APD vs. STLD: Air Products and Chemicals vs. Steel Dynamics Stock Comparison

November 11, 2026

How do Air Products and Chemicals (APD) and Steel Dynamics (STLD) 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 Steel Dynamics (STLD) both fall under the Materials industry group, but APD is classified in Chemicals while STLD is classified in Metals & Mining.

Company profile comparison for Air Products and Chemicals (APD) and Steel Dynamics (STLD)
Profile Item	APD	STLD
Name	Air Products and Chemicals Inc.	Steel Dynamics, Inc.
Country/Region	United States	United States
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Chemicals	Metals & Mining
GICS Sub-Industry	Industrial Gases	Steel
Market Capitalization	67.88 billion USD	31.70 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	March 17, 1980	November 22, 1996
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

APD

STLD

GSPC

Air Products and Chemicals (APD) vs. Steel Dynamics (STLD), 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 Steel Dynamics (STLD). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Air Products and Chemicals (APD) and Steel Dynamics (STLD). 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 Steel Dynamics (STLD)
Metric	APD	STLD
Total Return (1Y)	23.26%	52.02%
Total Return (3Y, Annualized)	8.49%	29.83%
Total Return (5Y, Annualized)	2.43%	30.20%

Risk Profile

Drawdown History

APD

STLD

GSPC

Air Products and Chemicals (APD) vs. Steel Dynamics (STLD), 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 Steel Dynamics (STLD). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Steel Dynamics (STLD) has an aggressive beta of 1.46, indicating higher sensitivity to broad-market moves, while Air Products and Chemicals (APD) is defensive at 0.67 and tends to be less market-sensitive — they sit on opposite ends of the beta spectrum.

Risk profile metrics for Air Products and Chemicals (APD) and Steel Dynamics (STLD)
Metric	APD	STLD
Volatility (1Y, Annualized)	25.21%	36.62%
Beta (5Y)	0.67	1.46
Max Drawdown (5Y)	-31.77%	-32.20%
Avg. Volume (3M)	1.06M	1.06M

Risk-Adjusted Performance

Risk-Return Positioning

APD and STLD 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 Steel Dynamics (STLD)
Metric	APD	STLD
Sharpe Ratio (1Y)	0.75	1.30
Sortino Ratio (1Y)	1.14	1.92

Profitability

ROE (TTM)

Steel Dynamics (STLD) at 20.81% sits in the top ROE quartile, while Air Products and Chemicals (APD) at 3.19% is closer to the peer norm — stronger capital efficiency for STLD.

APD

Materials industry group

3.19%

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

STLD

Materials industry group

20.81%

Max: 52.88%
STLD: 20.81%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

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

Net Margin (TTM)

Both Air Products and Chemicals (APD) at 4.10% and Steel Dynamics (STLD) at 8.82% 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%

STLD

Materials industry group

8.82%

Max: 38.66%
Q3: 15.98%
STLD: 8.82%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

Air Products and Chemicals (APD) vs. Steel Dynamics (STLD): 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 Steel Dynamics (STLD) at 15.46% 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%

STLD

Materials industry group

15.46%

Max: 66.70%
Q3: 28.92%
STLD: 15.46%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

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

Profitability Metrics

Profitability metrics for Air Products and Chemicals (APD) and Steel Dynamics (STLD)
Metric	APD	STLD
ROE (TTM)	3.19%	20.81%
ROA (TTM)	4.80%	9.45%
Net Margin (TTM)	4.10%	8.82%
Operating Margin (TTM)	17.68%	15.46%
Gross Margin (TTM)	31.58%	15.90%

Growth

Revenue Growth

Steel Dynamics (STLD) at 3.63% 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. Steel Dynamics (STLD): A comparison of their Revenue Growth across different time periods.

EPS Growth

Steel Dynamics (STLD) at -18.80% 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. Steel Dynamics (STLD): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Air Products and Chemicals (APD) and Steel Dynamics (STLD)
Metric	APD	STLD
Revenue Growth (YoY)	-0.52%	3.63%
Revenue Growth (3Y CAGR)	-1.77%	-6.53%
EPS Growth (YoY)	-110.30%	-18.80%
EPS Growth (3Y CAGR)	--	-27.45%

Financial Strength

Current Ratio (MRQ)

Steel Dynamics (STLD) at 3.15 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

STLD

Materials industry group

3.15

Max: 5.96
Q3: 3.30
STLD: 3.15
Median: 2.24
Q1: 1.45
Min: 0.16

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

Debt / Equity (MRQ)

Steel Dynamics (STLD) at 0.45 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

STLD

Materials industry group

0.45

Max: 1.98
Q3: 0.89
Median: 0.47
STLD: 0.45
Q1: 0.13
Min: 0.00

Air Products and Chemicals (APD) vs. Steel Dynamics (STLD): 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 Steel Dynamics (STLD)
Metric	APD	STLD
Current Ratio (MRQ)	1.07	3.15
Debt / Equity (MRQ)	1.06	0.45
Net Debt / EBITDA	3.61	1.09

Dividends

Dividend Yield (TTM)

Air Products and Chemicals (APD) at 2.33% delivers top-quartile income for its industry, while Steel Dynamics (STLD) at 0.94% pays a more typical yield — both are credible income propositions, APD the richer one.

APD

Materials industry group

2.33%

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

STLD

Materials industry group

0.94%

Max: 4.52%
Q3: 1.85%
STLD: 0.94%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Steel Dynamics (STLD) at 15.44% 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%

STLD

Materials industry group

15.44%

Max: 83.62%
Q3: 41.37%
STLD: 15.44%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Air Products and Chemicals (APD) and Steel Dynamics (STLD)
Metric	APD	STLD
Dividend Yield (TTM)	2.33%	0.94%
Dividend Payout Ratio (TTM)	75.66%	15.44%

Valuation

P/E Ratio (TTM)

Steel Dynamics (STLD) at 16.46 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

STLD

Materials industry group

16.46

Max: 59.00
Q3: 32.93
Median: 18.82
STLD: 16.46
Q1: 11.96
Min: 3.93

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

P/S Ratio (TTM)

Steel Dynamics (STLD) at 1.43 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

STLD

Materials industry group

1.43

Max: 9.62
Q3: 4.34
Median: 1.87
STLD: 1.43
Q1: 0.73
Min: 0.00

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

P/B Ratio (MRQ)

Steel Dynamics (STLD) at 3.23 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

STLD

Materials industry group

3.23

Max: 6.59
Q3: 3.55
STLD: 3.23
Median: 2.08
Q1: 1.26
Min: -0.17

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

Valuation Metrics

Valuation metrics for Air Products and Chemicals (APD) and Steel Dynamics (STLD)
Metric	APD	STLD
P/E Ratio (TTM)	127.55	16.46
P/S Ratio (TTM)	5.23	1.43
P/B Ratio (MRQ)	4.76	3.23
Free Cash Flow Yield (TTM)	-0.28%	1.36%