Stock APD AIR PRODUCTS & CHEMICALS, INC.
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Financials Air Products & Chemicals, Inc.

Equities

APD

US0091581068

Commodity Chemicals

Market Closed - Nyse
Other stock markets
 04:00:02 2024-05-24 pm EDT 		5-day change 1st Jan Change
264.6 USD +0.61% Intraday chart for Air Products & Chemicals, Inc. +0.73% -3.36%
May. 23 Air Products and Chemicals to Invest Over $70 Million to Expand Missouri Manufacturing, Logistics Center MT
May. 23 Transcript : Air Products and Chemicals, Inc. Presents at TD. Cowen Virtual Sustainability & Energy Transition Summit, May-23-2024 10:45 AM

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 48,888 65,796 56,694 51,619 62,957 58,466 - -
Enterprise Value (EV) 1 49,799 68,450 58,530 55,962 71,314 70,185 72,680 74,433
P/E ratio 27.9 x 34.8 x 28.1 x 23.1 x 27.5 x 21.8 x 19.5 x 17.6 x
Yield 2.06% 1.74% 2.28% 2.73% 2.42% 2.67% 2.81% 2.96%
Capitalization / Revenue 5.48 x 7.43 x 5.49 x 4.06 x 5 x 4.74 x 4.39 x 4.03 x
EV / Revenue 5.58 x 7.73 x 5.67 x 4.41 x 5.66 x 5.69 x 5.46 x 5.13 x
EV / EBITDA 14.4 x 18.9 x 15.1 x 13.2 x 15.2 x 13.9 x 13 x 12.3 x
EV / FCF 50.8 x 90.6 x 67.2 x 229 x -50.2 x -50.2 x -83.7 x -268 x
FCF Yield 1.97% 1.1% 1.49% 0.44% -1.99% -1.99% -1.2% -0.37%
Price to Book 4.42 x 5.45 x 4.19 x 3.93 x 4.41 x 3.81 x 3.52 x 3.23 x
Nbr of stocks (in thousands) 220,355 220,894 221,365 221,799 222,149 222,306 - -
Reference price 2 221.9 297.9 256.1 232.7 283.4 264.6 264.6 264.6
Announcement Date 11/7/19 11/11/20 11/4/21 11/3/22 11/7/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,919 8,856 10,323 12,699 12,600 12,341 13,321 14,506
EBITDA 1 3,468 3,620 3,883 4,247 4,702 5,055 5,576 6,052
EBIT 1 2,170 2,204 2,268 2,412 2,739 2,993 3,394 3,804
Operating Margin 24.33% 24.88% 21.97% 19% 21.74% 24.25% 25.47% 26.22%
Earnings before Tax (EBT) 1 2,290 2,424 2,507 2,755 2,882 3,339 3,773 4,213
Net income 1 1,760 1,901 2,029 2,244 2,293 2,706 3,019 3,371
Net margin 19.73% 21.46% 19.65% 17.67% 18.2% 21.92% 22.66% 23.24%
EPS 2 7.940 8.550 9.120 10.08 10.30 12.14 13.54 15.05
Free Cash Flow 1 980.2 755.7 871 244 -1,421 -1,399 -868.6 -277.9
FCF margin 10.99% 8.53% 8.44% 1.92% -11.28% -11.34% -6.52% -1.92%
FCF Conversion (EBITDA) 28.26% 20.88% 22.43% 5.75% - - - -
FCF Conversion (Net income) 55.69% 39.75% 42.93% 10.88% - - - -
Dividend per Share 2 4.580 5.180 5.840 6.360 6.870 7.077 7.434 7.829
Announcement Date 11/7/19 11/11/20 11/4/21 11/3/22 11/7/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3
Net sales 1 2,994 2,945 3,189 3,570 3,175 3,200 3,034 3,191 2,997 2,930 3,046 3,342 3,251 3,163 3,366
EBITDA 1 1,003 1,019 1,081 1,145 1,084 1,151 1,208 1,259 1,174 1,198 1,271 1,408 1,367 1,349 1,440
EBIT 1 523 561.9 627.4 700.2 652 645.4 644.2 738.6 666.9 694.2 756.9 867.3 791.4 798.1 910.7
Operating Margin 17.47% 19.08% 19.67% 19.61% 20.54% 20.17% 21.23% 23.14% 22.25% 23.69% 24.85% 25.95% 24.34% 25.23% 27.06%
Earnings before Tax (EBT) 1 662.9 659.5 721.3 711 720.2 570.9 750.1 841.2 757 711.4 847.2 973.7 877.7 854.6 993
Net income 1 560.4 530.5 582.1 570.5 572.2 439.8 595.6 685.2 609.3 572.4 680.5 780.3 708.3 699.3 777
Net margin 18.72% 18.01% 18.25% 15.98% 18.02% 13.74% 19.63% 21.47% 20.33% 19.53% 22.34% 23.34% 21.78% 22.11% 23.08%
EPS 2 2.520 2.380 2.620 2.560 2.570 1.970 2.670 3.080 2.730 2.570 3.054 3.538 3.166 3.127 3.476
Dividend per Share 2 1.500 1.620 1.620 1.620 1.620 1.750 1.750 1.620 1.750 1.770 1.786 1.787 1.828 1.831 2.016
Announcement Date 2/4/22 5/5/22 8/4/22 11/3/22 2/2/23 5/9/23 8/3/23 11/7/23 2/5/24 4/30/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 911 2,655 1,836 4,343 8,357 11,719 14,214 15,966
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.2628 x 0.7334 x 0.4729 x 1.023 x 1.777 x 2.318 x 2.549 x 2.638 x
Free Cash Flow 1 980 756 871 244 -1,421 -1,399 -869 -278
ROE (net income / shareholders' equity) 16.1% 16.4% 15.8% 17.4% 18.7% 18.2% 18.4% 18.6%
ROA (Net income/ Total Assets) 9.23% 8.44% 7.8% 8.3% 8.66% 7.57% 7.52% 7.42%
Assets 1 19,068 22,519 26,014 27,027 26,478 35,739 40,148 45,444
Book Value Per Share 2 50.20 54.70 61.10 59.20 64.30 69.50 75.20 82.00
Cash Flow per Share 2 13.40 14.70 15.00 14.20 14.40 17.50 20.60 21.80
Capex 1 1,990 2,509 2,464 2,927 4,626 5,236 5,161 4,625
Capex / Sales 22.31% 28.33% 23.87% 23.05% 36.72% 42.43% 38.74% 31.88%
Announcement Date 11/7/19 11/11/20 11/4/21 11/3/22 11/7/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Air Products & Chemicals, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
264.6 USD
Average target price
271.3 USD
Spread / Average Target
+2.54%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Gas

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Industrial Gas
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