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APD Financials Air Products and Chemicals

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →

Growth & profitability

  • Revenue has grown 6.3% per year over the past 5 years.
  • Operating margin has contracted, at -7.3% in the latest year.

Financial health

  • Total debt has grown slower than revenue (2.7% vs 6.3% per year).
  • Operating income covered interest expense -4.1× in the latest year.
  • The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.

Shareholder returns

  • Dividends have been paid for 15 consecutive years.
  • The dividend has grown 7.5% per year over the past 5 years.
Revenue & net income
-$395M $6B $13B $0 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
-7% 15% 37% 0% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
-$4B -$1B $1B $0 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $3B $6B 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$7B -$2B $4B $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $12.0B -$395M 31.4% -7.3% -$3.8B — $1.9B
2024 $12.1B $3.8B 32.5% 36.9% -$3.1B — $3.0B
2023 $12.6B $2.3B 29.9% 19.8% -$1.4B — $1.6B
2022 $12.7B $2.3B 26.5% 18.4% $244M — $2.7B
2021 $10.3B $2.1B 30.4% 22.1% $871M — $4.5B
2020 $8.9B $1.9B 33.9% 25.3% $756M — $5.3B
2019 $8.9B $1.8B 32.7% 24.0% $980M — $2.2B
2018 $8.9B $1.5B 30.7% 22.0% $979M — $2.8B
2017 $8.2B $3.0B 29.8% 17.6% $1.5B — $3.3B
2016 $7.5B $631M 31.0% 20.5% $1.4B $5.2B $1.3B
2015 — $1.3B — — $885M $5.9B $183M
2014 — $992M — — $562M $6.1B $285M
2013 — $994M — — $29M $6.3B $450M
2012 — $1.2B — — $244M $5.3B $454M
2011 — $1.2B — — $401M $4.6B $421M

Valuation over time

How the market has priced APD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

Price / earnings (P/E)
0.0 15.1 30.1 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 3.1 6.2 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S
Dividend yield (%)
0.0 1.5 2.9 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
Dividend yield %

Frequently asked questions

Is APD growing its revenue and profit?

Over the past 5 years, Air Products and Chemicals's revenue has grown 6.3% per year. These are computed facts, not advice.

How much debt does APD have?

As of FY2025, Air Products and Chemicals reported — of total debt against $1.9B of cash; operating income covered interest expense -4.1×.

What is APD's profit margin?

In FY2025, gross margin was 31.4%, operating margin -7.3%, and net margin -3.3%.

What is APD's P/E ratio?

As of Jun '26, Air Products and Chemicals traded at a price-to-earnings ratio of about 17.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.