Stock

Air Products and Chemicals

APD

Chemicals - Specialty · Basic Materials

Also trades as: 0HBH.L GBP 3.07 (-0.09%)

Price

$307.15

-1.07 (-0.35%)

Market Cap

$68.40B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

4/30

Growth

Mixed

5/20

Cash Flow

Weak

0/10

Stability

Weak

2/10

Valuation

Data not available

0/10

Ownership

Weak

1/15

Dividends

Mixed

2/5

14 of 100 counted points = Winston Score 14.

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§Winston Score History

The full picture

Air Products and Chemicals makes industrial gases — things like oxygen, nitrogen, hydrogen, and helium. These gases are sold to factories, hospitals, steel mills, semiconductor chip makers, and energy companies. It is one of the largest industrial gas companies in the world, competing mainly with Linde and Air Liquide.

The company makes most of its money through long-term contracts, often building a gas plant right next to a customer's facility and supplying them for 15 to 20 years. It operates in over 50 countries and generates roughly $12 billion in annual revenue. Air Products is making a large bet on clean hydrogen as a future growth driver, investing billions in projects across the Middle East and elsewhere — but those projects are expensive, slow to build, and carry real execution risk if demand for clean hydrogen develops more slowly than expected.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.6% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-301.9% YoY

Quarterly reporting periods ended:

30 Jun 2025: $3.20

30 Jun 2026: $-6.46

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$96M/ year

→ Flat (-4% vs prior year)

0.8% of revenue

Below sector average (3%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Air Products and Chemicals is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 222.5M (2021) → 222.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.8%

Modest — 32.8% gross margin

Profit after running costs

Operating Margin

-66.3%

Losing money on operations — -66.3%

Return on the money invested

ROCE

-1.9%

Weak — -1.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+4.5%

Slow sales growth (+4.5% YoY)

Profit growth

EPS YoY

-103.0%

Earnings shrinking (-103.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-3.5%

Burning cash (-3.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.31

Elevated debt (1.31)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/A

Data not available

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.42%

Moderate income — 2.42% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+1.1%

Dividend flat

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