olivLaw · US equity research
Air Products and Chemicals, Inc. APD
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
Air Products is one of the world's largest industrial gases companies, supplying gases, cryogenic equipment and large clean hydrogen projects. In 2026 the company is focusing on its core industrial gas business after exiting some large energy projects, which produced large GAAP losses in the third quarter but raised adjusted EPS guidance.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Air Products and Chemicals, Inc. (APD) stock was 318.87 USD (+1.89% on the day), with market capitalisation 71.0 bn USD, dividend yield 2.26%, beta 0.59, 52-week range 230.76–318.87 USD. Latest reported quarter (Q3 2026): revenue of 3.2 bn USD (+4.6% YoY), net income of -1.4 bn USD (−301.8% YoY), diluted EPS -6.47 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 278.76 – 324.89
- in the upper half of the band · %B 0.87 · band width 15.3%
- SMA 50 / 200
- 294.91 / 290.86
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.26 / 5.61
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.1% | −1.1% | +15.2 pp | — |
| 3 months | +8.1% | −0.5% | +8.5 pp | — |
| 6 months | +6.2% | +4.4% | +1.8 pp | — |
| Year to date | +29.1% | +12.3% | +16.8 pp | — |
| 1 year | +32.4% | +13.5% | +18.9 pp | +20.0% |
| 3 years | +8.8% | +76.4% | −67.7 pp | +24.2% |
| 5 years | +3.1% | +63.7% | −60.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 2.9 bn | 2.9 bn | 3.0 bn | 3.2 bn | 3.1 bn | 3.2 bn | 3.2 bn |
| Cost of revenue | 2.1 bn | 2.0 bn | 2.1 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.1 bn |
| Research & development | 22.1 m | 22.0 m | 22.9 m | 24.1 m | 27.3 m | 20.4 m | 21.6 m | 21.5 m |
| SG&A | 228.0 m | 242.4 m | 222.0 m | 222.6 m | 219.1 m | 228.7 m | 227.2 m | 219.1 m |
| Operating income | 2.4 bn | 643.6 m | -2.3 bn | 790.6 m | 16.8 m | 734.5 m | 752.7 m | -2.1 bn |
| Depreciation & amortisation | 380.8 m | 366.8 m | 383.6 m ≈ | 401.0 m ≈ | 412.8 m | 370.7 m | 375.0 m ≈ | 385.4 m ≈ |
| Interest expense | 49.7 m | 42.6 m | 42.2 m | 61.4 m | 67.8 m | 54.5 m | 49.5 m | 49.4 m |
| Pre-tax income | 2.5 bn | 790.5 m | -2.2 bn | 890.8 m | 121.3 m | 850.8 m | 883.5 m | -1.9 bn |
| Income tax | 538.4 m | 140.7 m | -505.8 m | 159.6 m | 111.2 m | 159.4 m | 158.7 m | -515.4 m |
| Net income | 1.9 bn | 617.4 m | -1.7 bn | 713.8 m | 4.9 m | 678.2 m | 710.4 m | -1.4 bn |
| Diluted EPS | 8.75 ≈ | 2.77 | -7.77 | 3.20 | 0.02 ≈ | 3.04 | 3.19 | -6.47 |
| Operating cash flow | — | 811.7 m | 328.1 m ≈ | 855.8 m ≈ | — | 900.7 m | 1.1 bn ≈ | 1.3 bn ≈ |
| Capex | 2.1 bn | 2.1 bn | 1.9 bn ≈ | 1.5 bn ≈ | 1.5 bn | 1.3 bn | 1.1 bn ≈ | 995.7 m ≈ |
| Dividends paid | 393.5 m | 393.6 m | 393.8 m ≈ | 398.3 m ≈ | 398.4 m | 398.4 m | 398.6 m ≈ | 403.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.9 bn | 8.9 bn | 8.9 bn | 10.3 bn | 12.7 bn | 12.6 bn | 12.1 bn | 12.0 bn |
| Revenue YoY | +9.1% | −0.1% | −0.7% | +16.6% | +23.0% | −0.8% | −4.0% | −0.5% |
| Net income | 1.5 bn | 1.8 bn | 1.9 bn | 2.1 bn | 2.3 bn | 2.3 bn | 3.8 bn | -394.5 m |
| Net income YoY | −50.1% | +17.5% | +7.2% | +11.3% | +7.5% | +2.0% | +66.4% | −110.3% |
| Diluted EPS | 6.78 | 7.94 | 8.49 | 9.43 | 10.14 | 10.33 | 17.18 | -1.77 |
| Diluted EPS YoY | −50.3% | +17.1% | +6.9% | +11.1% | +7.5% | +1.9% | +66.3% | −110.3% |
| net % | 16.8% | 19.7% | 21.3% | 20.3% | 17.8% | 18.3% | 31.6% | -3.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 1.9 bn USD
- Financial debt
- 34.7 m USD
- Net debt
- -1.8 bn USD
- Equity
- 17.3 bn USD
- Total assets
- 41.1 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 1.38x
- ROE
- -2.2%
- ROA
- -1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.9 bn | 10.3 bn | 12.7 bn | 12.6 bn | 12.1 bn | 12.0 bn | SEC (XBRL)· 20 Nov 2025verified |
| Cost of revenue | 5.9 bn | 7.2 bn | 9.3 bn | 8.8 bn | 8.2 bn | 8.3 bn | SEC (XBRL)· 20 Nov 2025verified |
| Gross profit | 3.0 bn | 3.1 bn ≈ | 3.4 bn ≈ | 3.8 bn ≈ | 3.9 bn ≈ | 3.8 bn ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Research & development | 83.9 m | 93.5 m | 102.9 m | 105.6 m | 100.2 m | 96.3 m | SEC (XBRL)· 20 Nov 2025verified |
| SG&A | 775.9 m | 828.4 m | 900.6 m | 957.0 m | 942.4 m | 906.1 m | SEC (XBRL)· 20 Nov 2025verified |
| Operating income | 2.2 bn | 2.3 bn | 2.3 bn | 2.5 bn | 4.5 bn | -877.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Depreciation & amortisation | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 20 Nov 2025verified |
| EBITDA | 3.4 bn ≈ | 3.6 bn ≈ | 3.7 bn ≈ | 3.9 bn ≈ | 5.9 bn ≈ | 687.2 m ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Interest expense | 109.3 m | 141.8 m | 128.0 m | 177.5 m | 218.8 m | 214.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Pre-tax income | 2.4 bn | 2.5 bn | 2.8 bn | 2.9 bn | 4.8 bn | -440.7 m | SEC (XBRL)· 20 Nov 2025verified |
| Income tax | 478.4 m | 462.8 m | 500.8 m | 551.2 m | 944.9 m | -94.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Net income | 1.9 bn | 2.1 bn | 2.3 bn | 2.3 bn | 3.8 bn | -394.5 m | SEC (XBRL)· 20 Nov 2025verified |
| Diluted EPS | 8.49 | 9.43 | 10.14 | 10.33 | 17.18 | -1.77 | SEC (XBRL)· 20 Nov 2025verified |
| Weighted average diluted shares | 222.3 m | 222.5 m | 222.5 m | 222.7 m | 222.8 m | 222.7 m | SEC (XBRL)· 20 Nov 2025verified |
| Dividend per share | 5.18 | 5.84 | 6.36 | 6.87 | 7.06 | 7.14 | SEC (XBRL)· 20 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.3 bn | 4.5 bn | 2.7 bn | 1.6 bn | 3.0 bn | 1.9 bn | SEC (XBRL)· 20 Nov 2025verified |
| Receivables | 1.3 bn | 1.5 bn | 1.8 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 20 Nov 2025verified |
| Inventories | 404.8 m | 453.9 m | 514.2 m | 651.8 m | 766.0 m | 776.5 m | SEC (XBRL)· 20 Nov 2025verified |
| Current assets | 8.7 bn | 8.4 bn | 6.3 bn | 5.2 bn | 6.4 bn | 5.8 bn | SEC (XBRL)· 20 Nov 2025verified |
| Property, plant & equipment, net | 12.0 bn | 13.3 bn | 14.2 bn | 17.5 bn | 23.4 bn | 25.3 bn | SEC (XBRL)· 20 Nov 2025verified |
| Goodwill | 891.5 m | 911.5 m | 823.0 m | 861.7 m | 905.1 m | 963.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Intangibles (excl. goodwill) | 435.8 m | 420.7 m | 347.5 m | 334.6 m | 311.6 m | 293.5 m | SEC (XBRL)· 20 Nov 2025verified |
| Total assets | 25.2 bn | 26.9 bn | 27.2 bn | 32.0 bn | 39.6 bn | 41.1 bn | SEC (XBRL)· 20 Nov 2025verified |
| Accounts payable | 1.8 bn | 2.2 bn | 2.8 bn | 2.9 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 20 Nov 2025verified |
| Short-term debt | 7.7 m | 2.4 m | 10.7 m | 259.5 m | 83.5 m | 34.7 m | SEC (XBRL)· 20 Nov 2025verified |
| Current liabilities | 2.4 bn | 2.8 bn | 3.5 bn | 3.9 bn | 4.2 bn | 4.2 bn | SEC (XBRL)· 20 Nov 2025verified |
| Total liabilities | 12.7 bn | 12.8 bn | 13.5 bn | 16.3 bn | 20.9 bn | 23.7 bn | SEC (XBRL)· 20 Nov 2025verified |
| Equity | 12.4 bn | 14.1 bn | 13.7 bn | 15.7 bn | 18.7 bn | 17.3 bn | SEC (XBRL)· 20 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 2.5 bn | 2.5 bn | 2.9 bn | 4.6 bn | 6.8 bn | 7.0 bn | SEC (XBRL)· 20 Nov 2025verified |
| Dividends paid | 1.1 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 20 Nov 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 23 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 71.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation0
- Balance sheet35
- Quality32
- Growth0
- Returns32
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.99 – 126.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA24.99 – 70.06 (Mid 34.88)5 companies used · median multiple 7.3x · quartiles 5.0x – 15.5xLIN, LXFR, LXU, TROX, VHI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)93.83 – 126.18 (Mid 107.63)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 23/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.1% | 14 (vs peers) | 17% |
| Net margin · Quality | -0.4% | 63 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.8% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.9x | 60 (vs peers) | 17% |
| Interest coverage · Balance sheet | -2.7x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 73.8x | 0 (vs peers) | 17% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality32/100 · 2/3 factors with a value
- Returns· partial32/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AIR PRODUCTS AND CHEMICALS, INC. (APD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 12.0 bn USD in 2025; YoY growth -0.5%; net margin -0.4%; ROE -0.3%; net debt/EBITDA -0.9x.
The estimated value range is 59.41–98.12 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 71.25 USD, the price of 318.87 USD leaves a potential of -77.7% (value / price − 1) and a margin of safety of -347.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 23/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -3.1%
- Revenue CAGR 3Y: -1.8%
- Interest coverage: -2.7x
- Current ratio: 1.1x
- EV/EBITDA: 73.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), FCF yield, Payout ratio (FCF).
Versus the vertical median
Industrial Inorganic Chemicals (SIC 2810) · same industry (4-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LINLinde plc | 240.9 bn | 34.9 | 18.0% | 19.3% | +3.0% | +28% / +27% |
| APDAir Products And Chemicals, Inc. | 71.0 bn | — | -0.3% | -0.4% | −0.5% | +32% / +9% |
| MTXMinerals Technologies Inc. | 2.0 bn | — | -4.1% | -3.1% | −2.2% | +12% / +5% |
| KROKronos Worldwide, Inc. | 890.9 m | — | -13.7% | -5.6% | −1.5% | +53% / −11% |
| LXULSB Industries, Inc. | 766.1 m | 17.1 | 8.7% | 7.0% | +17.8% | +19% / +24% |
| TROXTronox Holdings PLC | 566.9 m | — | -39.1% | -18.0% | −5.7% | −14% / −72% |
| LXFRLuxfer Holdings PLC | 463.2 m | 76.3 | 2.7% | 1.7% | −1.9% | +38% / +110% |
| VHIValhi, Inc. | 430.8 m | — | -4.8% | -2.4% | −1.3% | +20% / +12% |
| NLNli Holdings, Inc. | 359.9 m | — | -6.7% | -15.8% | +8.5% | +30% / +44% |
| LTBRLightbridge Corporation | 172.9 m | — | -14.1% | — | unavailable | −73% / +39% |
1- and 3-year price returns: for APD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (05 Nov 2026 · results).
In brief
Air Products is one of the world's largest industrial gases companies, supplying gases, cryogenic equipment and large clean hydrogen projects. In 2026 the company is focusing on its core industrial gas business after exiting some large energy projects, which produced large GAAP losses in the third quarter but raised adjusted EPS guidance.13
SWOT
Strengths
- Position as a global leader in industrial gases, with long-term on-site contracts and pipeline networks that give a cost advantage 1.
- A long history of dividend increases, supported by cash flows from the core business 1.
- A customer base diversified across industries and regions, with no single customer above a high share of sales 1.
Weaknesses
Opportunities
Threats
Risks
- Asset impairments and project losseshigh
Cancelling energy projects produced large losses; if further project exits occur, reported results could remain volatile 23.
- Currency riskmedium
Revenue from outside the home market is translated into dollars, and exchange rates can change reported results 1.
- Climate regulation riskmedium
Rules on greenhouse gas emissions can raise energy and production costs, or reduce demand for some products 1.
- Large project execution riskhigh
Major projects face delays, cost overruns and financing difficulties, and the company acknowledges these could damage its reputation 1.
- Concentration in helium and refininglow
Dependence on certain industries and helium volumes can amplify the effect of a fall in demand 1.
Investment thesis
What would need to be true (bull case)
- If capital discipline, on-site volume growth and better pricing hold, adjusted profit could keep growing year on year 3.
- Strong adjusted EPS guidance in the third quarter shows the core business can stay profitable despite macroeconomic uncertainty 3.
- Long-term on-site contracts and pipeline networks could provide predictable revenue and a barrier to competitors 1.
What would break the thesis
- Large losses from cancelled projects show that clean hydrogen investments carried major risks, and further exits could follow 23.
- If helium demand and fixed-cost inflation persist, margins could stay under pressure 12.
- High exposure to markets outside the United States and to geopolitical risks could affect results during trade tensions 1.
What to watch
- Delivery of adjusted EPS guidance for the fourth quarterQ4 2026
- Capital expenditure outturn against the revised guidancefiscal 2026
- Start-up of the NEOM project and first green ammonia deliveries2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (05 Nov 2026 · results).
The business
Air Products and Chemicals, Inc., founded in 1940, produces and sells industrial gases such as oxygen, nitrogen, argon, hydrogen and helium, together with air separation and cryogenic equipment. Sales for fiscal 2025 were 12.0 billion dollars 1. The company operates in about 50 countries and regions, and nearly 60% of sales come from outside the United States 1.
In the third quarter of fiscal 2026, Air Products announced a long-term agreement to build and operate air separation units for a semiconductor manufacturer in Taiwan, showing a shift back to its core 3. It decided not to proceed with the Louisiana Clean Energy Complex and discontinued a liquid hydrogen facility in Arizona, while keeping the NEOM project in Saudi Arabia 3.
Market context
The industrial gas market is dominated by three global competitors, and demand depends on refining, chemicals, metals and electronics 1. Clean hydrogen remains an uncertain market, since demand for energy projects has fallen below expectations 1. If demand from electronics and on-site customers continues, it could support growth in the core business.
In the near term the helium market has been weak, and the company has flagged cost pressure and fixed-cost inflation 12. Energy costs are largely passed through to customers via pricing formulas, which limits the impact of natural gas volatility 1.
Trends
- Refocus on core industrial gasestailwind
Management has cancelled or reduced large energy transition projects and is directing capital toward traditional projects with clear returns 13. If capital discipline holds, it could lower debt and capital spending.
- Electronics and semiconductor demandtailwind
The Taiwan air separation agreement points to gas demand from chip fabrication plants 3. Growth in this demand could support long-term on-site volumes.
- Weaker demand for clean hydrogenheadwind
The clean energy market has not developed as expected, and several projects have been stopped or scaled back 13. If climate policies weaken, demand for green hydrogen could stay low.
- Cost and helium pressuresmixed
The company cites fixed-cost inflation and helium market difficulties that affect volumes and margins 12. These pressures may be partly offset by productivity gains and better pricing.
Competitive position
Air Products competes with Air Liquide S.A., Linde plc and Messer Group GmbH, as well as regional competitors 1. Competition is based on price, supply reliability and the development of new applications, and the company's advantage lies in its pipeline networks where it operates 1.
In equipment, competition is based on plant efficiency, technological performance and schedule delivery, and the company has indicated that it no longer pursues all large projects in this area 13.
- Linde plcLIN
Global industrial gas competitor named in the annual report, with presence in the Americas, Europe and Asia.
- Air Liquide S.A.
Global industrial gas competitor named in the annual report, listed in France and without a confirmed US ticker.
- Messer Group GmbH
Global industrial gas competitor named in the source, active in Europe and other regions, without a US listing.
- Regional competitors
Local gas producers that compete in certain markets, referred to generically in the annual report.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Air Products (APD) Is Doubling Down on the Gases Inside Chip FabsYahoo Finance — News · 19 Sept 2026 · EN
- Is Air Products and Chemicals Stock Underperforming the S&P 500?Yahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 19 Sept 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report30 Jun 2026Material impairment · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jan 2026
- Current report30 Jan 2026Results of operations · Financial statements and exhibits
- Current report29 Jan 2026Shareholder vote
- Proxy statement11 Dec 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Air Products and Chemicals, Inc. · 20 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Air Products and Chemicals, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Air Products and Chemicals, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.