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 (17)
- 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: Impairment charge: Impairment charge appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- 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.
- 4 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Impairment charge, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Restatement of financial statements.
- Revenue declined **+0.5%** YoY to $12.04B.
- 5-year revenue CAGR **+3.1%**; 10y CAGR +4.4%.
- Composite risk: Elevated.
- Leverage debt/equity 0.31 (low).
- 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).
Filings & ownership
- 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.
Full APD analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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