Latest revenue
$3.17B
as of 2026-03-31
Latest net income
$710.4M
as of 2026-03-31
Net margin
22.4%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $64.46B
- Enterprise value
- $81.27B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- 4.12×
- Dividend yield
- 2.5%
- 52-wk high
- $307.96
- 52-wk low
- $229.11
- Beta
- —
- Shares out
- 222.7M
5-year trend
What this company does
Air Products produces and distributes industrial gases like oxygen, nitrogen, hydrogen, and helium, supplying customers in refining, chemicals, electronics, and metals through long-term on-site contracts and merchant deliveries. It generates revenue primarily by selling these gases under multi-decade take-or-pay agreements, complemented by equipment sales and equity-method earnings from joint ventures. The company has swung back to profitability after taking $2.9 billion in business and asset action charges last year tied to a strategic retreat from money-losing clean hydrogen megaprojects, including its NEOM Green Hydrogen joint venture.
Generated from APD's filing dated 2025-11-20
Key risks
- NEOM Green Hydrogen VIE exposure: $7.9B of consolidated assets tied to the JV, with $5.3B of non-recourse VIE liabilities on the balance sheet.
- Heavy leverage and capex burden: $17.3B long-term debt against $951M cash; H1 capex of $2.36B exceeded operating cash flow of $2.0B.
- Prior-year $2.93B business and asset actions charge signals ongoing strategic project write-downs, with another $22M impairment booked in H1 2026.
Generated from APD's filing dated 2025-11-20
Profitability
Operating margin
-7.3%
119.7%Net margin
-3.3%
110.4%Return on equity
-2.6%
111.7%Return on assets
-1.0%
109.9%Leverage
Debt / equity
1.73×
31.0%Long-term debt / equity
1.13×
42.0%Debt / assets
63.4%
11.3%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $3.17B | +8.8% | $710.4M | +163.8% | 22.4% |
Q4 2025 2025-12-31 | $3.10B | +5.8% | $678.2M | +9.8% | 21.9% |
Q3 2025 2025-09-30 | $3.17B | -0.6% | $500.7M | -74.3% | 15.8% |
Q2 2025 2025-06-30 | $3.02B | +1.2% | $-399.4M | -157.3% | -13.2% |
Q1 2025 2025-03-31 | $2.92B | -0.5% | $-1.11B | -294.5% | -38.2% |
Q4 2024 2024-12-31 | $2.93B | -2.2% | $617.4M | +1.3% | 21.1% |
Q3 2024 2024-09-30 | $3.19B | — | $1.95B | — | 61.2% |
Q2 2024 2024-06-30 | $2.99B | -1.6% | $696.6M | +17.0% | 23.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Industrial Inorganic Chemicals · SIC 2810
Your notes
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Insider activity
Insider buying
$0
Insider selling
$21.2M
Net activity
−$21.2M
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns APD
Institutional value
$15.29B
Total shares held
53.5M
Distinct holders
760
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 14.5M | $4.20B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 5.7M | $1.66B | — | New |
| 3 | UBS Group AG | 2.0M | $595.1M | — | New |
| 4 | Bank of New York Mellon Corp | 1.7M | $497.6M | — | New |
| 5 | STIFEL FINANCIAL CORP | 1.6M | $477.7M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 1.6M | $467.7M | — | New |
| 7 | WELLS FARGO & COMPANY/MN | 1.6M | $461.2M | — | New |
| 8 | VANGUARD FIDUCIARY TRUST CO | 1.3M | $364.1M | — | New |
| 9 | Legal & General Group Plc | 1.1M | $320.0M | — | New |
| 10 | Invesco Ltd. | 1.1M | $316.8M | — | New |
| 11 | ENVESTNET ASSET MANAGEMENT INC | 784.7K | $227.9M | — | New |
| 12 | PRINCIPAL FINANCIAL GROUP INC | 774.3K | $224.9M | — | New |
| 13 | Nuveen, LLC | 703.8K | $204.4M | — | New |
| 14 | ProShare Advisors LLC | 665.0K | $193.2M | — | New |
| 15 | Swiss National Bank | 653.3K | $189.8M | — | New |
| 16 | Sumitomo Mitsui Trust Group, Inc. | 540.1K | $156.9M | — | New |
| 17 | Mitsubishi UFJ Asset Management Co., Ltd. | 527.0K | $153.1M | — | New |
| 18 | DEUTSCHE BANK AG\ | 498.9K | $144.9M | — | New |
| 19 | Vanguard Global Advisers, LLC | 487.4K | $141.6M | — | New |
| 20 | CINCINNATI INSURANCE CO | 469.2K | $136.3M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
With NEOM VIE assets now $7.9B and capex still $2.4B in the half, what's your hard backstop if green hydrogen offtake economics deteriorate further?
- 2
Last year's $2.93B business and asset actions charge—can you confirm no further write-downs are coming on the remaining clean hydrogen project portfolio?
- 3
Long-term debt sits at $17.1B against $951M cash; how do you fund FY26 capex and the $1.6B dividend without rating pressure?
Refreshed when APD files a new report · last from 2025-11-20