Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Air Products and ChemicalsAPD +0.98%75 EV-to-OCF is 20.79 as of Jul. 28, 2026, which is 6% above its 10-year median of 19.70. GuruFocus rates APD with a GF Score™ of 75/100 and a GF Value™ of $284.70 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,608 Chemicals companies, Air Products and Chemicals ranks worse than 72.76% on this metric.
The historical rank and industry rank for Air Products and Chemicals's EV-to-OCF or its related term are showing as below:
APD'
s EV-to-OCF Range Over the Past 10 Years
Min: 12.45 Med: 19.7 Max: 28.78
Current: 20.79
During the past 13 years, the highest EV-to-OCF of Air Products and Chemicals was 28.78. The lowest was 12.45. And the median was 19.70.
APD's EV-to-OCF is ranked worse than 72.76% of 1608
companies
in the Chemicals industry
Industry Median: 10.4
vs APD: 20.79
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Air Products and Chemicals (NYSE:APD) EV-to-OCF Explanation
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Air Products and Chemicals's PE Ratio (TTM) for today is calculated as:
Air Products and Chemicals's share price for today is $295.45.
Air Products and Chemicals's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $9.450.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Air Products and Chemicals EV-to-OCF Related Terms
Air Products and Chemicals EV-to-OCF 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 EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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 EV-to-OCF vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Products and Chemicals's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Air Products and Chemicals's EV-to-OCF falls into.
Air Products and Chemicals's current Enterprise Value is $85,698 Mil.
Air Products and Chemicals's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $4,121 Mil.
* 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.
Air Products and Chemicals (APD) has a EV-to-OCF of 20.79 as of Jul. 28, 2026. This is near median its historical median of 19.70. Over the past decade, Air Products and Chemicals' EV-to-OCF has ranged from 12.45 to 28.78. According to the industry distribution chart, Air Products and Chemicals ranks #1170 out of 1608 companies in the Chemicals industry, placing it in the top 72.8%.
Is Air Products and Chemicals' EV-to-OCF too high?
Air Products and Chemicals' current EV-to-OCF of 20.79 is near median its 10-year median of 19.70. Over the past 10 years, this metric has ranged from a low of 12.45 to a high of 28.78. The Chemicals industry median EV-to-OCF is 10.40. Air Products and Chemicals' value of 20.79 is 99.9% above this industry median. Based on the distribution chart, Air Products and Chemicals ranks #1170 out of 1608 companies in the Chemicals industry, which is below the industry midpoint. Overall, Air Products and Chemicals has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Air Products and Chemicals' EV-to-OCF compare to ECL and SHW?
According to the Chemicals industry distribution chart, Air Products and Chemicals ranks #1170 out of 1608 companies for EV-to-OCF. This places Air Products and Chemicals in the lower half of its industry. The industry median EV-to-OCF is 10.40. Air Products and Chemicals' value of 20.79 is 99.9% above this benchmark. Historically, Air Products and Chemicals' own EV-to-OCF has ranged from 12.45 to 28.78 over the past decade. While the company's 10-year median is 19.70 vs. the industry median of 10.40, 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 EV-to-OCF for a Chemicals company?
The median EV-to-OCF among Chemicals companies is 10.40, based on 1,608 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Air Products and Chemicals's current EV-to-OCF of 20.79 is 99.9% 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 EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Chemicals industry, the median EV-to-OCF is 10.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Air Products and Chemicals's current EV-to-OCF is 20.79, which is near median its own 10-year median of 19.70. 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 $284.70, compared to a current price of $295.45 — trading 3.8% above its estimated fair value. The current EV-to-OCF is 20.79, which is near median its 10-year median of 19.70 and 99.9% above the Chemicals industry median of 10.40. Air Products and Chemicals' overall GF Score™ is 75/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Air Products and Chemicals (APD), the current EV-to-OCF is 20.79 as of Jul. 28, 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 $295.45 is trading 3.8% above its estimated GF Value™ of $284.70.
GuruFocus considers Air Products and Chemicals to be Fairly Valued.
Key valuation signals for APD:
EV-to-OCF: 20.79 (near median its 10-year median of 19.70)
GF Value™: $284.70 vs. price of $295.45 (3.8% above fair value)
Industry Position: 99.9% above the Chemicals median (#1170 of 1608)
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.
75GF Score
Get the complete analysis for APD
EV-to-OCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
APD has been successfully added to your 
