Air Products and Chemicals (APD) Stock Analysis

November 11, 2026

This is a peer-relative look at Air Products and Chemicals (APD): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Materials peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Air Products and Chemicals (APD)
Profile Item	APD
Name	Air Products and Chemicals Inc.
Country/Region	United States
GICS Sector	Materials
GICS Industry Group	Materials
GICS Industry	Chemicals
GICS Sub-Industry	Industrial Gases
Market Capitalization	67.88 billion USD
Currency	USD
Exchange	NYSE
Listing Date	March 17, 1980
Security Type	Common Stock

Price Performance

Cumulative Growth

APD

GSPC

Air Products and Chemicals (APD) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Air Products and Chemicals (APD) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Air Products and Chemicals (APD) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
Total Return (1Y)	23.26%	19.59%
Total Return (3Y, Annualized)	8.49%	18.91%
Total Return (5Y, Annualized)	2.43%	5.70%

Risk Profile

Drawdown History

APD

GSPC

Air Products and Chemicals (APD) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Air Products and Chemicals (APD) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
Volatility (1Y, Annualized)	25.21%	52.82%
Beta (5Y)	0.67	0.97
Max Drawdown (5Y)	-31.77%	-58.44%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. APD is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
Sharpe Ratio (1Y)	0.75	0.32
Sortino Ratio (1Y)	1.14	0.47

Profitability

ROE (TTM)

Air Products and Chemicals (APD) posts ROE of 3.19%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

APD

Materials industry group

3.19%

Group distribution

Max: 52.88%
Q3: 19.49%
Median: 8.76%
APD: 3.19%
Q1: -3.41%
Min: -32.81%

Largest peers

SCCO: 52.88%
NEM: 27.26%
BHP: 24.00%
AEM: 23.24%
RIO: 19.31%
LIN: 17.72%
APD: 3.19%

Where Air Products and Chemicals (APD) stands on ROE within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Air Products and Chemicals (APD) keeps 4.10% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

APD

Materials industry group

4.10%

Group distribution

Max: 38.66%
Q3: 15.98%
Median: 5.28%
APD: 4.10%
Q1: 0.00%
Min: -20.40%

Largest peers

AEM: 41.01%
SCCO: 37.16%
NEM: 34.73%
RIO: 19.59%
LIN: 19.34%
BHP: 16.73%
APD: 4.10%

Where Air Products and Chemicals (APD) stands on net margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Air Products and Chemicals (APD) turns 17.68% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

APD

Materials industry group

17.68%

Group distribution

Max: 66.70%
Q3: 28.92%
APD: 17.68%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

Largest peers

SCCO: 59.94%
AEM: 55.49%
NEM: 49.99%
BHP: 43.34%
RIO: 28.05%
LIN: 27.97%
APD: 17.68%

Where Air Products and Chemicals (APD) stands on operating margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
ROE (TTM)	3.19%	8.76%
ROA (TTM)	4.80%	4.42%
Net Margin (TTM)	4.10%	5.28%
Operating Margin (TTM)	17.68%	12.56%
Gross Margin (TTM)	31.58%	27.57%

Growth

Revenue Growth

Air Products and Chemicals (APD) grew revenue -0.52%, in the lower peer quartile. The top line is expanding more slowly than at most peers, which can reflect softer demand, lost share, or weaker pricing.

Air Products and Chemicals (APD): Revenue Growth across different time periods, set against Materials industry-group medians.

EPS Growth

Air Products and Chemicals (APD) grew earnings per share -110.30%, in the lower peer quartile. Per-share profits are advancing more slowly than at most peers, so margins, costs, or share count deserve a closer look.

Air Products and Chemicals (APD): EPS Growth across different time periods, set against Materials industry-group medians.

Growth Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
Revenue Growth (YoY)	-0.52%	8.36%
Revenue Growth (3Y CAGR)	-1.77%	0.59%
EPS Growth (YoY)	-110.30%	-1.73%
EPS Growth (3Y CAGR)	--	2.12%

Financial Strength

Current Ratio (MRQ)

Air Products and Chemicals (APD) has current ratio of 1.07, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

APD

Materials industry group

1.07

Group distribution

Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
APD: 1.07
Min: 0.16

Largest peers

SCCO: 4.31
AEM: 2.75
NEM: 2.45
BHP: 1.89
RIO: 1.42
APD: 1.07
LIN: 0.86

Where Air Products and Chemicals (APD) stands on current ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Air Products and Chemicals (APD) has debt-to-equity ratio of 1.06, in the higher-leverage quartile for its industry. The heavier reliance on borrowing can make earnings, rates, or refinancing conditions matter more.

APD

Materials industry group

1.06

Group distribution

Max: 1.98
APD: 1.06
Q3: 0.89
Median: 0.47
Q1: 0.13
Min: 0.00

Largest peers

APD: 1.06
LIN: 0.65
SCCO: 0.63
BHP: 0.50
RIO: 0.32
NEM: 0.16
AEM: 0.01

Where Air Products and Chemicals (APD) stands on debt-to-equity ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
Current Ratio (MRQ)	1.07	2.24
Debt / Equity (MRQ)	1.06	0.47
Net Debt / EBITDA	3.61	1.37

Dividends

Dividend Yield (TTM)

Air Products and Chemicals (APD) has dividend yield of 2.33%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

APD

Materials industry group

2.33%

Group distribution

Max: 4.52%
APD: 2.33%
Q3: 1.85%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

Largest peers

RIO: 5.59%
APD: 2.33%
SCCO: 2.30%
BHP: 2.19%
LIN: 1.21%
AEM: 0.93%
NEM: 0.87%

Where Air Products and Chemicals (APD) stands on dividend yield within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Air Products and Chemicals (APD) has payout ratio of 75.66%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

APD

Materials industry group

75.66%

Group distribution

Max: 83.62%
APD: 75.66%
Q3: 41.37%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

Largest peers

APD: 75.66%
BHP: 68.84%
RIO: 54.46%
SCCO: 52.43%
LIN: 41.83%
AEM: 14.26%
NEM: 11.95%

Where Air Products and Chemicals (APD) stands on payout ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
Dividend Yield (TTM)	2.33%	0.38%
Dividend Payout Ratio (TTM)	75.66%	9.54%

Valuation

P/E Ratio (TTM)

Air Products and Chemicals (APD) trades at P/E ratio of 127.55, above the peer range for its industry. The market is paying unusually heavily for TTM earnings relative to comparable companies.

APD

Materials industry group

127.55

Group distribution

APD: 127.55
Max: 59.00
Q3: 32.93
Median: 18.82
Q1: 11.96
Min: 3.93

Largest peers

APD: 127.55
LIN: 34.21
SCCO: 22.27
BHP: 20.70
AEM: 15.61
NEM: 14.03
RIO: 11.35

Where Air Products and Chemicals (APD) stands on P/E ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Air Products and Chemicals (APD) trades at 5.23 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

APD

Materials industry group

5.23

Group distribution

Max: 9.62
APD: 5.23
Q3: 4.34
Median: 1.87
Q1: 0.73
Min: 0.00

Largest peers

SCCO: 8.34
LIN: 6.53
AEM: 6.44
APD: 5.23
NEM: 4.72
BHP: 3.46
RIO: 2.20

Where Air Products and Chemicals (APD) stands on P/S ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Air Products and Chemicals (APD) trades at 4.76 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

APD

Materials industry group

4.76

Group distribution

Max: 6.59
APD: 4.76
Q3: 3.55
Median: 2.08
Q1: 1.26
Min: -0.17

Largest peers

SCCO: 10.89
LIN: 6.00
APD: 4.76
BHP: 3.98
NEM: 3.53
AEM: 3.27
RIO: 2.08

Where Air Products and Chemicals (APD) stands on P/B ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Air Products and Chemicals (APD) metric values compared with Materials industry-group medians
Metric	Current stock: APD	Industry group median
P/E Ratio (TTM)	127.55	18.82
P/S Ratio (TTM)	5.23	1.87
P/B Ratio (MRQ)	4.76	2.08
Free Cash Flow Yield (TTM)	-0.28%	3.08%