Air Products and Chemicals, Inc. (APD)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look first for durable earning power and a margin of safety. Air Products sells essential industrial gases - oxygen, nitrogen, hydrogen, and specialty gases - to many industries and regions. That can be a sticky business, but the reported numbers show strain. In fiscal Q3 2026, the quarter ended 2026-06-30, revenue was $3.2B, while net income was -$1.4B and diluted EPS was -$6.47. For FY2025, the 10-K reports revenue of $12.0B and a net loss of $394.5M, versus FY2024 net income of $3.8B and FY2023 net income of $2.3B. The Lynch category computed by FairStock is TURNAROUND, because the latest year was a loss after earlier profits. Financial quality is mixed: ROCE is only 4.73%, ROE is 0.02%, D/E is 1.10, and trailing free cash flow is -$301.4M. The Piotroski F-Score is 4/9, and Altman Z is 2.34. Valuation offers little Graham-style comfort: at the 2026-10-13 close of $288.96, FairStock shows P/B 4.63, EV/EBITDA 48.44, and FCF yield -0.5%; the negative P/E reflects losses. The dividend yield is 2.55% and beta is 0.75, but a dividend paid while cash flow is negative deserves scrutiny. Revenue is roughly flat by the filed annual figures, and profit has collapsed. I would need evidence that the loss is temporary and that returns on capital and cash generation recover before calling this a bargain. At present, the price looks full for the fundamentals.

In plain English: Air Products makes and sells industrial gases and related equipment around the world. The business has steady sales, but it recently reported a large loss and is not generating spare cash, so the profit picture is weak. At around $289 a share, the price looks high compared with those current numbers.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-06-30) · fiscal Q2 2026 10-Q (period ended 2026-03-31) · fiscal Q1 2026 10-Q (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-09-30) · FY2024 10-K (period ended 2024-09-30) · FY2023 10-K (period ended 2023-09-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer