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Air Products

APD Clue Score24
United States Fiscal year ends September CIK 0000002969
$281.26 +1.03% Close, 9 Oct 2026
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Price $281.26 +4.66% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue8.19Operating income1.44Net income3.00EPS, diluted13.65Fiscal year 2018Revenue8.93 +9.1%Operating income1.97Net income1.50 −50.1%EPS, diluted6.78 −50.3%Fiscal year 2019Revenue8.92 −0.1%Operating income2.14Net income1.76 +17.5%EPS, diluted7.94 +17.1%Fiscal year 2020Revenue8.86 −0.7%Operating income2.24Net income1.89 +7.2%EPS, diluted8.49 +6.9%Fiscal year 2021Revenue10.32 +16.6%Operating income2.28Net income2.10 +11.3%EPS, diluted9.43 +11.1%Fiscal year 2022Revenue12.70 +23.0%Operating income2.34Net income2.26 +7.5%EPS, diluted10.14 +7.5%Fiscal year 2023Revenue12.60 −0.8%Operating income2.49Net income2.30 +2.0%EPS, diluted10.33 +1.9%Fiscal year 2024Revenue12.10 −4.0%Operating income4.47Net income3.83 +66.4%EPS, diluted17.18 +66.3%Fiscal year 2025Revenue12.04 −0.5%Operating income−0.88Net income−0.39 −110.3%EPS, diluted−1.77 −110.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 8.19 8.93 8.92 8.86 10.32 12.70 12.60 12.10 12.04
Growth +9.1% −0.1% −0.7% +16.6% +23.0% −0.8% −4.0% −0.5%
Operating income 1.44 1.97 2.14 2.24 2.28 2.34 2.49 4.47 −0.88
Net income 3.00 1.50 1.76 1.89 2.10 2.26 2.30 3.83 −0.39
Growth −50.1% +17.5% +7.2% +11.3% +7.5% +2.0% +66.4% −110.3%
EPS, diluted 13.65 6.78 7.94 8.49 9.43 10.14 10.33 17.18 −1.77
Growth −50.3% +17.1% +6.9% +11.1% +7.5% +1.9% +66.3% −110.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin29.8%Operating margin17.6%Net margin36.6%Free cash flow margin18.2%Fiscal year 2018Gross margin30.7%Operating margin22.0%Net margin16.8%Free cash flow margin11.0%Fiscal year 2019Gross margin32.7%Operating margin24.0%Net margin19.7%Free cash flow margin11.0%Fiscal year 2020Gross margin33.9%Operating margin25.3%Net margin21.3%Free cash flow margin8.5%Fiscal year 2021Operating margin22.1%Net margin20.3%Free cash flow margin8.4%Fiscal year 2022Operating margin18.4%Net margin17.8%Free cash flow margin1.9%Fiscal year 2023Operating margin19.8%Net margin18.3%Free cash flow margin−11.3%Fiscal year 2024Operating margin36.9%Net margin31.6%Free cash flow margin−26.0%Fiscal year 2025Operating margin−7.3%Net margin−3.3%Free cash flow margin−31.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 29.8% 30.7% 32.7% 33.9% n/a n/a n/a n/a n/a
Operating margin 17.6% 22.0% 24.0% 25.3% 22.1% 18.4% 19.8% 36.9% −7.3%
Net margin 36.6% 16.8% 19.7% 21.3% 20.3% 17.8% 18.3% 31.6% −3.3%
Free cash flow margin 18.2% 11.0% 11.0% 8.5% 8.4% 1.9% −11.3% −26.0% −31.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow2.53Capital expenditure−1.04Free cash flow1.49Dividends paid−0.79Fiscal year 2018Operating cash flow2.55Capital expenditure−1.57Free cash flow0.98 −34.3%Dividends paid−0.90Fiscal year 2019Operating cash flow2.97Capital expenditure−1.99Free cash flow0.98 +0.1%Dividends paid−0.99Fiscal year 2020Operating cash flow3.26Capital expenditure−2.51Free cash flow0.76 −22.9%Dividends paid−1.10Fiscal year 2021Operating cash flow3.34Capital expenditure−2.46Free cash flow0.87 +15.3%Dividends paid−1.26Fiscal year 2022Operating cash flow3.17Capital expenditure−2.93Free cash flow0.24 −72.0%Dividends paid−1.38Fiscal year 2023Operating cash flow3.21Capital expenditure−4.63Free cash flow−1.42 −682.0%Dividends paid−1.50Fiscal year 2024Operating cash flow3.65Capital expenditure−6.80Free cash flow−3.15Dividends paid−1.56Fiscal year 2025Operating cash flow3.26Capital expenditure−7.02Free cash flow−3.77Dividends paid−1.58
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.53 2.55 2.97 3.26 3.34 3.17 3.21 3.65 3.26
Capital expenditure −1.04 −1.57 −1.99 −2.51 −2.46 −2.93 −4.63 −6.80 −7.02
Free cash flow 1.49 0.98 0.98 0.76 0.87 0.24 −1.42 −3.15 −3.77
Growth −34.3% +0.1% −22.9% +15.3% −72.0% −682.0%
Dividends paid −0.79 −0.90 −0.99 −1.10 −1.26 −1.38 −1.50 −1.56 −1.58

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2017Cash3.27Shareholders’ equity10.09Fiscal year 2018Cash2.79Shareholders’ equity10.86Fiscal year 2019Cash2.25Shareholders’ equity11.05Fiscal year 2020Cash5.25Shareholders’ equity12.08Fiscal year 2021Cash4.47Shareholders’ equity13.54Fiscal year 2022Cash2.71Shareholders’ equity13.14Fiscal year 2023Cash1.62Shareholders’ equity14.31Fiscal year 2024Cash2.98Shareholders’ equity17.04Fiscal year 2025Cash1.86Shareholders’ equity15.02
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 3.27 2.79 2.25 5.25 4.47 2.71 1.62 2.98 1.86
Shareholders’ equity 10.09 10.86 11.05 12.08 13.54 13.14 14.31 17.04 15.02

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Margins
29.8% 30.7% 32.7% 33.9% n/a n/a n/a n/a n/a
17.6% 22.0% 24.0% 25.3% 22.1% 18.4% 19.8% 36.9% −7.3%
17.3% 22.6% 25.7% 27.4% 24.3% 21.7% 22.9% 39.8% −3.7%
36.6% 16.8% 19.7% 21.3% 20.3% 17.8% 18.3% 31.6% −3.3%
18.2% 11.0% 11.0% 8.5% 8.4% 1.9% −11.3% −26.0% −31.3%
Spending
0.7% 0.7% 0.8% 0.9% 0.9% 0.8% 0.8% 0.8% 0.8%
8.7% 8.5% 8.4% 8.8% 8.0% 7.1% 7.6% 7.8% 7.5%
12.7% 17.6% 22.3% 28.3% 23.9% 23.0% 36.7% 56.2% 58.3%
18.4% 26.0% 21.0% 19.7% 18.5% 18.2% 19.1% 19.6% n/a
Returns
29.7% 13.8% 15.9% 15.6% 15.5% 17.2% 16.1% 22.5% −2.6%
16.2% 7.8% 9.3% 7.5% 7.8% 8.3% 7.2% 9.7% −1.0%
Balance and payout
44.8% 41.7% 39.9% 50.6% 47.5% 49.6% 51.1% 52.8% 57.7%
26.3% 59.9% 56.5% 58.5% 59.9% 61.3% 65.1% 40.9% n/a
52.9% 91.7% 101.4% 146.0% 144.3% 566.7% n/a n/a n/a