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

Equities

APD

US0091581068

Commodity Chemicals

Real-time Estimate Cboe BZX
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 11:00:48 2024-05-01 am EDT 		5-day change 1st Jan Change
238 USD +0.70% Intraday chart for Air Products & Chemicals, Inc. +0.87% -13.55%
04:53pm JPMorgan Adjusts Air Products and Chemicals' Price Target to $260 From $270 MT
02:55pm Deutsche Bank Adjusts Price Target on Air Products and Chemicals to $260 From $245, Keeps Buy Rating MT

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 48,888 65,796 56,694 51,619 62,957 52,540 - -
Enterprise Value (EV) 1 49,799 68,450 58,530 55,962 71,314 64,698 66,873 68,267
P/E ratio 27.9 x 34.8 x 28.1 x 23.1 x 27.5 x 19 x 17.4 x 15.6 x
Yield 2.06% 1.74% 2.28% 2.73% 2.42% 3% 3.14% 3.31%
Capitalization / Revenue 5.48 x 7.43 x 5.49 x 4.06 x 5 x 4.23 x 3.92 x 3.61 x
EV / Revenue 5.58 x 7.73 x 5.67 x 4.41 x 5.66 x 5.21 x 4.99 x 4.69 x
EV / EBITDA 14.4 x 18.9 x 15.1 x 13.2 x 15.2 x 12.8 x 12 x 11.3 x
EV / FCF 50.8 x 90.6 x 67.2 x 229 x -50.2 x -48.5 x -78.4 x -265 x
FCF Yield 1.97% 1.1% 1.49% 0.44% -1.99% -2.06% -1.28% -0.38%
Price to Book 4.42 x 5.45 x 4.19 x 3.93 x 4.41 x 3.39 x 3.12 x 2.87 x
Nbr of stocks (in thousands) 220,355 220,894 221,365 221,799 222,149 222,306 - -
Reference price 2 221.9 297.9 256.1 232.7 283.4 236.3 236.3 236.3
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 12,408 13,404 14,569
EBITDA 1 3,468 3,620 3,883 4,247 4,702 5,050 5,559 6,047
EBIT 1 2,170 2,204 2,268 2,412 2,739 2,989 3,383 3,800
Operating Margin 24.33% 24.88% 21.97% 19% 21.74% 24.09% 25.24% 26.08%
Earnings before Tax (EBT) 1 2,290 2,424 2,507 2,755 2,882 3,360 3,797 4,229
Net income 1 1,760 1,901 2,029 2,244 2,293 2,759 3,034 3,386
Net margin 19.73% 21.46% 19.65% 17.67% 18.2% 22.24% 22.63% 23.24%
EPS 2 7.940 8.550 9.120 10.08 10.30 12.43 13.61 15.13
Free Cash Flow 1 980.2 755.7 871 244 -1,421 -1,335 -852.9 -257.6
FCF margin 10.99% 8.53% 8.44% 1.92% -11.28% -10.76% -6.36% -1.77%
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 7.080 7.431 7.828
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 2021 Q4 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
Net sales 1 2,841 2,994 2,945 3,189 3,570 3,175 3,200 3,034 3,191 2,997 2,930 3,047 3,297 3,251 3,163
EBITDA 1 1,041 1,003 1,019 1,081 1,145 1,084 1,151 1,208 1,259 1,174 1,198 1,271 1,392 1,376 1,343
EBIT 1 616.7 523 561.9 627.4 700.2 652 645.4 644.2 738.6 666.9 694.2 755 867.5 791.4 798.1
Operating Margin 21.71% 17.47% 19.08% 19.67% 19.61% 20.54% 20.17% 21.23% 23.14% 22.25% 23.69% 24.78% 26.31% 24.34% 25.23%
Earnings before Tax (EBT) 1 692.3 662.9 659.5 721.3 711 720.2 570.9 750.1 841.2 757 711.4 847.2 973.7 877.7 854.6
Net income 1 558.6 560.4 530.5 582.1 570.5 572.2 439.8 595.6 685.2 609.3 572.4 681 781 708.3 699.3
Net margin 19.66% 18.72% 18.01% 18.25% 15.98% 18.02% 13.74% 19.63% 21.47% 20.33% 19.53% 22.35% 23.69% 21.78% 22.11%
EPS 2 2.510 2.520 2.380 2.620 2.560 2.570 1.970 2.670 3.080 2.730 2.570 3.043 3.537 3.166 3.127
Dividend per Share 2 1.500 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
Announcement Date 11/4/21 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 12,158 14,333 15,728
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.2628 x 0.7334 x 0.4729 x 1.023 x 1.777 x 2.407 x 2.578 x 2.601 x
Free Cash Flow 1 980 756 871 244 -1,421 -1,335 -853 -258
ROE (net income / shareholders' equity) 16.1% 16.4% 15.8% 17.4% 18.7% 17.7% 18% 18.1%
ROA (Net income/ Total Assets) 9.23% 8.44% 7.8% 8.3% 8.66% 7.55% 7.53% 7.43%
Assets 1 19,068 22,519 26,014 27,027 26,478 36,546 40,269 45,547
Book Value Per Share 2 50.20 54.70 61.10 59.20 64.30 69.70 75.60 82.50
Cash Flow per Share 2 13.40 14.70 15.00 14.20 14.40 19.20 21.50 25.40
Capex 1 1,990 2,509 2,464 2,927 4,626 5,236 5,189 4,576
Capex / Sales 22.31% 28.33% 23.87% 23.05% 36.72% 42.2% 38.71% 31.41%
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
236.3 USD
Average target price
270.9 USD
Spread / Average Target
+14.63%
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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