Air Products and Chemicals APD Ratios & Valuation
| Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 32%0.0pp | 31.6%-0.9pp | 31.4%-1.1pp | 31.9%+0.2pp | 31.9%+0.5pp | |
| Operating margin | 18.3%+6.0pp | -6.6%-43.5pp | -7.4%-44.3pp | 12.7%-10.3pp | 12.3%-9.8pp | |
| Net margin | 16.9%+4.1pp | -2.8%-34.7pp | -3.3%-35.0pp | 12.9%-8.4pp | 12.8%-7.6pp | |
| EBITDA margin | 30.8%+6.1pp | 6.3%-42.9pp | 5.6%-43.3pp | 25.4%-9.4pp | 24.7%-9.0pp | |
| Free cash flow margin | -10%+26.0pp | -23%+7.2pp | -31.3%-5.3pp | -38.4%-17.8pp | -36%-14.5pp | |
| Returns | ||||||
| Return on equity | 13.9%+3.5pp | -2.1%-26.4pp | -2.5%-26.9pp | 10.1%-7.5pp | 10.4%-6.7pp | |
| Return on assets | 5.2%+1.1pp | -0.8%-11.2pp | -1%-11.7pp | 3.9%-3.6pp | 4.1%-3.5pp | |
| Return on invested capital | 15.1%+6.2pp | -5.2%-29.8pp | -6.2%-31.3pp | 9.1%-7.7pp | 8.9%-8.2pp | |
| Efficiency | ||||||
| Asset turnover | 0.3×0.0× | 0.3×0.0× | 0.3×0.0× | 0.3×0.0× | 0.3×-0.1× | |
| Inventory turnover | 11×+0.1× | 10.9×-0.3× | 10.7×-0.8× | 10.6×-1.1× | 11×-1.2× | |
| Liquidity | ||||||
| Current ratio | 1.4×+0.4× | 1.5×+0.3× | 1.4×-0.1× | 1.3×0.0× | 1×-0.5× | |
| Quick ratio | 1.2×+0.4× | 1.2×+0.3× | 1.2×-0.1× | 1.1×0.0× | 0.8×-0.5× | |
| Cash ratio | 0.3×0.0× | 0.3×-0.1× | 0.4×-0.3× | 0.5×0.0× | 0.3×-0.3× | |
| Leverage | ||||||
| Debt-to-equity | 0.1×0.0× | 0×0.0× | 0×0.0× | 0.1×0.0× | 0.1×0.0× | |
| Debt-to-assets | 0×0.0× | 0×0.0× | 0×0.0× | 0×0.0× | 0×0.0× | |
| Net debt / EBITDA | -0×0.0× | -0.5×-0.3× | -1.7×-1.3× | -0.4×0.0× | -0×+0.4× | |
| Interest coverage | 9.8×+2.0× | -3.6×-24.9× | -4.2×-24.6× | 7.8×-5.0× | 7.8×-5.1× | |
| Per Share | ||||||
| Book value per share | $70.21+6.4% | $69.14-7.7% | $67.47-11.8% | $69.71+2.8% | $65.99-1.5% | |
| Valuation | ||||||
| Market capitalization | $64.68B-1.4% | $54.98B-14.8% | $60.69B-8.3% | $62.53B+9.0% | $65.61B+21.8% | |
| Enterprise value | $64.64B-1.4% | $54.63B-13.8% | $59.58B-7.0% | $61.39B+10.0% | $65.53B+25.6% | |
| Price / earnings | 30.8×-12.0× | —— | —— | 40.3×+18.0× | 42.8×+21.0× | |
| Price / sales | 5.2×-0.3× | 4.5×-0.9× | 5×-0.4× | 5.2×+0.4× | 5.5×+1.0× | |
| Price / book | 4.1×-0.3× | 3.6×-0.3× | 4×+0.2× | 4×+0.2× | 4.5×+0.9× | |
| EV / EBITDA | 16.8×-5.2× | 71.4×+60.7× | 88.9×+78.0× | 20×+6.8× | 22.1×+9.3× | |
| EV / sales | 5.2×-0.3× | 4.5×-0.8× | 4.9×-0.3× | 5.1×+0.5× | 5.5×+1.2× | |
| Free cash flow yield | -1.9%+4.7pp | -5.1%+0.5pp | -6.2%-1.4pp | -7.4%-3.1pp | -6.6%-1.7pp | |
| Earnings yield | 3.3%+0.9pp | -0.6%-6.6pp | -0.7%-6.4pp | 2.5%-2.0pp | 2.3%-2.2pp | |
| Dividend yield | 2.5%+0.1pp | 2.9%+0.5pp | 2.6%+0.2pp | 2.5%-0.2pp | 2.4%-0.5pp | |
| PEG ratio | 0.8×— | —— | —— | —— | —— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Air Products and Chemicals's profit margins?
- Air Products and Chemicals (APD) runs a 32.0% gross margin and a 18.3% operating margin, with a 16.9% net margin.
- Where do Air Products and Chemicals's ratios come from?
- Every ratio is computed from Air Products and Chemicals's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
