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NEW YORK STOCK EXCHANGE, INC. · Chemicals · CIK 0000002969
$302.58
+1.32% · delayed ~15 min
Last price from Oct 20, 2026
$67.35B market value
From Air Products & Chemicals, Inc.'s FY2025 10-K, filed Nov 20, 2025 · read the filing
Air Products & Chemicals makes industrial chemicals. It took in $12.04B last year, which makes it a large company. It spends more than it earns — losing about 3 cents on every dollar of sales.
The filing does not provide enough evidence for a clear financial conclusion.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Recorded a material impairment, in a filing on 2026-06-30.
Form 8-K, item 2.06 · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Significant financial weakness across most measures.
From Air Products & Chemicals, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
$4.47B → -$877.0M
Profit
$3.83B → -$394.5M
Operating margin
36.9% → -7.3%
Profit margin
31.6% → -3.3%
Measured against FY2024, from the 10-K filed Nov 20, 2025
Deteriorated: turned negative
$4.47B to -$877.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$3.83B to -$394.5MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
APD rose 1.32% on the latest quote. The average Materials company tracked here moved −1.33%, and the S&P 500 −1.04%. That is 2.6 points above its sector and 2.4 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 29 analysts covering this company, as of . Their views, not this site's.
Of 29 analysts publishing on this company, 5 say strong buy, 14 say buy and 10 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $394.5M last year, losing about 3 cents on every dollar of sales.
No. Sales shrank 0.5% last year.
No — it holds more cash than debt, with $1.82B left over after paying off every borrowing. For every $1 it owes, it owns $1.73 in assets. Its operating profit does not cover its interest bill — -4.10x against the interest it owes.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It paid a dividend while making a loss, so the payment did not come out of profits — it came from reserves, borrowing or asset sales. It paid out 49% of the cash its operations generated. It has paid in each of the last 12 years.
WeakNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it lost $394.5M and generated $3.26B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Nov 20, 2025Filing for FY2025 | FY202410-K · Nov 21, 2024Filing for FY2024 | FY202310-K · Nov 16, 2023Filing for FY2023 | FY202210-K · Nov 22, 2022Filing for FY2022 | FY202110-K · Nov 18, 2021Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B | −0.5% |
| Cost of revenue | $8.26B | $8.17B | $8.83B | $9.34B | $7.19B | +1.1% |
| Gross profit | $3.78B† | $3.93B† | $3.77B† | $3.36B† | $3.14B† | −3.8% |
| Gross marginGross profit ÷ revenueWhat is this? | 31.4% | 32.5% | 29.9% | 26.5% | 30.4% | −1.1 pts |
| Selling, general and administrative | $906.1M | $942.4M | $957.0M | $900.6M | $828.4M | −3.9% |
| Operating income | -$877.0M | $4.47B | $2.49B | $2.34B | $2.28B | n/m |
| Operating marginOperating income ÷ revenueWhat is this? | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% | −44.2 pts |
| Interest expense | $214.0M | $218.8M | $177.5M | $128.0M | $141.8M | −2.2% |
| Income before tax | -$440.7M | $4.82B | $2.88B | $2.75B | $2.51B | n/m |
| Net income | -$394.5M | $3.83B | $2.30B | $2.26B | $2.10B | n/m |
| Net marginNet income ÷ revenueWhat is this? | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% | −34.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-1.77 | $17.22 | $10.35 | $10.17 | $9.48 | n/m |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Others in the same industry
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q3 FY2026
Operating margin −92.5 pts · Operating income turned negative · Profit turned negative — against Q3 FY2025
Read the filingPublished results
Read the filingWrite down why you are following Air Products & Chemicals, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 329 subsidiaries named in its 10-K. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from APD's 10-K for fiscal year 2025 (period ending 2025-09-30, filed Nov 20, 2025), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 2.0 | 3/8 | 10-K, filed Nov 20, 2025 |
| FY2024 | 6.0 | 6/8 | 10-K, filed Nov 21, 2024 |
| FY2023 | 6.0 | 6/8 | 10-K, filed Nov 16, 2023 |
| FY2022 | 9.0 | 7/9 | 10-K, filed Nov 22, 2022 |
| FY2021 | 10.0 | 7/9 | 10-K, filed Nov 18, 2021 |
| FY2020 | 8.0 | 7/9 | 10-K, filed Nov 19, 2020 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
3 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
2.57
In the grey zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −44.2 pts
36.9% to -7.3%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −34.9 pts
31.6% to -3.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$17.22 to -$1.77Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: $615.8M wider
-$3.15B to -$3.77BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: -37.7%
$2.98B to $1.86BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: −1.1 pts
32.5% to 31.4%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Jul 30, 2026 — read it.
Deteriorated: turned negative
$790.6M to -$2.10BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$713.8M to -$1.44BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −92.5 pts
26.2% to -66.3%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −69.2 pts
23.6% to -45.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$3.21 to -$6.47Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -57.8%
$2.32B to $980.5MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +5.4%
$982.6M to $1.04BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Jul 30, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: turned negative
$752.7M to -$2.10BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$710.4M to -$1.44BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −90.1 pts
23.7% to -66.3%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −68.0 pts
22.4% to -45.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$3.19 to -$6.47Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +1.6 pts
31.1% to 32.8%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
5 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 2.3% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 101.8x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
Recorded a material impairment · Made a Regulation FD disclosure
Quarterly report for Q2 FY2026
Revenue +8.8% · Operating margin +103.6 pts · Operating income turned positive — against Q2 FY2025
Read the filingPublished results
Read the filingQuarterly report for Q1 FY2026
Revenue +5.8% · Operating margin +1.7 pts · Free cash flow $955.4M narrower — against Q1 FY2025
Read the filingPublished results
Read the filingHeld a shareholder vote
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join · Reported another event
Read the filingAnnual report for FY2025
Operating margin −44.2 pts · Operating income turned negative · Profit turned negative — against FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q3 FY2025
Operating margin +1.5 pts · Operating income +7.2% — against Q3 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingReported another event
Read the filingQuarterly report for Q2 FY2025
Operating margin −101.6 pts · Operating income turned negative · Profit turned negative — against Q2 FY2024
Read the filingPublished results
Read the filingRecorded a material impairment · Made a Regulation FD disclosure
Read the filingThe first 40 of 329. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2025-11-20. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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