Air Products & Chemicals
APD on NYSE. Air Products sells industrial gases and related equipment to industrial, energy, and healthcare customers. Market value $62.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Materials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.48 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 10 cents a year. Above 10 is good.
Quality score: 79 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$281.00 a share, 23% above its 1-year low
Over the past year the price has ranged from $229.11 to $314.87.
Dividend: 2.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $301 million in the past 12 months, a shortfall of $3.8 billion in the year to September 2025.
| Revenue | |||||
| Revenue | $10.3bn | $12.7bn | $12.6bn | $12.1bn | $12.0bn |
| Operating margin | |||||
| Operating margin | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% |
| Debt to equity | |||||
| Debt to equity | 0.56 | 0.58 | 0.72 | 0.84 | 1.18 |
| Shares outstanding | |||||
| Shares outstanding | 0.22bn | 0.22bn | 0.22bn | 0.22bn | 0.22bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)2 of 9
- Profit backed by cash (accruals)Yes
- Debt1.18× equity
- Revenue growth, five yearsSlow, 6.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.2 billion last quarter, up 5% on a year ago.
- A loss of $1.4 billion, after a profit of $714 million a year ago.
- It loses 5 cents on each $1 of sales, after keeping 13 cents a year earlier.
- Over the past 12 months it spent $301 million more cash than it brought in, compared with $4.6 billion a year earlier.
- About the same number of shares as a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.2bn |
| December 2024 | $2.9bn |
| March 2025 | $2.9bn |
| June 2025 | $3.0bn |
| September 2025 | $3.2bn |
| December 2025 | $3.1bn |
| March 2026 | $3.2bn |
| June 2026 | $3.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $1.9bn |
| December 2024 | $617m |
| March 2025 | -$1.7bn |
| June 2025 | $714m |
| September 2025 | $5m |
| December 2025 | $678m |
| March 2026 | $710m |
| June 2026 | -$1.4bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 20 November 2025
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
14 long-term investors we follow own it, unchanged from 14 last quarter. 1,768 funds in all.
- Dodge & CoxDodge & Cox investment committee
- Value
- $2.8bn
- Share of fund
- 1.4%
- GAMCO InvestorsMario Gabelli
- Value
- $1m
- Share of fund
- <0.1%
- GMOJeremy Grantham
- Value
- $908,858
- Share of fund
- <0.1%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $650,566
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Dodge & CoxDodge & Cox investment committee | $2.8bn | 1.4% | |
| Viking Global InvestorsAndreas Halvorsen | $1.4bn | 4.0% | Added |
| Aristotle Capital ManagementHoward Gleicher | $737m | 1.5% | Cut |
| Barrow HanleyBarrow Hanley team | $599m | 1.8% | Cut |
| AKO CapitalNicolai Tangen (founder) | $162m | 3.8% | Added |
| Markel GroupTom Gayner | $26m | 0.2% | Added |
| Jensen Investment ManagementEric Schoenstein | $2m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $1m | <0.1% | Cut |
| GMOJeremy Grantham | $908,858 | <0.1% | |
| Scharf InvestmentsBrian Krawez | $856,379 | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $650,566 | <0.1% | |
| Hillman Capital ManagementMark Hillman | $382,893 | 0.3% | Cut |
| First Eagle Investment ManagementMatthew McLennan | $26,386 | <0.1% | Added |
Largest holders overall
- BlackRock$5.4bn
- Vanguard Capital Management$4.3bn
- State Farm Mutual Automobile Insurance$3.5bn
- Capital Research Global Investors$3.1bn
- State Street$3.0bn
- Capital International Investors$2.8bnCut
- Dodge & Cox$2.8bn
- Vanguard Portfolio Management$2.6bnAdded
- Geode Capital Management$1.5bn
- JPMorgan Chase$1.4bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- BlackRock, Inc.Passive investor6.6%Since 31 March 2025
- Capital Research Global InvestorsPassive investorSold down below 5%Since 31 March 2026
- Capital International InvestorsPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.6% | 31 March 2025 | |
Capital Research Global Investors Passive investor | Sold down below 5% | 31 March 2026 | |
Capital International Investors Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $21m.
- Schaeffer Melissa N.Exec Vice President and CFOSold
- Date
- 1 May 2026
- Shares
- 2,714
- Price
- $303.76
- Value
- $824,405
- Mantle Ridge LPDirectorSold
- Date
- 12 February 2026
- Shares
- 70,175
- Price
- $284.21
- Value
- $20m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 May 2026 | Schaeffer Melissa N. Exec Vice President and CFO | Sold | 2,714 | $303.76 | $824,405 |
| 12 February 2026 | Mantle Ridge LP Director | Sold | 70,175 | $284.21 | $20m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Nov 2025, plus the 10-Q filed 30 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.