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Air Products & Chemicals
APDMaterialsGenerated Sep 5, 2026, 01:33 PM UTC
APD (Air Products & Chemicals) analytical snapshot. Revenue declined +0.5% YoY to $12.04B. 5-year revenue CAGR +3.1%; 10y CAGR +4.4%. Net margin at -3.28% (contracting ▼). Market cap $67.09B at $301.27 per share. DCF not computed (no positive free cash flow reported). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -17 (data confidence 76%). Descriptive analytics from public filings — not investment advice.
Market cap
$67.09B
222.69M shares
Price
$301.27
NYQ
P/E (ttm)
—
Revenue (FY)
$12.04B
YoY -0.5%
Net margin
-3.28%
▼ 21.04pp
Free cash flow
—
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 20Improving
80% conf
Latest annual report (10-K) filed Nov 20, 2025. Latest quarterly report (10-Q) filed Jul 30, 2026. 12 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Nov 20, 2025.
- Latest quarterly report (10-Q) filed Jul 30, 2026.
- 12 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Air Products & Chemicals; broad institutional reporting.
- Recent filers include BABSON DAVID L & CO INC, MENOYO ERIC F TRUSTEE, MENOYO ERIC F TRUSTEE.
- 20 recent 13G passive institutional ownership notices.
Latest 10-K
Nov 20, 2025
Annual report
Latest 10-Q
Jul 30, 2026
8-K (recent)
12
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| BABSON DAVID L & CO INC | 13F-HR | May 15, 2001 |
| MENOYO ERIC F TRUSTEE | 13F-HR | Oct 12, 2001 |
| MENOYO ERIC F TRUSTEE | 13F-HR | Jan 16, 2003 |
| MENOYO ERIC F TRUSTEE | 13F-HR | Jan 23, 2004 |
| MENOYO ERIC F TRUSTEE | 13F-HR | Apr 24, 2002 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jul 30, 2026 | 8-K | FORM 8-K |
| Jun 30, 2026 | 8-K | 8-K |
| Apr 30, 2026 | 8-K | FORM 8-K |
| Jan 30, 2026 | 8-K | FORM 8-K |
| Jan 29, 2026 | 8-K | 8-K |
| Nov 25, 2025 | 8-K | 8-K |
| Nov 6, 2025 | 8-K | FORM 8-K |
| Aug 20, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -64Deteriorating
72% conf
4 risk signal(s), 1 watch item(s) detected from XBRL filing diff analysis. The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- Leverage is building — debt rising while equity contracts: Long-term debt grew +20.6% while stockholders equity declined -11.8%. The debt-to-equity ratio is deteriorating, increasing financial risk and interest burden. This may constrain future borrowing capacity.
- NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
- Restatement of financial statements: The term "restatement of" "previously issued" appears in 1 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 3 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Restatement of financial statements.
Revenue
$12.04B
-0.5% YoY
Gross profit
$3.00B
+2.9% YoY
Operating income
$-877.0M
-119.6% YoY
Net income
$-394.5M
-110.3% YoY
Operating cash flow
$1.75B
+15.2% YoY
Capex
$7.02B
+3.3% YoY
Total assets
$41.06B
+3.8% YoY
Total liabilities
$23.71B
+13.4% YoY
Filing quality score
69/100
2 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $12.10B | $12.04B | $-63.3M | -0.5% |
| Gross profit | $2.91B | $3.00B | $83.8M | +2.9% |
| Operating income | $4.47B | $-877.0M | $-5.34B | -119.6% |
| Net income | $3.83B | $-394.5M | $-4.22B | -110.3% |
| Operating cash flow | $1.52B | $1.75B | $230.8M | +15.2% |
| Capex | $6.80B | $7.02B | $225.9M | +3.3% |
| Total assets | $39.57B | $41.06B | $1.48B | +3.8% |
| Total liabilities | $20.90B | $23.71B | $2.81B | +13.4% |
| Long-term debt | $4.38B | $5.29B | $904.7M | +20.6% |
| Cash & equivalents | $2.98B | $1.86B | $-1.12B | -37.7% |
| Stockholders equity | $17.04B | $15.02B | $-2.01B | -11.8% |
| Inventory | $766.0M | $776.5M | $10.5M | +1.4% |
| Accounts receivable | $1.82B | $1.90B | $79.6M | +4.4% |
| R&D expense | $100.2M | $96.3M | $-3.9M | -3.9% |
| SG&A expense | $942.4M | $906.1M | $-36.3M | -3.9% |
| Interest expense | $128.0M | $177.5M | $49.5M | +38.7% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | GoodwillImpairedAccumulatedImpairmentLoss, OtherRestructuringCosts |
| Removed | AccountsPayableTradeCurrent, AccruedEnvironmentalLossContingenciesNoncurrent, AccruedProfessionalFeesCurrent, AcquiredFiniteLivedIntangibleAssetResidualValue, AllowanceForDoubtfulAccountsReceivable, AllowanceForDoubtfulAccountsReceivableWriteOffs, AmortizationOfIntangibleAssets, AssetRetirementObligation, BusinessExitCosts1, CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 2 | 0 | NEW |
| Substantial doubt about ability to continue | high | 2 | 0 | NEW |
| Restatement of financial statements | high | 1 | 1 | Ongoing |
| Impairment charge | medium | 5 | 2 | Ongoing |
| Restructuring | medium | 5 | 6 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 8 | Ongoing |
Filing signal breakdown
Red flags: 4
Positive: 0
Watch: 1
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score -45Deteriorating
60% conf
Revenue declined +0.5% YoY to $12.04B. 5-year revenue CAGR +3.1%; 10y CAGR +4.4%. Net margin at -3.28% (contracting ▼).
- Revenue declined +0.5% YoY to $12.04B.
- 5-year revenue CAGR +3.1%; 10y CAGR +4.4%.
- Net margin at -3.28% (contracting ▼).
- Return on equity -2.63%, ROA -0.96%, ROIC -5.84%.
- Gross margin 0.00%, operating margin -7.29%.
- Net income down ▼ +110.3% YoY.
- Debt/equity 0.31, current ratio 1.08, net debt $3.29B.
- Asset turnover 0.30 — capital efficiency.
Revenue (FY)
$12.04B
YoY -0.5%
Net margin
-3.28%
▼ 21.04pp
ROE
-2.63%
ROA -0.96%
ROIC
-5.84%
EPS (diluted)
$-1.77
FY2025
Free cash flow
—
Debt / equity
0.31
Cash $980.5M
Current ratio
1.08
Equity $13.88B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $12.10B | -4.0% | 0.00 | 36.91 | 31.64 | — | 22.47 |
| 2025 | $12.04B | -0.5% | 0.00 | -7.29 | -3.28 | — | -2.63 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Dec 31, 2024 | $2.93B | -2.2% | — | 21.06% |
| Mar 31, 2025 | $2.92B | -0.5% | -0.5% | -59.34% |
| Jun 30, 2025 | $3.02B | +1.2% | +3.7% | 23.61% |
| Dec 31, 2025 | $3.10B | +5.8% | +2.6% | 21.86% |
| Mar 31, 2026 | $3.17B | +8.8% | +2.2% | 22.40% |
| Jun 30, 2026 | $3.16B | +4.6% | -0.3% | -45.58% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score 0Stable
83% conf
Market cap $67.09B at $301.27 per share. DCF not computed (no positive free cash flow reported).
- Market cap $67.09B at $301.27 per share.
Market cap
$67.09B
222.69M shares
P/E (ttm)
—
P/S
5.57
P/B
4.83
EV
$70.38B
Intrinsic (DCF)
—
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 45Improving
85% conf
Price $301.27 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 50.54.
- Price $301.27 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$301.27
NYQ
RSI(14)
50.54
50-DMA
$300.18
200-DMA
$282.51
Volatility (ann.)
26.63%
52w range
$229.11–$314.87
-4.3% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.77%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.77%
10Y−2Y
0.41pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -30Deteriorating
90% conf
Composite risk Elevated. Leverage debt/equity 0.31 (low). Liquidity current ratio 1.08 (adequate).
- Composite risk: Elevated.
Risk level
Elevated
Debt / equity
0.31
Current ratio
1.08
Margin stdev
8.92pp
Cash / assets
2.42%
Liab / assets
58.97%
ProFull breakdown & reasoning locked
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3 sections free · 4 Pro previews · composite -17
Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Air Products & Chemicals is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
14.32
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewPrice $301.27 — uptrend (above 200-DMA); 1-month momentum positive..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow APD stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Intuit Inc. INTU | 35 | Supportive |
| CF Industries CF | 34 | Supportive |
| MercadoLibre Inc. MELI | 29 | Supportive |
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| Uber Technologies UBER | 24 | Supportive |
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| Meta Platforms Inc. META | 23 | Supportive |
| Okta Inc. OKTA | 18 | Supportive |
| Qualcomm Inc. QCOM | 18 | Supportive |
| Roku Inc. ROKU | 17 | Supportive |
| Comcast Corp. CMCSA | 17 | Supportive |
| Microsoft Corp. MSFT | 16 | Supportive |
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| Workday Inc. WDAY | 15 | Supportive |
| Adobe Inc. ADBE | 14 | Supportive |
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| Datadog Inc. DDOG | 14 | Supportive |
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| Dollar General Corp. DG | 12 | Supportive |
| T-Mobile US Inc. TMUS | 12 | Supportive |
| NVIDIA Corp. NVDA | 11 | Supportive |
| Energy Transfer ET | 8 | Supportive |
| ConocoPhillips COP | 8 | Supportive |
| Oracle Corp. ORCL | 8 | Supportive |
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| Lam Research Corp. LRCX | 8 | Supportive |
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| GE Aerospace GE | 2 | Supportive |
| Snowflake Inc. SNOW | 2 | Supportive |
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