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Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash-to-Debt 0.15
APD's Cash-to-Debt is ranked lower than
85% of the 1086 Companies
in the Global Chemicals industry.

( Industry Median: 0.93 vs. APD: 0.15 )
Ranked among companies with meaningful Cash-to-Debt only.
APD' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.06 Max: N/A
Current: 0.15
Equity-to-Asset 0.45
APD's Equity-to-Asset is ranked lower than
65% of the 1047 Companies
in the Global Chemicals industry.

( Industry Median: 0.56 vs. APD: 0.45 )
Ranked among companies with meaningful Equity-to-Asset only.
APD' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.31  Med: 0.42 Max: 0.47
Current: 0.45
0.31
0.47
Interest Coverage 15.66
APD's Interest Coverage is ranked lower than
62% of the 958 Companies
in the Global Chemicals industry.

( Industry Median: 38.76 vs. APD: 15.66 )
Ranked among companies with meaningful Interest Coverage only.
APD' s Interest Coverage Range Over the Past 10 Years
Min: 6.94  Med: 10.5 Max: 18.23
Current: 15.66
6.94
18.23
Piotroski F-Score: 7
Altman Z-Score: 4.00
Beneish M-Score: -3.38
WACC vs ROIC
7.95%
11.52%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating Margin % 21.25
APD's Operating Margin % is ranked higher than
91% of the 1061 Companies
in the Global Chemicals industry.

( Industry Median: 7.15 vs. APD: 21.25 )
Ranked among companies with meaningful Operating Margin % only.
APD' s Operating Margin % Range Over the Past 10 Years
Min: 10.25  Med: 14.7 Max: 22.11
Current: 21.25
10.25
22.11
Net Margin % 6.27
APD's Net Margin % is ranked higher than
57% of the 1063 Companies
in the Global Chemicals industry.

( Industry Median: 5.22 vs. APD: 6.27 )
Ranked among companies with meaningful Net Margin % only.
APD' s Net Margin % Range Over the Past 10 Years
Min: 6.27  Med: 10.55 Max: 12.91
Current: 6.27
6.27
12.91
ROE % 7.97
APD's ROE % is ranked lower than
52% of the 1049 Companies
in the Global Chemicals industry.

( Industry Median: 8.43 vs. APD: 7.97 )
Ranked among companies with meaningful ROE % only.
APD' s ROE % Range Over the Past 10 Years
Min: 7.97  Med: 17.39 Max: 21.59
Current: 7.97
7.97
21.59
ROA % 3.33
APD's ROA % is ranked lower than
58% of the 1087 Companies
in the Global Chemicals industry.

( Industry Median: 4.37 vs. APD: 3.33 )
Ranked among companies with meaningful ROA % only.
APD' s ROA % Range Over the Past 10 Years
Min: 3.33  Med: 7.25 Max: 8.81
Current: 3.33
3.33
8.81
ROC (Joel Greenblatt) % 21.14
APD's ROC (Joel Greenblatt) % is ranked higher than
68% of the 1079 Companies
in the Global Chemicals industry.

( Industry Median: 13.62 vs. APD: 21.14 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
APD' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 12.57  Med: 18.76 Max: 23.28
Current: 21.14
12.57
23.28
3-Year Revenue Growth Rate -3.10
APD's 3-Year Revenue Growth Rate is ranked lower than
67% of the 929 Companies
in the Global Chemicals industry.

( Industry Median: 1.60 vs. APD: -3.10 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
APD' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -3.1  Med: 5.7 Max: 12.3
Current: -3.1
-3.1
12.3
3-Year EBITDA Growth Rate 8.80
APD's 3-Year EBITDA Growth Rate is ranked higher than
50% of the 830 Companies
in the Global Chemicals industry.

( Industry Median: 8.90 vs. APD: 8.80 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
APD' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -9.5  Med: 5.9 Max: 18.5
Current: 8.8
-9.5
18.5
3-Year EPS without NRI Growth Rate 13.60
APD's 3-Year EPS without NRI Growth Rate is ranked higher than
57% of the 756 Companies
in the Global Chemicals industry.

( Industry Median: 9.40 vs. APD: 13.60 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
APD' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -33.2  Med: 7.8 Max: 50.9
Current: 13.6
-33.2
50.9
GuruFocus has detected 6 Warning Signs with Air Products & Chemicals Inc $APD.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» APD's 10-Y Financials

Financials (Next Earnings Date: 2017-04-28)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q1 2016

APD Guru Trades in Q1 2016

Andreas Halvorsen 6,908,170 sh (+28.27%)
Barrow, Hanley, Mewhinney & Strauss 10,548,688 sh (+12.83%)
First Eagle Investment 526,605 sh (+7.14%)
Dodge & Cox 6,319 sh (+3.59%)
Chris Davis 1,804 sh (+0.61%)
Louis Moore Bacon Sold Out
Jim Simons Sold Out
Westport Asset Management Sold Out
John Griffin 1,594,900 sh (-0.01%)
Mario Gabelli 2,375 sh (-11.21%)
Paul Tudor Jones 21,697 sh (-14.86%)
Bill Ackman 7,601,140 sh (-63.01%)
Steven Cohen 1,300 sh (-99.47%)
» More
Q2 2016

APD Guru Trades in Q2 2016

Ray Dalio 16,500 sh (New)
Steven Cohen 371,788 sh (+28499.08%)
Chris Davis 1,815 sh (+0.61%)
Andreas Halvorsen 6,944,402 sh (+0.52%)
John Griffin 1,597,000 sh (+0.13%)
Bill Ackman 7,601,140 sh (unchged)
First Eagle Investment 526,605 sh (unchged)
Mario Gabelli 2,350 sh (-1.05%)
Dodge & Cox 6,250 sh (-1.09%)
Barrow, Hanley, Mewhinney & Strauss 10,345,549 sh (-1.93%)
Paul Tudor Jones 1,568 sh (-92.77%)
» More
Q3 2016

APD Guru Trades in Q3 2016

Joel Greenblatt 27,756 sh (New)
Jim Simons 379,800 sh (New)
Steven Cohen 570,000 sh (+53.31%)
Chris Davis 1,825 sh (+0.55%)
First Eagle Investment 526,605 sh (unchged)
Dodge & Cox 6,250 sh (unchged)
Mario Gabelli 2,350 sh (unchged)
John Griffin Sold Out
Paul Tudor Jones Sold Out
Barrow, Hanley, Mewhinney & Strauss 9,392,443 sh (-9.21%)
Andreas Halvorsen 4,822,354 sh (-30.56%)
Bill Ackman 4,025,140 sh (-47.05%)
Ray Dalio 3,600 sh (-78.18%)
» More
Q4 2016

APD Guru Trades in Q4 2016

George Soros 1,400 sh (New)
Caxton Associates 110,000 sh (New)
Paul Tudor Jones 11,247 sh (New)
Jim Simons 571,800 sh (+50.55%)
Steven Cohen 695,100 sh (+21.95%)
Chris Davis 1,836 sh (+0.60%)
Ray Dalio Sold Out
Andreas Halvorsen Sold Out
Dodge & Cox 6,200 sh (-0.80%)
First Eagle Investment 521,605 sh (-0.95%)
Barrow, Hanley, Mewhinney & Strauss 9,039,774 sh (-3.75%)
Bill Ackman 3,870,760 sh (-3.84%)
Mario Gabelli 2,250 sh (-4.26%)
Joel Greenblatt 1,758 sh (-93.67%)
» More
» Details

Insider Trades

Latest Guru Trades with APD

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Business Description

Industry: Chemicals » Chemicals    NAICS: 325180    SIC: 2819
Compare:OTCPK:LNEGY, OTCPK:SHECY, OTCPK:AIQUY, OTCPK:AHKSY, OTCPK:SOLVY, NYSE:CE, NYSE:EMN, OTCPK:MTLHY, NYSE:FMC, NYSE:SQM, OTCPK:FUPBY, OTCPK:SOMMY, NYSE:ASH, NYSE:BAK, OTCPK:HCHMY, NYSE:HUN, OTCPK:KURRY, OTCPK:INDOY, NYSE:UNVR, NAS:MEOH » details
Traded in other countries:AP3.Germany,
Headquarter Location:USA
Air Products & Chemicals Inc is a supplier of hydrogen and helium. It also provides semiconductor materials, refinery hydrogen, natural gas liquefaction and coatings and adhesives.

Established in 1940, Air Products is among the largest global producers of atmospheric gases and is the world's largest supplier of hydrogen and helium. It offers a unique portfolio of products and services in a number of industries, including energy, electronics, chemicals, metals, and manufacturing. The company operates in more than 40 countries, with international sales representing more than half of revenue. In fiscal 2016 Air Products generated $9.5 billion in sales and employed roughly 19,000 workers.

Guru Investment Theses on Air Products & Chemicals Inc

Bill Ackman Comments on Air Products and Chemicals - Mar 30, 2017

During 2016, Air Products and Chemicals, Inc. (NYSE:APD) continued to make substantial progress on its transformation under its CEO Seifi Ghasemi. Management has restructured the company into a decentralized organization with greater accountability while transforming the culture and aligning pay with improvements in regional operating results.



Operating margins continued to improve during the most recent fiscal year, increasing 400 basis points to 23.1% in 2016 (APD’s fiscal year ends September 30th, and this year’s results included the non-core businesses subsequently divested and spun). This significant improvement in operating margins drove a 14% increase in earnings per share, exceeding the high end of the company’s fiscal year guidance despite 3% foreign exchange headwinds.



During the year, Air Products executed spinoff and sale transactions for its non-core electronic materials and performance materials businesses, generating substantial cash proceeds. Following these transactions, the company now has minimal net debt with cash on hand and leverage capacity totaling approximately $5 billion. We expect management to invest this capital wisely in the currently opportunistic acquisition environment for core industrial gas assets. The company has highlighted potential small acquisitions and the purchase of captive assets from customers as two potential sources of opportunity.



In January, Air Products issued fiscal year 2017 first quarter results, which showed 9% growth in earnings per share. The quarterly result announcement included a reduction in fiscal year 2017 guidance originally issued in October. While the company reduced guidance by $0.25, only five cents of this reduction is related to the core industrial gases business with the remainder driven by spin-related accounting adjustments, foreign exchange movements, and lower sales of equipment. Seifi highlighted concerns relating to the current uncertainty resulting from the new U.S. administration, Brexit, and upcoming European elections as the cause for his reduced outlook for the core industrial gas business. Notably, Seifi emphasized that the company has not seen any particular weakness in its business, but is simply taking a cautious tone on guidance given the current uncertainty.



If Seifi’s caution about the economy turns out to be conservative and in fact, the new administration contributes to economic growth with successful initiatives in corporate tax reform, infrastructure spending and deregulation, Air Products should be a big beneficiary. While our investment thesis is not predicated on improvements in economic growth, any improvements in growth from recently weak levels should improve Air Products’ organic volume and pricing trends in its merchant business.



Air Products’ revised fiscal year 2017 EPS guidance of $6.00 to $6.25 represents growth of 6% to 11% over the prior year. The guidance is principally driven by continued operating productivity and returns on growth capex and assumes continued economic weakness. Seifi has emphasized that the guidance for the fiscal year does not include any use of the company’s excess capital. As such, this earnings estimate meaningfully understates the company’s true underlying earnings power. We also believe that GAAP earnings understate the true economic earnings of the company as we believe the company’s core assets are longer-lived than the periods over which they are depreciated.



We believe the upside in APD remains significant. APD’s business is extremely high-quality, reasonably priced and run by outstanding management.



Air Products’ total shareholder return (7), including dividends and the spinoff of Versum, was 24.0% in 2016.






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Bill Ackman Comments on Air Products - Dec 09, 2016

Air Products’ (NYSE:APD) fiscal year fourth quarter earnings per share of $2.01 increased 10% over the prior year. This strong performance was driven by a 260 basis point increase in operating margins. This quarter marked the ninth straight quarter of double-digit EPS growth since Seifi Ghasemi joined Air Products as its CEO.

Sales increased 1% as 3% underlying growth was offset by a 2% drag from foreign exchange rates and the pass-through of lower energy prices. The 3% underlying growth was driven by increased volumes as pricing remained flat. Growth capex contributed to volume growth in Asia, while global economic weakness led to weak volumes elsewhere around the globe.

The highlight of the quarter was continued productivity savings and margin progression, with operating profit margins of 23.7%, up 260 basis points over the prior year. Excluding its non-core businesses, APD’s industrial gases margins were 23% percent in FY Q4, slightly above Praxair's 22% industrial gas margins. Air Products has fulfilled its goal of becoming the most profitable company in the industrial gas industry.

Full year results generated EPS growth of 14%, exceeding the high end of the company’s fiscal year guidance, despite 3% foreign exchange headwinds. Excluding these foreign exchange headwinds, EPS grew 17% for the year.

Air Products provided fiscal year 2017 EPS guidance of $6.25 to $6.50 representing growth of 9% to 13% over the prior year, excluding the recent spinoff and sale of Versum and the performance materials businesses. The guidance is principally driven by continued operating productivity and returns on growth capex. Air Products expects to achieve an additional $100 million of productivity improvement in FY 2017 which equates to $0.35 of EPS and approximately half of 2017 anticipated EPS growth.

On the earnings call, Seifi emphasized that the guidance for the fiscal year does not include any use of the $2.6 billion of net proceeds from the sale and spin of its non-core businesses. The company highlighted that it is considering opportunities for growth capex projects, small acquisitions, and share repurchases as potential uses of capital. Air Products remains optimistic about the growth capex opportunities it has identified, including in the US Gulf Coast, China, and certain limited opportunities in Europe. The company is well positioned for growth given its leadership in the tonnage market and its strong balance sheet.

APD’s December 2, 2016 price of $144.55, less the $12 of cash from the spinoff and sale, the stock trades at 20.8x earnings and 13.8x maintenance free cash flow, a price which we believe significantly discounts the company’s intrinsic value.

From Bill Ackman (Trades, Portfolio)'s Pershing Square third-quarter shareholder letter.

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Bill Ackman Comments on Air Products and Chemicals - Aug 29, 2016

Air Products' (NYSE:APD) recent quarterly results marked the eighth straight quarter of double-digit EPS growth as APD continues its impressive transformation under CEO Seifi Ghasemi and his team.

APD's fiscal year third quarter earnings per share of $1.92 were up 16% while currency-adjusted EPS growth was 19%. These impressive results were driven by currency-adjusted sales growth of 4% and operating margins which were up 340 basis points (bps) to 23.0%. Sales growth was driven by 4% volume growth, largely due to volume contributions from growth investments, and flat pricing. Margins increased across each major operating segment, including each region for industrial gases as well as the non-core Versum materials technology business. We believe this broad-based operating improvement is a testament to the cultural impact Seifi has had on APD along with the benefits of the company's decentralized operating model which has empowered local operating executives to drive performance and unlock the company's latent potential.

On the strength of these strong results and its near-term outlook, APD increased the lower end of its fiscal year earnings guidance by $0.05 to $7.45 to $7.55, which at the midpoint reflects 14% growth over the prior year despite modest foreign exchange headwinds.

While APD has made significant progress improving its operating margin from —15.5% to —23% since our investment, and now has a consolidated operating margin in-line with best-in-class peer Praxair, we believe that APD has additional opportunities to extract operating efficiencies. Adjusted for non-core businesses, APD's industrial gas margins remain substantially below Praxair's. Management has provided guidance which suggests that APD can extract $225 million of additional operating efficiencies over the next three years.

The company remains enthusiastic about the growth capex opportunities for large on-site air separation units and hydrogen facilities, businesses in which APD has strong leadership positions. Seifi and his team are disciplined about investing capital in growth capex projects that meet appropriate return hurdles.

Air Products' plan to sell and spin off its non-core materials technology and electronics materials businesses is also progressing as planned. Subsequent to its announced spin off of these businesses as a newly formed company named Versum, the company announced the sale of the materials technology segment of the business to Evonik for 16 times EBITDA, a price that will yield an attractive —12 times EBITDA net price for Air Products' shareholders after the company pays taxes on the gain from the sale of this business. APD is proceeding with the planned spinoff of the remaining electronics materials business in the coming months. The electronics business, which produced FY 2015 sales and EBITDA of $1 billion and $302 million, respectively, is a leading provider of materials and delivery systems equipment to the semiconductor industry and has strong secular growth prospects due to the proliferation of consumer electronics devices around the world. The electronics business has meaningfully improved its operating margins and competitive positioning under CEO Guillermo Novo and his team, and is well positioned to be a successful independent company.

Overall, we expect APD to continue to deliver double-digit EPS growth for the next several years as it extracts additional cost efficiencies, brings on-stream growth capex projects, drives organic performance, and allocates capital to acquisitions, growth capex or the repurchases of its shares in a manner which maximizes returns for investors. We believe the company's long-term outlook remains robust and its shares remain at a discount to their intrinsic value.

From Bill Ackman (Trades, Portfolio)'s mid-year 2016 letter.

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Bill Ackman Comments on Air Products and Chemicals - May 11, 2016

APD (NYSE:APD) delivered its seventh consecutive quarter of double-digit earnings-per-share (“EPS”) growth under the leadership of CEO Seifi Ghasemi, despite continued foreign exchange (“FX”) and other headwinds. In the first quarter of 2016 (APD’s fiscal 2Q), the company grew EPS by 17%, exceeding consensus estimates by a modest amount. Results were driven by a significant improvement in margins which increased 500 basis points (“bps”) during the quarter to 23.4%. Now halfway through its fiscal year, the company also increased annual EPS guidance modestly to $7.40 to $7.55 or 12% to 14% growth for Fiscal Year 2016.

While the margin improvement was impressive, the company’s volume trends reflected the current economic environment and muted global growth. Sales were $2.3 billion, down 6%, due to decreased energy pass-through (-3%) and FX headwinds (-3%). Underlying growth was flat, on flat volume and pricing. In North America and Europe, APD continued to grow price 1% to 2%, a level it has achieved since Seifi joined. APD can control pricing more than volume, so we view this as a positive sign that the company should be able to sustain modest price growth if and when global growth and volume returns.

Versum, APD’s Materials Technologies business, reported modestly increased profits. It produced a 6% decline in organic revenue due to lower equipment sales in electronics (which are often lumpy) and weak macro trends. Despite lower sales, margins increased 290 bps to 26.2% and EBIT was up 4%. This weak revenue growth and strong margin performance were consistent with recent trends.

APD’s consolidated operating income was up 20% as operating margins increased 500 bps to 23.4%. Of this increase, 460 bps reflected organic improvements while 40 bps was from lower energy pass-through to customers, (which inflates margins with no profit impact). Margins increased across all regions and businesses. Excluding Versum, industrial gas margins were ~22.7%, still ~200 bps behind Praxair’s industrial gas margins. The company intends to close this gap through a further $225 million of operating efficiencies in 2017 to 2019. Seifi stated that he is pleased with the company’s progress on capturing operating efficiencies.

The company lowered full-year capex guidance from $1.3 to $1.2 billion, due to the lower cost of specific projects in the budget. The company brought on-stream a large-scale hydrogen facility in Edmonton, Alberta, which is connected to a regional pipeline and further expands APD’s hydrogen presence in this region. APD spent $400 million on this facility which should produce ~$0.10 to 0.15 cents of earnings per share based on the Company’s guidance for returns on capital expenditures. Growth capex will continue to be an important driver of earnings growth. As the company takes a more disciplined approach to capex, which is expected to be at lower levels than under previous management, we expect returns on capital to increase, generating more capital for share repurchases and dividends.

On May 6th, APD announced that it had signed a definitive agreement to sell the Performance Materials Division (PMD) of its Materials Technologies segment to Evonik Industries AG, a world leader in specialty chemicals and materials, for $3.8 billion. APD had previously announced that it would spin off PMD with its Electronics Material Division (“EMD”) later this year. We view the sale favorably because by selling the business, APD generates cash proceeds that can be used for investment in the business or shareholder return, while eliminating market risk from the financing required for a spinoff transaction. The company will incur substantial taxes on the sale, but, in light of the high purchase price, reflecting its value to a strategic buyer, the net proceeds are likely to generate more value than could be achieved in a spinoff. APD intends to proceed with the spinoff or sale of the EMD later this year, subject to market conditions.

From Bill Ackman (Trades, Portfolio)'s first quarter shareholder letter.

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Bill Ackman Comments on Air Products and Chemicals - Sep 11, 2015

Air Products and Chemicals, Inc. (NYSE:APD)



Air Products announced impressive fiscal third quarter results. APD is making substantial improvements as the transformation under CEO Seifi Ghasemi takes effect. During the quarter, revenue, operating income, unlevered return on capital, and earnings per share increased substantially despite meaningful foreign exchange headwinds.



Most of APD’s volume growth was generated in Asia from new plants coming online. APD has made large capital expenditures in recent years which we expect, as new plants come online, to produce meaningful free cash flow and contribute substantially to intrinsic value over the coming years.



The quarter’s operating margins reached 19.5%, the highest quarterly operating margin in over 25 years. While much of Air Products’ recent margin improvement have been generated from its non-core Materials Technology business, this quarter’s results showed broad improvements in both the Industrial Gas and Materials Technology businesses.



The Materials Technology segment continues to perform well with underlying revenue up 7% (4% volume, 3% price) and margins up by six percentage points to 24.4%. This drove a 36% increase in pre-tax profits. Materials Technology is being positioned for its eventual independence from APD which we expect will take place in a spinoff or similar transaction.



Seifi has set a goal to make Air Products the safest and most profitable industrial gas company in the world. To achieve this goal, Air Products intends to reduce its cost base by $600 million to close its historical performance gap with its competitor Praxair. The cost savings associated with selling and corporate expenses are expected to total $300 million of this opportunity, and will be fully achieved on a run-rate basis by fiscal second quarter 2016 as the company has already taken action to realize much of these savings. The remaining $300 million of savings will come from operational productivity which is expected to be realized over the coming four years. This is the first time Seifi has set a definitive timeline on closing the performance gap with Praxair.



APD is an extremely high quality business run by talented management. We continue to believe there is substantial upside for long-term shareholders.



From Pershing Square's semi-annual 2015 report.



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Top Ranked Articles about Air Products & Chemicals Inc

Bill Ackman Comments on Air Products and Chemicals Guru stock highlight
During 2016, Air Products and Chemicals, Inc. (NYSE:APD) continued to make substantial progress on its transformation under its CEO Seifi Ghasemi. Management has restructured the company into a decentralized organization with greater accountability while transforming the culture and aligning pay with improvements in regional operating results. Read more...
Bill Ackman Reduces Valeant Stake to Benefit Clients Investor bestows year-end gift to those who have stood by him
As another tumultuous year has wiped out nearly 85% of Valeant Pharmaceuticals’ market value, Bill Ackman (Trades, Portfolio), one of its biggest investors, sold some shares to give his clients a year-end tax break. Read more...
Bill Ackman Comments on Air Products Guru stock highlight
Air Products’ (NYSE:APD) fiscal year fourth quarter earnings per share of $2.01 increased 10% over the prior year. This strong performance was driven by a 260 basis point increase in operating margins. This quarter marked the ninth straight quarter of double-digit EPS growth since Seifi Ghasemi joined Air Products as its CEO. Read more...
Bill Ackman Comments on Air Products and Chemicals Guru stock highlight
Air Products' (NYSE:APD) recent quarterly results marked the eighth straight quarter of double-digit EPS growth as APD continues its impressive transformation under CEO Seifi Ghasemi and his team. Read more...
Ackman Pared His Stake in Mondelez International In 1st Quarter Guru invested in 5 million shares of Valeant
Bill Ackman (Trades, Portfolio) of Pershing Square Capital Management LP made transactions in four stocks in the first quarter, reducing his holdings in two and adding to his holdings in the others. Read more...
Pershing Square's, and Ackman’s, Less Talked About Positions Guru's low-profile stakes include Air Products, Mondelez, Canadian Pacific
If there’s one hedge fund that has grabbed more headlines than any other this quarter it's Pershing Square, and specifically, its CEO Bill Ackman (Trades, Portfolio). The activist investor has long drawn the spotlight, famously with his so-called billion-dollar short position in Herbalife Ltd. (NYSE:HLF) and, more recently, his troubled long in Valeant Pharmaceuticals International Inc. (NYSE:VRX). Read more...
Bill Ackman Comments on Air Products and Chemicals Guru stock highlight
APD (NYSE:APD) delivered its seventh consecutive quarter of double-digit earnings-per-share (“EPS”) growth under the leadership of CEO Seifi Ghasemi, despite continued foreign exchange (“FX”) and other headwinds. In the first quarter of 2016 (APD’s fiscal 2Q), the company grew EPS by 17%, exceeding consensus estimates by a modest amount. Results were driven by a significant improvement in margins which increased 500 basis points (“bps”) during the quarter to 23.4%. Now halfway through its fiscal year, the company also increased annual EPS guidance modestly to $7.40 to $7.55 or 12% to 14% growth for Fiscal Year 2016. Read more...

Ratios

vs
industry
vs
history
PE Ratio 54.79
APD's PE Ratio is ranked lower than
81% of the 866 Companies
in the Global Chemicals industry.

( Industry Median: 20.14 vs. APD: 54.79 )
Ranked among companies with meaningful PE Ratio only.
APD' s PE Ratio Range Over the Past 10 Years
Min: 9.92  Med: 19.62 Max: 210.96
Current: 54.79
9.92
210.96
Forward PE Ratio 23.04
APD's Forward PE Ratio is ranked lower than
73% of the 201 Companies
in the Global Chemicals industry.

( Industry Median: 18.35 vs. APD: 23.04 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 22.34
APD's PE Ratio without NRI is ranked lower than
53% of the 866 Companies
in the Global Chemicals industry.

( Industry Median: 20.26 vs. APD: 22.34 )
Ranked among companies with meaningful PE Ratio without NRI only.
APD' s PE Ratio without NRI Range Over the Past 10 Years
Min: 8.28  Med: 19.11 Max: 30.69
Current: 22.34
8.28
30.69
Price-to-Owner-Earnings 82.81
APD's Price-to-Owner-Earnings is ranked lower than
86% of the 487 Companies
in the Global Chemicals industry.

( Industry Median: 19.07 vs. APD: 82.81 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
APD' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 9.63  Med: 24.11 Max: 185.3
Current: 82.81
9.63
185.3
PB Ratio 4.31
APD's PB Ratio is ranked lower than
75% of the 1048 Companies
in the Global Chemicals industry.

( Industry Median: 1.99 vs. APD: 4.31 )
Ranked among companies with meaningful PB Ratio only.
APD' s PB Ratio Range Over the Past 10 Years
Min: 1.71  Med: 3.03 Max: 4.54
Current: 4.31
1.71
4.54
PS Ratio 3.42
APD's PS Ratio is ranked lower than
75% of the 1035 Companies
in the Global Chemicals industry.

( Industry Median: 1.34 vs. APD: 3.42 )
Ranked among companies with meaningful PS Ratio only.
APD' s PS Ratio Range Over the Past 10 Years
Min: 0.87  Med: 1.91 Max: 3.61
Current: 3.42
0.87
3.61
Price-to-Free-Cash-Flow 16.87
APD's Price-to-Free-Cash-Flow is ranked higher than
54% of the 412 Companies
in the Global Chemicals industry.

( Industry Median: 17.20 vs. APD: 16.87 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
APD' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 15.15  Med: 45.17 Max: 753.94
Current: 16.87
15.15
753.94
Price-to-Operating-Cash-Flow 10.75
APD's Price-to-Operating-Cash-Flow is ranked higher than
51% of the 493 Companies
in the Global Chemicals industry.

( Industry Median: 10.40 vs. APD: 10.75 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
APD' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 5.37  Med: 11.12 Max: 14.89
Current: 10.75
5.37
14.89
EV-to-EBIT 16.05
APD's EV-to-EBIT is ranked higher than
52% of the 1124 Companies
in the Global Chemicals industry.

( Industry Median: 16.80 vs. APD: 16.05 )
Ranked among companies with meaningful EV-to-EBIT only.
APD' s EV-to-EBIT Range Over the Past 10 Years
Min: 7.9  Med: 15.35 Max: 24.1
Current: 16.05
7.9
24.1
EV-to-EBITDA 11.14
APD's EV-to-EBITDA is ranked higher than
54% of the 1142 Companies
in the Global Chemicals industry.

( Industry Median: 12.25 vs. APD: 11.14 )
Ranked among companies with meaningful EV-to-EBITDA only.
APD' s EV-to-EBITDA Range Over the Past 10 Years
Min: 5.2  Med: 9.7 Max: 14.9
Current: 11.14
5.2
14.9
PEG Ratio 4.37
APD's PEG Ratio is ranked lower than
72% of the 445 Companies
in the Global Chemicals industry.

( Industry Median: 1.97 vs. APD: 4.37 )
Ranked among companies with meaningful PEG Ratio only.
APD' s PEG Ratio Range Over the Past 10 Years
Min: 0.65  Med: 4.16 Max: 32.93
Current: 4.37
0.65
32.93
Shiller PE Ratio 28.61
APD's Shiller PE Ratio is ranked higher than
68% of the 182 Companies
in the Global Chemicals industry.

( Industry Median: 36.52 vs. APD: 28.61 )
Ranked among companies with meaningful Shiller PE Ratio only.
APD' s Shiller PE Ratio Range Over the Past 10 Years
Min: 17.33  Med: 27.87 Max: 42.19
Current: 28.61
17.33
42.19
Current Ratio 1.21
APD's Current Ratio is ranked lower than
77% of the 957 Companies
in the Global Chemicals industry.

( Industry Median: 1.86 vs. APD: 1.21 )
Ranked among companies with meaningful Current Ratio only.
APD' s Current Ratio Range Over the Past 10 Years
Min: 0.77  Med: 1.27 Max: 1.73
Current: 1.21
0.77
1.73
Quick Ratio 1.10
APD's Quick Ratio is ranked lower than
62% of the 957 Companies
in the Global Chemicals industry.

( Industry Median: 1.36 vs. APD: 1.10 )
Ranked among companies with meaningful Quick Ratio only.
APD' s Quick Ratio Range Over the Past 10 Years
Min: 0.59  Med: 0.98 Max: 1.35
Current: 1.1
0.59
1.35
Days Inventory 34.29
APD's Days Inventory is ranked higher than
81% of the 1022 Companies
in the Global Chemicals industry.

( Industry Median: 65.16 vs. APD: 34.29 )
Ranked among companies with meaningful Days Inventory only.
APD' s Days Inventory Range Over the Past 10 Years
Min: 26.67  Med: 35.79 Max: 41.5
Current: 34.29
26.67
41.5
Days Sales Outstanding 42.88
APD's Days Sales Outstanding is ranked higher than
73% of the 858 Companies
in the Global Chemicals industry.

( Industry Median: 59.97 vs. APD: 42.88 )
Ranked among companies with meaningful Days Sales Outstanding only.
APD' s Days Sales Outstanding Range Over the Past 10 Years
Min: 42.88  Med: 55.29 Max: 62.98
Current: 42.88
42.88
62.98
Days Payable 40.29
APD's Days Payable is ranked lower than
60% of the 814 Companies
in the Global Chemicals industry.

( Industry Median: 49.46 vs. APD: 40.29 )
Ranked among companies with meaningful Days Payable only.
APD' s Days Payable Range Over the Past 10 Years
Min: 32.71  Med: 38.54 Max: 84.5
Current: 40.29
32.71
84.5

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 2.49
APD's Dividend Yield % is ranked higher than
73% of the 1115 Companies
in the Global Chemicals industry.

( Industry Median: 1.83 vs. APD: 2.49 )
Ranked among companies with meaningful Dividend Yield % only.
APD' s Dividend Yield % Range Over the Past 10 Years
Min: 1.62  Med: 2.51 Max: 4.14
Current: 2.49
1.62
4.14
Dividend Payout Ratio 0.51
APD's Dividend Payout Ratio is ranked lower than
71% of the 743 Companies
in the Global Chemicals industry.

( Industry Median: 0.32 vs. APD: 0.51 )
Ranked among companies with meaningful Dividend Payout Ratio only.
APD' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.32  Med: 0.51 Max: 0.66
Current: 0.51
0.32
0.66
3-Year Dividend Growth Rate 7.00
APD's 3-Year Dividend Growth Rate is ranked lower than
52% of the 536 Companies
in the Global Chemicals industry.

( Industry Median: 7.70 vs. APD: 7.00 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
APD' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 5.4  Med: 9.4 Max: 15.3
Current: 7
5.4
15.3
Forward Dividend Yield % 2.68
APD's Forward Dividend Yield % is ranked higher than
73% of the 1079 Companies
in the Global Chemicals industry.

( Industry Median: 1.94 vs. APD: 2.68 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 3.79
APD's 5-Year Yield-on-Cost % is ranked higher than
74% of the 1281 Companies
in the Global Chemicals industry.

( Industry Median: 2.30 vs. APD: 3.79 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
APD' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 2.46  Med: 3.81 Max: 6.28
Current: 3.79
2.46
6.28
3-Year Average Share Buyback Ratio -1.00
APD's 3-Year Average Share Buyback Ratio is ranked higher than
56% of the 486 Companies
in the Global Chemicals industry.

( Industry Median: -1.60 vs. APD: -1.00 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
APD' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -1.7  Med: 0.2 Max: 2
Current: -1
-1.7
2

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 5.17
APD's Price-to-Tangible-Book is ranked lower than
76% of the 996 Companies
in the Global Chemicals industry.

( Industry Median: 2.15 vs. APD: 5.17 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
APD' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 1.43  Med: 3.3 Max: 5.55
Current: 5.17
1.43
5.55
Price-to-Intrinsic-Value-Projected-FCF 2.48
APD's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
71% of the 519 Companies
in the Global Chemicals industry.

( Industry Median: 1.41 vs. APD: 2.48 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
APD' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 1.13  Med: 2.08 Max: 5.03
Current: 2.48
1.13
5.03
Price-to-Median-PS-Value 1.79
APD's Price-to-Median-PS-Value is ranked lower than
69% of the 952 Companies
in the Global Chemicals industry.

( Industry Median: 1.32 vs. APD: 1.79 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
APD' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.41  Med: 0.83 Max: 1.82
Current: 1.79
0.41
1.82
Price-to-Graham-Number 2.27
APD's Price-to-Graham-Number is ranked lower than
65% of the 707 Companies
in the Global Chemicals industry.

( Industry Median: 1.35 vs. APD: 2.27 )
Ranked among companies with meaningful Price-to-Graham-Number only.
APD' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.78  Med: 1.64 Max: 5.45
Current: 2.27
0.78
5.45
Earnings Yield (Greenblatt) % 6.21
APD's Earnings Yield (Greenblatt) % is ranked higher than
58% of the 1290 Companies
in the Global Chemicals industry.

( Industry Median: 5.25 vs. APD: 6.21 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
APD' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 4.1  Med: 6.5 Max: 12.6
Current: 6.21
4.1
12.6
Forward Rate of Return (Yacktman) % 6.67
APD's Forward Rate of Return (Yacktman) % is ranked lower than
54% of the 606 Companies
in the Global Chemicals industry.

( Industry Median: 8.09 vs. APD: 6.67 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
APD' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 2.4  Med: 6.4 Max: 17.1
Current: 6.67
2.4
17.1

More Statistics

Revenue (TTM) (Mil) $9,051
EPS (TTM) $ 2.59
Beta1.18
Short Percentage of Float1.54%
52-Week Range $124.02 - 150.45
Shares Outstanding (Mil)217.59

Analyst Estimate

Sep17 Sep18 Sep19
Revenue (Mil $) 8,228 8,688 8,698
EPS ($) 6.49 7.26 7.92
EPS without NRI ($) 6.49 7.26 7.92
EPS Growth Rate
(Future 3Y To 5Y Estimate)
7.64%
Dividends per Share ($) 3.41 3.71 4.60
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