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Air Products & Chemicals

APDMaterials

Generated Aug 19, 2026, 11:14 PM UTC

analytical score -17

APD (Air Products & Chemicals) analytical snapshot. Revenue declined +0.5% YoY to $12.04B. 5-year revenue CAGR +3.1%; 10y CAGR +4.4%. Net margin at -3.28% (contracting ▼). Market cap $67.52B at $303.22 per share. DCF not computed (no positive free cash flow reported). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -17 (data confidence 76%). Descriptive analytics from public filings — not investment advice.

Market cap
$67.52B
222.69M shares
Price
$303.22
NYQ
P/E (ttm)
—
Revenue (FY)
$12.04B
YoY -0.5%
Net margin
-3.28%
▼ 21.04pp
Free cash flow
—
Risk level
Elevated

Free SEC analysis

— computed from SEC filings, free to read
Free previewRegulatory Analyst

Filings & Ownership

Regulatory Analyst
score 20Improving
80% conf

Latest annual report (10-K) filed Nov 20, 2025. Latest quarterly report (10-Q) filed Jul 30, 2026. 12 recent 8-K material-event filings in the index.

  • Latest annual report (10-K) filed Nov 20, 2025.
  • Latest quarterly report (10-Q) filed Jul 30, 2026.
  • 12 recent 8-K material-event filings in the index.
  • Recent insider Form 4s: 0 buy vs 0 sell transactions.
  • ~10,000+ recent 13F-HR filings reference Air Products & Chemicals; broad institutional reporting.
  • Recent filers include BABSON DAVID L & CO INC, MENOYO ERIC F TRUSTEE, MENOYO ERIC F TRUSTEE.
  • 20 recent 13G passive institutional ownership notices.
Latest 10-K
Nov 20, 2025
Annual report
Latest 10-Q
Jul 30, 2026
8-K (recent)
12
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
FilerFormFiled
BABSON DAVID L & CO INC13F-HRMay 15, 2001
MENOYO ERIC F TRUSTEE13F-HROct 12, 2001
MENOYO ERIC F TRUSTEE13F-HRJan 16, 2003
MENOYO ERIC F TRUSTEE13F-HRJan 23, 2004
MENOYO ERIC F TRUSTEE13F-HRApr 24, 2002
Recent 8-K material events
DateFormDescription
Jul 30, 20268-KFORM 8-K
Jun 30, 20268-K8-K
Apr 30, 20268-KFORM 8-K
Jan 30, 20268-KFORM 8-K
Jan 29, 20268-K8-K
Nov 25, 20258-K8-K
Nov 6, 20258-KFORM 8-K
Aug 20, 20258-K8-K
Sources:SEC EDGAR — Company FilingsSEC EDGAR — Full-Text Search
Free previewSEC Filing Analyst

SEC Filing Deep-Analysis

SEC Filing Analyst
score -64Deteriorating
72% conf

4 risk signal(s), 1 watch item(s) detected from XBRL filing diff analysis. The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.

  • Leverage is building — debt rising while equity contracts: Long-term debt grew +20.6% while stockholders equity declined -11.8%. The debt-to-equity ratio is deteriorating, increasing financial risk and interest burden. This may constrain future borrowing capacity.
  • NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
  • NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
  • Restatement of financial statements: The term "restatement of" "previously issued" appears in 1 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
  • NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
  • Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
  • 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
  • 20 disclosure(s) dropped from prior year — reduced reporting granularity.
  • 3 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Off-balance sheet arrangements.
  • Ongoing high-severity risk language: Restatement of financial statements.
Revenue
$12.04B
-0.5% YoY
Gross profit
$3.00B
+2.9% YoY
Operating income
$-877.0M
-119.6% YoY
Net income
$-394.5M
-110.3% YoY
Operating cash flow
$1.75B
+15.2% YoY
Capex
$7.02B
+3.3% YoY
Total assets
$41.06B
+3.8% YoY
Total liabilities
$23.71B
+13.4% YoY
Filing quality score
69/100
2 new disclosures
SEC XBRL metric changes (latest annual vs prior)
MetricPrior yearLatest yearChange% Change
Revenue$12.10B$12.04B$-63.3M-0.5%
Gross profit$2.91B$3.00B$83.8M+2.9%
Operating income$4.47B$-877.0M$-5.34B-119.6%
Net income$3.83B$-394.5M$-4.22B-110.3%
Operating cash flow$1.52B$1.75B$230.8M+15.2%
Capex$6.80B$7.02B$225.9M+3.3%
Total assets$39.57B$41.06B$1.48B+3.8%
Total liabilities$20.90B$23.71B$2.81B+13.4%
Long-term debt$4.38B$5.29B$904.7M+20.6%
Cash & equivalents$2.98B$1.86B$-1.12B-37.7%
Stockholders equity$17.04B$15.02B$-2.01B-11.8%
Inventory$766.0M$776.5M$10.5M+1.4%
Accounts receivable$1.82B$1.90B$79.6M+4.4%
R&D expense$100.2M$96.3M$-3.9M-3.9%
SG&A expense$942.4M$906.1M$-36.3M-3.9%
Interest expense$128.0M$177.5M$49.5M+38.7%
XBRL disclosure changes (new vs dropped concepts)
TypeConcepts
AddedGoodwillImpairedAccumulatedImpairmentLoss, OtherRestructuringCosts
RemovedAccountsPayableTradeCurrent, AccruedEnvironmentalLossContingenciesNoncurrent, AccruedProfessionalFeesCurrent, AcquiredFiniteLivedIntangibleAssetResidualValue, AllowanceForDoubtfulAccountsReceivable, AllowanceForDoubtfulAccountsReceivableWriteOffs, AmortizationOfIntangibleAssets, AssetRetirementObligation, BusinessExitCosts1, CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
Risk language in filing text (EDGAR full-text search)
TermSeverityRecentPriorStatus
Going concern doubthigh20NEW
Substantial doubt about ability to continuehigh20NEW
Restatement of financial statementshigh11Ongoing
Impairment chargemedium52Ongoing
Restructuringmedium56Ongoing
Off-balance sheet arrangementsmedium50NEW
Related party transactionslow58Ongoing
Filing signal breakdown
Red flags: 4
Positive: 0
Watch: 1
Red flags
Positive
Watch
Sources:SEC EDGAR — Company Facts (XBRL)SEC EDGAR — Financial Reports
Free previewFundamentals Analyst

Fundamentals

Fundamentals Analyst
score -45Deteriorating
60% conf

Revenue declined +0.5% YoY to $12.04B. 5-year revenue CAGR +3.1%; 10y CAGR +4.4%. Net margin at -3.28% (contracting ▼).

  • Revenue declined +0.5% YoY to $12.04B.
  • 5-year revenue CAGR +3.1%; 10y CAGR +4.4%.
  • Net margin at -3.28% (contracting ▼).
  • Return on equity -2.63%, ROA -0.96%, ROIC -5.84%.
  • Gross margin 0.00%, operating margin -7.29%.
  • Net income down ▼ +110.3% YoY.
  • Debt/equity 0.31, current ratio 1.08, net debt $3.29B.
  • Asset turnover 0.30 — capital efficiency.
Revenue (FY)
$12.04B
YoY -0.5%
Net margin
-3.28%
▼ 21.04pp
ROE
-2.63%
ROA -0.96%
ROIC
-5.84%
EPS (diluted)
$-1.77
FY2025
Free cash flow
—
Debt / equity
0.31
Cash $980.5M
Current ratio
1.08
Equity $13.88B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
FYRevenueRev YoYGross%Op%Net%FCFROE%
2024$12.10B-4.0%0.0036.9131.64—22.47
2025$12.04B-0.5%0.00-7.29-3.28—-2.63
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
Quarter endRevenueYoYQoQNet margin
Dec 31, 2024$2.93B-2.2%—21.06%
Mar 31, 2025$2.92B-0.5%-0.5%-59.34%
Jun 30, 2025$3.02B+1.2%+3.7%23.61%
Dec 31, 2025$3.10B+5.8%+2.6%21.86%
Mar 31, 2026$3.17B+8.8%+2.2%22.40%
Jun 30, 2026$3.16B+4.6%-0.3%-45.58%
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro

Pro analysis — preview

— score, signals & key metrics shown; full reasoning locked

Valuation

Valuation Analyst
score 0Stable
83% conf

Market cap $67.52B at $303.22 per share. DCF not computed (no positive free cash flow reported).

  • Market cap $67.52B at $303.22 per share.
Market cap
$67.52B
222.69M shares
P/E (ttm)
—
P/S
5.61
P/B
4.86
EV
$70.82B
Intrinsic (DCF)
—
ProFull breakdown & reasoning locked

Price & Technicals

Technical Analyst
score 45Improving
85% conf

Price $303.22 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 53.41.

  • Price $303.22 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$303.22
NYQ
RSI(14)
53.41
50-DMA
$294.24
200-DMA
$279.36
Volatility (ann.)
26.58%
52w range
$229.11–$314.87
-3.7% from high
ProFull breakdown & reasoning locked

Macro & Rates

Macro Analyst
score 30Improving
80% conf

Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.

  • Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked

Risk Scorecard

Risk Analyst
score -30Deteriorating
90% conf

Composite risk Elevated. Leverage debt/equity 0.31 (low). Liquidity current ratio 1.08 (adequate).

  • Composite risk: Elevated.
Risk level
Elevated
Debt / equity
0.31
Current ratio
1.08
Margin stdev
8.92pp
Cash / assets
2.42%
Liab / assets
58.97%
ProFull breakdown & reasoning locked

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3 sections free · 4 Pro previews · composite -17

Macro exposure

Cyclical / growth · High sensitivity
Supportive

Macro regime: Risk-on · Supportive. Air Products & Chemicals is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.

Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
15.84
Fed funds
3.63%
CPI YoY
+3.3%

Analytical read

deterministic preview

Price $303.22 — uptrend (above 200-DMA); 1-month momentum positive..

Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Open analytical workspace

Peer comparison

Cyclical / growth group

How APD stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.

CompanyScoreMacro
CF Industries CF33Supportive
MercadoLibre Inc. MELI32Supportive
Booking Holdings BKNG32Supportive
Uber Technologies UBER32Supportive
Shopify Inc. SHOP30Supportive
Newmont Corp. NEM29Supportive
Alphabet Inc. GOOGL29Supportive
Intuit Inc. INTU28Supportive
Pinterest Inc. PINS28Supportive
Salesforce Inc. CRM27Supportive
Workday Inc. WDAY20Supportive
Microsoft Corp. MSFT19Supportive
Adobe Inc. ADBE18Supportive
NVIDIA Corp. NVDA17Supportive
Netflix Inc. NFLX17Supportive
Marvell Technology MRVL16Supportive
Roku Inc. ROKU15Supportive
Okta Inc. OKTA15Supportive
Comcast Corp. CMCSA15Supportive
Cloudflare Inc. NET14Supportive
Meta Platforms Inc. META14Supportive
T-Mobile US Inc. TMUS14Supportive
Datadog Inc. DDOG14Supportive
Amazon.com Inc. AMZN11Supportive
Eaton Corp. ETN10Supportive
Airbnb Inc. ABNB10Supportive
Delta Air Lines DAL9Supportive
Energy Transfer ET8Supportive
ConocoPhillips COP8Supportive
Spotify Technology SPOT8Supportive
Exxon Mobil Corp. XOM8Supportive
GE Aerospace GE7Supportive
Zscaler Inc. ZS7Supportive
Valero Energy VLO7Supportive
IBM Corp. IBM6Supportive
General Dynamics GD6Supportive
Snowflake Inc. SNOW6Supportive
United Airlines Holdings UAL5Supportive
Oracle Corp. ORCL5Supportive
Lam Research Corp. LRCX5Supportive
Qualcomm Inc. QCOM5Supportive
ASML Holding NV ASML4Supportive
Dollar General Corp. DG4Supportive
Boeing Co. BA4Supportive
Advanced Micro Devices AMD1Supportive
Alibaba Group BABA1Supportive
Ulta Beauty Inc. ULTA1Supportive
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Verizon Communications VZ1Supportive
Hess Corp. HES0Supportive
ServiceNow Inc. NOW0Supportive
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Kinder Morgan KMI0Supportive
Occidental Petroleum OXY-1Supportive
RTX Corp. RTX-2Supportive
General Motors Co. GM-2Supportive
Honeywell International HON-2Supportive
Marathon Petroleum MPC-2Supportive
Apple Inc. AAPL-3Supportive
Lockheed Martin LMT-4Supportive
Cisco Systems Inc. CSCO-4Supportive
EOG Resources EOG-4Supportive
CrowdStrike Holdings CRWD-5Supportive
Chipotle Mexican Grill CMG-5Supportive
Nucor Corp. NUE-5Supportive
Lowe's Cos. LOW-5Supportive
Schlumberger N.V. SLB-6Supportive
Union Pacific Corp. UNP-6Supportive
Applied Materials Inc. AMAT-7Supportive
Royal Caribbean Group RCL-7Supportive
Autodesk Inc. ADSK-7Supportive
Linde plc LIN-8Supportive
Palo Alto Networks PANW-8Supportive
Phillips 66 PSX-8Supportive
Sherwin-Williams SHW-9Supportive
Old Dominion Freight ODFL-10Supportive
TJX Cos. TJX-10Supportive
Micron Technology MU-10Supportive
McDonald's Corp. MCD-10Supportive
Norfolk Southern NSC-11Supportive
Nike Inc. NKE-13Supportive
Freeport-McMoRan FCX-14Supportive
Texas Instruments TXN-14Supportive
3M Co. MMM-16Supportive
Broadcom Inc. AVGO-16Supportive
Yum Brands Inc. YUM-16Supportive
United Parcel Service UPS-17Supportive
Air Products & Chemicals APD● you-17Supportive
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