APD vs. PPG: Air Products and Chemicals vs. PPG Industries Stock Comparison

November 11, 2026

How do Air Products and Chemicals (APD) and PPG Industries (PPG) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Air Products and Chemicals (APD) and PPG Industries (PPG) both belong to the Chemicals industry, though APD is classified under Industrial Gases while PPG falls under Specialty Chemicals.

Company profile comparison for Air Products and Chemicals (APD) and PPG Industries (PPG)
Profile Item	APD	PPG
Name	Air Products and Chemicals Inc.	PPG Industries, Inc.
Country/Region	United States	United States
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Chemicals	Chemicals
GICS Sub-Industry	Industrial Gases	Specialty Chemicals
Market Capitalization	67.88 billion USD	27.03 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 17, 1980	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

APD

PPG

GSPC

Air Products and Chemicals (APD) vs. PPG Industries (PPG), with S&P 500 (GSPC) for reference: 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 PPG Industries (PPG). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Air Products and Chemicals (APD) and PPG Industries (PPG). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
Total Return (1Y)	23.26%	33.84%
Total Return (3Y, Annualized)	8.49%	1.70%
Total Return (5Y, Annualized)	2.43%	-2.93%

Risk Profile

Drawdown History

APD

PPG

GSPC

Air Products and Chemicals (APD) vs. PPG Industries (PPG), with S&P 500 (GSPC) for reference: 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 PPG Industries (PPG). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
Volatility (1Y, Annualized)	25.21%	31.28%
Beta (5Y)	0.67	0.97
Max Drawdown (5Y)	-31.77%	-43.55%
Avg. Volume (3M)	1.06M	1.73M

Risk-Adjusted Performance

Risk-Return Positioning

APD and PPG are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
Sharpe Ratio (1Y)	0.75	0.95
Sortino Ratio (1Y)	1.14	1.45

Profitability

ROE (TTM)

Both Air Products and Chemicals (APD) at 3.19% and PPG Industries (PPG) at 19.49% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

APD

Materials industry group

3.19%

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

PPG

Materials industry group

19.49%

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

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their ROE against the Materials industry group benchmark.

Net Margin (TTM)

Both Air Products and Chemicals (APD) at 4.10% and PPG Industries (PPG) at 9.41% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

APD

Materials industry group

4.10%

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

PPG

Materials industry group

9.41%

Max: 38.66%
Q3: 15.98%
PPG: 9.41%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their net margin against the Materials industry group benchmark.

Operating Margin (TTM)

Both Air Products and Chemicals (APD) at 17.68% and PPG Industries (PPG) at 14.66% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

APD

Materials industry group

17.68%

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

PPG

Materials industry group

14.66%

Max: 66.70%
Q3: 28.92%
PPG: 14.66%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their operating margin against the Materials industry group benchmark.

Profitability Metrics

Profitability metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
ROE (TTM)	3.19%	19.49%
ROA (TTM)	4.80%	6.22%
Net Margin (TTM)	4.10%	9.41%
Operating Margin (TTM)	17.68%	14.66%
Gross Margin (TTM)	31.58%	41.18%

Growth

Revenue Growth

PPG Industries (PPG) at 0.19% is around its peer norm for revenue growth, while Air Products and Chemicals (APD) at -0.52% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their Revenue Growth across different time periods.

EPS Growth

PPG Industries (PPG) at 46.11% is around its peer norm for EPS growth, while Air Products and Chemicals (APD) at -110.30% drops into the bottom quartile, signaling weaker earnings momentum.

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
Revenue Growth (YoY)	-0.52%	0.19%
Revenue Growth (3Y CAGR)	-1.77%	0.55%
EPS Growth (YoY)	-110.30%	46.11%
EPS Growth (3Y CAGR)	--	17.12%

Financial Strength

Current Ratio (MRQ)

PPG Industries (PPG) at 1.58 keeps current ratio within its industry’s typical mid-range, while Air Products and Chemicals (APD) at 1.07 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for APD.

APD

Materials industry group

1.07

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

PPG

Materials industry group

1.58

Max: 5.96
Q3: 3.30
Median: 2.24
PPG: 1.58
Q1: 1.45
Min: 0.16

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their current ratio against the Materials industry group benchmark.

Debt / Equity (MRQ)

PPG Industries (PPG) at 0.87 carries an industry-typical debt-to-equity mix, while Air Products and Chemicals (APD) at 1.06 uses more debt funding than most peers.

APD

Materials industry group

1.06

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

PPG

Materials industry group

0.87

Max: 1.98
Q3: 0.89
PPG: 0.87
Median: 0.47
Q1: 0.13
Min: 0.00

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their debt-to-equity ratio against the Materials industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
Current Ratio (MRQ)	1.07	1.58
Debt / Equity (MRQ)	1.06	0.87
Net Debt / EBITDA	3.61	2.11

Dividends

Dividend Yield (TTM)

Both Air Products and Chemicals (APD) at 2.33% and PPG Industries (PPG) at 2.33% offer top-quartile dividend income relative to share price within their industries.

APD

Materials industry group

2.33%

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

PPG

Materials industry group

2.33%

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

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their dividend yield against the Materials industry group benchmark.

Dividend Payout Ratio (TTM)

PPG Industries (PPG) at 40.31% pays out a band-typical share of earnings, while Air Products and Chemicals (APD) at 75.66% distributes more than its industry norm — less retained, thinner cover.

APD

Materials industry group

75.66%

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

PPG

Materials industry group

40.31%

Max: 83.62%
Q3: 41.37%
PPG: 40.31%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their payout ratio against the Materials industry group benchmark.

Dividend Metrics

Dividend metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
Dividend Yield (TTM)	2.33%	2.33%
Dividend Payout Ratio (TTM)	75.66%	40.31%

Valuation

P/E Ratio (TTM)

PPG Industries (PPG) at 17.19 is near its industry’s usual P/E ratio, while Air Products and Chemicals (APD) at 127.55 sits above its peer range — an unusually expensive price for APD’s trailing earnings.

APD

Materials industry group

127.55

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

PPG

Materials industry group

17.19

Max: 59.00
Q3: 32.93
Median: 18.82
PPG: 17.19
Q1: 11.96
Min: 3.93

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their P/E ratio against the Materials industry group benchmark.

P/S Ratio (TTM)

PPG Industries (PPG) at 1.62 is priced about in line with its industry on P/S ratio, while Air Products and Chemicals (APD) at 5.23 sits in the pricier quartile — APD costs more per dollar of sales.

APD

Materials industry group

5.23

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

PPG

Materials industry group

1.62

Max: 9.62
Q3: 4.34
Median: 1.87
PPG: 1.62
Q1: 0.73
Min: 0.00

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their P/S ratio against the Materials industry group benchmark.

P/B Ratio (MRQ)

PPG Industries (PPG) at 3.19 is valued about in line with its industry on P/B ratio, while Air Products and Chemicals (APD) at 4.76 carries an above-peer premium to book — APD is pricier on assets.

APD

Materials industry group

4.76

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

PPG

Materials industry group

3.19

Max: 6.59
Q3: 3.55
PPG: 3.19
Median: 2.08
Q1: 1.26
Min: -0.17

Air Products and Chemicals (APD) vs. PPG Industries (PPG): A comparison of their P/B ratio against the Materials industry group benchmark.

Valuation Metrics

Valuation metrics for Air Products and Chemicals (APD) and PPG Industries (PPG)
Metric	APD	PPG
P/E Ratio (TTM)	127.55	17.19
P/S Ratio (TTM)	5.23	1.62
P/B Ratio (MRQ)	4.76	3.19
Free Cash Flow Yield (TTM)	-0.28%	4.06%