# Air Products and Chemicals, Inc. (APD)

> Source: Nexqual · https://nexqual.com/APD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Air Products and Chemicals, Inc. (APD), nexqual.com/APD" · informational, not investment advice.

**Price:** USD 308.22 (+1.84% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 302.66 · day 302.28–308.32 · 52w 229.11–314.87 · market cap $68.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.6B, net income -$47.3M (-0.4% margin), free cash flow -$301M (SEC filings).
- 7 of 80 tracked superinvestors hold APD (13F, Q2 2026): 0 new, 5 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $824K; 1 not under a Rule 10b5-1 plan ($824K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.17 on a 1–5 scale) (23 analysts), mean target USD 342.55 (range 305–373).
- Total return with dividends: 1Y +24.1% vs S&P 500 +14.9%; 5Y +20.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 3.61, revenue estimate $3.34B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.3B | $12.7B | $12.6B | $12.1B | $12.0B | $12.6B |
| Gross profit | $3.14B | $3.36B | $3.77B | $3.93B | $3.78B | — |
| Operating income | $2.28B | $2.34B | $2.49B | $4.47B | -$877M | -$593M |
| Net income | $2.10B | $2.26B | $2.30B | $3.83B | -$395M | -$47.3M |
| EPS (diluted) | $9.43 | $10.14 | $10.33 | $17.18 | -$1.77 | — |
| Free cash flow | $871M | $244M | -$1.42B | -$3.15B | -$3.77B | -$301M |
| Gross margin | 30.4% | 26.5% | 29.9% | 32.5% | 31.4% | — |
| Operating margin | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% | -4.7% |
| Net margin | 20.3% | 17.8% | 18.3% | 31.6% | -3.3% | -0.4% |
| Revenue growth | +16.6% | +23.0% | -0.8% | -4.0% | -0.5% | — |
| Cash + short-term investments | $5.80B | $3.30B | $1.95B | $2.98B | $1.86B | — |
| Total debt | $7.63B | $7.63B | $10.0B | $14.1B | $17.7B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 5.5x · P/B 4.9x · FCF yield -0.44% · Earnings yield -0.07% · Dividend yield (paid, TTM) 2.33%
P/E at fiscal year-ends: Sep 2024 17.3x, Sep 2023 27.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold APD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Viking Global | Viking Global Investors | 3.96% | $1.39B | Added +15.5% |
| AKO Capital |  | 3.78% | $162M | Added +137.1% |
| Dodge & Cox Funds | Dodge & Cox | 1.44% | $2.75B | Added +1.8% |
| Hillman Capital | Hillman Capital Management | 0.28% | $383K | Reduced -2.5% |
| Thomas Gayner | Markel Group | 0.20% | $25.9M | Added +17.2% |
| Jensen Investment Management |  | 0.04% | $1.6M | Reduced -28.6% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $13K | Added +164.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-01 | Schaeffer Melissa N. | Exec Vice President and CFO | 2,714 | $824K | 15.6% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 23 analysts; mean target USD 342.55 (low 305, high 373).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $360 → $346 |
| 2026-10-13 | Barclays | Initiated | Overweight | $353 |
| 2026-10-07 | Citigroup | Target lowered | Neutral | $330 → $312 |
| 2026-10-05 | UBS | Target lowered | Neutral | $336 → $305 |
| 2026-09-11 | Keybanc | Initiated | Sector Weight |  |
| 2026-09-09 | Argus Research | Target raised | Buy | $316 → $329 |
| 2026-08-06 | RBC Capital | Target raised | Outperform | $358 → $360 |
| 2026-07-31 | UBS | Target raised | Neutral | $330 → $336 |
| 2026-07-31 | Citigroup | Target raised | Neutral | $315 → $330 |
| 2026-07-31 | Mizuho | Target raised | Outperform | $345 → $355 |
| 2026-07-31 | Wells Fargo | Target raised | Overweight | $340 → $350 |
| 2026-07-17 | Bernstein | Target raised | Outperform | $344 → $345 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +24.1% | +20.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +24.2% | +3.7% |
| Volatility (annualized) | 26.4% | 26.3% |
| Max drawdown | -12.4% (Jul 2026→Oct 2026) | -28.9% (Nov 2021→Mar 2022) |

## Peers (Specialty Chemicals)
ECL (Ecolab Inc.) USD 292.3 +1.46% · SHW (Sherwin-Williams Company (The)) USD 345.63 +2.48% · PPG (PPG Industries, Inc.) USD 113.09 +2.65% · IFF (International Flavors & Fragran) USD 93.83 +3.08% · LYB (LyondellBasell Industries NV) USD 65.37 +3.32% · LIN (Linde plc) USD 510.36 +1.96%

## More
Full page: https://nexqual.com/APD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Americas | $1.32B | 41.8% | +4.8% | $395.4M | 29.9% |
| Asia | $886.0M | 28.0% | +9.4% | $256.4M | 28.9% |
| Europe | $815.7M | 25.8% | +5.9% | $230.7M | 28.3% |
| Corporate and other | $103.1M | 3.3% | -27.9% | -$80.2M | -77.8% |
| Middle East and India | $34.8M | 1.1% | -9.1% | $8.0M | 23.0% |
| Total revenue | $3.16B | 100% | — | -$2.10B | -66.3% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| On-site | $783.1M | 24.8% | +10.6% |
| Merchant | $538.3M | 17.0% | -2.6% |
| Total revenue | $3.16B | 100% | — |
The lines above cover 41.8% of total revenue.

## Revenue by region (fiscal year ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other Foreign Operations | $5.41B | 45.0% | +3.4% |
| U.S. | $4.69B | 39.0% | -4.5% |
| China | $1.93B | 16.1% | -0.9% |
| Total revenue | $12.04B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Fiscal 2026 results include charges of approximately $2.9 billion pre-tax ($2.2 billion after-tax, or $9.92 per share) associated with project exit decisions announced on June 30, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.61 | $3.51 | +2.7% | $3.34B | 19 |
| Next quarter (ends 2026-12-31) | $3.48 | $3.45 | +1.0% | $3.33B | 10 |
| Current fiscal year (ends 2026-09-30) | $13.45 | $13.22 | +1.7% | $12.77B | 23 |
| Next fiscal year (ends 2027-09-30) | $14.45 | $14.29 | +1.1% | $13.50B | 23 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±6.7%; last 8 reports averaged ±3.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.7% | ±6.7% |
| 2026-12-18 | 56 | 26.8% | ±8.5% |
| 2027-01-15 | 84 | 24.9% | ±9.7% |
| 2027-03-19 | 147 | 25.9% | ±13.2% |
| 2027-06-17 | 237 | 26.3% | ±16.9% |
| 2027-09-17 | 329 | 26.6% | ±20.0% |