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Air Products and ChemicalsAPD +0.30%77 Debt-to-EBITDA is 3.51 as of Mar. 2026, which is 70% above its 10-year median of 2.07. GuruFocus rates APD with a GF Score™ of 77/100 and a GF Value™ of $284.21 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,234 Chemicals companies, Air Products and Chemicals ranks worse than 68.96% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Air Products and Chemicals's Debt-to-EBITDA or its related term are showing as below:
APD'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.95 Med: 2.07 Max: 13.76
Current: 4.04
During the past 13 years, the highest Debt-to-EBITDA Ratio of Air Products and Chemicals was 13.76. The lowest was 0.95. And the median was 2.07.
APD's Debt-to-EBITDA is ranked worse than 68.96% of 1234
companies
in the Chemicals industry
Industry Median: 2.16
vs APD: 4.04
Air Products and Chemicals (NYSE:APD) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Air Products and Chemicals Debt-to-EBITDA Related Terms
Air Products and Chemicals Debt-to-EBITDA Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Specialty Chemicals subindustry, Air Products and Chemicals's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Air Products and Chemicals Debt-to-EBITDA vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Products and Chemicals's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Air Products and Chemicals's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Air Products and Chemicals (APD) has a Debt-to-EBITDA of 3.51 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Air Products and Chemicals. This is 70% above median its historical median of 2.07. Over the past decade, Air Products and Chemicals' Debt-to-EBITDA has ranged from 0.95 to 13.76. According to the industry distribution chart, Air Products and Chemicals ranks #851 out of 1234 companies in the Chemicals industry, placing it in the top 69%.
Is Air Products and Chemicals' Debt-to-EBITDA too high?
Air Products and Chemicals' current Debt-to-EBITDA of 3.51 is 70% above median its 10-year median of 2.07. Over the past 10 years, this metric has ranged from a low of 0.95 to a high of 13.76. The Chemicals industry median Debt-to-EBITDA is 2.16. Air Products and Chemicals' value of 3.51 is 62.5% above this industry median. Based on the distribution chart, Air Products and Chemicals ranks #851 out of 1234 companies in the Chemicals industry, which is below the industry midpoint. Overall, Air Products and Chemicals has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Air Products and Chemicals' Debt-to-EBITDA compare to ECL and SHW?
According to the Chemicals industry distribution chart, Air Products and Chemicals ranks #851 out of 1234 companies for Debt-to-EBITDA. This places Air Products and Chemicals in the lower half of its industry. The industry median Debt-to-EBITDA is 2.16. Air Products and Chemicals' value of 3.51 is 62.5% above this benchmark. Historically, Air Products and Chemicals' own Debt-to-EBITDA has ranged from 0.95 to 13.76 over the past decade. While the company's 10-year median is 2.07 vs. the industry median of 2.16, Air Products and Chemicals has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Chemicals company?
The median Debt-to-EBITDA among Chemicals companies is 2.16, based on 1,234 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Air Products and Chemicals's current Debt-to-EBITDA of 3.51 is 62.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Air Products and Chemicals. For the Chemicals industry, the median Debt-to-EBITDA is 2.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Air Products and Chemicals's current Debt-to-EBITDA is 3.51, which is 70% above median its own 10-year median of 2.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Air Products and Chemicals stock overvalued right now?
Based on GuruFocus' analysis, Air Products and Chemicals (APD) is currently considered Fairly Valued. The stock's GF Value™ is $284.21, compared to a current price of $298.17 — trading 4.9% above its estimated fair value. The current Debt-to-EBITDA is 3.51, which is 70% above median its 10-year median of 2.07 and 62.5% above the Chemicals industry median of 2.16. Air Products and Chemicals' overall GF Score™ is 77/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Air Products and Chemicals (APD), the current Debt-to-EBITDA is 3.51 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Air Products and Chemicals (APD) Overvalued in 2026?
Based on GuruFocus' analysis, Air Products and Chemicals stock appears to be overvalued.
The current stock price of $298.17 is trading 4.9% above its estimated GF Value™ of $284.21.
GuruFocus considers Air Products and Chemicals to be Fairly Valued.
Key valuation signals for APD:
Debt-to-EBITDA: 3.51 (70% above median its 10-year median of 2.07)
GF Value™: $284.21 vs. price of $298.17 (4.9% above fair value)
Industry Position: 62.5% above the Chemicals median (#851 of 1234)
No single metric tells the full story. See the APD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Since its founding in 1940, Air Products has become one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is the world's largest supplier of hydrogen and helium. It has a unique portfolio serving customers across industries, including chemicals, energy, healthcare, metals, and electronics. Air Products generated roughly $12 billion in revenue in fiscal 2025.
77GF Score
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