Air Products (APD): analysis in plain words
Is Air Products cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Air Products (APD) is listed on the NYSE and we classify it in materials and chemicals. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Air Products according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Air Products (APD) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $318.87 | Last price on November 4, 2026 |
| P/E ratio (TTM) | N/A | Price over earnings per share |
| Revenue growth | +4.6% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | -0.4% | Profit for every 100 of sales |
| Net debt / EBITDA | 3.7x | Years of operating profit to repay debt |
| Dividend yield | 2.31% | Annual dividend over price |
| Market cap | $71.0 billion | What the stock market values it at |
The Air Products figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any APD figure that is not available shows as N/A: we do not estimate it.
How Air Products makes money
Air Products produces industrial gases such as oxygen, nitrogen, argon, hydrogen and helium, delivered by pipeline from on-site plants, by truck or in cylinders. It reports geographic segments including Americas, Asia and Europe, and sells to refineries, chemical makers, steel mills, chip fabs and hospitals.
Over the last 12 months, Air Products brought in revenue of $12.6 billion. For every 100 it sells, Air Products keeps 32.1 after the direct cost of what it sells (gross margin) and 25.5 after all operating costs (operating margin). With 21,087 full-time employees, that is about $598,000 of revenue per employee.
Air Products against its sector
To know whether a Air Products figure is high or low you have to put it next to similar companies. This table compares Air Products with the median of the 10 materials and chemicals companies Fintols covers, with data as of November 4, 2026.
| Figure | Air Products | materials and chemicals median |
|---|---|---|
| Revenue growth | +4.6% | +9.2% (11) |
| Net margin | -0.4% | 10.7% (11) |
| Dividend yield | 2.31% | 0.99% (11) |
| Net debt / EBITDA | 3.7x | 2.0x (11) |
In short, against the typical materials and chemicals company, Air Products grows more slowly, earns a thinner margin and pays a higher dividend yield. By size, Air Products ranks number 6 of 7 materials and chemicals companies quoted in USD on Fintols.
The bull case for Air Products
The Air Products figures as of November 4, 2026 show no clear strength against its sector. The bull case would depend on Air Products managing to reach steady profitability, and that is not yet visible in the numbers.
The main risk for Air Products
Air Products is losing money: its net margin over the last 12 months is -0.4%, so it spends more than it brings in. Until it turns a profit it relies on its cash or on raising money.
On top of that: debt is heavy: Air Products carries net debt equal to 3.7x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
And, like the rest of materials and chemicals, Air Products is exposed to the price of what it sells (metals, chemicals), which depends on the world economy and is out of its control.
Frequently asked questions about Air Products
Is it a good time to buy Air Products stock?
Fintols does not tell you whether to buy or sell Air Products, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Air Products stock trades at $318.87, 0% below its 52-week high ($319.98) and 39% above its low ($229.11). With Air Products, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Air Products pay a dividend?
Yes. As of November 4, 2026, Air Products pays $7.24 per share a year, which at today's price is a yield of 2.31%. It uses 76% of its profit to pay it. Its average dividend yield over the last five years is 2.44%. The materials and chemicals median on Fintols is 0.99%.
Is Air Products stock expensive?
Air Products has no meaningful P/E as of November 4, 2026 because its last 12 months of earnings are negative or close to zero, so that yardstick cannot tell you whether it is expensive. Including its debt, Air Products is valued at 19.3x its EBITDA (EV/EBITDA). A high P/E alone does not make Air Products expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Air Products's competitors?
On Fintols we compare Air Products with Sherwin-Williams, Ecolab and BASF, which are also in materials and chemicals. As of November 4, 2026, Sherwin-Williams is worth $87.8 billion and trades on a P/E of 33.4; Ecolab is worth $88.4 billion and trades on a P/E of 42.9; BASF is worth €46.7 billion and trades on a P/E of 24.1. Each has a side-by-side comparison with Air Products below.
Air Products competitors
- Sherwin-Williams (SHW) analysis · Air Products vs Sherwin-Williams comparison
- Ecolab (ECL) analysis · Air Products vs Ecolab comparison
- BASF (BAS.DE) analysis · Air Products vs BASF comparison
To understand Air Products better
- How to Read a Balance Sheet: A Beginner's Guide
- 7 Common Beginner Investing Mistakes (and How to Avoid Them)
More companies like Air Products: materials and chemicals stocks and S&P 500 companies. Open the full APD analysis with its valuation and scenarios. Educational content about Air Products, not investment advice.