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Air Products and Chemicals, Inc. — Intrinsic Value & Fair Price

APD
NYSEBasic MaterialsChemicals - SpecialtyCIK 0000002969airproducts.comAbout APD
Last close · Oct 16, 2026299.59+2.99 (+1.01%)
Market cap$66.7B
Model value · EV/Revenue · peers
274.86
Air Products closed at $299.59 — overvalued by 9% vs model.
217.31the model's range332.41

EV/Revenue · peers leads because DCF · Perpetuity growth · 5y could not lead: the cash-flow gate is shut (an operating loss, or three years of free cash flow summing below zero); P/E · peers does not describe this kind of business; EV/EBITDA · peers could not run on the filed statements. From its peers' median EV/Revenue.

Other models
—
Wall St. target
337.50 11% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $299.59 · as of Oct 17, 2026

EV/Revenue · peers leads because DCF · Perpetuity growth · 5y could not lead: the cash-flow gate is shut (an operating loss, or three years of free cash flow summing below zero); P/E · peers does not describe this kind of business; EV/EBITDA · peers could not run on the filed statements. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.41%
Past 2 years
low 2.09%high 3.09%
Dividends per share, a year at a time
$5.84Sep ’21$6.36Sep ’22$6.87Sep ’23$7.06Oct ’24$7.14Oct ’25$7.22TTM
Coverage
—
Raised
42+ years in a row
Growth, 5 yrs
4.3% a year
Last change
+1.1% · Apr 2026
Every payment, with ex-dates · latest $1.81, paid Nov 9, 2026

Research on APD

No posts on APD yet.
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How it is valued

Valued asMature & stable
Revenue declining (~-2% recent)Currently unprofitablePays dividendsHighly cyclical earningsNegative free cash flow
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
—
EV / EBITDA
61.7×
FCF yield
-5.6%
Dividend yield, TTM
2.41%
Beta
0.76
Cost of capital (WACC)
7.61%
Full financials

Analyst actions

third-party, quoted
10-15RBC Capital · target346.00
10-12Barclays · target353.00
10-05UBS · target305.00
03-20JP Morgan · “Overweight” from “Neutral”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists APD as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just APD. No account.

About Air Products

Operating globally, Air Products and Chemicals, Inc. (APD) is a prominent supplier of industrial gases, specialized equipment, and associated services. The company's diverse product range includes atmospheric gases such as oxygen, nitrogen, and argon, as well as various process gases like hydrogen, helium, carbon dioxide, carbon monoxide, and syngas. They also provide a selection of specialty gases. APD is involved in the fabrication of crucial machinery for gas production and handling, including air separation units and non-cryogenic generators. These products and services cater to a broad spectrum of industries, including but not limited to refining, chemical processing, gasification, metals production, general manufacturing, food and beverage, electronics, medical imaging, and energy generation. Moreover, the company's capabilities extend to designing and manufacturing advanced systems for air separation, hydrocarbon recovery and purification, the liquefaction of natural gas, and the secure transportation and storage of liquid helium and hydrogen. APD also engages in a strategic partnership with Baker Hughes Company to further innovate hydrogen compression systems. The firm was established in 1940 and is based in Allentown, Pennsylvania.

CEO
Eduardo F. Menezes
Headquarters
Allentown, PA
Employees
21,194
IPO
1980-03-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.