cash Return on Invested Capital (CROIC)	3.62%	9.94%	4.66%	2.15%	-7.70%	-15.43%	-17.39%	-17.58%	-13.92%	-9.59%	-6.63%
Operating Return on Assets (OROA)	8.91%	8.51%	9.54%	6.43%	9.26%	9.68%	8.66%	7.97%	8.79%	25.20%	7.56%
Return on Assets (ROA)	8.20%	7.80%	8.55%	6.49%	8.94%	9.26%	8.26%	7.37%	8.47%	20.70%	7.20%
Return on Common Equity (ROCE)	13.88%	13.13%	14.63%	10.35%	14.78%	15.75%	14.38%	13.36%	14.73%	38.68%	11.91%
Return on Equity Simple (ROE_SIMPLE)	16.80%	0.00%	16.51%	15.75%	15.82%	0.00%	15.98%	16.81%	17.26%	0.00%	23.31%
Net Operating Profit after Tax (NOPAT)	511	511	529	362	524	603	548	520	616	1,903	529
NOPAT Margin	16.01%	14.33%	16.65%	11.32%	17.28%	18.90%	18.27%	17.76%	20.62%	59.70%	18.05%
Net Nonoperating Expense Percent (NNEP)	-12.70%	-13.25%	-5.87%	-5.78%	-4.39%	-3.81%	-2.21%	-1.44%	-1.89%	-0.94%	-1.87%
Return On Investment Capital (ROIC_SIMPLE)	2.34%	2.38%	2.34%	1.52%	2.12%	2.32%	1.94%	1.74%	2.00%	5.78%	1.59%
Cost of Revenue to Revenue	73.44%	73.42%	71.58%	71.34%	68.25%	69.16%	68.97%	67.96%	67.18%	66.02%	68.79%
SG&A Expenses to Revenue	6.80%	6.27%	7.38%	7.85%	7.87%	7.29%	7.95%	8.21%	7.88%	7.15%	8.27%
R&D to Revenue	0.78%	0.87%	0.77%	0.85%	0.97%	0.77%	0.86%	0.87%	0.90%	0.69%	0.75%
Operating Expenses to Revenue	6.89%	9.03%	7.89%	14.30%	10.51%	7.69%	8.78%	10.29%	8.12%	-42.08%	9.26%
Earnings before Interest and Taxes (EBIT)	638	647	651	446	633	726	652	628	736	2,376	683
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	975	980	973	786	972	1,083	1,001	989	1,097	2,757	1,049
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.67	3.71	4.66	4.34	4.53	4.26	3.98	3.54	3.73	3.84	3.82
Price to Tangible Book Value (P/TBV)	4.04	4.08	5.12	4.76	4.97	4.65	4.35	3.85	4.05	4.13	4.10
Price to Revenue (P/Rev)	4.18	3.84	5.05	4.64	4.93	4.84	4.77	4.35	4.65	5.40	5.29
Price to Earnings (P/E)	21.92	21.63	28.66	28.01	29.21	26.49	25.35	21.40	21.89	17.08	16.61
Dividend Yield	2.76%	2.89%	2.21%	2.41%	2.34%	2.50%	2.62%	2.95%	2.77%	2.39%	2.46%
Earnings Yield	4.56%	4.62%	3.49%	3.57%	3.42%	3.78%	3.95%	4.67%	4.57%	5.85%	6.02%
Enterprise Value to Invested Capital (EV/IC)	3.40	3.42	4.18	3.78	3.72	3.40	3.08	2.68	2.75	2.92	2.78
Enterprise Value to Revenue (EV/Rev)	4.31	3.97	5.21	4.86	5.26	5.24	5.29	4.98	5.35	6.07	6.11
Enterprise Value to EBITDA (EV/EBITDA)	13.84	13.50	17.50	17.19	18.39	17.31	17.10	14.95	15.53	12.58	12.48
Enterprise Value to EBIT (EV/EBIT)	21.59	21.02	26.76	26.80	28.71	26.89	26.74	22.93	23.61	16.73	16.62
Enterprise Value to NOPAT (EV/NOPAT)	27.04	26.38	33.41	33.38	35.43	32.72	32.26	27.55	28.32	20.46	20.57
Enterprise Value to Operating Cash Flow (EV/OCF)	16.97	15.92	21.61	19.80	21.58	20.59	21.10	18.47	17.54	20.15	19.18
Enterprise Value to Free Cash Flow (EV/FCFF)	98.54	35.00	93.56	184.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.57	0.56	0.62	0.61	0.66	0.75	0.83	0.84	0.76	0.77
Long-Term Debt to Equity	0.48	0.52	0.52	0.61	0.56	0.60	0.74	0.77	0.77	0.72	0.71
Financial Leverage	0.04	0.04	0.07	0.10	0.13	0.16	0.22	0.27	0.31	0.30	0.37
Leverage Ratio	1.94	1.95	1.92	1.95	1.97	2.02	2.04	2.11	2.12	2.08	2.13
Compound Leverage Factor	2.19	2.14	2.12	2.49	2.34	2.34	2.36	2.39	2.44	2.20	2.46
Debt to Total Capital	34.80%	36.20%	35.69%	38.36%	37.93%	39.69%	42.88%	45.47%	45.68%	43.24%	43.57%
Short-Term Debt to Total Capital	3.46%	3.20%	2.50%	0.76%	3.14%	3.37%	0.83%	3.74%	3.74%	2.11%	3.61%
Long-Term Debt to Total Capital	31.33%	32.99%	33.19%	37.60%	34.79%	36.32%	42.05%	41.73%	41.94%	41.13%	39.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.62%	2.60%	2.58%	2.65%	4.98%	5.19%	4.45%	4.75%	5.16%	4.98%	6.16%
Common Equity to Total Capital	62.58%	61.20%	61.73%	58.99%	57.09%	55.12%	52.67%	49.78%	49.16%	51.78%	50.26%
Debt to EBITDA	2.04	2.08	2.10	2.46	2.53	2.70	3.15	3.37	3.37	2.43	2.46
Net Debt to EBITDA	0.25	0.30	0.40	0.59	0.81	0.98	1.35	1.54	1.65	1.10	1.31
Long-Term Debt to EBITDA	1.83	1.89	1.95	2.41	2.32	2.47	3.09	3.09	3.09	2.32	2.25
Debt to NOPAT	3.98	4.06	4.01	4.78	4.88	5.11	5.95	6.20	6.14	3.96	4.05
Net Debt to NOPAT	0.49	0.58	0.75	1.15	1.55	1.85	2.55	2.84	3.01	1.80	2.16
Long-Term Debt to NOPAT	3.58	3.70	3.73	4.69	4.47	4.67	5.83	5.69	5.63	3.77	3.71
Altman Z-Score	3.73	3.69	4.32	3.90	3.78	3.51	3.21	2.77	2.78	3.14	2.86
Noncontrolling Interest Sharing Ratio	3.54%	3.98%	3.92%	4.07%	6.10%	6.49%	6.00%	6.62%	8.79%	8.69%	9.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.87	1.81	1.93	2.05	1.36	1.33	1.81	1.49	1.27	1.52	1.11
Quick Ratio	1.49	1.49	1.52	1.51	0.97	0.94	1.27	1.07	0.93	1.15	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-873	40	-762	-1,204	-2,691	-4,049	-4,736	-5,142	-4,589	-3,822	-4,628
Operating Cash Flow to CapEx	130.11%	123.70%	86.64%	63.63%	64.23%	69.09%	43.47%	48.49%	78.81%	429.73%	38.96%
Free Cash Flow to Firm to Interest Expense	-26.70	1.23	-18.51	-29.44	-56.77	-84.36	-88.53	-85.85	-82.39	-76.91	-108.64
Operating Cash Flow to Interest Expense	27.77	29.46	17.46	15.62	17.84	20.88	11.71	13.38	22.65	19.26	19.05
Operating Cash Flow Less CapEx to Interest Expense	6.43	5.64	-2.69	-8.92	-9.93	-9.34	-15.23	-14.22	-6.09	14.77	-29.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.47	0.46	0.46	0.44	0.43	0.40	0.37	0.36	0.34	0.32
Accounts Receivable Turnover	7.51	7.69	7.32	7.63	7.01	7.10	6.99	7.09	6.64	6.87	6.81
Inventory Turnover	18.15	19.29	16.73	16.51	15.70	15.15	12.83	12.20	11.65	11.52	11.21
Fixed Asset Turnover	0.88	0.93	0.90	0.88	0.85	0.80	0.73	0.68	0.64	0.59	0.55
Accounts Payable Turnover	3.74	3.74	3.86	3.89	3.30	3.12	3.27	3.16	2.66	2.81	2.83
Days Sales Outstanding (DSO)	48.61	47.44	49.89	47.84	52.07	51.42	52.19	51.52	54.98	53.12	53.57
Days Inventory Outstanding (DIO)	20.11	18.92	21.82	22.11	23.25	24.09	28.44	29.92	31.32	31.68	32.56
Days Payable Outstanding (DPO)	97.55	97.52	94.54	93.88	110.65	116.98	111.47	115.42	137.47	129.94	129.08
Cash Conversion Cycle (CCC)	-28.83	-31.16	-22.82	-23.93	-35.34	-41.47	-30.84	-33.98	-51.18	-45.15	-42.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,147	14,747	16,033	16,897	18,363	19,399	21,317	22,560	23,568	25,124	26,474
Invested Capital Turnover	0.83	0.88	0.84	0.82	0.77	0.74	0.67	0.62	0.58	0.54	0.50
Increase / (Decrease) in Invested Capital	1,384	472	1,291	1,566	3,215	4,652	5,284	5,663	5,205	5,725	5,157
Enterprise Value (EV)	51,566	50,473	67,088	63,832	68,225	66,019	65,691	60,492	64,755	73,485	73,498
Market Capitalization	50,063	48,796	64,990	60,993	64,001	60,933	59,247	52,845	56,288	65,397	63,716
Book Value per Share	$61.52	$59.26	$62.81	$63.30	$63.65	$64.43	$66.84	$67.09	$67.93	$76.63	$75.06
Tangible Book Value per Share	$55.91	$53.98	$57.23	$57.67	$58.02	$59.04	$61.28	$61.68	$62.58	$71.16	$69.87
Total Capital	21,802	21,476	22,575	23,831	24,763	25,966	28,237	29,957	30,720	32,902	33,209
Total Debt	7,586	7,774	8,058	9,141	9,392	10,306	12,108	13,622	14,033	14,228	14,471
Total Long-Term Debt	6,832	7,086	7,493	8,961	8,615	9,431	11,873	12,500	12,883	13,533	13,271
Net Debt	932	1,118	1,516	2,207	2,992	3,739	5,188	6,225	6,881	6,451	7,735
Capital Expenditures (CapEx)	698	774	830	1,004	1,316	1,451	1,441	1,653	1,601	223	2,083
Debt-free, Cash-free Net Working Capital (DFCFNWC)	400	203	459	590	277	230	530	480	-85	-106	-221
Debt-free Net Working Capital (DFNWC)	3,715	3,505	3,609	3,104	2,183	2,179	2,765	3,118	2,353	2,878	1,742
Net Working Capital (NWC)	2,960	2,817	3,044	2,924	1,406	1,305	2,530	1,996	1,203	2,183	542
Net Nonoperating Expense (NNE)	-76	-82	-55	-88	-86	-91	-74	-61	-93	-48	-121
Net Nonoperating Obligations (NNO)	932	1,044	1,516	2,207	2,992	3,739	5,188	6,225	6,881	6,451	7,735
Total Depreciation and Amortization (D&A)	337	333	322	340	340	357	349	361	360	381	367
Debt-free, Cash-free Net Working Capital to Revenue	3.34%	1.60%	3.56%	4.50%	2.13%	1.83%	4.27%	3.95%	-0.70%	-0.88%	-1.84%
Debt-free Net Working Capital to Revenue	31.04%	27.60%	28.02%	23.63%	16.82%	17.30%	22.26%	25.66%	19.44%	23.79%	14.47%
Net Working Capital to Revenue	24.73%	22.18%	23.64%	22.26%	10.84%	10.35%	20.37%	16.43%	9.94%	18.04%	4.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.62	$2.62	$2.58	$1.98	$2.68	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77
Adjusted Weighted Average Basic Shares Outstanding	222M	222M	222.20M	222.30M	222.40M	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M
Adjusted Diluted Earnings per Share	$2.62	$2.62	$2.57	$1.97	$2.67	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77
Adjusted Weighted Average Diluted Shares Outstanding	222.50M	222.50M	222.60M	222.70M	222.80M	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	221.80M	221.87M	222.08M	222.12M	222.15M	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M
Normalized Net Operating Profit after Tax (NOPAT)	511	511	529	509	572	603	548	567	616	1,903	529
Normalized NOPAT Margin	16.01%	14.33%	16.65%	15.89%	18.86%	18.90%	18.27%	19.35%	20.62%	59.70%	18.05%
Pre Tax Income Margin	22.62%	19.92%	22.69%	17.84%	24.72%	26.36%	25.26%	24.28%	28.45%	78.53%	26.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.51	19.90	15.81	10.90	13.34	15.12	12.19	10.48	13.22	47.80	16.02
NOPAT to Interest Expense	15.62	15.74	12.83	8.86	11.06	12.57	10.24	8.69	11.05	38.29	12.42
EBIT Less CapEx to Interest Expense	-1.84	-3.92	-4.34	-13.64	-14.43	-15.10	-14.75	-17.12	-15.52	43.32	-32.88
NOPAT Less CapEx to Interest Expense	-5.73	-8.08	-7.32	-15.68	-16.71	-17.66	-16.70	-18.92	-17.68	33.81	-36.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	59.15%	61.03%	61.31%	64.95%	65.59%	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%
Augmented Payout Ratio	59.15%	61.03%	61.31%	64.95%	65.59%	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%

Frequently Asked Questions About Air Products and Chemicals' Financials

When does Air Products and Chemicals's fiscal year end?

According to the most recent income statement we have on file, Air Products and Chemicals' financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Air Products and Chemicals' net income changed over the last 9 years?

Air Products and Chemicals' net income appears to be on an upward trend, with a most recent value of $3.86 billion in 2024, rising from $1.32 billion in 2015. The previous period was $2.34 billion in 2023.

What is Air Products and Chemicals's operating income?

Air Products and Chemicals's total operating income in 2024 was $4.47 billion, based on the following breakdown:

Total Gross Profit: $3.93 billion
Total Operating Expenses: -$534.20 million

How has Air Products and Chemicals revenue changed over the last 9 years?

Over the last 9 years, Air Products and Chemicals' total revenue changed from $7.82 billion in 2015 to $12.10 billion in 2024, a change of 54.7%.

How much debt does Air Products and Chemicals have?

Air Products and Chemicals' total liabilities were at $20.90 billion at the end of 2024, a 27.9% increase from 2023, and a 110.0% increase since 2015.

How much cash does Air Products and Chemicals have?

In the past 9 years, Air Products and Chemicals' cash and equivalents has ranged from $206.40 million in 2015 to $5.25 billion in 2020, and is currently $2.98 billion as of their latest financial filing in 2024.

How has Air Products and Chemicals' book value per share changed over the last 9 years?

Over the last 9 years, Air Products and Chemicals' book value per share changed from 33.72 in 2015 to 76.63 in 2024, a change of 127.3%.

Related Companies

This page (NYSE:APD) was last updated on 4/24/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Air Products and Chemicals (APD) Financials

Frequently Asked Questions About Air Products and Chemicals' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Air Products and Chemicals (APD) Financials

Annual Income Statements for Air Products and Chemicals

Quarterly Income Statements for Air Products and Chemicals

Annual Cash Flow Statements for Air Products and Chemicals

Quarterly Cash Flow Statements for Air Products and Chemicals

Annual Balance Sheets for Air Products and Chemicals

Quarterly Balance Sheets for Air Products and Chemicals

Annual Metrics and Ratios for Air Products and Chemicals

Quarterly Metrics and Ratios for Air Products and Chemicals

Frequently Asked Questions About Air Products and Chemicals' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools