Air Products And Chemicals $APD Read from its own SEC filings · nothing written, nothing inferred

🫧 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.

🔖 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; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). 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%.

Next year, 80%$10.1B–$13.0B
Growth, on the year−0.5%
Operating margin−7.3%
Equity of assets36.6%
Credibility50%
Track record12 of 15
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
Handed back now, or kept to compound · of each dollar of profit
Handed back per share$7.14up 16 years running

Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.

Speed and cash · fiscal 2025

Cash flow (op · inv · fin · free)— · −$7.2B · $2.8B · —
Investment book (cash · short · long)$1.9B · $0M · — · current ratio 1.38
Revenue swing · equity of assets11.4% · 37.4%

Air Products And Chemicals is growing slower than its size class, with revenue that swings more. Its own audited SEC figures.

The figures, as filed

Fiscal year end2025-09-30
Revenue$12.0B
Revenue, on the year−0.5%
Revenue, a year over the record3.9%
Operating margin−7.3%
Operating margin, prior year36.9%
Net margin−3.3%
Research and development$96M · 0.8% of revenue
Total debt$17.7B
Equity of assets36.6%
Return on equity−2.6%
Payout of profit—
Dividend per share$7.14 · up 16 years running
Earnings per share$-1.77
Book value per share$67.47
Revenue per share$54.05
Shares outstanding222,700,000
Audited years read5

Peers: the median of 9 filers with $50M+ revenue in industrial inorganic chemicals.

Classic signals · fiscal 2025Altman Z″ 2.17 grey zone 1968Piotroski F 2 of 9 weak 2000Beneish M not enough filed detail (needs receivables, cost of revenue, PP&E, depreciation, SG&A for two years)Sloan accruals needs net income, operating cash and two years of assetsDuPont ROE -2.5% = margin -3.3% × turns 0.3 × leverage 2.51

What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →

Health HarborAir Products And Chemicals sails as: Weathered boat

Health watch · 12 monthsMaterial impairmentDirector or officer change

Sailing speed follows growth: -1.8% a year crosses the harbor in 85 seconds.

🌊 Visit the Bay →
  • filed material impairment in the last 12 months
  • slow and jumpy: growing slower than its size class, with revenue that swings more

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. A picture of the signs, not a rating and not investment advice.

Recent filings

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. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company

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