Air Products (APD) stock
Materials · Industrial Gases
Air Products (APD) is an Industrial Gases company in the Materials sector, headquartered in Upper Macungie Township, Pennsylvania. As of October 23, 2026, APD closed at $307.15, a market capitalization of $68.40 billion, the 184th largest company in the S&P 500. Over the last twelve months it generated $12.60 billion in revenue (+5% year over year) and -$301.40 million in free cash flow.
- 1-year total return: +23.7% (dividends reinvested)
- 5-year return: +3.7% a year
- 52-week range: $229.11 – $314.87
- Gross margin 32.1%, operating margin 25.5%
- Dividend yield: 2.36%, 42 straight years of increases
- FI Handbook report card: D+ across 10 metrics
- 6th largest of 24 Materials stocks in the S&P 500
APD price chart
1Y price change: +20.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| APD | +7.7% | +27.6% | +23.7% | +6.5% | +3.7% | +11.3% | +12.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
APD key statistics
- Market cap
- $68.4B
- #184 in S&P 500
- P/E (TTM)
- —
- Forward P/E
- 21.3x
- EPS (TTM)
- $-0.21
- Revenue (TTM)
- $12.6B
- +5%
- Free cash flow
- -$301.4M
- Gross margin
- 32.1%
- Operating margin
- 25.5%
- Return on equity
- 0.0%
- Dividend yield
- 2.36%
- 52-week range
- $229.11 – $314.87
- Beta
- 0.76
- Price / sales
- 5.4x
- EV / EBITDA
- 19.0x
- Debt / equity
- 1.10x
- Employees
- 21,087
APD report card
D+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth4.6%D
- Gross margin32.1%C
- Operating margin25.5%B
- FCF margin-2.4%F
- Return on equity0.0%F
- Net debt / EBITDA3.7xF
- Forward P/E21.3xC
- PEG ratio2.1xD
- Shareholder yield2.4%C
- Share count change / yr0.0%C
Air Products and Chemicals financials
Revenue went from $7.5B in fiscal 2016 to $12.0B in fiscal 2025, growing 5.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5B | $8.2B | $8.9B | $8.9B | $8.9B | $10.3B | $12.7B | $12.6B | $12.1B | $12.0B |
| Gross profit | $2.3B | $2.4B | $2.7B | $2.9B | $3.0B | $3.1B | $3.4B | $3.8B | $3.9B | $3.8B |
| Operating income | $1.5B | $1.4B | $2.0B | $2.1B | $2.2B | $2.3B | $2.3B | $2.5B | $4.5B | -$877.0M |
| Net income | $631.1M | $3.0B | $1.5B | $1.8B | $1.9B | $2.1B | $2.3B | $2.3B | $3.8B | -$394.5M |
| EPS (diluted) | $2.89 | $13.65 | $6.78 | $7.94 | $8.49 | $9.43 | $10.14 | $10.33 | $17.18 | $-1.77 |
| Dividends paid | $721.2M | $787.9M | $897.8M | $994.0M | $1.1B | $1.3B | $1.4B | $1.5B | $1.6B | $1.6B |
| Diluted shares | 218.3M | 219.8M | 220.8M | 221.6M | 222.3M | 222.5M | 222.5M | 222.7M | 222.8M | 222.7M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into APD?
A reverse DCF asks what growth the current price requires. With an enterprise value of $85.7B and -$301.4M of trailing free cash flow, Air Products and Chemicals needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -2.3% a year over the last five years.
P/E ratio history
Current 15.2x vs. median 24.5x (10th–90th percentile 14.3x–33.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
APD dividend
- Dividend yield
- 2.36%
- Annual dividend
- $7.24
- Years of increases
- 42
- 5-yr dividend growth
- 5.9%
- per year
- Payout ratio
- 76%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
APD analyst price targets
20 analysts' average 12-month target is $342.55 (+12% vs. $307.15). Targets range from $305.00 to $373.00. 65% rate it a buy.
APD earnings
Next report: November 5, 2026. Air Products and Chemicals has beaten EPS estimates 5 quarters in a row. Last quarter's revenue was $3.2B (+5% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 30, 2026 | $3.34 | $3.47 | +3.8% |
| Apr 30, 2026 | $3.06 | $3.20 | +4.5% |
| Jan 30, 2026 | $3.04 | $3.16 | +3.9% |
| Nov 6, 2025 | $3.38 | $3.39 | +0.2% |
| Jul 31, 2025 | $2.99 | $3.09 | +3.2% |
| May 1, 2025 | $2.83 | $2.69 | -4.9% |
| Feb 6, 2025 | $2.84 | $2.86 | +0.7% |
| Nov 7, 2024 | $3.47 | $3.56 | +2.5% |
Stocks like APD
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APD news
- Air Products Declares Quarterly Dividend · Oct 22, 2026
- Two Chemical Giants Cut Their Dividends. One Kept Raising. Here’s What Income Investors Should Know. · Oct 16, 2026
- Air Products to Highlight Gas-based Technologies for Laser Cutting, 3D Printing and Welding at FABTECH 2026 · Oct 15, 2026
- Air Products And Chemicals (APD) Could Be 16% Below Fair Value On LNG Terminal Deal · Oct 14, 2026
- Air Products Offers a 2.6% Yield. The Bigger Question is What Comes Next · Oct 14, 2026
APD stock FAQ
What is APD's market cap?
Air Products's market capitalization is $68.40 billion as of October 23, 2026, ranking 184th in the S&P 500.
Does APD pay a dividend?
Yes. Air Products pays $7.24 per share a year, a 2.36% yield. It has raised its dividend 42 years in a row. Dividends grew 5.9% a year over the last five years.
How much has APD stock returned?
Including reinvested dividends, APD returned +23.7% over one year, +3.7% a year over five years, +11.3% a year over ten years through October 23, 2026.
What is the APD price target?
20 analysts cover APD with an average 12-month price target of $342.55, +12% from the current price. 65% of them rate it a buy.
When does APD report earnings?
Air Products is expected to report earnings on November 5, 2026. It has beaten EPS estimates 5 quarters in a row.
How many employees does Air Products have?
Air Products has about 21,087 full-time employees, or $597,629 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology