TORVANTA
Materials · S&P 500 · data as of 2026-10-05

APD stock analysis: Air Products

Air Products (APD) is an S&P 500 company in Industrial Gases. It grades weakest on profitability and growth.

The model's view of APD · subscribers

Where APD ranks among the 1,500 U.S. stocks the model scores each trading day, its expected return, the evidence for and against it, and whether the model portfolio holds it. The grades below describe the company's data; they are not the model's view.

See plans
What's happening with APD · updated 2026-10-05 · from prices and SEC filings

APD price performance

APD against the S&P 500, one year
-10%+0%+10%+20%S&P 500 +18%APD +7%2025-09-292026-10-05
Year to date+16.1%S&P 500 +14.5% · ahead by 1.6 pts
1 year+5.6%S&P 500 +17.0% · behind by 11.4 pts
3 years+7.9%S&P 500 +89.3% · behind by 81.3 pts
5 years+23.4%S&P 500 +91.3% · behind by 68.0 pts

Total returns with dividends reinvested.

APD factor grades

Each grade compares APD with the rest of its sector (A+ best, F worst); the numbers behind it are shown with the typical figure for its peers.

–Value
D+GrowthRevenue growth +5% (sector +6%)EPS growth -103% (sector +14%)
D+ProfitabilityOperating margin -4.7% (sector 10.4%)ROIC -3.6% (sector 9.9%)
C+Momentum12-month change +6%From 52-wk high -10%

APD in plain numbers

APD key statistics

SectorMaterials
IndustryIndustrial Gases
IndexS&P 500
Market value$62.2B
Revenue growth (y/y)+5%
Free-cash-flow yieldn/a
Dividend yield2.6%
Next earnings (expected)2026-11-05
Valuation measures
Market value$62.2B
Enterprise value$61.4B
Price / sales4.9x
Price / book4.5x
EV / revenue4.9x
EV / EBITDA64.6x
Financial highlights
Revenue, last 12 months$12.6B
Net income, last 12 months-$47.3M
EPS, last 12 months (GAAP)$-0.22
Gross margin32.1%
Operating margin-4.7%
Net margin-0.4%
Return on equity-0.3%
Return on invested capital-3.6%
Cash$1.0B
Total debt$126.7M
Debt / equity0.01x
Current ratio1.08x

Company figures from its latest SEC filings; market value and returns from end-of-day prices.

APD earnings trends

Revenue vs earnings
-$1.7B-$501.1M$728.5M$2.0B$3.2BSep 2024 Revenue: $3.2BDec 2024 Revenue: $2.9BMar 2025 Revenue: $2.9BJun 2025 Revenue: $3.0BSep 2025 Revenue: $3.2BDec 2025 Revenue: $3.1BMar 2026 Revenue: $3.2BJun 2026 Revenue: $3.2BSep 2024 Net income: $1.9BDec 2024 Net income: $617.4MMar 2025 Net income: -$1.7BJun 2025 Net income: $713.8MSep 2025 Net income: $4.9MDec 2025 Net income: $678.2MMar 2026 Net income: $710.4MJun 2026 Net income: -$1.4BSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Net margin: 61.2%Net margin: 21.1%Net margin: -59.3%Net margin: 23.6%Net margin: 0.2%Net margin: 21.9%Net margin: 22.4%Net margin: -45.6%-59%1%61%■ Revenue ■ Net income ━ Net margin
Earnings per share$-7.8$-3.6$0.5$4.6$8.8Sep 2024 EPS (GAAP, diluted): $8.8Dec 2024 EPS (GAAP, diluted): $2.8Mar 2025 EPS (GAAP, diluted): $-7.8Jun 2025 EPS (GAAP, diluted): $3.2Sep 2025 EPS (GAAP, diluted): $0.0Dec 2025 EPS (GAAP, diluted): $3.0Mar 2026 EPS (GAAP, diluted): $3.2Jun 2026 EPS (GAAP, diluted): $-6.5Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026■ EPS (GAAP, diluted) Change from a year earlier: Sep 2025 -100% · Dec 2025 +10% · Jun 2026 -302%

From the company's 10-Q and 10-K filings with the SEC.

Air Products financials (from SEC filings)

Fiscal yearFY2021FY2022FY2023FY2024FY2025
Revenue$10.3B$12.7B$12.6B$12.1B$12.0B
Net income$2.1B$2.3B$2.3B$3.8B-$394.5M
EPS (GAAP)$9.44$10.14$10.32$17.18$-1.78

APD earnings history

ReportedEPS (GAAP)EPS y/yRevenue y/yStock vs S&P 500, 2 days
2026-07-30$-6.47-302%+5%-2.2%
2026-04-30$3.19n/a+9%-1.7%
2026-01-30$3.04+10%+6%+5.7%
2025-11-06$0.02-100%-1%+10.3%
2025-07-31$3.20+2%+1%-0.9%
2025-05-01$-7.77-402%-0%+0.2%

About Air Products

HeadquartersAllentown, PA
Industry (SEC code)Industrial Inorganic Chemicals
Fiscal year endsSeptember 30
Incorporated inDE
Listed onNYSE
FormerlyAIR PRODUCTS & CHEMICALS INC /DE/

From the company's SEC registration record.

Companies similar to APD

CompanyMarket valueP/ERevenue growthOperating margin12-month change
APD Air Products$62.2Bn/a+5%-4.7%+6%
NUE Nucor$57.0B20.0x+17%n/a+84%compare
CRH CRH plc$55.0B14.6x+6%14.3%-30%compare
SHW Sherwin-Williams$77.3B29.4x+6%n/a-7%compare
ECL Ecolab$77.7B37.2x+7%16.9%+1%
FCX Freeport-McMoRan$104.3Bn/a+0%26.8%+85%
STLD Steel Dynamics$34.5B21.9x+20%10.0%+68%

All Materials stock ratings

Frequently asked questions

Is APD stock a buy?

Torvanta does not tell individuals what to buy. Its grades for APD are shown above. Subscribers see the model's rank, expected return and whether the model portfolio holds it. This is research, not a recommendation.

When does APD report earnings next?

Based on its filing history, Torvanta expects Air Products to report around 2026-11-05.

Does APD pay a dividend?

Yes. Its dividend yield is about 2.6%, and it has raised its dividend 1 years in a row.

How has APD performed against the S&P 500?

Over the past year APD returned +5.6%, against +17.0% for the S&P 500, dividends reinvested.

See the model's view

Subscribers get the model's rank and expected return for every covered company, the reasoning behind each, and the Torvanta model portfolio's trades each trading day, sized and explained, at three risk levels.

See plans Or get the free weekly newsletter

Torvanta is research only - not investment advice and not a recommendation to buy or sell any security. Grades describe a company's reported data against its sector; they are not the model's view, change as data changes and can be wrong. Financial figures come from the company's SEC filings; returns include reinvested dividends. Past performance does not predict future results.

All stock ratings · Stock lists · AI stock research · Model portfolio · Research · Disclaimer