Air Products & Chemicals (APD) 10-K Red Flags
Risk signals extracted deterministically from Air Products & Chemicals’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (15)
- Inventory buildup exceeds sales growth: Inventory grew +17.5% vs revenue -0.8%. Excess inventory may signal weakening demand, potential write-downs, or supply chain overcommitment. Watch gross margin for discounting impact.
- NEW: Going concern doubt in latest filing: The term "going concern" 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).
- Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- 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).
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" 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 6 filing(s).
- 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: 5 risk signal(s) detected versus 0 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 1 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 4 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Restatement of financial statements, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
- Revenue declined **+0.8%** YoY to $12.60B.
- Net margin at **18.26%** (contracting ▼).
- Inventory buildup exceeds sales growth: Inventory grew +17.5% vs revenue -0.8%. Excess inventory may signal weakening demand, potential write-downs, or supply chain overcommitment. Watch gross margin for discounting impact.
- NEW: Going concern doubt in latest filing: The term "going concern" 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).
Filings & ownership
- Latest annual report (10-K) filed Nov 20, 2025.
- Latest quarterly report (10-Q) filed Apr 30, 2026.
- 11 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.
Full APD analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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