# Air Products and Chemicals (APD.US)

Canonical: https://gigainvestors.com/s/APD

Analysis as of: 2026-10-16T07:26:32.325Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $296.60 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.73×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.22×

- FY2019: 0.24×

- FY2020: 0.25×

- FY2021: 0.22×

- FY2022: 0.18×

- FY2023: 0.20×

- FY2024: 0.37×

- FY2025: -0.07×

- LTM to Jun 2026: -0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: -1.6%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 31.1%

- Recent gross margin (lower of latest and 3-year median): 32.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 26.1%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 12.2%

- FY2018: 13.3%

- FY2019: 15.2%

- FY2020: 13.7%

- FY2021: 12.4%

- FY2022: 11.0%

- FY2023: 9.0%

- FY2024: 12.8%

- FY2025: -2.3%

- LTM to Jun 2026: -1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.39×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$4.0B

- Net income, five-year total: $10B

- Return on incremental invested capital: -8.2%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 13.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.42×

- FY2024: -0.40×

- FY2025: 14.84×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.2% vs 9.0%

- Per-share earnings: 5.88 to 10.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $28B

- Cumulative retained earnings: $4.7B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.3%

- Per-share value change: $4.45

- Per-share value, starting three-year median: $5.88

- Per-share value, ending three-year median: $10.33

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $340M

- Cumulative net income, 10 years: $19B

- ROIC, first three-year median: 12.2%

- ROIC, last three-year median: 9.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.89

- FY2017: $13.65

- FY2018: $6.78

- FY2019: $7.94

- FY2020: $8.49

- FY2021: $9.43

- FY2022: $10.14

- FY2023: $10.33

- FY2024: $17.18

- FY2025: -$1.77

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.3%

- FY2017: 7.8%

- FY2018: -5.4%

- FY2019: -6.4%

- FY2020: -5.5%

- FY2021: -4.6%

- FY2022: -3.6%

- FY2023: -2.8%

- FY2024: 0.5%

- FY2025: -8.9%

## Holders

- [Nicolai Tangen](https://gigainvestors.com/AKO): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 5% since Oct 2023 · "APD Gains on Growth Project and Productivity Amid Helium Pricing Woes" (finance.yahoo.com, Oct 2026) · sales +4.7%

Story as of 2026-10-16T09:58:18.832Z; price observation 2026-10-15.

- 2025-05-01: Air Products lowers full-year profit forecast, shares fall ([finance.yahoo.com](https://finance.yahoo.com/news/air-products-lowers-full-profit-110636794.html))

- 2026-01-30: APD Q1 Earnings Beat Estimates on Lower Costs, Sales Up Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/apd-q1-earnings-beat-estimates-145000149.html))

- 2026-03-26: Air Products (APD) Upgraded by JPMorgan as Helium Prices Turn Higher ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/air-products-apd-upgraded-jpmorgan-053008123.html))

- 2026-04-30: APD Q2 Earnings and Sales Beat Estimates on On-Site Volume, FX ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/apd-q2-earnings-sales-beat-172800853.html))

- 2026-05-05: Air Products Could Cancel Darrow Investment Unless Yara Agrees to Higher Costs, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/air-products-could-cancel-darrow-153946160.html))

- 2026-08-02: Is Air Products And Chemicals (APD) Undervalued After Its Earnings Beat And Raised Outlook? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/air-products-chemicals-apd-undervalued-011142616.html))

### Sales · FY2025–2026

sales +4.7%; source https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm; observed 2025-11-20.

- FY2017: $8.2B 

- FY2018: $8.9B 

- FY2019: $8.9B 

- FY2020: $8.9B 

- FY2021: $10B 

- FY2022: $13B 

- FY2023: $13B 

- FY2024: $12B 

- FY2025: $12B 

- FY2026: $13B 

### Gross margin · FY2026

gross margin 32.1%; source https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm; observed 2025-11-20.

- FY2017: 29.7% 

- FY2018: 30.7% 

- FY2019: 33.0% 

- FY2020: 33.9% 

- FY2021: 30.4% 

- FY2022: 26.5% 

- FY2023: 29.9% 

- FY2024: 32.5% 

- FY2025: 31.4% 

- FY2026: 32.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are USD 12 billion.

- Source: https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm (filed 2025-11-20); FY2025: revenue 12037300000; grossProfit 3781300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APD.US: Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.

### Why customers stay

Margins ranged from 29.9% to 32.5% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2023: grossProfit / revenue = 29.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2024: grossProfit / revenue = 32.5%.

- Source: https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm (filed 2025-11-20); FY2025: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); 10-year return on capital observations [[2017,0.12173148967453506],[2018,0.13334499197186783],[2019,0.1517511912358113],[2020,0.13662931943165396],[2021,0.1236368114792109],[2022,0.11031868343710192],[2023,0.08953557408052983],[2024,0.12754665732384743],[2025,-0.0226332192138825],[2026,-0.015564757235111217]]; median 0.12268415057687299. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 1%; sales volumes fell.

- Source: https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm (filed 2025-11-20); [p0] uctions in capital expenditures and debt over time. Key results versus the prior year include: •Sales of $12.0 billion decreased 1%, or $63.3, as 4% lower volumes were partially offset by 2% higher energy cost pass-through to customers and 1% higher pricing driven by non-helium merchant products across all regions. Lower volumes primarily reflect the September 2024 LNG sale, lower global helium demand, and previously announced project exits, partially offset by higher on-sites and favorable non-helium merchant. •Operating loss was $877.0 compared to operating income of $4.5 billion in fiscal year 2024. The operating loss in fiscal year 2025 included approximately $3.7 billion in pre-tax charges related to business and asset actions ($3.0 billion after tax, or $13.68 per share). Operating income in fiscal year 2024 included a $1.6 billion pre-tax gain on the September 2024 sale of the LNG business ($1.2 billion after tax, or $5.38 per share). •Adjusted operating income of $2.9 billion decreased 3%, or $89.8, due to lower volumes and higher costs, partially offset by higher non-helium pricing. The higher costs were driven by fixed-cost inflation and depreciation, partially offset by productivity improvements across all segments. •Equity affiliates' income of $647.7 was flat. Increased contributions from affiliates in the Europe and Asia segments were offset by lower income from affiliates in the Corporate and other, Middle East and India, and Americas segments. •Net loss was $354.4 compared to net income of $3.9 billion in fiscal year 2024. The decrease was primarily due to higher charges for business and asset actions in fiscal year 2025 and the prior year gain from the sale of the LNG business. •Adjusted EBITDA of $5.1 billion increased 1%, or $30.1. •Loss per share of $1.74 was driven by an after-tax charge attributab

[p1] pre-tax gain on the September 2024 sale of the LNG business ($1.2 billion after tax, or $5.38 per share). •Adjusted operating income of $2.9 billion decreased 3%, or $89.8, due to lower volumes and higher costs, partially offset by higher non-helium pricing. The higher costs were driven by fixed-cost inflation and depreciation, partially offset by productivity improvements across all segments. •Equity affiliates' income of $647.7 was flat. Increased contributions from affiliates in the Europe and Asia segments were offset by lower income from affiliates in the Corporate and other, Middle East and India, and Americas segments. •Net loss was $354.4 compared to net income of $3.9 billion in fiscal year 2024. The decrease was primarily due to higher charges for business and asset actions in fiscal year 2025 and the prior year gain from the sale of the LNG business. •Adjusted EBITDA of $5.1 billion increased 1%, or $30.1. •Loss per share of $1.74 was driven by an after-tax charge attributable to Air Products of $3.0 billion for business and asset actions recorded during fiscal year 2025. On a non-GAAP basis, adjusted earnings per share ("EPS") was $12.03. In the prior year, EPS was $17.24 and adjusted EPS was $12.43. A summary table of changes in EPS is presented on page 31. •We believe providing a consistent dividend plays a critical part in the creation of shareholder value. During fiscal year 2025, we marked our 43rd consecutive year of increasing our dividends and returned approximately $1.6 billion to our shareholders through dividend payments. 30 Table of Contents Changes in Diluted EPS Attributable to Air Products The per share impacts for the items presented in the table below were calculated independently and may not sum to the total change in diluted EPS due to rounding. Fiscal Year Ended 30 September 2025 2024 Ch

[p2] ction of several energy transition projects, including the NEOM Green Hydrogen Project, which we expect to come onstream and deliver green ammonia in 2027. In fiscal year 2026, we expect to achieve earnings growth from new plant onstreams, continued pricing discipline, and productivity improvements. We remain committed to cost control, a reduction in capital expenditures, and other measures aimed at unlocking value and generating cash. Cost discipline remains a top priority as we seek to mitigate the impact of ongoing inflationary pressures and continued helium headwinds, while continuing to reward shareholders through increased dividends, as we have done for the past 43 consecutive years. 32 Table of Contents RESULTS OF OPERATIONS DISCUSSION OF CONSOLIDATED RESULTS Change vs. Prior Year Fiscal Year Ended 30 September 2025 2024 $ %/bp GAAP Measures Sales $12,037.3 $12,100.6 ($63.3) (1 %) Operating income (loss) (877.0) 4,466.1 (5,343.1) ** Operating margin (7.3 %) 36.9 % ** Equity affiliates’ income $647.7 $647.7 $— — % Net income (loss) (354.4) 3,862.4 (4,216.8) ** Non-GAAP Measures Adjusted operating income $2,857.7 $2,947.5 ($89.8) (3 %) Adjusted operating margin 23.7 % 24.4 % (70 bp) Adjusted EBITDA $5,076.4 $5,046.3 $30.1 1 % ** Change versus prior period is not meaningful due to charges for business and asset actions recorded in fiscal year 2025. Sales The table below summarizes the major factors that impacted consolidated sales for the periods presented: Volume (4 %) Price 1 % Energy cost pass-through to customers 2 % Currency — % Total Consolidated Sales Change (1 %) Sales of $12.0 billion decreased 1%, or $63.3, as lower volumes of 4% were partially offset by higher energy cost pass-through to customers of 2% and favorable pricing of 1%. Lower volumes primarily reflect the September 2024 LNG sale, lower global

[p3] % ** Change versus prior period is not meaningful due to charges for business and asset actions recorded in fiscal year 2025. Sales The table below summarizes the major factors that impacted consolidated sales for the periods presented: Volume (4 %) Price 1 % Energy cost pass-through to customers 2 % Currency — % Total Consolidated Sales Change (1 %) Sales of $12.0 billion decreased 1%, or $63.3, as lower volumes of 4% were partially offset by higher energy cost pass-through to customers of 2% and favorable pricing of 1%. Lower volumes primarily reflect the September 2024 LNG sale, lower global helium demand, and the previously announced project exits, partially offset by higher on-sites and favorable non-helium merchant. The overall pricing improvement reflects a 2% increase in our merchant business, which was driven by non-helium product lines in our Europe and Americas segments. Currency was flat versus the prior year. Cost of Sales and Gross Margin Cost of sales of $8.3 billion increased 1%, or $87.3, due to higher energy cost pass-through to customers of $278, higher costs of $73, higher power and fuel costs in our merchant business of $49, and an unfavorable currency impact of $12. The higher costs of $73 were driven by fixed-cost inflation and depreciation, partially offset by productivity improvements. These impacts were partially offset by lower costs of $325 attributable to lower sales volumes. Gross margin of 31.4% decreased 110 bp from 32.5% in the prior year primarily due to higher costs and increased energy cost pass-through to customers. Selling and Administrative Expense Selling and administrative expense of $906.1 decreased 4%, or $36.3, as our productivity actions were partially offset by labor inflation. Selling and administrative expense as a percentage of sales decreased to 7.5% from 7.8% in the pr

[p4] rgy cost pass-through to customers 2 % Currency — % Total Consolidated Sales Change (1 %) Sales of $12.0 billion decreased 1%, or $63.3, as lower volumes of 4% were partially offset by higher energy cost pass-through to customers of 2% and favorable pricing of 1%. Lower volumes primarily reflect the September 2024 LNG sale, lower global helium demand, and the previously announced project exits, partially offset by higher on-sites and favorable non-helium merchant. The overall pricing improvement reflects a 2% increase in our merchant business, which was driven by non-helium product lines in our Europe and Americas segments. Currency was flat versus the prior year. Cost of Sales and Gross Margin Cost of sales of $8.3 billion increased 1%, or $87.3, due to higher energy cost pass-through to customers of $278, higher costs of $73, higher power and fuel costs in our merchant business of $49, and an unfavorable currency impact of $12. The higher costs of $73 were driven by fixed-cost inflation and depreciation, partially offset by productivity improvements. These impacts were partially offset by lower costs of $325 attributable to lower sales volumes. Gross margin of 31.4% decreased 110 bp from 32.5% in the prior year primarily due to higher costs and increased energy cost pass-through to customers. Selling and Administrative Expense Selling and administrative expense of $906.1 decreased 4%, or $36.3, as our productivity actions were partially offset by labor inflation. Selling and administrative expense as a percentage of sales decreased to 7.5% from 7.8% in the prior year. Research and Development Expense Research and development expense of $96.3 decreased 4%, or $3.9. Research and development expense as a percentage of sales of 0.8% was flat versus the prior year. 33 Table of Contents Business and Asset Actions The charg

[p5] f 2% and favorable pricing of 1%. Lower volumes primarily reflect the September 2024 LNG sale, lower global helium demand, and the previously announced project exits, partially offset by higher on-sites and favorable non-helium merchant. The overall pricing improvement reflects a 2% increase in our merchant business, which was driven by non-helium product lines in our Europe and Americas segments. Currency was flat versus the prior year. Cost of Sales and Gross Margin Cost of sales of $8.3 billion increased 1%, or $87.3, due to higher energy cost pass-through to customers of $278, higher costs of $73, higher power and fuel costs in our merchant business of $49, and an unfavorable currency impact of $12. The higher costs of $73 were driven by fixed-cost inflation and depreciation, partially offset by productivity improvements. These impacts were partially offset by lower costs of $325 attributable to lower sales volumes. Gross margin of 31.4% decreased 110 bp from 32.5% in the prior year primarily due to higher costs and increased energy cost pass-through to customers. Selling and Administrative Expense Selling and administrative expense of $906.1 decreased 4%, or $36.3, as our productivity actions were partially offset by labor inflation. Selling and administrative expense as a percentage of sales decreased to 7.5% from 7.8% in the prior year. Research and Development Expense Research and development expense of $96.3 decreased 4%, or $3.9. Research and development expense as a percentage of sales of 0.8% was flat versus the prior year. 33 Table of Contents Business and Asset Actions The charges we record for business and asset actions are not recorded in segment results. Additional information regarding these actions can be found in Note 5, Business and Asset Actions, to the consolidated financial statements. In fiscal

[p6] fset by productivity improvements. We also recorded pre-tax gains totaling approximately $99 in connection with the sale of a consolidated subsidiary and the sale of a regional office during the third quarter of fiscal year 2025. Furthermore, higher pricing primarily from non-helium merchant products favorably impacted operating results by $55, net of power and fuel costs. Due to these factors, operating margin was negative 7.3% compared to 36.9% in the prior year. Adjusted Operating Income and Adjusted Operating Margin Adjusted operating income of $2.9 billion decreased 3%, or $89.8, due to lower volumes and higher costs, partially offset by higher non-helium pricing. The higher costs were driven by fixed-cost inflation and depreciation, partially offset by productivity improvements. Adjusted operating margin of 23.7% decreased 70bp from 24.4% in the prior year. Approximately 50bp of the decline was attributable to increased energy cost pass-through to customers. Equity Affiliates’ Income Equity affiliates' income of $647.7 was flat compared to the prior year. Increased contributions from affiliates in the Europe and Asia segments were offset by lower income from affiliates in the Corporate and other, Middle East and India, and Americas segments. Interest Expense Fiscal Year Ended 30 September 2025 2024 Interest incurred $615.8 $507.9 Less: Capitalized interest 401.8 289.1 Interest expense $214.0 $218.8 

[p7] ent is produced at our manufacturing sites with certain components procured from subcontractors and vendors. Competition in the equipment business is based primarily on plant efficiency and technological performance, service, technical know-how, and price, as well as schedule and plant performance guarantees. Our sale of equipment supply mode constituted less than 10% of consolidated sales in fiscal years 2025, 2024, and 2023. Our former liquefied natural gas ("LNG") process technology and equipment business was included in the Corporate and other segment until its sale to Honeywell International Inc. on 30 September 2024. The LNG business generated operating income of approximately $135 million in fiscal year 2024 and $120 million in fiscal year 2023. As a result of the sale, we recognized a pre-tax gain of approximately $1.6 billion during the fourth quarter of fiscal year 2024, reported within "Gain on sale of business" on our consolidated income statements. This gain was not recorded in the results of the Corporate and other segment. Refer to Note 4, Gain on Sale of Business, to the consolidated financial statements for additional information. Customers We do not have a homogeneous customer base or end market, and no single customer accounts for more than 10% of our consolidated sales. We do have concentrations of customers in specific industries, primarily refining, chemicals, and electronics. Within each of these industries, we have several large-volume customers with long-term contracts. A negative trend affecting one of these industries, or the loss of one of these major customers, although not material to our consolidated sales, could have an adverse impact on our financial results. Seasonality While seasonality does not materially affect our long-term performance, it may result in variability in quarterly fin

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2016: growth capex 0; upkeep 907700000; owner earnings 578000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2017: growth capex 173900000; upkeep 865800000; owner earnings 3000400000. Growth capex / owner earnings = 0.05795893880815891.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2018: growth capex 597700000; upkeep 970700000; owner earnings 1497800000. Growth capex / owner earnings = 0.3990519428495126.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2019: growth capex 0; upkeep 1989700000; owner earnings 853100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2020: growth capex 0; upkeep 2509000000; owner earnings 562700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2021: growth capex 1142900000; upkeep 1321300000; owner earnings 2099100000. Growth capex / owner earnings = 0.5444714401410128.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2022: growth capex 1588300000; upkeep 1338200000; owner earnings 2256100000. Growth capex / owner earnings = 0.7040024821594787.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); Dividend observations: [[2016,721200000],[2017,787900000],[2018,897800000],[2019,994000000],[2020,1103600000],[2021,1256700000],[2022,1383300000],[2023,1496600000],[2024,1564900000],[2025,1584100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APD.US SharesStats.PercentInsiders = 1.891 percentage points; cache date 2026-10-16.

### What could break it

"Legal and Regulatory Risks" (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm (filed 2025-11-20); Legal and Regulatory Risks

### What the price says

The price is 5.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); Closing price 296.6 USD; reporting-to-trading FX 1; FY2025 annual sales per share 54.05163897620117; price multiple 5.4873451687670824. FY2025 cash earnings/share -26.28154467894028. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $133.42 per share

- 2016-11: $144.46 per share

- 2016-12: $143.82 per share

- 2017-01: $139.76 per share

- 2017-02: $140.47 per share

- 2017-03: $135.29 per share

- 2017-04: $140.50 per share

- 2017-05: $144.06 per share

- 2017-06: $143.06 per share

- 2017-07: $142.15 per share

- 2017-08: $145.37 per share

- 2017-09: $151.22 per share

- 2017-10: $159.43 per share

- 2017-11: $163.04 per share

- 2017-12: $164.08 per share

- 2018-01: $168.37 per share

- 2018-02: $160.79 per share

- 2018-03: $159.03 per share

- 2018-04: $162.29 per share

- 2018-05: $161.41 per share

- 2018-06: $155.73 per share

- 2018-07: $164.17 per share

- 2018-08: $166.29 per share

- 2018-09: $167.05 per share

- 2018-10: $154.35 per share

- 2018-11: $160.87 per share

- 2018-12: $160.05 per share

- 2019-01: $164.39 per share

- 2019-02: $181.18 per share

- 2019-03: $190.96 per share

- 2019-04: $205.79 per share

- 2019-05: $203.59 per share

- 2019-06: $226.37 per share

- 2019-07: $228.27 per share

- 2019-08: $225.92 per share

- 2019-09: $221.86 per share

- 2019-10: $213.26 per share

- 2019-11: $236.33 per share

- 2019-12: $234.99 per share

- 2020-01: $238.71 per share

- 2020-02: $219.61 per share

- 2020-03: $199.61 per share

- 2020-04: $225.58 per share

- 2020-05: $241.65 per share

- 2020-06: $241.46 per share

- 2020-07: $286.63 per share

- 2020-08: $292.26 per share

- 2020-09: $297.86 per share

- 2020-10: $276.24 per share

- 2020-11: $280.14 per share

- 2020-12: $273.22 per share

- 2021-01: $266.76 per share

- 2021-02: $255.62 per share

- 2021-03: $281.34 per share

- 2021-04: $288.48 per share

- 2021-05: $299.66 per share

- 2021-06: $287.68 per share

- 2021-07: $291.03 per share

- 2021-08: $269.51 per share

- 2021-09: $256.11 per share

- 2021-10: $299.81 per share

- 2021-11: $287.44 per share

- 2021-12: $304.26 per share

- 2022-01: $282.12 per share

- 2022-02: $236.30 per share

- 2022-03: $249.91 per share

- 2022-04: $234.07 per share

- 2022-05: $246.16 per share

- 2022-06: $240.48 per share

- 2022-07: $248.23 per share

- 2022-08: $252.45 per share

- 2022-09: $232.73 per share

- 2022-10: $250.40 per share

- 2022-11: $310.16 per share

- 2022-12: $308.26 per share

- 2023-01: $320.51 per share

- 2023-02: $285.98 per share

- 2023-03: $287.21 per share

- 2023-04: $294.36 per share

- 2023-05: $269.14 per share

- 2023-06: $299.53 per share

- 2023-07: $305.33 per share

- 2023-08: $295.49 per share

- 2023-09: $283.40 per share

- 2023-10: $282.44 per share

- 2023-11: $270.55 per share

- 2023-12: $273.80 per share

- 2024-01: $255.71 per share

- 2024-02: $234.04 per share

- 2024-03: $242.27 per share

- 2024-04: $236.34 per share

- 2024-05: $266.70 per share

- 2024-06: $258.05 per share

- 2024-07: $263.85 per share

- 2024-08: $278.85 per share

- 2024-09: $297.74 per share

- 2024-10: $310.53 per share

- 2024-11: $334.33 per share

- 2024-12: $290.04 per share

- 2025-01: $335.26 per share

- 2025-02: $316.15 per share

- 2025-03: $294.92 per share

- 2025-04: $271.09 per share

- 2025-05: $278.91 per share

- 2025-06: $282.06 per share

- 2025-07: $287.88 per share

- 2025-08: $294.11 per share

- 2025-09: $272.72 per share

- 2025-10: $242.59 per share

- 2025-11: $261.05 per share

- 2025-12: $247.02 per share

- 2026-01: $272.50 per share

- 2026-02: $275.67 per share

- 2026-03: $290.49 per share

- 2026-04: $300.05 per share

- 2026-05: $278.62 per share

- 2026-06: $293.18 per share

- 2026-07: $294.89 per share

- 2026-08: $309.46 per share

- 2026-09: $278.23 per share

- 2026-10: $288.96 per share

## Annual estimated value (USD per share)

- FY2016: low $30.28 per share, central $33.74 per share, high $38.33 per share

- FY2017: low $47.35 per share, central $51.67 per share, high $57.43 per share

- FY2018: low $46.72 per share, central $51.42 per share, high $57.67 per share

- FY2019: low $53.25 per share, central $60.53 per share, high $68.75 per share

- FY2020: low $69.46 per share, central $75.20 per share, high $82.84 per share

- FY2021: low $111.85 per share, central $125.82 per share, high $142.19 per share

- FY2022: low $127.82 per share, central $155.98 per share, high $179.73 per share

- FY2023: low $70.81 per share, central $84.70 per share, high $97.46 per share

- FY2024: low $51.20 per share, central $58.02 per share, high $65.48 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:08.637Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm); period 2025-09-30, filed 2025-11-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.