---
title: Air Products (APD) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/apd
ticker: APD
as_of: 2026-10-17
sector: Basic Materials
industry: Chemicals - Specialty
---
# Air Products (APD)

Air Products (APD) closed at $299.59 on Oct 16, 2026, overvalued by 9% vs its model value of $274.86 (from its peers' median EV/Revenue).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $299.59 (Oct 16, 2026) |
| Model value (from its peers' median EV/Revenue) | $274.86 |
| Price vs model | overvalued by 9% vs model |
| Range of that model | $217.31 – $332.41 |
| Market value | $66.7B |
| P/E (fiscal 2025) | — |
| Net margin (fiscal 2025) | -3.3% |
| Free cash flow (fiscal 2025) | -$3.8B |
| Dividend yield (trailing twelve months) | 2.41% |
| Beta | 0.76 |
| Cost of capital (WACC) | 7.61% |
| Business classification | Loss-Making (Revenue declining (~-2% recent), Currently unprofitable, Pays dividends, Highly cyclical earnings, Negative free cash flow) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Dividend growth streaks | #15 | 42+ years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.41% |
| Dividends per share, last 12 months | $7.22 |
| Coverage | — |
| Raised | 42+ years in a row |
| Growth over 5 years | 4.3% a year |
| Latest payment | $1.81, ex-date Oct 1, 2026, paid Nov 9, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 30, 2021 | $5.84 |
| To Sep 30, 2022 | $6.36 |
| To Sep 29, 2023 | $6.87 |
| To Oct 1, 2024 | $7.06 |
| To Oct 1, 2025 | $7.14 |
| Trailing twelve months (to Oct 1, 2026) | $7.22 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $0.00 | $0.00 | $0.00 |
| DCF · Perpetuity growth · 10y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 5y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 10y | cross check | $0.00 | $0.00 | $0.00 |
| EV/EBITDA · peers | cross check | $0.00 | $0.00 | $0.00 |
| EV/Revenue · peers | cross check | $274.86 | $217.31 | $332.41 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | Ungerleider Howard I | Director | Grant / award | 6.323 | $1,765.3 |
| Sep 30, 2026 | Stern Alfred | Director | Grant / award | 99.111 | $27,670.7 |
| Sep 30, 2026 | Smith Wayne Thomas | Director | Grant / award | 33.827 | $9,444 |
| Sep 30, 2026 | REILLEY DENNIS H | Director | Grant / award | 17.499 | $4,885.5 |
| Sep 30, 2026 | Patel Bhavesh V. | Director | Grant / award | 138.12 | $38,561.6 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm |
| Jul 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/2969/000000296926000034/apd-20260730.htm |
| Jun 30, 2026 | 8-K | 2.06 Material Impairments; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956d8k.htm |
| Apr 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/2969/000000296926000020/apd-20260331.htm |
| Apr 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/2969/000000296926000018/apd-20260430.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Dodge & Cox | 2026-06-30 | 9,393,493 | $2.8B |
| Viking Global | 2026-06-30 | 4,740,351 | $1.4B |
| AKO Capital | 2026-06-30 | 553,359 | $162.2M |
| Thomas Gayner | 2026-06-30 | 88,500 | $25.9M |

7 tracked managers in all.

## About

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 system…

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Source: https://sweetvaluelab.com/stocks/apd (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.