{ "ok": true, "cik": "2969", "ticker": "APD", "name": "AIR PRODUCTS AND CHEMICALS, INC.", "filings": [ { "form": "10-Q", "filed": "2026-07-30", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/0000002969-26-000036-index.htm" }, { "form": "8-K", "filed": "2026-07-30", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/2969/000000296926000034/0000002969-26-000034-index.htm" }, { "form": "8-K", "filed": "2026-06-30", "items": [ "2.06 Material Impairments", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/0001193125-26-289427-index.htm" }, { "form": "10-Q", "filed": "2026-04-30", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/2969/000000296926000020/0000002969-26-000020-index.htm" }, { "form": "8-K", "filed": "2026-04-30", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/2969/000000296926000018/0000002969-26-000018-index.htm" }, { "form": "10-Q", "filed": "2026-01-30", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/2969/000000296926000008/0000002969-26-000008-index.htm" } ], "events12m": 7, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "2.06", "label": "Material impairment", "count": 1, "latest": { "filed": "2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/0001193125-26-289427-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 1, "latest": { "filed": "2025-11-25", "url": "https://www.sec.gov/Archives/edgar/data/2969/000119312525297255/0001193125-25-297255-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000002969.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2969" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up AIR PRODUCTS AND CHEMICALS, INC. ($APD). Last filing: 10-Q, 2026-07-30. 7 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-09-30", "revenue": 12037300000, "revenueGrowth1y": -0.005231145563029949, "revenueGrowthPerYear": 0.03915609505488282, "yearsOfData": 5, "operatingMargin": -0.07285686989607304, "operatingMarginPrior": 0.3690808720228749, "netMargin": -0.03277313018700207, "operatingCashFlow": null, "capitalSpending": 7022600000, "freeCashFlow": null, "researchAndDevelopment": 96300000, "researchShareOfRevenue": 0.008000132920173129, "cash": 1856000000, "longTermDebt": 17663700000, "longTermDebtChange": 0.24881225078476277, "revenueHistory": [ { "fiscalYearEnd": "2021-09-30", "revenue": 10323000000 }, { "fiscalYearEnd": "2022-09-30", "revenue": 12698600000 }, { "fiscalYearEnd": "2023-09-30", "revenue": 12600000000 }, { "fiscalYearEnd": "2024-09-30", "revenue": 12100600000 }, { "fiscalYearEnd": "2025-09-30", "revenue": 12037300000 } ], "totalEquity": 15024900000, "totalAssets": 41059500000, "equityRatio": 0.3659299309538596, "returnOnEquity": -0.02625641435217539, "dividendsPaid": 1584100000, "payoutRatio": null, "dividendPerShare": 7.14, "dividendYearsRising": 16, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -1.77, "sharesOutstanding": 222700000, "bookValuePerShare": 67.46699595868881, "revenuePerShare": 54.05163897620117, "range80": { "low": 10117899701.744156, "high": 13034633533.445255, "baseline": 11899470643.03113, "n": 1471, "band": "b10", "bandLabel": "$10B+", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.1136081160104896, "classVolatility": 0.06659579566308972, "volatility": 0.09311767829862615 }, "ifPaceHeld": { "low": 10117899701.744156, "high": 13034633533.445255 } }, "edgarette": "🔖 Exposure: revenue $12.0B (FY2025), total debt $17.7B. Experience: revenue down 0.5% on the year, up 3.9% a year over 4 years; operating margin -7.3%, down from 36.9%. Soundness: equity 36.6% of assets, return on equity -2.6%, dividend per share up 16 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $10.1B and $13.0B next year (method v4.1: its own 4-year record of growth weighed at 50% against $10B+ filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $9.1B to $14.4B. A statistical range, not company guidance. Against peers (9 filers, $50M+ revenue, industrial inorganic chemicals): operating margin -7.3% against a 3.0% median; growth -0.5% against -1.3%.", "peers": { "sic": 2810, "sicDescription": "Industrial Inorganic Chemicals", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2810", "growth": [ -0.0132, 9 ], "opMargin": [ 0.0305, 9 ], "equityRatio": [ 0.4405, 9 ], "returnOnEquity": [ -0.0256, 9 ] }, "summary": "Air Products And Chemicals (APD) saw revenue fall 0.5% in FY2025 to $12.0 billion, operating margin -7.3% against a 3.0% median for industrial inorganic chemicals, equity 36.6% of assets, and dividend per share up 16 years running. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
AIR PRODUCTS AND CHEMICALS, INC. against its own record and its peers
Operating marginPeer median 3.0%-7.3%Revenue, on the yearPeer median -1.3%-0.5%Equity of assetsPeer median 44.0%36.6%Return on equityPeer median -2.6%-2.6%Gold tick: the median of 9–9 peers with $50M+ revenue in industrial inorganic chemicals
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profitHanded back per share$7.14up 16 years runningRevenue growth it managed-0.5%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 15, "hits": 12, "rate": 0.8, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 0, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:32:31.524Z", "hash": "2cfdb65ef3d40fcb", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Air Products And Chemicals (APD) saw revenue fall 0.5% in FY2025 to $12.0 billion, operating margin -7.3% against a 3.0% median for industrial inorganic chemicals, equity 36.6% of assets, and dividend per share up 16 years running. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-09-30", "revenue": 12037300000, "totalDebt": 17663700000, "cash": 1856000000 }, "experience": { "revenueGrowth1y": -0.005231145563029949, "revenueGrowthPerYear": 0.03915609505488282, "operatingMargin": -0.07285686989607304, "operatingMarginPrior": 0.3690808720228749, "netMargin": -0.03277313018700207, "freeCashFlow": null }, "soundness": { "equityRatio": 0.3659299309538596, "returnOnEquity": -0.02625641435217539, "payoutRatio": null, "dividendPerShare": 7.14, "dividendYearsRising": 16, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 2810, "sicDescription": "Industrial Inorganic Chemicals", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2810", "growth": [ -0.0132, 9 ], "opMargin": [ 0.0305, 9 ], "equityRatio": [ 0.4405, 9 ], "returnOnEquity": [ -0.0256, 9 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "2.06", "label": "Material impairment", "count": 1, "latest": { "filed": "2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/0001193125-26-289427-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 1, "latest": { "filed": "2025-11-25", "url": "https://www.sec.gov/Archives/edgar/data/2969/000119312525297255/0001193125-25-297255-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 10117899701.744156, "high": 13034633533.445255, "baseline": 11899470643.03113, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 1471, "sizeBand": "$10B+", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.1136081160104896, "classVolatility": 0.06659579566308972, "pricedVolatility": 0.09311767829862615, "k": 3 }, "stress": { "low": 9052429190.787165, "high": 14427154900.146437, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 15, "hits": 12, "rate": 0.8, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 0, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:32:31.524Z", "hash": "2cfdb65ef3d40fcb", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000002969.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2969" }, "speedCash": { "fiscalYear": 2025, "cashConversion": null, "growth3y": -0.0177, "volatility": 0.1136, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.3737, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": null, "band": "$10B+", "cashPctInClass": null, "growthPctInClass": 20, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "warning", "text": "filed material impairment in the last 12 months" }, { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-09-30", "operating": null, "investing": -7168700000, "financing": 2795200000, "capitalSpending": 7022600000, "free": null, "trend": [ { "fiscalYearEnd": "2021-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2022-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2023-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2024-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2025-09-30", "operating": null, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-09-30", "cash": 1856000000, "shortTerm": 0, "longTerm": null, "equityHoldings": null, "totalAssets": 41059500000, "ladder": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": null, "growth3y": -0.0177, "volatility": 0.1136, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.3737, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": null, "band": "$10B+", "cashPctInClass": null, "growthPctInClass": 20, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "warning", "text": "filed material impairment in the last 12 months" }, { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-09-30", "operating": null, "investing": -7168700000, "financing": 2795200000, "capitalSpending": 7022600000, "free": null, "trend": [ { "fiscalYearEnd": "2021-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2022-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2023-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2024-09-30", "operating": null, "free": null }, { "fiscalYearEnd": "2025-09-30", "operating": null, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-09-30", "cash": 1856000000, "shortTerm": 0, "longTerm": null, "equityHoldings": null, "totalAssets": 41059500000, "ladder": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }