Air Products and Chemicals (MIL:1APD) ROCE %: 9.90% (As of Mar. 2026)


MIL:1APD Air Products and Chemicals Inc MIL:1APD
22 GF Score
Price €248.80
GF Value €253.32
Valuation Fairly Valued
! 5 Warning Signs
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What is Air Products and Chemicals ROCE %?

Air Products and Chemicals MIL:1APD 22 ROCE % is 9.90% as of Mar. 2026. GuruFocus rates MIL:1APD with a GF Score™ of 22/100 and a GF Value™ of €253.32 (Fairly Valued). The stock has 5 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Air Products and Chemicals's annualized ROCE % for the quarter that ended in Mar. 2026 was 9.90%.

Air Products and Chemicals  (MIL:1APD) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Air Products and Chemicals ROCE % Related Terms

Air Products and Chemicals ROCE % Historical Data

* Premium members only.

The historical data trend for Air Products and Chemicals's ROCE % can be seen below:

* 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 ROCE % Chart

Air Products and Chemicals Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 11.32 13.11 11.40 15.60 -0.61

Air Products and Chemicals Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -25.15 10.46 2.03 9.72 9.90
MIL:1APD
22GF Score
Air Products and Chemicals Inc MIL:1APD
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
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Air Products and Chemicals ROCE % Calculation

Air Products and Chemicals's annualized ROCE % for the fiscal year that ended in Sep. 2025 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Sep. 2025 )  (A: Sep. 2024 )(A: Sep. 2025 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Sep. 2025 )  (A: Sep. 2024 )(A: Sep. 2025 )
=-193.148/( ( (35656.715 - 3765.82) + (34982.694 - 3594.247) )/ 2 )
=-193.148/( (31890.895+31388.447)/ 2 )
=-193.148/31639.671
=-0.61 %

Air Products and Chemicals's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=3228.18/( ( (35219.558 - 2987.207) + (36022.665 - 3039.004) )/ 2 )
=3228.18/( ( 32232.351 + 32983.661 )/ 2 )
=3228.18/32608.006
=9.90 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 9.90% mean?
Air Products and Chemicals (MIL:1APD) has a ROCE % of 9.90% as of Mar. 2026.
Is Air Products and Chemicals' ROCE % too high?
Air Products and Chemicals' current ROCE % is 9.90%. The Chemicals industry median ROCE % is 6.45. Air Products and Chemicals' value of 9.90% is 53.6% above this industry median. Overall, Air Products and Chemicals has a GF Score™ of 22/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Air Products and Chemicals' ROCE % compare to ECL and SHW?
Air Products and Chemicals' ROCE % of 9.90% can be compared against companies in the Chemicals industry. The industry median ROCE % is 6.45. Air Products and Chemicals' value of 9.90% is 53.6% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for a Chemicals company?
The median ROCE % among Chemicals companies is 6.45, based on 1,594 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Air Products and Chemicals's current ROCE % of 9.90% is 53.6% 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 ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Chemicals industry, the median ROCE % is 6.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Air Products and Chemicals's current ROCE % is 9.90%. 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 (MIL:1APD) is currently considered Fairly Valued. The stock's GF Value™ is €253.32, compared to a current price of €248.80 — trading 1.8% below its estimated fair value. The current ROCE % is 9.90% and 53.6% above the Chemicals industry median of 6.45. Air Products and Chemicals' overall GF Score™ is 22/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROCE % calculated?
ROCE % is calculated from a company's financial statements. For Air Products and Chemicals (MIL:1APD), the current ROCE % is 9.90% 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 (MIL:1APD) Overvalued in 2026?

Based on GuruFocus' analysis, Air Products and Chemicals stock appears to be undervalued. The current stock price of €248.80 is trading 1.8% below its estimated GF Value™ of €253.32. GuruFocus considers Air Products and Chemicals to be Fairly Valued.

Key valuation signals for MIL:1APD:

  • ROCE %: 9.90%
  • GF Value™: €253.32 vs. price of €248.80 (1.8% below fair value)
  • GF Score™: 22/100 with 5 warning signs
  • Industry Position: 53.6% above the Chemicals median

No single metric tells the full story. See the MIL:1APD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Air Products and Chemicals Business Description

Address 1940 Air Products Boulevard, Allentown, PA, USA, 18106-5500
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.
22GF Score

Get the complete analysis for MIL:1APD

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€248.80
Price
€253.32
GF Value